汇率的定义(精)

匯率的定義

The price of one currency in terms of another is called an exchange rate.

→在開放經濟體系裡為重要的價格變數之一

Ex.(1)紐約時間1999年1月11日下午4點，要買一單位的歐元(euro)須支付1.1497美元，則稱美元兑歐元的匯率為＄1.1497 per euro.

(2)台北時間2000年9月7日元太外匯經濟公司收盤價，要買一單位的美元須支付

31.085台幣，則稱台幣對美元的匯率為NTD31.085 per USD.

匯率和國際交易(Exchange Rates and International Transactions)

‧Each country has a currency in which the prices of goods and services are quoted. Ex.美國的美元、英國的英鎊、…

‧Exchange rates play a central role in international trade because they allow us to compare the prices of goods and services produced in different countries.

Ex.美國的消費者究竟要買＄19000的福特車還是￥2500000的三菱進口車，須視美元與日圓之間的匯率而定.

透過匯率將2國商品售價換成以同一幣別表示，即可比較商品的貨幣價格高低.

匯率的報價方式

‧直接報價法(Direct or American terms )

－the price of the foreign currency in terms of dollars or

一單位外國貨幣可兌換的本國貨幣數量.

Ex.＄0.009198／￥1.

‧間接報價法(Indirect or European terms)

－the price of dollars in terms of the foreign currency or

一單位本國貨幣可兌換的外國貨幣數量.

Ex.￥108.72／＄1.

Ex.在美國一件Edinburgh Woolen Mill sweater售價50英鎊，

(1)當美元對英鎊的匯率為＄1.50 per pound時，此毛衣的美元售價為＄1.50／￡×￡50

＝＄75

(2)當美元對英鎊的匯率下降為＄1.25 per pound時，(英鎊貶值，美元升值)，此毛衣的

美元售價下降為＄1.25／￡×￡50＝＄62.5.(美元升值，進口到美國的進口品其美元售價下降)

(3)當美元對英鎊的匯率上升為＄1.75 per pound時，(英鎊升值，美元貶值)，此毛衣的

美元售價上升為＄1.75／￡×￡50＝＄87.5.(美元貶值，進口到美國的進口品其美元售價上升)

匯率的變動－升值或貶值

A depreciation (An appreciation) of the pound against the dollar is a fall (rise) in the dollar price of pounds.

A depreciation (An appreciation) of a country’s currency markets its goods cheaper (more expensive) for foreigners.

Note：英鎊相對於美元升值時，同時代表美元相對於英鎊貶值.

∴在探討升(貶)值時，須注意我們討論的是哪2種幣別.

結論：When a country’s currency depreciates，foreigners find that its exporters are cheaper and domestic residents find that imports from abroad are more expensive.

An appreciation has opposite effects：Foreigners pay more for the country’s products and domestic consumers pay less for foreign products.

匯率和相對價格(Exchange Rates and Relative Prices)

前提假設：在美國一件牛仔褲的貨幣價格為＄45

在英國一件毛衣的貨幣價格為￡50

此2名名目價格固定不變

當匯率為＄1.5 per pound時，毛衣的美元售價為＄1.50／￡×￡50＝＄75.

(1)在美國一件毛衣可換＄75 per sweater／＄45 per pair of jeans＝1.67件牛仔褲，牛仔

褲的英鎊售價為＄45／(＄1.5／￡)＝￡30.

(2)在美國一件毛衣可換￡50 per sweater／￡30 per pair of jeans＝1.67件牛仔褲.

1.67即為毛衣對牛仔褲的相對價格. (a)

當匯率為＄1.75 per pound時，(英鎊升值)，毛衣的售價為＄1.75／￡×￡50＝＄87.5，一件毛衣可換＄87.5／＄45＝1.94件的牛仔褲.

毛衣對牛仔褲的相對價格上升為1.94. (b).

若毛衣為英國的出口財，則由(a).、(b).二式可知，當英鎊升值時，英國出口財的相對價格會上升.

結論：

An appreciation of a country’s currency raises the relative price of its exports and lowers the relative price of its imports.

A depreciation of a country’s currency lowers the relative price of its exports and raises the relative price of its imports.

外匯市場(The Foreign Exchange Market)－

The market in which international currency trades take place is called the foreign exchange market.

外匯市場的成員(The Actors)－

1. Commercial banks(商業銀行)－為外匯市場的主角

‧Foreign currency trading among banks－called inter-bank trading－accounts for most of the activity in the foreign exchange market.

‧Inter-bank exchange rates－the rates banks charge to each other. No amount less than ＄

1 million is traded at those rates.

‧Retail rates－the rates available to corporate customers.

‧The difference between the retail and wholesale interbank rates is the bank’s compensation for doing the business.

2. Corporations.(公司行號)

3. Non-bank financial institutions

4. Central banks.

Characteristics of the Market－