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Lecture Introduction to finance: Markets, investments, and financial management (14th edition): Chapter 6 - Melicher, Norton

Chapter 6 - International finance and trade. This chapter includes contents: Explain how the international monetary system evolved and how it operates today, describe the efforts undertaken to achieve economic unification of Europe, describe how currency or foreign exchange markets are organized and operate,. | Chapter 6 International Finance and Trade © 2011 John Wiley and Sons Chapter Outcomes Explain how the international monetary system evolved and how it operates today Describe the efforts undertaken to achieve economic unification of Europe Describe how currency or foreign exchange markets are organized and operate Explain how currency exchange rates are quoted Chapter Outcomes (Continued) Describe the factors that affect currency exchange rates Describe how the world banking systems facilitate financing of sales by exporters and purchases by importers Identify recent developments in the U.S. balance of payments Global or International Monetary System International Monetary System: Institutions and mechanism to foster international trade, manage the flow of financial capital, and determine currency exchange rates Development of International Finance Began about 5,000 years ago when Babylonian cities rose to importance as centers of trading Centers of international finance shifted to the Greek city of Athens around 500 B.C. Centers shifted to the Roman Empire and Rome around 100 B.C. Development of International Finance (Continued) Financial centers shifted to the northern European Cities during the 1500s In more recent years, London, New York, and Tokyo became the leading financial centers Today, physical centers are no longer necessary for carrying out international transactions How the International Monetary System Evolved Before World War I Prior to 1914 the international monetary system operated mostly under a “gold standard” whereby the currencies of major countries were convertible into gold at fixed exchange rates World War I--World War II: 1915-1944 An attempt was made to go back on the gold standard but financial crises in the early 1930s caused abandonment How the International Monetary System Evolved (continued) Bretton Woods Fixed Exchange Rate System: 1945-1972 International monetary system in which the U.S. dollar was . | Chapter 6 International Finance and Trade © 2011 John Wiley and Sons Chapter Outcomes Explain how the international monetary system evolved and how it operates today Describe the efforts undertaken to achieve economic unification of Europe Describe how currency or foreign exchange markets are organized and operate Explain how currency exchange rates are quoted Chapter Outcomes (Continued) Describe the factors that affect currency exchange rates Describe how the world banking systems facilitate financing of sales by exporters and purchases by importers Identify recent developments in the U.S. balance of payments Global or International Monetary System International Monetary System: Institutions and mechanism to foster international trade, manage the flow of financial capital, and determine currency exchange rates Development of International Finance Began about 5,000 years ago when Babylonian cities rose to importance as centers of trading Centers of international .