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INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition18ChapterEighteenMultinationalCashManagementChapterObjective:Thischapterdiscussesvario

usissuesassociatedwithmultinationalcashmanagement.ChapterOutline⚫TheManagementofMultinationalCashBalances⚫CashManagementSyste

msinPractice⚫TransferPricing&RelatedIssues⚫BlockedFunds1TheManagementofInternationalCashBalances⚫Thesizeofcashbalances⚫Thecurrencyden

omination⚫Wherethesecashbalancesarelocated2TheSizeofCashBalances⚫Theoptimalsizeofthefirm’scashbalancesdependupon:◼Thecostofkeeping“toom

uch”cashonhand.◆i.e.theopportunitycostsofholdingcash◼Thecostofnotkeepingenoughcashonhand.◆i.e.thetradingcostsassociatedwithhavingtoolitt

lecash◼Thevariabilityofcashflows.3ChoiceofCurrency⚫Bymaintainingcashbalancesinaparticularcurrency,theMNCisessentiallyspeculating(orhedging?

)inthatcurrency.4WhereCashBalancesareLocated.⚫Shouldthefirmhavecentralizedcashmanagementinthehomecountry?⚫Orshouldthefirmleteachaffiliatehandleitl

ocally?⚫Whereareborrowingcostslowestandinvestmentreturnshighest?5CashManagementSystemsinPractice⚫MultilateralNetting◼Isanefficientandcost-effe

ctivemechanismforsettlinginteraffiliateforeignexchangetransactions.⚫NotallcountriesallowMNCstonetpay

ments◼Bylimitingnetting,moreunnecessaryforeignexchangetransactionsflowthroughthelocalbankingsystem.6Multilateral

NettingConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions:$10$35$40$30$20$25$60$40$10$30$20$307MultilateralNettingB

ilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$20$25$60$40$10$30$20$3

08MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$60$

40$10$10$20$309MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:

$10$35$40$30$25$60$40$10$10$20$3010MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$

60$40$10$10$20$3011MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$1

0$10$20$3012MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$6

0$40$10$10$1013MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$40$10$10$

1014MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25

$60$40$10$10$1015MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$

10$25$60$40$10$10$1016MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1017Multilater

alNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1018MultilateralN

ettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$15$20$10$1019MultilateralNettingConsi

dersimplifyingthebilateralnettingwithmultilateralnetting:$25$10$15$20$10$1020MultilateralNettingConsid

ersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$20$10$10$1021MultilateralNettingConsidersimplifyingthebilateralnettingwithmul

tilateralnetting:$15$10$15$20$10$1022MultilateralNettingConsidersimplifyingthebilateralnettingwithmultil

ateralnetting:$15$10$15$20$10$1023MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1024MultilateralN

ettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1025MultilateralNetting

Considersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1026MultilateralNettingConsidersimplifyin

gthebilateralnettingwithmultilateralnetting:$10$15$30$1027MultilateralNettingConsidersimplifyingthebil

ateralnettingwithmultilateralnetting:$10$15$30$1028MultilateralNettingConsidersimplifyingthebilateralnettingwit

hmultilateralnetting:$10$15$30$1029MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$

3030MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3031MultilateralNettingConsidersimplifyingthebil

ateralnettingwithmultilateralnetting:$15$4032MultilateralNettingClearly,multilateralnettingcansimplifythingsgreat

ly.$15$4033MultilateralNettingComparethis:$10$35$40$30$20$25$60$40$10$30$20$3034MultilateralNettingWiththis:$15$4035TransferPricing&RelatedIssues⚫Th

eTransferPriceisthepricethatforaccountingpurposes,isassignedtogoodsandservicesflowingfromonedivisionofafirmtoanotherdivision.⚫Controversialforad

omesticfirm◼Considertheexampleofafirmthathasonedivisionthatmillslumberandanotherthatmakesfurniture.Thetransferpriceofthelumberisapoliticalaswellase

conomicandaccountingissue.36TransferPricing&RelatedIssues⚫ForMNC,thereexiststheaddedcomplicationsof:◼Differencesintaxrates.◼Import

dutiesandquotas.◼Exchangeraterestrictionsonthepartofthehostcountry.37BlockedFunds⚫Aformofpoliticalriskistheriskthatthef

oreigngovernmentmayimposeexchangerestrictionsonitsowncurrency.⚫Severalmethodsexistformovingblockedfunds:◼Transferpricing◼Unbundlingservic

es◼Parallelandback-to-backloans◼Swaps38BlockedFunds⚫Additionalstrategiesforunblockingfunds:◼Exportcreation◼Directnegotiation◆Usingtheblockedfund

stobuygoodsandservicesfortheMNC.◆Forexample,usetheNationalAirlinesofthehostcountryfortravelofexecutivesoftheMNC,andpa

yfortheticketswiththeblockedfunds.◆Transferlocalexpatriatesfromhomepayrolltothelocalsubsidiariespayroll.39EndChapterEighteen40