International Finance:Transactions, Policy, and Regulation

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Editorial Reviews

This text on international finance contains three sections on international aspects of major domestic markets, instruments and offshore markets, and emerging markets and reform. There are also four infrastructure chapters woven throughout the three parts, covering capital, foreign exchange, the payment system, and clearance and settlement. This seventh edition covers recent changes in international finance, such as the liberalization of restrictions on the activities of US banking organizations, Japan's continuing struggle to modernize its financial system, and shifts in stock market competition within the US, Europe, and internationally. There are also two new chapters on the debt problem in emerging markets, and the new international financial architecture. Scott teaches international finance systems at Harvard Law School. Wellons is deputy director of the Program on International Financial Systems at Harvard Law School. Annotation c. Book News, Inc., Portland, OR (
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Product Details

  • ISBN-13: 9781599412634
  • Publisher: West Academic Publishing
  • Publication date: 7/23/2007
  • Series: University Casebook Series
  • Edition description: REV
  • Edition number: 14
  • Pages: 1019
  • Product dimensions: 7.50 (w) x 10.10 (h) x 1.90 (d)

Table of Contents

Preface iii
Acknowledgments v
Chapter 1 Introduction 1
A. The Definition of an International Financial Transaction 1
B. International Financial Markets: Types and Trends 11
C. Costs and Benefits of the Internationalization of Finance 22
D. The Impact of Internationalization: The Case of Korea in 1997 24
Part 1 International Aspects of Major Domestic Markets 30
Chapter 2 International Aspects of U.S. Securities Regulation 31
A. Internationalization of U.S. Securities Markets 31
B. The Basic Securities Law Framework 52
C. GAAP Reconciliation 63
D. Opening up U.S. Securities Markets 68
E. Issuing Securities Abroad 84
Chapter 3 International Aspects of U.S. Banking Regulation 95
A. The Importance of Foreign Banks 95
B. Basic Features of U.S. Regulatory System 99
C. Regulation of Foreign Banks 102
D. The GATS 139
E. U.S. Banks Abroad 158
Statutory Supplement 161
Chapter 4 Infrastructure: Capital Adequacy 215
Section I. Commercial Banks and Credit Risk 215
A. The Background of the Accord 216
B. The Basle Accord 218
C. The Performance of the Basle Accord 233
Section II. Capital Adequacy for Securities Operations 253
A. Risks Associated With Securities Operations 255
B. Capital Adequacy and Position Risk 260
C. Other Risks and Capital for Non-Credit Risks 282
D. The Search for a Common Treatment of Banks, Their Affiliates, and Unaffiliated Securities Companies 284
E. Overall Evaluation of the Market Risk Capital Adequacy Rules 287
Chapter 5 The European Union: The Single Market in Financial Services 290
A. Introduction 290
B. Securities Markets 299
C. Banking Markets 319
Appendix 340
Chapter 6 Infrastructure: Foreign Exchange Regimes 351
A. Exchange Rate Systems 351
B. Foreign Exchange Markets 363
C. Purchasing Power Parity and Interest Rate Parity 369
D. The European Monetary System in the 1990s: A Case Study of Exchange Rates 373
Chapter 7 Europe's Economic and Monetary Union 387
A. The Design of the European Monetary Union 387
B. The Transition: Getting to Stage Three 398
C. Stage Three: How Does It Work? 403
Appendix 428
Chapter 8 Japanese Banking and Securities Markets: International Aspects 434
Section I. Banks 435
A. History 435
B. Issues in the 1990s 450
Section II. Japanese Securities Markets 475
A. Japanese Securities Markets to the Early 1990s 476
B. Foreign Access to Securities Markets in Japan 479
C. The Japanese Role in Foreign and International Securities Markets 494
