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   Issue 7/8, Summer/Fall 2006

International Finance

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Overview

The use of gold as a means of exchange, payment, and the measure of value dates back centuries ago, however the establishment of the gold standard in official terms began around 1819 as a result of laws passed by the British Parliament referred to as the Resumption Act.1 The gold standard was eventually suspended in 1914 during the 1st World War and reinstituted from 1918-1939. In the post World War II period, the Bretton Woods agreement led to the establishment of the fixed exchange rate system, which lasted from 1946-1973.

The Bretton Woods system was established in 1944 with 44 countries participating in the conference. The Bretton Woods system was created an international monetary structure that maintained international financial stability. The Bretton Woods system focused on establishing standards for regulating exchange rates, a process for measuring and reporting national accounts or balance-of-payments, as well as stabilizing international reserves. 2.

The Bretton Woods Conference led to the formation of two important international institutions that still play a vital role in today’s world economy, which are the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development, what is presently the World Bank. Robert Dunn and John Mutti in their publication, International Economics provide brief descriptions of both organizations, which are listed below:3.

BERA - Business & Economics Research Advisor - A Quarterly Guide to Business & Economics Topics

Issue 7/8: Summer/Fall 2006

International Economics & Trade

Table of Contents

Introduction
World Economic History
International Trade & Global Commerce
International Finance
Foreign Exchange Market
Trends in International Trade
Trade Policy, Treaties, & Law
International Organizations & Economic Development
Central Banks
Country Data
Economic Trade Data & Statistics
U.S. Government Resources
Online Periodicals
Encyclopedias & Dictionaries

Hanjin company container ship at port in the Port of Vancouver
Image (above):
Hanjin company container ship at port in the Port of Vancouver
Courtesy of Joseph Sams.
  • International Monetary Fund (IMF) - An institution that was founded at the Bretton Woods conference in 1944 and lends money to countries facing large national deficits. The IMF also oversees the foreign exchange rate system and provides research and advisory services for member countries in the areas of monetary economics and international finance. The IMF is located in Washington, D.C.
  • International Bank for Reconstruction and Development (IBRD) "World Bank" - Founded in 1944, this institution is responsible for lending money to developing countries. It was originally intended to finance both reconstruction from World War II and development projects in developing countries. The “World Bank” also conducts research and provides advice on the topic of development economics. The World Bank is also located in Washington, D.C.

International finance encompasses the study of international monetary economics, which involve the interaction of international transactions. These transactions consist of factors, such as national income, money and prices. 4

The international monetary system is made up of institutions, international organizations, governments, and private economic entities that all participate in the exchange of financial assets worldwide.

Balance of payments accounting is an important component to examining international finance and international financial flows. The balance of payment accounts is the accounting system for all international commercial and financial transactions of an individual country. The balance of payments is divided into three separate accounts, the current account, capital account, and the financial account. A description of each balance of payment account is provided below.5

  • Current Account - A record of transactions in goods, services, investments income, and unilateral transfers between residents of a country and the rest of the world. It tracks the flow of goods and services into and out of the country.
  • Capital Account - A record of transactions in highly specialized financial assets and liabilities between the residents of a nation and the rest of the world. The capital account records the flow of financial capital and other assets.
  • Financial Account - Part of the balance of payments that tracks capital flows between a national economy and the rest of the world.

This section includes a number of resources on the international monetary system. The sources listed in this section provide access to information in areas such as, international finance theory and policy, scholarly resources covering international finance, as well as the actors and components of the international financial system. Other sources include online reference resources on international finance, and publications from international organizations and institutions involved in, as well as examining the area of international finance.

Selected Print Resources

    General     International Monetary System     International Banking     Global Capital Flows

General Resources

Aliber, Robert Z, editor. International Finance. Cheltenham, UK; North Hampton, MA: Edward Elgar, c2000. 2 volumes.
LC Call Number: HG3881 .I6025 2000
LC Catalog Record: 00049500

This two volume set offers a collection of papers from scholars in the field of international finance. The topics covered include the competitiveness of national currencies, the balance of trade and the balance of payments. Annotation by Books In Print.

