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St. Lucie Press Boca Raton London New York Washington, D.C. Encyclopedic Dictionary of International Finance and Banking Jae K. Shim Michael Constas St. Lucie Press Boca Raton London New York Washington, D.C. Encyclopedic Dictionary of International Finance and Banking Jae K. Shim Michael Constas This book contains information obtained from authentic and highly regarded sources. Reprinted material is quoted with permission, and sources are indicated. A wide variety of references are listed. Reasonable efforts have been made to publish reliable data and information, but the author and the publisher cannot assume responsibility for the validity of all materials or for the consequences of their use. Neither this book nor any part may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, microfilming, and recording, or by any information storage or retrieval system, without prior permission in writing from the publisher. The consent of CRC Press LLC does not extend to copying for general distribution, for promotion, for creating new works, or for resale. Specific permission must be obtained in writing from CRC Press LLC for such copying. Direct all inquiries to CRC Press LLC, 2000 N.W. Corporate Blvd., Boca Raton, Florida 33431. Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation, without intent to infringe. Visit the CRC Press Web site at www.crcpress.com © 2001 by CRC Press LLC St. Lucie Press is an imprint of CRC Press LLC No claim to original U.S. Government works International Standard Book Number 1-57444-291-0 Library of Congress Card Number 2001001297 Printed in the United States of America 1 2 3 4 5 6 7 8 9 0 Printed on acid-free paper Library of Congress Cataloging-in-Publication Data Shim, Jae K. Encyclopedic dictionary of international finance and banking / Jae K. Shim and Michael Constas. p. cm. ISBN 1-57444-291-0 (alk. paper) 1. International finance—Encyclopedias. 2. Banks and banking, International—Encylopedias. 3. International economic relations—Encyclopedias. I. Constas, Michael, 1952- . II. Title. HG3880 .S55 2001 332 ′ .042 ′ 068—dc21 2001001297 disclaimer Page 1 Tuesday, May 15, 2001 3:54 PM P REFACE WHAT THIS BOOK WILL DO FOR YOU The Encyclopedic Dictionary of International Finance and Banking is written and compiled for working professionals engaged in the fields of international finance, global trade, foreign investments, and banking. It may be used for day-to-day practice and for technical research. The Encyclopedic Dictionary is a practical reference of proven techniques, strategies, and approaches that are successfully used by professionals to diagnose multinational finance and banking problems. The book covers virtually all important topics dealing with multinational business finance, investments, financial planning, financial economics, and banking. It also covers such topics as computers, quantitative techniques and models, and economics as applied to international finance and banking. The Encyclopedic Dictionary will benefit prac- ticing financial analysts, CFOs, controllers, financial managers, treasurers, money managers, fund managers, investment analysts, and professional bankers, among others. The subjects are explained with • Clear definitions and explanations, including step-by-step instructions • Exhibits and statistical data, as needed • Charts, exhibits, and diagrams, where appropriate • Checklists • Practical applications The Encyclopedic Dictionary will enlighten the practitioner by presenting the most current information, offering important directives, and explaining the technical procedures involved in the aforementioned dynamic business disciplines. This reference book will help you diagnose and evaluate financial situations faced daily. This library of international finance and banking will answer nearly every question you may have. Real-life examples are provided, along with suggestions for handling everyday problems. The Encyclopedic Dictionary applies to large, medium, or small multinational companies. It will help you to make smart decisions in all areas of international finance and banking. It should be used as an advanced guide for working professionals, rather than as a reference guide for laymen or a glossary of international finance and banking terms. The Encyclopedic Dictionary is a handy reference for today’s busy financial executive. It is a working guide to help you quickly pinpoint • What to look for • How to do it • What to watch out for • How to apply it in the complex world of business • What to do You will find ratios, formulas, examples, applications, exhibits, charts, and rules of thumb to help you analyze and evaluate any business-related situation. New, up-to-date methods and techniques are included. Throughout, you will find this Encyclopedic Dictionary practical, comprehensive, quick, and useful. In short, this is a veritable cookbook of guidelines, illus- trations, and how-to’s for you, the modern decision maker. The uses of this handbook are as varied as the topics presented. Keep it handy for easy reference throughout your busy day. SL2910_frame_FM.fm Page 3 Monday, May 21, 2001 9:06 AM There are approximately 570 major topics in international finance, banking, and investments covered in the Encyclopedic Dictionary , as well as numerous related entries. Where appropriate, there is a cross-reference to another entry to explain the topic in greater detail. The entries are listed in alphabetical order for easy reference. There are approximately 120 examples and 110 exhibits to help explain the material. The Encyclopedic Dictionary is so comprehensive that almost any subject area of interest to financial executives, as well as other interested parties, can be found. SL2910_frame_FM.fm Page 4 Monday, May 21, 2001 9:06 AM SL2910_frame_FM.fm Page 6 Monday, May 21, 2001 9:06 AM A BOUT T HE A UTHORS Jae K. Shim, Ph.D., is Professor of Business at California State University, Long Beach. He received his M.B.A. and Ph.D. degrees from the University of California at Berkeley (Haas School of Business). He is also Chief Financial Officer (CFO) of a Los Angeles–based multinational firm. Dr. Shim is a coauthor of Encyclopedic Dictionary of Accounting and Finance; Handbook of Financial Analysis, Forecasting, and Modeling; Managerial Accounting; Financial Man- agement; Strategic Business Forecasting; Barron’s Accounting Handbook; Financial Accounting; The Vest-Pocket CPA; The Vest-Pocket CFO , and the best selling Vest-Pocket MBA . Dr. Shim has 45 other professional and college books to his credit. Dr. Shim has also published numerous refereed