The slides contain discussion on the global capital market as well as international lending. It also identifies the different bond markets at well as current data on international lending.
Factor Affecting exchange rate and Theories of exchange rate Jatin Goyal
It explains the following topics
Factor Affecting the exchange rate
CURRENCY DEPRECIATION VS.CURRENCY APPRECIATION
Foreign exchange
Theories of exchange rate
Factor Affecting exchange rate and Theories of exchange rate Jatin Goyal
It explains the following topics
Factor Affecting the exchange rate
CURRENCY DEPRECIATION VS.CURRENCY APPRECIATION
Foreign exchange
Theories of exchange rate
The foreign exchange market or forex market as it is often called is the market in which currencies are traded.
Currency Trading is the world’s largest market consisting of almost trillion in daily volumes
The market continues to rapidly grow. Not only is the forex market the largest market in the world, but it is also the most liquid, differentiating it from the other markets.
There is no central marketplace for the exchange of currency, but instead the trading is conducted over-the-counter.
This decentralization of the market allows traders to choose from a number of different dealers to make trades with and allows for comparison of prices. Typically, the larger a dealer is the better access they have to pricing at the largest banks in the world, and are able to pass that on to their clients.
The spot currency market is open twenty-four hours a day, five days a week, with currencies being traded around the world in all of the major financial centers.
All trades that take place in the foreign exchange market involve the buying of one currency and the selling of another currency simultaneously. This is because the value of one currency is determined by its comparison to another currency.
The first currency of a currency pair is called the “base currency,” while the second currency is called the counter currency. The currency pair shows how much of the counter currency is needed to purchase one unit of the base currency.
Currency pairs can be thought of as a single unit that can be bought or sold. When purchasing a currency pair, the base currency is being bought, while the counter currency is being sold.
Forex Capital Markets (FXCM) is an online currency trading firm that offers a free demo account to traders who are new and interested in the foreign exchange market.
It allows you to experience every step of currency trading including choosing currency pairs, deciding how much risk to take, tracking the time and dates of placed trades, deciding how long to stay in the trade, and when to exit the trade. It also allows the placing of stop and limit orders on trades.
Information about trading and specifically about how to use the online trading platform can be found on the FXCM webpage. In addition, FXCM offers FREE interactive online seminars that are extremely useful to both new and experienced currency traders.
Characteristics of foreign exchange
Its huge trading volume representing the largest asset class in the world leading to high liquidity;
Its geographical dispersion;
Its continuous operation: 24 hours a day except weekends, i.e., trading from 20:15 GMT on Sunday until 22:00 GMT Friday;
The variety of factors that affect exchange rates;
The low margins of relative profit compared with other markets of fixed income;
The use of leverage to enhance profit and loss margins and with respect to account size.
International Financial Management ,International Money Market,International Capital Market,International Bond Market,Bench Marking,Euro currency Market
The process of globalization has brought about numerous changes in the world economic and financial front.
Globalization has increased the capital mobility among countries which has led to development and sophistication of international financial markets.
What is International Finance?It is basically the study of monetary interactions that transpire between two or more countries. International finance focuses on areas such as FDI and currency exchange rates. Increased globalization has increased the importance of international finance.
With increasing volumes and complexities of international business, the study of international finance has become a specialized subject dealing with the study of :
Foreign Exchange Markets (Spot Transactions / Forward Market / Derivatives)
Exchange rates (Direct quote method / Indirect Quote)
MNC Financial System
Risk Management
International Accounting System
Sources of international finance
External Commercial Borrowings (ECBs)
Foreign Currency Convertible Bonds (FCCBs)
Depository Receipts (DRs)
American Depository Receipts (ADRs)
Global Depository Receipts (GDRs)
Indian Depository Receipts (IDRs)
This PPT deals with the global capital market which is a network of financial institutions and markets where individuals, companies, and governments can raise and invest capital on an international scale.
May 2019 CPALE in numbers. Evolution of the Accountancy Curriculum. Previous BOA presentations. Future of Accountancy Profession. Challenges to the Academ
This contains the recent revisions in the Board Licensure Examinations for Certified Public Accountants in the Philippines. It Includes the Table of Specifications for each of the 6 revised subjects including the number of items per topic. A link to download the complete syllabi and TOS has also been provided.
This includes:
1. Definition of abstract
2. Uses of importance of abstracts
3. Reasons for writing abstracts
4. Parts or sections of an abstract
5. Types of abstracts
6. Tips on how to write abstracts
7. Qualities of a good abstract
This includes the proposed changes or revisions in the Philippine CPA Board exam by the Board of Accountancy to the Professional Regulatory Commission. It is expected to take effect by May 2016.
