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Full Description
One book with all of the content you need for the International Economics course. This book is also suitable for all readers interested in the field of international economics.International Monetary and Financial Economics is an accessible, motivating book that covers the full range of topics appropriate for a complete course in international money and finance. With balanced coverage of both international finance and open-economy macroeconomics, readers will be exposed to all of the substantive issues in the field today. To motivate learning, Management, Policy, and Online Notebook features provide more than 50 examples of international financial issues, recent policy issues, and the role of worldwide electronic commerce.
Contents
I. INTERNATIONAL PAYMENTS AND EXCHANGE 1. Keeping Up with a Changing World-Trade Flows, Capital Flows, and the Balance of PaymentsWhy it is important to understand international money and financeInternational Economic Integration: The Importance of Global Trade and Financial MarketsThe Balance of PaymentsExamples of International Transactions and How they Affect the Balance of PaymentsThe Capital Account and the International Flow of AssetsRelating the Current Account Balance and Capital FlowsChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading2. The Market for Foreign ExchangeExchange rates and the market for foreign exchangeComposite CurrenciesForeign Exchange Arbitrage The Demand for and Supply of CurrenciesPurchasing Power ParityChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading3. Exchange-Rate Systems, Past to PresentExchange Rate SystemsThe Gold StandardThe Bretton Woods SystemThe Flexible Exchange Rate SystemOther Forms of Exchange Arrangements TodayFixed or Floating Exchange Rates?Chapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further ReadingII. INTERNATIONAL FINANCIAL INSTRUMENTS, MARKETS, AND INSTITUTIONS4. The Forward Currency Market and International Financial ArbitrageForeign Exchange RiskThe Forward Exchange MarketInternational Financial ArbitrageUncovered Interest ParityForeign Exchange Market EfficiencyInternational Financial MarketsChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading5. Interest Yields, Interest-Rate Risk, and Derivative SecuritiesInterest RatesInterest Rate Differentials-Excess Returns and Failure of Uncovered Interest ParityReal Interest Rates and Real Interest Parity Hedging, Speculation and Derivative SecuritiesCommon Derivative Securities and Their RisksChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading6. International Banking, Central Banks, and Supranational Financial Policymaking InstitutionsInternational Dimensions of Financial IntermediationGlobal Payments and Financial System RisksBank Regulation and Capital RequirementsCentral BanksWhat do Central Banks Do?Supranatural Financial Policymaking InstitutionsChapter SummaryQuestions and Problems Online ApplicationSelected References and Further Reading7. The International Financial Architecture and Emerging EconomiesInternational Capital FlowsCapital Market Liberalization and International Financial CrisesExchange Rate Regimes and Financial CrisesDoes the International Financial Architecture Need a Redesign?Chapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further ReadingIII. EXCHANGE-RATE AND BALANCE-OF-PAYMENTS DETERMINATION8. Traditional Approaches to Balance-of-Payments and Exchange-Rate DeterminationCommon Characteristics of the Traditional ApproachesExports, Imports, and the Demand for and Supply of Foreign ExchangeThe Elasticities ApproachThe Absorption ApproachChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading9. Monetary and Portfolio Approaches to Balance-of-Payments and Exchange-Rate DeterminationCentral Bank Balance SheetsManaged Exchange Rates: Foreign Exchange InterventionsThe Monetary Approach to Balance of Payments and Exchange Rate DeterminationApplying the Monetary Approach: A Two Country SettingThe Portfolio Approach to Exchange Rate DeterminatinChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further ReadingIV. OPEN ECONOMY MACROECONOMICS AND POLICY ANALYSIS10. An Open Economy FrameworkMeasuring An Economy's Performance: Gross Domestic Product and Price IndexesReal Income and Expenditures: The IS ScheduleThe Market for Real Money Balances: The LM ScheduleThe Balance of Payments: The BP Schedule and the IS-LM-BP ModelChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading11. Economic Policy with Fixed Exchange RatesThe Objectives of PolicyThe Role of Capital MobilityFixed Exchange Rates and Imperfect Capital MobilityFixed Exchange Rates and Perfect Capital MobilityChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading12. Economic Policy with Floating Exchange RatesFloating Exchange Rates and Imperfect Capital MobilityFloating Exchange Rates and Perfect Capital MobilityFixed Versus Floating Exchange RatesChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Reading13. The Price Level, Real Output, and Economic PolicymakingAggregate DemandAggregate SupplyRules Versus Discretion in Economic PolicymakingChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further ReadingsV. DOMESTIC AND MULTINATIONAL POLICYMAKING IN A GLOBAL ECONOMY14. Domestic Economic Policymaking in a Global EconomyThe Policy Assignment ProblemExchange Rate Responses to Policy Actions with Sticky Wages and Prices-Exchange Rate OvershootingOpenness and the Output Inflation Relationship- How Globalization Alters the Effects of PoliciesOpenness and InflationNew Open Economy Macroeconomics and Its Policy ImplicationsChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Readings15. Policy Coordination, Monetary Union, and Target ZonesInternational InterdependencePerfect Capital Mobility Revisited: Can International Policy Coordination Pay?The Pros and Cons of International Policy CoordinationThe Economics of Monetary UnionsVehicle CurrenciesSplitting the Difference: Exchange Rate Target ZonesChapter SummaryQuestions and ProblemsOnline ApplicationSelected References and Further Readings
