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International Economy and Finance
Chapter I
The World of International Economy and Finance
1.1 Introduction to International Economics and the International Economy
1.2 What is Unique in Studying International Finance?
1.3 The Benefits of Studying International Finance
1.4 Reasons for the Growing Importance of International Finance
1.5 Introduction to Globalisation and International Financial Management
1.6 Scope of International Financial Management (IFM)
1.7 Environment of International Financial Management
1.8 Role of the International Financial Manager
1.9 Theories of International Trade
 
1.9.1 The Mercantilists’ Views on Trade
1.9.2 Trade Based on Absolute Advantage: Adam Smith
1.9.3 Comparative Advantage – David Ricardo
1.9.4 The Hecksher Ohlin Theory (HO)
1.9.5 National Competitive Advantage – Porter's Diamond
1.10 Dynamics of Entering Foreign Markets
1.11 Global Financial Markets
 
1.11.1 Classification of Financial Markets
1.11.2 Details of Offshore Markets
1.11.3 Evolution of Offshore Markets
1.12 Interest Rates in the Global Money Markets
1.13 International Trade Policies
  Summing Up
  Self-assessment
Chapter II
The Foreign Exchange Market
2.1 Introduction
2.2 The Structure of the Forex Market
2.3 FX Market Participants
2.4 Foreign Exchange
2.5 The Spot Market
2.6 Exchange Rate Quotations
 
2.6.1 Direct v/s Indirect Quote
2.6.2 American v/s European Quote
2.6.3 Bid and Ask Rate
2.6.4 Inter bank Quote and Merchant Quote
2.7 Market Mechanism and Conventions
 
2.7.1 Inverse Quotes
2.7.2 Cross Rates
2.8 Types of Transactions
 
2.8.1 Forward Quotes
2.8.2 Discount and Premium
2.8.3 Forward Rates v/s Expected Spot Rates
2.8.4 Broken-date Forward Contracts
2.8.5 Option Forwards
2.8.6 Swaps
2.9 Settlement Dates
 
2.9.1 Short Date Contracts
2.9.2 The First Quote
2.10 Quotes for Various Kinds of Merchant Transactions
 
2.10.1 Spot TT Buying Rate
2.10.2 Spot TT Selling Rate
2.10.3 Forward TT Buying Rate
2.10.4 Forward TT Selling Rate
2.10.5 Bill Buying Rate
2.10.6 TC Buying Rate
2.10.7 TC Selling Rate
2.11 The Indian Forex Markets
 
2.11.1 Forward Exchange Contracts
2.11.2 Other Regulations
2.11.3 Early Delivery/ Extension/ Cancellation of Forward Exchange Contracts
  Summing Up
  Self-assessment
Chapter III
Introduction to Currency and Interest Rate Swaps and Future and Options in Foreign Exchange
3.1 Currency and Interest Rate Swap
3.2 Comparison of Swap and Forward Contracts
3.3 Commodity Swaps
3.4 Swap Market in India
3.5 Futures and Options on Foreign Exchange
  Summing Up
  Self-assessment
Chapter IV
Balance of Payments
4.1 Balance of Payments as a Record of Currency Supply and Demand
4.2 Grouping of Balance of Payment Accounts
4.3 The Balance of Payment Identity
4.4 Currency Convertibility
4.5 The Balance of Payments of India
 
4.5.1 India’s Balance of Payments on Current Account
4.5.2 Capital Account
4.5.3 Reserve for Deficit in Capital Account
  Summing Up
  Self-assessment
Chapter V
International Monetary System
5.1 Introduction
5.2 Evolution of the International Monetary System
 
4.5.1 Bimetallism Before 1875
4.5.2 The Gold Standard
4.5.3 The Bretton Woods System
  Post Bretton Woods System (The Current System)
5.3 The European Monetary Union
5.4 Exchange Rate Mechanisms
 
5.4.1 Fixed Exchange Rate System
5.4.2 Floating Exchange Rate System
5.4.3 Hybrid Mechanism
5.5 Financial Crisis in the Post Bretton Woods Era
 
5.5.1 Third World Debt Crisis
5.5.2 Mexican Currency Crisis of 1995
5.5.3 The Brazilian Crisis
5.5.4 Argentina
5.5.5 The Asian Crisis of 1997
5.5.6 Lessons from the Asian Currency Crisis
  Summing Up
  Self-assessment
Chapter VI
Economic Theories of Exchange Rate and the Purchasing Power Principle
6.1 Economic Theories of Exchange Rate Determination
6.2 Prices and Exchange Rates
 
6.2.1 The Law of One Price
6.2.2 The Absolute form of PPP
6.2.3 The Relative form of PPP
6.3 The Asset Approach to Exchange Rate
6.4 Interest Rate Parity (IRP)
6.5 International Fisher Effect
6.6 Exchange Rate Forecasting
 
