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   Issue 7/8, Winter 2006/Spring 2007

International Finance

      Overview                   Print Resources    
Internet Resources     LC Catalog Searches

Overview

The use of gold as a means of exchange, payment, and the measure of value dates back centuries ago, however the establishment of the gold standard in official terms began around 1819 as a result of laws passed by the British Parliament referred to as the Resumption Act.1 The gold standard was eventually suspended in 1914 during the 1st World War and re-instituted from 1918-1939. In the post World War II period, the Bretton Woods agreement led to the establishment of the fixed exchange rate system, which lasted from 1946-1973.

The Bretton Woods system was established in 1944 with 44 countries participating in the conference. The Bretton Woods system was created an international monetary structure that maintained international financial stability. The Bretton Woods system focused on establishing standards for regulating exchange rates, a process for measuring and reporting national accounts or balance-of-payments, as well as stabilizing international reserves. 2.

The Bretton Woods Conference led to the formation of two important international institutions that still play a vital role in today's world economy, which are the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development, what is presently the World Bank. Robert Dunn and John Mutti in their publication, International Economics provide brief descriptions of both organizations, which are listed below:3.

  • International Monetary Fund (IMF) - An institution that was founded at the Bretton Woods conference in 1944 and lends money to countries facing large national deficits. The IMF also oversees the foreign exchange rate system and provides research and advisory services for member countries in the areas of monetary economics and international finance. The IMF is located in Washington, D.C.
BERA - Business & Economics Research Advisor - A Quarterly Guide to Business & Economics Topics

Issue 7/8: Winter 2006/Spring 2007
Updated December 2013

International Economics & Trade

Table of Contents

Introduction
World Economic History
International Trade & Global Commerce
International Finance
Foreign Exchange Market
Trade Policy, Treaties, & Law
International Organizations & Economic Development
Country Data
Economic Trade Data & Statistics
U.S. Government Resources
Online Periodicals
Encyclopedias & Dictionaries

Hanjin company container ship at port in the Port of Vancouver
Image (above):
Hanjin company container ship at port in the Port of Vancouver
Courtesy of Joseph Sams.
  • International Bank for Reconstruction and Development (IBRD) "World Bank" — Founded in 1944, this institution is responsible for lending money to developing countries. It was originally intended to finance both reconstruction from World War II and development projects in developing countries. The "World Bank" also conducts research and provides advice on the topic of development economics. The World Bank is also located in Washington, D.C.

International finance encompasses the study of international monetary economics, which involve the interaction of international transactions. These transactions consist of factors, such as national income, money and prices. 4

The international monetary system is made up of institutions, international organizations, governments, and private economic entities that all participate in the exchange of financial assets worldwide.

Balance of payments accounting is an important component to examining international finance and international financial flows. The balance of payment accounts is the accounting system for all international commercial and financial transactions of an individual country. The balance of payments is divided into three separate accounts, the current account, capital account, and the financial account. A description of each balance of payment account is provided below.5

  • Current Account - A record of transactions in goods, services, investments income, and unilateral transfers between residents of a country and the rest of the world. It tracks the flow of goods and services into and out of the country.
  • Capital Account - A record of transactions in highly specialized financial assets and liabilities between the residents of a nation and the rest of the world. The capital account records the flow of financial capital and other assets.
  • Financial Account - Part of the balance of payments that tracks capital flows between a national economy and the rest of the world.

This section includes a number of resources on the international monetary system. The sources listed in this section provide access to information in areas such as, international finance theory and policy, scholarly resources covering international finance, as well as the actors and components of the international financial system. Other sources include online reference resources on international finance, and publications from international organizations and institutions involved in, as well as examining the area of international finance.

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Selected Print Resources

    General     International Monetary System     International Banking     Global Capital Flows

General Resources

Davidson, Alexander. How the Global Financial Markets Really Work : The Definitive Guide to Understanding International Investment and Money Flows. London ; Philadelphia : Kogan Page, 2009.
LC Call Number: HG3881 .D3287 2009
LC Catalog Record: 2009014889
Table of Contents
Publisher Description

This title was written for those seeking to understand how global financial markets and to provide a broad educational background in easy to understand language.

