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This is an ideal textbook to explain this challenging and stimulating subject to European students of finance, accounting, economics, banking and business. European markets and institutions are featured throughout and there is an emphasis on both the underlying economic and financial theories and on the equally important professional conventions and trading practices. This fully revised edition is completely up to date and contains several new chapters on futures markets, options markets, capital budgeting with real options and political risk analysis. The text also includes a new Appendix on the Euro and references to the Euro throughout. The book is especially suitable for advanced undergraduate options in international finance and for postgraduate students. Students preparing for professional examinations in international finance will also find the book suitable for their needs. Key Feature Clear and rigorous treatment of a challenging subject that makes it accessible to students. Written in the context of European financial institutions and markets. Balanced approach to both the theory and practice of international finance. Table of Contents I. The Economics of International Transactions. 1. Balance of Payments. 2. The Exchange Rate and Economic Adjustment. 3. International Parity Relations. II. Organization of The International Financial System. 4. The International Monetary System. 5. International Banking and the Eurocurrency Market. 6. The Foreign Exchange Market. III. Derivative Markets, Instruments and Techniques. 7. Futures markets and instruments. 8. Option Markets And Instruments. 9. Exotic Options And Other Over-The-Counter Instruments IV. International risk assessment. 10. Country and Political Risk Analysis. 11. The Benefits and Risks of International Portfolio Investment 12. Advanced Techniques for Country and Political Risk Assessment V. Foreign Exchange Risk Management. 13. Current Operations and Foreign Exchange Exposure. 14. Managing Foreign Exchange Risk. 15. Economic and Financial Analysis of Currency Option Uses. 16. Sophisticated Hedging Techniques VI. Borrowing and lending internationally. 17. The International Debt Markets. 18. Managing Interest Rate Risk. VII. Other international markets. 19. International Commodity Markets: Inventory And Supply Management. 20. World Equity Markets VIII. Capital budgeting and foreign direct investment. 21. Foreign Direct Investment: Capital Budgeting and Political, Economic and Financial Risk Management. 22. Foreign Direct Investment: Measuring And Managing Risk. 23. International Mergers and Acquisitions. Glossary Selected Web Sites References Name index Subject Index