货币金融学（第十三版）课件 英文第17章 外汇市场 .pptx

TheEconomicsofMoney,Banking,andFinancialMarketsThirteenthEditionChapter17TheForeignExchangeMarketCopyright?2022,2019,2016PearsonEducation,Inc.AllRightsReserved

PreviewThischapteroutlineshowtheforeignexchangemarketfunctionsandhowthevalueofdifferentcurrenciesisdetermined.

LearningObjectives17.1Explainhowtheforeignexchangemarketworksandwhyexchangeratesareimportance.17.2Identifythemainfactorsthataffectexchangeratesinthelongrun.17.3Drawthedemandandsupplycurvesforforeignexchangemarketandinterprettheequilibriuminthemarketforforeignexchange.17.4Listandillustratethefactorsthataffecttheexchangeratesintheshortrun.

ForeignExchangeMarket(1of2)Exchangerate:priceofonecurrencyintermsofanotherForeignexchangemarket:thefinancialmarketwhereexchangeratesaredeterminedSpottransaction:immediate(two-day)exchangeofbankdepositsSpotexchangerateForwardtransaction:theexchangeofbankdepositsatsomespecifiedfuturedateForwardexchangerate

ForeignExchangeMarket(2of2)Appreciation:acurrencyrisesinvaluerelativetoanothercurrencyDepreciation:acurrencyfallsinvaluerelativetoanothercurrencyWhenacountry’scurrencyappreciates,thecountry’sgoodsbecomemoreexpensivetoforeignersandforeigngoodsinthatcountrybecomelessexpensivetodomesticeconomicagentsTheforeignexchangemarketisanover-the-countermarketwhereinmosttradesinvolvethebuyingandsellingofbankdepositsdenominatedindifferentcurrencies

ExchangeRatesintheLongRunTheoryofPurchasingPowerParityassumptions:AllgoodsareidenticalinbothcountriesTradebarriersandtransportationcostsarelowManygoodsandservicesarenottradedacrossborders

Figure1PurchasingPowerParity,UnitedStates/UnitedKingdom,1973–2020(Index:March1973=100.)Source:FederalReserveBankofSt.LouisFREDdatabase:/series/GBRCPIALLMINMEIT;/series/CPIAUCNS;/series/EXU