衍生品市场宏观层次的风险管理案例(国外英语资料).docVIP

衍生品市场宏观层次的风险管理案例(国外英语资料) A case of 1., risk of financial crisis in Mexico due to the mistake of economic and financial policy for a long time, Mexico early in 1993 on the economic and financial situation has deteriorated, coupled with political instability caused by domestic and foreign investor confidence, capital flight began to appear. From February 1994 to November, the United States raised short-term interest rates for the 6 time, which further exacerbated the international capital flight from Mexico. Hedge funds, notably Soros, have hit Mexicos exchange rate sharply by selling Mexico pesos and buying dollars in the derivatives market. Mexicos use of foreign exchange reserves and a substantial increase in interest rates have also made it difficult to stem capital flight. In December 19th, the Mexico authorities were forced to change their previous foreign exchange policy, which limited the upper and lower dollar of the peso, and announced that the peso fell from 3.46:1 to 4:1 against the US dollar, triggering a full-blown outbreak of the financial crisis in Mexico. In December 22nd, the Mexico authorities, whose reserves almost dried up, had to end their intervention in the peso trading and announced a floating exchange rate system. Since the peso continued to decline, to December 27th, the peso against the dollar has plunged to 5.65:1, or as high as 63%. pesos also contributed to the stock market capital withdrawal, in January 10, 1995, the Mexico stock market fell 11%. soon, the Mexico financial crisis to Latin America, Asia and Europe, resulting in their stock prices fall, global the financial market turmoil. 2., the Asian financial crisis, which originated in Thailand and swept through Asia, is divided into four stages: Stage 1: currency crises in Southeast Asian countries centered on Thailand (July 1997 - mid October). In February 1997, March and mid May, led by Soros, the international speculators in the forward exchange market, the spot market sold a la