andcurrencyforecasting(跨國公司財務(wù)管理-joseph-wenkub.com
2025-03-08 08:51 本頁面
【正文】 2. Relative to the growth of domestic money demand. 9 ARBITRAGE AND THE LAW OF ONE PRICE F. THE LAW OF ONE PRICE enforced by international arbitrage. 10 PART II. PURCHASING POWER PARITY I. THE THEORY OF PURCHASING POWER PARITY: states that spot exchange rates between currencies will change to the differential in inflation rates between countries. 11 PURCHASING POWER PARITY II. ABSOLUTE PURCHASING POWER PARITY A. Price levels adjusted for exchange rates should be equal between countries 12 PURCHASING POWER PARITY II. ABSOLUTE PURCHASING POWER PARITY B. One unit of currency has same purchasing power globally. 13 PURCHASING POWER PARITY III. RELATIVE PURCHASING POWER PARITY A. states that the exchange rate of one currency against another will adjust to reflect changes in the price levels of the two countries. 14 PURCHASING POWER PARITY 1. In mathematical terms: where et = future spot rate e0 = spot rate ih = home inflation if = foreign inflation t = the time period ? ?? ? tfthtiiee???11015 PURCHASING POWER PARITY 2. If purchasing power parity is expected to hold, then the best prediction for the oneperiod spot rate should be ? ?? ? tftht iiee???11016 PURCHASING POWER PARITY 3. A more simplified but less precise relationship is that is, the percentage change should be approximately equal to the inflation rate differential. fht iiee ??017 PURCHASING POWER PARITY 4.
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