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【正文】 International Corporate Finance Chapter 31 Copyright 169。 2021 by the McGrawHill Companies, Inc. All rights reserved. McGrawHill/Irwin 311 Key Concepts and Skills ? Understand how exchange rates are quoted and what they mean ? Know the difference between spot and forward rates ? Understand purchasing power parity and interest rate parity and the implications for changes in exchange rates ? Understand the basics of international capital budgeting ? Understand the impact of political risk on international business investing 312 Chapter Outline Terminology Foreign Exchange Markets and Exchange Rates Purchasing Power Parity Interest Rate Parity, Unbiased Forward Rates, and the International Fisher Effect International Capital Budgeting Exchange Rate Risk Political Risk 313 Terminology ? American Depository Receipt (ADR): a security issued in the . to represent shares of a foreign stock ? Cross rate: the exchange rate between two foreign currencies, ., the exchange rate between 163。 and 165。 ? Euro (€): the single currency of the European Moary Union which was adopted by 11 Member States on 1 January 1999. These member states were: Belgium, Germany, Spain, France, Ireland, Italy, Luxemburg, Finland, Austria, Portugal and the Netherlands 314 Terminology ? Eurocurrency: money deposited in a financial center outside the home country. Eurodollars are dollar deposits held outside the .。 Euroyen are yen denominated deposits held outside Japan. ? Gilts: British and Irish government securities ? LIBOR: the London Interbank Offer Rate is the rate most international banks charge one another for loans of Eurodollars overnight in the London market 315 Foreign Exchange Markets and Exchange Rates ? Without a doubt, the foreign exchange market is the world’s largest financial market. ? In this market, one country’s currency is traded for another’s. ? Most of the trading takes place in a few currencies: ? . dollar ($) ? British pound sterling (163。) ? Japanese yen (165。) ? Euro (€) 316 FOREX Market Participants ? The FOREX market is a twotiered market: ? Interbank Market (Wholesale) ? About 700 banks worldwide stand ready to make a market in Foreign exchange. ? Nonbank dealers account for about 20% of the market. ? There are FX brokers who match buy and sell orders but do not carry inventory and FX specialists. ? Client Market (Retail) ? Market participants include international banks, their customers, nonbank dealers, FOREX brokers, and central banks. 317 Exchange Rates ? The price of one country’s currency in terms of another. ? Most currency is quoted in terms of dollars. ? Consider the following quote: ? Euro .7593 ? The first number () is how many . dollars it
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