arbitrage(國際金融-香港大學(xué),wongkafu)-文庫吧資料
2025-03-14 23:25本頁面
【正文】 11 Punch line: Arbitrage activities continue until prices equalize. Arbitrage is a strong driving force to equalize prices. 12 HK MacDonald US MacDonald Prices of Big Mac (assume 1USD = HKD) HKD USD 1 Case 4 HKD USD 1 Case 5 13 HK MacDonald US MacDonald Prices of Big Mac (assume 1USD = e HKD) PHK e ? PUS Case 7 PHK e ? PUS Case 8 14 Arbitrage activities continue until prices equalize. That is, PHK = e ? PUS and e = PHK / PUS 15 Prices at different locations, when expressed in the same currency, have to equalize. That is, Purchasing Power Parity Exchange rate implied by PPP e = PHK / PUS PHK = e ? PUS. 16 If e is fixed, PUS has to adjust when there is a change in PHK . Purchasing Power Parity Three variables in the relation: Knowing any two of them, we can pute the third. PHK = e ? PUS. e PHK PUS If PUS is fixed, e has to adjust when there is a change in PHK . 17 Other arbitrage opportunities across space ?International phone call: ?HK direct to Beijing (Price= P1) ?HK to Canton province, from where the call is
教學(xué)教案相關(guān)推薦
鄂ICP備17016276號-1