国际金融(双语)chap-6
宁波工程学院国商教研室蒋力编
5-5
Covered Interest Rate Arbitrage
Consider the following set of foreign and domestic interest rates and spot and forward exchange rates.
Spot exchange rate 360-ቤተ መጻሕፍቲ ባይዱay forward rate U.S. discount rate British discount rate
S($/£) = $1.25 F360($/£) = $1.30
i$ = 5% i£ = 10%
宁波工程学院国商教研室蒋力编
5-6
Covered Interest Rate Arbitrage
• Hot and bothered
• Despite strict capital controls, China is being flooded by the biggest wave of speculative capital ever to hit an emerging economy. Jun 26th 2008 | BEIJING
Chapter 6
Exchange Rates, Interest Rates, and Interest Rate Parity
宁波工程学院国商教研室蒋力编
Topics to be Covered
• Interest Rate Parity: Exchange rate, Interest rate
宁波工程学院国商教研室蒋力编
5-3
• In 2007-2008, interest rates in China and the United States have been moving in opposite directions. The U.S. Federal Reserve lowered the federal funds rate nine times from a high of 5.25% in June 2007 to 2.00%. Over the same time period, the People’s Bank of China raised its benchmark one-year interest rate on deposits from 2.52% to 4.14%.
So What would happen if everyone recognize the
arbitrage opportunity?
5-7
宁波工程学院国商教研室蒋力编
More and more people would exchange $ to £ at the spot market, so the spot exchange rate of Pound would appreciate. At the same time, More and more people would exchange £ to $ at the forward market, thus the forward exchange rate of Pound would depreciate.
$1,000÷$1.25/£) invest £800 at i£ = 10% for one
year to achieve £880. Translate £880 back into
dollars at F360($/£) = $1.30/£, the £880 will be
exactly $1,144.
• Fisher Equation: Exchange Rates, Interest Rates, and Inflation
• Expected Exchange Rate and the Term Structure of Interest Rate
宁波工程学院国商教研室蒋力编
5-2
News from the Economist
宁波工程学院国商教研室蒋力编
5-4
• In addition to the attraction of the interest rate difference, speculators are moving “hot money” into China because of the general expectation that the RMB will continue appreciate in value against the U.S. dollar and other currencies. Since July 21, 2005, through July 15, 2008, the RMB has appreciated in value by 21.6%. Most analysts expect the Chinese government to continue the RMB’s appreciation.
Moreover at the money market, more and more people would borrow money from US dollar market
and lend it to the Pound market, then i$ would increase and i£ would decrease respectively.
A trader with $1,000 to invest could invest in the U.S, in one year his investment will be worth $1,050
= $1,000(1+ i$) = $1,000(1.05)
Alternatively, this trader could exchange $1,000 for £800 at the prevailing spot rate, (note that £800 =
国际金融 第14版 (托马斯.A.普格尔 著) 课后答案
课后答案网 w w w .h a c k s h p .c n课后答案网 您最真诚的朋友 网团队竭诚为学生服务，免费提供各门课后答案，不用积分，甚至不用注册，旨在为广大学生提供自主学习的平台！课后答案网：视频教程网：PPT 课件网：课后答案网 w w w .h a c k s h p .c n《国际金融》课后题的答案，托马斯-A-普格尔主编。
Suggested Answer for International Finance Chap 22.Disagree,at least as a general statement.One meaning of a current account surplus is thatthe country is exporting more goods and services than it is importing.One might easily judge that this is not good—the country is producing goods and services that are exported,but the country is not at the same time getting the imports of goods and services that would allow it do more consumption and domestic investment.In this way a current account deficit might be considered good—the extra imports allow the country to consume and invest domestically more than the value of its current production.Another meaning of a current account surplus is that the country is engaging in foreign financial investment—it is building up its claims on foreigners,and this adds to national wealth.This sounds good,but as noted above it comes at the cost of foregoing current domestic purchases of goods and services.A current account deficit is the country running down its claims on foreigners or increasing its indebtedness to foreigners.This sounds bad,but itcomes with the benefit of higher levels of current domestic expenditure.Different countries at different times may weigh the balance of these costs and benefits differently,so that we cannot simply say that a current account surplus is better than a current account deficit.4.Disagree.If the country has a surplus (a positive value)for its official settlements balance,then the value for its official reserves balance must be a negative value of the same amount (so that the two add to zero).A negative value for this asset item means that funds are flowing out in order for the country to acquire more of these kinds of assets.Thus,the country is increasing its holdings of official reserve assets.6.Item e is a transaction in which foreign official holdings of U.S.assets increase.This is a positive (credit)item for official reserve assets and a negative (debit)item for private capital flows as the U.S.bank acquires pound bank deposits.The debit item contributes to a U.S.deficit in the official settlements balance (while the credit item is recorded "below the line,"permitting the official settlements balance to be in deficit).All other transactions involve debit and credit items both of which are included in the official settlements balance,so that they do