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汇率的单词单词：exchange rate定义与释义1.1 词性：名词1.2 释义：一种货币兑换另一种货币的比率。
1.3 英文解释：The value of one currency in terms of another currency.1.4 相关词汇：同义词：rate of exchange派生词：exchangeable（形容词，可交换的），exchanger（名词，交换器；交易所）起源与背景2.1 词源：“exchange”源自中世纪英语，最初来自古法语的“eschangier”，意为“交换”；“rate”来自古法语的“rat”，有“计算、评估”等意思，二者组合成“exchange rate”表示货币间交换的比率。
2.2 趣闻：在古代，不同地区之间的贸易往来就已经存在货币交换的情况，但当时并没有像现在这样精确规范的汇率概念。
比如在丝绸之路贸易中，商人可能只是根据双方对不同货物的需求以及各自货币的大概价值来进行粗略的交换换算，随着经济发展和国际金融体系的逐步完善，才有了如今严格界定和时刻变动的汇率体系。
常用搭配与短语3.1 短语：exchange rate fluctuation：汇率波动例句：The exchange rate fluctuation has a great impact on our export business.翻译：汇率波动对我们的出口业务有很大影响。
fixed exchange rate：固定汇率例句：Some countries used to adopt a fixed exchange rate system.翻译：一些国家过去曾采用固定汇率制度。
floating exchange rate：浮动汇率例句：The floating exchange rate allows the currency value to change according to the market conditions.翻译：浮动汇率允许货币价值根据市场状况发生变化。
剑桥商务英语BEC国际金融词汇I. 外汇与汇率通汇合约Agency Agreement 通汇银行Correspondent Bank 商业汇票Commercial Bill of Exchange 银行支票Banker’s Check 国外汇票Foreign Bill of Exchange 关键货币Key Currency汇率Exchange Rate 直接标价法Direct Quotation 间接标价法Indirect Quotation汇价点Point 买入汇率Buying Rate 卖出汇率Selling Rate中间汇率Medial Rate 现钞汇率Bank Note Rate 即期汇率Spot Rate远期汇率Forward Rate 基本汇率Basic Rate 套算汇率Cross Rate固定汇率Fixed Rate 浮动汇率Floating Rate 可调整的钉住Adjustable Peg单一汇率Single Rate 复汇率Multiple Rate 贸易汇率Commercial Rate金融汇率Financial Rate 交叉汇率Cross Rate 远期差额Forward Margin升水Premium 贴水Discount 平价At Par固定汇率制度Fixed Exchange Rate System 金本位Gold Standard纸币Paper Money 贴现率Discount Rate浮动汇率制度Floating Exchange Rate System 自由浮动汇率Freely Floating Exchange Rate管理浮动汇率Managed Floating Exchange Rate 单独浮动汇率Single Floating Exchange Rate联合浮动汇率Joint Floating Exchange Rate 钉住汇率制Pegged Exchange Rate区域性货币一体化Regional Monetary Integration 欧洲货币体系European Monetary System (EMS)欧洲货币单位European Currency Unit (ECU) 欧洲货币联盟European Monetary Union含金量Gold Content 铸币平价Mint Par 黄金输送点Gold Point官方储备Official Reserve 外汇管制Foreign Exchange ControlII.外汇交易即期外汇交易Spot Exchange Transaction 远期外汇交易Forward Exchange Transaction交割日固定的远期外汇交易Fixed Maturity Forward Transaction选择交割日的远期交易(择期交易) Optional Forward Transaction掉期交易Swap 即期对远期掉期Spot-Forward Swap 即期对即期掉期Spot-Spot Swap 远期对远期掉期Forward-Forward Swap 地点套汇Space Arbitrage直接套汇(两角套汇) Direct Arbitrage (Two Points Arbitrage)间接套汇(三角套汇) Indirect Arbitrage (Three Points Arbitrage)时间套汇Time Arbitrage 现代套汇交易Cash Against Currency Future 套利Interest Arbitrage非抵补套利Uncovered Arbitrage 非抵补利差Uncovered Interest Differential 抵补套利Covered Arbitrage 期货Futures 期货交易Futures Transaction 国际货币市场International Monetary Market (IMM) 伦敦国际金融期货交易所London International Financial Futures Exchange (LIFFE)“逐日盯市”制度Market-to-Market 期权Options 外汇期权Foreign Currency Options 协议价格Strike Price 敲定价格Exercise Price 期权费/权力金Premium期权到期日Expiration Date 美式期权American Options 欧式期权European Options看涨期权(买权,买入期权) Call Options 期权买方Call Buyer 期权卖方Call Seller/Writer看跌期权(卖权,卖出期权) Put Options 期权协议价格Strike Price 敲定价格(履约价格) Exercise Price 期权费(期权权利金,保险费) Premium 期权保证金Margins 期权内在价值Intrinsic value价内期权In the Money 价外期权Out of the Money 平价期权At the Money期权时间价值Time value 易变性V olatilityIII.