《国际投资》,期末复习,填空题,暨南大学

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1、2.GapFillingSummaryineachchapterChapter1CurrencyexchangeratesAdirectexchangerateisthedomesticpriceofforeigncurrency.Anindirectexchangerateistheamountofforeigncurrencyequivalentthatoneunitofthedomesticcurrencypurchases.Chapter2foreignexchangeparityrelation

2、sInterestrateparityistherelationthattheforwarddiscount(premium)equalstheinterestratedifferentialbetweenthetwocurrencies.Absolutepurchasingpowerparityclaimsthattheexchangerateshouldbeequaltotheratiooftheaveragepricelevelsinthetwoeconomics.Relativepurchasin

3、gpowerparityclaimsthatthepercentagemovementoftheexchangerateshouldbeequaltotheinflationdifferentialbetweenthetwoeconomics.Purchasingpowerparityimpliesthattherationoftheend-of-periodexchangeratetothebeginning-of-periodexchangerateequalstheratioofoneplusthe

4、foreigninflationratetooneplusthedomesticinflationrate.Therealinterestratecanbeapproximatedforallcountriesbysubtractingtheexpectedinflationratefromthenominalinterestrate.TheinternationalFisherrelationclaimsthatrealinterestratesareequalacrosstheworld,andhen

5、cedifferencesinnominalinterestratesarecausedbydifferencesinnationalinflationaryexpectations.InterestratedifferencesapproximatelyequalexpectedinflationratedifferencesiftheinternationalFisherrelationholds.Chapter9thecaseforinternationaldiversificationIntern

6、ationalinvestingreducesriskbecausethecorrelationsbetweencountrymarketsarelessthan1.Fortwo-assetportfolioofdomesticandforeignassets,theexpectedportfolioreturnistheweightedaverageofthedomesticexpectedreturnandtheforeignexpectedreturn.Thestandarddeviationist

7、hesquarerootofthequantity:theweightsquaredtimesthevarianceofthedomesticassetplustheweightsquaredtimesthevarianceoftheforeignassetplustwicetheproductoftheweightstimesthecorrelationtimesthestandarddeviationsofthetwoassets.Thedomesticrateofreturnonaforeignas

8、setistherateofreturnofthatassetintheforeigncurrencyplustherateofreturnontheexchangerateplustheproductoftherateofreturnintheforeigncurrencytimestherateofreturnontheexchangerate.Thevarianceofthedomesticrateofreturnisa