not directly contribute to a deficit (or surplus)in the official settlements balance.8. a.Merchandise trade balance:$330-198=$132Goods and services balance:$330-198+196-204=$124课后答案网 w w w .h a c k s h p .c nCurrent account balance:$330-198+196-204+3-8=$119Official settlements balance:$330-198+196-204+3-8+102-202+4=$23b.Change in official reserve assets (net)=-official settlements balance =-$23.The country is increasing its net holdings of official reserve assets.10.a.International investment position (billions):$30+20+15-40-25=$0.The country is neither an international creditor nor a debtor.Its holding of international assets equals its liabilities to foreigners.b.A current account surplus permits the country to add to its net claims on foreigners.For this reason the country's international investment position will become a positive value.The flow increase in net foreign assets results in the stock of net foreign assets becoming positive.Chap 32.Exports of merchandise and services result in supply of foreign currency in the foreignexchange market.Domestic sellers often want to be paid using domestic currency,while the foreign buyers want to pay in their currency.In the process of paying for these exports,foreign currency is exchanged for domestic currency,creating supply of foreign currency.International capital inflows result in a supply of foreign currency in the foreign exchange market.In making investments in domestic financial assets,foreign investors often start with foreign currency and must exchange it for domestic currency before they can buy the domestic assets.The exchange creates a supply of foreign currency.Sales of foreign financial assets that the country's residents had previously acquired,and borrowing from foreigners by this country's residents are other forms of capital inflow that can create supply of foreign currency.4.The U.S.firm obtains a quotation from its bank on the spot exchange rate for buying yen with dollars.If the rate is acceptable,the firm instructs its bank that it wants to use dollars from its dollar checking account to buy 1million yen at this spot exchange rate.It also instructs its bank to send the yen to the bank account of the Japanese firm.To carry out this instruction,the U.S.bank instructs its correspondent bank in Japan to take 1million yen from its account at the correspondent bank and transfer the yen to the bank account of the Japanese firm.(The U.S.bank could also use yen at its own branch if it has a branch in Japan.)6.The trader would seek out the best quoted spot rate for buying euros with dollars,either through direct contact with traders at other banks or by using the services of a foreign exchange broker.The trader would use the best rate to buy euro spot.Sometime in the next hour or so (or,typically at least by the end of the day),the trader will enter the课后答案网 w w w .h a c k s h p .c ninterbank market again,to obtain the best quoted spot rate for selling euros for dollars.The trader will use the best spot rate to sell her previously acquired euros.If the spot value of the euro has risen during this short time,the trader makes a profit.8. a.The cross rate between the yen and the krone is too high (the yen value of the krone is toohigh)relative to the dollar-foreign currency exchange rates.Thus,in a profitable triangular arbitrage,you want to sell kroner at the high cross rate.The arbitrage will be:Use dollars to buy kroner at $0.20/krone,use these kroner to buy yen at 25yen/krone,and use the yen to buy dollars at $0.01/yen.For each dollar that you sell initially,you can obtain 5kroner,these 5kroner can obtain 125yen,and the 125yen can obtain $1.25.The arbitrage profit for each dollar is therefore 25cents.b.Selling kroner to buy yen puts downward pressure on the cross rate (the yen price of krone).The value of the cross rate must fall to 20(=0.20/0.01)yen/krone to eliminate the opportunity for triangular arbitrage,assuming that the dollar exchange rates are unchanged.10.a.The increase in supply of Swiss francs puts downward pressure on the exchange-ratevalue ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.b.The increase in supply of francs puts downward pressure on the exchange-rate value ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.c.The increase in supply of francs puts downward pressure on the exchange-rate value ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.d.The decrease in demand for francs puts downward pressure on the exchange-rate value ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.Chap 42.You will need data on four market rates:The current interest rate (or yield)on bondsissued by the ernment that mature in one year,the current interest rate (or yield)on bonds issued by the British government that mature in one year,the current spot exchange rate between the dollar and pound,and the current one-year forward exchange rate between the dollar and pound.Do these rates result in a covered interest differential that is very close to zero?