2017_cfa二级基础班_经济学

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1、www.gfedu.netEconomics2017CFA二级培训项目讲师：单晨玮1-108www.gfedu.netTopicWeightingsinCFALevelIISessionNO.ContentWeightingsStudySession1-2Ethics&ProfessionalStandards10-15StudySession3QuantitativeMethods5-10StudySession4EconomicAnalysis5-10StudySession5-6FinancialStatementAnalysis15-20StudySessio

2、n7-8CorporateFinance5-15StudySession9-11EquityAnalysis15-25StudySession12-13FixedIncomeAnalysis10-20StudySession14DerivativeInvestments5-15StudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement5-102-108www.gfedu.netFrameworkSS4EconomicsforValuation1.R13Currencyexch

3、angerate:EconomicAnalysisdeterminationandforecasting2.R14EconomicGrowthandinvestmentdecision3.R15EconomicsofRegulation3-108www.gfedu.netReading13Currencyexchangerate:determinationandforecasting4-108www.gfedu.net1.CurrencyExchangeRatesFramework2.SpotRateAndForwardRate3.Bid-AskSpread4.Cro

4、ssRate5.TriangularArbitrage6.ForwardDiscountAndPremium7.Mark-to-marketvalue8.TheInternationalParityRelationships9.Balance-of-PaymentsAccounts10.FXCarryTrade11.ExchangeRateDeterminationModels5-108www.gfedu.netCurrencyExchangeRatesWarm-upExchangerateissimplythepriceorcostofunitsofonecurr

5、encyintermsofanother.Nominalexchangerate:thepricethatweobserveinthemarketplaceforforeignexchange.Realexchangerate:thefocusshiftsfromthequotationsintheforeignexchangemarkettowhatthecurrenciesactuallypurchaseintermsofrealgoodsandservices.FXreal(d/f)=FXnominal(d/f)*CPI/CPIfdChangesinre

6、alexchangeratescanbeusedwhenanalyzingeconomicchangesovertime.Whentherealexchangerate(d/f)increases,exportsofgoodsandserviceshavegottenrelativelylessexpensivetoforeigners,andimportsofgoodsandservicesfromtheforeigncountryhavegottenrelativelymoreexpensiveovertime6-108www.gfedu.netCurrency

7、ExchangeRatesExample:Atabaseperiod,theCPIsoftheU.S.andU.K.areboth100,andtheexchangerateis$1.70pereuro.Threeyearslater,theexchangerateis$1.60pereuro,andtheCPIhasrisento110intheU.S.and112intheU.K..Whatistherealexchangerate?Solution:Therealexchangerateis$1.60pereuro*112/110=$1.6