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内容简介
本书对于来自欧洲的学生是一本理想的国际金融教材，欧洲市场和机构在本书中得到阐述。国际金融的经济学分析和金融理论，以及专业惯例和交易实践本书都进行了重点阐述。本版新增—了关于期货市场的几章，包括证券、利率、外汇、商品和期权市场，也包括不支付红利和支付红利证券以及实务期权资本预算。本书也附有介绍欧元的新附录。 本书适用于理学硕士的金融经济学课程和工商管理硕士的相关课程。本版更新强调经济学基础，把实务和经济学理论联系起来。大量关于欧洲金融机构和问题的完全更新资料。案例分析。电子数据表练习。
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顾客评论
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目录
目 录 中文版 第一章国际贸易的经济学分析 1. 国际收支平衡 2. 汇率和经济调整 3. 购买力平价 第二章国际金融体系组织 4. 国际货币体系 5. 国际银行和欧洲货币市场 6. 外汇市场 第三章衍生产品市场. 工具和策略 7. 期货市场和工具 8. 期权市场和工具 9. 外部期权和其他柜台交易工具 第四章国际风险评估 10. 国家和政治风险分析 11. 国际投资组合收益和风险 12. 国家和政治风险评估的最新方法 第五章外汇风险管理 13. 当前运作和汇率风险 14. 汇率风险管理 15. 外汇期权的经济学和金融分析 16. 复杂的对冲策略 第六章国际借贷 17. 国际债务市场 18. 利率风险管理 第七章其他国际市场 19. 国际商品市场：存货和供应管理 20. 全球股票市场 第八章资本预算和国外直接投资 21. 国外直接投资：资本预算与政治. 经济和金融 风险管理 22. 国外直接投资：测量和风险管理 23. 国际兼并和收购 英文版 List of exhibits, figures and tables xi Preface xvi Acknowledgements xx Introductory chapter from the first edition: The whys and wherefores of international finance l The international in our lives 1 Organization of the international economic and financial system 3 Advantages of international trade and finance 4 Current trends in international trade and finance 10 The Economics of International Transactions 15 Balance of payments 17 International transactions: The balance of payments 17 Interpreting the balance of payments 28 Summary 33 Questions 34 2 The exchange rate and economic adjustment 37 Exchange rate depreciation 38 The balance of payments, exchange rate and money supply 54 The monetary approach to the balance of payments 58 Summary 61 Questions 61 Appendix 2.1: A mathematical model of the monetary approach to the balance of payments 62 International parity relations 65 Interest rate parity 72 The international Fisher relation 76 Forward rate parity 80 Forecasting exchange rates 82 Summary 88 Questions 88 Appendix 3.1: A mathematical model of the portfolio balance approach to the balance of payments 89 4 The international monetary system 93 Alternative exchange rate systems 93 Historical overview of the international financial system 99 The current international financial system 104 Summary 110 Questions 110 International banking and the Eurocurrency market 113 The Eurocurrency market 113 International funds transfer and credit expansion through the Eurocurrency system 118 The Eurocurrency market and balance of payments disequilibrium 122 International banking: Structure and instruments 125 Summary 128 Questions 129 6 The foreign exchange market 131 Organization of the foreign exchange spot market 131 The forward foreign exchange market 138 The foreign exchange and Eurocurrency markets 143 Summary 148 Questions 150 Derivative Markets, Instruments and Techniques 151 7 Futures markets and instruments 153 Organization of the futures exchanges 157 Basis and effective hedging 163 Hedging with futures 172 Summary 178 8 Option markets and instruments 181 Option features and markets 181 Valuing options 185 Binomial approach to option pricing 189 Continuous time options pricing formulas 198 Using the continuous time model 201 Option management tools 203 Summary 207 Appendix 8.1: The binomial option pricing model with known, proportional payouts 209 Appendix 8.2: Derivation of the Black-Scholes pricing model 210 Appendix 8.3: Derivation of the expected expiration value of the call option 212 9 Exotic options and other over-the-counter instruments 217 Forward rate agreements 217 Swaps 218 Hybrid or package options 233 Exotic options 238 Summary 250 International Risk Assessment 253 10 Country and political risk analysis 255 Definitions and methods in cross-border risk assessment 256 Political risk 263 Political risk analysis 269 Applications 280 Summary 287 Questions 289 11 The benefits and risks of international portfolio investment 291 The nature of