Overview

Conventional wisdom has treated international trade as the motive force behind international financial flows. However, the last quarter of this century has witnessed an upsurge in volume of international financial flows which have gained a momentum of their own, thus dwarfing the role of international trade. This increase in volume is generated by the large size of the international financial market systems, which are more closely integrated today than ever before. Dilip K. Das demonstrates through the work of highly acclaimed contributors, who are leading authorities in the field of international finance, that the development of a whole range of financial instruments is one of the key forces behind greater integration of financial markets. This provides medium-level discussion on international finance issues which are neither introductory nor over-specialised in nature and six themes are developed which encompass some of the most practical and useful facets of international finance. Beginning with a description of the new size and shape of the financial markets, the first chapter focusses on how international mobile capital has become, and looks at the nature and operation of the principle international financial institutions. The role of European Monetary Union forms the second section where key issues in monetary policy and the central banking system are analysed. Part three evaluates world equity markets using Asia as an example, with part four providing papers relating to foreign exchange markets. International debt issues are discussed in part five taking examples from the U.S., which is the largest debtor economy in the world. The final section deals with the currency aspect of international finance looking specifically at the Deutsche Mark, the Yen, and the internationalisation of the Korean capital market.

Full Product Details

Author:   Dilip Das
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Dimensions:   Width: 18.90cm , Height: 3.30cm , Length: 24.60cm
Weight:   1.065kg
ISBN:  

9780415092814

ISBN 10:   0415092817
Pages:   644
Publication Date:   20 May 1993
Audience:   College/higher education ,  Professional and scholarly ,  Tertiary & Higher Education ,  Undergraduate
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Prefatory and introductory comments Part I International Finance and Multilateral Financial Institutions 1 CONTEMPORARY TRENDS IN THE INTERNATIONAL CAPITAL MARKETS 2 QUANTIFYING INTERNATIONAL CAPITAL MOBILITY IN THE 1980s 3 UNSTABLE CURRENT ACCOUNT BEHAVIOUR AND CAPITAL FLOWS IN DEVELOPING COUNTRIES 4 THE WORLD BANK IN THE 1990s 5 THE INTERNATIONAL MONETARY FUND'S ADJUSTMENT POLICIES AND ECONOMIC DEVELOPMENT 6 FINANCING IN EASTERN EUROPE AND THE FORMER SOVIET UNION: ISSUES AND INSTITUTIONAL SUPPORT Part II The European Monetary Union 7 THE EUROPEAN MONETARY SYSTEM AND ITS FUTURE PROSPECTS 8 EUROPEAN MONETARY REFORM: PROGRESS AND PROSPECTS 9 MONETARY POLICY IN AN EMERGING EUROPEAN ECONOMIC AND MONETARY UNION: KEY ISSUES 10 A EUROPEAN CENTRAL BANKING SYSTEM: SOME ANALYTICAL AND OPERATIONAL CONSIDERATIONS 11 THE ECONOMICS OF EMU 12 ONE CURRENCY FOR EUROPE: FROM THEORY TO PRACTICE Part III World Equity Markets 13 TOWARDS THE THEORY OF WORLD STOCK MARKETS: AN OVERVIEW 14 MARKET EFFICIENCY AND EQUITY PRICING: INTERNATIONAL EVIDENCE AND IMPLICATIONS FOR GLOBAL INVESTING 15 AN INTRODUCTION TO ASIAN CAPITAL MARKETS Part IV Foreign Exchange Markets 16 INTERNATIONAL FINANCIAL INTEGRATION: RELATIONS BETWEEN INTEREST RATES AND EXCHANGE RATES 17 FOREIGN EXCHANGE RATE EXPECTATIONS: MICRO SURVEY DATA 18 DETECTING STRUCTURAL CHANGES IN THE SPOT AND THE FORWARD FOREIGN EXCHANGE MARKETS: FROM JANUARY 1974 TO SEPTEMBER 198619 THE PURCHASING POWER PARITY CRITERION FOR STABILIZING EXCHANGE RATES 20 WAS THERE A TARGET ZONE? 21 WHY FLOATING EXCHANGE RATES FAIL: A RECONSIDERATION OF THE LIQUIDITY TRAP 22 THE DEBT DENOMINATION DECISION Part V International Debt Issues 23 COUNTRY RISK AND THE STRUCTURE OF INTERNATIONAL FINANCIAL INTERMEDIATION 24 ORGANIZING DEBT RELIEF: THE NEED FOR A NEW INSTITUTION 25 AN INTERNATIONAL DEBT FACILITY? 26 BEYOND THE DEBT CRISIS: ALTERNATIVE FORMS OF FINANCING GROWTH 27 THE USA IN DEBT 28 US BORROWING FROM JAPAN Part VI International Currency Markets 29 THE INTERNATIONAL USE OF CURRENCIES 30 THE DEUTSCHE MARK AS AN INTERNATIONAL CURRENCY 31 THE INTERNATIONALIZATION OF THE YEN 32 INTERNATIONALIZATION OF THE KOREAN CAPITAL MARKET.

Reviews

A wothwhile collection. . .. <br>- CHOICE, 12/93 <br>. . . will prove useful to all students of economics, finance and business management. <br>- Banking World <br>

Author Information

Professor Dilip K. Das presently holds a visiting position at INSEAD, Fontainebleau, France. He has previously taught at the Indian Institute of Management, ESSEC in Paris, Webster College in Geneva and the Australian National University in Canberra. Having written extensively, his current areas of interest include international trade, international finance and the Asia-Pacific economies.

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