国际金融配套全册完整教学ppt课件

国国际金融配套全册完整教学金融配套全册完整教学课件件McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-1 International FinanceLecturer:Fu BoEmail:Tel:13560090601 McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-2International FinanceBook for Use:International Financial ManagementAuthor:Choel S.Sun6th EditionPress:China Machine PressFor supplemented material of the book,please access to:http:/ INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecond Edition1 1 Globalization and International Finance (Chapter 1)McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-4Essential Readings P4-19 McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-5Whats Special about“International Finance”?lForeign Exchange risk and political RisklMarket ImperfectionslExpanded OpportunityMcGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-6Whats Special about“International”Finance?lForeign Exchange RisknThe risk that foreign currency profits may evaporate in your home currency due to unanticipated unfavorable exchange rate movements.lPolitical RisknSovereign governments have the right to regulate the movement of goods,capital,and people across their borders.These laws sometimes change in unexpected ways.McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-7lMarket ImperfectionsnLegal restrictions on free movement of goods,people,and moneynTransactions costsnShipping costsnTax arbitrageWhats Special about“International”Finance?McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-8lExpanded Opportunity SetnFirms can locate their production in any country or region of the world to maximize their profits.nFirms can also raise funds in any capital market where the cost of capital is the lowest.Whats Special about“International”Finance?McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-9McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.1-10lDeregulation of Financial Markets coupled withlAdvances in Technology have greatly reduced information and transactions costs,which has led to:lFinancial Innovations,such asnCurrency futures and optionsnMulti-currency bondsnCross-border stock listingsnInternational mutual fundsReasons for Rapid GlobalizationINTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecond Edition2McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-12Essential Readings P29-49 P53-57McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-13International Monetary SystemlInternational monetary system can be defined as the institutional framework in which international payments are made,movements of capital are accommodated,and exchange rates among currencies are determined.lIt is a complex whole of arrangements,rules,institutions,mechanisms,and policies regarding exchange rates,international payments,and the flow of capital.McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-14Main ContentslEvolution of the International Monetary SystemlRelated Theories:Trilemma and Optimum Currency Areas.lThe Asian Currency CrisisMcGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-15Evolution of the International Monetary SystemlBimetallism:Before 1875lClassical Gold Standard:1875-1914lInterwar Period:1915-1944lBreton Woods System:1945-1972lThe Flexible Exchange Rate Regime:1973-PresentMcGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-16Bimetallism:Before 1875lA“double standard”in the sense that both gold and silver were used as money.lBoth gold and silver were used as international means of payment and the exchange rates among currencies were determined by either their gold or silver contents.lGrashamlaw phenomenon has only made the less valuable metal to circulate.McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-17Classical Gold Standard:1875-1914lDuring this period in most major countries:nGold alone was assured of unrestricted coinagenThere was two-way convertibility between gold and national currencies at a stable ratio.nGold could be freely exported or imported.lThe exchange rate between two countrys currencies would be determined by their relative gold contents.McGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-18Classic Gold StandardlFor Example:lIf 1 ounce gold=12Francsl 1 ounce gold=6poundslThen 1pound=2FrancsMcGraw-Hill/Irwin Copyright 2001 by The McGraw-Hill Companies,Inc.All rights reserved.2-19Classical Gold Standard:1875-1914lAdvantages of the Gold Standard:lHighly stable exchange rates under the classical gold standard provided an environment that was conducive to international trade and investment.lMi