圣智学习

《国际货币与金融经济学》系统而深入浅出地介绍了国际金融所涉及的所有主题。全书包括五个部分，共15章。其中，第一和第二部分介绍了国际货币金融交易活动的支付和交易体系以及主要的国际金融工具、市场和金融机构；第三部分主要论述了汇率和国际收支的决定；第四和第五部分主要是开放宏观经济学和政策分析，包括世界经济中的一国和多国的政策制定。

约瑟夫R丹尼尔斯，JosephRDaniels），美国马奎特大学经济系和国际商务系副教授，曾先后在印第安纳大学、多伦多大学任教，多次获得教学奖励奖，主要研究领域是汇率制度、国际货币与金融政策等。

戴维D．范胡斯，DavidD．VanHoose），美国贝勒大学的经济学教授和Hemanw．Lav私人企业讲习教授，拥有20多年的教学经验。他在许多一流金融经济杂志，如QuarterlvJournalofEconomics，InternationalEconomicReview,JournalofMoney,Credit，andBanking等发表论文若干篇，并分别在1991年获得JournalofBankingandFinance的杰出论文奖，在1995和2001年获得AtlanticEconomicJournal的最佳论文奖。
 

UNIT 1: INTERNATIONAL PAYMENTS AND EXCHANGE
CHAPTER 1KEEPING UP WITH A CHANGING WORLDTRADE FLOWS, CAPITAL FLOWS,ANDTHE BALANCE OF PAYMENTS2
International Economic Integration: The Importance of Global Trade and Financial Markets3
The Real and Financial Sectors of an Economy3
World Trade in Goods and Services4
InternationaITransactions in Financial Assets6
The Balance of Payments8
Balance of Payments as a Double-EntryBookkeeping System9
Balance of Payments Accounts10
Deficits and Surpluses in the Balanceof Payments14
Other Deficit and Surplus Measures15
The Capital Account and the International Flow of Assets16
A CapitalAccount Surplus17
The United States as a Net Debtor17
Relating the Current Account Balance and Capital Flows18
Chapter Summary20
Questions and Problems21
CHAPTER 2THE MARKET FOR FOREIGN EXCHANGE23
Exchange Rates and the Market for ForeignExchange24
The Role of the Foreign Exchange Market24
Exchange Rates as Relative Prices26
Bid-Ask Spreads and Trading Margins28
Real Exchange Rates29
The Effect of Price Changes30
Measuring the Overall Strength or Weaknessof a Currency: Effective Exchange Rates31
Constructing an Effective Exchange Rate32
A Two-Country Example of an Effective ExchangeRate33
Composite Currencies35
Special Drawing Right （SDR）35
Foreign Exchange Arbitrage36
The Demand for and Supply of Currencies38
The Demand for a Currency38
The Supply of a Currency39
The Equilibrium Exchange Rate41
Foreign Exchange Market Intervention42
Purchasing Power Parity44
Absolute Purchasing Power Parity44
POLICY NOTEBOOK: The Big Mac Index48
Relative Purchasing Power Parity49
Chapter Summary 51
Questions and Problems52
CHAPTER 3EXCHANGE-RATE SYSTEMS, PASTTO PRESENT54
Exchange-Rate Systems55
The Gold Standard56
The Gold Standard as an Exchange-RateSystem56
Performance of the Gold Standard57
The Collapse of the Gold Standard59
The Bretton Woods System60
The Bretton Woods Agreement60
Performance of the Bretton Woods System62
The Flexible-Exchange-Rate System65
The Economic Summits and a New Order65
Performance of the Floating-Rate System66
The Plaza Agreement and the Louvre Accord67
The Euro 68
Other Forms of Exchange-Rate ArrangementsToday69
Crawling Pegs70
Currency Baskets71
Independent Currency Authorities73
Dollarization73
Fixed or Floating Exchange Rates?75
Should China Peg or Float?76
Chapter Summary 81
Questions and Problems82

