arbitrage(國際金融-香港大學,wongkafu)-在線瀏覽
2025-04-11 23:25本頁面
【正文】 Yen 280 e = PHK / PJP = / 280 = HKD per 10000 Yen 25 Why is Big Mac Index so far off from the actual exchange rates? Adjustment of prices slow in general (price rigidity) Noise ? need to use econometrics to test the theory Other factors (and also noise) that determines the exchange rate. Transportation takes time (some goods are perishable) 26 The Idea of Hong Kong’s Currency board Bank A Bank B 10 Exchange rate quotes (per USD) Arbitrage will eliminate the difference. 27 The Idea of Hong Kong’s Currency board HKMA Bank B 10 Exchange rate quotes (per USD) Because HKMA will supply and demand HKD at , arbitrage will push HK’s exchange rate to . 28 Why would the supply of HK dollar fall into a shortage when speculators attack HKD? Speculators attack HKD because they expect HKD to devalue. ., from 1: to 1:. If you know that HK’s exchange rate will devalue from 1: to 1:, you can ? sell HKD and buy USD today ? buy HKD and sell USD after devaluation 29 Who would trade with you? ? When you (the public) sell HKD and buy USD today, HKMA b
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