13汇率与外汇市场：资产方法.ppt
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4
Introduction
Exchange rates are important because they enable us to translate different counties’ prices into comparable terms.
Exchange rates are determined in the same way as other asset prices（汇率有着与其他资
Foreign exchange option
The owner has the right to buy or sell a specified amount of foreign currency at a specified price at any time up to a specified expiration date（所有者有权在 到期日以前任何时间内买卖特定数量的外国货币）.
Import and export demands are influenced by relative prices.
Appreciation of a country’s currency:
Raises the relative price of its exports Lowers the relative price of its imports
exchange market.
12
Exchange Rates and International Transactions
Characteristics of the Market
The worldwide volume of foreign exchange trading is enormous, and it has ballooned in recent years.
18
The Demand for Foreign Currency Assets（外汇资产需求）
The demand for a foreign currency bank deposit is influenced by the same considerations that influence the demand for any other asset （影响银行外汇存款需求的因素与影响其他资产的 因素是一样的）.
The buyer buys a promise that a specified amount of foreign currency will be delivered on a specified date in the future（购买者买入的是一份在未来特定日期交 割一定数量外国货币的保证）.
▪ Example: In 2001, around 90% of transactions between banks involved exchanges of foreign currencies for U.S. dollars.
14
Exchange Rates and International Transactions
Forward and spot exchange rates, while not necessarily equal, do move closely together.
15
Exchange Rates and International Transactions
Figure 13-1: Dollar/Pound Spot and Forward Exchange Rates, 1981-2001
▪ It makes home goods cheaper for foreigners and foreign goods more expensive for domestic residents.
Appreciation of home country’s currency
▪ A fall in the homeLeabharlann Baiduprice of a foreign currency（以本币 表示的外币价格下跌）
They make up a significant proportion of all foreign exchange trading.
17
Exchange Rates and International Transactions
Futures and Options（外汇期货与期权）
Futures contract
11
Exchange Rates and International Transactions
Interbank trading（银行间交易）
Foreign currency trading among banks It accounts for most of the activity in the foreign
13
Exchange Rates and International Transactions
Vehicle currency（载体货币）
A currency that is widely used to denominate international contracts made by parties who do not reside in the country that issues the vehicle currency （载体货币是一种在发行该种货币以外国家的国际交易 中被广泛使用作为度量标准的货币）.
Depreciation of a country’s currency:
Lowers the relative price of its exports Raises the relative price of its imports
9
Exchange Rates and International Transactions
The integration of financial centers implies that there can be no significant arbitrage. The process of buying a currency cheap and selling it dear（套汇就是低价买进一种货币再高价将其卖出）.
Two types of changes in exchange rates:
Depreciation of home country’s currency
▪ A rise in the home currency prices of a foreign currency（以本币表示的外币价格上涨）
6
Exchange Rates and International Transactions
Domestic and Foreign Prices
If we know the exchange rate between two countries’ currencies, we can compute the price of one country’s exports in terms of the other country’s money（一国出口商品以另一国货币计算 的价格）.
Example: The dollar price of a £50 sweater with a dollar exchange rate of $1.50 per pound is (1.50 $/£) x (£50) = $75.
7
Exchange Rates and International Transactions
产价格同样的定价方式）.
The general goal of this chapter is to show:
How exchange rates are determined The role of exchange rates in international trade
5
Exchange Rates and International Transactions
3
Preview
Introduction Exchange Rates and International
Transactions The Foreign Exchange Market The Demand for Foreign Currency Assets Equilibrium in the Foreign Exchange Market Interest Rates, Expectations, and Equilibrium Summary
YOU ARE WELCOME !
1
International Economics
国际经济学
主讲：余道先
ydxdhy@hotmail.com
2
Chapter 13
Exchange Rates and the Foreign Exchange Market:
An Asset Approach
汇率与外汇市场：资产方法
16
Exchange Rates and International Transactions
Foreign Exchange Swaps（外汇掉期交易）
Spot sales of a currency combined with a forward repurchase of the currency（即期卖出一种货币同 时远期再买回该种货币）.
▪ It makes home goods more expensive for foreigners and foreign goods cheaper for domestic residents.
8
Exchange Rates and International Transactions
Exchange Rates and Relative Prices
An exchange rate can be quoted in two ways:
Direct
The price of the foreign currency in terms of dollars
Indirect
The price of dollars in terms of the foreign currency
Table 13-2: $/£Exchange Rates and the Relative Price of American Designer Jeans and British Sweaters
10
The Foreign Exchange Market
Exchange rates are determined in the foreign exchange market.
New technologies, such as Internet links, are used among the major foreign exchange trading centers (London, New York, Tokyo, Frankfurt, and Singapore).
The market in which international currency trades take place
The Actors（参与者）
The major participants in the foreign exchange market are:
Commercial banks International corporations Nonbank financial institutions Central banks
Spot Rates and Forward Rates
Spot exchange rates
Apply to exchange currencies “on the spot”
Forward exchange rates
Apply to exchange currencies on some future date at a prenegotiated（预先商定的） exchange rate
Introduction
Exchange rates are important because they enable us to translate different counties’ prices into comparable terms.
