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chapter 1 the foreign exchange market 3 opening case the rise(and fall) of the japanese yen 3 introduction 4 the functions of the foreign exchange market 5 currencyconversion 5 insuringagainst foreign exchange risk 6 management focus volkswagen¡¯s hedging strategy 8 the nature of the foreign exchange market 9 economic theories of exchange rate determination 10 prices andexchange rates 11 country focus quantitative easing, inflation, and the u.s. dollar 15 interestrates and exchange rates 16 investorpsychology and bandwagon effects 17 summary ofexchange rate theories 18 exchange rate forecasting 18 theefficient market school 18 theinefficient market school 19 approachesto forecasting 19 currency convertibility 20 implications for managers 21 management focus dealing with the rising euro 23 chapter summary 25 critical thinking and discussion questions 25 research task 26 closing case billabong 26 endnotes 28 chapter 2 the international monetarysystem 31 opening case iceland¡¯s economicrecovery 31 introduction 32 the gold standard 33 mechanics of the gold standard 33 strength of the gold standard 33 the period between the wars: 1918¨C1939 34 the bretton woods system 34 the role of the imf 35 the role of the world bank 36 the collapse of the fixedexchange rate system 36 the floating exchange rate regime37 the jamaica agreement 38 exchange rates since 1973 38 country focus the u.s. dollar, oil prices,and recycling petrodollars 41 fixed versus floating exchangerates 41 the case for floating exchange rates 42 the case for fixed exchange rates 43 who is right? 44 exchange rate regimes inpractice 44 pegged exchange rates 44 currency boards 45 crisis management by the imf46 financial crises in the post¨Cbretton woodsera 46 country focus the mexican currency crisis of1995 47 evaluating the imf¡¯s policy prescriptions 48 implications for managers 51 managementfocus airbus and the euro 52 chapter summary 53 critical thinking anddiscussion questions 54 research task 55 closing case currency trouble inmalawi 55 endnotes 56 chapter 3 the global capital market 59 opening case declining cross-bordercapital flows: retreat or reset? 59 introduction 60 benefits of the global capitalmarket 60 functions of a generic capital market 61 attractions of the global capital market 61 managementfocus deutsche telekom taps theglobal capital market 63 growth of the global capital market 66 global capital market risks 68 country focus did the global capital marketsfail mexico? 69 the eurocurrency market 70 genesis and growth of the market 70 attractions of the eurocurrency market 71 drawbacks of the eurocurrency market 72 the global bond market 72 attractions of the eurobond market 73 the global equity market 73 foreign exchange risk and thecost of capital 75 implications for managers 75 chapter summary 76 critical thinking anddiscussion questions 77 research task 77 closing case industrial andcommercial bank of china 77 endnotes 78 chapter 4 accounting and finance in theinternational business 81 opening case tax strategy at google 81 introduction 82 national differences inaccounting standards 83 international accountingstandards 84 managementfocus chinese accounting 85 accounting aspects of controlsystems 86 exchange rate changes and control systems 87 transfer pricing and control systems 88 separation of subsidiary and manager performance 89 financial management: theinvestment decision 89 capital budgeting 89 project and parent cash flows 90 adjusting for political and economic risk 90 managementfocus black sea oil and gas ltd. 91 risk and capital budgeting 92 financial management: thefinancing decision 93 financial management: globalmoney management 93 minimizing cash balances 93 reducing transaction costs 95 managing the tax burden 96 moving money across borders 97 chapter summary 101 critical thinking anddiscussion questions 102 research task 102 closing case microsoft¡¯s acquisitionof skype 103 endnotes 104 cases south korean currencycrisis 106 russian ruble crisisand its aftermath 107 caterpillar: competingin a world of fluctuating currencies 109 glossary 111