6.6.1 The Demand – Supply Approach
6.6.2 The Institutional Setting
6.6.3 Fundamental Analysis
6.6.4 Confidence Factors
6.6.5 Expected Theory of Forward Rates
6.6.6 Events
6.6.7 Technical Analysis
6.6.8 Fundamental and Technical Forecasting
6.6.9 The Monetary Approach
6.6.10 Portfolio Balance Approach
  Summing Up
  Self-assessment
Chapter VII
Exchange Risk Management
7.1 Introduction
7.2 How Distinguished from Business Risk
7.3 Defining Exposure and Risk
7.4 Classification of Currency Exposure
 
7.4.1 Transaction Exposure
7.4.2 Translation Exposure
7.4.3 Operating Exposure (also known as Economic Exposure)
7.4.4 Strategic Exposure
7.5 Management of Exchange Risk
 
7.5.1 Forward Market Hedge
7.5.2 Hedging though Futures
7.5.3 Money Market Hedge
7.5.4 Option Market Hedge
7.5.5 Hedging Recurrent Exposure with Swap Contracts
7.5.6 Exposure Netting
7.5.7 Hedging via Lead and Lag
7.5.8 Hedging through Invoice Currency
  Summing Up
  Self-assessment
Chapter VIII
The International Financial Market and Instruments
8.1 Introduction
8.2 Origin of the International Financial Market
8.3 India’s Presence in International Markets
8.4 International Money Market
 
8.4.1 Euro Currency Market
8.4.2 Euro Credits
8.4.3 Euro Notes
8.4.4 Euro Medium Term Notes
8.4.5 Euro Commercial Paper
8.5 Instruments Available in International Capital Markets
 
8.5.1 Debt Instruments
8.5.2 Types of Debt Instruments
8.5.3 International Bond and Market Credit Ratings
8.5.4 Euro Market Structure and Practices
8.6 Equity Instruments
 
8.6.1 Global Depository Receipts
8.6.2 American Depository Receipts
  Summing Up
  Self-assessment
  Appendix-1
  Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt, Mechanism) Scheme, 1993
  Appendix-2
  Guidelines on Policies and Procedures for External Commercial Borrowings
  Appendix-3
  Guidelines for ADR/ GDR Issues by Indian Companies
Chapter IX
Financial Management of Multinational Firm
9.1 Introduction
9.2 Foreign Direct Investment
 
9.2.1 Foreign Direct Investment in the World Economy
9.2.2 Why do Firms Locate Production Facilities Overseas?
9.2.3 Political Risk and FDI
9.2.4 How to Manage/Mitigate Political Risk
9.2.5 Country Risk : What is This?
9.3 International Capital Structure and Cost of Capital
 
9.3.1 Introduction
9.3.2 Cost of Capital
9.3.3 Cost of Capital in Segmented Versus Integrated Markets
9.3.4 Cross Border Listings of Stock
9.4 International Capital Budgeting
 
9.4.1 How to Handle Risk in Capital Budgeting for International Projects
9.5 Cash Management in Multinational Corporations
 
9.5.1 Centralised Cash Management System
9.5.2 Problems Involved in the Centralised Cash Management System
9.5.3 Practical Issues in Cash Management
9.6 International Taxation
 
9.6.1 Income Tax
9.6.2 Withholding Tax
9.6.3 Value Added Tax
9.6.4 Worldwide Taxation
9.6.5 Territorial Taxation
9.6.6 Foreign Tax Credits
9.6.7 Alternative Organisation Structures to Plan Tax Liabilities
9.6.8 Transfer Pricing- Payments to and from Foreign Affiliates
9.6.9 Tax Haven
9.6.10 Fronting Loans
9.6.11 Tax Treaties: The Elimination of Double Taxation
9.6.12 Double Taxation Avoidance Agreement
9.7 Control Strategies
 
9.7.1 Planning
9.7.2 Organisation Structure
9.7.3 Location of Decision Making
9.7.4 Control in the Internationalisation Process
9.7.5 Control in Special Situations
9.7.6 Types of Subsidiaries and how they Affect Control Strategies
  Summing Up
  Self-assessment
Chapter X
Export and Import Financing
10.1 Introduction
10.2 What is a Letter of Credit?
 
10.2.1 Parties to a Letter of Credit
10.2.2 Duties and Responsibilities of Parties to an LC
10.2.3 How a Letter of Credit Operates
10.2.4 Different Kinds of Letters of Credit
10.2.5 Documents under a Letter of Credit
10.2.6 Further Information on the Procedure
10.3 Other Financing Mechanisms
  Summing Up
  Self-assessment
Chapter XI
Export Import Policy Guidelines for India
11.1 Historical Perspective of the Export-Import Policy
11.2 Objectives of the Exim Policy 2002-07
11.3 Highlights of the EXIM Policy 2002-07 (As Amended up to 31.03.2003)
11.4 Trade Regulations Governing Imports/Exports
 
11.4.1 Trade Regulations Governing Imports
11.4.2 Trade Regulations Governing Exports
11.5 Government Assistance in Exporting
 
11.5.1 Exim Bank
11.5.2 Forfaiting
11.5.3 Maturity Factoring by ECGC
11.5.4 Export Credit Risk Insurance
11.5.6 Foreign Exchange Dealers Association of India ( FEDAI)
           

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