Exchange rates are determined in the same way as other asset prices（汇率有着与其他资
Foreign exchange option
The owner has the right to buy or sell a specified amount of foreign currency at a specified price at any time up to a specified expiration date（所有者有权在 到期日以前任何时间内买卖特定数量的外国货币）.
Import and export demands are influenced by relative prices.
Appreciation of a country’s currency:
Raises the relative price of its exports Lowers the relative price of its imports
exchange market.
12
Exchange Rates and International Transactions
Characteristics of the Market
The worldwide volume of foreign exchange trading is enormous, and it has ballooned in recent years.
18
The Demand for Foreign Currency Assets（外汇资产需求）
The demand for a foreign currency bank deposit is influenced by the same considerations that influence the demand for any other asset （影响银行外汇存款需求的因素与影响其他资产的 因素是一样的）.
The buyer buys a promise that a specified amount of foreign currency will be delivered on a specified date in the future（购买者买入的是一份在未来特定日期交 割一定数量外国货币的保证）.
▪ Example: In 2001, around 90% of transactions between banks involved exchanges of foreign currencies for U.S. dollars.
14
Exchange Rates and International Transactions
Forward and spot exchange rates, while not necessarily equal, do move closely together.
15
Exchange Rates and International Transactions
Figure 13-1: Dollar/Pound Spot and Forward Exchange Rates, 1981-2001
▪ It makes home goods cheaper for foreigners and foreign goods more expensive for domestic residents.
Appreciation of home country’s currency
▪ A fall in the homeLeabharlann Baiduprice of a foreign currency（以本币 表示的外币价格下跌）
They make up a significant proportion of all foreign exchange trading.
17
Exchange Rates and International Transactions
Futures and Options（外汇期货与期权）
Futures contract
11
Exchange Rates and International Transactions
Interbank trading（银行间交易）
Foreign currency trading among banks It accounts for most of the activity in the foreign
13
Exchange Rates and International Transactions
Vehicle currency（载体货币）
A currency that is widely used to denominate international contracts made by parties who do not reside in the country that issues the vehicle currency （载体货币是一种在发行该种货币以外国家的国际交易 中被广泛使用作为度量标准的货币）.
Depreciation of a country’s currency:
Lowers the relative price of its exports Raises the relative price of its imports
9
Exchange Rates and International Transactions
The integration of financial centers implies that there can be no significant arbitrage. The process of buying a currency cheap and selling it dear（套汇就是低价买进一种货币再高价将其卖出）.
Two types of changes in exchange rates:
Depreciation of home country’s currency
▪ A rise in the home currency prices of a foreign currency（以本币表示的外币价格上涨）
6
Exchange Rates and International Transactions
Domestic and Foreign Prices
If we know the exchange rate between two countries’ currencies, we can compute the price of one country’s exports in terms of the other country’s money（一国出口商品以另一国货币计算 的价格）.
Example: The dollar price of a £50 sweater with a dollar exchange rate of $1.50 per pound is (1.50 $/£) x (£50) = $75.
7
Exchange Rates and International Transactions
产价格同样的定价方式）.
The general goal of this chapter is to show:
How exchange rates are determined The role of exchange rates in international trade
5
Exchange Rates and International Transactions
3
Preview
Introduction Exchange Rates and International
Transactions The Foreign Exchange Market The Demand for Foreign Currency Assets Equilibrium in the Foreign Exchange Market Interest Rates, Expectations, and Equilibrium Summary
YOU ARE WELCOME !
1
International Economics
国际经济学
主讲：余道先
ydxdhy@hotmail.com
2
Chapter 13
Exchange Rates and the Foreign Exchange Market:
An Asset Approach
汇率与外汇市场：资产方法
16
Exchange Rates and International Transactions
Foreign Exchange Swaps（外汇掉期交易）
Spot sales of a currency combined with a forward repurchase of the currency（即期卖出一种货币同 时远期再买回该种货币）.
▪ It makes home goods more expensive for foreigners and foreign goods cheaper for domestic residents.
8
Exchange Rates and International Transactions
Exchange Rates and Relative Prices
An exchange rate can be quoted in two ways:
Direct
The price of the foreign currency in terms of dollars
Indirect
The price of dollars in terms of the foreign currency
Table 13-2: $/£Exchange Rates and the Relative Price of American Designer Jeans and British Sweaters
10
The Foreign Exchange Market
Exchange rates are determined in the foreign exchange market.
New technologies, such as Internet links, are used among the major foreign exchange trading centers (London, New York, Tokyo, Frankfurt, and Singapore).
The market in which international currency trades take place
The Actors（参与者）
The major participants in the foreign exchange market are:
Commercial banks International corporations Nonbank financial institutions Central banks
Spot Rates and Forward Rates
Spot exchange rates
Apply to exchange currencies “on the spot”
Forward exchange rates
Apply to exchange currencies on some future date at a prenegotiated（预先商定的） exchange rate