《国际货币与金融经济学》ppt课件.ppt

《《国际货币与金融经济学》ppt课件.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、Chapter2TheMarketforForeignExchangeINTERNATIONALMONETARYANDFINANCIALECONOMICSThirdEditionJosephP.DanielsDavidD.VanHooseCopyright©South-Western,adivisionofThomsonLearning.Allrightsreserved.1TheForeignExchangeMarketExchangeRateThevalueofonecurrencyrela

2、tivetoanothercurrencyasthenumberofunitsofonecurrencyrequiredtopurchaseoneunitoftheothercurrency.Foreign-Currency-DenominatedFinancialInstrumentAfinancialasset,suchasabond,astock,orabankdeposit,whosevalueisdenominatedinthecurrencyofanothernation.2SpotMa

3、rketCharacteristicsItistheoldestandlargestfinancialmarketintheworld:Hasnocentraltradingfloorwherebuyersandsellersmeet.Isopentwenty-fourhoursaday,exceptforshortgapsonweekends.Thespotmarketisamarketforimmediatedelivery(2to3days).Primarilyaninterbankmarke

4、t,whichisthetradingofforeign-currency-denominateddepositsbetweenlargebanks.Globalbanksaccountforabouttwo-thirdsofthemarketvolume,whileforeignexchangebrokersanddealersaccountforapproximately20percent.Approximately$US1.4-1.6trilliondailyinglobaltransacti

5、ons.3AForeignExchangeTransactionToshibareceivesadollardenominatedpaymentfromBestBuy,whichtheypresenttoFujiBank.Toexchangethedollarpaymentfortheyenequivalent,FujiBankmaycontactanotherbank,suchasCitigroup,orcontactaFXbroker.4CurrencyTradingTablesTypicalF

6、Xtablesinadailybusinesspublicationprovidespotandforwardrates.US$equivalentorUS$percurrencyisthedollarpriceofaunitofforeigncurrency(eg.,$/€).CurrencyperUS$istheforeigncurrencypriceofoneUSdollar(eg.,€/$).5SomeAdditionalTerminology:Direct-IndirectQuotesD

7、irectquoteisthehomecurrencypriceofaforeigncurrency.Indirectquoteistheforeigncurrencypriceofthehomecurrency.6AppreciatingandDepreciatingCurrenciesAcurrencythathaslostvaluerelativetoanothercurrencyissaidtohavedepreciated.Acurrencythathasgainedvaluerelat

8、ivetoanothercurrencyissaidtohaveappreciated.Thesetermsrelatetothemarketprocessandaredifferentfromdevaluationandrevaluation(Chapter3).7AppreciatingandDepreciatingCurrenciesWeusethepercentagechangeformulatocalculatetheamountofappreciatio