Cutlip and Centers Effective Public Relations or Foreign Exchange and Money Market

Cutlip and Center's Effective Public Relations

Author: Glen Broom

Effective Public Relations, 10/e,  presents a comprehensive summary of public relations concepts, theory, principles, history, management, and practices. This “bible” of the public relations field continues in its role as the single most authoritative and complete reference for public relations professionals.

Still the most comprehensive and authoritative introductory book, continuing its long-standing tradition as the most-cited reference book. Often referred to as the “bible of public relations,” the new edition covers the many aspects of public relations theory and practice in a variety of settings. This text also serves as the basic reference for accreditation programs worldwide. Updates examples, sources, and references to provide readers with contemporary cases, contexts, and perspectives that illustrate major concepts and issues essential to understanding the field. The new edition offers an up-to-date synthesis and interpretation of the scholarly and professional literature. Expands discussions of how the public relations field relates to marketing, integrated marketing communication (IMC), and related management functions, clarifying the unique and essential role of the public relations management function in organizations.

An excellent, essential desk reference for those in the practice.

Look this: Indian Summer or Alice

Foreign Exchange and Money Market: Managing Foreign and Domestic Currency Operations

Author: Rita Rodriguez

The authors provide an intimate knowledge of the fundamentals required to cope with the everchanging nature of the money and foreign exchange markets. Its emphasis is on the management of down to earth operations,covering how to read and take advantage of market quotations,the funds manager and the interaction between money and foreign exchange markets,funds management in a two-way market,problems and solutions in the trading room of a bank,problems and solutions of the multinational non-financial business,returns and risks,in foreign exchange operations,and control of foreign exchange and money market operations. This new edition is updated to account for recent changes and expanded to emphasize and broaden the treatment of money markets.

Table of Contents:

