国际金融英文版PPT(共46页)
合集下载
第四章 《国际金融》PPT课件
Application of PPP
• Choosing the right initial exchange rate for a newly independent country;
• Forecasting medium- and long-term real exchange rates;
✓ 也可以理解为：汇率水平（E）和相对价格水平（ P*/ P ） 的乘积。
✓ 注意，这里的E是现实世界已知的名义汇率，区别于上面 的根据购买力计算出来的名义汇率e。
✓ 测试购买力平价偏离的程度； a. 如果绝对形式的PPP成立的话，真实汇率应该为1，
但大多时候都不等于1。 b. 如果相对形式的PPP成立的话，真实汇率应该为一
e0
P0 P0*
• 一般化为：
e1
P1 P1 *
P1P0
* *
• 也可以表示为：e *
• One country’s inflation rate can only be higher (lower) than another’s to the extent that its exchange rate depreciates (appreciates).
• There is little empirical support for absolute purchasing power parity.
– The prices of identical commodity baskets, when converted to a single currency, differ substantially across countries.
• Speculation: the activity of holding a good or security in the hope of profiting from a future rise in its price.
罗伯特J凯伯《国际金融》(第十三版英文版)课件
Instruments
• Direct controls
• Government restrictions on the market economy • To control particular items in the current account • To restrain capital outflows • To stimulate capital inflows
9
FIGURE 16.1 Macroeconomic equilibrium: the aggregate demand-aggregate supply model
The economy is in equilibrium where the aggregate demand curve intersects the aggregate supply curve. This intersection determines the equilibrium price level and output for the economy. Increases (decreases) in aggregate demand or aggregate supply result in rightward (leftward) shifts in these curves.
3
Policy Instruments
• Expenditure-changing policies
• Alter the level of total spending (aggregate demand) for goods and services
• Produced domestically and imported
6
• Direct controls
• Government restrictions on the market economy • To control particular items in the current account • To restrain capital outflows • To stimulate capital inflows
9
FIGURE 16.1 Macroeconomic equilibrium: the aggregate demand-aggregate supply model
The economy is in equilibrium where the aggregate demand curve intersects the aggregate supply curve. This intersection determines the equilibrium price level and output for the economy. Increases (decreases) in aggregate demand or aggregate supply result in rightward (leftward) shifts in these curves.
3
Policy Instruments
• Expenditure-changing policies
• Alter the level of total spending (aggregate demand) for goods and services
• Produced domestically and imported
6
国际金融英文PPT课件 (3)
Factor income consists largely of payments and receipts of interest, dividends, and other income from foreign investment.
Unilateral transfers mean unrequited payments (无偿支 3-10 付) including foreign aid, reparation, and gifts.
How the balance of payments accounts is formed?
3-0
Chapter Outline
3.1 Balance of Payments Accounting 3.2 Balance of Payments Accounts
3.2.1 The Current Account 3.2.2 The Capital Account 3.2.3 Statistical Discrepancy 3.2.4 Official Reserves Account
3.2 Balance of Payments Accounts
The balance of payments accounts are those that record all international transactions between the residents of a country and residents of all foreign nations.
International economic transactions[1] include import and export of goods and services, and cross-border investments in businesses, bank accounts, bonds, stocks, and real estate.
Unilateral transfers mean unrequited payments (无偿支 3-10 付) including foreign aid, reparation, and gifts.
How the balance of payments accounts is formed?
3-0
Chapter Outline
3.1 Balance of Payments Accounting 3.2 Balance of Payments Accounts
3.2.1 The Current Account 3.2.2 The Capital Account 3.2.3 Statistical Discrepancy 3.2.4 Official Reserves Account
3.2 Balance of Payments Accounts
The balance of payments accounts are those that record all international transactions between the residents of a country and residents of all foreign nations.
International economic transactions[1] include import and export of goods and services, and cross-border investments in businesses, bank accounts, bonds, stocks, and real estate.
