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Chapter 14 - International short-term financing and investment. To explain why short-term foreign currency financing and investment are considered, to consider the choice between domestic and foreign currency financing and investment, to identify the costs and benefits of financing/investment with a portfolio. | Lecture International finance An analytical approach 3 e Chapter 14 - Imad A. Moosa Chapter 14 International Short-Term Financing and Investment Objectives To explain why short-term foreign currency financing and investment are considered To consider the choice between domestic and foreign currency financing and investment To identify the costs and benefits of financing investment with a portfolio Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 14-2 Internal financing A multinational firm can utilise internal financing by requesting a transfer of funds from a subsidiary increasing mark-ups on supplies sent to subsidiaries Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 14-3 Sources of external financing Standby Eurocredits Eurocurrency lines and revolving commitments Euronotes note issuance facilities and Euro- commercial papers Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 14-4 Why foreign currency financing Foreign currency financing introduces FX risk only if there is no exposure already It may be cheaper Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 14-5 Three-month interest rates Australia Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 14-6 Three-month interest rates U.S. Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by Imad A. Moosa Slides prepared by Afaf Moosa 14-7 Three-month interest rates Japan Copyright 2010 McGraw-Hill Australia Pty Ltd PPTs t a International Finance An Analytical Approach 3e by