	Preface	xv
Part 1	Foreign Exchange and Money Markets	1
1	Who's Who in the Markets	3
	Money market	4
	What the money market is	4
	Actors in the money market	4
	Foreign money market	8
	Why a Eurodollar market?	9
	Actors in the foreign money market	11
	Foreign exchange market	11
	What the foreign exchange market is	11
	Actors in the foreign exchange market	13
2	Interest Rates and Foreign Exchange Rates	19
	Rates in the money market	19
	Rates in the foreign money market	22
	Spread between rates on domestic and Eurocurrency deposits	23
	Revolving Euroterm loans	25
	Rates in the foreign exchange market	30
	Meaning of exchange quotations	30
	Reciprocal rates	31
	Cross rates	34
	The chain	35
	Price and volume quotations	36
	Problems	38
3	Interactions between the Markets	51
	The nature of cash flows	51
	Value dates	54
	Eligible value dates	55
	Spot value dates	57
	Forward value dates	57
	Interactions between the money and foreign exchange markets	59
	Operating in the money market	61
	Operating in the foreign exchange market	61
	Money market or foreign exchange market	66
	Problems	73
4	Two-Way Markets: Bid and Offer Rates	82
	Rates in the money market	83
	Rates in the foreign exchange market	84
	Meaning of exchange quotations	84
	Reciprocal rates	86
	Cross rates	87
	Some comments on quotations	92
	How can you evaluate the quality of a quotation?	92
	Information content of quotations	93
	Problems	95
5	Funds Management in a Two-Way Market	101
	Swap rates	101
	What are swap rates?	101
	Bid and offer in the swap rate	103
	Swap transactions	104
	Swap transactions with matched cash flows: Covered interest arbitrage	107
	Swap transactions with mismatched cash flows	109
	Problems	119
6	Factors Affecting Spot Exchange Rates	122
	The economics of international transactions	123
	Trade in merchandise	123
	Trade in services	126
	Unilateral transfers	126
	Capital account	126
	Official reserves	128
	Structure of the balance of payments	129
	The determinants of exchange rates	131
	The balance of payments approach	131
	Purchasing power parity	132
	Market expectations	133
	International monetary system	136
7	Factors Affecting Interest Rates	140
	The level of interest rates	140
	Supply and demand for funds	141
	Changes in the money supply	141
	The shape of the yield curve	143
	Market expectations	144
	Other factors	146
	Creditworthiness and market liquidity	148
Part 2	Problems and Opportunities in the Treasury Department	153
8	Operations in the Trading Room	155
	Basic operations in the market	155
	Taking advantage of disequilibrium situations: Covered interest arbitrage	155
	Taking advantage of expected changes in interest rates	160
	Rolling over a net exchange position	165
	Catering to customers' needs in the forward market	169
	Getting out of an exchange position	169
	Creating a forward exchange market	174
	Computing the effective yield or cost of funds	182
	The value of float	182
	All-in cost of exchange transactions	183
	Cost of foreign currency deposits	184
	Central banks' interventions in foreign exchange markets	186
	How not to do it	187
	Intervention to achieve domestic objectives	189
	Intervention to support the spot rate	190
	Problems	194
9	Funds Management in the Exchange Market	213
	Borrowing and investing without an exchange position	214
	Raising needed funds in a given currency	214
	Investing available funds in a given currency	214
	Another example	216
	Borrowing and investing with an exchange position	219
	Managing opposite cash flows in different currencies	229
	Cash flows take place immediately	229
	Cash flows will take place in the future	231
	Funds management under exchange controls	236
	Investing local funds under capital inflow controls	236
	Borrowing foreign funds under capital outflow controls	238
	Currency diversification and liquidity in a portfolio	244
	Problems	246
10	Funds Management in the Money Market	259
	Money market instruments in the United States	260
	U.S. Treasury bills and other government securities	260
	Federal funds	261
	Certificates of deposit	264
	Commercial paper	268
	Repurchase agreements	268
	Bankers' acceptances	270
	Futures market for money market instruments	272
	Money market funds	274
	Comparing rates in the money market	275
	Comparing market rates	275
	Comparing lending rates	279
	Typical money market operations	282
	Liquidating an instrument before maturity	282
	Tail-end gapping (riding the yield curve)	283
	Spread trading (arbitrage)	285
	Taking advantage of anticipated changes in interest rate levels	288
	Hedging interest rate positions	290
	Cash-flow management and the relationships among financial markets	292
	Problems	294
11	Financing Commercial Transactions	297
	Hedging the net exchange position created by trade	299
	Financing trade after sale is realized	304
	Finacing trade when order is received	308
	Hedging alternatives in controlled exchange markets	313
	Cross-currency hedging	314
	A mutual indemnification agreement	315
	Problems	320
12	Managing Exposure to Exchange Risk	327
	Exposure: Cash flows versus accounting conventions	327
	Hedging cash-flow exposures	332
	Hedging in the forward market	334
	Hedging in the money market	334
	Hedging balance-sheet exposures	339
	Hedging in the financial markets	339
	Modifying the balance sheet	342
	Problems	346
Part 3	Controlling Treasury Operations	351
13	Accounting for Treasury Operations	353
	Accounting for money market operations	353
	Recording money market transactions	353
	Measuring profits in money market operations	356
	Bookkeeping for money market operations	361
	Accounting for foreign exchange operations	364
	Recording foreign exchange transactions	364
	Measuring profits in foreign exchange operations	366
	Bookkeeping for foreign exchange operations	373
	Accounting for joint exchange and money market transactions	374
	Covered interest arbitrage	375
	Creating a forward exchange market	378
	Exchange transactions with all-in price quotes	379
	Loan financing through swaps	381
14	Risks in Treasury Operations	386
	Credit risk	386
	Credit risk in the money market	387
	Credit risk in the foreign exchange market	387
	Sovereign risk	389
	Rate risk	389
	Rate risk in the money market	389
	Rate risk in the foreign exchange market	390
	Liquidity risk	391
	Liquidity risk in the money market	391
	Liquidity risk in the foreign exchange market	392
	Evaluation of comparative risks	393
	Comparative credit risks	396
	Comparative rate risks	397
	Comparative liquidity risks	397
	Overall assessment	398
	Problems	398
15	Control of Treasury Operations	401
	Credit risk	401
	Credit risk in the money market	401
	Credit risk in the foreign exchange market	402
	Sovereign risk or cross-border risk	404
	Rate risk	405
	Changes in interest rates	405
	Changes in exchange rates	405
	Liquidity risk	406
	The cash-flow report	407
	The liability-mix report	414
	Miscellaneous controls	417
	Aggregate limits	417
	Confirmations	418
	Protection against fraud	418
	Appendix	420
	Bibliography	421
	Glossary	425
	Index	447