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【正文】 thin which MNEs operate. We later evaluate studies which argue that these factors can confer certain advantages to internationalization of a firm’s activities. In preparation for this analysis we chronicle certain major recent developments in the global financial environment, which indicate the increasing importance of market risk in global financial markets.Exchange rate variabilityFollowing the collapse of the Bretton Woods system of fixed exchange rates in the early 1970s, exchange rate fluctuations have bee increasingly volatile, punctuated by occasional episodes of exchange rate crises. Between 1970 andmid2000, the Yen/US dollar exchange rate has moved from 361 to 107 and the Deutschmark/US dollar rate has fallen from to . However, the dollar has appreciated by about twothirds against sterling over the same period. The crisis in the European Monetary System (ERM) in September 1992 led to significant falls in the value of sterling and the Italian Lira, while the currencies of Thailand, Indonesia, Malaysia, the Philippines, and South Korea lost between onethird and threequarters of their value in the second half of 1997. There have also been major movements in exchange rates following shifits in the monetary policy stance of certain governments, such as the tighter monetary policy followed in the early days of the Thatcher administration in the UK. Indeed, the average volatility of exchange rates, which is in the region of 1015 per ent per year, is sufficient to eliminate the average profit margin for the typical multinational corporation.Interest rate variabilityInterest rate volatility has similarly affected corporate funding costs, cash flows, and net asset values since the early 1970s in the US, and although they subsequently declined, a change in policy by the Federal Reserve caused a sharp increase in both the level and volatility of rates in rates peaked in 1981, and then fell slowly. Since 1983, there have been four more US interest rate cycles. According to Jorion (1996 ), the increase in 1994 eliminated over $ dollar from fixed ine portfolios. Interest rates have also bee more and more volatile since many central banks began to abandon targeting interest rates as a policy objective in favour of targeting money supply growth or inflation. In the UK, interest rates shot up in the late 1980s and early 1990s due to inflationary pressures caused by a relaxation in monetary policy, but then fell substantially with sterling’s withdrawal from the ERM in September 1992.Equity market variabilityEquity markets have also bee extremely volatile. During the inflationary periods of the early 1970s, prices increased significantly only to fall sharply during the bear market of 19745 following a 300 per cent hike in the price of oil. A global recovery then ensued, with minor price reversals in 19823, and the market peaked in 1987. On Black Monday, 19 October 1987, prices plunged. US equities lost 23 per cent of their value, equivalent to over US $1 trillion in equity capital. This was followed by another recovery over the next ten years, sustained worldwide with the exception of Japan, where the Nikkei index fell from 39000 in 1989 to 17000 in 1992, a capital loss of US $ trillion. Finally from midto end 1997, the stock markets of Bangkok, Jakarta, Kuala Lumpur, and Manila lost US $370 billion, or 63 per cent of the four countryes’ bined GDP, while the Seoul stock market declined 60 per cent.Commodity price variability and other sources of increased riskCommodity prices, particularly those in primary product markets, have also been subject to large fluctuations since
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