课后答案网 w w w .h a c k s h p .c n4. a.The U.S.firm has an asset position in yen—it has a long position in yen.To hedge itsexposure to exchange rate risk,the firm should enter into a forward exchange contract now in which the firm commits to sell yen and receive dollars at the current forward rate.The contract amounts are to sell 1million yen and receive $9,000,both in 60days.b.The student has an asset position in yen—a long position in yen.To hedge the exposure to exchange rate risk,the student should enter into a forward exchange contract now in which the student commits to sell yen and receive dollars at the current forward rate.The contract amounts are to sell 10million yen and receive $90,000,both in 60days.c.The U.S.firm has an liability position in yen—a short position in yen.To hedge its exposure to exchange rate risk,the firm should enter into a forward exchange contract now in which the firm commits to sell dollars and receive yen at the current forward rate.The contract amounts are to sell $900,000and receive 100million yen,both in 60days.6.Relative to your expected spot value of the euro in 90days ($1.22/euro),the current forward rate of the euro ($1.18/euro)is low—the forward value of the euro is relatively ing the principle of "buy low,sell high,"you can speculate by entering into a forward contract now to buy euros at $1.18/euro.If you are correct in your expectation,then in 90days you will be able to immediately resell those euros for $1.22/euro,pocketing a profit of $0.04for each euro that you bought forward.If many people speculate in this way,then massive purchases now of euros forward (increasing the demand for euros forward)will tend to drive up the forward value of the euro,toward a current forward rate of $1.22/euro.8. a.The Swiss franc is at a forward premium.Its current forward value ($0.505/SFr)is greaterthan its current spot value ($0.500/SFr).b.The covered interest differential "in favor of Switzerland"is ((1+0.005)⋅(0.505)/0.500)-(1+0.01)=0.005.(Note that the interest rate used must match the time period of the investment.)There is a covered interest differential of 0.5%for 30days (6percent at an annual rate).The U.S.investor can make a higher return,covered against exchange rate risk,by investing in SFr-denominated bonds,so presumably the investor should make this covered investment.Although the interest rate on SFr-denominated bonds is lower than the interest rate on dollar-denominated bonds,the forward premium on the franc is larger than this difference,so that the covered investment is a good idea.c.The lack of demand for dollar-denominated bonds (or the supply of these bonds as investors sell them in order to shift into SFr-denominated bonds)puts downward pressure on the prices of U.S.bonds—upward pressure on U.S.interest rates.The extra demand for the franc in the spot exchange market (as investors buy SFr in order to buy SFr-denominated bonds)puts upward pressure on the spot exchange rate.The extra demand for SFr-denominated bonds puts upward pressure on the prices of Swiss bonds—downward pressure on Swiss interest rates.The extra supply of francs in the课后答案网 w w w .h a c k s h p .c nforward market (as U.S.investors cover their SFr investments back into dollars)puts downward pressure on the forward exchange rate.If the only rate that changes is the forward exchange rate,this rate must fall to about $0.5025/SFr.With this forward rate and the other initial rates,the covered interest differential is close to zero.10.In testing covered interest parity,all of the interest rates and exchange rates that areneeded to calculate the covered interest differential are rates that can observed in the bond and foreign exchange markets.Determining whether the covered interest differential is about zero (covered interest parity)is then straightforward (although some more subtle issues regarding timing of transactions may also need to be addressed).In order to test uncovered interest parity,we need to know not only three rates—two interest rates and the current spot exchange rate—that can be observed in the market,but also one rate—the expected future spot exchange rate—that is not observed in any market.The tester then needs a way to find out about investors'expectations.One way is to ask them,using a survey,but they may not say exactly what they really think.Another way is to examine the actual uncovered interest differential after we know what the future spot exchange rate actually turns out to be,and see whether the statistical characteristics of the actual uncovered differential are consistent with an expected uncovered differential of about zero (uncovered interest parity).Chap 52. a.The euro is expected to appreciate at an annual rate of approximately ((1.005-1.000)/1.000)⋅(360/180)⋅100=1%.The expected uncovered interest differential is approximately 3%+1%-4%=0,so uncovered interest parity holds (approximately).b.If the interest rate on 180-day dollar-denominated bonds declines to 3%,then the spot exchange rate is likely to increase—the euro will appreciate,the dollar depreciate.At the initial current spot exchange rate,the initial expected future spot exchange rate,and the initial euro interest rate,the expected uncovered interest differential shifts in favor of investing in euro-denominated bonds (the expected uncovered differential is now positive,3%+1%-3%=1%,favoring uncovered investment in euro-denominated bonds.The increased demand for euros in the spot exchange market tends to appreciate the euro.If the euro interest rate and the expected future spot exchange rate remain unchanged,then the current spot rate must change immediately to be $1.005/euro,to reestablish uncovered interest parity.When the current spot rate jumps to this value,the euro's exchange rate value is not expected to change in value subsequently during the next 180days.The dollar has depreciated immediately,and the uncovered differential then again is zero (3%+0%-3%=0).