《国际经济学第九版英文课后答案_第14单元》.docVIP

*CHAPTER 14 (Core Chapter) FOREIGN EXCHANGE MARKETS AND EXCHANGE RATES OUTLINE 14.1 Introduction 14.2 Functions of the Foreign Exchange Markets Case Study 14-1: The U.S. Dollar as the Major Vehicle Currency Case Study 14-2: The Birth of a New Currency: The Euro 14.3 Foreign Exchange Rates 14.3a Equilibrium Foreign Exchange Rates Case Study 14-3: Foreign Exchange Quotations 14.3b Arbitrage 14.3c The Exchange Rate and the Balance of Payments 14.4 Spot and Forward Rates, and Foreign Currency Swaps, Futures and Options 14.4a Spot and Forward Rates 14.4b Currency Swaps 14.4c Foreign Exchange Futures and Options Case Study 14-4: Quotations on Foreign Currency Futures and Options Case Study 14-5: Size, Currency and Geographical Distribution of the Foreign Exchange Market 14.5 Foreign Exchange Risks, Hedging, and Speculation 14.5a Foreign Exchange Risks 14.5b Hedging 14.5c Speculation 14.6 Interest Arbitrage and Efficiency of Foreign Exchange Markets 14.6a Uncovered Interest Arbitrage 14.6b Covered Interest Arbitrage 14.6c Covered Interest Arbitrage Parity 14.6d Covered Interest Arbitrage Margin 14.6e Efficiency of Foreign Exchange Markets Case Study 14-6: Local Currency and Dollar Stock Returns Around the World 14.7 Eurocurrency Markets 14.7a Description and Size of Eurocurrency Markets 14.7b Reasons for the Development and Growth of the Eurocurrency Market Case Study 14-7: Size and Growth of the Eurocurrency Market 14.7c Operation and Effects of Eurocurrency Markets 14.7d Eurobond and Euronote Markets Case Study 14-8: Rising Competition in Global Banking Appendix A14.1 Derivation of Formula for Covered Interest Arbitrage Margin Key Terms Foreign exchange market Foreign exchange risk Vehicle currency Hedging Seignorage Speculation Euro Stabilizing speculation Exchange rate Destabilizing speculation Depreciation Interest arbitrage Appreciation Uncovered interest arbitrage Cross Exchange rate Cover