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This revised and updated edition introduces students and practitioners to those principles essential to an understanding of global financial problems and the policies multinational companies use to contend with them. The book is designed to serve as the main text for international finance courses in business schools or economics departments, as well as for courses in international financial markets, international banking and international investments. Using actual data, the authors present a balanced view of both theory and applications. Topics include the balance of payments, international monetary system, financial derivatives (the foreign exchange market), financing both foreign trade and foreign investment, global asset management and multinational accounting. In addition, the authors highlight contemporary issues, important research findings, and new financial instruments and techniques. Several elements of the text are new to the fourth edition, including the following: each of the first 19 chapters has a mini-case at the end, all of which are undisguised real cases; three cases focus on December 1994's Mexican peso crisis and 1997's Asian currency crisis; and a new chapter covers exchange rate forecasting.