第二章汇率的确定(国际财务管理,JosephF.Greco).pptVIP

Multinational Financial Management Alan Shapiro 7th EditionJ.Wiley Sons Power Points by Joseph F. Greco, Ph.D. California State University, Fullerton CHAPTER 2 汇率的确定 CHAPTER 2 OVERVIEW: I. 均衡汇率 央行的作用 III. 预期和资本市场 Part I. Equilibrium Exchange Rates 汇率 即期汇率,远期汇率 自由浮动汇率 法定贬值 法定升值 贬值 升值 Part I. Equilibrium Exchange Rates I. SETTING THE EQUILIBRIUM A. Exchange Rates(汇率) 对外国货币的供给和需要相均衡时的市场出清价格. Equilibrium Exchange Rates B. How Americans Purchase German Goods(美国人购买德国商品) 1. 货币需要 -源于美国对德国商品, 劳务, 和金融资产的需要. e.g. The demand for German goods by Americans Equilibrium Exchange Rates 2. 货币供给 a. -源于德国对美国商品, 劳务, 和金融资产的需要. b. They must convert their currency to purchase. e.g. German demand for US goods means Germans convert EY to US $ in order to buy. Equilibrium Exchange Rates 3. Equilibrium Exchange Rate: occurs when the quantity supplied equals the quantity demanded of a foreign currency at a specific local price.(P36) Equilibrium Exchange Rates 买入价 卖出价 Equilibrium Exchange Rates C. How Exchange Rates Change 1. 需求上升 as more foreign goods are demanded, the price of the foreign currency in local currency increases and vice versa(反之亦然). Equilibrium Exchange Rates 2. 本币 贬值 a. Foreign currency becomes more valuable than the home currency. b. The foreign currency’s value has appreciated against the home currency. Equilibrium Exchange Rates 3. Calculating a Depreciation:P39 Currency Depreciation where e0 = old currency value e1 = new currency value Note: Resulting sign is always negative Equilibrium Exchange Rates Currency Appreciation Equilibrium Exchange Rates EXAMPLE: ＥＹ Appreciation If the dollar value of theＥＹgoes from $0.64 (e0) to $0.68 (e1), then theＥＹhas appreciated by Equilibrium Exchange Rates EXAMPLE: US$ Depreciation We use the first formula, (e0 - e1)/ e1 sub