An Introduction to International Money and Finance
This book focuses on the functioning of the evolving International Monetary System and on recent developments and trends in the financial markets that have become increasingly globalized. It identifies the forces that are shaping international monetary ar
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Also by Ramesh F. Ramsaran A STUDY OF THE MONETARY AND FINANCIAL SYSTEM OF THE BAHAMAS THE COMMONWEALTH CARIBBEAN IN THE WORLD ECONOMY THE CHALLENGE OF STRUCTURAL ADJUSTMENT INTHE COMMONWEALTH CARIBBEAN US INVESTMENT IN LATIN AMERICA AND THE CARIBBEAN
An Introduction to International Money and Finance Ramesh F. Ramsaran Reader in International Economic Relations Institut e ofInternational Relations University ofthe West Indies St Augu stine. Trinidad
First published in Great Britain 1998 by
MACMILLAN PRESS LTD
Houndmills, Basingstoke, Hampshire RG21 6XS and London Companies and representatives throughout the world A catalogue record for this book is available from the British Library. ISBN 978-1-349-26358-5 DOI 10.1007/978-1-349-26356-1
ISBN 978-1-349-26356-1 (eBook)
First published in the United States of America 1998 by
ST. MARTIN'S PRESS, INC., Scholarly and Reference Division, 175 Fifth Avenue, New York, N.Y. 10010 JSBN 978- 0-312-21261-5 Library of Congress Cataloging-in-Publication Data Ramsaran, Ramesh. An introduction to international money and finance 1 Ramesh F. Ramsaran. p. cm. Jncludes bibliographical references and index. JSBN 978- 0-312-21261-5 (cloth) 1. International finance. 1. Title. HG3881.R283 1998 97-38763 332'.042-dc21 CIP © Ramesh F. Ramsaran 1998 Softcover reprint ofthe hardcover 1st edition 1998
Ali rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written pern1ission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by thc Copyright Licensing Agency, 90 Tottenham Court Road, London WIP 9HE. Any person who does any unauthoriscd act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted him right to be identified as the author of this work in accordance with the Copyright, Designs and Patcnts Act 1988. This book is printed on paper suitable for recycling and made from fully managed and sustaincd forest sources. 10 9 07 06
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To the memory of my late friend and colleague Dr Herb C. Addo
Contents viii
List of Tables Diagrams
x
Preface
xi xiii
Acknowledgements Chapter 1:
Emerging Trends in the International Trading and Financial System
Chapter 2:
International Trade and Payments
21
Chapter 3:
The International Monetary System
54
Chapter 4:
The Foreign Exchange Market, Exchange Rate Determination and Exchange Rate Systems
91
Chapter 5:
International Banking
127
Chapter 6:
The Debt Crisis and the International Financial System
155
Chapter 7:
International Development Assistance
186
Chapter 8:
External Development Finance and the Multilateral Financial Institutions
215
Private Foreign Investment (PFI)
234
Chapter 9:
255
Index
vii
List of Tables Foreign exchange trading over the counter, 1989-95 Market