Eun, Cheol S. and Resnick, Bruce G. International Financial Management. 6th ed. Boston: McGraw-Hill/Irwin, 2012.
LC Call Number: HG3881 .E655 2012
LC Catalog Record: 2011003394
Table of Contents External Link

This is a textbook teaching concepts to students studying international financial markets. There are 5 parts: Foundations of International Financial Management which includes the topics of globalization, international financial systems, balance of payments, and corporate governance; The Foreign Exchange Market, Exchange Rate Determination, and Currency Derivatives; Foreign Exchange Exposure and Management; World Financial Markets and Institutions including the topics of banking, bonds equity, and interest rate/currency swaps; and Financial Management of the Multinational Firm.

Gandolfo, Giancarlo. International Finance and Open-Economy Marcoeconomics. Berlin; New York: Springer, c2002. 613 p.
LC Call Number: HG230.3 .G36 2002
LC Catalog Record: 2002514053

Deals with the financial side of international economics and covers all aspects of international finance.

International debt statistics. Washington, D.C. : The World Bank, [2013]-
LC Call Number: HJ8899 .W672
LC Catalog Record: http://lccn.loc.gov/2013234150

Presents data and analysis information on the external debt of developing countries, based on actual flows and debt related transactions reported to the World Bank Debtor Reporting System (DRS) by 128 developing countries.

International Finance, edited by Robert Z. Aliber. Cheltenham, UK; North Hampton, MA: Edward Elgar,
c2000. 2 volumes.
LC Call Number: HG3881 .I6025 2000
LC Catalog Record: 00049500

This two volume set offers a collection of papers from scholars in the field of international finance. The topics covered include the competitiveness of national currencies, the balance of trade and the balance of payments. Annotation by Books In Print.

International Finance and Monetary Policy, edited by Gleb P. Severov. New York: Nova Science Publishers, c2006.
LC Call Number: HG3881.I576273 2006
LC Catalog Record: 2006008674
Table of Contents

Publisher's Description: International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, and how these affect international trade. In a globalizing world, the policies of various central banks and similar institutions impact large and small players alike. This new book presents new and important research on issues of interest in international finance and monetary policy.

Pilbeam, Keith. International Finance. 4th ed. Houndmills, Basingstoke, Hampshire : Palgrave Macmillan, 2013. 545 p.
LC Call Number: HG3881.P4845 2013
LC Catalog Record: 2012048900
Table of Contents External Link

This work covers the major traditional and modern theories and empirical and applied topics in the field of international finance. It is an evaluation of empirical evidence of theories with extensive treatment of the most recent literature. The third edition of this internationally renowned and respected text is an ideal introduction to the subject of international finance. Theory is clearly explained and constantly related to the the realities of the modern world economy. The book discusses the theories and differing policies of the balance of payments, exchange rates and the international monetary system. Annotation by Books In Print.

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International Monetary System

Baker, H. Kent and Leigh A. Riddick, eds. International Finance : A Survey Oxford ; New York : Oxford University Press, c2013.
LC Call Number: HG3881 .I576116 2013
LC Catalog Record: 2012005606

The book is organized into five categories of interest: exchange rates and risk management, international financial markets and institutions, international investing, international financial management, and special topics. Individual chapters cover market integration, financial crisis, and the links between financial markets and development.

Baker, James Calvin. Financing International Trade. Westport, CT: Praeger, 2003. 199 p.
LC Call Number: HG3881 .B2533 2003
LC Catalog Record: 2003058002

This book examines the U.S. international trade finance system, including the banks that finance trade; the U.S. Export-Import Bank, which guarantees and insures those trade credits; the Foreign Credit Insurance Association, which insures trade credits; the Public Export Funding Corporation, which makes loans to foreign buyers of U.S. exports; and the federal, state, and local agencies and private institutions that facilitate U.S. trade. Major foreign export credit agencies are discussed and compared with the American system, which is the most comprehensive in the world in its facilitation of financing U.S. export trade. Presents an in-depth examination of the U.S. international trade finance system. Annotation by Books In Print.

