国际经济学 第五版原版 汇率与外汇市场.ppt

Chapter 13 Exchange Rates and the Foreign Exchange Market: An Asset Approach Key Terms Appreciation 升值 Arbitrage 套利 Depreciation 贬值 Exchange rate 汇率 Foreign exchange market 外汇交易市场 Interbank trading 银行间交易 Interest parity condition 利率平价条件 Interest rate 利率 Liquidity 流动性 Key Terms Rate of appreciation 升值率 Rate of depreciation 贬值率 Rate of return 收益率 Real rate of return 实际收益率 Risk 风险 Spot exchange rate 即期汇率 Vehicle currency 载体货币 Chapter Organization Introduction Exchange Rates and International Transactions The Foreign Exchange Market The Demand for Foreign Currency Assets Equilibrium in the Foreign Exchange Market Interest Rates, Expectations, and Equilibrium Summary Introduction Exchange rates are important because they enable us to translate different counties’ prices into comparable terms. Exchange rates are determined in the same way as other asset prices. The general goal of this chapter is to show: How exchange rates are determined The role of exchange rates in international trade Exchange Rates and International Transactions An exchange rate can be quoted in two ways: Direct The price of the foreign currency in terms of dollars The price of the foreign currency in terms of home currency Home currency per foreign currency unit Indirect The price of dollars in terms of the foreign currency The price of home currency in terms of the foreign currency foreign currency per Home currency unit Table 13-1: Exchange Rate Quotations Exchange Rates and International Transactions Domestic and Foreign Prices If we know the exchange rate between two countries’ currencies, we can compute the price of one country’s exports in terms of the other country’s money. Example: The dollar price of a ￡50 sweater with a dollar exchange rate of $1.50 per pound is 1.50 $/￡ x ￡50 $75. Exchange Rates and International Transactions Two types of changes in exchange rates: Depreciation of home country’s currency A rise in the home currency prices of a foreign currency It makes hom