国际金融英文版全.ppt
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国际金融英文版PPT CH4
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. 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.
Exports rise Imports shrink
BOP surpluses Gold inflows
BOP deficits Gold outflows
Exports decline Imports increase
Money supply up Prices up
Performance of 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”
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.
国际金融英文版CH3
Convertibility means a currency can be freely exchanged for another currency. This is the most important characteristic of the foreign exchange.
Foreign exchange rate is the price of one currency in terms of another.
$0
1998
2001
2004
2007
2010
Spot Forwards Swaps
Top 10 geographic trading center in the foreign exchange market, 1992-2007 (daily averages in April, billions of $)
The foreign exchange market is an informal, over-the-counter and around-the-clock market.
It has no centralized meeting-place and no formal requirements for participation.
Direct quote is the amount of domestic currency per unit of foreign currency. In Japan ￥115 = €1 In Canada C$1.50 = ₤1
Indirect quote is the amount of foreign currency per unit of domestic currency. In England $1.60 = ₤1
Foreign exchange rate is the price of one currency in terms of another.
$0
1998
2001
2004
2007
2010
Spot Forwards Swaps
Top 10 geographic trading center in the foreign exchange market, 1992-2007 (daily averages in April, billions of $)
The foreign exchange market is an informal, over-the-counter and around-the-clock market.
It has no centralized meeting-place and no formal requirements for participation.
Direct quote is the amount of domestic currency per unit of foreign currency. In Japan ￥115 = €1 In Canada C$1.50 = ₤1
Indirect quote is the amount of foreign currency per unit of domestic currency. In England $1.60 = ₤1
国际金融英文版PPT CH8
The elasticity of export (or import) supply is the responsiveness of the quantity supplied to a change in price. If EX > 1, demand is elastic; the percent rise in quantity of exports is greater than the percent fall in price. If EX < 1, demand is inelastic; the percent rise in quantity of exports is smaller than the percen of demand for exports and imports of 15 industrial countries
The elasticity of demand for exports and imports for 9 developing countries (Con’t)
Chapter 8
The Balance-of-Payments Adjustment (I)
Elasticity Approach (Relative Price Effects)
Elasticity is the ratio between proportional change in one variable and proportional change in another. The elasticity of export (or import) demand is the responsiveness of the quantity demanded to a change in price. EX = △QX /△PX EM = △QM /△PM
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)
International financial markets
Eurocurrency markets International debts markets-long-term global bonds/foreign bonds/eurobonds/special types of bonds Short-and medium-term debt markets Euro-commercial paper and euro-medium-term notes/floating rate euro-notes International equities
Non-bank financial institutions in global finance International financial markets International derivatives exchange-traded International non-exchange traded derivatives
the balance of payment
3.the theories of foreign exchange rate determination 4.foreign exchange exposure
4.nonexchange traded derivatives
Inventory of international financial resources Yu feng yao
Foreign bonds-foreign bonds are issued in local market by a foreign borrower,with the assistance of a large investment bankers,and are denominated in a local currency. Eurobonds-eurobonds are financed by long-term funds in the Eurocurrency markets.They are underwritten by a multinational syndicate of banks and placed in countries other than the one in whose currency they are denominated.
国际金融英文版PPT CH5
Big Mac in China costs ￥11.00, while the same Mac in U.S. costs $3.41. The actual exchange rate was ￥7.6/$ at the time. The implied exchange rate according to absolute PPP should be: ￥11/$3.41 = ￥3.23/$ The dollar was overvalued. An overvalued currency is a currency in which the actual value is higher than the value it is supposed to be. Otherwise, it is an undervalued currency.
%ΔS = πd – πf
πd, πf: domestic and foreign inflation rate
The equation shows if domestic inflation is high than foreign inflation, the foreign currency will appreciate against the domestic currency by the percent consistent with the inflation differencial.
Price index is an index number of the prices of goods of some given type. PC = (∑i PitWit)/(∑i Pi0Wi0)
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
国际金融英语International Finance 课件
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段）— basic function B. Standard of Value (价值尺度）— basic function C. Store of Value (价值储藏） D. Standard of Deferred Payment (延期支付标准） F. World Currency (世界货币）
罗伯特J凯伯《国际金融》(第十三版英文版)课件
• Settled with international reserves
• Enable nations to sustain temporary balanceof-payments deficits
• Until acceptable adjustment measures can operate to correct the disequilibrium
• The smaller and more short-lived market imbalances will be and • The fewer reserves will be needed
© 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
International Banking: Reserves, Debt, and Risk
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
• Enable nations to sustain temporary balanceof-payments deficits
• Until acceptable adjustment measures can operate to correct the disequilibrium
• The smaller and more short-lived market imbalances will be and • The fewer reserves will be needed
© 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
International Banking: Reserves, Debt, and Risk
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
国际金融英语PPT
grammar
• Para3.p13 nothing more than 只不过 ，仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
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After World WAR II,the Soviets used dollars instead of rubles for foreign trade and had maintained a large inventory of hard currencies,especially the dollar.In order to earn interest on these deposits,the soviets began to lend these deposits to Europeans or to American operating in Europe,thus creating Eurocurrencies.
❖ Eurocurrency markets
2.The cost of funds in this market is based on LIBOR,the London Inter-bank Offer Rate,the rate at which banks in the inter-bank system charge each other for funds of many different maturities
❖ Eurocurrency markets ❖ International Debt Markets-long-term ❖ Short-and Medium-term Debt Markets ❖ International Equities
❖ Eurocurrency markets
1.The Eurocurrency market has been referred to as a stateless vat of money,essentially owing to no allegiance to any nation.It is a huge ,global inter-bank money and capital market that facilitates loans with maturities range from 90 days to 10 years or more and that is almost totally outside all government regulations.
❖ Private international financial institutions global private regional private national private
International financial markets
❖ Eurocurrency markets ❖ International debts markets-long-term
3.Origin of the market A number of reasons have been given for the origin of the Eurocurrency market.Some analysts go so far as to say that the Soviets initiated the process of trading Eurocurrencies before the western Europeans used foreign deposits.
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
❖ International financial markets ❖ International derivatives exchange-traded ❖ International non-exchange traded
derivatives
Non-bank
❖ Public international financial institutions public global financial institutions regional public national public
The global business finance environment
1.introduternational monetary system
the balance of payment 3.the theories of foreign exchange rate determination 4.foreign exchange exposure
global bonds/foreign bonds/eurobonds/special types of bonds ❖ Short-and medium-term debt markets Euro-commercial paper and euro-medium-term notes/floating rate euro-notes ❖ International equities
3.international derivatives exchange-traded
4.nonexchange traded derivatives
Inventory of international financial resources
Yu feng yao
❖ Non-bank financial institutions in global finance
International non-exchange traded derivatives
❖ Currency and interest rate swaps ❖ Inter-bank currency futures and options ❖ Exotic derivatives
International financial markets