Bøås, Morten and McNeill, Desmond. Multilateral Institutions: A Critical Introduction. London; Sterling, VA: Pluto Press, 2003. 184 p.
LC Call Number: HG3881 .B556 2003
LC Catalog Record: 2002015929

This book offers students, practitioners and activists a critical introduction to the major institutions that make up the multilateral development system. The mandate of multilateral institutions defines them as technical & functional institutions. This text challenges that view, arguing that they are political organizations & that their programmes have a significant impact on the domestic policies of the many countries in which they are involved. Annotation by Books In Print.

Molle, Willem, ed. Global Economic Institutions : Critical Writings on Global Institutions London ; New York : Routledge, 2008.
LC Call Number: HF1359 .G5694 2008
LC Catalog Record: 2008000608
Table of Contents

Porter, Tony. Globalization and Finance. Cambridge; Malden, MA: Polity, 2005. 230 p.
LC Call Number: HG3881 .P597 2005
LC Catalog Record: 2005297114
Table of Contents

The author guides students through current debates about global finance and discusses the extent to which the development of a global marketplace affects our daily lives. He examines the complex networks of public-sector and non-governmental institutions and practices that facilitate the globalization of finance and provide an emerging set of arrangements for regulating it. Synopsis by Books In Print.

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International Banking

Barth, James R. Comparative International Characteristics of Banking. Washington, D.C.: Office of the Comptroller of the Currency, 2004. 78 p. E&PA Working Paper 2004-1, January 2004.
Online Edition [PDF Format: 2.5 MB / 78 p.]
LC Call Number: Electronic Resource
LC Catalog Record: 2004620320

This paper compares key characteristics of banking systems across countries. A basic premise underlying our review is that the increasing globalization of banking and finance mandate a broad, cross-country perspective on banking issues. Indeed, cross-country comparisons can add insight into basic issues in banking that may not emerge, or are only partially discernible, from single-country analyses. With this in mind, we review representative research dealing with four fundamental aspects of international banking: the structure of banking, with emphasis on the connection between the development of the banking system and economic growth; banking industry performance; banking regulation, supervision, and corporate governance; and banking crises. We augment each of these discussions with an examination of the cross-country "landscape" of key dimensions of banking, using data for over 50 countries. Summary from the Office of the Comptroller of the Currency web site.

Claessens, Stijn. Competitive Implications of Cross-Border Banking. Washington, D.C.: World Bank,
2006. 25 p.
Online Edition External Link [PDF Format: 302 KB / 25 p.]
LC Call Number: Electronic Resource
LC Catalog Record: 2006615441

This paper reviews the recent literature on cross-border banking, with a focus on policy implications. Cross-border banking has increased sharply in recent decades, particularly in the form of entry, and has affected the development of financial systems, access to financial services, and stability. Reviewing the empirical literature, the author finds much, although not uniform, evidence that cross-border banking supports the development of an efficient and stable financial system that offers a wide access to quality financial services at low cost. But as better financial systems have more cross-border banking, the relationship between cross-border banking and competitiveness has to be carefully judged. While developing countries have some special conditions, provided a minimum degree of oversight is in place, they experience effects similar to industrial countries. There are some questions, though, on the effects of cross-border banking on lending based on softer information and on stability. Relevant experiences from capital markets show that the degree of cross-border financial activities can affect local market sustainability and there can be path dependency when opening up to cross-border competition. Reviewing the fast changing landscape of financial services provision, the author argues that cross-border banking highlights the increased importance of competition policy in financial services provision. This competition policy cannot be traditional, institutional based, but will need to resemble that used in other network industries. Furthermore, with globalization accelerating, competition policy will need to be global, supported by greater cross-border institutional collaboration and using the General Agreement on Trade in Services (GATS) process and the disciplines of the World Trade Organization. GATS can be of special value to developing countries as it provides a binding, pro-competition framework that has proven more difficult to establish otherwise. Summary from the World Bank web site External Link .

