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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,coupledwithpoliticalinstabilitycausedbydomesticandfo
2、reigninvestorconfidence,capitalflightbegantoappear.FromFebruary1994toNovember,theUnitedStatesraisedshort-terminterestratesforthe6time,whichfurtherexacerbatedtheinternationalcapitalflightfromMexico.Hedgefunds,notablySoros,havehitMexico'sexchangeratesharplybysellingMexicopesosandbuyingd
3、ollarsinthederivativesmarket.Mexico'suseofforeignexchangereservesandasubstantialincreaseininterestrateshavealsomadeitdifficulttostemcapitalflight.InDecember19th,theMexicoauthoritieswereforcedtochangetheirpreviousforeignexchangepolicy,whichlimitedtheupperandlowerdollarofthepeso,andanno
4、uncedthatthepesofellfrom3.46:1to4:1againsttheUSdollar,triggeringafull-blownoutbreakofthefinancialcrisisinMexico.InDecember22nd,theMexicoauthorities,whosereservesalmostdriedup,hadtoendtheirinterventioninthepesotradingandannouncedafloatingexchangeratesystem.Sincethepesocontinuedtodeclin
5、e,toDecember27th,thepesoagainstthedollarhasplungedto5.65:1,orashighas63%.pesosalsocontributedtothestockmarketcapitalwithdrawal,inJanuary10,1995,theMexicostockmarketfell11%.soon,theMexicofinancialcrisistoLatinAmerica,AsiaandEurope,resultingintheirstockpricesfall,globalthefinancialmarke
6、tturmoil.2.,theAsianfinancialcrisis,whichoriginatedinThailandandsweptthroughAsia,isdividedintofourstages:Stage1:currencycrisesinSoutheastAsiancountriescenteredonThailand(July1997-midOctober).InFebruary1997,MarchandmidMay,ledbySoros,theinternationalspeculatorsintheforwardexchangemarket
7、,thespotmarketsoldalargenumberofThaibaht,buyingdollars,cashfundstocontinuetosuppressthebaht,flight.InJuly2nd,theCentralBankofThailandrenouncedthefixedexchangeratesystembetweentheThaibahtandtheUSdollar,andimplementedafloatingexchangeratesystem.TheThaibahtdepreciatedby20%onthesameday,an
8、dthec
