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INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition18ChapterEighteenMultinationalCashManagementChapterObjective:Thischapterdi

scussesvariousissuesassociatedwithmultinationalcashmanagement.ChapterOutline⚫TheManagementofMultinationalCas

hBalances⚫CashManagementSystemsinPractice⚫TransferPricing&RelatedIssues⚫BlockedFunds1TheManagementof

InternationalCashBalances⚫Thesizeofcashbalances⚫Thecurrencydenomination⚫Wherethesecashbalancesareloc

ated2TheSizeofCashBalances⚫Theoptimalsizeofthefirm’scashbalancesdependupon:◼Thecostofkeeping“toomuch”cashonhand.◆i.e

.theopportunitycostsofholdingcash◼Thecostofnotkeepingenoughcashonhand.◆i.e.thetradingcostsassociatedwithhavingtoolittlecash◼Th

evariabilityofcashflows.3ChoiceofCurrency⚫Bymaintainingcashbalancesinaparticularcurrency,theMNCisess

entiallyspeculating(orhedging?)inthatcurrency.4WhereCashBalancesareLocated.⚫Shouldthefirmhavecentralizedcash

managementinthehomecountry?⚫Orshouldthefirmleteachaffiliatehandleitlocally?⚫Whereareborrowingcostslo

westandinvestmentreturnshighest?5CashManagementSystemsinPractice⚫MultilateralNetting◼Isanefficientandc

ost-effectivemechanismforsettlinginteraffiliateforeignexchangetransactions.⚫NotallcountriesallowMNCstonetpayments◼Bylimitingnetting,moreu

nnecessaryforeignexchangetransactionsflowthroughthelocalbankingsystem.6MultilateralNettingConsideraU.S

.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions:$10$35$40$30$20$25$60$40$10$30$20$307MultilateralNettingBilateralNettingwould

reducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$20$25$60$40$10$30$20$308MultilateralNettingBilater

alNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$40$10$10$20$309MultilateralNettingBilateralN

ettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$40$10$10$20$3010MultilateralNettingBilateralNetti

ngwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$20$3011MultilateralNettingBilateralNettingwouldred

ucethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$20$3012MultilateralNettingBi

lateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$1013MultilateralNettingBilateralNettingwouldreduc

ethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$1014MultilateralNettingBilatera

lNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60$40$10$10$1015MultilateralNettin

gBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60$40$10$10$1016MultilateralNetting

BilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1017MultilateralNettingBilateralNettingwou

ldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1018MultilateralNettingBilate

ralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$15$20$10$1019MultilateralNettingConsidersimplifyingthebilateraln

ettingwithmultilateralnetting:$25$10$15$20$10$1020MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilater

alnetting:$15$10$15$20$10$10$1021MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15

$10$15$20$10$1022MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$1

5$20$10$1023MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1024

MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1025MultilateralNettingCons

idersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1026MultilateralNettingConsidersimplifyingthebilateralne

ttingwithmultilateralnetting:$10$15$30$1027MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$102

8MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1029MultilateralNe

ttingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3030MultilateralNettingCons

idersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3031MultilateralNettingConsidersimplify

ingthebilateralnettingwithmultilateralnetting:$15$4032MultilateralNettingClearly,multilateralnettingcan

simplifythingsgreatly.$15$4033MultilateralNettingComparethis:$10$35$40$30$20$25$60$40$10$30$20$3034MultilateralNettingWiththis:$15$

4035TransferPricing&RelatedIssues⚫TheTransferPriceisthepricethatforaccountingpurposes,isassignedtogoodsandse

rvicesflowingfromonedivisionofafirmtoanotherdivision.⚫Controversialforadomesticfirm◼Considertheexampleofafirmthathasone

divisionthatmillslumberandanotherthatmakesfurniture.Thetransferpriceofthelumberisapoliticalaswellaseco

nomicandaccountingissue.36TransferPricing&RelatedIssues⚫ForMNC,thereexiststheaddedcomplicationsof:◼Differencesintaxrates.◼Importduti

esandquotas.◼Exchangeraterestrictionsonthepartofthehostcountry.37BlockedFunds⚫Aformofpoliticalriskistheriskthattheforeigngovernmentmayimposeexchan

gerestrictionsonitsowncurrency.⚫Severalmethodsexistformovingblockedfunds:◼Transferpricing◼Unbundlings

ervices◼Parallelandback-to-backloans◼Swaps38BlockedFunds⚫Additionalstrategiesforunblockingfunds:◼Exportcreation◼Directnego

tiation◆UsingtheblockedfundstobuygoodsandservicesfortheMNC.◆Forexample,usetheNationalAirlinesofthehostcou

ntryfortravelofexecutivesoftheMNC,andpayfortheticketswiththeblockedfunds.◆Transferlocalexpatriatesfromhomepayrolltothelocalsubs

idiariespayroll.39EndChapterEighteen40