International Banking and Financial Systems: Evolution and Stability, edited by Luigi de Rosa. Aldershot, Hants, UK; Burlington, VT: Ashgate, c2003. 267 p.
LC Call Number: HG3881 .I575127 2003
LC Catalog Record: 2002074438
Table of Contents

This study explores the banking market, the prevailing models of banking and the impact of modern banking practices on economies, wars and social organizations. Annotation by Books In Print

McCann, Hilton. Offshore Finance. Cambridge, UK ; New York : Cambridge University Press, 2006.
LC Call Number: HG3881 .S5434 2012
LC Catalog Record: 2010050674
Table of Contents
Publisher Description

It has become increasingly important in a globalized world to understand offshore finance wand its connection to international banking. This book has a detailed analysis of the global offshore environment and includes an overview at the ongoing work of the Financial Stability Forum, the Financial Action Task Force, the IMF, the World Bank, and the OECD.

O'Connor, Aidan. Trade, Investment and Competition in International Banking. Basingstoke, UK; New York: Palgrave Macmillan, 2005. 193 p.
LC Call Number: HG3881 .O268 2005
LC Catalog Record: 2005047293
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

This book outlines the various influences on the evolution of international banking and analyzes the industry, distinguishing between international trade in banking services and foreign direct investment by banks.

Smith, Roy C. Global Banking. 3rd ed. Oxford; New York: Oxford University Press, 2012. 446 p.
LC Call Number: HG3881 .S5434 2012
LC Catalog Record: 2010050674
Table of Contents External Link
Publisher's Description External Link

Includes discussion on Global Financial Crisis and its many effects on banking, regulation and prospective strategic adjustments for the industry. Broken down into three parts: Global Capital-raising and Trading with a close look at global bond and equity markets, derivatives and swaps, and foreign exchange and money markets; Advisory and Investment Services with a look at M&A, privatization, hedge funds, and private banking; and Competitive Strategies with discussion about what drives and changes global banking as well as discussion on risk, regulatory/compliance issues, and strategy.

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Global Capital Flows

Alfaro, Laura, Sebnem Kalemli-Ozcan and Vadym Volosovych. Capital flows in a globalized world [electronic resource] : the role of policies and institutions Cambridge, MA : National Bureau of Economic Research, c2005.
Online edition External Link NBER Working Paper No. 11696
LC Call Number: Electronic Resource
LC Catalog Record: 2005620754

This is a more historical look at patterns of international capital flows in the period 1970 - 2000 specifically legal institutions and policy choices.

Gregoriou, Greg N. Asset Allocation and International Investments. New York: Palgrave Macmillan,
2006. 320 p.
LC Call Number: HG4529.5 .A83 2006
LC Catalog Record: 2006045369
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

This volume consists of a collection of edited papers from respected academics worldwide on the latest developments in asset allocation, portfolio management and international investments, including original scientific articles that will help the investor to identify new trends. These expert studies can effectively improve the risk and return characteristics of anyone's investment portfolio. Annotation by Books in Print

Hyman, Michael H. The Power of Global Capital: New International Rules--New Global Risks. Melbourne, Vic., Australia; Mason, OH: Thompson South-Western, c2004. 240 p.
LC Call Number: : HG4538 .H96 2004
LC Catalog Record: 2004299060
Table of Contents

This innovative book provides a way to stay informed and learn the economic indicators that affect global capital as well as the new financial rules carved out by the market. Synopsis by Books In Print.

