外汇市场与全球资本管理：以汽车制造商对冲策略为例.pptx

1LecturefocusChapter9ForeignexchangemarketDeterminationofforeignexchangeratesConvertibilityofcurrenciesChapter10InternationalmonetarysystemIMFWorldBankChapter11GlobalcapitalmarketImplicationsformanagers

2ChapterTheForeignExchangeMarket9

3Caststudy:Volkswagen’shedgingstrategyEurope’slargestcarmaker;exportscarsfromGermanytotheUSA95%dropin2003fourth-quarterprofitsMultiplereasonsbuttwostoodoutUnpredictedriseof€(euro)againstUS$from2003€1=US$1.17in1999Droppeddownto€1=US$1in2002€1=$1.25by2003Hedgedonly30%ofitsforeigncurr