国际货币（第二版）

     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