About this book
Franklin Escher's Elements of Foreign Exchange: A Foreign Exchange Primer is an essential guide to understanding international finance and currency markets. Originally published in 1915 and now in its fifth edition, this classic economics text demystifies the mechanisms of foreign exchange that drive global commerce between nations.
Escher, a special lecturer on foreign exchange at New York University, breaks down complex financial concepts into digestible chapters. Explore what foreign exchange is and how it emerges from international commercial obligations. Learn the six primary sources driving demand for bills of exchange, discover how exchange rates fluctuate based on five key market influences, and understand the various instruments used in currency trading—from commercial bills to bankers' drafts.
This primer also delves into the foreign exchange market's structure, revealing how dealers, brokers, and bankers establish rates and conduct profitable operations. Escher provides intimate descriptions of real trading strategies, including cable sales, arbitrage techniques, and finance bill operations. The final chapters examine gold exports and imports, illustrating how precious metals flow across borders along favorable exchange rate lines.
Ideal for business professionals, economics students, historians of finance, and anyone seeking to understand early twentieth-century international monetary systems, this audiobook offers timeless insights into currency markets that remain relevant today. Whether you're researching financial history or building foundational knowledge of foreign exchange principles, Escher's authoritative yet accessible approach makes this indispensable.
