國際金融復(fù)習(xí)資料全-文庫吧資料
2025-04-22 22:36本頁面
【正文】 歐元即期外匯市場的需求趨于升值的歐元，如果歐元利率和預(yù)期未來即期匯率保持不變，那么。預(yù)期發(fā)現(xiàn)的息差約為3％+ 1％ 4％= 0，所以拋補利率平價成立（約）。有了這個遠期匯率和其他初始利率，抵補利差接近零Chapter 5 following rates currently exist: Spot exchange rate :$–denominated bonds 180歐元計價券的年利率 :3% Annual interest rate on 180day dollar –denominated bonds 180天美元計價券的年利率:4% Investors currently expect the spot exchange rate to be about $(appromixmately)at these rates. 2。在遠期市場，法郎的額外供給（美國投資者將其對瑞士法郎投資轉(zhuǎn)為美元）對遠期匯率下調(diào)構(gòu)成壓力。在即期外匯市場，法郎的額外需求（投資者購買瑞士法郎以購買瑞士法郎計價的債券）對即期匯率的上升構(gòu)成壓力。雖然對瑞士法郎計價的債券的利率低于以美元計價的債券的利率，法郎的遠期溢價大于這種差異，因此，抵補投資是一個好主意。）％的抵補利差（6％年利率）。 b. Should a investor make a covered investment in swiss francdenominated 30day bonds ,rather than investing in 30day dollardenominated bonds?explain “贊成瑞士”（（1 + ）（）/ ） （1 + ）= 。 。再來判斷出這些數(shù)據(jù)是否會引起非常接近0的抵補利率平價。 B..As a result of this this arbitrage,what is the pressure on the crossrate between yen and krone ?What must the value of the crossrate be to eliminate the opportunity for triangular arbitrage?Chapter41. You have been asked to determine whether covered interest parity holds for oneyear government bonds issued by the . And British government . What data will you need?How will you test?。 ，會使交叉匯率（克朗兌換日元的價格）有下降的壓力。對你賣的最初的每一美元，你可以得到5克朗，這5克朗可以得到125日元。因此，在一個有利可圖的三角套利中，你想以高交叉率賣出克朗。該國的居民以前收購的外國金融資產(chǎn)，以及來自國外的借貸是其它形式的資本流入，這些資本也可以創(chuàng)建外幣供應(yīng)。在國內(nèi)金融資產(chǎn)的投資上，外國投資者在購買國內(nèi)資產(chǎn)前，必須將外幣兌換為本國貨幣。在支付這些出口物的過程中，外幣兌換為本國貨幣，創(chuàng)造了外幣供應(yīng)。（5） You are given the following information about a country’s international transactions during a year:Merchandise exports 商品出口 $330 Merchandise imports 商品進口 198 Service exports 勞務(wù)出口 196 Service imports 勞務(wù)進口 204 Ime flows,net流量凈額 3 Unilateral transfers,net 單方面轉(zhuǎn)移金額 8 Increase in the country’s holding of foreign assets,net 202 (excluding official reserve assets)增加在該國的凈外國資產(chǎn) Increase in foreign holding of the country’s assets,net 102 (excluding official reserve assets)增加在該國的本國資產(chǎn) Statistical discrepancy, net凈統(tǒng)計誤差 4 a. Caculate the values of the country’s goods and services balance,current account balance經(jīng)常賬戶余 額,and official settlements balance官方儲備資產(chǎn)余額. Merchandise trade balance: $330 198 = $132 Goods and services balance(商品和服務(wù)余額): $330 198 + 196 204 = $124 Current account balance（經(jīng)常賬戶余額）: $330 198 + 196 204 + 3 8 = $119 Official settlements balance官方儲備資產(chǎn): $330 198 + 196 204 + 3 8 + 102 202 + 4 = $23 is the value of the change in official reserve assets(net)官方儲備資產(chǎn)?Is the country increasing or decreasing its net holding of official reserve assets? Change in official reserve assets (net) = official settlements balance = $23官方儲備資產(chǎn)（凈值）= 官方結(jié)算余額. 該國正增加其官方儲備資產(chǎn)凈值（6） What are the effects of each of the following on the investment positio
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