国际金融（原书第12版）教学课件作者大卫.艾特曼（DavidEiteman）阿瑟.斯通西M09_EITE1342_12E_IM_C09课件.pdfVIP

Chapter 9 Interest Rate and Currency Swaps ? Questions 9-1. Triumvirate of Risks. Define and explain the three main financial risks facing a multinational enterprise. The three financial price risks facing all MNEs are exchange rate risk, interest rate risk, and commodity price risk. The first, exchange rate risk, was the subject of prior chapters and focused on transaction exposure, operating exposure, and accounting exposure. The second financial price risk, interest rate risk, can be subdivided into debt service (MNE liabilities) and interest-bearing securities (MNE assets). The third risk, commodity price risk, is the risk and exposure of the firm to key commodity input price changes such as oil, metals, agricultural inputs, etc. 9-2. Reference Rates. What is an interest “reference rate” and how is it used to set rates for individual borrowers? Whether it is on the left or right side, the reference rate of interest calculation merits special attention. A reference rate—for example, U.S. dollar LIBOR—is the rate of interest used in a standardized quotation, loan agreement, or financial derivative valuation. LIBOR, the London Interbank Offered Rate, is by far the most widely used and quoted. It is officially defined by the British Bankers Association (BBA). U.S. dollar LIBOR is the mean of 16 multinational banks’ interbank offered rates as sampled by the BBA at approximately 11 A.M. London time in London. Similarly, the BBA calculates the Japanese yen LIBOR, euro LIBOR, and other currency LIBOR rates at the same time in London from samples of banks. The interbank interest rate market is not, however, confined to London. Most major domestic financial centers construct their own interbank offered rates for local loan agreement purposes. These rates include PIBOR (Paris Interbank Offered Rate), MIBOR (Madrid Interbank Offered Rate), SIBOR (Singapore Interbank Offered Rate), and FIBOR (Frankfurt Interbank Offered Rate), to name but a few. 9-3. Risk and Return. Some co