Chapter 18 Financial Strategies: Financing and Currencies.

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Presentation transcript:

Chapter 18 Financial Strategies: Financing and Currencies

Chapter Outline Nonfinancial Institutions -Self Financing and Debt Financing -Equity Financing Financial Institutions Government Agencies

Chapter Outline International Financial Institutions/Development Banks – World Bank – International Development Association (IDA) – International Finance Corporation (IFC) – Multilateral Investment Guarantee Agency (MIGA) – International Centre for Settlement of Investment Disputes (ICSID) IMF (International Monetary Fund)

Chapter Outline Money Foreign Exchange Foreign Exchange Market Foreign Exchange Rate -Currency Equilibrium -Effect of Devaluation

Chapter Outline Exchange-Rate Systems -Gold Standard -Par Value (Adjustable Peg) -Crawling Peg (Sliding or Gliding Parity) -Wide Band -Floating (Flexible) System Official Classification of Exchange Rate Regimes Evaluation of Floating Rates

Chapter Outline Financial Implications and Strategies -Early Warning Systems -Hedging -Leading and Lagging -Invoicing -Pass-Through Costs -Other Strategies

Self Financing and Debt Financing own capital withholding of dividends trade credit joint venture partners borrowing from affiliated firms and employee retirement fund issuing commercial paper or bonds

Equity Financing Selling Stock Venture Capital

Financial Institutions Factoring Houses Forfaiting Banks

Government Agencies Concessionary Financing Mixed/Blended Credit

International Financial Institutions/ Development Banks World Bank (IBRD) International Development Association (IDA) International Finance Corporation (IFC) Multilateral Investment Guarantee Agency (MIGA) International Centre for Settlement of Investment Disputes (ICSID)

Money Hard (International) Currencies vs. Soft Currencies Functions of Currency -medium of exchange -unit of account -store of value

Foreign Exchange Market Credit (Financing) Clearing Hedging Spot Market vs. Forward Market

Foreign Exchange Rate Currency Equilibrium Effect of Devaluation - Exports and Employment - Imports and Consumer Welfare

Exchange Rate Systems Gold Standard Par Value (Adjustable Peg) Crawling Peg (Sliding or Gliding Parity) Wide Band Floating (Flexible) System

Official Classification of Exchange Rate Regimes Floating Exchange Rate Regimes -independently floating regimes -managed floating regimes Intermediate Exchange Rate Regimes -soft pegs -tightly managed floating regimes Hard Peg Regimes -currency boards -exchange rate regimes with no separate legal tender

Financial Implications and Strategies Early Warning Systems Hedging Leading and Lagging Invoicing Pass-Through Costs Other Strategies

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