Solution Manual For International Financial Management, 3rd Edition

Name: Solution Manual For International Financial Management, 3rd Edition
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IM-1
EUN RESNICK BREAN
INTERNATIONAL MANAGEMENT
Canadian Perspectives, Third Edition
SUGGESTED ANSWERS AND SOLUTIONS TO
END-OF-CHAPTER QUESTIONS AND PROBLEMS

IM-2
CHAPTER 1 GLOBALIZATION AND THE MULTINATIONAL FIRM
SUGGESTED ANSWERS TO END-OF-CHAPTER QUESTIONS
QUESTIONS
1. Why is it important to study international financial management?
Answer: We live in a world where all the major economic functions, i.e., consumption, production, and
investment, are highly globalized. Above all, virtually all business is international business. For example,
firms export goods and services and, likewise, they import goods and services. Firms also invest abroad,
generating earnings in foreign places denominated in foreign currencies. It is thus essential for managers
to fully understand vital international dimensions of finance. The foreign dimensions of finance are
especially significant for Canadian business primarily because foreign markets are relatively more
important for Canadian firms than, for instance, is the case in the United States.
2. How is international financial management different from domestic financial management?
Answer: Three major dimensions set international finance apart from domestic finance. They are:
1. foreign exchange and political risks,
2. market imperfections, and
3. expanded opportunity set.
3. Discuss the major trends that have prevailed in international business during the last two decades.
Answer: The 1980s saw rapid integration of international capital and financial markets. Impetus for
globalized financial markets initially came from major countries where foreign exchange and capital
markets were significantly deregulated. The economic integration and globalization that began in the
1980s accelerated in the 1990s via privatization. Privatization is the process by which the state divests
itself of the ownership and operations while turning to the market system. Lastly, trade liberalization and
economic integration continued to proceed at both the regional and global levels such as the North
American Free Trade Agreement (among Canada, the United States and Mexico) and a strengthened
World Trade Organization (WTO).
4. How is Canada’s economic wellbeing enhanced through free international trade in goods and services?

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