国际收支国际收支Balance of Payments 国际货币基金组织International Monetary Fund国际收支平衡Balance of Payments Statement 经常项目Current Account 贸易收支Goods劳务收支Service 单方面转移收支Unilateral Transfer 资本项目Capital Account长期资本Direct Investment 热钱/游资Hot Money平衡项目(储备项目/结算项目) Balanc ing or Settlement Account官方储备Official Reserves 自主性交易Autonomous Transaction 调节性交易Accommodating Transaction 事前交易Ex-ante Transaction 事后交易Ex-post Transaction国际收支顺差Balance of Payments Surplus国际收支逆差Balance of Payments Deficit贸易差额Trade Balance 经常项目差额The Current Account BalanceIV.外汇风险管理外汇风险foreign Exchange Exposure 获得利益Gain 遭受损失Loss交易风险Transaction Exposure 营业风险Operation Exposure 转换风险Translation Exposure经济风险Economic Exposure 竞争风险Competitive Exposure 借款法Borrowing投资法Investing 借款-即期合同-投资法Borrow-Spot-Invest 提前收付-即期合同-投资法Lead-Spot-Invest 提前或延期结汇Leads & Lags 资产负债表保值法Balance Sheet Hedge 资金部主管Treasury Head首席交易员Chief Dealer 交易主任Senior Dealer 交易员Dealer助理交易员Assistant Dealer 当日平盘Day Trade 隔夜敞口Over Night交易单Dealing Slip 交易后线Settlement Office 汇付Remittance电汇Telegraphic Transfer, T/T 信汇Mail Transfer, M/T 票汇Demand Draft, D/D托收Collection 光票托收Clean Collection 跟单托收Documentary Collection付款交单Documents against Payment, D/P 承兑交单documents against Acceptance, D/A信托收据Trust Receipt, T/P 信用证Credit; Letter of Credit, L/C 银行保函Letter of Guarantee, L/G即期保函统一规则Uniform Rules for Demand Guarantee 投标保函Tender Guarantee履约保函Performance Guarantee 退款保函Guarantee for Refund of Advance Payment 定金Down Payment 还款保函Repayment Guarantee 保留款保函Retention Money Guarantee V.国际融资方式商业票据Commercial Paper (CP) 短期国库券Treasury Bill (T. Bill/Bill)出价收益率(买入收益率) Bid Yield 要价收益率(卖出收益率) Asked Yield大额可转让定期存单Negotiable Certificate of Deposit (CD) 息票率Coupon Rate贴现Discount 贴现利息Discount Charges 贴现市场Discount Market票据经纪人Bill Broker 贴现商Bill Dealer票据商Note Dealer 贴现公司Discount Houses 承兑公司Acceptance Houses平价发行At Par 溢价发行At Premium 低价发行At Discount外国债券Foreign Bond 扬基债券Y ankee Bond 欧洲债券Eurobond股票Stock 普通股Common Share 优先股Preferred Share证券存托凭证Depositary Receipt (DR) 美国存托凭证American Depositary Receipt (ADR)全球存托凭证Global Depositary Receipt (GDR)VI.国际储备与外债国际储备International Reserves 黄金储备Monetary Gold外汇储备Foreign Exchange Reserves 特别提款权Special Draw Right, SDRVII.国际信贷储备部分贷款Reserve Tranche 第一档信贷部分贷款First Credit Tranche高档信贷部分贷款Higher Credit Tranche 出口波动补偿信贷Compensatory Financing Facility缓冲库存贷款Buffer Stock Financing 石油贷款Oil Facility中期贷款Extended Facility 信托基金Trust Fund补充贷款Supplementary 维特芬贷款The Witteveen Facility扩大贷款Enlarged Access Policy 世界银行World Bank国际复兴开发银行International Bank for Reconstruction and Development, IBRD国际开发协会International Development Association, IDA信贷Credit 国际金融公司International Finance Corporation, IFC政府贷款Government Loan 银行间同业拆借Inter-bank Offer伦敦银行同业拆放利率London Inter-Bank Offered Rate, LIBOR新加坡银行间同业拆放利率Singapore Inter-Bank Offered Rate, SIBOR香港银行间同业拆放利率Hong Kong Inter-Bank Offered Rate, HIBOR出口信贷Export Credit 卖方信贷Supplier Credit 买方信贷Buyer Credit中长期票据收买业务(福费廷) Forfaiting卖断Out-right Sell混合贷款Mixed LoanVIII.国际金融市场货币市场Currency Market 国际资本市场International Capital Market银行中长期贷款Bank’s Medium Term and Long Term Loan 国际黄金市场Gold MarketⅨ.