课后答案网 w w w .h a c k s h p .c n4. a.For uncovered interest parity to hold,investors must expect that the rate of change in thespot exchange-rate value of the yen equals the interest rate differential,which is zero.Investors must expect that the future spot value is the same as the current spot value,$0.01/yen.b.If investors expect that the exchange rate will be $0.0095/yen,then they expect the yen to depreciate from its initial spot value during the next 90days.Given the other rates,investors tend to shift their investments toward dollar-denominated investments.The extra supply of yen (and demand for dollars)in the spot exchange market results in a decrease in the current spot value of the yen (the dollar appreciates).The shift to expecting that the yen will depreciate (the dollar appreciate)sometime during the next 90days tends to cause the yen to depreciate (the dollar to appreciate)immediately in the current spot market.6.The law of one price will hold better for gold.Gold can be traded easily so that any price differences would lead to arbitrage that would tend to push gold prices (stated in a common currency by converting prices using market exchange rates)back close to equality.Big Macs cannot be arbitraged.If price differences exist,there is no arbitrage pressure,so the price differences can persist.The prices of Big Macs (stated in a common currency)vary widely around the world.8.According to PPP,the exchange rate value of the DM (relative to the dollar)has risen since the early 1970s because Germany has experienced less inflation than has the United States—the product price level has risen less in Germany since the early 1970s than it has risen in the United States.According to the monetary approach,the German price level has not risen as much because the German money supply has increased less than the money supply has increased in the United States,relative to the growth rates of real domestic production in the two countries.The British pound is the opposite case—more inflation in Britain than in the United States,and higher money growth in Britain.10.a.Because the growth rate of the domestic money supply (M s )is two percentage pointshigher than it was previously,the monetary approach indicates that the exchange rate value (e)of the foreign currency will be higher than it otherwise would be—that is,the exchange rate value of the country's currency will be lower.Specifically,the foreign currency will appreciate by two percentage points more per year,or depreciate by two percentage points less.That is,the domestic currency will depreciate by two percentage points more per year,or appreciate by two percentage points less.b.The faster growth of the country's money supply eventually leads to a faster rate of inflation of the domestic price level (P).Specifically,the inflation rate will be two percentage points higher than it otherwise would be.According to relative PPP,a faster rate of increase in the domestic price level (P)leads to a higher rate of appreciation of the foreign currency.课后答案网 w w w .h a c k s h p .c n12.a.For the United States in 1975,20,000=k ⋅100⋅800,or k =0.25.For Pugelovia in 1975,10,000=k ⋅100⋅200,or k =0.5.b.For the United States,the quantity theory of money with a constant k means that the quantity equation with k =0.25should hold in 2002:65,000=0.25⋅260⋅1,000.It does.Because the quantity equation holds for both years with the same k,the change in the price level from 1975to 2002is consistent with the quantity theory of money with a constant k.Similarly,for Pugelovia,the quantity equation with k =0.5should hold for 2002,and it does (58,500=0.5⋅390⋅300).14.a.The tightening typically leads to an immediate increase in the country's interest rates.Inaddition,the tightening probably also results in investors'expecting that the exchange-rate value of the country's currency is likely to be higher in the future.The higher expected exchange-rate value for the currency is based on the expectation that the country's price level will be lower in the future,and PPP indicates that the currency will then be stronger.For both of these reasons,international investors will shift toward investing in this country's bonds.The increase in demand for the country's currency in the spot exchange market causes the current exchange-rate value of the currency to increase.The currency may appreciate a lot because the current exchange rate must "overshoot"its expected future spot