國(guó)際金融托馬斯a普格爾第二章-閱讀頁(yè)
2025-02-25 23:14本頁(yè)面
【正文】 she eliminates her exposure to exchange rate risk (hedging) ?If, instead, the US exporter expects the euro will appreciate against the dollar, she signs a forward contract to buy 1 million euro in 3 months. She increases her exposure to exchange rate risk (speculation) 26 spot rate: €/$= 3months forward rate: €/$= US 1 million euro Forward contract to sell 1 million euro in three months, get 1/ dollar . Forward contract to buy 1 million euro in 3 months, spend 1/ million dollar. Suppose the spot rate after 3 months is (euro appreciate). Sell 1million euro, receive 1/ million dollar. Earn(1/ 1/ )million dollar. ? Depreciation and appreciation ?Suppose that in the base year, 1$=163。 and 1$=90JPY. Is the dollar depreciated or appreciated? ?The nominal effective exchange rate (NEER) is the tradingvolumeweighted currency index 28 ?Another measure of a country’s international petiveness is real exchange rate (RER), which includes not only the effect of nominal exchange rate, but also price levels. RER=ePf/Pd e: nominal exchange rate(direct quotation) Pf: foreign price Pd: domestic price 29 ?Assume that JPY/$= in 1995, and JPY/$= in 2023. Based on the price levels in 1995, The US price level in 2023 is , and the Japanese price level is . The real exchange rate in 2023 is: *()=. ?In other word, the real appreciation of $ against JPY from 1995 to 2023 is about 53% [()/] ?If we replace real exchange rate (RER) with nominal exchange rate in the calculation of nominal effective exchange rate (NEER), we have our third measure of change in exchange rate, namely real effective exchange rate (REER). 31 ? Floating exchange rates ? Downwardsloping demand curve ? Equilibrium exchange rate ? Shift in demand and supply curves ? Fixed exchange rates ?Par value and the narrow band ?Supply and demand gap ?Government intervention 32 What makes the demand curve slope downward? Fixed the price $163
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