International Money and Finance

8th Edition

Authors: Michael Melvin
Hardcover ISBN: 9780123852472
eBook ISBN: 9780123852489
Imprint: Academic Press
Published Date: 20th September 2012
Page Count: 336
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Its high-level perspective on the global economy differentiates this introduction to international finance from other textbooks.  Melvin and Norrbin provide essential information for those who seek employment in multinational industries, while competitors focus on standard economic tools and financial management skills.  Readers learn how to reach their own conclusions about trends and new developments, not simply function within an organization. The 8th edition, newly updated and expanded, offers concise descriptions, current case studies, and new pedagogical materials to help readers make sense of global finance.

Key Features

  • Introduces international finance to readers with diverse backgrounds who want jobs in international investment, international banking, and multinational corporations
  • Describes a nuanced view of international finance by drawing on material from the fields of theoretical finance and international macro-finance
  • Features 100% revised chapters, new pedagogical content, and online supplementary materials


Upper-division undergraduates and graduate students studying international finance, international economics, and international financial management.

Table of Contents



To the Student

Why Study International Finance?

Finance and the Multinational Firm

The Actors

Plan of Attack

SECTION 1: The International Monetary Environment

Chapter 1. The Foreign Exchange Market

Foreign Exchange Trading Volume

Geographic Foreign Exchange Rate Activity

Spot Exchange Rates

Currency Arbitrage

Short-term Foreign Exchange Rate Movements

Long-term Foreign Exchange Movements



Further Reading

Appendix 1A Trade-weighted Exchange Rate Indexes

Appendix 1B The Top Foreign Exchange Dealers

Chapter 2. International Monetary Arrangements

The Gold Standard: 1880 to 1914

The Interwar Period: 1918 to 1939

The Bretton Woods Agreement: 1944 to 1973

Central Bank Intervention during Bretton Woods

The Breakdown of the Bretton Woods

The Transition Years: 1971 to 1973

International Reserve Currencies

Floating Exchange Rates: 1973 to the Present

Currency Boards and “Dollarization”

The Choice of an Exchange Rate System

Optimum Currency Areas

The European Monetary System and the Euro



Further Reading

Appendix 2A Current Exchange Practices of Specific Countries

Chapter 3. The Balance of Payments

Current Account

Financing the Current Account

Additional Summary Measures

Transactions Classifications

Balance of Payments Equilibrium and Adjustment

The U.S. Foreign Debt

How Bad is the U.S. Foreign Debt?



Further Reading

SECTION 2: International Parity Conditions

Chapter 4. Forward-looking Market Instruments

Forward Rates




Recent Practices



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Academic Press
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About the Author

Michael Melvin

Michael Melvin is Managing Director and Head of Currency Research at BlackRock, Inc. He is also Co-Editor of the "Journal of International Money & Finance." He is a Lecturer in the Master of Financial Engineering Program at the Haas School, University of California, Berkeley.

Affiliations and Expertise

BlackRock Inc., San Francisco, CA, USA


"International Money and Finance is an excellent resource for both international and multinational finance courses.  The combined coverage of both topics – the environment of international financial institutions and instruments, and financial management tools for multinational corporations – makes it easier for students to grasp the impact of both on businesses that increasingly operate in a global environment."--Anne M. Alexander, University of Wyoming

"This latest edition of the best-selling book discusses a number of important and somewhat complex concepts in international money and finance in a succinct, lucid yet analytical manner."--Ramkishen S. Rajan, George Mason University and National University of Singapore

"The authors do an exceptional job of including this extensive range of topics in international money and finance, which provides high-level perspective on the global economy. I expect it will be a standard textbook for instruction and reference over the years."--Suleyman Degirmen, Mersin University

"A concise, well-written, rigorous but at the same time easily accessible exposition of international finance."
--Firat Demir, University of Oklahoma

"This textbook is an excellent source for graduate and advanced undergraduate students around the world. The authors have carefully prepared each chapter with updated information on various financial issues, including risk management and banking".  --Viviana Fernandez, Universidad Adolfo Ibañez