value.Uncovered interest parity is reestablished with a higher interest rate and a subsequent expected depreciation of the currency.b.If everything else is rather steady,the exchange rate (the domestic currency price of foreign currency)is likely to decrease quickly by a large amount.After this jump,the exchange rate may then increase gradually toward its long-run value—the value consistent with PPP in the long run.Chap 62.We often use the term pegged exchange rate to refer to a fixed exchange rate,becausefixed rates generally are not fixed forever.An adjustable peg is an exchange rate policy in which the "fixed"exchange rate value of a currency can be changed from time to time,but usually it is changed rather seldom (for instance,not more than once every several years).A crawling peg is an exchange rate policy in which the "fixed"exchange rate value of a currency is changed often (for instance,weekly or monthly),sometimes according to indicators such as the difference in inflation rates.4.Disagree.If a country is expected to impose exchange controls,which usually make it more difficult to move funds out of the country in the future,investors are likely to try to shift funds out of the country now before the controls are imposed.The increase in supply of domestic currency into the foreign exchange market (or increase in demand for foreign课后答案网 w w w .h a c k s h p .c ncurrency)puts downward pressure on the exchange rate value of the country's currency—the currency tends to depreciate.6. a.The market is attempting to depreciate the pnut (appreciate the dollar)toward a value of3.5pnuts per dollar,which is outside of the top of the allowable band (3.06pnuts per dollar).In order to defend the pegged exchange rate,the Pugelovian monetary authorities could use official intervention to buy pnuts (in exchange for dollars).Buying pnuts prevents the pnut’s value from declining (selling dollars prevents the dollar’s value from rising).The intervention satisfies the excess private demand for dollars at the current pegged exchange rate.b.In order to defend the pegged exchange rate,the Pugelovian government could impose exchange controls in which some private individuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without government permission,and not all requests are approved by the government).By artificially restricting the supply of pnuts (and the demand for dollars),the Pugelovian government can force the remaining private supply and demand to "clear"within the allowable band.The exchange controls attempt to stifle the excess private demand for dollars at the current pegged exchange rate.c.In order to defend the pegged exchange rate,the Pugelovian government could increase domestic interest rates (perhaps by a lot).The higher domestic interest rates shift the incentives for international capital flows toward investments in Pugelovian bonds.The increased flow of international financial capital into Pugelovia increases the demand for pnuts on the foreign exchange market.(Also,the decreased flow of international financial capital out of Pugelovia reduces the supply of pnuts on the foreign exchange market.)By increasing the demand for pnuts (and decreasing the supply),the Pugelovian government can induce the private market to clear within the allowable band.The increased domestic interest rates attempt to shift the private supply and demand curves so that there is no excess private demand for dollars at the current pegged exchange rate value.8. a.The gold standard was a fixed rate system.The government of each country participatingin the system agreed to buy or sell gold in exchange for its own currency at a fixed price of gold (in terms of its own currency).Because each currency was fixed to gold,the exchange rates between currencies also tended to be fixed,because individuals could arbitrage between gold and currencies if the currency exchange rates deviated from those implied by the fixed gold prices.b.Britain was central to the system,because the British economy was the leader in industrialization and world trade,and because Britain was considered financially secure and prudent.Britain was able and willing to run payments deficits that permitted many other countries to run payments surpluses.The other countries used their surpluses to build up their holdings of gold reserves (and of international reserves in the form of sterling-denominated assets).These other countries were satisfied with the rate of growth课后答案网 w w w .h a c k s h p .c nof their holdings of liquid reserve assets,and most countries were able to avoid the crisis of running low on international reserves.c.During the height of the gold standard,from about 1870to 1914,the economic shocks to the system were mild.A major shock—World War I—caused many countries to suspend the gold standard.d.Speculation was generally stabilizing,both for the exchange rates between the currencies of countries that were adhering to the gold standard,and for the exchange rates of countries that temporarily allowed their currencies to float.10.a.The Bretton Woods system was an adjustable pegged exchange rate