Have view altered by money

Every so often a book appears that makes a teacher reflect on how a subject should be introduced to the beginner. Global Finance and Financial Markets, an overview of the world of international money and investment, falls into this category.

In nine short chapters, plus a glossary of terms, it provides an overview of money and interest, the role of banks, stock-market investments, derivatives, exchange rates, interest rates, global finance, risk and uncertainty, and how the international financial system is evolving in the 21st century. While each chapter merits a book of its own, the author has sought, successfully, to provide the reader with the essentials for each topic. For example, the chapter on futures and options avoids mathematical complexities through a conceptual exposition of how options are valued and their practical use.

While not a traditional textbook as such (although there are end-of-chapter exercises), it is particularly suitable as a primer for introductory courses in international finance or for participants on executive development courses, where there is a need to ensure that participants have a basic understanding of the

international financial system and instruments. Though outstanding in its approach, it is regrettable that the text does not have more illustrations.

Peter Moles is lecturer in finance, School of Management, University of Edinburgh.