Maurice D. Levi is Bank of Montreal Professor of International Finance in the Sauder School of Business at the University of British Columbia, Canada.

• Preface 1. The World of International Finance 2. An Introduction to Exchange Rates 3. Forward Exchange 4. Currency Futures and Options Markets 5. The Balance of Payments 6. Supply and Demand View of Exchange Rates 7. The Purchasing-Power Parity Principle 8. Interest Parity 9. Foreign Exchange Exposure and Risk 10. Accounting Exposure Versus Real Exposure 11. Operating Exposure 12. Hedging Risk and Exposure 13. Exchange Rate Forecasting and Speculation 14. Cash Management 15. Portfolio Investment 16. Capital Budgeting for Foreign Investment 17. The Growth and Concerns About Multinationals 18. International Dimensions of Long-Term Financing 19. Multinational Banking 20. Instruments and Institutions of International Trade 21. Asset-Based Theories of Exchange Rates 22. Alternative Systems of Exchange Rates 23. The International Financial System: Past, Present and Future 24. The Rise of the Asian Economies 25. Finance in Emerging Markets 26. Globalization

Maurice D. Levi is Bank of Montreal Professor of International Finance in the Sauder School of Business at the University of British Columbia, Canada.

• Preface 1. The World of International Finance 2. An Introduction to Exchange Rates 3. Forward Exchange 4. Currency Futures and Options Markets 5. The Balance of Payments 6. Supply and Demand View of Exchange Rates 7. The Purchasing-Power Parity Principle 8. Interest Parity 9. Foreign Exchange Exposure and Risk 10. Accounting Exposure Versus Real Exposure 11. Operating Exposure 12. Hedging Risk and Exposure 13. Exchange Rate Forecasting and Speculation 14. Cash Management 15. Portfolio Investment 16. Capital Budgeting for Foreign Investment 17. The Growth and Concerns About Multinationals 18. International Dimensions of Long-Term Financing 19. Multinational Banking 20. Instruments and Institutions of International Trade 21. Asset-Based Theories of Exchange Rates 22. Alternative Systems of Exchange Rates 23. The International Financial System: Past, Present and Future 24. The Rise of the Asian Economies 25. Finance in Emerging Markets 26. Globalization

Maurice D. Levi is Bank of Montreal Professor of International Finance in the Sauder School of Business at the University of British Columbia, Canada.

• Preface 1. The World of International Finance 2. An Introduction to Exchange Rates 3. Forward Exchange 4. Currency Futures and Options Markets 5. The Balance of Payments 6. Supply and Demand View of Exchange Rates 7. The Purchasing-Power Parity Principle 8. Interest Parity 9. Foreign Exchange Exposure and Risk 10. Accounting Exposure Versus Real Exposure 11. Operating Exposure 12. Hedging Risk and Exposure 13. Exchange Rate Forecasting and Speculation 14. Cash Management 15. Portfolio Investment 16. Capital Budgeting for Foreign Investment 17. The Growth and Concerns About Multinationals 18. International Dimensions of Long-Term Financing 19. Multinational Banking 20. Instruments and Institutions of International Trade 21. Asset-Based Theories of Exchange Rates 22. Alternative Systems of Exchange Rates 23. The International Financial System: Past, Present and Future 24. The Rise of the Asian Economies 25. Finance in Emerging Markets 26. Globalization