Pilbeam, Keith. International Finance. 3rd ed. Houndsmill, Baginstoke, UK; New York: Palgrave MacMillan, 2005. 512 p.
LC Call Number: HG3881.P4845 2006
LC Catalog Record: 2005051546
Table of Contents

This work covers the major traditional and modern theories and empirical and applied topics in the field of international finance. It is an evaluation of empirical evidence of theories with extensive treatment of the most recent literature. The third edition of this internationally renowned and respected text is an ideal introduction to the subject of international finance. Theory is clearly explained and constantly related to the the realities of the modern world economy. The book discusses the theories and differing policies of the balance of payments, exchange rates and the international monetary system. Annotation by Books In Print.

Severov, Gleb P., editor. International Finance and Monetary Policy. New York: Nova
Science Publishers, c2006.
LC Call Number: HG3881.I576273 2006
LC Catalog Record: 2006008674
Table of Contents

International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, and how these affect international trade. In a globalizing world, the policies of various central banks and similar institutions impact large and small players alike. This new book presents new and important research on issues of interest in international finance and monetary policy. Description by publisher.

Gandolfo, Giancarlo. International Finance and Open-Economy Marcoeconomics.
Berlin; New York: Springer, c2002. 613 p.
LC Call Number: HG230.3 .G36 2002
LC Catalog Record: 200120736

Deals with the financial side of international economics and covers all aspects of international finance.

Eun, Cheol S. and Resnick, Bruce G. International Financial Management. 3rd ed.
Boston: McGraw-Hill/Irwin, 2007. 536 p.
LC Call Number: HG3881 .E655 2004
LC Catalog Record: 2003042139
Table of Contents
Publisher's Description

International Financial Management combines the fundamental concepts of international finance with solid practical applications. This combination has made it the book of choice at a variety of institutions, including top business schools such as Wharton, Stanford, Northwestern, and INSEAD. Synopsis by Books In Print.

International Monetary System

Baker, James Calvin. Financing International Trade. Westport, CT: Praeger, 2003.
199 p.
LC Call Number: HG3881 .B2533 2003
LC Catalog Record: 2003058002

This book examines the U.S. international trade finance system, including the banks that finance trade; the U.S. Export-Import Bank, which guarantees and insures those trade credits; the Foreign Credit Insurance Association, which insures trade credits; the Public Export Funding Corporation, which makes loans to foreign buyers of U.S. exports; and the federal, state, and local agencies and private institutions that facilitate U.S. trade. Major foreign export credit agencies are discussed and compared with the American system, which is the most comprehensive in the world in its facilitation of financing U.S. export trade. Presents an in-depth examination of the U.S. international trade finance system. Annotation by Books In Print.

Boas, Morten and McNeill, Desmond, editors. Global Institutions and Development:
Framing the World?
London; New York: Routledge, 2004. 253 p.
LC Call Number: HG3881 .G57554 2004
LC Catalog Record: 2003008630
Table of Contents
Publisher's Description

This unique book explores a very broad range of ideas and institutions and provides thorough and detailed case studies in the context of broader theoretical analysis. Key topics such as poverty, global governance, sustainable development and the environment are closely examined, with detailed case studies of the World Bank, the WTO, the IMF, Asian Development Bank, UN Development Programme and the OECD's Development Assistance Committee. Description by publisher.

Boas, Morten and McNeill, Desmond. Multilateral Insitutions: A Critical Introduction.
London; Sterling, VA: Pluto Press, 2003. 184 p.
LC Call Number: HG3881 .B556 2003
LC Catalog Record: 2002015929

This book offers students, practitioners and activists a critical introduction to the major institutions that make up the multilateral development system. The mandate of multilateral institutions defines them as technical & functional institutions. This text challenges that view, arguing that they are political organizations & that their programmes have a significant impact on the domestic policies of the many countries in which they are involved. Annotation by Books In Print.

