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1、CHAPTER1GLOBALIZATIONANDTHEMULTINATIONALFIRMANSWERS&SOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.Whyisitimportanttostudyinternationalfinancialmanagement?Answer:Wearenowlivinginaworldwhereallthemajoreconomicfunctions,i.e.,consumption,production,andinvestment,arehighlyglobalized.Itisthuses
2、sentialforfinancialmanagerstofullyunderstandvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthorsofthisbookwerelearningfinancesometwentyyearsago.Atthattime,mostprofessorscustomarily(andsafely,tosomeextent)ignoredinternationalaspects
3、offinance.Thismodeofoperationhasbecomeuntenablesincethen.2.Howisinternationalfinancialmanagementdifferentfromdomesticfinancialmanagement?Answer:Therearethreemajordimensionsthatsetapartinternationalfinancefromdomesticfinance.Theyare:1.foreignexchangeandpoliticalrisks,2.marketimperfections,and3.expan
4、dedopportunityset.3.Discussthemajortrendsthathaveprevailedininternationalbusinessduringthelasttwodecades.Answer:The1990sbroughtarapidintegrationofinternationalcapitalandfinancialmarkets.Impetusforglobalizedfinancialmarketsinitiallycamefromthegovernmentsofmajorcountriesthathadbeguntoderegulatetheirf
5、oreignexchangeandcapitalmarkets.Theeconomicintegrationandglobalizationthatbeganintheeightiesispickingupspeedinthe1990sviaprivatization.Privatizationistheprocessbywhichacountrydivestsitselfoftheownershipandoperationofabusinessventurebyturningitovertothefreemarketsystem.Tradeliberalizationandeconomic
6、integrationcontinuedtoproceedatboththeregionalandgloballevels.InEurope©2012byMcGraw-HillEducation.Thisisproprietarymaterialsolelyforauthorizedinstructoruse.Notauthorizedforsaleordistributioninanymanner.Thisdocumentmaynotbecopied,scanned,duplicated,forwarded,distributed,orpostedonawebsite,inwholeorp
7、art.,manyEUmembercountrieshaveadoptedthecommoncurrency,euro,thathasbecomethesecondglobalcurrencyaftertheU.S.dollar.4.Howisacountry’seconomicwell-beingenhancedthroughfreeinternationaltradeingoodsandservices?
