第10章国际经济一体化与国际经济秩序.pptVIP

International Economics国际经济学 第九章 国际经济一体化与国际经济秩序 第一节 国际经济一体化 一、关税同盟与经济一体化分析 1. 关税同盟的提出与发展 2. 国际贸易的次优理论：贸易创造与贸易转移 二、关税同盟的经济分析 1. 关税同盟的图形分析 2. 关税同盟的福利分析 3. 关税同盟的政策含义 三、经济一体化 1. 经济一体化的经济分析 2. 经济一体化的案例分析 第二节 国际经济组织及其作用 一、 国际货币基金组织 二、世界银行 三、世界贸易组织 四、地区经济组织 第三节 国际经济秩序的建立于南北关系 一、国际经济秩序 1. 国际经济秩序的含义 2. 旧国际经济秩序分析 3. 从G-7到G-20 二、新国际经济秩序 1. 南北经济关系分析 2. 新国际经济秩序的提出 3. 新国际经济秩序的建立 图9-1 §8-1 Option features and markets§8-1-1 Introduction to options 1. An option is a contract that gives its owner the right for a given period of time to buy or sell a given amount of an underlying asset at a fixed price，called the exercise price or the strike price． 2. The underlying asset can be a financial security such as a stock or a bond，a financial commodity such as an interest rate or currency，or a physical commodity such as oil，gas，coffee or potatoes． 10. The Black-Scholes model (and its extensions) is an exact pricing formula for European style options．In spite of its seeming complexity, the model is simple and easy to use. One of the uses is a straight forward application of the model to determine the theoretical price of an option．It can also be used to determine the volatility of the underlying asset that is implied by current option prices． 11. There are five basic tools to be derived from the Black-Scholes model that can be used for option management: the delta, the gamma, the theta, the vega, and the sensitivity to the interest rate．The delta measures the sensitivity of the options price to changes in the price of the underlying asset．Gamma measures the sensitivity of delta to changes in the price of the underlying asset．Theta measures the sensitivity of the options price to the passage of time and vega measures its sensitivity to changes in volatility. THE END * * P d a e b E” O Q1 Q5 Q3 Qe Q4 Q6 Q3 Q Pe P1 Pb Pa D S E E’ E” C‘ *