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2025-02-07 03:09 本頁(yè)面
【正文】 International Finance Today Capital Budgeting (international style) Financing (international style) Topics Exchange rates Currency risk Managing Currency Risk Capital Budgeting w/ currency risk Financing w/currency risk Exchange Rates Spot Rate The price of a currency for immediate delivery (. today’ s exchange rate) Forward Rate The price of a currency on a specified future date (. a forward contract in which the exercise price is the exchange rate) Futures Same as forward (w/secondary markets) Options on exchange rates Future Ks Exchange Rates Example German mark spot price is per $1 German mark 6 mt forward price is per $1 The Mark is selling at a Forward Premium The Dollar is selling at a Forward Discount ? This means that the market expects the dollar to get weaker, relative to the mark Example (premium? discount?) The Japanese Yen spot price is per $1 The Japanese 6mt fwd price is per $1 Exchange Rates Example What is the Mark premium (annualized)? Exchange Rates Example What is the Mark premium (annualized)? Mark Premium = 2 x ( ) = % Dollar Discount = % Exchange Rates Example What is the Mark premium (annualized)? Mark Premium = 2 x ( ) = % Dollar Discount = % Example What is the Yen discount (annualized)? Exchange Rates Example What is the Mark premium (annualized)? Mark Premium = 2 x ( ) = % Dollar Discount = % Example What is the Yen discount (annualized)? Yen Discount = 2 x ( ) = % Dollar Premium = % Exchange Rates 1) Interest Rate Parity Theory 1 + rf = Ff/$ 1 + r$ Sf/$ ? The difference between the risk free interest rates in two different countries is equal to the difference between the forward and spot rates Exchange Rates Example You are doing a project in Germany which has an initial cost of $100,000. All other things being equal, you have the opprtunity to obtain a 1 year German loan (in marks) % or a 1 year US loan (in dollars) 10%. The spot rate is :$1 The 1 year forward rate is :$1 Which loan will you prefer and why? Ignore transaction costs Exchange Rates Example You are doing a project in Germany which has an initial cost of $100,000. All other things being equal, you have the opprtunity to obtain a 1 year German loan (in marks) % or a 1 year US loan (in dollars) 10%. The spot rate is :$1 The 1 year forward rate is :$1 Which loan will you prefer and why? Ignore transaction costs Cost of US loan = $100,000 x = $110,000 Exchange Rates Example You are doing a project in Germany which has an initial cost of $100,000. All other things being equal, you have the opprtunity to obtain a 1 year German loan (in marks) % or a 1 year US loan (in dollars) 10%. The spot rate is :$1 The 1 year forward rate is :$1 Which loan will you prefer and why? Ignore transaction costs Cost of US loan = $100,000 x = $110,000 Cost of German Loan = $100,000 x = 144,570 dm exchange Exchange Rates Example You are doing a project in Germany which has an initial cost of $100,000. All other things being equal, you have the opprtunity to obtain a 1 year German loan (in marks) % or a 1 year US loan (in dollars) 10%. The spot rate is :$1 The 1 year forward
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