Porter, Tony. Globalization and Finance. Cambridge; Malden, MA: Polity, 2005. 230 p.
LC Call Number: HG3881 .P597 2005
LC Catalog Record: 2005297114
Table of Contents

The author guides students through current debates about global finance and discusses the extent to which the development of a global marketplace affects our daily lives. He examines the complex networks of public-sector and non-governmental institutions and practices that facilitate the globalization of finance and provide an emerging set of arrangements for regulating it. Synopsis by Books In Print.

International Banking

Barth, James R. Comparative International Characteristics of Banking. Washington,
D.C.: Office of the Comptroller of the Currency, 2004. 78 p.
LC Catalog Record: 2004620320
Online edition

This paper compares key characteristics of banking systems across countries. A basic premise underlying our review is that the increasing globalization of banking and finance mandate a broad, cross-country perspective on banking issues.

Claessens, Stijn. Competitive Implications of Cross-Border Banking. Washington, D.C.:
World Bank, 2006. 25 p.
LC Catalog Record: 2006615441
Online edition

This paper reviews the recent literature on cross-border banking, with a focus on policy implications. Cross-border banking has increased sharply in recent decades, particularly in the form of entry, and has affected the development of financial systems, access to financial services, and stability. Summary by publisher.

de Rosa, Luigi, editor. International Banking and Financial Systems: Evolution and
Stability
. Aldershot, Hants, UK; Burlington, VT: Ashgate, c2003. 267 p.
LC Call Number: HG3881 .I575127 2003
LC Catalog Record: 2002074438
Table of Contents

This study explores the banking market, the prevailing models of banking and the impact of modern banking practices on economies, wars and social organizations. Annotation by Books In Print.

O’Connor, Aidan. Trade, Investment and Competition in International Banking.
Basingstoke, UK; New York: Palgrave Macmillan, 2005. 193 p.
LC Call Number: HG3881 .O268 2005
LC Catalog Record: 2005047293
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

This book outlines the various influences on the evolution of international banking and analyzes the industry, distinguishing between international trade in banking services and foreign direct investment by banks.

Smith, Roy C. Global Banking. 2nd ed. Oxford; New York: Oxford University Press,
2003. 438 p.
LC Call Number: HG3881 .S5434 2002
LC Catalog Record: 2002003692
Table of Contents
Publisher's Description

This is a revision of the business of global banking. With the increased globalization of the world economy few sectors are the equal of banking and financial services in dynamism or structural change. Roy C. Smith and Ingo Walter assess this transformation-its causes, its course and its consequences. Annotation by Books In Print.

Global Capital Flows

Gregoriou, Greg N. Asset Allocation and International Investments. New York:
Palgrave Macmillan, 2006. 320 p.
LC Call Number: HG4529.5 .A83 2006 (Not yet available at LC as of November 2006)
LC Catalog Record: 2006045369

This book is about strategic asset allocation for institutional investors. It is an edited series of papers, from respected academics worldwide, on the latest developments in portfolio management, including new scientific articles that help to identify new trends. Description by publisher.

Hyman, Michael H. The Power of Global Capital: New International Rules--New
Global Risks
. Melbourne, Vic., Australia; Mason, OH: Thompson South-Western, c2004.
240 p.
LC Call Number: HG4538 .H96 2004
LC Catalog Record: 2004299060
Table of Contents

This innovative book provides a way to stay informed and learn the economic indicators that affect global capital as well as the new financial rules carved out by the market. Synopsis by Books In Print.

Moosa, Imad A. Foreign Direct Investment: Theory, Evidence, and Practice.
Houndsmill, Basingstoke, UK; New York: Palgrave, 2002. 311 p.
http://econ.worldbank.org/external/default/main
LC Call Number: HG4538 .M5954 2002
LC Catalog Record: 2001058775
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

The authors analyze the unparalleled increase in foreign direct investment to emerging market economies in the past 25 years. Using a large cross-country time-series data set, the authors evaluate the dependence of foreign direct investment on global factors or worldwide sources of risk (that is, factors that drive foreign direct investment across several countries). Summary by publisher.

