Chapter_28Managing International Risk-公司金融,英文版课件.pptVIP

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Chapter_28Managing International Risk-公司金融,英文版课件.ppt

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Slides by Matthew Will Topics Covered Foreign Exchange Markets Some Basic Relationships Hedging Currency Risk Exchange Risk and International Investment Decisions Political Risk Foreign Exchange Markets Exchange Rate - Amount of one currency needed to purchase one unit of another. Spot Rate of Exchange - Exchange rate for an immediate transaction. Forward Exchange Rate - Exchange rate for a forward transaction. Foreign Exchange Markets Forward Premiums and Forward Discounts Example - The yen spot price is 120.700 yen per dollar and the 3 month forward rate is 119.660 yen per dollar, what is the premium and discount relationship? Foreign Exchange Markets Forward Premiums and Forward Discounts Example - The yen spot price is 120.700 yen per dollar and the 3 month forward rate is 119.660 yen per dollar, what is the premium and discount relationship? Foreign Exchange Markets Forward Premiums and Forward Discounts Example - The yen spot price is 120.700 yen per dollar and the 3 month forward rate is 119.660 yen per dollar, what is the premium and discount relationship? Answer - The dollar is selling at a 3.5% discount, relative to the yen. The yen is selling at a 3.5% premium, relative to the dollar. Exchange Rate Relationships Basic Relationships Exchange Rate Relationships 1) Interest Rate Parity Theory The ratio between the risk free interest rates in two different countries is equal to the ratio between the forward and spot exchange rates. Exchange Rate Relationships Exchange Rate Relationships Exchange Rate Relationships 2) Expectations Theory of Exchange Rates Exchange Rate Relationships 3) Purchasing Power Parity Exchange Rate Relationships Example If inflation in the US is forecasted at 2.0% this year and Japan is forecasted to fall 1.5%, what do we know about the expected spot rate? Given a spot rate of 120.700 yen:$1 Exchange Rate Relationships Example - If inflation in the US is forecasted at 2.0% this year and Japan is forecasted to fall 1.5%