International Finance is an established and internationally renowned introduction to the subject for undergraduate and postgraduate students. It draws on recent events to provide comprehensive coverage of traditional theories and new research relating to the balance of payments, exchange rate determination and the international monetary system.
Keith Pilbeam is Professor of International Economics and Finance at City University, London, UK. He teaches on the international programmes of Boston University and has been a Visiting Professor at the European University Institute in Florence. He is President of the International Economics and Finance Society (UK), undertakes consulting work for a number of City financial institutions and advises the UK Foreign Office on international economic issues. He is the author of International Finance, Finance and Financial Markets and Exchange Rate Management (Palgrave Macmillan).
Introduction.- PART I: BALANCE OF PAYMENTS THEORY AND PRACTICE.- The Foreign Exchange Market.- The Balance of Payments .- Elasticity and Absorption Approaches to the Balance of Payments.- Macroeconomic Policy in an Open Economy.- The Monetary Approach to the Balance of Payments.- PART II: EXCHANGE RATE DETERMINATION: THEORY, EVIDENCE AND POLICY.- Purchasing Power Parity and Floating Exchange Rate Experience.- Modern Models of Exchange Rate Determination.- The Portfolio Balance Model.- Empirical Evidence on Exchange Rates.- Fixed, Flexible and Managed Exchange Rates.- PART III: THE INTERNATIONAL MONETARY SYSTEM.- The International Monetary System.- The Eurocurrency and Eurobond Markets.- Currency Derivatives: Futures, Options and Swaps.- International Policy Coordination.- International Debt Crises.- The European Monetary System and European Monetary Union.- Currency Crises and the East Asian Financial Crisis.- The Subprime Mortgage Crisis.- Further Reading and Resources.