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INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition18ChapterEighteenMultinationalCashManagementChapterObjective:Thischapterdiscussesvariousissuesassociatedwithmultinationalcashmanagement.INTERNATIONALEUN/RESNICKSecoChapterOutlineTheManagementofMultinationalCashBalancesCashManagementSystemsinPracticeTransferPricing&RelatedIssuesBlockedFunds1ChapterOutlineTheManagementTheManagementof

InternationalCashBalancesThesizeofcashbalancesThecurrencydenominationWherethesecashbalancesarelocated2TheManagementof

InternationTheSizeofCashBalancesTheoptimalsizeofthefirm’scashbalancesdependupon:Thecostofkeeping“toomuch”cashonhand.i.e.theopportunitycostsofholdingcashThecostofnotkeepingenoughcashonhand.i.e.thetradingcostsassociatedwithhavingtoolittlecashThevariabilityofcashflows.3TheSizeofCashBalancesTheoChoiceofCurrencyBymaintainingcashbalancesinaparticularcurrency,theMNCisessentiallyspeculating(orhedging?)inthatcurrency.4ChoiceofCurrencyBymaintainiWhereCashBalancesareLocated.Shouldthefirmhavecentralizedcashmanagementinthehomecountry?Orshouldthefirmleteachaffiliatehandleitlocally?Whereareborrowingcostslowestandinvestmentreturnshighest?5WhereCashBalancesareLocateCashManagementSystemsinPracticeMultilateralNettingIsanefficientandcost-effectivemechanismforsettlinginteraffiliateforeignexchangetransactions.NotallcountriesallowMNCstonetpaymentsBylimitingnetting,moreunnecessaryforeignexchangetransactionsflowthroughthelocalbankingsystem.6CashManagementSystemsinPraMultilateralNettingConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions:$10$35$40$30$20$25$60$40$10$30$20$307MultilateralNettingConsideraMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$20$25$60$40$10$30$20$308MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$40$10$10$20$309MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$40$10$10$20$3010MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$20$3011MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$20$3012MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$1013MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$1014MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60$40$10$10$1015MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60$40$10$10$1016MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1017MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1018MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$15$20$10$1019MultilateralNettingBilateralMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$25$10$15$20$10$1020MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$20$10$10$1021MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$20$10$1022MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$20$10$1023MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1024MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1025MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1026MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1027MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1028MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1029MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3030MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3031MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$4032MultilateralNettingConsidersMultilateralNettingClearly,multilateralnettingcansimplifythingsgreatly.$15$4033MultilateralNettingClearly,mMultilateralNettingComparethis:$10$35$40$30$20$25$60$40$10$30$20$3034MultilateralNettingComparethMultilateralNettingWiththis:$15$4035MultilateralNettingWiththis:TransferPricing&RelatedIssuesTheTransferPriceisthepricethatforaccountingpurposes,isassignedtogoodsandservicesflowingfromonedivisionofafirmtoanotherdivision.ControversialforadomesticfirmConsidertheexampleofafirmthathasonedivisionthatmillslumberandanotherthatmakesfurniture.Thetransferpriceofthelumberisapoliticalaswellaseconomicandaccountingissue.36TransferPricing&RelatedIssTransferPricing&RelatedIssuesForMNC,thereexiststheaddedcomplicationsof:Differencesintaxrates.Importdutiesandquotas.Exchangeraterestrictionsonthepartofthehostcountry.37TransferPricing&RelatedIssBlockedFundsAformofpoliticalriskistheriskthattheforeigngovernmentmayimposeexchangerestrictionsonitsowncurrency.Severalmethodsexistformovingblockedfunds:TransferpricingUnbundlingservicesParallelandback-to-backloansSwaps38BlockedFundsAformofpoliticBlockedFundsAdditionalstrategiesforunblockingfunds:ExportcreationDirectnegotiationUsingtheblockedfundstobuygoodsandservicesfortheMNC.Forexample,usetheNationalAirlinesofthehostcountryfortravelofexecutivesoftheMNC,andpayfortheticketswiththeblockedfunds.Transferlocalexpatriatesfromhomepayrolltothelocalsubsidiariespayroll.39BlockedFundsAdditionalstrateEndChapterEighteen40EndChapterEighteen40INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition18ChapterEighteenMultinationalCashManagementChapterObjective:Thischapterdiscussesvariousissuesassociatedwithmultinationalcashmanagement.INTERNATIONALEUN/RESNICKSecoChapterOutlineTheManagementofMultinationalCashBalancesCashManagementSystemsinPracticeTransferPricing&RelatedIssuesBlockedFunds42ChapterOutlineTheManagementTheManagementof

InternationalCashBalancesThesizeofcashbalancesThecurrencydenominationWherethesecashbalancesarelocated43TheManagementof

InternationTheSizeofCashBalancesTheoptimalsizeofthefirm’scashbalancesdependupon:Thecostofkeeping“toomuch”cashonhand.i.e.theopportunitycostsofholdingcashThecostofnotkeepingenoughcashonhand.i.e.thetradingcostsassociatedwithhavingtoolittlecashThevariabilityofcashflows.44TheSizeofCashBalancesTheoChoiceofCurrencyBymaintainingcashbalancesinaparticularcurrency,theMNCisessentiallyspeculating(orhedging?)inthatcurrency.45ChoiceofCurrencyBymaintainiWhereCashBalancesareLocated.Shouldthefirmhavecentralizedcashmanagementinthehomecountry?Orshouldthefirmleteachaffiliatehandleitlocally?Whereareborrowingcostslowestandinvestmentreturnshighest?46WhereCashBalancesareLocateCashManagementSystemsinPracticeMultilateralNettingIsanefficientandcost-effectivemechanismforsettlinginteraffiliateforeignexchangetransactions.NotallcountriesallowMNCstonetpaymentsBylimitingnetting,moreunnecessaryforeignexchangetransactionsflowthroughthelocalbankingsystem.47CashManagementSystemsinPraMultilateralNettingConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions:$10$35$40$30$20$25$60$40$10$30$20$3048MultilateralNettingConsideraMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$20$25$60$40$10$30$20$3049MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$40$10$10$20$3050MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$40$10$10$20$3051MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$20$3052MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$20$3053MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$1054MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$1055MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60$40$10$10$1056MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60$40$10$10$1057MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1058MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1059MultilateralNettingBilateralMultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$15$20$10$1060MultilateralNettingBilateralMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$25$10$15$20$10$1061MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$20$10$10$1062MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$20$10$1063MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$20$10$1064MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1065MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1066MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1067MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1068MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1069MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1070MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3071MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3072MultilateralNettingConsidersMultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$4073MultilateralNettingConsidersMultilateralNettingClearly,multilateralnettingcansimplifythingsgreatly.$15$4074MultilateralNettingClearly,mMultilateralNettingComparethis:$10$35$40$30$20$25$60$40$10$30$20$3075Multil

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