arbitrage(國際金融-香港大學(xué),wongkafu)(參考版)
2025-03-12 23:25本頁面
【正文】 1 An Introduction to Exchange Rate Determination WONG Ka Fu 10th January 2023 And Arbitrage 2 How would you explain the movement of Japanese Yen? (source: 3 How would you explain the movement of Japanese Yen? (source: 4 How would you explain the movement of European Euros? (source: 5 How would you explain the movement of European Euros? (source: 6 How do we explain the movement of foreign exchange? ?Arbitrage ?Purchasing Power Parity ?Hong Kong’s Currency Board mechanism 7 UC MacDonald NA MacDonald Prices of Big Mac Case 1 What would you do? 8 What would you do? Choose the cheaper MacDonald for lunch. Buy Big Mac from UC and sell at NA. 9 Effect of our action Our action: ?Choose the cheaper MacDonald for lunch. ?Buy Big Mac from UC and sell at NA. More supply of Big Mac, less demand for Big Mac At NA Price of Big Mac falls. Greater demand for Big Mac, less supply for Big Mac At UC Price of Big Mac increases. 10 UC MacDonald NA MacDonald What would you do in the absence of transaction costs? PUC PNA Case 2 PUC PNA Case 3
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