国际金融英文CHAPTER 5
国际金融第五章英文版 自制笔记
Chapter 5 The Foreign Exchange Market外汇市场PART ONE 学习准备：（一）学习目标1.Examine the functions performed by the foreign exchange (FOREX) market, its participants, size, geographic and currency composition检查外汇市场的作用及其参与者，规模、地域和货币组成。
2.Understand the definitions and distinguish between spot, forward, swap, and other types of foreign exchange financial instruments理解（这些的）定义和区分,现货（spot），远期（forward），掉期（swap）,和其他类型的外汇金融工具。
3.Learn the forms of currency quotations used by currency dealers, financial institutions, and agents学习货币交易商,金融机构和代理使用的各种形式的货币报价。
4.Analyze the interaction among changing currency values, cross exchange rates and opportunities arising from inter-market arbitrage理解货币价值变化、交叉汇率和国际市场套利形成的机会。
（二）一些重要的定义外汇市场的定义：外汇市场是为一种货币兑换为另一种货币提供了场所和组织结构，两种货币之间的汇率是确定好的，且外汇交易是通过现货方式完成的。
外汇的定义：外汇是指外国的货币，确切的说是银行余额、纸币、支票和汇票。
外汇交易的定义：是买方和卖方之间的协议，即将一定数目的一种货币以一个确定的汇率兑换成另一种货币。
国际金融-chapter five
Money 、interest rate、 exchange rate
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Key terms
• Aggregate Money Demand • interest parity
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• This chapter combines the foreignexchange market with the money market to determine the exchange rate in the short run.
Interest rate
Money supply M1s/P
• Now lets make everything disappear….
Equilibrium interest rate i1=10%
Money demand L(i,y)
real money balances
Graphical Illustration
Foreign exchange market
R€ (Euro interest rate)
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E$/€ (Dollar/Euro exchange rate)
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The Equilibrium Interest Rate: The Interaction of Money Supply and Demand
• U.S. Money Supply and the Dollar/Euro Exchange Rate
– What happens when the Federal Reserve changes the U.S. money supply?
• An increase (decrease) in a country’s money supply causes its currency to depreciate (appreciate) in the foreign exchange market.
国际金融第五章 外汇风险管理 课件
例如
• 1991年美国某公司同意大利某公司达成一项工 程合作协议，合同金额为2000万美元，期限为 10年
• 由于金额大、期限长，双方规定计价货币为3种 货币搭配，其中$40% ，DM40%，里拉20%
• 从而避免了单种计价货币汇率变动危险
（二）配对抵消法避险
平衡法
•平衡法：在同一时期内，建立一笔与原风险存在的相同货币、相 同金额、相同期限的资金反方向流动。
举 例（1）
•该公司与交易所达成协议，以1英镑=1.5美元的比价，出卖美元外 汇期货合同4个，每一标准合同金额为3.75万美元，共出卖15万美 元外汇期货。 •6月份在现货市场上美元贬值，为1英镑=1.65美元，该公司在现货 市场卖出15万美元的出口货款只得到9.091万英镑。 •在6月份购买15万美元期货合同，所需成本9.091万英镑。 •不考虑保证金和手续费，该公司以期货市场0.909万英镑的盈利， 抵补了现货市场0.909万英镑的损失。
•例如，国内某企业3个月后有一笔10万美元的应收账款，为防止美 元对人民币汇率下跌造成收入减少，该企业可以设法采取进口一批 10万美元的原材料，同样在3个月后支付，这样使3个月后有一笔同 等数额的外汇收入和支出相互抵消，从而消除外汇风险。 •但是在一般情况下，要达到每笔交易的应收应付货币“完全平衡” 是不太现实的。
• 某日美进口商与日本签订价值1000万日元的贸易合同，约定3个月后支付 日元。假设贸易合同签订日的外汇行情为：
• 已知即期汇率 USD / JPY = 117.60 / 70 • 3个月远期汇率 USD / JPY = 117.30 / 50 • 假如 3个月后的即期汇率 USD / JPY = 115.80 / 90 问： 1. 若美商现在就支付1000万日元需要多少美元？ 2. 若美商现在不买日元，而是待付款时再购买日元届时需要多少美元？ 3. 在不考虑利率因素的情况下，比较（1）和（2）的损益情况。 4. 若美商采取远期交易以规避汇率风险，应如何操作？成本为多少？
国际金融环境(英文版)International Financial Markets
Liquidity is a financial market’s most important characteristic
Liquidity - the ease of capturing an asset’s value
- Reflects a market’s operational efficiency - Impacts a market’s informational and
Part II
The International Financial Environment
Chapter 3 International Financial Markets Chapter 4 Foreign Exchange, Eurocurrencies,
and Currency Risk Management Chapter 5 The International Parity Conditions
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Major domestic debt markets
(billions)
Source: Bank for International Settlements (June 2002)
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Public debt markets
International markets
- Foreign bonds are issued in a domestic market by a foreign borrower Toronto Dominion 6.45 09 trade OTC in the U.S.