D. The Stock Market Crisis and the Government's Response 501
E. The Big Bang and Japan's Securities Market 505
Part 2 Instruments and Offshore Markets 514
Chapter 9 Eurodollar Deposits and Syndicated Loans 515
A. Introduction to the Eurocurrency Market 515
B. The Growth of the Market for Syndicated Eurodollar Loans 532
C. The Allocation of Risk Among the Parties to a Eurocredit 546
Chapter 10 Infrastructure: The Payment System 562
A. The Use of the U.S. Payment System for International Transactions 563
B. Fedwire and CHIPS: Risk Reduction Measures 585
C. Herstatt Risk 605
D. Some Aspects of the International Payment System 613
Chapter 11 Asset Freezes 628
A. Freezes by the Currency Country: LAFB 628
B. Freezes by the Host Country 658
Chapter 12 Eurobonds and Global Securities 675
A. Eurobonds 675
B. Global Securities 712
Chapter 13 International Asset Securitization 725
A. Introduction 725
B. Elements of a Securitized Transaction and the Reasons to Securitize 727
C. The Development of National ABS Markets 737
D. An Overview of the BHP ABS by Deutsche Bank 748
E. Deutsche Bank's Euro-ABS Activities 750
F. The BHP Asset Backed Securities 764
Chapter 14 Stock Market Competition 771
A. U.S. Market 772
B. Foreign Markets 800
C. Worldwide Competition Between Stock Markets 811
Chapter 15 Infrastructure: Clearance and Settlement 829
A. The Basic Elements 829
B. Group of Thirty Proposals 855
C. International Dimensions 867
Chapter 16 Derivatives: Futures and Options 903
A. Introduction 903
B. Futures, Options, Their Markets: An Introduction 904
C. The Mechanics and Use of Interest-Rate Futures and Options based on Them 922
D. Futures and Options Exchanges: Competition and Regulation 937
E. A Case Study in the Regulation of Futures and Options Markets: The Barings Case 946
Chapter 17 Swaps 981
A. Swap Transactions and Markets 981
B. Credit and Market Risks in Swaps 999
C. Disclosure Requirements 1019
D. Capital Requirements for Swaps 1028
E. Enforceability Issues 1035
Appendix 1064
Chapter 18 Offshore Mutual Funds 1073
A. United States Regulatory Barriers to Offshore Mutual Funds 1074
B. Tax Considerations 1109
Part 3 Emerging Markets and Reform of the International Financial System 1121
Chapter 19 Project Finance 1122
A. Introduction 1122
B. The Philippines 1123
C. The Philippines' Need for Power 1126
D. Project Finance in General 1128
E. The Pagbilao Power Project 1139
F. Financing Pagbilao 1146
Chapter 20 Emerging Markets: Privatization and Institutional Investors 1167
A. Introduction 1167
B. Privatization in the 1980s and 1990s 1168
C. Mexico's Evolving Economy 1174
D. Telmex Under Government Control 1178
E. Traditional Options the Government Could Use to Sell Its Telmex Stake 1181
F. The Transfer of Control Over Telmex to the Consortium 1186
G. The Offer of Telmex Shares in World Markets 1194
H. Demand for the Telmex Offer 1198
I. The December 1994 Peso Crisis 1211
Chapter 21 Emerging Market Debt 1219
A. Introduction 1219
B. Syndicated Bank Loans to Developing Countries, the 1982 Debt Crisis, and Its Resolution 1220
C. The Transition from Coerced to Voluntary Credit: the Bond Markets in the LDC Debt Crisis 1227
D. Mexico's December 1994 Peso Crisis: the Impact on the Mexican Government's Dollar and Peso Debt Securities 1239
E. The Asian Financial Crisis of 1997: Foreign Banks' Foreign Currency Loans to Local Banks and Companies 1243
F. Default on Bonds and Rescheduled Instruments: Russia and Ecuador 1250
Chapter 22 Reform of the International Financial System 1261
A. The Role of the IMF 1261
B. The Modification of Bond Clauses 1266
C. An International Bankruptcy System 1268
D. International Banking Standards 1274
E. Capital Controls 1280
F. The Dangers of Global Regulation 1282
International Finance Glossary 1285
Index 1306
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