国际投资学概述.pptxVIP

;国际投资学（双语）;Text Outline ;;Chapter 1;;Chapter One - Outline ;Currency Abbreviations;;Currency Exchange Rate Quotations;Quote Convention used in this text;Direct Exchange Quotes;Indirect Foreign Exchange Quotations;Example: Direct and Indirect Exchange Rates;Example: Direct and Indirect Exchange Rates - Continued;Currency Movements and Exchange Rate Quotations;Cross Rate Calculations;Cross Rate Calculations – Example 2;Foreign Exchange Market;Forex Market Conventions – 1;Forex Market Conventions – 1 (cont’d);Forex Market Conventions – 2;Forex Market Conventions – 2 (cont’d);Forex Market Conventions – 3;Bid-Ask Quotes ;Bid-Ask Quotes - Example;Additional terminology;Bid-Ask Spread;Two Principles for bid and ask rates; 在很久以前墨西哥与美国的某段边境处，存在着一种特殊的货币兑换情形：即在墨西哥境内，1美元只值墨西哥货币90分，而在美国境内，1个墨西哥比索(100分)只值美国货币90分。一天一个牧童先在一家墨西哥酒吧喝了一杯啤酒，价格是10个墨西哥分,于是他用余下的90个墨西哥分换了1美元，然后又走过边境进了一家美国酒吧，喝了一杯啤酒，价格是10美分，他用余下的90美分又换成1个墨西哥比索。如此这般，牧童每天愉快地喝着啤酒，而口袋里的1比索却始终没有减少。这到底是为什么呢？;Arbitrage套算汇率;Arbitrage Conditions with Exchange Rates;Arbitrage Example;地点套汇 套汇者利用同一时刻不同外汇市场的汇率差异，通过买卖某种外汇而赚取利润的行为。;直接套汇（两个市场）; 间接套汇 也称多地套汇，是利用同一时刻三个或三个以上外汇市场的汇率差异买卖外汇以赚取利润的行为。;苏黎世：USD1＝CHF5 (ａ) 纽约： GBP1＝USD2 (ｂ) 伦敦： GBP1＝CHF8 (ｃ) 假设你手中有GBP10万;第一步：判断是否存在汇率差异;纽约 USD1＝CHF1.6150/60 (ａ) 苏黎士 GBP1＝CHF2.4050/60 (ｂ) 伦敦 GBP1＝USD1.5310/20 (ｃ) 假设你手中有GBP100万;第一步：判断是否存在汇率差异;练习： 纽约 GBP1＝USD1.4205/15 香港 USD1＝HKD7.7804/14 伦敦 GBP1＝HKD11.0723/33 假设你手中有HKD100万;由(a)、(ｃ)得交叉汇率为USD1＝HKD;解：;Two types of arbitrage opportunities to consider...;Triangular Arbitrage;Forward Rates;Forward Premiums升水/Discounts贴水;Forward Premiums/Discounts;Forward Premiums/Discounts - Example;Interest rate parity;Interest rate parity;Example;Exhibit 1.1: Currency Speculation投机;Exhibit 1.2: Covered Interest Rate Arbitrage;Interest Rate Parity;Covered Interest Rate Arbitrage;Interest Rate Parity Example;Forward Quotations with Bid-Ask Spreads – Example 远期贴水和利率