国际金融电子化银行自动柜员机Automatic Teller Machine, A TM在线网络金融服务Online Financial Services 销售点终端Point of Sales, POS 电子货币Electronic Money 万事达信用卡Master Card 电子信用卡Electronic Credit Card 电子钱夹Electronic Purse智能卡Intellectual Card, IC卡电子支票Electronic Check 电子现金Electronic Cash, E-cash电子钱包Electronic Wallet环球银行间金融电讯系统the Society for World Inter-bank Financial Telecommunications, SWIFT美国纽约票据交换所银行间支付系统the Clearing House Inter-bank Payments System, CHIPS伦敦票据交换所自动支付系统the Clearing House Automated Payments System. CHAPS电子商务Electronic Commerce, EC 网络银行Internet Bank 现金管理系统Cash Management System, CMS 增值网value Added Networks, V AN 自动付费系统automated Payment System, APSCA中心网站Certificate Authority, CA中心商户对顾客商务模式Business to Customer, B-C商户对商户商务模式business to Business, B-B 网上投资Online InvestmentAAA服务Anytime Anywhere Anyway(任何时间,任何地方,任何方式)三种卡的缩写Europay、Mondexcard、V isa，EMV96 SET协议Secure Electronic TransactionBEC考试必备商务术语commerce, trade, trading贸易inland trade, home trade, domestic trade, internal trade, interior trade国内贸易international trade国际贸易foreign trade, external trade对外贸易,外贸terms of trade贸易条件free-trade area自由贸易区import, importation进口importer进口商export, exportation出口exporter出口商commercial channels商业渠道customs海关customs duty关税quota配额,限额item项目,细目commercial transaction买卖,交易manufacturer制造商,制造厂middleman中间商,经纪人dealer经销商wholesaler批发商retailer零售商tradesman零售商merchant商人(英)批发商,(美)零售商concessionaire, licensed dealer受让人,特许权获得者consumer消费者,用户client, customer顾客,客户buyer买主,买方stocks存货,库存量purchase购买,进货sale销售bulk sale整批销售,趸售wholesale批发retail trade零售业cash sale现货hire-purchase分期付款购买(美作:installment plan)competition竞争competitor竞争者competitive竞争的unfair competition不合理竞争dumping profit margin倾销差价,倾销幅度trademark商标registered trademark注册商标registered office, head office总公司, 总店, 总部。
汇率亦称“外汇行市或汇价”，是国际贸易中最重要的调节杠杆。
一国货币兑换另一国货币的比率，是以一种货币表示另一种货币的价格。
由于世界各国货币的名称不同，币值不一，所以一国其他国家的货币要规定一个兑换率，即汇率。
英文：1. Exchange rate2. Rate of exchange【概念】因为一个国家生产的商品都是按本国货币来计算成本的，要拿到国际市场上竞争，其商品成本一定会与汇率相关。
汇率的高低也就直接影响该商品在国际市场上的成本和价格，直接影响商品的国际竞争力。
例如，一件价值100元人民币的商品，如果美元对为8.25，则这件商品在国际市场上的价格就是12.12美元。
如果美元汇率涨到8.50，也就是说美元升值，人民币贬值，用更少的美元可买此商品，所以该商品在在国际市场上的价格会变低。
商品的价格降低，竞争力变强，肯定好卖，从而促进该商品的出口。
反之，如果美元汇率跌到8.00，也就是说美元贬值，人民币升值，必将有利于美国出口商品。
同样，美元升值而人民币贬值就会有利于中国商品出口美国，反过来美元贬值而人民币升值却会大大刺激美国商品出口中国。
日本和美国要求人民币升值的一个重要考量就是，人民币升值可令中国出口商品在国际市场上的成本有较大幅度的增加，打击中国商品的竞争力，并反过来刺激中国大量进口他们的商品。
在亚洲金融危机的时候，如果人民币贬值，其他国家的金融危机将更糟糕。
正是由于汇率的波动会给进出口贸易带来如此大范围的波动，因此很多国家和地区都实行相对稳定的货币。
中国大陆的进出口额高速稳步增长，在很大程度上得益于稳定的人民币汇率政策。
[]【产生原因】各国货币之所以可以进行对比，能够形成相互之间的比价关系，原因在于它们都代表着一定的价值量，这是汇率的决定基础。
在金本位制度下，黄金为本位货币。
两个实行金本位制度的国家的货币单位可以根据它们各自的含金量多少来确定他们之间的比价，即汇率。
如在实行金币本位制度时，英国规定1英镑的重量为123.27 447格令，成色为22开金，即含金量113.0016格令纯金；美国规定1美元的重量为25.8格令，成色为千分之九百，即含金量23.22格令纯金。
有关汇率英语作文In the realm of international trade, the exchange rate stands as a pivotal factor that influences the dynamics of global commerce. An exchange rate is the value of one country's currency in terms of another's, and it plays a crucial rolein determining the cost of goods and services across borders.Firstly, exchange rates affect the competitiveness of a nation's exports and imports. When a country's currency is strong, its exports become more expensive on theinternational market, potentially leading to a decrease in demand. Conversely, a weaker currency makes exports cheaper and more attractive to foreign buyers. This can boost a country's trade balance by increasing the volume of goods and services sold abroad.Secondly, fluctuations in exchange rates can impact acountry's economic stability. A sudden devaluation of a currency can lead to inflation, as the cost of imported goods increases. This can erode the