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PART

FOUR

WORLD FINANCIAL ENVIRONMENT

374

9

Global Foreign-Exchange Markets

374

CASE: Going Down to the Wire in the Money-Transfer Market

375

Introduction

377

What Is Foreign Exchange?

377

Players on the Foreign-Exchange Market

378

Some Aspects of the Foreign-Exchange Market

378

Does Geography Matter?

Foreign-Exchange Trades

382

Major Foreign-Exchange Markets

383

The Spot Market The Forward Market

383

387

Options

388

Futures

388

The Foreign-Exchange Trading Process

388

Banks and Exchanges

390

Looking to the Future:

Where Are Foreign-Exchange Markets Headed?

How Companies Use Foreign Exchange

393

Business Purposes (I): Cash Flow Aspects of Imports and Exports

394

Business Purposes (II): Other Financial Flows

395

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Is It Ok to Speculate on Currency?

396

C A S E : Banking on Argentina

Summary

402

Key Terms

403

398

Endnotes

404

10 The Determination of Exchange Rates

406

C A S E : El Salvador Adopts the U.S. Dollar

407

Introduction

409

The International Monetary Fund

410

Origin and Objectives

410

The IMF Today

410

Evolution to Floating Exchange Rates

41 I

Exchange-Rate Arrangements

412

Fixed Versus Flexible Currencies

414

Exchange Arrangements with No Separate Legal Tender

416

Currency Board Arrangements

416

Conventional Fixed-Peg Arrangements

416

Pegged Exchanges Rates Within Horizontal Bands

416

More Flexible Arrangements

417

392

Contents

11

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