International Finance and Open-Economy Macroeconomics (ePub)

This historically-based textbook on international finance and open-economy macroeconomics provides a complete course on the theory and policies that shaped our international financial system. Utilizing the 1944 Bretton Woods Conference as a unifying theme, the book covers all the standard topics of international finance, such as foreign exchange markets, balance of payments accounting, macroeconomic policy in an open economy, exchange rate crises, multinational enterprises, international banking, and the evolution of our international financial system. The detailed international financial theory is presented in a lively manner that reflects the close relationship between actual world events and the development of economic thought.The book also analyzes the causes of the 2008 international financial crisis and recession, encourages critical thinking about whether the current international financial system promotes human well-being, and concludes with a discussion on whether it is time to summon the world's financial leaders to another Bretton Woods Conference. In additional to providing students with a solid understanding of international finance and open-economy macroeconomics, the book is written in a reader-friendly style that makes it a good reference for anyone interested in the many fascinating issues related to our still-evolving global financial system and, more generally, our global economy.The Instructor's manual is available upon request for all instructors who adopt this book as a course text. Please send your request to sales@wspc.com.Contents:Introduction to International Finance:IntroductionThe Balance of Payments and the MacroeconomyThe Foreign Exchange Market:The Foreign Exchange MarketThe Interest Parity ConditionDealing with Exchange Rate Volatility: Hedging Foreign Exchange ExposureThe Microstructure of Foreign Exchange MarketsOpen-Economy Macroeconomics:The Mundell–Fleming Open-Economy ModelThe Supply Slide of the EconomyThe Aggregate Demand/Aggregate Supply ModelThe History of International Financial Policy:Exchange Rate CrisesMore Exchange Rate CrisesThe International Financial System: The International Gold Standard, 1870–1914The Tumultuous Interwar Period: 1918–1940Bretton Woods to the PresentThe Euro and the European UnionInternational Financial Issues:Foreign Direct Investment and Multinational EnterprisesInternational Investment, International Banking, and International Financial MarketsThe 2008 Financial Collapse and Recession: Is It Time for a New Bretton Woods Conference?Readership: Undergraduate and graduate students in international finance; students in international economics; economists, financial industry professionals and government officials.