system.Countriescommitted to set and defend fixed exchange rates,financing temporary payments imbalances out of their official reserve holdings.If a "fundamental disequilibrium"in a country's international payments developed,the country could change the value of its fixed exchange rate to a new value.b.The United States was central to the system.As the Bretton Woods system evolved,it became essentially a gold-exchange standard.The monetary authorities of other countries committed to peg the exchange rate values of their currencies to the U.S.dollar.The U.S.monetary authority committed to buy and sell gold in exchange for dollars with other countries'monetary authorities at a fixed dollar price of gold.c.To a large extent speculation was stabilizing,both for the fixed rates followed by most countries,and for the exchange rate value of the Canadian dollar,which floated during 1950-62.However,the pegged exchange rate values of currencies sometimes did come under speculative pressure.International investors and speculators sometimes believed that they had a one-way speculative bet against currencies that were considered to be "in trouble.”If the country did manage to defend the pegged exchange rate value of its currency,the investors betting against the currency would lose little.They stood to gain a lot of profit if the currency was devalued.Furthermore,the large speculative flows against the currency required large interventions to defend the currency's pegged value,so that the government was more likely to run so low on official reserves that it was forced to devalue.12.a.The dollar bloc and the euro bloc.A number of countries peg their currencies to the U.S.dollar.A number of European countries use the euro,and,in addition,a number of other countries peg their currencies to the euro.b.The other major currencies that float independently include (as of the beginning of 2002)the Japanese yen,the British pound,the Canadian dollar,and the Swiss franc.c.The exchange rates between the U.S.dollar and the other major currencies have been floating since the early 1970s.The movements in these rates exhibit trends in the long课后答案网 w w w .h a c k s h p .c nrun—over the entire period since the early 1970s.The rates also show substantial variability or volatility in the short and medium runs—periods of less than one year to periods of several years.The long run trends appear to be reasonably consistent with the economic fundamentals emphasized by purchasing power parity—differences in national inflation rates.The variability or volatility in the short or medium run is controversial.It may simply represent rational responses to the continuing flow of economic and political news that has implications for exchange rate values.The effects on rates can be large and rapid,because overshooting occurs as rates respond to important news.However,some part of the large volatility may also reflect speculative bandwagons that lead to bubbles that subsequently burst.Chap 82.Disagree.The recession in the United States reduces U.S.national income,so U.S.residents reduce spending on all kinds of things,including spending on imports.The decrease in U.S.imports is a decrease in the exports of other countries,including Europe’s exports to the United States.The reduction in European exports reduces production in Europe,so the growth of real GDP in Europe declines.A recession in the United States is likely to lower the growth of European real GDP.4. a.The spending multiplier in this small open economy is about 1.82(=1/(0.15+0.4)).If real spending initially declines by $2billion,then domestic product and income will decline by about $3.64billion (=1.82×$2billion)b.If domestic product and income decline by $3.64billion,then the country's imports will decline by about $1.46billion (=$3.64billion ×0.4).c.The decrease in this country's imports reduces other countries'exports,so foreign product and income decline.d.The decline in foreign product and income reduce foreign imports,so the first country's exports decrease.This reinforces the change (decline)in the first country's domestic product and income—an example of foreign-income repercussions.6.External balance is the achievement of a reasonable and sustainable makeup of acountry's overall balance of payments with the rest of the world.While specifying a precise goal is not simple,we often presume that achieving a balance of approximately zero in a country's official settlements balance is external balance.The FE curve shows all combinations of interest rate and domestic product that result in a zero balance for the country's official settlements balance.Thus,any point on the FE curve is consistent with this concept of external balance.。
新编金融英语教程 Chapter6 Financial Markets
Overview of the Financial Markets
CONTENTS
6.1 L e a d - i n 6.2 K e y Po i n t s 6.3 L a n g u a g e N o t e s 6.4 F o l l o w - u p Ta s k s 6.5 E x t e n d e d Ta s k s
6.3 Language Notes
III. Sentences
1. Financial markets are typically defined by having transparent pricing, basic regulations on trading, costs and fees, and market forces determining the prices of securities that trade.
