International Money and Finance
- 10th Edition - August 2, 2022
- Imprint: Academic Press
- Authors: Michael Melvin, Stefan C. Norrbin
- Language: English
- Paperback ISBN:9 7 8 - 0 - 3 2 3 - 9 0 6 2 1 - 0
- eBook ISBN:9 7 8 - 0 - 3 2 3 - 9 8 4 7 9 - 9
International Money and Finance, Tenth Edition presents an institutional and historical overview of international finance and international money, illustrating how key econom… Read more
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Request a sales quoteInternational Money and Finance, Tenth Edition presents an institutional and historical overview of international finance and international money, illustrating how key economic concepts can illuminate real world problems. Updated throughout, this latest edition functions as a finance book that includes an international macroeconomics perspective in its final section. It emphasizes the newest trends in research, neatly defining the intersection of macro and finance. Successfully used worldwide in both finance and economics departments at both undergraduate and graduate levels, the book features current data, revised test banks, and sharp insights about the practical implications of decision-making.
- Offers an open economy macroeconomic perspective
- Includes coverage of recent and current events
- Features global perspective as well as a view on the United States
- Minimizes prerequisites to encourage use by students from varied backgrounds
Advanced undergraduate and graduate students in finance, economics, business, related fields, Professionals
- Cover image
- Title page
- Table of Contents
- Copyright
- Preface
- Acknowledgments
- To the Student
- Chapter 1. The Foreign Exchange Market
- Foreign Exchange Trading Volume
- Geographic Foreign Exchange Rate Activity
- Spot Exchange Rates
- Currency Arbitrage
- Short-Term Foreign Exchange Rate Movements
- Long-Term Foreign Exchange Movements
- Summary
- Exercises
- Chapter 2. International Monetary Arrangements
- The Gold Standard: 1880 to 1914
- The Interwar Period: 1918 to 1939
- The Bretton Woods Agreement: 1944 to 1973
- Central Bank Intervention During Bretton Woods
- FAQ: What Are Special Drawing Rights?
- The Breakdown of the Bretton Woods System
- The Transition Years: 1971 to 1973
- International Reserve Currencies
- FAQ: How Big Is the Foreign Reserve Buildup in China?
- Post Bretton Woods: 1973 to the Present
- The Choice of an Exchange Rate System
- Currency Boards and “Dollarization”
- Optimum Currency Areas
- The European Monetary System and the Euro
- Summary
- Exercises
- Chapter 3. The Balance of Payments
- Current Account
- Financing the Current Account
- Additional Summary Measures
- Transactions Classifications
- Current Account Disequilibria
- Balance of Payments Equilibrium and Adjustment
- The US Foreign Debt
- How Serious Is the US Foreign Debt?
- Summary
- Exercises
- Chapter 4. Forward-Looking Market Instruments
- Forward Rates
- Swaps
- FAQ: What Is a Credit Default Swap?
- Futures
- Options
- Other Forward-Looking Instruments
- Summary
- Exercises
- Chapter 5. Eurocurrency Markets and the LIBOR
- Reasons for Offshore Banking
- Interest Rate Spreads and Risk
- International Banking Facilities
- Offshore Banking Practices
- LIBOR
- The BBA LIBOR
- LIBOR Rigging
- ICE LIBOR
- Summary
- Exercises
- Chapter 6. Exchange Rates, Interest Rates, and Interest Parity
- Interest Parity
- Interest Rates and Inflation
- Exchange Rates, Interest Rates, and Inflation
- Expected Exchange Rates and the Term Structure of Interest Rates
- Summary
- Exercises
- Chapter 7. Prices and Exchange Rates: Purchasing Power Parity
- Absolute Purchasing Power Parity
- The Big Mac Index
- Relative Purchasing Power Parity
- Time, Inflation, and PPP
- Deviations From PPP
- Overvalued and Undervalued Currencies
- FAQ: What Is the PPP-Adjusted GDP?