Sobel, Andrew Carl. State Institutions, Private Incentives, Global Capital. Ann Arbor:
University of Michigan Press, 2002. 287 p.
LC Call Number: HG3891 .S67 2002
LC Catalog Record: 2002284104
Publisher's Description

Sobel explores the reawakening of the international financial markets, mapping their extraordinary transformation since the early 1960s and discussing the role of politics in that metamorphosis. The author then offers a fresh understanding of the systematic differences in access for borrowers in this rapidly transforming and expanding global capital pool. Annotation by Books In Print.

Zimmerman, Heinz. Global Asset Allocation: New Methods and Applications. New
York: J. Wiley & Sons, c2003.
LC Call Number: HG4529.5. Z56 2003
LC Catalog Record: 2002009972
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

Reveals new methodologies for asset pricing within a global asset allocation framework. Contains cutting-edge empirical research on global markets and sectors of the global economy. Introduces the Black-Litterman model and how it can be used to improve global asset allocation decisions. Annotation by Books In Print.

Selected Internet Resources

Global Financial Data, Inc.
http://www.globalfinancialdata.com/
Provides long-term financial and economic data, covering over 150 countries. Subscribers have access to over 6,500 historical and current data series. Website indicates the database includes historical data on: U.S. Stock markets from 1800; Exchange rates from 1590; Interest rates from 1700; Commodities from 1500; Inflation from 1264; Total returns from 1700; and foreign stock markets from 1690.
Global Financial System, Wikipedia.
http://en.wikipedia.org/wiki/International_financial_institution
This site includes a general overview of the global financial system, a brief history of the world financial system, information on the institutions and participants making up the global financial system, also provides links to major events and further discussions related to the topic.
Institute of International Finance, Inc.
http://www.iif.com/
An organization comprised of global financial institutions and corporations that produces research and publications on emerging markets, international financial regulation, and international policy issues. Provides access to a number of publications and reports.
International Finance, Congressional Research Reports, NLE.
http://www.cnie.org/NLE/CRS/Detail.cfm?Category=International%20Finance
A set of records consisting of Congressional Research Service reports on international finance. The website is also contains CRS reports and other international and economic issues.
International Finance Corporation (IFC).
http://www.ifc.org/
IFC’s website provides information and economic and financial studies on the different regions, reports on various sectors and sub-sectors, and environment & social development reports. Other resources include news, and links to IFC research & publications.
International Finance Discussion Papers, Federal Reserve Board.
http://www.federalreserve.gov/pubs/ifdp/
Working Papers from the International Finance Discussion Papers Series intended to stimulate discussion and critical comment. The site has full-text reports dating back to 1996.
International Finance, Economics Working Papers Archive WUSTL.
http://ideas.repec.org/s/wpa/wuwpif.html
An online archive of reports on international finance topics. Archives dates back to 1994.
International Finance and Macroeconomic Program (NBER).
http://www.nber.org/programs/ifm/ifm.html
NBER’s webpage that provides links to papers on International Finance and Macroeconomics. The website’s archive has papers dating back to 1976.
International Finance Theory and Policy Analysis.
http://internationalecon.com/v1.0/Finance/index.html
A comprehensive publication published by Professor Steven Suranovic that examines the principals and concepts of international finance. The site also allows the downloading of each chapter in PDF format.
International Project Finance Association (IPFA).
http://www.ipfa.org
Association promotes and represents interests of private sector companies involved in project finance and private partnerships worldwide. IPFA’s website provides links to documents and reports, latest news, and upcoming IPFA events.
International Organization of Securities Commissions (IOSCO).
http://www.iosco.org/
