This study considers a consumption and international investment problem under a quadratic model, where interest rates, the market price of risk, the variances and covariances of asset returns, inflation rates, and exchange rates are stochastic. We assume that the state vector consists of the global state and the currency-specific state, which are independent. We derive the optimal consumption and international portfolio analytically. We obtain the following results: i) The indirect utility function, optimal consumption, and optimal investment depend not only on each of the global state and the currency-specific state, but also on the interaction of the two states; ii) The optimal international portfolio is a nonlinear function not only of the global state but also of the currency-specific state, and depends on the currency-specific state, the domestic market price of currency-specific risk, the differences between the domestic and foreign market prices of global risk and of currency-specific risk, in addition to the global state and the domestic market price of global risk. These results suggest that the market timing effects are more important in the international portfolio than in the domestic portfolio.