罗伯特J凯伯《国际金融》(第十三版英文版)课件
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国际金融英文版PPT(共46页)
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.
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.
《国际金融学》PPT课件全
输入 各国标政题策性
银行
如中国国家开发银行、中国进出口银行等，它们在国 内提供政策性金融服务的同时，也积极拓展海外业务， 支持中国企业“走出去”。
各国中央银 行
各国商业银 行
如挪威政府全球养老基金、新加坡政府投资公司等， 它们管理着庞大的外汇储备和财政盈余资金，在全球
范围内进行资产配置和投资。
各国主权财 富基金
成立于1964年，总部设在科特迪瓦经 济首都阿比让。成立目的是为非洲鼓劲 发展的动力，帮助非洲各国进行经济重 建和发展，协助成员国发展经济和减少 贫困，为成员国的经济和社会发展活动 提供资金支持。
各国的国际金融机构
如美联储、欧洲央行等，它们不仅在国内执行货币政 策和金融监管职能，同时也参与国际金融合作与协调。
国际资本流动定义
指资本在国际间转移，包括直接投资、间接投资、国际信贷等方 式。
国际资本流动类型
长期资本流动与短期资本流动。
国际资本流动规模与趋势
近年来，随着全球化进程加速，国际资本流动规模不断扩大，流动 速度也在加快。
国际资本流动的原因与影响
利润驱动
企业为追求更高利润，在全球范围内配置资源。
汇率与利率变动
成立于1966年11月，是面向亚洲和太 平洋地区的区域性政府间金融开发机构。 它不是联合国下属机构，但它是联合国 亚洲及太平洋经济社会委员会（联合国 亚太经社会）赞助建立的机构，同联合 国及其区域和专门机构有密切的联系。
是欧洲经济共同体成员国合资经营的金 融机构，根据1957年《建立欧洲投资 银行协定》的规定，于1958年1月1日 成立。该银行宗旨是利用国际资本市场 和共同体内部资金，促进共同体的平衡 和稳定发展。
《国际金融学》PPT课件 全
《国际金融讲义》课件
4 掌握国际投资策略
学习国际投资的基本理念和策略，提高投资 决策的准确性。
课程大纲
第一章 第二章 第三章 第四章 第五章
国际金融的基本概念 国际金融市场与外汇市场 金融风险管理 货币政策与贸易平衡 国际投资与跨国公司
课程内容
1
第一章
国际金融的基本概念和特点，全球金融市场的结构与机制。
2
第二章
外汇市场和汇率制度，国际收支及汇率形成的影响因素。
《国际金融讲义》PPT课 件
欢迎来到《国际金融讲义》PPT课件，本课程将带您进入精彩的金融世界，探 索全球经济的奥秘。
讲义说明
本讲义将深入介绍国际金融的关键概念和理论，帮助学员全面了解金融市场、 外汇市场和国际投资。
同时，本课程还将重点关注国际金融中的重要问题和挑战，如金融风险管理、 货币政策和贸易平衡。
小组讨论与案例分析
• 组织学员进行小组讨论 和案例分析，激发思维 和合作能力。
• 通过讨论和分析实际问 题，提高学员的问题解
• 决鼓能励力学。员提出自己的见 解和观点，培养批判性 思维和创新能力。
课堂练习和作业
• 提供课堂练习和作业， 帮助学员巩固所学知识
• 和通技过能练。习和作业，评估 学员的学习进展和理解
通过学习本讲义，学员将具备全球金融领域所需的知识和技能，为未来的职 业发展奠定坚实基础。
课程目标
1 深入了解国际金融体系
掌握国际金融市场的基本原则和操作方法。
2 分析并应对金融风险
了解金融市场中的风险因素，学会有效管理 和应对风险。
3 理解货币政策的重要性
掌握货币政策对经济的影响，了解各国央行 的政策措施。
3
第三章
金融风险的种类和评估，金融衍生品的使用与管理。
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_10
The Spread of Government Deposit Insurance Throughout the World: Is This a Good Thing?