《国际金融学》PPT课件全
现代国际金融学时期
以布雷顿森林体系为研究背景，分析 国际货币制度演变及国际金融市场发 展。
国际金融学的研究方法
实证分析方法
运用统计数据和计量经济学工具，对国 际金融现象进行定量分析和检验。
案例分析方法
通过对典型国家或地区的国际金融实 践进行案例分析，提炼经验和教训。
规范分析方法
基于经济学原理和国际金融理论，对 国际金融问题进行定性分析和逻辑推 理。
国际资本流出可分散母国投资风险，获取更高收益；但也可能导致 母国产业空心化、失业率上升等问题。
对全球经济的影响
国际资本流动推动了全球范围内的资源配置优化和经济增长；但同 时也加剧了全球经济波动和风险传递。
国际资本流动的管理与政策
01
管理措施
02
实行外汇管制：通过对外汇的买卖、兑换和转移进行限制 ，控制国际资本流动。
04
CATALOGUE
国际金融市场
国际金融市场概述
1 2
定义
国际金融市场是指由国际性的资金借贷、结算、 汇兑以及有价证券、黄金和外汇的买卖活动所组 成的市场。
功能
国际金融市场的主要功能包括资金融通、外汇买 卖、风险管理、国际结算以及信息传递等。
3
分类
根据交易性质的不同，国际金融市场可分为货币 市场、资本市场、外汇市场、黄金市场以及衍生 金融工具市场等。
牙买加体系
1976年牙买加协议确立了以浮动汇率制为主导的国际货币体系，各国 可自由选择汇率制度，国际储备货币多元化。
布雷顿森林体系
建立背景
二战后，美国经济实力空前膨胀，黄金储备占全球70%以 上，为建立以美元为中心的国际货币体系奠定了基础。
主要内容
美元与黄金挂钩，其他国家货币与美元挂钩，实行可调节 的固定汇率制度；成立国际货币基金组织和世界银行两大 国际金融机构。
国际金融英文版PPT CH7
0.84-0.64
0.30-0.17 1.17-0.90 0.40-0.20 0.05-0.04 0.28-0.03
1.02-0.82
0.28-0.18 1.33-1.18 0.60-0.40 0.35-0.25 0.33-0.10
1.30-1.10
0.47-0.35 1.88-1.35 0.92-0.82 0.46-0.26 0.40-0.19
(+) $1m deposit (-) $1m deposit at Bank of America of Chinese firm
The U.S. banking system is not effected. One million eurodollar is created in Hong Kong.
Eurocurrency Markets
Eurocurrency market is for transactions of financial assets and liabilities denominated in Eurocurrencies. Eurocurrency is a currency held in a country other than the country the currency is issued. For example, a dollar deposit in a London bank or a Paris bank. The dollar is called Eurodollar. If a sterling deposit held in a Japanese bank, the sterling is called Eurosterling.
Introduction 国际金融英文课件
• National Income Accounting and the Balance of Payments
• Exchange Rates and the Foreign Exchange Market
• Monetary, Interest Rates, and Exchange rates
Introduction
本课程将介绍国际金融的基本理论 与工具，进而对国际金融问题和政 策进行分析。
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
12-1
1. EXCHANGE RATES AND OPENECONOMY MACROECONOMICS
12-6
Chapter 12
National Income Accounting and the Balance of Payments
Slides prepared by Thomas Bishop
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
National income is often defined to be the income earned by a nation’s factors of production.
Producers earn income from buyers who spend money on goods and services.
The amount of expenditure by buyers = the amount of income for sellers = the value of production.
• Exchange Rates and the Foreign Exchange Market
• Monetary, Interest Rates, and Exchange rates
Introduction
本课程将介绍国际金融的基本理论 与工具，进而对国际金融问题和政 策进行分析。
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
12-1
1. EXCHANGE RATES AND OPENECONOMY MACROECONOMICS
12-6
Chapter 12
National Income Accounting and the Balance of Payments
Slides prepared by Thomas Bishop
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
National income is often defined to be the income earned by a nation’s factors of production.
Producers earn income from buyers who spend money on goods and services.
The amount of expenditure by buyers = the amount of income for sellers = the value of production.
国际金融学英文课件：ch06 International Banking
Consequently, very few nations’ investment projects are purely domestically financed. Most of the largest banking institutions, called megabanks, are located in Japan and Europe. Economies of scale can explain the existence of megabanks whose operations span the globe. Some economists believe that a particular form of economies of scale may explain the existence of megabanks: economies of scale in information processing.
Potential rivalry, or banking competition, measured by portion of total deposits/assets concentrated among a nation’s largest banks, is the main indicator of bank market structure.
12
Section 2: Banking Around the Globe
Business of banking varies from nation to nation. Each country has its own unique banking history,
and this fact alone accounts for distinctive features of national banking system. Banks’ role; bank market structure; legal environment;
国际金融英文版PPT CH3
Spot Exchange Market and Exchange Rate Quotations
The spot exchange market is a market that deals in foreign exchange for immediate delivery. Immediate delivery in foreign currencies usually means within two business days.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
Small- to medium-size banks are not market makers in the interbank market. They buy from and sell to larger banks to offset retail transactions with their own customers.
