Voyevodins' Library _ "International Business: Competing in the Global Marketplace" / Charles W.L. Hill ... Chapter 9 ... gross domestic product (GDP), gross fixed capital formation, gross national product (GNP), group, Heckscher-Ohlin theory, hedge fund, Helms-Burton Act, historic cost principle, home country, horizontal differentiation, horizontal foreign direct investment, host country, human development index, human resource management, import quota, individualism, individualism versus collectivism, inefficient market, infant industry argument, inflows of FDI, initial rate, innovation, integrating mechanisms, intellectual property, internal forward rate, internalization theory, International Accounting Standards Committee (IASC), international business, international division, International Fisher Effect, International Monetary Fund (IMF), international strategy, international trade, ISO 9000, joint venture, just-in-time (JIT), lag strategy, late-mover advantage, law of one price, lead market, lead strategy, lean production systems, learning effects Voevodin's Library: gross domestic product (GDP), gross fixed capital formation, gross national product (GNP), group, Heckscher-Ohlin theory, hedge fund, Helms-Burton Act, historic cost principle, home country, horizontal differentiation, horizontal foreign direct investment, host country, human development index, human resource management, import quota, individualism, individualism versus collectivism, inefficient market, infant industry argument, inflows of FDI, initial rate, innovation, integrating mechanisms, intellectual property, internal forward rate, internalization theory, International Accounting Standards Committee (IASC), international business, international division, International Fisher Effect, International Monetary Fund (IMF), international strategy, international trade, ISO 9000, joint venture, just-in-time (JIT), lag strategy, late-mover advantage, law of one price, lead market, lead strategy, lean production systems, learning effects


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Chapter 9 Outline

Notes

  1. For a good general introduction to the foreign exchange market, see R. Weisweiller, How the Foreign Exchange Market Works (New York: New York Institute of Finance, 1990). A detailed description of the economics of foreign exchange markets can be found in P. R. Krugman and M. Obstfeld, International Economics: Theory and Policy (New York: Harper Collins, 1994).

  2. C. Forman, "Allied-Lyons to Post $269 Million Loss from Foreign Exchange as Dollar Soars," The Wall Street Journal, March 20, 1991, p. A17.

  3. Data from Bank for International Settlements, Central Bank Survey of Foreign Exchange and Derivatives Market Activity, 1995. (Basle, Switzerland: BIS, May 1996).

  4. Federal Reserve Bank of New York, Summary of Results of U.S. Foreign Exchange Market Survey, conducted April 1992 (New York: Federal Reserve Bank of New York, 1992).

  5. For a recent comprehensive review see M.Taylor, "The Economics of Exchange Rates," Journal of Economic Literature 33, (1995), pp. 13-47.

  6. Krugman and Obstfeld, International Economics: Theory and Policy.

  7. M. Friedman, Studies in the Quantity Theory of Money (Chicago: University of Chicago Press, 1956). For an accessible explanation, see M. Friedman and R. Friedman, Free to Choose (London: Penguin Books, 1979), chap. 9.

  8. Juan-Antino Morales, "Inflation Stabilization in Bolivia," in Inflation Stabilization: The Experience of Israel, Argentina, Brazil, Bolivia, and Mexico, ed. Michael Bruno et al. (Cambridge, MA: MIT Press, 1988), and The Economist, World Book of Vital Statistics (New York: Random House, 1990).

  9. For reviews and recent articles, see L. H. Officer, "The Purchasing Power Parity Theory of Exchange Rates: A Review Article," International Monetary Fund staff papers, March 1976, pp. 1-60; Taylor, "The Economics of Exchange Rates"; H. J. Edison, J. E. Gagnon, and W. R. Melick, "Understanding the Empirical Literature on Purchasing Power Parity," Journal of International Money and Finance 16 (February 1997), pp. 1-18; J. R. Edison, "Multi-Country Evidence on the Behavior of Purchasing Power Parity under the Current Float," Journal of International Money and Finance 16 (February 1997), pp. 19-36; and K. Rogoff, "The Purchasing Power Parity Puzzle," Journal of Economic Literature 34 (1996), pp. 647-68.

  10. For a summary of the evidence, see the survey by Taylor, "The Economics of Exchange Rates."

  11. R. E. Cumby and M. Obstfeld, "A Note on Exchange Rate Expectations and Nominal Interest Differentials: A Test of the Fisher Hypothesis," Journal of Finance, June 1981, pp. 697-703.

  12. Taylor, "The Economics of Exchange Rates."

  13. See, H. L.Allen and M. P. Taylor, "Charts, Noise, and Fundamentals in the Foreign Exchange Market," Economic Journal 100 (1990), pp. 49-59, and T. Ito, "Foreign Exchange Rate Expectations: Micro Survey Data," American Economic Review 80 (1990), pp. 434-49.

  14. For example, see E. Fama, "Forward Rates as Predictors of Future Spot Rates," Journal of Financial Economics, October 1976, pp. 361-77.

  15. R. M. Levich, "The Efficiency of Markets for Foreign Exchange," in International Finance, ed. G. D. Gay and R. W. Kold (Richmond, VA: Robert F. Dane, Inc., 1983).
  1. J. Williamson, The Exchange Rate System (Washington, DC: Institute for International Economics, 1983).

  2. R. M. Levich, "Currency Forecasters Lose Their Way," Euromoney, August 1983, p. 140.

  3. Rogoff, "The Purchasing Power Parity Puzzle."

  4. C. Engel and J. D. Hamilton, "Long Swings in the Dollar: Are They in the Data and Do Markets Know It?" American Economic Review, September 1990, pp. 689-713.

  5. J. R. Carter and J. Gagne, "The Do's and Don'ts of International Countertrade," Sloan Management Review, Spring 1988, pp. 31-37.

  6. D. S. Levine, "Got a Spare Destroyer Lying Around?" World Trade 10 (June 1997), pp. 34-35.
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