purchasing power of consumers and lead to economic hardship. On the other hand, a stable exchange rate can promote economic growth by providing a predictable environment for businesses to operate in.Moreover, exchange rates are also a key consideration for businesses and investors. Companies that rely oninternational trade need to manage their exposure to currency risk through various financial instruments, such as forwardcontracts or options. Investors, too, must consider exchange rates when investing in foreign markets, as the value of their investments can be significantly affected by currency movements.Furthermore, the exchange rate is a tool used by governments and central banks to manage their economies. For instance, a central bank might intervene in the foreign exchange market to lower the value of its currency, aiming to stimulate exports and economic growth. However, such actions can lead to trade disputes, as other countries may retaliate with their own currency devaluations.In conclusion, the exchange rate is a complex and multifaceted element of international trade. It affects the price of goods and services, the competitiveness of nations, economic stability, and the decisions of businesses and investors. Understanding the exchange rate is essential for anyone involved in the global marketplace, as it can significantly influence the success of international trade endeavors.。
国际汇率与国际贸易在当今全球化的经济环境中，国际汇率与国际贸易之间存在着密切的关系。
汇率是指两种货币之间的兑换比例，它直接影响到国际贸易的成本和竞争力。
本文将探讨国际汇率对国际贸易的影响，并分析其作用机制。
一、国际汇率的定义和作用国际汇率是指不同国家货币之间的兑换比率。
它是由市场供求关系决定的，受到多种因素的影响，如经济数据、国际政治形势、利率水平等。
国际汇率的波动对国际贸易有着重要的影响。
首先，国际汇率的变动直接影响着跨国贸易的成本。
当一国货币贬值时，该国的出口商品变得更具竞争力，因为其价格相对降低。
相反，当一国货币升值时，该国的出口商品价格上升，竞争力减弱。
因此，国际汇率的变动会直接影响国际贸易的出口和进口水平。
其次，国际汇率的波动也会引发贸易保护主义。
当一国货币贬值时，其他国家往往会将其视为一种贸易不公平的手段。
这可能导致其他国家对该国的商品征收关税、实行贸易限制措施等，从而加剧了贸易摩擦和贸易战。
最后，国际汇率的波动还会对企业的经营决策产生深远影响。
企业在进行国际贸易时，需考虑不同国家之间的汇率波动风险。
如果企业无法正确把握汇率的变动趋势，可能会导致贸易损失甚至经营困境。
二、国际汇率与国际贸易的调节机制国际汇率与国际贸易之间存在着相互影响和调节的机制。
这种机制主要通过市场力量和政府政策来实现。
首先，市场力量对国际汇率的形成和调节起着决定性作用。
市场中的买卖双方根据各自的需求和供给来决定汇率水平，市场供求的变动会导致汇率的波动。
因此，市场参与者在进行买卖决策时需要关注国际贸易数据、货币流动等因素，以预测汇率的变化趋势。
其次，政府也通过货币政策来影响国际汇率的走势。
政府可以通过干预外汇市场、调整利率、实行汇率管理等手段来影响汇率水平。
例如，在经济增长放缓时，政府可以采取贬值货币的措施来提升出口竞争力。
然而，政府干预汇率的行为可能引发国际贸易摩擦，因此需要谨慎操作。
三、案例分析：中国人民币汇率与国际贸易中国是全球最大的出口国之一，其货币人民币的汇率走势对国际贸易有着重要的影响。
外贸基础知识：关于汇率“汇率”亦称“外汇行市”或“汇价”，是一国货币兑换另一国货币的比率，是以一种货币表示另一种货币的价格。
由于世界各国货币的名称不同，币值不一，所以一国货币对其他国家的货币要规定一个兑换率，即汇率。
从短期来看，一国的汇率由对该国货币兑换外币的需求和供给所决定。
外国人购买本国商品、在本国投资以及利用本国货币进行投机会影响本国货币的需求。
本国居民想购买外国产品、向外国投资以及外汇投机影响本国货币供给。
在长期中，影响汇率的主要因素主要有：相对价格水平、关税和限额、对本国商品相对于外国商品的偏好以及生产率。
概念汇率:[ huìlǜ ]英文：1. Exchange rate2. Rate of exchange汇率（又称外汇利率，外汇汇率或外汇行市）两种货币之间的对换的比率,亦可视为一个国家的货币对另一种货币的价值。
汇率又是各个国家为了达到其政治目的金融手段。
汇率会因为利率，通货膨胀，国家的政治和每个国家的经济等原因而变动。
而汇率是由外汇市场决定。
外汇市场开放予不同类型的买家和卖家以作广泛及连续的货币交易(外汇交易除周末外每天24小时进行，即从GMT时间周日8:15至GMT时间周五22:00。
即期汇率是指以当前的汇率，而远期汇率则指于当日报价及交易，但于未来特定日期支付的汇率问:为什么我有些朋友告诉我汇率要算9点多，你的教材中算的是8点多呢？答:8.26是行业中的基本汇率，银行和业内结算都用这个汇率。
那么你的朋友说的9点多的“汇率”是怎么回事呢? 这通常出现在外贸公司代理出口的情形中。
如我们已经说的，外贸公司代理出口的话，对外收汇以及核销以及退税，都是外贸公司来做，最后一总按照人民币来跟工厂结算。
举例，你通过外贸公司卖给客户100美元的苹果，资金是这样流转的:1.外贸公司收到客户支付的100美元，折合100×8.26=826元人民币。
2.此外外贸公司通过办理退税还可以得到（比如说）100元人民币的退税。
汇率的英文单词单词：exchange rate1. 定义与释义1.1词性：名词1.2释义：一种货币兑换另一种货币的比率。