Rank Commercial bank 1 American Express Bank 2 UBS 3 Arab Banking Corp 4 Credit Suisse Group 5 Standard Chartered 6 Deutsche Bank 7 ABN-AMRO 8 BNP Paribas 9 Investec 10 KBC
国际金融英文CHAPTER 5
Quantity theory equation
Ms = k*P*Y
Ratio of prices between countries:
e = (P/Pf) = (Ms/Msf)*(kf/k)*(Yf/Y)
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Extention: Nominal and Real Interest Rate 名义利率与实际利率
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5.2 Purchasing Power Parity 购买力平价理论
5.2.1 The law of one price 单一价格法则
A product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere, once the prices at different places are expressed in the same currency.
实用国际金融英语参考答案
《实用国际金融英语》参考答案Chapter 1Lead-in Activities1. Balance of payment data serve as record of the flows of goods, services and finance between an economy and the rest of the world. As one of the primary functions of the IMF is to prevent financial crises and assist countries in balance of payment difficulties, the collection of standardized, comparable balance of payment data is seen as a core task.BOP is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers:·All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world;·Capital transfers and changes in an economy’s external financial claims and liabilities.2. When a country has a surplus in its current account, i.e. when its exports exceed its imports, there will probably be a surplus in the balance of payment because the current account forms a very large proportion in the balance of payment. The surplus means the supply of foreign exchange exceeds demand. The monetary authority has to increase the purchase of the foreign currency and the stock of its international reserve. Meanwhile, the supply of domestic currency adds at an accelerated speed, which may lead to further issue of the local currency and cause inflation.3. When there is a long-lasting surplus in the balance of payment, particularly in the current account, there will also be excessive demand for its currency. The country’s exchange rate will rise, unless the central bank is willing to provide its currency to the market in exchange for foreign currencies. For example, when the export of the United States exceeds much more than import, a large quantity of US dollars are wanted by those importers to pay for the US goods. Thus, the exchange rate of US dollars rises.When the balance of payment has a long-lasting deficit, the payable debts denominated in foreign currencies are more than receivable claims; there will be a considerable demand for foreign currencies over the supply. As a result, the foreign currencies wanted appreciate, and the domestic one devalues.4.Temporary drop of surplus or moderate short-term deficit does not seriously affect a country’s economy or foreign trade. On one hand, deficit means larger amount of import than export in current account; on the other hand, it more likely shows an increasing demand of foreign currencies to pay for the imported goods. In other words, deficit may cause the raise of exchange rate of foreign hard currencies, which is conducive to the investors from the issuing countries of these appreciating currencies. This is surely good news to those that are in need of foreign investment. Temporary drop of surplus helps cool off the national economy and serves as a brake stopping ongoing inflation.5.The stock of international reserve should be neither more or less than necessary. The International Exchange Reserves are kept in the debit entry in BOP statements in that the monetary authority has to pay in exchange for the foreign hard currencies. Therefore, the amount and composition of exchange reserves are to be decided by taking the following factors into consideration.(1) The duration of the government’s external debt should be related to the duration of thereserves, with emphasis on the interest rate exposure risk.(2) High-risk-return assets should be limited within a safe range.(3) One of the most important issues raised in the context of investing the reserves of a centralbank is the choice of a reference basket.It is well recognized that the lowest level of the stock of international reserve should be no less than the amount payable for a 3-month import. And, the stronger an economy is, the less international reserve is to be kept.6. C7. CExercisesI. True or False1. F2. F3. F4. F5. F6. F7. F8. F9. F 10. F11. F 12. T 13. F 14. F 15. TII．Translation Task1.在与国际货币基金组织的技术援助使团于2000年上半年进行了磋商之后，国家外汇管理局吸取了国际通行的经验，以提高其国际收支报告的及时性。
国际金融第5章.the exchange rates system
Drawbacks:
– It places undesirable constraints on the use of monetary policy to fight unemployment. – It ensures a stable overall price level only if the relative price of gold and other goods and services is stable. – It makes central banks compete for reserves and bring about world unemployment. – It could give gold producing countries (like Russia and South Africa) too much power.
• • • •
Managed floating Regional currency arrangements Developing countries and countries in transition Lessons of the past for the future
Copyright © 2003 Pearson Education, Inc.
Copyright © 2003 Pearson Education, Inc.
