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1、Chapter 13,Exchange Rates and the Foreign Exchange Market: An Asset Approach,Key Terms,Appreciation 升值 Arbitrage 套利 Depreciation 贬值 Exchange rate 汇率 Foreign exchange market 外汇交易市场 Interbank trading 银行间交易 Interest parity condition 利率平价条件 Interest rate 利率 Liquidity 流动性,Key Terms,Rate of appreciation 升
2、值率 Rate of depreciation 贬值率 Rate of return 收益率 Real rate of return 实际收益率 Risk 风险 Spot exchange rate 即期汇率 Vehicle currency 载体货币,Introduction Exchange Rates and International Transactions The Foreign Exchange Market The Demand for Foreign Currency Assets Equilibrium in the Foreign Exchange Market Inte
3、rest Rates, Expectations, and Equilibrium Summary,Chapter Organization,Introduction,Exchange rates are important because they enable us to translate different counties prices into comparable terms. Exchange rates are determined in the same way as other asset prices. The general goal of this chapter
4、is to show: How exchange rates are determined The role of exchange rates in international trade,Exchange Rates and International Transactions,An exchange rate can be quoted in two ways: Direct The price of the foreign currency in terms of dollars The price of the foreign currency in terms of home cu
5、rrency Home currency per foreign currency unit Indirect The price of dollars in terms of the foreign currency The price of home currency in terms of the foreign currency foreign currency per Home currency unit,Table 13-1: Exchange Rate Quotations,Domestic and Foreign Prices If we know the exchange r
6、ate between two countries currencies, we can compute the price of one countrys exports in terms of the other countrys money. Example: The dollar price of a 50 sweater with a dollar exchange rate of $1.50 per pound is (1.50 $/) x (50) = $75.,Exchange Rates and International Transactions,Two types of
7、changes in exchange rates: Depreciation of home countrys currency A rise in the home currency prices of a foreign currency It makes home goods cheaper for foreigners and foreign goods more expensive for domestic residents. Appreciation of home countrys currency A fall in the home price of a foreign
8、currency It makes home goods more expensive for foreigners and foreign goods cheaper for domestic residents.,Exchange Rates and International Transactions,1$=8 RMB 1$=4 RMB 8 RMB/piece export price ? $,Exchange Rates and Relative Prices Import and export demands are influenced by relative prices. Ap
9、preciation of a countrys currency: Raises the relative price of its exports Lowers the relative price of its imports Depreciation of a countrys currency: Lowers the relative price of its exports Raises the relative price of its imports,Exchange Rates and International Transactions,Table 13-2: $/ Exc
10、hange Rates and the Relative Price of American Designer Jeans and British Sweaters,The Foreign Exchange Market,Exchange rates are determined in the foreign exchange market. The market in which international currency trades take place The Actors The major participants in the foreign exchange market a
11、re: Commercial banks center of the market International corporations Nonbank financial institutions Central banks,Interbank trading Foreign currency trading among banks It accounts for most of the activity in the foreign exchange market.,Exchange Rates and International Transactions,Characteristics
12、of the Market The worldwide volume of foreign exchange trading is enormous, and it has ballooned in recent years. New technologies, such as Internet links, are used among the major foreign exchange trading centers (London, New York, Tokyo, Frankfurt, and Singapore).,Exchange Rates and International
13、Transactions,Exchange Rates and International Transactions,Characteristics of the Market The integration of financial centers implies that there can be no significant arbitrage. The process of buying a currency cheap and selling it dear. If dollars are cheaper in New York than in Hong Kong, what do
14、you predict will happen? When other factors are the same, people will buy assets in New York and stop buying them in Hong Kong, so that their price in New York rises and their price in Hong Kong falls, until they are equal in the two markets,Vehicle currency A currency that is widely used to denomin
15、ate international contracts made by parties who do not reside in the country that issues the vehicle currency. Example: In 2001, around 90% of transactions between banks involved exchanges of foreign currencies for U.S. dollars. In 2007, only about 37% percent of foreign exchange trades were against
16、 euros. The pound sterling, once second only to the dollar as a key international currency, has declined in importance.,Exchange Rates and International Transactions,Spot Rates and Forward Rates Spot exchange rates Apply to exchange currencies “on the spot” Forward exchange rates Apply to exchange currencies on some future date at a prenegotiated exchange rate Forward and spot exchange rates, while not necessarily equal, do move closely together.,
