国际金融(第3版) (1)[24页]

Table 1.1. Foreign exchange market turnover
Table 1.1. Foreign exchange market turnover (cont)
Table 1.2. Exchange rate quotations at close of business, 4 January 2005 (closing mid-points)
International Finance 3e
Chapter 1 Equations, figures and tables
Equation 1.1
Equation 1.2
Figure 1.1. The organization of the foreign exchange market
Figure 1.2. The evolution of the dollar–pound nominal and real exchange rate, 1980–2005
Table 1.3. Foreign exchange cross rates at close of business, 4 January 2005

Table 1.4. Construction of nominal and real exchange rate indices
Table 1.5. Construction of a nominal effective exchange rate index
Figure 1.3. The evolution of the yen–dollar nominal and real exchange rate, 1980–2005
Figure 1.4. The demand for pounds
Figure 1.5. The supply of pounds
Figure 1.6. Determination of the dollar–pound exchange rate
Figure 1.7. Floating exchange rate regime
Figure 1.8. Fixed exchange rate regime
Figure 1.9. The joint determination of the spot and forward exchange rate
Table 1.9. The supply of pounds
Table 1.10. The $/£ forward exchange quotations and UK and US interest rates, 11 August 2004
Table 1.10. Notes.
Notes: The spot sterling exchange rate is 1.8227 dollars per pound. The one-month forward exchange rate is calculated as: [(0.0159375 – 0.048125)/12] —————————————— 1.8277 + 1.8277 = $1.8228/£1 [1 + (0.048125/12)]
Table 1.6. Nominal effective exchange rate indices, 1980–2004 (annual averages)
Table 1.7. Real effective exchange rate indices, 1980–2004
Table 1.8. The demand for pounds
The one-year forward exchange rate is calculated as: [(0.0228125 – 0.0525)] ——————————— 1.8277 + 1.8277 = $1.7761/£1 [1 + 0.0525])
Source: Financial Times, 12 August 2004.
The three-month forward exchange rate is calculated as: [(0.0171875 – 0.049375)/4] ————————————— 1.8277 + 1.8277 = $1.8132/£1 [1 + (0.049375/4)]
The six-month forward exchange rate is calculated as: [(0.019375 – 0.050625)/2] ———————————— 1.8277 + 1.8277 = $1.7988/£1 [1 + (0.050625/2)]