国金第二章(含作业)课件.ppt

Chapter 2The Market for Foreign Exchange;Exchange Rates and the Market for Foreign Exchange汇率和外汇市场;1.Exchange Rates and the Market for Foreign Exchange;1.1The Role of Foreign Exchange Market ;Spot Market Characteristics现汇市场的特征;A Foreign Exchange Transaction ;1.2 Exchange Rates as Relative Prices 作为相对价格的汇率;Some Additional Terminology（术语）:Direct - Indirect Quotes;Direct and Indirect Currency Quotation(May 2, 1996);1.2.1 Appreciating and Depreciating Currencies 货币的升值和贬值;Appreciating and Depreciating Currencies; 1. 2.2 套算汇率 ;Page 52 Exercises 2 : cross rate;Page 52 Exercises 2 : cross rate;1.3 Bid-Ask Spreads and Trading Margins 买卖价差和交易利润率 ;1.3 Bid-Ask Spreads and Trading Margins 1.3.1 Bid - Ask Spreads 买卖价差 ;1.3.2 Bid - Ask Margin 买卖利润;1.4 Real Exchange RatesReal Measures;Real Exchange Rates;Real Exchange RatesAn Example;Example: Continued;Combining the Two Effects;;Conclusion;2. Measuring the Overall Strength of Weakness of a currency: Effective Exchange Rates衡量一种货币的总体强弱：有效汇率;Weighted Average Value;Weights;Exchange Rate Data;Calculating the EER;Calculating the EER;Example;Example;;Effective Exchange RatesJapan, United Kingdom, United States;3 Foreign Exchange Arbitrage: 外汇套利;3.1 Spatial Arbitrage 空间套汇;Example;Example Continued;3.2 Triangular Arbitrage （三角套汇）;Triangular Arbitrage: Example;Example Continued;Triangular Arbitrage;4. The Demand for a Currency货币的需求;4.1 The Demand Curve is Downward Sloping 需求曲线是向下倾斜的;The Demand Curve;Important Note;4.2 An Increase in Demand;An Increase in the Demand for the Euro;4.3 The Supply of a Currency 货币的供给;The Supply of the Euro;4.4 An Increase in the Supply of the Euro;4.5 Equilibrium 市场均衡;Market Equilibrium;4.6 Increase in the Demand for the Euro;4.7 Foreign Exchange Market Intervention 汇率的市场干预 ;FX Intervention - Continued;FX Intervention - Continued;Buying and Selling Foreign Reserves;FX Intervention;FX Intervention - Conclusion;5 Purchasing Power Parity (PPP)购买力评价;Absolute purchasing power parity绝对购买力平价;