The slides present the Forbes World Top Billionaire of 2013 as well as the Philippines' billionaires. It provides an insight into what industries do they belong and draws conclusions on its contribution to international trade.
The slides provide a brief background on foreign loans and investments in the Philippines including foreign direct investments. It also shows some data on these financial inflows
The slides provides an overview on the planning phase of the project plan development. It also provides an introduction on the contents and forms of a project work plan
The slides present the two of Gorbachev's well-known economic philosophies - Glasnost and Perestroika. It starts with the background on Gorbachev's life and proceeds with the discussion on how the Our Lady of Fatima is related with the Russian history and Gorbachev's beliefs.
These slides discusses the SWOT behind the Exxon and Mobil merger. It starts with the history and background including its mission, vision, principles, culture and operations as well as some controversies. It proceeds with identifying some of the competitors for ExxonMobil. The SWOT prior to the merger is also presented together with some risks, issues and criticisms. Finally the current competitive advantages are also presented.
This is a strategic leveraging slide presented under the DBA course of Strategic Issues and Management. It discusses the means by which the company can develop or improve its strategic position thru the human resources and the value chain.
This is a competitive matrix prepared for Starbucks Corporation. A case study under the doctorate program of PLM. The competitors analyzed were McDonald's and Dunkin Donuts
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➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
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6. Factors of international capital market
Commercial banks
Corporations
Non-bank financial institutions
CB and other gov’t agencies
7. International bond market
International bond market refers to the
issuance of bonds by governments and
corporations representing borrowing by issuing
entities with a time period of generally longer
than one year
8. Underwriters
• Banks and other
financial institutions
• Purchase the bonds
• Assume the risks
• Loan syndicate
9. Types of international bond market
Foreign bond market
Eurobond market
The borrower in one country issues
bonds in the markets of many
countries, with the help of
multinational loan syndicate, to
residents of many countries. The
bonds can be denominated in any of
several different currencies
The borrower in one country issues
bonds in the market of another
country The sale is mainly to
residents of the host country, and
the bonds are denominated in the
currency of the host country
10. Data on international bond issue
Dec. 2012 Dec. 2011 Dec. 2010 Dec. 2002
Money market instruments 844.0 895.0 914.0 438.0
Bonds and notes 21,135.0 27,820.0 26,751.0 8,780.8
21,979.0 28,715.0 27,665.0 9,218.8
11. Data on international bond issue
Dec. 2012 Dec. 2011 Dec. 2010 Dec. 2002
Euro area 9,364.0 11,713.0 11,584.0 3,591.2
United States 2,043.0 6,821.0 6,599.0 2,749.3
Japan 182.0 181.0 184.0 258.2
Others 5,811.0 5,846.0 5,711.0 1,525.7
17,400.0 24,561.0 24,078.0 8,124.4
Dec. 2012 Dec. 2011 Dec. 2010 Dec. 2002
Developed countries 17,400.0 24,561.0 24,078.0 8,124.4
Offshore centers 1,718.0 1,593.0 1,545.0 106.9
Other countries 1,503.0 1,287.0 1,149.0 549.0
International institutions 1,358.0 1,274.0 893.0 438.5
21,979.0 28,715.0 27,665.0 9,218.8
12. Data on international bond issue
Dec. 2012 Dec. 2011 Dec. 2010 Dec. 2002
Commercial banks 16,507.0 20,860.0 20,849.0 6,630.2
Governments 1,629.0 2,535.0 2,423.0 879.5
Corporations 2,483.0 4,045.0 3,570.0 1,270.6
Other issuers 1,360.0 1,275.0 823.0 438.5
21,979.0 28,715.0 27,665.0 9,218.8
13. Economic implications
Financial capital is increasingly
able to flow across international
borders
More efficient allocation of
financial capital
Foreign exchange markets
themselves will be more active
17. International Lending Defined
International Lending
International lending is
defined as cross-border
lending in all foreign
and domestic
currencies and lending
to residents in foreign
currencies.
18. Reasons for International Lending
Favorable
interest rates
Higher rates of
return
Working capital
requirements
19. Net international bank lending
Sept. 2012 Dec. 2011 Dec. 2010 Dec. 2002
Total cross-border bank claims 29,420.8 29,824.2 29,757.8 13,425.60
Local claims in foreign currency 3,987.3 3,905.4 3,839.5 1,732.80
Unallocated claims 505.4 489.3 439.0 0.0
Gross international bank lending 33,913.5 34,218.9 34,036.3 15,158.4
Less: Interbank deposits 18,032.1 18,709.5 18,474.6 9,567.40
Net international bank lending 15,881.4 15,509.4 15,561.7 5,591.0
20. Eurocurrency / Eurodollar Market
• The concept of extending
loans in foreign currency
to residents and non-
residents
• Deposit in a financial
institution that is
denominated in a
currency other than the
currency of the country in
which the financial
institution is located.
