TAILIEUCHUNG - Ebook International money and finance (8E): Part 2

(BQ) Part 2 book "International money and finance" has contents: Foreign exchange risk and forecasting, financial management of the multinational firm, international portfolio investment, direct foreign investment and international lending, the monetary approach,.and other contents. | SECTION 3 Risk and International Capital Flows 8. 9. 10. 11. Foreign Exchange Risk and Forecasting Financial Management of the Multinational Firm International Portfolio Investment Direct Foreign Investment and International Lending 151 167 185 201 This page intentionally left blank CHAPTER 8 Foreign Exchange Risk and Forecasting International business involves foreign exchange risk since the value of transactions in different currencies will be sensitive to exchange rate changes. Although it is possible to manage a firm’s foreign-currencydenominated assets and liabilities to avoid exposure to exchange rate changes, the benefit involved is not always worth the effort. The appropriate strategy for the corporate treasurer and the individual speculator will be at least partly determined by expectations of the future path of the exchange rate. As a result, exchange rate forecasts are an important part of the decision-making process of international investors. In this chapter, we first consider the issue of foreign exchange risk, which is the presence of risk that arises from uncertainty regarding the future exchange rate; this uncertainty makes forecasting necessary. If future exchange rates were known with certainty, there would be no foreign exchange risk. TYPES OF FOREIGN EXCHANGE RISK One problem we encounter when trying to evaluate the effect of exchange rate changes on a business firm arises in determining the appropriate concept of exposure to foreign exchange risk. We can identify three principal concepts of exchange risk exposure: 1. Translation exposure. This is also known as accounting exposure. It is the difference between foreign-currency-denominated assets and foreign-currency-denominated liabilities. 2. Transaction exposure. This is exposure resulting from the uncertain domestic currency value of a foreign-currency-denominated transaction to be completed at some future .

• Kế toán - Kiểm toán
• International money
• Foreign exchange risk
• Financial management
• The multinational firm
• International portfolio investment
• International lending
• The monetary approach
• International marketing
• Product strategies
• Basic decisions
• International money markets
• Foreign exchange
• International financial management
• Quản lý tài chính quốc tế
• Lecture International financial management
• International financial markets
• Foreign exchange market
• International money market
• Multiple deposit creation
• The money supply process
• The money supply
• The international financial system
• The demand for money
• Monetary policy
• The foreign exchange market
• International monetary arrangements
• The balance of payments
• Forward looking market instruments
• The eurocurrency market
• Direct foreign investment
• Purchasing power parity
• International banking
• Money market
• International bond market
• International trade finance
• International equity markets
• International finance
• International securities market
• International taxation
• Money laundering
• General directions
• Money Online
• chow dot com
• charging money
• International Economics
• Economic Regulation
• Spatial Economics
• The economics of money
• Financial markets
• Financial system
• The federal reserve system
• Thị trường tài chính
• Bài giảng Tiền tệ ngân hàng
• International Financial System
• Foreign exchange interventions
• Money Supply
• International trade
• Economic development
• Public policy
• Managing transaction exposure
• Money market hedge
• Hedge receivables
• Physical distribution
• Currencies and foreign exchange
• Pricing strategies
• The mathematics of money
• Retirement plans
• Consumer mathematics
• International business
• Financial statements
• Evaluating projected cash flows
• Business statistics
• Central banking
• Monetary theory
• Financial institutions
• Bank reserves
• Capital markets
• Money markets
• Financial instruments
• International transactions
• Currency values
• Global marketplace
• Lecture Money and capital markets