2. Financial markets can be classified as debt or equity markets, as primary or secondary markets, as exchanges and Over-the-Counter markets, as money or capital markets, or as spot or futures and forward markets.
discuss the various functions of the financial market.
6.2 Key Points
6.2.1 Definition of Financial Markets
￥$
Financial Markets
国际金融双语PPT课件-总复习
14-10
买入价和卖出价的判定
• 从银行买卖外汇的角度，划分为买入汇率和 卖出汇率 • 买入汇率（Buying Rate）又称买入价，是指 报价银行从同业或客户那里买入外汇时所使 用的汇率。 • 卖出汇率（Selling Rate）又称卖出价，是指 报价银行向同业或客户卖出外汇时所使用的 汇率。 • USD1=CNY7.7764-7.7900 • 买价卖价？ 判断原则？
• 询价者不会透露交易意图，因此报价银 行必须报出买入价和卖出价。
McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
14-14
新型与传统国际金融市场的区别
国内金融市场
国内投资者 传统 国际 金融 市场
McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
14-4
货 物 服 务 经常项目 收 入
经常转移
资本项目 国际收支账户 资本和金融项目
金融项目
储备资产 错误与遗漏
McGraw-Hill/Irwin
McGraw-Hill/Irwin
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
14-12
• ①地点在中国，是直接标价法，买价在前，卖 价在后； • ②地点在美国，是间接标价法，卖价在前，买 价在后； • • • • 判断原则： ①从银行自身角度出发，赚取买卖差价； ②银行持有本币，看其对外汇是买还是卖； ③如不属于直接、间接、美元标价法的一种， 则视银行目前持有币种为本币，判断买卖价。
国际金融英文版(全)
2.研究对象
（1）国际货币及借贷资本运动 规律 （2）国际货币经营和管理的各 种业务及组织机构 （3）国际货币信用制度及政策 措施
一 国际金融的概念﹑重要性及特点
4.国际金融的特点
（1）是一种全球性的货币信用活动 （2）不仅是货币信用空间的相对简单的扩大，其所涉及的范围更广，影响因素 更为复杂。 （3）必须借助于国际支付手段 （4）国际货币信用活动要涉及不同的语言文字和风俗习惯 （5）不仅受各国法律约束，而且受各种国际协议，国际准则及惯例的l Equities
Currency futures and options
Interest rate futures and options
一 国际金融的概念﹑重要性及特点
1.概念
国际金融一般是指与国际间的货 币流通和银行信用有关的一切业 务活动
3.重要性
Non-bank
Public international financial institutions public global financial institutions regional public national public Private international financial institutions global private regional private national private
Eurocurrency markets
International Debt Markets-long-term
Short-and Medium-term Debt Markets International Equities
国际金融课件internationalfinance
06
中国国际金融的实践与展望
中国国际金融业在规模和业务范围上不断扩大，成为全球金融市场的重要参与者。
中国国际金融业在推动经济增长、促进国际贸易和投资等方面发挥了重要作用。
改革开放以来，中国国际金融业经历了从无到有、从小到大的发展历程，逐步建立起较为完善的金融机构体系和金融市场体系。
中国国际金融的发展历程与现状
Global financial markets facilitate the flow of capital across borders, allowing for the efficient allocation of resources and the hedging of risks.
Regional financial markets serve specific geographical regions and are often associated with trade blocs or economic unions.