Moosa, Imad A. Foreign Direct Investment: Theory, Evidence, and Practice. Houndsmill, Basingstoke, UK; New York: Palgrave, 2002. 311 p.
LC Call Number: HG4538 .M5954 2002
LC Catalog Record: 2001058775
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

In Foreign Direct Investment, Imad A. Moosa presents a survey of the vast body of literature and ideas relating to foreign direct investment that will be invaluable as a reference work for all these groups. He provides concise definition and analysis of the theories behind foreign direct investment, and considers factors affecting its implementation. The impact of foreign direct investment on economic development, host countries and the growth of multinationals, together with methods for evaluating foreign direct investment projects are discussed. Synopsis by Books in Print.

Sobel, Andrew Carl. State Institutions, Private Incentives, Global Capital. Ann Arbor: University of Michigan Press, 2002. 287 p.
LC Call Number: HG3891 .S67 2002
LC Catalog Record: 2002284104
Publisher's Description

Sobel explores the reawakening of the international financial markets, mapping their extraordinary transformation since the early 1960s and discussing the role of politics in that metamorphosis. The author then offers a fresh understanding of the systematic differences in access for borrowers in this rapidly transforming and expanding global capital pool. Annotation by Books In Print.

Zimmerman, Heinz. Global Asset Allocation: New Methods and Applications. New York: J. Wiley & Sons, c2003. 320 p.
LC Call Number: HG4529.5. Z56 2003
LC Catalog Record: 2002009972
Table of Contents
Publisher's Description
Publisher-supplied Biographical Information

Reveals new methodologies for asset pricing within a global asset allocation framework. Contains cutting-edge empirical research on global markets and sectors of the global economy. Introduces the Black-Litterman model and how it can be used to improve global asset allocation decisions. Annotation by Books In Print.

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Selected Internet Resources

Doing Business
http://www.doingbusiness.org/ External Link

This is project from the International Finance Corporation of the World Bank. There are reports on most countries and topics related to starting or doing business in individual countries. There are also other research reports for those wishing to do international business like reports on Entrepreneurship and firm performance and Legal origin, regulation and institutions. There is also a Law Library which should help international business entrepreneurs with some legal information.

Global Financial Data, Inc.
http://www.globalfinancialdata.com/ External Link

Provides long-term financial and economic data, covering over 150 countries. Subscribers have access to over 6,500 historical and current data series. According to the publisher's web site, the database includes historical data on: U.S. Stock markets from 1800; Exchange rates from 1590; Interest rates from 1700; Commodities from 1500; Inflation from 1264; Total returns from 1700; and foreign stock markets from 1690.

Global Financial System. (Wikipedia).
http://en.wikipedia.org/wiki/International_financial_institution External Link

This site includes a general overview of the global financial system, a brief history of the world financial system, information on the institutions and participants making up the global financial system, also provides links to major events and further discussions related to the topic.

Institute of International Finance, Inc.
http://www.iif.com/External Link

The Institute of International Finance, Inc. (IIF), is the world’s only global association of financial institutions. Much of the content is available to members only but some content is available freely. Analysis on reports on economic research, capital markets, and regulatory affairs have an international scope with special attention to sub Saharan Africa, Asia, Latin America, and Emerging Europe.

International Finance, Congressional Research Reports, NLE.
http://www.cnie.org/NLE/CRS/Detail.cfm?Category=International%20Finance External Link

A set of records consisting of Congressional Research Service reports on international finance. The web site is also contains CRS reports and other international and economic issues.

International Finance Corporation (IFC).
http://www.ifc.org/ External Link

IFC's web site provides information and economic and financial studies on the different regions, reports on various sectors and sub-sectors, and environment & social development reports. Other resources include news, and links to IFC research & publications.

International Finance Discussion Papers, Federal Reserve Board.
http://www.federalreserve.gov/econresdata/workingpapers.htm

Working Papers from the International Finance Discussion Papers Series intended to stimulate discussion and critical comment. The site has full-text reports dating back to 1996.

