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1、Themacrolevelofthederivativesmarketriskmanagementcase（衍生品市场宏观层次的风险管理案例）Acaseof1.,riskoffinancialcrisisinMexicoduetothemistakeofeconomicandfinancialpolicyforalongtime,Mexicoearlyin1993ontheeconomicandfinancialsituationhasdeteriorated,coupledwithpoliticalinstabilitycause
2、dbydomesticandforeigninvestorconfidence,capitalflightbegantoappear.FromFebruary1994toNovember,theUnitedStatesraisedshort-terminterestratesforthe6time,whichfurtherexacerbatedtheinternationalcapitalflightfromMexico.Hedgefunds,notablySoros,havehitMexico'sexchangeratesharp
3、lybysellingMexicopesosandbuyingdollarsinthederivativesmarket.Mexico'suseofforeignexchangereservesandasubstantialincreaseininterestrateshavealsomadeitdifficulttostemcapitalflight.InDecember19th,theMexicoauthoritieswereforcedtochangetheirpreviousforeignexchangepolicy,whi
4、chlimitedtheupperandlowerdollarofthepeso,andannouncedthatthepesofellfrom3.46:1to4:1againsttheUSdollar,triggeringafull-blownoutbreakofthefinancialcrisisinMexico.InDecember22nd,theMexicoauthorities,whosereservesalmostdriedup,hadtoendtheirinterventioninthepesotradingandan
5、nouncedafloatingexchangeratesystem.Sincethepesocontinuedtodecline,toDecember27th,thepesoagainstthedollarhasplungedto5.65:1,orashighas63%.pesosalsocontributedtothestockmarketcapitalwithdrawal,inJanuary10,1995,theMexicostockmarketfell11%.soon,theMexicofinancialcrisistoLa
6、tinAmerica,AsiaandEurope,resultingintheirstockpricesfall,globalthefinancialmarketturmoil.2.,theAsianfinancialcrisis,whichoriginatedinThailandandsweptthroughAsia,isdividedintofourstages:Stage1:currencycrisesinSoutheastAsiancountriescenteredonThailand(July1997-midOctober
7、).InFebruary1997,MarchandmidMay,ledbySoros,theinternationalspeculatorsintheforwardexchangemarket,thespotmarketsoldalargenumberofThaibaht,buyingdollars,cashfundstocontinuetosuppressthebaht,flight.InJuly2nd,theCentralBankofThailandrenouncedthefixedexchangeratesystembetwe
8、entheThaibahtandtheUSdollar,andimplementedafloatingexchangeratesystem.TheThaibahtdepreciatedby20%onthesameday,andthec
