Macroeconomic turbulence and volatility in financial markets can fatally affect firm's performance. Very few firms make serious attempts to inform market participants and other outsider stakeholders about the impact of macroeconomic fluctuations--manifested as changes in exchange rates, interest rates, inflation rates and stock market returns-- on performance. These stakeholders, as well as financial analysts, must make their own assessments but they generally lack both the required tools and the information to do so. Worse, top management in most firms do not themselves possess the tools to identify whether a change in performance represents a change in the firm's intrinsic competitiveness or a reflection of macroeconomic conditions outside their influence. Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management develops and presents in an easily comprehensible way the essential elements of a corporate strategy for managing uncertainty in the macroeconomic environment. This Macroeconomic Uncertainty Strategy, or MUST, enhances firm value by allowing management and external stakeholders to become better informed about the development of corporate competitiveness in a turbulent macroeconomic environment. The MUST also provides guidelines for how to develop a successful risk management program. This research based book includes methods to identify the impact of macroeconomic fluctuations on cash flows and value, to develop strategies for macroeconomic risk management, to provide informative reports to external stakeholders, to evaluate the relative performance of subsidiaries and business units in multinational companies, and to evaluate performance for purposes of setting executive compensation and of fulfilling the due diligence requirements in an M &amp; A context. The authors' use of value-based management, various performance measurements, the concept of real options, and risk management from the perspective of shareholder wealth maximization, makes the book rich and compelling. They address researchers and students in the field of international business, finance and corporate governance. On the business side, executives with strategic responsibilities, chief financial officers, and bankers who analyze corporate performance and give advice on risk management will benefit from reading this book.

Corporate Decision-Making with Macroeconomic Uncertainty: Performance and Risk Management

Business & Money

Oxelheim, Lars

Wihlborg, Clas

Finance

Oxford University Press

This volume brings together a collection of research papers on financial sector reform and privatization in the transition economies of Eastern Europe and related issues in other transforming economies. It represents a selection of invited papers and best papers presented at various conferences and workshops held in Estonia, Poland and The Netherlands. It is the work of leading scientists, and thereby provides a very authoritative analysis of the ongoing process of financial sector reforms and privatization in transition economies. The main theoretical and empirical issues are carefully brought out to bear on the pressing policy and institutional schemes that are desirable in transition economies.

Financial Sector Reform and Privatization in Transition Economies (Advances in Finance, Investment and Banking, 7)

Doukas, John

Murinde, Victor

Economics

Emerald Publishing Limited

With the collapse of the former Soviet Union, many countries were faced with the need to establish national currencies. A number of additional formerly communist countries were forced to fundamentally adjust their monetray policies to deal with the transition to market-oriented economies. The process of liberalization in dozens of developing countrys left their governments faced with similar, if lesser, challenges. International financial crises in Bulgaria, the Czech Republic and Russia in Europe, Argentina and Mexico in Latin America, and Indonesia, Malaysia, the Philippines and Thailand in Asia have made front-page news in the last several years. These crises vividly illustrate the costs of inconsistencies between the domestic and international aspects of national financial policies.This volume deals with the most important international aspect of these challenges to national monetray policies in emerging market economies—the choice of exchange rate regime. A distinguished group of Western economists and Central European economists and officials review the recent experiences and the former communist and many developing countries and discuss the major lessons to be drawn.

Exchange-rate Policies For Emerging Market Economies (Political Economy of Global Interdependence)

Willett, Thomas D

Sweeney, Richard J.

Westview Press

There has been fierce debate about the optimal sequencing of economic reforms in emerging market economics. Many economists argue that for market-oriented systems to operate effectively, a reasonable degree of monetary stability is necessary. Rampant inflation, a common challenge for emerging economies, greatly reduces the chances that market-oriented reforms will be successful. In this comprehensive volume, a group of policy-oriented economists from North America, Europe, and the former Soviet Union explore the causes of monetary instability in reforming economies and evaluate alternative institutional mechanisms designed to reduce inflationary pressures. Considering the latest theoretical and empirical researchas well as the experiences of former Communist countries, including Russia and the erstwhile Soviet republics - the contributors view inflation as a political issue and make a case for the creation of strong political institutions. They argue that although government actions that stimulate inflation tend to have low costs or even benefits in the short run, they impose heavy costs on the economy in the longer term. Consequently, there is a strong need to develop institutional mechanisms to help ensure that decisionmakers place appropriate emphasis on the long-run consequences of policy actions.

Establishing Monetary Stability In Emerging Market Economies (Political Economy of Global Interdependence)

Burdekin, Richard

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