4.2 Symmetric Monetary Adjustment Under a Gold Standard • Whenever a country is losing reserves and its money supply shrinks as a consequence, foreign countries are gaining reserves and their money supplies expand. 4.3 Benefits and Drawbacks of the Gold Standard • Benefits:
《金融专业英语》chapter 5
5.2.1 Definition and Development of a Commercial Bank
➢ A bank can be defined in terms of : the economic functions it serves, the services it offers to its customers, or the legal basis for its existence.[5] Certainly banks can be identified by the functions they perform in the economy. They are involved in transferring funds from savers to borrowers and in paying for goods and services.
➢ Most newly created central bank money enters the economy through banks or the government. The Federal Reserve can create new assets to be carried on bank balance sheets, and then banks issue new commercial loans from those new assets. Most central bank money creation becomes, and is exponentially increased by, commercial bank money creation.
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Uncovered Interest Parity / International Fisher Effect国际费雪效应
Uncovered interest parity (International Fisher Effect, IFE)
EUD = (1 + if)*eex/e – (1+ id) = 0 That is, e = eex/(id – if ) For any two countries, the spot exchange rate should change in an equal amount but in the opposite direction to the difference in nominal interest rates between the two countries. 任何两国的即期汇率应随两国间名义利率的不同， 按相反的方向作等量的变化。
IF Chapter 5
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5.2 Purchasing Power Parity 购买力平价理论
5.2.1 The law of one price 单一价格法则
A product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere, once the prices at different places are expressed in the same currency.
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5.2.3 Key Implications of Relative PPP
A country with a relatively high inflation rate will have a depreciating currency. 一国物价的上涨意 味着一国货币相对外国货币的贬值 A country with a relatively low inflation rate will have an appreciating currency. The rate of appreciation or depreciation will be approximately equal to the percentage-point difference in the inflation rates.
The law of one price does not hold closely for most products because
Transport costs Trade barriers (not free trade) Imperfectly competitive markets
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5.2.2 Absolute Purchasing Power Parity (Absolute PPP)
At a point in time (Absolute PPP 绝对购买力平价理论 绝对购买力平价理论) e = P/Pf 指某一时点两国的一般物价水平决定了两国货 币的汇率水平。
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5.1 Asset Market Approach 资产市场分析理论
In asset models, the interrelationship between the demand and supply of the specified assets determines the price of foreign exchange. This approach emphasizes the role of portfolio repositioning by international financial investors.
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5.4 Exchange Rate Overshooting
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5.5 Exchange rate prediction
Short run: random walk Long run: PPP; Monetary approach
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Bandwagon effect 跟风效应 Investors may expect the recent trend in the exchange rate will continue. Based on the belief that exchange rates eventually return to values consistent with basic economic conditions.
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5.2.3 Relative PPP
Changes over time (Relative PPP 相对购买力 平价理论): the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time. 说明汇率在一个给定时期内的比率变动将与同 一期间内各国的通货膨胀率差异相抵消。
CHAPTER 5
What Determines Exchange Rates?
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Overview
Short-run movements in exchange rates
Asset market approach to exhange rates
Long-term trends
Inflation rate 通货膨胀率: the percentage increase in the price level over time.
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5.2.3 Relative PPP
From time 0 to time t: et Pt Pf,t e0 P0 Pf,0 Or, approximately: Rate of appreciation of the foreign currency = ∏- ∏ f %e = %P - %Pf
Quantity theory equation
Ms = k*P*Y
Ratio of prices between countries:
e = (P/Pf) = (Ms/Msf)*(kf/k)*(Yf/Y)
IF Chapter 5
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Extention: Nominal and Real Interest Rate 名义利率与实际利率
Quantity theory of Money 货币数量论
The quantity of money available determines the price level and the growth rate in the quantity of money available determines the inflation rate. 货币供应量的变动既影响物价 总水平的变动，也影响总产量或国民收入的变动。 M*V = P*Y
在没有运输费用和贸易壁垒的竞争性市场中，同样的商 品当其价格以同样的货币表示时，在不同的国家必须以 同样的价格出售。
P = Pfe
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5.2.1 The law of one price 单一价格法则
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5.2.1 The law of one price 单一价格法则
5.1 Asset Market Approach 资产市场分析理论
Figure 5.2 Exchange Rates: Short Run
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5.1 Asset Market Approach 资产市场分析理论
What determines the expectations?
Purchasing power parity Monetary approach
Tendency for exhange rates to ‘overshoot’ How useful these concepts and relationships really are
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In countries where inflation is expected to be high, interest rates also will be hign, because investors want compensation for the decline in the value of their money. 通胀率预期高的国家利率也高，因为 投资者要为其货币价值的下降取得补偿。 Fisher Effect: a country’s “nominal” interest rate(i) is the sum of the required “real” rate of interest(r) and the expected rate of inflation over the period(I). More formally, i=r+I
（Rate of appreciation of the foreign currency = ∏- ∏f ） ∏ > ∏f , foreign currency appreciate; ∏ < ∏f , foreign currency depreciate.
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