第三讲 国际平价关系.pptVIP

* Chapter 3 International parity relations The outcome of the supply and demand of one currency for another is reflected in the exchange rate. The exchange rate has major consequences on a country’s economic well-being . The exchange rate also has major consequences for non-residents investing in the country or doing business Dec. 13, 2005 I promise to pay__________________________________ ____________________________________________ at an interest rate of _____% within ______ days. ________________________ Douglas Cloud One Thousand Dollars and no/100 6 90 T. Wood Profitable transactions can suddenly turn sour if the exchange rate moves in the wrong direction The international parity relations form the basis of most analysis of exchange rate behaviour The international parity relations(65) The international parity relations are an elegant set of simple equilibrium relationships between the prices of goods and services, interest rates, and the spot and forward exchange rates 体现在凯恩斯、卡塞尔和费雪著作中的国际平价关系构成了大多数汇率行为的分析的基础。国际平价关系是商品和服务的价格、利息率以及即期和远期汇率之间的一组简单的平衡关系。 1.Purchasing power parity(购买力平价） Of all the factors outlined in Chapter2 that influence exchange rate movements and long-term external equilibrium ,price increases or inflation stand out as particularly important Purchasing power parity The theory linking inflation and exchange rate movements is known as Purchasing power parity (PPP) 说明通货膨胀与汇率变动之间关系的理论被称为购买力平价。购买力平价理论起源于１７世纪的重商主义，但是它经过卡塞尔在２０世纪早期的系统阐述才开始崭露头角 Dec. 13, 2005 I promise to pay__________________________________ ____________________________________________ at an interest rate of _____% within ______ days. ________________________ Douglas Cloud One Thousand Dollars and no/100 6 90