跨国公司财务管理基础 (2).pdf

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1、TEXASTECHUNIVERSITYSECONDSUMMER2012RAWLSCOLLEGEOFBUSINESSAREAOFFINANCEFIN4328–001–62167–InternationalFinanceDr.DanışoğluHomework#2DueonThursday,July26,20121.TheinflationrateinGreatBritainisexpectedtobe4%peryear,andtheinflationrateinFranceisexpectedtobe6%peryear.Ifthecurrentspotrateis£1=FF

2、12.50,whatistheexpectedspotrateintwoyears?BasedonPPP,theexpectedvalueofthepoundintwoyearsis12.5x(1.06/1.04)2=FF12.99.2.During2001,theUSdollarexchangeratechangedfrom$0.5592/Australian$to$0.5117/Australian$.Duringthesameyear,USinflationwas1.58%andtheAustralianinflationwas2.87%.a.Byhowmuchdi

3、dthenominalvalueofthedollarchangeduring2001?Sincethequestionasksaboutthechangeinthevalueofthedollarduring2001,firstweneedtofindthevalueoftheUSdollaratthebeginningandattheendoftheyear:Beginning:1$=(1/0.5592)Australian$=1.7883Australian$Ending:1$=(1/0.5117)Australian$=1.9543Australian$Chang

4、einthenominalvalueofthedollar=(1.9543/1.7883)—1=0.0928=9.28%.Thedollarappreciatedby9.28%innominaltermsduring2001.b.Byhowmuchdidtherealvalueofthedollarchangeduring2001?Weneedtosubtractordiscounttheeffectofinflationdifferentialfromtheendingexchangerate:realexchangerate=nominalexchangeratex[

5、(1+i)/(1+i)]fhrealexchangerate=1.9543x[(1+0.0158)/(1+0.0287)]=Australian$1.9298/$Changeintherealvalueofthedollar=(1.9298/1.7883)—1=0.079=7.9%.Thedollarappreciatedby7.9%inrealtermsduring2001.3.Supposethespotquoteontheeurois$0.9302-18,andthespotquoteontheSwissfrancis$0.6180-90.a.Computethep

6、ercentagebid-askspreadsontheeuroandfranc.Thepercentagebid-askspreadsontheeuroandfrancarecalculatedasfollows:Eurobid-askspread=(0.9318-0.9302)/0.9318=0.17%SFrbid-askspread=(0.6190-0.6180)/0.6190=0.16%b.WhatisthedirectspotquoteforthefrancinFrankfurt?Inordertosellonefrancforeuros,firstsellth

7、efrancfor$0.6180andthenconvert$0.6180intoeurosattheaskrateof$0.9318.Thusthebidrateforthefrancis0.6180/0.9318=€0.6632.Similarly,toacquireonefranc,selleurosfordollarsandthenselldollarsforfrancs.Specifically,itcosts$0.6190tobuy€1.Because€1canbeconvertedinto$0.9302,itta