Marketing bán hàng - Chapter 18: Financial strategies: financing and currencies

Chapter 18Financial Strategies: Financing and CurrenciesChapter OutlineNonfinancial Institutions- Self Financing and Debt Financing- Equity FinancingFinancial InstitutionsGovernment AgenciesChapter OutlineInternational Financial Institutions/Development BanksWorld BankInternational Development Association (IDA)International Finance Corporation (IFC)Multilateral Investment Guarantee Agency (MIGA)International Centre for Settlement of Investment Disputes (ICSID)IMF (International Monetary Fund)Chapter OutlineMoneyForeign ExchangeForeign Exchange MarketForeign Exchange Rate- Currency Equilibrium- Effect of Devaluation Chapter OutlineExchange-Rate Systems- Gold Standard- Par Value (Adjustable Peg)- Crawling Peg (Sliding or Gliding Parity)- Wide Band- Floating (Flexible) SystemOfficial Classification of Exchange Rate RegimesEvaluation of Floating RatesChapter OutlineFinancial Implications and Strategies- Early Warning Systems- Hedging- Leading and Lagging- Invoicing- Pass-Through Costs- Other StrategiesSelf Financing and Debt Financingown capitalwithholding of dividendstrade creditjoint venture partnersborrowing from affiliated firms and employee retirement fundissuing commercial paper or bondsEquity Financing Selling StockVenture CapitalFinancial InstitutionsFactoring Houses ForfaitingBanks Government AgenciesConcessionary FinancingMixed/Blended Credit International Financial Institutions/ Development Banks World Bank (IBRD)International Development Association (IDA)International Finance Corporation (IFC)Multilateral Investment Guarantee Agency (MIGA)International Centre for Settlement of Investment Disputes (ICSID)Money Hard (International) Currencies vs. Soft CurrenciesFunctions of Currency- medium of exchange- unit of account- store of valueForeign Exchange MarketCredit (Financing)ClearingHedgingSpot Market vs. Forward MarketForeign Exchange RateCurrency EquilibriumEffect of Devaluation Exports and Employment Imports and Consumer Welfare Exchange Rate SystemsGold StandardPar Value (Adjustable Peg)Crawling Peg (Sliding or Gliding Parity)Wide BandFloating (Flexible) System Official Classification of Exchange Rate Regimes Floating Exchange Rate Regimes- independently floating regimes- managed floating regimesIntermediate Exchange Rate Regimes- soft pegs- tightly managed floating regimesHard Peg Regimes- currency boards- exchange rate regimes with no separate legal tender Financial Implications and Strategies Early Warning SystemsHedgingLeading and LaggingInvoicingPass-Through CostsOther Strategies