UNIT 2: INTERNATIONAL FINANCIAL INSTRUMENTS, MARKETS,AND INSTITUTIONS
CHAPTER 4THE FORWARD CURRENCY MARKET
AND INTERNATIONAL FINANCIALARBITRAGE 84
Foreign Exchange Risk84
Types of Foreign Exchange Risk Exposure85
Hedging Foreign Exchange Risk 86
The Forward Exchange Market87
Covering a Transaction with a Forward Contract87
Determination of Forward Exchange Rates88
The Forward Exchange Rate as a Predictor of the Future Spot Rate89
International Financial Arbitrage91
Interest Parity91
Exchange Uncertainty and Covered Interest Parity92
Uncovered Interest Parity94
Uncovered Interest Arbitrage94
Risk and Uncovered Interest Parity95
Risks Other than Foreign Exchange Risk96
Tests of Uncovered Interest Parity96
Foreign Exchange Market Efficiency97
Market Efficiency98
Evidence on Foreign Exchange Market Efficiency98
International Financial Markets98
International Capital Markets99
International Money Markets99
Eurobonds, Euronotes, and Eurocommercial Paper99
Eurocurrencies100
Chapter Summary103
Questions and Problems103
CHAPTER 5INTEREST YIELDS, INTEREST-RATE RISK, AND DERIVATIVE SECURITIES106
Interest Yields and Financial Instrument Prices106
Interest Rate Differentials-Excess Returns and Failure of Uncovered Interest Parity108
Breakdown of Uncovered Interest Parity and Excess Returns109
MANAGEMENT NOTEBOOK: Why Uncovered Interest Parity May Hold, but Not for Very Long110
Accounting for Differences in Excess Returns to Help Explain International Interest Rate Differences111
Real Interest Rates and Real Interest Parity113
Real Interest Parity114
Hedging, Speculation, and Derivative Securities116
Possible Responses to Interest-Rate Risk116
Derivative Securities117
Common Derivative Securities and Their Risks121
Forward Contracts121
Futures122
Options126
Swaps133
Derivatives Risks and Regulation135
Chapter Summary137
Questions and Problems138
CHAPTER 6INTERNATIONAL BANKING, CENTRALBANKS, AND SUPRANATIONAL FINANCIALPOLICYMAKING INSTITUTIONS140
Financial Intermediation Across NationalBoundaries141
Banking Around the Globe142
Bank versus Market Finance142
Differences in Bank Market Structure143
A New Convergence: Universal Banking143
Global Payments and Financial SystemRisks144
Global Payment Systems145
Payment-System Risks146
Financial Instability and International FinancialCrises150
POLICY NOTEBOOK: Using "Exchange Market Pressures" to Assess Contagion Effects152
Bank Regulation and Capital Requirements154
The Goals of Bank Regulation154
Bank Capital Requirements155
Supranational Financial Policymaking Institutions159
The International Monetary Fund159
The World Bank162
Chapter Summary164
Questions and Problems165
CHAPTER 7THE INTERNATIONAL FINANCIAL ARCHITECTURE AND EMERGING
ECONOMIES 166
International Capital Flows167
Explaining the Direction of Capital Flows167
Capital Allocations and Economic Growth173
Capital Misallocations and Their Consequences175
Maximizing Benefits and Minimizing Risks176
Where Do Financial Intermediaries Fit In?177
Capital Market Liberalization and Intemational Financial Crises178
Are All Capital Flows Equal?178
The Role of Capital Flows in Recent Crisis Episodes180
Exchange Rate Regimes and Financial Crises182
Schools of Thought on Exchange Rate Regimes 182
The Corners Hypothesis183
Dollarization183
Peg, Take the Middle Road, or Float?184
Evaluating the Status Quo185
Does the International Financial Architecture Need a Redesign?187
Crisis Prediction and Early Warning Systems187
Rethinking Economic Institutions and Policies189
Chapter Summary191
Questions and Problems192

UNIT 3: EXCHANGE-RATE AND BALANCE-OF-PAYMENTSDETERMINATION
CHAPTER 8TRADITIONAL APPROACHES TO BALANCE OF-PAYMENTS AND EXCHANGE-RATE DETERMINATION 195
Common Characteristics of the Traditional Approaches196
Exports, Imports, and the Demand for and Supply of Foreign Exchange196
Derivation of the Demand for Foreign Exchange196
Elasticity and the Demand for Foreign Exchange 198
Derivation of the Supply of Foreign Exchange 200
Elasticity and the Supply of Foreign Exchange200
The Elasticities Approach202
The Exchange Rate and the Balance of Payments 202
Short- and Long-Run Elasticity Measures and the J-Curve 206
Pass-Through Effects208
The Absorption Approach209
Modeling the Absorption Approach 209
Determination of the Current Account Balance210
Economic Expansion and Contraction211
Policy Instruments213
Chapter Summary 214
Questions and Problems 215
CHAPTER 9MONETARY AND PORTFOLIO APPROACHESTO BALANCE-OF-PAYMENTS AND EXCHANGE-RATE DETERMINATION 217
Central Bank Balance Sheets 218
Managed Exchange Rates: Foreign Exchange Interventions218
Mechanics of Foreign Exchange Interventions218
Foreign Exchange Interventions and the Money Stock219
Sterilization of Interventions219
The Monetary Approach to Balance-of-Payments and Exchange-Rate Determination221
The Cambridge Approach to Money Demand221
Money, the Balance of Payments, and the Exchange Rate221
The Monetary Approach and a Fixed-Exchange-Rate Arrangement223
The Monetary Approach and a Flexible-Exchange Rate Arrangement225
Applying the Monetary Approach: A Two-Country Setting227
ATwo-Country Monetary Model227
The Portfolio Approach to Exchange-Rate Determination228
Households\' Allocation of Wealth229
To Sterilize or Not to Sterilize?232
Do Interventions Accomplish Anything?233
Chapter Summary235
Questions and Problems236
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UNIT 4: OPEN ECONOMY MACROECONOMICS AND POLICY ANALYSIS
UNIT 5： DOMESTIC AND MULTINATIONAL POLICYMAKING IN A GLOBAL ECONOMY