Ch外汇资产需求与利率平价学生.pptxVIP

Ch外汇资产需求与利率平价学生第1页/共60页 Asset returnthe percentage increase in value it offers over some time period.Your decision must be based on an expected rate of return.the expected real rate of return.第2页/共60页 Defining Asset ReturnsThe percentage increase in value an asset offers over some time period.The Real Rate of ReturnThe rate of return computed by measuring asset values in terms of some broad representative basket of products that savers regularly purchase.第3页/共60页 Risk and LiquidityRisk: the variability it contributes to savers’ wealth; Savers dislike uncertainty…Liquidity: the ease with which the asset can be sold or exchanged for goods; …the cost and speed at which savers can dispose of them.第4页/共60页 Interest RatesMarket participants need two pieces of information in order to compare returns on different deposits:How the money values of the deposits will changeHow exchange rates will changeA currency’s interest rate is the amount of that currency an individual can earn by lending a unit of the currency for a year.Example: At a dollar interest rate of 10% per year, the lender of $1 receives $1.10 at the end of the year.The depositor is acquiring an asset denominated in the currency it deposits.第5页/共60页 Figure 13-2: Interest Rates on Dollar and Deutschemark Deposits, 1975-1998第6页/共60页 The returns on deposits traded in the foreign exchange market depend on interest rates and expected exchange rate changes.In order to decide whether to buy a euro or a dollar deposit, one must calculate the dollar return on a euro deposit.Exchange Rates and Asset Returns 第7页/共60页 The dollar rate of return on euro deposits is approximately the euro interest rate plus the rate of depreciation of the dollar against the euro.The rate of depreciation of the dollar against the euro is the percentage increase in the dollar/euro exchange rate over a year.A Simple Rule 第8页/共60页 The expected rate of return difference between dollar and euro deposits is: R$ - [R€ + (Ee$/ € - E$/€ )/