国际金融复习提纲

《国际金融复习提纲》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、国际金融复习提纲11Chapter1ForeignexchangeandmarketForeignexchangeandforeignexchangemarket(definitionandclassification)Foreignexchangeisthewayofpaymentandassetsusedtotheinternationalsettlement(国际结算),whichisdenominatedinforeigncurrencyForeignexchangemarketreferstolargecommercialbanksinfinancial

2、centersthattradeforeign-currency-denominateddepositswitheachother.Inaword,theFEMistheplacewheretheforeignexchangetradingproceeds.Classification:Retailmarketandinterbankmarket--retailmarket(smallamounts):tradeinindividuals,nonfinancialcompanies,financialinstitutionandotherorganizations

3、--interbankmarket(wholesalemarket):tradebetweenbanks,60%ofthetotalExchangerateDefinition:exchangerateisthepriceofonekindofmoneyintermsofanother.Inanotherword,akindofmonetaryispricedbyanotherkindofmonetary.Quotation,Directquotation:domesticcurrencyisexpressedbyunitforeigncurrency.Indir

4、ectquotation:foreigncurrencyisexpressedbyunitdomesticCurrency.Bidandaskrate(indifferentquotation)bidrate(buyingrate):therateatwhichabankwillpurchasetheforeignexchange.Ask(offer)rate(sellingrate):therateatwhichthebankwillselltheforeignexchange.AskrateismoreexpensivethanbidrateNote:When

5、talkingaboutthebidpriceandaskprice,itwillbeverydifferentindifferentquotation.Crossrateandarbitrage（出计算题）Crossrate:Byknowinganytwoexchangerates,wewillbeabletoinferathirdexchangerate.Arbitrage:isanactivity.Itspurposeistoobtaintheprofitopportunitiesforsimultaneouslybuyingacurrencyinonema

6、rketwhilesellingitinanother.DepreciationDepreciationisadecreaseinthevalueofacurrencyrelativetoanothercurrencyAppreciationAppreciationisanincreaseinthevalueofacurrencyrelativetoanothercurrency.OvervaluedOvervalued:theactualexchangerateishigherthantheequilibriumvalue.11UndervaluedUnderv

7、alued:theactualexchangerateislowerthantheequilibriumvalue.CentralBankIntervention11Inthecaseofadepreciatingdomesticcurrency,centralbankscansellforeigncurrenciesinexchangefordomesticcurrencytohaltthedepreciation.Alternatively,bydemanding(buying)assetsdenominatedinforeigncurrencyandbysu

8、pplyi