1.3英文解释：The value of one currency for the purpose of conversion to another.1.4相关词汇：rate of exchange（同义词）、currency exchange rate（近义词）、appreciation（派生词：汇率升值）、depreciation（派生词：汇率贬值）2. 起源与背景2.1词源：“exchange”来源于古法语的“eschangier”，表示“交换、交易”，“rate”有“比率、速度”等意思，二者组合成“exchange rate”表示汇率。
2.2趣闻：在古代，不同地区之间的贸易发展使得人们需要确定不同货币之间的交换价值，汇率概念逐渐形成。
例如，在丝绸之路贸易中，东方的货币和西方的货币就需要一个相对的兑换标准，这就是早期汇率概念的雏形。
3. 常用搭配与短语3.1短语：- fixed exchange rate：固定汇率。
例句：The country maintained a fixed exchange rate for a long time.翻译：这个国家长期保持固定汇率。
- floating exchange rate：浮动汇率。
例句：The floating exchange rate system is more flexible.翻译：浮动汇率制度更加灵活。
- exchange rate fluctuation：汇率波动。
例句：Exchange rate fluctuation can bring both opportunities and risks.翻译：汇率波动既会带来机会也会带来风险。
4. 实用片段(1). "I'm planning to travel abroad next month. I need to check the exchange rate first so that I can calculate how much money I should exchange." 翻译：“我打算下个月出国旅游。
汇率的名词解释汇率(foreign exchange rate)是一个外汇买卖的价格，也就是用一种货币来表示另一种货币的价格。
如果你有外币，卖给别人，对方以同样多的本币或更多的外币付给你，这种现象就是外汇交易。
汇率是一国货币兑换他国货币的比例，反映了两国之间的经济关系。
外汇汇率指的是用外币表示的用于国际间结算的支付手段或支付工具的价格，即外币与本币的交换比率。
外汇汇率由各种货币之间相互兑换的比率决定。
按购买力平价理论计算，则同一种货币在不同国家的购买力是不一样的。
因此汇率的变动除了受到该国货币自身实际价值变化的影响外，还受到其他因素的影响。
常见的几种汇率类型有： 1、名词解释汇率又称外汇汇率，是指用外币表示的用于国际间结算的支付手段或支付工具的价格，即外币与本币的交换比率。
汇率是一国货币兑换他国货币的比率，反映了两国之间的经济关系。
外汇汇率指的是用外币表示的用于国际间结算的支付手段或支付工具的价格，即外币与本币的交换比率。
外汇汇率由各种货币之间相互兑换的比率决定。
按购买力平价理论计算，则同一种货币在不同国家的购买力是不一样的。
因此汇率的变动除了受到该国货币自身实际价值变化的影响外，还受到其他因素的影响。
常见的几种汇率类型有： 1、直接标价法。
是以一定单位外国货币为标准，折合成若干单位的本国货币的标价方法。
直接标价法是一种最古老的标价方法。
采用直接标价法时，一种外国货币折合成若干单位的本国货币所表示的价格，就是这种货币的标价。
2、直接标价法。
是指以一定单位的外国货币为标准，折合成若干单位的本国货币的标价方法。
直接标价法是国际上通行的标价方法。
采用直接标价法时，一种外国货币折合成若干单位的本国货币所表示的价格，就是这种货币的标价。
3、间接标价法。
是指以一定单位的本国货币为标准，折合成若干单位的外国货币的标价方法。
间接标价法是我国目前对外汇率的标价方法。
这种标价方法是以一定单位的外国货币为标准，来计算应买入的外国货币的数量。
Exchange Rates and International FinanceFall 2013Instructor: Timothy James Bond (TJ), Ph.DTeaching Assistant: TBACOURSE OVERVIEWThis course has two objectives. The first is to provide an overview of the concepts, history, and analytic models needed to understand exchange rates and global financial markets. The second is to provide a “laboratory” setting, modeled on actual practices in major investment institutions, so that students can learn to apply their knowledge to the practical questions and problems they are likely to face throughout their careers.The course will require a wide range of skills. To succeed in the “laboratory”, students will need to draw upon their presentation and communications skills. Understanding some of the analytic techiques discussed in the course will require mathematical skills, discussed below.Course Topics and IssuesThe topics addressed include international asset pricing and portfolio choice; tactical asset allocation; the foreign exchange market; exchange rate determination and valuation; the markets for global equities, bonds and their derivatives; alternative asset classes; open-economy macro models; inefficiencies in global financial markets; the evaluation of investment performance; and the role of international institutions such as the International Monetary Fund.The course will also discuss several key issues of the present day, using both models and case studies. These issues include financial crises and recoveries, quantitative easing and its impact on asset prices; investing