ch9外汇市场和汇率决定理论解说.ppt

* Ch9. Foreign exchange market and determination of exchange rate 学习目的： 了解外汇市场概况 了解购买力平价理论 利率平价理论 汇率与资产组合 价格粘性模型 Goschen 1861 国际借贷理论 外汇汇率由外汇市场供求关系又由国际借贷关系决定。 一价定律 铸币平价黄金输送点（Gold point) 金本位制度 纸币制度 Cassel 1922 绝对购买力平价和相对购买力平价 利率平价1950 资产组合方法 货币分析方法 1955 cagan 资产组合方法 1966-1975-- * 9.1.1 Foreign exchange market: definition classification Foreign?Exchange?Market is the market in which individuals, firms, and banks buy and sell foreign currencies or derivatives of foreign exchange. 它是金融市场的重要组成部分。它是由外汇需求者、外汇供给者及买卖中介机构和套利投机者组成的外汇买卖场所或网络。 Tangible/intangible market Tangible FEX market is a market in a given place, in where, all participants take part in the currencies exchange with same regulations at given time. Intangible FEX market is a market of FEX without special place. All participants of the market use communicate network, computer, telephone, fax and other facilities to implement the transaction. 9.1 外汇市场:分类、功能、参与者、特点 * 外汇市场还可以按照不同的交易工具分类。 外汇市场可以分为现货外汇交易市场和外汇衍生产品交易市场。 现货外汇交易市场（Spot transaction） 通常是指交易双方按照同意的交换比率在两种货币之间进行的在两个交易日内完成现金交割的外汇交易市场。 外汇衍生交易市场(Derivatives Market) 则包括外汇远期交易、货币互换、货币互换和利率交叉互换、外汇期权、外汇互换期权等多种和两种货币相联系的交易市场。 * 9.1.2 Functions of FE markets 外汇市场的功能 Transfer of funds or purchasing power (购买力的交换功能) Transfer of funds or purchasing power from one nation and currency to another. Credit function and capital flow 信贷功能和资本流动 Provide cross-border credit and capital flow. Credit provide for import, investment in foreign countries. Hedging and speculation 保值和投机功能 Activity undertaken to avoid the risk associated with changes in exchange rate is referred to as Hedging. Importer and exporter; speculation：in order to make profit, undertaken risk-taking activity about change of the exchange rate. The FX market provide the facilities of exchange of forward, future, option. Arbitrage 套利、投机和资产组合 Arbitrage refer to the process by which an individual purchases a FEX in a low-priced market for resale in a high-priced market for the propose of