International Finance, Economics Working Papers Archive WUSTL.
http://ideas.repec.org/s/wpa/wuwpif.html External Link

An online archive of reports on international finance topics. Archives dates back to 1994.

International Finance and Macroeconomic Program. (NBER).
http://www.nber.org/programs/ifm/ifm.html External Link

This NBER web page provides links to papers on International Finance and Macroeconomics. The Webster's archive has papers dating back to 1976.

International Finance Theory and Policy Analysis.
http://internationalecon.com/Finance/financehome.php External Link

A comprehensive publication published by Professor Steven Suranovic that examines the principals and concepts of international finance. The site also allows the downloading of each chapter in PDF format.

International Project Finance Association. (IPFA).
http://www.ipfa.org External Link

Association promotes and represents interests of private sector companies involved in project finance and private partnerships worldwide. IPFA's web site provides links to documents and reports, latest news, and upcoming IPFA events.

International Organization of Securities Commissions. (IOSCO).
http://www.iosco.org/ External Link

IOSCO's web site has an online IOSCO Library which includes a collection of public documents, publications, reports, and press releases. Other resources on the web site consist of the Joint Forum, a cooperative cross-sector forum comprised of the IOSCO, the Bank for International Settlements, and the International Association of Insurance Supervisors. A list of publicly released report of the Joint Forum can be found in the Library Section of the IOSCO or the Joint Forum library section. There are also links to other international financial institutions and organizations.

Institute of International Bankers.
http://www.iib.org/ External Link

This web site provides links to publications, such as the Institute's Annual Global Survey, which covers 38 countries and the EU intended to contribute to the understanding of the trends toward globalization of financial markets and regulatory systems worldwide; the Focus and News, describes the latest legislative and regulatory and tax developments; a link to Legislative & Regulatory issues covers various related topics; and a link to Comment Letters and Speeches. The archive for the Institute's publications and reports dates back to 1998.

Institute of International Finance.
http://www.ifc.org/ External Link

IFC's web site contains a wealth of information, with links to many resources which include: Regional and sector data and reports; News; as well as Research & Publications. Other resources consist of IPC papers and reports, infrastructure projects database, Doing Business Database, and the Public Policy Journal.

International Finance/Macroeconomics, Institute for International Economics (IIE).
http://www.iie.com/research/researcharea.cfm?ResearchTopicID=4 External Link

A link to IIE's Research Areas web page, which includes working papers, policy briefs, and Op-eds on issues and subject matter related to international finance.

International Monetary Fund Publications
http://www.imf.org/external/pubind.htm External Link

The homepage for all IMF publications and reports. The web site has links to IMF recent titles, periodicals, IMF Policy Papers, research programs, Country and Economic Reports, as well as the World Economic Outlook, and IMF's International Financial Statistics Database.

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Library of Congress Catalog Searches

Additional works on international finance in the Library of Congress may be identified by searching the Online Catalog under appropriate Library of Congress subject headings. Choose the topics you wish to search from the following list of Library of Congress subject headings to link directly to the Catalog and automatically execute a search for the subject selected. Please be aware that during periods of heavy use you may encounter delays in accessing the catalog. Please see the individual sections of this guide for catalog searches relating to those topics. For assistance in locating the many other subject headings which relate to this subject, please consult a reference librarian.


 1. Krugman, Paul R., and Obstfeld, Maurice. International Economics: Theory and Policy. 5th ed. Boston: Addison Wesley, c2000, p. 538.

 2. Dunn, R. Robert, Jr., and Mutti, John H. International Economics. 5th ed. London; New York: Routledge, c2000, p. 507.

 3. Ibid, p. 580.

 4. Appleyard, Dennis R., and Field, Alfred J. International Economics. 3rd. Boston: Irwin/McGraw-Hill, c1998, p. 401.

 5. Gerber, James. International Economics. 3nd ed. Boston: Addison-Wesley, c2005. Chapter 9.

Last Updated: 09/17/2014

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