IOSCO’s website has an online IOSCO Library which includes a collection of public documents, publications, reports, and press releases. Other resources on the website consist of the Joint Forum, a cooperative cross-sector forum comprised of the IOSCO, the Bank for International Settlements, and the International Association of Insurance Supervisors. A list of publicly released report of the Joint Forum can be found in the Library Section of the IOSCO or the Joint Forum library section. There are also links to other international financial institutions and organizations.
Institute of International Bankers.
http://www.iib.org/
This website provides links to publications, such as the Institute’s Annual Global Survey, which covers 38 countries and the EU intended to contribute to the understanding of the trends toward globalization of financial markets and regulatory systems worldwide; the Focus and News, describes the latest legislative and regulatory and tax developments; a link to Legislative & Regulatory issues covers various related topics; and a link to Comment Letters and Speeches. The archive for the Institute’s publications and reports dates back to 1998.
Institute of International Finance.
http://www.ifc.org/
IFC’s website contains a wealth of information, with links to many resources which include: Regional and sector data and reports; News; as well as Research & Publications. Other resources consist of IPC papers and reports, infrastructure projects database, Doing Business Database, and the Public Policy Journal.
International Finance/Macroeconomics, Institute for International Economics (IIE).
http://www.iie.com/research/researcharea.cfm?ResearchTopicID=4
A link to IIE’s Research Areas webpage, which includes working papers, policy briefs, and Op-eds on issues and subject matter related to international finance.
International Monetary Fund Publications
http://www.imf.org/external/pubind.htm
The homepage for all IMF publications and reports. The website has links to IMF recents titles, periodicals, IMF Policy Papers, research programs, Country and Economic Reports, as well as the World Economic Outlook, and IMF’s International Financial Statistics Database.
Martindale's Reference Desk- International Business, Finance & Economics Center
http://www.martindalecenter.com/RefFinance.html
A resource for international business, finance and economic information, containing databases, publications, laws & regulations, and teaching tools focusing on: Banking; Business analysis, Finance and investment, particularly Import/Export; International finance; Investment; International Trade; Business, finance and economic dictionaries; and Online calculators for Business management, economics, and stocks & bonds.
RGE Monitor
http://www.rgemonitor.com/
A comprehensive and extensive site created by NYU economist Nouriel Roubini, which covers a wide range of global economic and financial information consisting of: Suggested Readings; Current global economic & financial news; Exchange Rates; Economic Reports; and Academic Papers. The website also includes links to information pertaining to the International Financial System; Financial Sector Issues; Country Analysis; Current Policy Topics; Global Macroeconomics; Emerging Markets; World Markets; Geostrategic Risks; Finance and Banking; Development Policy; as well as other data and research resources.
Yahoo! Finance - Worldwide.
http://finance.yahoo.com/international
A portal to Yahoo!’s global financial websites of countries through out the world. The websites provide financial news and articles, as well as financial market data. The sites are in many different languages.

Library of Congress Catalog Searches

Additional works on international finance in the Library of Congress may be identified by searching the Online Catalog under appropriate Library of Congress subject headings. Choose the topics you wish to search from the following list of Library of Congress subject headings to link directly to the Catalog and automatically execute a search for the subject selected. Please be aware that during periods of heavy use you may encounter delays in accessing the catalog. Please see the individual sections of this guide for catalog searches relating to those topics. For assistance in locating the many other subject headings which relate to this subject, please consult a reference librarian.


 1. Krugman, Paul R., and Obstfeld, Maurice. International Economics: Theory and
Policy. 5th ed. Boston: Addison Wesley, c2000, p. 538.

 2. Dunn, R. Robert, Jr., and Mutti, John H. International Economics. 5th ed. London;
New York: Routledge, c2000, p. 507.

 3. Ibid, p. 580.

 4. Appleyard, Dennis R., and Field, Afred J. International Economics. 3rd. Boston:
Irwin/McGraw-Hill, c1998, p. 401.

 5. Gerber, James. International Economics. 2nd ed. Boston: Addison-Wesley, c2002.

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