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Melvin's International Money and Finance offers a concise survey of international finance. The basics of the foreign exchange market, balance of payments, international investment, and links among interest rates, prices, and exchange rates are presented, along with the latest research findings related to the field.

Table of Contents

1. The Foreign Exchange Market.
2. The Balance of Payments.
3. Past and Present International Monetary Arrangements.
4. Forward-Looking Market Instruments.
5. Exchange Rates, Interest Rates, and Interest Parity.
6. Foreign Exchange Risk and Forecasting.
7. International Investment and Capital Flows.
8. Prices and Exchange Rates: Purchasing Power Parity.
9. Determinants of the Balance of Trade and Payments.
10. Exchange Rate Determination.
11. Import and Export Financing.
12. Financial Management of the Multinational Firm.
13. International Banking, Debt, and Risk.
14. Macroeconomic Policy in the Open Economy.

New To This Edition

• Chapter 2 New section on balance of payments discusses how, in equilibrium, the current account may show either deficit or a surplus, and explains in some cases, economic circumstances, a current account deficit or surplus can be sustainable over time. The example of the U.S. current account is used.

• Chapter 3 includes a new section on the European Monetary System and the euro, including discussion of the European Central Bank.

• Chapter 3 includes a new section on target zones.

• Currency board section in chapter 3 now includes a discussion of Argentina as an example of what can go wrong.

• Chapter 4 has been streamlined by eliminating detailed tables of futures and options prices and the accompanying descriptions.

• Chapter 7 expands discussion of ADRs with discussion of various types and why foreign firms list their shares in the U.S.

• Chapter 7 includes a section on "The Globalization of Equity Markets" with discussion of how countries move from segmented to liberalized and globalized financial markets with consequent reduction in cost of capital. Intuitive discussion of conditions for reduction of cost of capital associated with globalization. Includes table with dates of first stock market liberalization for many countries.

• Chapter 8 now includes a real exchange rate discussion along with new exercises.

• Chapter 9 includes a new discussion of how the effects of devaluations may depend on what happens to labor costs relative to the cost of capital.

• Chapter 10 now includes the monetary approach to exchange rate material so that all exchange rate determination models are in one chapter.

• Chapter 10 includes a new appendix on technical analysis in the FX market.

• Chapter 13 now includes an expanded discussion of LIBOR (how it is set and the contributing banks, a discussion of early warning indicators of financial crises, and a section on Role of Corruption (its effects on economic growth and IMF efforts to reduce it).

• Chapter 14 includes a new section on The New Open-Economy Macroeconomics that includes a discussion of pricing to market.

• Chapter 14 includes a new section on the Open-Economy Multiplier.

286 pages