Global Financial Markets:
Update
A guide to the workings of the world's currency, money and capital, commodities and derivatives markets.
by Ian H. Giddy, Stern School of Business, New York University

Contents • Part 1 • Part 2 • Part 3 • Part 4 • Part 5 • About the book

New: self-test problems on the foreign-exchange and Eurocurrency markets.

This document contains updates to my book, Global Financial Markets (Houghton Mifflin, 1994). It also contains information on developments and research in the international financial markets that might be of interest to students and professionals.

Contents

PART 1: A FRAMEWORK FOR INTERNATIONAL FINANCE

Chapter 1 • Chapter 2 • Chapter 3 • Chapter 4 • Chapter 5

Chapter 1: An Introduction to the World of International Finance
The changing role of the World Bank; The international financial system

Chapter 2: The Foreign-Exchange and Eurocurrency Markets
Foreign exchange dealing volume; Foreign exchange in the electronic age; Bid-ask spreads in the foreign exchange market; New research results

Chapter 3: Interest Rates in the Global Money Market

Chapter 4: Exchange-Rate Systems
Exchange-Rate Arrangements; New national accounts; Hong Kong versus ERM; The European Monetary System

Chapter 5: Exchange Rates, Interest Rates, and Inflation Rates: An Integrated Framework
Forward rate bias and expected inflation

PART 2: FOREIGN-EXCHANGE PREDICTION AND HEDGING TOOLS

Chapter 6 • Chapter 7 • Chapter 8

Chapter 6: Currency Prediction Versus Market Efficiency
Forward rate bias and expected inflation; New research results

Chapter 7: Currency Forwards and the Futures Market
Futures in Speculation; Forwards in Speculation; A problem's problem

Chapter 8: Foreign-Exchange Options
Quanto options--applications; Hedging options positions; New research results

PART 3: INTERNATIONAL BANKING AND CREDIT MARKETS

Chapter 9 • Chapter 10 • Chapter 11

Chapter 9: International Banking and Credit
The Euro-commercial paper and Euronote markets

Chapter 10: Instruments of the International Money Market
New variations on floating-rate notes; The Euro-commercial paper and Euronote markets--an update

Chapter 11: The Global Debt Problem
Emerging Markets; China; Emerging Market Debt Trading; Privatization in Eastern Europe

PART 4: INTERNATIONAL CAPITAL MARKETS

Chapter 12 • Chapter 13 • Chapter 14 • Chapter 15

Chapter 12: The International Bond Market

The Eurobond Market in 1993; The Eurobond Market in 1994; Domestic bond markets--Japan; International Bond Market Computations

Chapter 13: Currency and Interest-Rate Swaps
Innovative swaps; Procter's Diff Swap Gamble

Chapter 14: International Equity Markets and Portfolio Diversification
Emerging Stock Markets; Performance attribution for international portfolios; Global market capitalization; New research results

Chapter 15: Global Commodity Markets
Commodity futures and interest-rate futures; The Convest-Paribas oil swap; Metallgesellschaft; New research results

PART 5: INTERNATIONAL FINANCING

Chapter 16 • Chapter 17

Chapter 16: International Financing Decisions
Corporate Hedging and Speculation; Self-Financing; New research results

Chapter 17: The Future: Understanding and Using New Instruments
New structured floating-rate notes; Corridor Floaters

About the book, Global Financial Markets • Materials available to instructors
Global Financial Markets is published by Houghton Mifflin, 2075 Foxfield Road, St. Charles, Illinois 60174, USA.
To order individual copies call 800-225-1464.
For information about academic purchases or adoption contact Faculty Services (1-800-733-1717), or fax them at 800-733-1810.
Go to Giddy's Web Portal • Contact Ian Giddy at igiddy@stern.nyu.edu