抛补的利率平价.PPT

Chapter 11 The foreign exchange market and exchange rates Key terms Foreign exchange market　　　　　外汇交易市场 Foreign exchange risk　　　　　　　外汇交易风险 Euro 欧元 Hedging 套期保值 Speculation 投机 Exchange rate 汇率 Depreciation 　　　　　　　　　　　贬值　　　 Appreciation 升值 Stabilizing speculation 稳定性投机 Destabilizing speculation 不稳定投机 Cross exchange rates 交叉汇率 Effective exchange rates　　　　　　　　有效汇率 Arbitrage　　　　　　　　　　　　　　　套利 Spot rate　　　　　　　　　　　　　　　即期汇率 Forward rate　　　　　　　　　　　　　 远期汇率 Forward discount　　　　　　　　　　　 远期贴水 Forward premium　　　　　　　　　　　 远期升水 Foreign exchange futures　　　　　　　　外汇期货 Foreign exchange option　　　　　　　　 外汇期权 Uncovered interest arbitrage parity　　　 无抛补的利率套利 Covered interest arbitrage　　　　　　　 抛补的套利交易 Offshore deposits　　　　　　　　　　　 离岸存款 11.1 Introduction Definition of the Foreign exchange markets: The “place” where individuals, firms, and banks buy and sell foreign currencies or foreign exchange. These different monetary centers are connected electronically and are in constant contact with one another, thus forming a single international foreign exchange market. /fred2/categories/15 (2007年12月10日美元汇率） 11.2 Functions of the exchange rate markets 1.The principal function Transfer of funds or purchasing power from one nation and currency to another. This is usually accomplished by an electronic transfer and increasingly through the Internet (facilitate). 2. A second function of foreign exchange markets is the credit function. Credit is usu. needed when goods are in transit and also to allow the buyers’ time to resell the goods and make the payment. In general, exporters allow 90 days for the importers to pay. 3. Another function of foreign exchange markets is to provide the facilit