b1a3cc60a18517260bd901e799551c20.ppt
- Количество слайдов: 110
The Balance of Payments
The Balance of Payments
Fundamentals of BOP Accounting
Typical BOP Transactions
Defining International Economic Transactions
BOP as a Flow Statement
The Current Account
U. S. Current Account, 2002 -2009 ($ Bn)
U. S. Balances, 1985 -2009 ($Bn)
The Capital and Financial Accounts
U. S. Financial Account, 2002 -2009 ($Bn)
The Other Accounts
Global Finance in Practice: China’s Twin Surpluses
Account Balances for the U. S. , 1992 -2009 ($Bn)
China’s Twin Surplus, 1998 -2009
Official Foreign Exchange Reserves
China’s Foreign Exchange Reserves
2009 Foreign Exchange Reserves ($Bn)
Balance of Payments Interactions
U. S. BOP, 1995 -2005 ($Bn)
Balance of Payments Interactions X–M= Current account balance
The Balance of Payments and Exchange Rates
The Balance of Payments and Exchange Rates
The Balance of Payments and Interest Rates
The Balance of Payments and Inflation Rates
Trade Balances and Exchange Rates
The J-Curve Adjustment Path
The J-Curve
MNCs are exposed to risk from exchange rates
Foreign Exchange Exposure
Types of Foreign Exchange Exposure
Why Hedge?
Why Hedge - the Pros & Cons
Why Hedge - the Pros & Cons
Measurement of Transaction Exposure
Purchasing or Selling on Open Account
Purchasing or Selling on Open Account
Borrowing and Lending
Borrowing and Lending
Other Causes of Transaction Exposure
Contractual Hedges
Risk Management in Practice
Risk Management in Practice
Translation Exposure
Subsidiary Characterization
Functional Currency
Translation Methods
Summary of Translation Methods
Summary of Translation Methods
Current Rate Method
Current Rate Method
Temporal Method
Temporal Method
Temporal Method
US Translation Procedures
Managing Translation Exposure
Managing Translation Exposure
Choosing Which Exposure to Minimize
Operating Exposure
Operating Exposure
Operating Exposure
Managing Exchange Risk
Integrated Exchange Risk Program
Measuring Operating Exposure
Strategic Management of Operating Exposure
Diversifying Operations
Diversifying Financing
Proactive Management of Operating Exposure
Matching Currency Cash Flows
Currency Clauses: Risk-sharing
Currency Clauses: Risk-sharing
Back-to-Back Loans
Cross-Currency Swaps
Cross-Currency Swaps
Contractual Approaches
Capital Mobility
The Evolution of Capital Mobility
Capital Flight
Capital Flight
Currency Market Intervention
Currency Market Intervention
Currency Market Intervention
The Asian Crisis – July 1997
The Asian Crisis – July 1997
The Asian Crisis – July 1997
The Asian Crisis – July 1997
The Asian Crisis – July 1997
The Asian Crisis – July 1997
The Russian Crisis of 1998
The Russian Crisis of 1998
The Argentine Crisis - 2002
The Argentine Crisis - 2002
The Argentine Crisis - 2002
The Argentine Crisis - 2002
The Argentine Crisis - 2002
The Argentine Crisis - 2002
The Greek Crisis – 201 X?
The Greek Crisis – 201 X?
b1a3cc60a18517260bd901e799551c20.ppt