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INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition18ChapterEighteenMultinationalCashManagementChapterObjective:Thisc

hapterdiscussesvariousissuesassociatedwithmultinationalcashmanagement.ChapterOutline⚫TheManagementofMultinationalCashBalances⚫CashManagementSyst

emsinPractice⚫TransferPricing&RelatedIssues⚫BlockedFunds1TheManagementofInternationalCashBalances⚫Thesizeofcashbalances⚫Thecurrenc

ydenomination⚫Wherethesecashbalancesarelocated2TheSizeofCashBalances⚫Theoptimalsizeofthefirm’scashbalancesdependupon:◼Thecostof

keeping“toomuch”cashonhand.◆i.e.theopportunitycostsofholdingcash◼Thecostofnotkeepingenoughcashonhand.◆i.e.thetradingco

stsassociatedwithhavingtoolittlecash◼Thevariabilityofcashflows.3ChoiceofCurrency⚫Bymaintainingcashbalancesinaparticula

rcurrency,theMNCisessentiallyspeculating(orhedging?)inthatcurrency.4WhereCashBalancesareLocated.⚫Shouldthef

irmhavecentralizedcashmanagementinthehomecountry?⚫Orshouldthefirmleteachaffiliatehandleitlocally?⚫Whereareborrowingcostslowestandinvestmentreturnsh

ighest?5CashManagementSystemsinPractice⚫MultilateralNetting◼Isanefficientandcost-effectivemechanismforsettlinginteraffiliateforeignexchange

transactions.⚫NotallcountriesallowMNCstonetpayments◼Bylimitingnetting,moreunnecessaryforeignexchangetransactionsflowthroughthelocalbankingsy

stem.6MultilateralNettingConsideraU.S.MNCwiththreesubsidiariesandthefollowingforeignexchangetransactions:$10$35$40$30$20$25$60$40$10$3

0$20$307MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$20$25$60

$40$10$30$20$308MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$30$25$

60$40$10$10$20$309MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$40$

30$25$60$40$10$10$20$3010MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$1

0$25$60$40$10$10$20$3011MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransac

tionsbyhalf:$10$35$10$25$60$40$10$10$20$3012MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$6

0$40$10$10$1013MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$10$35$10$25$60$4

0$10$10$1014MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60$40$10$1

0$1015MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$60

$40$10$10$1016MultilateralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1017Multilate

ralNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$25$20$10$10$1018Multilatera

lNettingBilateralNettingwouldreducethenumberofforeignexchangetransactionsbyhalf:$25$10$15$20$10$1019Multi

lateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$25$10$15$20$10$1020MultilateralNettingConsidersimplifyingtheb

ilateralnettingwithmultilateralnetting:$15$10$15$20$10$10$1021MultilateralNettingConsidersimplifyingthebilateralnettingwithmu

ltilateralnetting:$15$10$15$20$10$1022MultilateralNettingConsidersimplifyingthebilateralnettingwithmul

tilateralnetting:$15$10$15$20$10$1023MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15

$10$15$30$1024MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30

$1025MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$15$10$15$30$1026Multilate

ralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$30$1027MultilateralNettingConsidersimplifyingthebilateralne

ttingwithmultilateralnetting:$10$15$30$1028MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:

$10$15$30$1029MultilateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3030Multil

ateralNettingConsidersimplifyingthebilateralnettingwithmultilateralnetting:$10$15$3031MultilateralNettingConsidersimplifyingthebilateralnetting

withmultilateralnetting:$15$4032MultilateralNettingClearly,multilateralnettingcansimplifythingsgreatly.$15$4033MultilateralNettingComparet

his:$10$35$40$30$20$25$60$40$10$30$20$3034MultilateralNettingWiththis:$15$4035TransferPricing&RelatedIssues⚫TheTransfe

rPriceisthepricethatforaccountingpurposes,isassignedtogoodsandservicesflowingfromonedivisionofafirmtoanotherdivision.⚫Controversialforadome

sticfirm◼Considertheexampleofafirmthathasonedivisionthatmillslumberandanotherthatmakesfurniture.Thetransferpriceofthelumberisapolitica

laswellaseconomicandaccountingissue.36TransferPricing&RelatedIssues⚫ForMNC,thereexiststheaddedcomplicationsof:◼Differen

cesintaxrates.◼Importdutiesandquotas.◼Exchangeraterestrictionsonthepartofthehostcountry.37BlockedFunds⚫Aformofpoliticalriskis

theriskthattheforeigngovernmentmayimposeexchangerestrictionsonitsowncurrency.⚫Severalmethodsexistformovingblockedfunds:◼Transferpricing◼Unbundl

ingservices◼Parallelandback-to-backloans◼Swaps38BlockedFunds⚫Additionalstrategiesforunblockingfunds:◼Ex

portcreation◼Directnegotiation◆UsingtheblockedfundstobuygoodsandservicesfortheMNC.◆Forexample,usetheNationalAirlinesofthehostcountryfortravelofexecut

ivesoftheMNC,andpayfortheticketswiththeblockedfunds.◆Transferlocalexpatriatesfromhomepayrolltothelocalsubsidiariespa

yroll.39EndChapterEighteen40