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国际金融危机的定义
由于国际金融市场上的过度投机、金融监管缺失等原因，导致国际金融市场出现大规模动荡，影响各国经济的稳定。
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国际金融危机的传染机制
通过贸易、金融和信息等渠道，将危机从一个国家传递到另一个国家。
国际金融危机及其传染机制
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通过监测和分析国际金融市场的相关信息，及时发现潜在的风险点，采取应对措施。
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Main International Financial Centers and Their Characteristics 主要国际金融中心及其特点
ห้องสมุดไป่ตู้
国际金融(第六章)教材
（2）若看跌欧元，则价格数字变 （2）若看涨日元，则价格数字变 小代表欧元贬值。 小代表日元升值 欧元：1.1783 元下跌了50点。 1.1733,表示欧 日元：110.83 元上升了50点 110.33,表示日
网上银行操作指南
银行网点自助查询终端操作指南
电话银行操作指南
即期外汇交易的注意事项
99～03 00:56
49～54 00:46
114.01～ 113.57
1.4874～ 1.4807
CHF
AUD HZD
HSBC
WESTPA C PO SANG
HK
SYD HK
1.6285～ 05
0.5586～ 91 0.4415～ 25
01:06
01:06 01:04
87～92
80～90 27～32
追加委托
追加委托是一种假设完成委托，在与其相关联的原委 托成交后随即生效并投放市场。其交易方向与原委托 的交易方向相反，卖出金额为原委托的买入金额。原 委托可以是挂盘委托、止损委托或二选一委托，追加 的委托也可以是挂盘委托、止损委托或二选一委托。
［例7-6］当前汇价EUR/USD＝0.9835/55，根据 预测，针对欧元的操作策略可在 0.9840－0.9860买入 欧元，目标位0.9915，止损位0.9810，此时可以通过 银行的交易系统投放一个二选一委托买入欧元，挂盘 价0.9840，止损价0.9860； 同时追加一个二选一委托 卖出欧元，挂盘价0.9915，止损价0.9810，以实现利 润或及时止损。
挂盘委托（限价指令）：
当市场汇率达到指定价位时按市场汇率完成交易的买 卖指令。 ［例］如果持有一笔欧元头寸（以 0.9855的价格 买入），希望在汇价0.9915 时卖出欧元，则可以通过 银行的系统投放挂盘委托，当市场汇价达到 0.9915 时（等于或大于0.9915），该项委托成交并带来至少 60 点的利润。
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.
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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;
Chap 6 The Portfolio
5-9
THE HISTORICAL RECORD
Information obtained from foregoing figure
positive average excess return-> risk premium 1.54% per year on long term government bonds-> 5.36%-3.82% 9.29% on large stocks-> 13.11%-3.82%
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Risk ቤተ መጻሕፍቲ ባይዱversion and Utility Values:
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Risk Aversion and Utility Values:
Q: How will the indifference curve of a less risk-averse investor compare to the indifference curve drawn in foregoing Figure? Draw both indifference curves passing through point P. Solution: The less risk-averse investor has a shallower indifference curve. An increase in risk requires less increase in expected return to restore utility to the original level. Look at the figure below
The higher the standard deviation, the higher the variability of the HPR
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。
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国际金融市场的发展趋势与挑战
全球化趋势
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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。
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贸易金融一体化
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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。
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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。
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债券交易可以通过证券交易所或场外交易市 场进行。
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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。
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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。
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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。
国际金融第6章the foreign exchange market课件
2021/6/29
• 在签订合同时，3个月远期汇率$ 1=¥120 • 进口成本可固定为500万/120=41666美圆 • 结论：利用远期外汇交易套期保值可以：
①固定成本或收益②避免汇率波动带来的 风险
2021/6/29
投机Speculation
• 预测某外汇汇率上升，先买入该种货币远
圆=142日圆，则可赚取1000万日圆。
• 情况二：到交割日即期美圆汇率下浮至1美
圆=122日圆，则损失1000万日圆。
2021/6/29
3.3 套汇交易 (arbitrage)
（一）地点套汇space arbitrage(P330) 直接套汇（两地套汇） 间接套汇（三角套汇）
2021/6/29
1、直接套汇举例：设伦敦和纽约 同时出现如下行情：
日圆计价支付，3个月后结算。签订合同时即期汇 率为$ 1=¥125
• (情况一)3个月后汇率不变仍为$ 1=¥125，进口商
需支付4万美圆（500／125）
• (情况一)3个月后美圆贬值， 为$ 1=¥110，进口
商需支付4.5454万美圆（500／110）
• (情况一)3个月后美圆贬值， 为$ 1=¥130，进口
2021/6/29
外汇市场 套汇 零售汇率
银行间批
银行间交易 增值 贬值 套期保值
Key terms
• Speculation
投机
• Space arbitrage
地点套汇
• Time arbitrage
时间套汇
• Interest arbitrage
利息套汇
• Spot against forward