国际货币（第二版）

书籍目录

Contents

1. What is intemational money all about?

The foreign exchange markets

Eurocurrency markets

2. The essence of currency calculations

Foreign exchange markets

Inflation, interest and exchange rates

Practicalities

An overview

Appendix: A deductive proof of the four-way equivalence

model

3. How are foreign exchange rates quoted?

The players

Methods of quotation

Forward contracts and quotations

An overview

4. What makes exchange rates move?

The balance of payments approach

The monetary approach

Chartism

The effident markets hypothesis

An overview

5. What is foreign exchange risk?

Transaction exposure

Translation exposure

Economic exposure

An overview

6. Why worry about foreign exchange risk?

Transaction exposure

Economic exposure

Translation exposure

An overview

7. Internal techniques of managing foreign exchange

exposure

Netting

Matching

Leading and lagging

Price variation

Invoicing in foreign currency

Asset and liability management

An overview

8. External techniques of managing foreign exchange

exposure

Forward markets

Trading purpose of the forward market

Short-tenn borrowing

Discounting foreign currency denominated bills receivable

Factoring foreign currency denonunated receivables

Currency overdrafts

Government exchange risk guarantees

An overview

9. What are currency swaps?

Swaps

An overview

10. What are finandal futures on foreign exchange?

Financial futures in general

Currency contracts

An overview

11. How do currency options work?

How currency option markets work

Currency option strategies

Option pricing models

Corporate use of currency options

An overview

12. Interest rate risk

The term stmcture of interest rates

Forward rate agreements

Interest rate futures

Interest rate swaps

Interest rate options

An overview

13. The value of growth options

An example using decision trees

Flexibility and value creation

The Black and Scholes model

Another example with dedsion trees

An overview

14. Is the international investment dedsion different?

The international complications

An overview

15. Is the international financing decision different?

The Eurobond market

Borrowing intemationally

The risks of borrowing internationally

An overview

16. The European Monetary System

Principal features of the EMS

The Exchange Rate Mechanism

European Monetary Union

German reunification

Black Wednesday

The wake of Black Wednesday

An overview

17. Why hedge anyway?

the capital asset pricing model

What does exposure management aim to achieve?

The arguments against corporate hedging

Employees and managers

And shareholders too

The value of the firm

Financial distress

An overview

18. Economic exposure revisited

Macroeconomic exposure

The analysis

Hedging

Interest rates invariably key

Experiments with macroeconomic exposure

An overview

Questions and answers

Numerical questions

Bramit Investment Trust plc

Answers to numerical questions

Suggested answers to the Bramit Investment Trust

questions

Further reading

Index

作者简介

导致外汇汇率波动的因素有哪些？

什么是外汇交易？

外汇期权是怎样运作的？

欧洲货币体系是怎样运作的？

本书对上述问题及其他有关问题作了清楚而确切的解释。

对于那些接受短期培训的管理者、MBA，以及想迅速了解这

一问题核心内容的教师和学生来说，都不失为极具价值的参考

书。它还可以作为管理人员的藏书，以及那些有抱负的管理人

员完善自己知识和技能的参考资料。

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