American quote is the dollar per currency quote, i.e. the price of other currencies in terms of the dollar. Example: US$ 1.57 = ￡1 US$ 1.35 = €1
Hale Waihona Puke European quote is the currencies per dollar quote, i.e. the price of the dollar in terms of the other currencies. Example: A$ 1.02 = US$ 1 € 0.74 = US$ 1
国际金融双语PPT课件-总复习
保险公司
定义
保险公司是专门经营风险业务的金融机构。
主要业务
提供各类保险产品和服务，如人寿保险、财产保 险等。
例子
中国平安保险（Ping （AIG）。
An）、美国国际集团
基金公司
定义
基金公司是专门经营投资基 金的金融机构，通过集合投 资者的资金进行投资。
主பைடு நூலகம்业务
发行和管理投资基金，包括 股票基金、债券基金、混合 基金等。
06
国际金融市场的发展趋势与挑战
全球化趋势
01
资本流动自由化
随着全球化进程加速，资本流动 更加自由，跨国投资和融资活动 日益频繁。
02
贸易金融一体化
03
金融市场互联互通
国际贸易金融体系不断融合，各 国经济联系更加紧密，贸易和金 融相互促进。
各国金融市场逐渐开放，跨境金 融合作不断深化，金融市场互联 互通成为趋势。
01 债券交易是指买卖债券的行为，是一种债务 融资方式。
02
债券市场是发行和交易债券的场所，为企业 和政府提供了融资渠道。
03
债券交易可以通过证券交易所或场外交易市 场进行。
04
债券交易的风险包括信用风险和利率风险。
期货交易
期货交易是指买卖期货合 约的行为，是一种风险管 理工具。
期货交易可以通过交易所 进行，合约具有标准化特 征。
02
03
外汇交易可以通过即期交易、远 期交易和掉期交易等方式进行。
04
股票交易
股票交易是指买卖公司股票的行为，是投资 者对企业价值的认可。
股票交易可以通过证券交易所或场外交易市 场进行。
股票市场是资本市场的重要组成部分，为企 业提供了融资渠道。
国际金融英文PPT课件 (5)
International Parity Conditions and Exchange Rate Determination
5
Chapter Five
Chapter Objective: This chapter examines several key international parity relationships, such as interest rate parity (IRP) and purchasing power parity (PPP).
5-2
5.1.1 Interest Rate Parity Defined
IRP is an “no arbitrage” condition. If IRP did not hold, then it would be possible for
an astute trader to make unlimited amounts of money exploiting the arbitrage opportunity. Since we don’t typically observe persistent arbitrage conditions, we can safely assume that IRP holds.…almost all of the time!
Spot exchange rate 360-day forward rate U.S. discount rate British discount rate
S($/£) = $2.0000/£
F360($/£) = i$ = i£ =
$2.0100/£ 3.00% 2.49%
5-10
Covered Interest Arbitrage
5
Chapter Five
Chapter Objective: This chapter examines several key international parity relationships, such as interest rate parity (IRP) and purchasing power parity (PPP).
5-2
5.1.1 Interest Rate Parity Defined
IRP is an “no arbitrage” condition. If IRP did not hold, then it would be possible for
an astute trader to make unlimited amounts of money exploiting the arbitrage opportunity. Since we don’t typically observe persistent arbitrage conditions, we can safely assume that IRP holds.…almost all of the time!
Spot exchange rate 360-day forward rate U.S. discount rate British discount rate
S($/£) = $2.0000/£
F360($/£) = i$ = i£ =
$2.0100/£ 3.00% 2.49%
5-10
Covered Interest Arbitrage
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
The exchange rate would fluctuate between (0.80 + 0.008) = 0.8008 and (0.80 – 0.008) = 0.792
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
An international monetary system needs to solve the following problems:
An international currency;
The determination of the exchange rate;
A mechanism of balance-of-payments adjustment.
ice-specie-flow mechanism
The centerpiece of the system is to select an international currency as a medium of exchange in international settlements.
Commodity money such as gold or silver were widely used in history. Gold or silver were inconvenient to carry and impractical in settlement.
Commodity-backed money refers to the bank notes which are backed by gold or silver. The bank notes can be freely converted into gold or silver.
Fiat money is inconvertible money that is made legal tender by government decree. The only thing gives the money value is the faith placed in it by the people that use it.
The government announces the gold par value which is the amount of its currency needed to buy one ounce of gold. Therefore, the gold was the international currency under the gold standard.
Gold Standard and Exchange Values
Pegging the value of each currency to gold established an exchange rate system.
The gold par value determined the exchange rate between two currencies known as “mint par of exchange”
Chapter 4
International Monetary System
Definition of the International Monetary System
International monetary system is a set of conventions, rules, procedures and institutions that govern the conduct of financial relations between nations.
Since each country has the gold par value, the exchange rate was then determined by the gold par value of each currency.
The exchange rate was pretty stable because of the gold import and export point. The gold standard was regarded as “fixed exchange rate” system.
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
An international monetary system needs to solve the following problems:
An international currency;
The determination of the exchange rate;
A mechanism of balance-of-payments adjustment.
ice-specie-flow mechanism
The centerpiece of the system is to select an international currency as a medium of exchange in international settlements.
Commodity money such as gold or silver were widely used in history. Gold or silver were inconvenient to carry and impractical in settlement.
Commodity-backed money refers to the bank notes which are backed by gold or silver. The bank notes can be freely converted into gold or silver.
Fiat money is inconvertible money that is made legal tender by government decree. The only thing gives the money value is the faith placed in it by the people that use it.
The government announces the gold par value which is the amount of its currency needed to buy one ounce of gold. Therefore, the gold was the international currency under the gold standard.
Gold Standard and Exchange Values
Pegging the value of each currency to gold established an exchange rate system.
The gold par value determined the exchange rate between two currencies known as “mint par of exchange”
Chapter 4
International Monetary System
Definition of the International Monetary System
International monetary system is a set of conventions, rules, procedures and institutions that govern the conduct of financial relations between nations.
Since each country has the gold par value, the exchange rate was then determined by the gold par value of each currency.
The exchange rate was pretty stable because of the gold import and export point. The gold standard was regarded as “fixed exchange rate” system.