• Has government deposit insurance helped improve the performance of the financial system and prevent banking crises? The answer seems to be “no.” Research at the World Bank seems to answer “no,” since on average, the adoption of explicit government deposit insurance is associated with less banking sector stability and a higher incidence of banking crises. Furthermore, on average, deposit insurance seems to retard financial development.
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Types of Financial Regulation: Restrictions on Asset Holdings
• Attempts to restrict financial institutions from too much risk taking: – Bank regulations ▪ Promote diversification ▪ Prohibit holdings of common stock – Capital requirements ▪ Minimum leverage ratio (for banks) ▪ Basel Accord: risk-based capital requirements ▪ Regulatory arbitrage
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_09
$90M
$80M $10M
Bank Capital
Blank
$10M
Blank
– Suppose a bank’s required reserves are 10%.
– If a bank has ample excess reserves, a deposit outflow does not necessitate changes in other parts of its balance sities
Required reserves
Loans
+$10 +$90
Checkable deposits
Blank
+$100
Blank
• Asset transformation: selling liabilities with one set of characteristics and using the proceeds to buy assets with a different set of characteristics
• The bank borrows short and lends long
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
General Principles of Bank Management
• Liquidity Management • Asset Management • Liability Management • Capital Adequacy Management • Credit Risk • Interest-rate Risk
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_07
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: The Coronavirus Stock Market Crash of 2020
• The spread of the coronavirus in February 2020 triggered a stock market crash in which the Dow Jones Industrial Average fell from a peak of 29,551 on February 12 to 18,561 on March 20, a decline of 37%.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: Monetary Policy and Stock Prices (2 of 2)
• Furthermore, a lowering of interest rates is likely to stimulate the economy, so the growth rate in dividends, g, is likely to be somewhat higher. This rise in g also causes the denominator in Equation 5 to decrease, which also leads to a rise in stock prices.
Application: The Coronavirus Stock Market Crash of 2020
• The spread of the coronavirus in February 2020 triggered a stock market crash in which the Dow Jones Industrial Average fell from a peak of 29,551 on February 12 to 18,561 on March 20, a decline of 37%.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
Application: Monetary Policy and Stock Prices (2 of 2)
• Furthermore, a lowering of interest rates is likely to stimulate the economy, so the growth rate in dividends, g, is likely to be somewhat higher. This rise in g also causes the denominator in Equation 5 to decrease, which also leads to a rise in stock prices.
国际经济学(罗伯特J凯伯)PPT课件
贸易鼓励等）。
12
第二节 国际经济学的研究对象及特点
而国际金融理论则主要说明国际经济活动在 各国国民收入决定中的作用（由于国际收支 平衡表涉及总收入和总支出，调整政策影响 国家收入水平和价格总指数，因而这些内容 称为宏观开放经济学），以及各种国内经济 活动对国际经济关系的影响。其主要内容包 括外汇理论与政策、国际收支调整理论与政 策及国际货币制度等。当然，国际经济学的 研究内容在不断深化和发展。
第一节 国际经济学的产生和发展
（二）经济增长与经济发展 ➢ 两者既有联系又有区别。 ➢ 经济增长意味着生产更多的产出，即一个国
家所生产的货物与服务数量总额的增加，或 按人口平均的实际产出的增加，这一过程和 结果通常用货币化的国民生产总值（GNP)、 国内生产总值（GDP)、国民收入（NI)或人均 数值来衡量。它更多的是考虑量的增长。
5
第一节 国际经济学的产生和发展
➢ 经济发展则是伴随着经济结构、社会和政治体 制变革，即制度创新的经济增长。它不仅考虑 量的增长，更要考虑质和效益的提高，是全面 的更高层次的增长。
➢ 经济增长可以在封闭条件下实现，而经济发展 则必须在开放条件下才能实现。
（三）经济的国际化、全球化
➢ 为追求更多的经济福利，国际贸易和国际金融 应运而生。
8
第一节 国际经济学的产生和发展
与人类经济活动发展脉络相对应，国际经济 学的产生过程是： 家政学—微观经济学—宏观经济学—国际经 济学。
国际经济学是一般经济理论在国际经济活动 范围中的延伸和应用，以经济学一般理论为 基础来研究国际经济活动和国际经济关系， 是整个经济学体系的有机组成部分。
三、国内经济与国际经济的异同 经济运行主体的异同
9
第一节 国际经济学的产生和发展
《货币金融学(第十三版)》英文版教学课件mishkin_econ13e_ppt_18
Federal Reserve System
Blank
Blank
Blank
Assets
Blank
Liabilities
Blank
Foreign Assets (International Reserves)
$1B negative $1 B
Monetary Base (reserves)
0
Government Bonds
18.2 Interpret the relationships among the current account, the capital account, and official reserve transactions balance.