risk 291 International diversification 293 International capital asset pricing 304 Other costs and risks in international investment 310 Summary 316 Questions 317 12 Advanced techniques for country and political risk assessment 319 New analytical framework 320 Assessing country creditworthiness: Advanced techniques 332 Using options pricing theory in country-specific financial risk assessment: The case of Brazil 338 Estimating systematic country risk 347 Summary 351 Appendix 12.1： Derivation of an economy''''s net export value macroeconomic market value in foreign currency 351 Appendix 12.2: The performance of the options pricing approach: Results of a 60-country study 352 Foreign Exchange Risk Management 355 13 Current operations and foreign exchange exposure 357 Payment terms in international trade 357 International cash management 363 Summary 371 Questions 372 14 Managing foreign exchange risk 373 Hedging with forward contracts 373 Hedging with futures contracts on organized markets 381 Other hedging instruments 383 Summary 386 Questions 386 Appendix 14.1: Hedging long-term foreign exchange risk with non-zero coupon loans 387 15 Economic and financial analysis of currency option uses 389 Speculative uses 389 Hedging with options 396 An example of arbitrage: Put-call parity 406 Summary 408 Questions 409 16 Sophisticated hedging techniques 413 Combinations of simple options 413 Exotic options 430 Summary 436 Questions 436 Borrowing and Lending Internationally 439 17 The international debt markets 441 The major domestic bond markets 441 The US bond market 442 The Japanese bond market 448 The UK bond market 451 The international bond market 452 Syndicated Eurocredits 462 Summary 472 Questions 474 18 Managing interest rate risk 475 Bond prices and yields: A review of concepts and techniques 475 Bond management: Tools and techniques 479 Long-term interest rate futures 489 Short-term interest rate futures 497 Over-the-counter hedging instruments 500 Summary 505 Questions 506 Appendix 18.1: The Matif long-term interest rate futures contract 508 Appendix 18.2: The Liffe long-term interest rate futures contract 510 19 International commodity markets: Inventory and supply management 513 International spot and derivative commodity markets: An overview 514 International commodity trading 519 Physical commodity contracts 521 Principles of inventory management 525 Inventory management and the principles of hedging with commodities futures 528 Summary 532 20 World equity markets 535 Valuing equities 535 Different market structures 539 International equities 541 The three major equity markets 544 Emerging markets 551 Summary 552 Questions 553 Capital Budgeting and Foreign Direct Investment 555 21 Foreign direct investment: Capital budgeting and political, economic and financial risk management 557 Reasons for cross-border investing 557 The orthodox theory of investment 559 Techniques for project evaluation 561 Foreign exchange exposure from direct investments 568 The option approach to investment under uncertainty 577 Beyond mean-variance 584 Summary 588 Questions 589 Appendix 21.1: Investment choice with dependent political risk 590 22 Foreign direct investment: Measuring and managing risk 593 Estimating the risk 593 Managing exposure of foreign direct investment to political risk 601 Summary 605 Questions 606 Appendix 22.1: The relation between the CAPM and the Black-Scholes option pricing formula 607 23 International mergers and acquisitions 609 Advantages and disadvantages of M&A as an investment strategy 609 Mechanics of international M&A 614 Financial techniques in M&A 619 Summary 624 Questions 625 Appendix 23.1: M&A regulations in some major countries 625 Selected web sites 628 Glossary 630 References 641 Name index 652 Subject index 655
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