international financialmanagement 2国际财务管理

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1、1Chapter2ExchangeRatesandInternationalFinancialMarkets2ObjectivesThischapterprovidesafoundationforunderstandinghowexchangeratesaredetermined,alsoidentifiesanddiscussesthevariousinternationalfinancialmarketsusedbyMNCs.Thespecificobjectivesare:*toexplainhowtheequilibriumexchang

2、erateisdetermined;*toexaminefactorsthataffecttheequilibriumexchangerate;and*todescribethebackgroundandcorporateuseoftheinternationalfinancialmarkets.3DeterminationofEquilibriumExchangeRateAnexchangeratemeasuresthevalueofonecurrencyinunitsofanothercurrency.Whenacurrencydecline

3、sinvalue,itissaidtodepreciate.Whenitincreasesinvalue,itissaidtoappreciate.Thepercentagechangeinthevalueofaforeigncurrencyiscomputedas(St–St-1)/St-1(whereStdenotesthespotrateattimet.)4DeterminationofEquilibriumExchangeRateAnexchangeraterepresentsthepriceofacurrency,whichisdete

4、rminedbythedemandforthatcurrencyrelativetothesupplyofthatcurrency.Theequilibriumexchangerateisthepointwherethedemandforonecurrencyequatesthesupplyofthatcurrency.Theequilibriumexchangeratewillchangeovertime.5FactorsthatInfluenceExchangeRatesRelativeInflationRatesRelativeInter

5、estRatesItisusefultoconsiderrealinterestratesRelativeIncomeLevelsGovernmentControls*foreignexchangebarriers;*foreigntradebarriers;*interveningintheforeignexchangemarket;*affectingmacrovariables.6FactorsthatInfluenceExchangeRatesExpectations*Foreignexchangemarketsreacttoanyne

6、wsthatmayhaveafutureeffect.*Institutionalinvestorsoftentakeacurrencypositionsbasedonanticipatedinterestratemovementsinvariouscountries.*Becauseofspeculativetransactions,foreignexchangeratescanbeveryvolatile.7FactorsthatInfluenceExchangeRatesInteractionofFactors*Trade–related

7、factors(inflationdifferential,incomedifferentialandgovernment’straderestrictions)andfinancialfactors(interestratedifferential,capitalflowrestriction)sometimesinteract.Exchangeratemovementsmaybesimultaneouslyaffectedbythesefactors.*Overaparticularperiod,differentfactorsmayplac

8、eopposingpressuresonthevalueofaforeigncurrency.8FactorsthatInfluence