18.3 Identify the mechanisms for maintaining a fixed exchange rate and assess the challenges faced by fixed exchange rate regimes.
• Capital Account – Net receipts from capital transactions
• Sum of these two is the official reserve transactions balance
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
• Second, a current account deficit means that foreigners’ claim on U.S. assets is growing.
Copyright © 2022, 2019, 2016 Pearson Education, Inc. All Rights Reserved
国际经济学2 ： 国际金融.13(ppt 24)
• 国际收支则是一种流量，采用国际收支平衡表（Balance of Payments）记录。
• 两者从不同的角度，反映同一国家的国际经济交易活动。 国际借贷作为存量，理论上可看成是一国历年国际收支的 汇总，但事实上并非如此。因为当外汇汇率变动时，国际 借贷平衡表中的各项资产和负债会发生相应的变动，而国 际收支平衡表中并不反映汇率的变动。
国际收支平衡表
（Balance of Payments）
• 根据国际货币基金组织（IMF）的解释，国际收支或国际收支平衡表 （英文同为Balance of Payments），是对一国在一定时期内（通常为1 年、1季或1月）本国居民与外国居民之间发生的全部经济交易的系统 的货币记录（通常以本币作为记帐货币）。
International economics 2: international finance
Ch.13 Balance of payments
Ch.13 国际收支
• 国际金融研究的主要内容是开放经济的宏观经济学。而了 解开放经济条件下一国产出水平和国际经济交易的各种变 量，则是研究开放经济宏观经济学的第一步。经济学家们 用来描述一国开放经济条件下的产出水平和国际经济交易 的变量，主要包括两个相互联系的工具，一是国民收入核 算恒等式，描述开放经济中各经济变量之间的关系；二是 国际收支核算，用以系统地记载一国在一定时期与国外进 行的各项经济交易，也就是通常所说的国际收支平衡表 （Balance of Payments）。
• 一般来说，一国的国际收支通常是不平衡的，平衡只是偶然发生的情 况。
• 当一国国际收支发生差额时，最终是通过一国官方储备的变动来平衡 的。国际收支逆差将减少一国的官方储备，而国际收支顺差则增加一 国的官方储备。
• 两者从不同的角度，反映同一国家的国际经济交易活动。 国际借贷作为存量，理论上可看成是一国历年国际收支的 汇总，但事实上并非如此。因为当外汇汇率变动时，国际 借贷平衡表中的各项资产和负债会发生相应的变动，而国 际收支平衡表中并不反映汇率的变动。
国际收支平衡表
（Balance of Payments）
• 根据国际货币基金组织（IMF）的解释，国际收支或国际收支平衡表 （英文同为Balance of Payments），是对一国在一定时期内（通常为1 年、1季或1月）本国居民与外国居民之间发生的全部经济交易的系统 的货币记录（通常以本币作为记帐货币）。
International economics 2: international finance
Ch.13 Balance of payments
Ch.13 国际收支
• 国际金融研究的主要内容是开放经济的宏观经济学。而了 解开放经济条件下一国产出水平和国际经济交易的各种变 量，则是研究开放经济宏观经济学的第一步。经济学家们 用来描述一国开放经济条件下的产出水平和国际经济交易 的变量，主要包括两个相互联系的工具，一是国民收入核 算恒等式，描述开放经济中各经济变量之间的关系；二是 国际收支核算，用以系统地记载一国在一定时期与国外进 行的各项经济交易，也就是通常所说的国际收支平衡表 （Balance of Payments）。
• 一般来说，一国的国际收支通常是不平衡的，平衡只是偶然发生的情 况。
• 当一国国际收支发生差额时，最终是通过一国官方储备的变动来平衡 的。国际收支逆差将减少一国的官方储备，而国际收支顺差则增加一 国的官方储备。
国际金融英文PPT课件 (8)
12-1
Economic Exposure
Consider a U.S. bicycle manufacturer who sources, produces and sells only in the U.S.