in emerging markets; and the future liberalization of China's financial account and its impact on global and regional financial markets.The Investment LaboratoryThe class will run a paper portfolio, composed of investments across countries and across asset classes (equity, bond, foreign exchange, and money markets). Each week, the class will hold a meeting of the “investment committee”, to review developments in global markets, discuss key themes that could affect the portfolio, and accept or reject proposed investments. Individual and team presentations, as well as participation in class discussions, will be key in this part of the course and will form an important part of the course grade.TextbookThe primary textbook is Eun and Resnick, International Financial Management, 6th edition (2011).Supplemental readings will also be assigned, including selected chapters from the following two books:1. The New Market Wizards: Conversations with America's Top Traders by Jack D. Schwager.2. Active Portfolio Management: A Quantitative Approach for Providing Superior Returns and Controlling Risk, by Richard Grinold and Ronald Kahn.PrerequisitesStudents should have taken courses in finance and macroeconomics. Some of the topics of this course cannot be fully understood without mathematical tools, including matrix algebra and differential equations. The course will briefly review the mathematical tools that are needed.Course AssessmentGrade will be based on a midterm exam, a final exam, and participation in the investment laboratory. Students will need to present a minimum of three investment ideas to the class (this will involve a three-minute presentation and the preparation of 3-4 presentation slides, including an analysis of valuation and position sizing). Students will also participate in two team presentations on topics assigned by the instructor.SYLLABUSClass 1. Introduction to the course. Globalization of financial markets, the emergence of key international investment institutions, and the importance of global “themes” as drivers of asset prices, and the need for a global approach—even for investors in domestic financial markets. Brief overview of recent issues that have shaped world economy and financial markets, including the global financial crisis, European debt crisis, global imbalances, and the impact of the emergence of China.Class 2. Portfolio choice in the international context. The international capital asset pricing model. The Black-Litterman model. Reading: Black and Litterman (1992) Global Portfolio Optimization, Financial Analysts Journal. Eun and Resnick, Chapter 15.Class 3. International portfolio choice continued. International benchmarks, exceptional returns, and value added. The information ratio and the fundamental law of active management. Issues in portfolio construction. Reading: Grinolds and Kahn, Chapters5-6.Class 4. National income accounting and the balance of payments. Reading: Eun and Resnick, Chapter 1. Overview of global capital markets. International banking and capital adequacy standards. International money and bond markets. Credit ratings and credit rating agencies. The development of an offshore market for the renminbi. Reading: Eun and