Part 1 Global Financial Environment
Project International Monetary System
Task 1 Overview of International Monetary System
1.1 History of the International Monetary System
1.2 The Creation of the Euro
1.3 Currency Turmoil and Crises Post-now
Task 2 Contemporary Currency Regimes
2.1 IMF's Exchange Rate Regime Classifications
2.2 Fixed Versus Flexible Exchange Rate
2.3 Distinction Between Fixed Exchange Rate and Flexible Exchange Rate
2.4 Emerging Markets and System Choices
Task 3 European Monetary System
3.1 From the Treaty of Rome to the Werner Report, 1957 1970
3.2 From the Werner Report to the European Monetary System, 1970-1979
3.3 From the start of EMS to Maastricht, 1979 1991
3.4 From Maastricht to the Euro and the Euro Area, 1991--2002
3.5 The Largest-ever Currency Changeover
Task 4 Exchange Rate Regimes: What Lies Ahead?
Mini Case
The Revaluation of the Chinese Yuan
Key Terms
Summary
Exercises
Project 2 Balance of Payment Accounting
Task 1 Balance of Payment Accounts
1.1 Definition of the Balance of Payment
1.2 The Importance of BOP
1.3 Fundamentals of Balance of Payment Accounting
1.4 Accounts of the Balance of Payment
Task 2 Disequilibrium of Balance of Payment
Task 3 Trade Balance and Exchange Rate
3.1 The Balance of Payment Interaction with Key Macroeconomic Variables
3.2 Trade Balance and Exchange Rate
3.3 Capital Mobility
Mini Case
Global Remittances
Key Terms
Summary
Exercises
Part 2 Foreign Exchange Markets
Project 3 The Foreign Exchange Market
Task 1 Function and Structure of the Foreign Exchange market
1.l Geographical Extent of the Foreign Exchange Market
1.2 History of Foreign Exchange
1.3 Functions of the Foreign Exchange Market
1.4 Market Participants
1.5 Transactions in the Interbank Market
1.6 Size of the Market
Task 2 Foreign Exchange Rates and Quotations
2.1 Currency Symbols
2.2 ]nterbank Quotations
2.3 Direct and Indirect Quotes
2.4 Bid and Ask Quotations
2.5 Forward Quotations in Percentage Terms
2.6 Cross Rates
2.7 Intermarket Arbitrage
2.8 Measuring a Change in Spot Exchange Rates
Mini Case
The Saga of the Venezuelan Bolivar Fuerte
Key Terms
Summary
Exercises
Project 4 Futures and Options on Foreign Exchange
Task 1 Foreign Currency Futures
l. 1 Contract Specifications
1.2 Currency Futures Markets
1.3 Using Foreign Currency Futures
Task 2 Foreign Currency Options
2.1 Currency Options
2.2 Currency Options Markets
2.3 Currency Futures Options
2.4 Basic Option Pricing Relationships at Expiry
2.5 American Option Pricing Relationships
2.6 European Option Pricing Relationships
Mini Case
Warren Buffett's Love-Hate Relationship with Derivatives
Key Terms
Summary
Exercises
Part 3 Foreign Exchange Exposure
Project 5 Management of Transaction Exposure
Task 1 Types of Foreign Exchange Exposure
1.1 Transaction Exposure
1.2 Translation Exposure
1.3 Operating Exposure
Task 2 Hedge
2.1 Hedge Definition
2.2 Advantages and Disadvantages of Hedging
Task 3 Ways of Hedging Transaction Exposure
3.1 Forward Market Hedge
3.2 Money Market Hedge
3.3 Options Market Hedge
3.4 Comparison of Alternatives
Task 4 Should the Firm Hedge?
Mini Case
Banbury Impex (India)
Key Terms
Summary
Exercises
Project 6 Management of Operating Exposure
Task 1 Operating Exposure: Definition
1.1 Attributes of Operating Exposure
1.2 Operating and Financing Cash Flows
1.

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