Since the firm’s product competes against imported bicycles, it is subject to foreign exchange exposure.
12-9
How to Measure Economic Exposure
The exposure coefficient, b, is defined as follows:
b = Cov(P,S) Var(S)
Where Cov(P,S) is the covariance between the dollar value of the British asset and the exchange rate, and Var(S) is the variance of the exchange rate.
Any anticipated changes in the exchange rates would have already reflected the firm’s value.
Economic exposure can be defined as the extent to which the value of the firm would be affected by unanticipated changes in exchange rates.
There exist statistical measurements of sensitivity.
Economic Exposure
Consider a U.S. bicycle manufacturer who sources, produces and sells only in the U.S.
Since the firm’s product competes against imported bicycles, it is subject to foreign exchange exposure.
12-9
How to Measure Economic Exposure
The exposure coefficient, b, is defined as follows:
b = Cov(P,S) Var(S)
Where Cov(P,S) is the covariance between the dollar value of the British asset and the exchange rate, and Var(S) is the variance of the exchange rate.
Any anticipated changes in the exchange rates would have already reflected the firm’s value.
Economic exposure can be defined as the extent to which the value of the firm would be affected by unanticipated changes in exchange rates.
There exist statistical measurements of sensitivity.
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4
Price Adjustments
• MV=PQ identity
• Total monetary expenditures on final goods = monetary value of the final goods sold • Amount spent on final goods = amount received from selling them
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
1
Adjustment Mechanisms
• Adjustment mechanism
• Works for the return to equilibrium after the initial equilibrium has been disrupted
• Current-account adjustment
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
• Buy and sell gold at that price
• Free import and export of gold
• Money supply - directly tied to current account
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
3
Price Adjustments
• Quantity theory of money
• Classical price-adjustment mechanism • Equation of exchange: MV=PQ
• M – money supply • V – velocity of money • P - average price at which each of the final goods is sold • Q – physical volume of all final goods produced
• Automatic adjustment • Discretionary government policies
• Automatic adjustment of the current-account
• Under a fixed exchange-rate system • Adjustment variables: prices and income
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
8
FIGURE 13.1 Capital and financial account schedule for the U.S.
Interest-rate differentials between the United States and the rest of the world induce movements along the U.S. capital and financial account schedule. Relatively high (low) U.S. interest rates trigger net financial inflows (outflows) and an upward (downward) movement along the capital and financial account schedule. The schedule shifts upward/downward in response to changes in noninterest rate determinants such as investment profitability, tax policies, and political stability.
6
Price Adjustments
• Criticisms against the price-adjustment mechanism
• Classical linkage between changes in a nation’s gold supply and changes in its money supply no longer holds • Full employment – doesn’t always exist • Prices and wages are inflexible in a downward direction • Stability and predictability of V - questioned
Mechanisms of International Adjustment
PowerPoint slides prepared by: Andreea Chiritescu Eastern Illinois University
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
7
Financial Flows and Interest-Rate Differentials
• Factors affecting a nation’s capital and financial account
• Interest-rate fluctuations in domestic and foreign markets • Investment profitability • National tax policies • Political stability
5