articles in such journals as Financial Management, Advances in Accounting, Corporate Controller, The CPA Journal, CMA Mag- azine, Management Accounting, Econometrica, Decision Sciences, Management Science, Long Range Planning, OMEGA, Journal of Operational Research Society, Journal of Business Forecasting , and Journal of Systems Management . He was a recipient of the 1982 Credit Research Foundation Outstanding Paper Award for his article on financial management. Michael Constas, Ph.D., J.D., is a Professor of Business at California State University, Long Beach. Before teaching, he was a partner in a major California law firm. Dr. Constas received his Ph.D., J.D., and M.B.A. from U.C.L.A. He has published numerous articles in the area of investments in academic and professional journals. He is a coauthor of The International Investment Source Book (with Dr. Shim). Dr. Constas is an author of Private Real Estate Syndications , which is part of the collections at the libraries of our nation’s leading universities. SL2910_frame_FM.fm Page 5 Monday, May 21, 2001 9:06 AM N OTES AND A BBREVIATIONS KEY NOTES 1. This book has the following features: • Plenty of examples and illustrations • Useful strategies and checklists • Ample number of exhibits (tables, figures, and graphs) 2. Foreign exchange rate quotations— direct or indirect —may confuse some readers. Indirect quotes are used more widely in examples throughout the book. 3. Selling forward means “buy a forward contract to sell a given currency,” and buying forward means “buy a forward contract to buy a given currency.” As a matter of terminology, selling forward or buying forward could mean the same transaction. For example, a contract to deliver dollars for British pounds in 180 days might be referred to as selling dollars forward for pounds or buying pounds forward for dollars . ABBREVIATIONS USED IN THIS TEXT A$ Australian Dollar £ British Pound C$ Canadian Dollar DM Deutsche Mark € Euro FFr French Franc IRS Internal Revenue Service ¥ Japanese Yen LC Local Currency MNC Multinational Corporation SFr Swiss Franc ¢ U.S. cent $ U.S. Dollar U.S.$ U.S. Dollar SL2910_frame_FM.fm Page 7 Monday, May 21, 2001 9:06 AM [...]... development of international accounting standards It is also working toward the improvement and harmonization of accounting standards and procedures relating to the presentation and comparability of financial statements (or at least through enhanced disclosure, if differences are present) To date, it has developed a conceptual framework and issued a total of 32 International Accounting Standards (IAS)... Accounting Standards The diversity of accounting systems is an obstacle in the development of international trade and business and in the efficiency of the global capital markets Many concerted efforts have been made to reduce this diversity through the harmonization of accounting standards Also, as international business expands, there is a great need for international accounting standards that can help investors... on an international scale The agencies working toward the harmonization of accounting standards are: ACCOUNTS RECEIVABLE MANAGEMENT 7 D.1 The International Accounting Standards Committee (IASC) The IASC was founded in 1973 At that time, its members consisted of the accountancy bodies of Australia, Canada, France, Ireland, Japan, Mexico, the Netherlands, the United Kingdom, the United States, and West... transactions and the translation of financial statements require the knowledge of the exchange rates to be used and the accounting treatment of the resulting translation gains and losses 1 2 ACCOUNTING FOR MULTINATIONAL OPERATIONS The biggest mistake a company can make in international accounting is to not be aware of, or even worse, to ignore these realities It should know that differences in accounting standards,... its own accounting standards and practices Consequently, a foreign company operating within its borders must maintain its books and records and prepare its financial statements in the local language, use the local currency as a unit of measure, and be in accordance with local accounting standards and procedures In addition, the foreign company must comply with the local tax laws and government regulations... wide range of accounting issues It is currently working on a project concerned with the core standards in consultation with other international groups, especially the International Organization of Securities Commissions (IOSCO), to develop worldwide standards for all corporations to facilitate multilisting of foreign corporations on various stock exchanges D.2 The International Federation of Accountants... commission Finally, it must be issued by the Council of Ministers of the EEC, before it can be enforced on the members The most important directives in the harmonization of accounting standards among EEC members are: • The Fourth Directive (1978), regarding the layout and content of annual accounts, valuation methods, annual report, publicity, and audit of public and private company accounts; • The Seventh... in East Europe; establishment of a regulatory framework for securities markets in Indonesia, Jordan, and Sri Lanka; road construction and maintenance in Latin America and Southern Asia; and agricultural research and farm credits worldwide AID fields workers worldwide and AMERICAN DEPOSITORY RECEIPTS 11 administrative of cers in Washington, D.C identify worthy projects and then ask U.S industries to... terms are normally used in the interbank market of the U.K pound sterling, Australian dollar, New Zealand dollar, and Irish punt Sterling is quoted as the foreign currency price of one pound The relationship between American terms and European terms and between direct and indirect can be summarized as follows: American Terms U.S dollar price of one unit of foreign currency (e.g., U.S $0.00909/¥) A direct... rate of Won 1,277.49/$ This sales price is free of all Korean and U.S taxes and will be used as a terminal value ANALYSIS OF FOREIGN INVESTMENTS 15 Given the facts and stated assumptions, the beginning balance sheet is presented in Exhibit 3, while Exhibit 4 shows revenue and cost projections for Ko-tel over the expected five-year life of the project EXHIBIT 3 Beginning Balance Sheet Millions of Won . YOU The Encyclopedic Dictionary of International Finance and Banking is written and compiled for working professionals engaged in the fields of international. D.C. Encyclopedic Dictionary of International Finance and Banking Jae K. Shim Michael Constas This book contains information obtained from authentic and
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