国家精品课程国际金融学课件 chapter 2.pptVIP

* * * * * * * * * * * * * * * * * * * * * * Gjh oopk * * * * * * * * * * * * * * * * * * * * Gjh oopk * * * * * * * The two-tier system was created in 1968. In the official tier, consisting of central bank gold traders, the value of gold was set at $35 an ounce, and gold payments to non-central bankers were prohibited. In the free-market tier, consisting of all nongovernmental gold traders, gold was completely demonetized, with its price set by supply and demand. * * * * Gjh oopk 资产市场的短期平衡 i e BB MM FF 资产供给变动与资产市场的短期调整(1)对相对供给量变动的分析 在本国债券市场进行公开市场业务的经济效应 在本国债券市场上进行公开市场业务对利率的影响大 i e BB MM FF M‘M’ B‘B’ A B 在外国债券市场进行公开市场业务的经济效应 在外国债券市场上进行公开市场业务对汇率的影响大 i e BB MM FF M‘M’ F‘F’ A B 对绝对供给量变动的分析 中央银行融通财政赤字带来的货币供给增加的经济效应 i e BB MM FF M‘M’ B‘B’ A B F‘F’ 经常账户盈余导致的外国债券供给增加的经济效应 i e BB MM FF M‘M’ B‘B’ A B F‘F’ e0 e1 资产存量变动对短期均衡汇率和短期均衡利率的影响 资产供给绝对量的增加 资产供给相对量的增加 (由扩张性货币政策导致) 货币存量增加 外币资产存量增加 买进本币资产 买进外币资产 利率 下 降 不 变 下 降 下 降 汇率 贬 值 升 值 贬 值 贬 值 资产市场的长期平衡及其调整机制 调整机制为国际收支与汇率的相互作用(略)。 CA + KA = 0 马歇尔—勒纳条件 模型评价：模型区分了本、外国资产的不完全替代性，并将经常账户这一流量因素纳入存量分析之中，从而使原有的各种理论都能较好地被融入模型之中。其次，因为其分析方法具有特殊的政策分析价值而被广泛运用于货币政策的分析之中，为许多国家的政府决策提供了全新的依据。 Test Your Understanding 1. You read in your newspaper that yesterday’s spot quote was GBP/CAD 2.3134-2.3180. (a) This is a quote for which currency? (b) What is the ask rate for CAD? (c) What is the bid rate for GBP? 2. From a Canadian’s point of view, which of each pair of quotes is the direct quote? Which is the indirect quote? (a) CAD/GBP 0.43; GBP/CAD 2.31 (b) USD/CAD 1.18; CAD/USD 0.84 (c) CAD/EUR 0.65; EUR/CAD 1.54 3. A bank quotes the following rates. Compute the EUR/JPY bid cross –rate (that is , the bank’s rate for buying JPY). Bid Ask CAD/EUR 0.64 0.645 JPY/CAD 0.01 0.012 4. You have just graduated from the University of Florida and are leaving on a whirlwind tour to see some friends. You wi