multinationalfinancialmanagement(英文版)(編輯修改稿)
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【文章內(nèi)容簡介】 rol the moary policy of the EMU. 19 16 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. The 11 Member Nations of the European Moary Union Austria Belgium Finland France Germany Ireland Italy Luxembourg Netherlands Portugal Spain European Union countries not in the EMU: Britain Sweden Denmark Greece 19 17 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?A currency is convertible when the issuing country promises to redeem the currency at current market rates. ?Convertible currencies are traded in world currency markets. What is a convertible currency? 19 18 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?It bees very difficult for multinational panies to conduct business because there is no easy way to take profits out of the country. ?Often, firms will barter for goods to export to their home countries. What problems arise when a firm operates in a country whose currency is not convertible? 19 19 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. ?Spot rates are the rates to buy currency for immediate delivery. ?Forward rates are the rates to buy currency at some agreedupon date in the future. What is the difference between spot rates and forward rates? 19 20 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. When is the forward rate at a premium to the spot rate? ?If the U. S. dollar buys fewer units of a foreign currency in the forward than in the spot market, the foreign currency is selling at a premium. ?In the opposite situation, the foreign currency is selling at a discount. ?The primary determinant of the spot/forward rate relationship is relative interest rates. 19 21 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. What is interest rate parity? Interest rate parity holds that investors should expect to earn the same return in all countries after adjusting for risk. ft = tperiod forward exchange rate e0 = today’s spot rate kh = periodic interest rate in the home country kf = periodic interest rate in the foreign country ft e0 = 1 + kh 1 + kf . 19 22 Copyright 169。 2023 by Harcourt, Inc. All rights reserved. Assume 1 yen = $ in 30
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