Ch5 Exchange Rate Determination __ international parity condition 国际金融.pptVIP

Ch5 Exchange Rate Determination 汇率决定 Exchange Rate Determination汇率决定 Exchange Rates Determinants影响汇率的因素 Five Parity Conditions Result From Arbitrage Activities 1.Purchasing Power Parity (PPP) 购买力平价 2.The Fisher Effect (FE) 费雪效应 3.The International Fisher Effect (IFE) 国际费雪效应 4.Interest Rate Parity (IRP) 利率平价 5.Unbiased Forward Rate (UFR) 非偏的远期汇率 Equilibrium Exchange Rate均衡汇率 If the rate of return on dollar assets is greater than the dollar rate of return on euro assets there will be an excess demand for dollar assets. If the rate of return on dollar assets is less than the dollar rate of ret