• Originally, this market
was called Eurodollar.
21. Rise of euro currency market
• Cold War between the U.S. and the former U.S.S.R
• Restricted use of the pound to finance capital outflow transactions
• Legal ceilings in interest rates for time and savings deposits in the
U.S.
• Difficulty to obtain U.S.$ in the U.S. mainland.
• The first oil-shock between 1973-1974
The banking industry has evolved in both the nature and scale of international financing activity. About two to three decades ago, most banking services were purely domestic, involving currency and customers of the bank’s home country. Decades later, many banks were deriving a large share of their profits from international activities.
International bond market refers to the issuance of bonds by governments and corporations representing borrowing by issuing entities with a time period of generally longer than one year. A distinction is often made between notes, which have a maturity of less than one ten years and bonds which have maturity of ten years or longer.
The issuance of a bond generally involves bond underwriters, which are banks and other financial institutions that conduct the sale of the bonds for a fee for the issuing entity. These underwriters purchase the bonds from firms or the government and the underwriters thus assume the risks that the bonds might not be sold. Further, in international bond markets, banks often join together to form a loan syndicate for marketing the bonds.
Foreign bond markets is a type of bond market wherein the borrower in one country issues bonds in the market of another country (the host country) through a syndicate in the host country. The sale is mainly to residents of the host country, and the bonds are denominated in the currency of the host country.Eurobond markets is a type of bond market wherein the borrower in one country issues bonds in the markets of many countries, with the help of multinational loan syndicate, to residents of many countries. The bonds can be denominated in any of several different currencies (including the currency of the country of the issuer but also other currencies that are not necessarily of the countries in which the bonds are sold). The two types of markets – the foreign bond markets and the Eurobond markets together constitute the aggregate international bond market.
The economic implications of the Eurobond markets are much the same as those of the Eurocurrency markets. Financial capital is increasingly able to flow across international borders and thus to intensify the tendency for interest rates on similar assets to equalize. From an economic perspective, the growth of these markets therefore results in a more efficient allocation of financial capital. Interest rates will not become exactly equal even on two identical assets (a domestic bond and a Eurobond) and not just because of transaction costs and other factor previously mentioned. An additional factor preventing equality is exchange rate risk. Another implication of the international bond market is that foreign exchange markets themselves will be more active that would be the case if these markets did not exist. Bondholders may choose to purchase bonds of a particular currency denomination because they envision that interest rates differ more than is justified by exchange rate expectations and an exchange market transaction may thus be necessary to obtain the particular currency in order to make the purchase.
Agency – an office located abroad which arranges loans and transfers funds but does not accept deposits Subsidiary – is an office located abroad that are subject to the same regulations as local banks and not the regulations of the parent bankForeign branch – is simple an office of the home bank in another country that carries out the same business as the local banks and are usually subject to local and home baking regulations
Domestic banks may lend funds to private firms abroad that wish to undertake real investment projects and that find the domestic bank’s lending terms to be more favourable than banks’ lending terms in the firm’s own countries. Domestic banks may purchase foreign financial instruments (such as certificates of deposits offered by foreign banks) with excess reserves in order to earn a higher rate than is available domestically on comparable instruments.Foreign banks may borrow funds from domestic banks to obtain domestic currency working balances to meet various needs of their (the foreign banks’) customers.
Total cross-border bank claims refers to claims of banks in a broad of 36 countries, including all major countries that represent loans made by banks to borrowers (receivable of the bank) in other countries and they are obviously part of international lending.Local claims in foreign currency indicate loans by banks to domestic borrowers but these loans have been made in foreign currency. Gross international bank lending is the sum of the total cross-border banks claims and local claims in foreign currency. Interbank deposits are adjustment to gross international bank lending representing loans extended by the banks to other banks whose sources where part or obtained either from the total cross-border bank claims or local claims in foreign currency. Net international bank lending refers to the balance after deducting interbank deposits from gross international bank lending.
The mobility or transfer of financial capital across country borders has been greatly increased. This means than interest rates and general credit conditions are increasingly linked across countries but such interest rates are not equalized. The surge in international bank lending and in euro market activity in particular has fostered potential economic instability since the central bank of a country does not have jurisdiction over deposits abroad, there is no effective control of the amount of money in existence that is denominated in the country’s currency.