Resnick, Chapters 11 and 12.Class 5. The foreign exchange market and exchange rate determination. Overview of the foreign exchange market. Exchange rate quotations. Interest rate parity relationships.Futures, forwards, and swaps. Reading: Eun and Resnick, Chapters 5 and 6.Class 6. Foreign exchange determination and valuation. The Mundell-Fleming model. Expectations and exchange rate dynamics. Exchange rate overshooting. Reading: Eun and Resnick, Chapter 6. Dornbusch, Rudiger, 1976, Expectations and Exchange Rate Dynamics, Journal of Political Economy.Class 7. Foreign exchange determination and valuation. The monetary model of exchange rates. Exchange rates and inflation. Relative and absolute purchasing power parity. Reading: Eun and Resnick, Chapter 7.Class 8. Empirical results in exchange rate modeling. Exchange rate valuation and fundamental equilibrium valuation models. Assessing fair value for the major currencies. Exchange rate forecasting and technical analysis. Reading: Eun and Resnick, Chapter 8.Class 9. History of the international financial system. The gold standard, the Bretton Woods system, and the period of floating exchange rates. Fixed versus floating exchange rates. Investing under different financial regimes. Reading: Eun and Resnick, Chapter 2.Class 10.Midterm examinationClass 11. Overview of world equity markets. The optimal international portfolio. The benefits of international diversification. The home bias effect. International banking and capital adequacy standards. International money and bond markets. Credit ratings and credit rating agencies. Reading: Eun and Resnick, Chapter 13.Class 12. International evidence on market efficiency. Cointegration of global stock prices and bond yields. Stock prices in simple macro models. Cross-border tests of market openness and integration. Readings: Grinolds and Kahn, Chapters 10 and 20.xClass 13. Tactical asset allocation in the international setting. Research on the role of tactical asset allocation. Cointegration of global stock and bond prices. Integrating views and forecasts into the investment process. Reading: Grinolds and Kahn, Chapters 18-19. Class 14. Foreign exchange risk management. Types of foreign exchange risk exposure. Foreign exchange risk and portfolio construction. Operating exposure, economic exposure, and translation exposure. Currency risk management in investment portfolios. Hedging with forwards, futures, and options. Brief overview of the value-at-risk approach. Reading: Eun and Resnick, Chapters 8-9.Class 15. Financial crises. Overview of financial crises since 1980s. Financial crises and asset prices. Recoveries after financial crises. “Early warning” systems to predict financial crises. Readings: Reinhart, Reinhart, and Rogoff, 2012. "Debt Overhangs: Past and Present," NBER Working Papers 18015, National Bureau of Economic Research. Reinhart, 2012: "A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises," CEPR Discussion Papers 8742, C.E.P.R. Discussion Papers.Class 16. Resolving debt crises in developed and developing markets. The Brady Plan. Economic growth and international investing. The performance of emerging equity markets and “frontier” markets. Reading: Eun and Resnick, Chapter 18。
