Chapter1 Multinational Finance Management:Opportunities and Challenges
Global Capital Markets
需要知晓欧洲货币的定义以及LIBOR的重要性
The Market for Currencies
需要了解各国货币的简写形式及标价方法
The Theory of Comparative Advantage
Assumptions
free tarde,perfect competition,no uncertainty,costless information,no government inerference
Two theories
Adam Smith,absolute advantage
David Ticardo,comparative advantage
An exercise
What Is Different about International Financial Management?
Market Imperfections
Why Do Firms Become Multinational?
Market seekers
Raw marerial seekers
Production effeciency seekers
Knowledge seekers
Political safety seekers
The Globalization Process
Reason: The pursuit of a larger market and lower cost by enterprises
An example
Chapter2 The International Monetary System
History of the International Monetary System
To understand the failure of the gold standard and the collapse of the Bretton Senli system, know the SDR
IMF Classification of Currency Regimes
Hard Pegs
国家要放弃主权货币政策（不乏货币，无独立法定货币）
Soft Pegs
盯住汇率制，如早年人民币盯住美元
Floating Arrangements
Free Floating
Managed Float
Residual
Fixed versus Flexible Exchange Rates
The advantage of a fixed exchange rate
Provide stability in international prices for the conduct of trade
Inherently anti-inflationary
The disadvantage of a fixed exchange rate
central banks maintain large quantities of international reserves
be maintained at levels that are inconsistent with economic fundamentals
Chaper3 The Balance of Payments
Definition
The measurement of all international economic transactions that take place between the residents of a country and foreign residents is called the balance of payments (BOP)
An important indicator of pressure on a country's foreign exchange rate
A country's BOP may signal the imposition or removal of controls
Forecast a country's potential
The Accounts of the Balance of Payments
The Current Account
Goods trade
The export and import of goods is known as the goods trade. Merchandise trade is the oldest and most traditional form of tinternational economic activity.
最主要的组成部分
An example
Services trade
The export and import of services is known as the services trade.
例如劳务、技术服务等
Income
This is predominantly current income associated with investments that were made in previous periods.
例如去国外买股票带来的分红派息
Current transfers
The financial settlements associated with the change in ownership of real resources of financial items are called current transfers.
一般是单方向的资金转移，如来自国外的捐赠等
Capital Account
The capital account is made up of transfers of financial assets and the acquisition and disposal of nonproduced/nonfinancial assets.
