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| 《国际货币与金融经济学》学术水平高、内容丰富、理论密切联系实际，适合作为经济类和金融类专业"国际金融"程双语教学的高年级本科生教材和研究生教材，作为MBA相关课程的教材也颇为适宜，对于实际工作者和对国际金融感兴趣的人士，也是很好的参考书。 |
| 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。 范小云，经济学博士，南开大学金融学系副教授，现任南开大学国际金融研究中心主任、金融学系副主任。在《国际金融研究》、《经济学动态》等刊物发表文章近20篇。主要研究方向为国际金融、金融风险、货币理论与货币政策等。 马君潞，经济学博士，南开大学经济学院副院长、金融学系主任、教授、博士生导师。主要研究方向为国际金融、货币理论与货币政策、公司财务等。 |
| 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 …… UNIT 4: OPEN ECONOMY MACROECONOMICS AND POLICY ANALYSIS UNIT 5： DOMESTIC AND MULTINATIONAL POLICYMAKING IN A GLOBAL ECONOMY |
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