- Real Exchange Rates
- Summary
- Exercises
- Chapter 8. Foreign Exchange Risk and Forecasting
- Types of Foreign Exchange Risk
- Foreign Exchange Risk Premium
- FAQ: Are Entrepreneurs Risk Lovers?
- Market Efficiency
- Foreign Exchange Forecasting
- Summary
- Exercises
- Chapter 9. Financial Management of the Multinational Firm
- Financial Control
- Cash Management
- Letters of Credit
- An Example of Trade Financing
- Intrafirm Transfers
- Capital Budgeting
- Summary
- Exercises
- Chapter 10. International Investment Opportunities
- Portfolio Diversification
- Reasons for Incomplete Portfolio Diversification
- International Investment Opportunities
- The Globalization of Equity Markets
- Foreign Direct Investment
- Capital Flight
- Capital Inflow Issues
- Summary
- Exercises
- Chapter 11. International Lending and Crisis
- International Lending
- Causes of Financial Crises
- International Lending and the Great Recession
- International Lending and the Greek Debt Crisis
- IMF Conditionality
- The Role of Corruption
- Country Risk Analysis
- Summary
- Exercises
- Chapter 12. Determinants of the Balance of Trade
- The Elasticities Approach to the Balance of Trade
- Elasticities and the J-Curve
- Currency Contract Period
- Pass-Through Analysis
- The Marshall–Lerner Condition
- The Evidence From Devaluations
- Absorption Approach to the Balance of Trade
- Summary
- Exercises
- Chapter 13. The IS-LM-BP Approach
- Internal and External Macroeconomic Equilibrium
- The IS Curve
- The LM Curve
- The BP Curve
- Equilibrium
- Monetary Policy Under Fixed Exchange Rates
- Fiscal Policy Under Fixed Exchange Rates
- Monetary Policy Under Floating Exchange Rates
- Fiscal Policy Under Floating Exchange Rates
- Using the IS-LM-BP Approach: The Asian Financial Crisis
- FAQ: Who Caused the Asian Financial Crisis?
- International Policy Coordination
- Summary
- Exercises
- Chapter 14. The Monetary Approach
- Specie-Flow Mechanism
- The Monetary Approach
- Monetary Approach to the Exchange Rate
- Monetary Approach for a Managed Floating Exchange Rate
- Sterilization
- Sterilized Intervention
- Summary
- Exercises
- Chapter 15. Extensions to the Monetary Approach to Exchange Rate Determination
- The Role of News
- The Portfolio Balance Approach
- The Trade Balance Approach
- The Overshooting Approach
- The Currency Substitution Approach
- Innovations to Open Economy Macroeconomics
- Summary
- Exercises
- Index
- Edition: 10
- Published: August 2, 2022
- Imprint: Academic Press
- No. of pages: 304
- Language: English
- Paperback ISBN: 9780323906210
- eBook ISBN: 9780323984799
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Michael Melvin
Michael Melvin is with the Rady School of Management at UCSD where he coordinates and teaches in the Master of Finance program. Prior roles include Managing Director and Head of Currency and Fixed Income Research at BlackRock, Adjunct Professor at the Haas School of Business at UC Berkeley, Co-editor of the Journal of International Money & Finance, and Professor of Economics at Arizona State University.
Affiliations and expertise
Rady School of Management at UCSD, La Jolla, CA, USASN
Stefan C. Norrbin
Stefan Norrbin is a Professor of Economics. His research interests and fields of specialization are in International Finance and Trade, Applied Macroeconomics, and Applied Econometrics. After earning his Ph.D. from ASU in 1986, Dr. Norrbin joined the University of Alabama at Tuscaloosa as an Assistant Professor of Economics for three years. He left the UA to work with McKinsey & Co. in Stockholm, Sweden, as an Associate/Financial Institutions Specialist. His tasks were to research and advice on mergers and strategic positioning of banks and insurance firms. In 1990 Dr. Norrbin joined the Florida State University as a professor of economics.
Affiliations and expertise
Professor of Economics, Florida State University, Tallahassee, FL, USARead International Money and Finance on ScienceDirect