영문목차
Acknowledgements=ix
About the Author=xi
Preface=xiii
Introduction=1
Chapter One: The Problem with Foreign Currency=7
Foreign Currency Management=11
Hedging a Dutch Guilder Exposure=13
Is Hedging the Answer?=15
Conclusion=16
Chapter Two: What is a Currency, Really?=17
What is a Currency?=17
The Evolving U.S. Dollar=19
Gold=22
Eurocurrency=24
Currency as a Commodity=24
Price, Rates, and Value=25
Hyperinflation=26
Currency Pegs=27
Exchange Rates=28
Chapter Three: Currency Arrangements=35
Convertibility=35
Exchange Rate Regimes=38
Currency Composites and Baskets=43
Trends in Exchange Rate Systems=49
The Great Debate=51
Conclusion=53
Chapter Four: Price Determinants=55
Purchasing Power=55
Supply and Demand=61
Currency Flows=63
Government Actions=67
For Want of a Franc=73
Conclusion=75
Chapter Five: Exchange Rates and Interest Rates=77
Interest Rate Parity=78
The Anatomy of Interest Rate Parity=83
Chasing Higher Yields=86
Premiums, Discounts, and Costs of Carry=89
Eurorates=91
Forward Value Dates=93
Finding Forward Rates=94
Value Changes=96
Chapter Six: The Market=101
The Interbank=101
The Futures Exchange=110
The Options Market=117
The Currency Swap Market=120
Reading The Wall Street Journal=120
Chapter Seven: Price Forecasting=131
Fundamental Analysis=131
Technical Analysis=139
Conclusion=152
Chapter Eight: Exposure and Risk=155
Defining Exposure=156
Analyzing Exposure=156
Accounting Exposure=158
Cash Flow Exposure=170
Operating Exposure=172
Strategic Exposure=180
Value-Based Exposure=181
Chapter Nine: Principals of Hedging=183
The Long and the Short of it=183
Definition of Hedging=187
Locking in Current Values=188
Transferring Risk=190
Parallel Markets=195
Basis=196
The Hedge Triad=201
Currency Derivatives=203
Leverage=214
Chapter Ten: Developing the Management Program=219
Developing A Program=219
Working within the Corporate Culture=228
Benchmarking=232
The Information System=234
The Currency Management Team=239
Writing Policy=245
Other Considerations=246
Summary=248
Chapter Eleven: Managing Strategic Exposures=249
The Fordoche Company=249
Areas of Operating Exposure=249
Cash Flow Exposure=253
Long Term Forecasts and Short Term Trading=256
Forward Roll-Over=258
The Anatomy of a Swap=259
Multinational Cash Flow=267
Argument for Centralized Management=267
Consolidating Exposures=268
Exposure Management as a Cost Center=271
Chapter Twelve: Managing Accounting Exposure=273
General Perceptions=273
The Hedge Model=275
Trading Systems=284
The Trading Unit=287
Hedging Considerations=289
Chapter Thirteen: Hedge Transactions=293
The Broker/Dealer=293
Forward Contract Specifications=296
Futures Contract Specifications=298
Entering The Order=301
Trading Rules=306
Chapter Fourteen: Trading Forwards and Futures=311
Derivative Pricing=311
The Forward Contract Hedge=313
The Futures Hedge=319
Chapter Fifteen: The Option Hedge=331
The Anatomy of a Currency Option=331
Evaluating the Premium=335
The Option Account=339
Option Strategies=340
Managing Option Positions=349
The Customized Hedge=354
Chapter Sixteen: Presentation=361
Consultative Selling=362
The First Appointment=363
The Follow-up Proposals=366
Some Common Traps=369
The Individual Buyer=372
The Personal Benefit=373
The Coach=376
The Technical Buyer=376
The User Buyer=377
The Economic Buyer=378
Appendix I: Where to Go From Here=383
Appendix II: Currency Exchanges Around the World=389
Appendix III: The World of Currencies=395
Appendix IV: Topic Review=403
Appendix V: Currency Price Charts=493
Endnotes=505
Index=511