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INTERNATIONAL BUSINESS - page 9 / 17

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12

Contents

Exchange Rates: The Bottom Line

417

The Euro

419

^^3fflB Should Africa Develop a Common Currency?

421

Determining Exchange Rates

423

Nonintervention: Currency in a Floating-Rate World

423

Intervention: Currency in a Fixed-Rate or Managed-Floating-Rate World

The Role of Central Banks

424

Black Markets

428

Foreign-Exchange Convertibility and Controls Exchange Rates and Purchasing Power Parity Exchange Rates and Interest Rates 432 Other Factors in Exchange-Rate Determination

428 429

432

Forecasting Exchange-Rate Movements

Fundamental and Technical Forecasting

433 433

Factors to Monitor

435

Business Implications of Exchange-Rate Changes

436

Marketing Decisions Production Decisions

436 436

Financial Decisions

436

Looking to the Future:

In Which Direction Is Exchange-Rate Flexibility

Headed?

437

C A S E : The Chinese Yuan: Be Careful of the Dragon's Tail

Summary

442

Key Terms

443

Endnotes

444

438

PART FIVE

GLOBAL STRATEGY, STRUCTURE, A N D

IMPLEMENTATION

446

11 The Strategy of International Business

446

CASE: Value Creation in the Global Apparel Industry

447

Introduction 451 Industry, Strategy, and Firm Performance

452

Industry Organization Paradigm Leading Strategy Perspectives

453

The Idea of Industry Structure: The Five-Forces Model

454

Industry Change

455

Strategy and Value

456

CreatingValue 457

The Firm as Value Chain

457

What Is the Value Chain?

458

Using the Value Chain

459

Change and the Value Chain

468

424

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