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1、CHAPTER1GLOBALIZATIONANDTHEMULTINATIONALFIRMANSWERS&SOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.Whyisitimportanttostudyinternationalfinancialmanagement?Answer:Wearenowlivinginaworldwhereallthemajoreconomicfunctions,i.e.,consumption,production,andinvestment,arehighlyglobalized.I
2、tisthusessentialforfinancialmanagerstofullyunderstandvitalinternationaldimensionsoffinancialmanagement.Thisglobalshiftisinmarkedcontrasttoasituationthatexistedwhentheauthorsofthisbookwerelearningfinancesometwentyyearsago.Atthattime,mostprofessorscustomarily(andsafely,tosomeextent)ignoredin
3、ternationalaspectsoffinance.Thismodeofoperationhasbecomeuntenablesincethen.2.Howisinternationalfinancialmanagementdifferentfromdomesticfinancialmanagement?Answer:Therearethreemajordimensionsthatsetapartinternationalfinancefromdomesticfinance.Theyare:1.foreignexchangeandpoliticalrisks,2.mar
4、ketimperfections,and3.expandedopportunityset.3.Discussthemajortrendsthathaveprevailedininternationalbusinessduringthelasttwodecades.Answer:The1990sbroughtarapidintegrationofinternationalcapitalandfinancialmarkets.Impetusforglobalizedfinancialmarketsinitiallycamefromthegovernmentsofmajorcou
5、ntriesthathadbeguntoderegulatetheirforeignexchangeandcapitalmarkets.Theeconomicintegrationandglobalizationthatbeganintheeightiesispickingupspeedinthe1990sviaprivatization.Privatizationistheprocessbywhichacountrydivestsitselfoftheownershipandoperationofabusinessventurebyturningitovertothefr
6、eemarketsystem.Tradeliberalizationandeconomicintegrationcontinuedtoproceedatboththeregionalandgloballevels.InEurope?2012byMcGraw-HillEducation.Thisisproprietarymaterialsolelyforauthorizedinstructoruse.Notauthorizedforsaleordistributioninanymanner.Thisdocumentmaynotbecopied,scanned,duplicat
7、ed,forwarded,distributed,orpostedonawebsite,inwholeorpart.,manyEUmembercountrieshaveadoptedthecommoncurrency,euro,thathasbecomethesecondglobalcurrencyaftertheU.S.dollar.4.Howisacountry’seconomicwell-beingenhancedthroughfreeinternationaltradeingoodsandservices?
