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国际金融英文课件5

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国际金融英文版PPT(共46页)

国际金融英文版PPT(共46页)

The exchange rate would fluctuate between (0.80 + 0.008) = 0.8008 and (0.80 – 0.008) = 0.792
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
国际金融英语International Finance 课件

国际金融英语International Finance 课件

Conversely, a budget surplus is present when the government’s revenues exceed its total expenditure. This surplus can be used by the government to reduce its outice Level
Price stability is desirable because a rising price level (inflation) creates uncertainty in the economy, and it may hamper economic growth. If there is a tendency of the rise of price level, the central bank will decrease money supply to slow down the economy to curb inflation.
B. Budget Deficits & surpluses（预算赤字和盈余）
A budget deficit is present when total government spending exceeds total government revenue from all sources. When a budget deficit is present, the government must borrow funds to finance the excess of its spending relative to revenue. It borrows by issuing interest-bearing bonds that become part of what we call national debt, the total amount of outstanding(未偿付的） government bonds.
国际金融课件_5第五章 外汇市场与外汇交易

国际金融课件_5第五章 外汇市场与外汇交易


注意：为了节约交易时间，使用规范化的简语
1.一般只报点数 2. 交易额是100万的整倍数：如USD1表示100万美元 3.买入和卖出与数额同时报出：如“6 yours”表示我卖 给你600万美元,“3 mine”表示“我买入300万美元”。
4.但在确认环节，汇率则要报全价。
二、远期外汇业务
（一）远期外汇业务的概念与作用
远期外汇业务又称期汇交易，是指外汇买卖成交时， 双方将交割日预定在即期外汇买卖起息日后的一定 时间的外汇交易。 作用：保值和投机两方面的作用。
（二）远期汇率的标示方法
远期汇率就是买卖远期外汇时所使用的汇率， 它是在买卖成交时即确定下来的一个预定性的价格。 远期汇率以即期汇率为基础，但一般与即期汇率有 一定的差异，称为远期差价或称为远期汇水 （Forward margin）。 在直接标价法下：远期汇率=即期汇率+升水 远期汇率=即期汇率－贴水 在间接标价法下：远期汇率=即期汇率－升水 远期汇率=即期汇率+贴水
点数排列前大后小，汇率与汇水同边相减
口诀：前小后大用加法 前大后小用减法
练习：
1.即期汇率USD/CAD 三个月远期 十二个月远期 前大后小用减法 1.5369/79 300/290 590/580
则6个月远期汇率USD/CAD 1.5069/89
9个月远期汇率USD/CAD 1.4779/99
口诀：前小后大用加法 前大后小用减法
即期外汇业务按其银行间结付方式的不同分为 电汇（Telegraphic Transfer, T/T）、信汇（Mail Transfer, M/T）和票汇（Demand Draft, D/D）。
（二）即期外汇业务的报价与操作实例
例P64
小结：即期Байду номын сангаас汇买卖 步骤
国际金融课件internationalfinance

国际金融课件internationalfinance


06
中国国际金融的实践与展望
中国国际金融业在规模和业务范围上不断扩大，成为全球金融市场的重要参与者。
中国国际金融业在推动经济增长、促进国际贸易和投资等方面发挥了重要作用。
改革开放以来，中国国际金融业经历了从无到有、从小到大的发展历程，逐步建立起较为完善的金融机构体系和金融市场体系。
中国国际金融的发展历程与现状
Global financial markets facilitate the flow of capital across borders, allowing for the efficient allocation of resources and the hedging of risks.
Regional financial markets serve specific geographical regions and are often associated with trade blocs or economic unions.
01
国际金融危机的定义
由于国际金融市场上的过度投机、金融监管缺失等原因，导致国际金融市场出现大规模动荡，影响各国经济的稳定。
02
国际金融危机的传染机制
通过贸易、金融和信息等渠道，将危机从一个国家传递到另一个国家。
国际金融危机及其传染机制
1
2
3
通过监测和分析国际金融市场的相关信息，及时发现潜在的风险点，采取应对措施。
02
03
04
05
Main International Financial Centers and Their Characteristics 主要国际金融中心及其特点
ห้องสมุดไป่ตู้
国际金融英文版PPT课件

国际金融英文版PPT课件

3.Origin of the market A number of reasons have been given for the origin of the Eurocurrency market.Some analysts go so far as to say that the Soviets initiated the process of trading Eurocurrencies before the western Europeans used foreign deposits.
derivatives
3
Non-bank
❖ Public international financial institutions
public global financial institutions
regional public
national public
❖ Private international financial institutions
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
5
International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
国际金融英文版PPT CH5

国际金融英文版PPT CH5




Big Mac in China costs ￥11.00, while the same Mac in U.S. costs $3.41. The actual exchange rate was ￥7.6/$ at the time. The implied exchange rate according to absolute PPP should be: ￥11/$3.41 = ￥3.23/$ The dollar was overvalued. An overvalued currency is a currency in which the actual value is higher than the value it is supposed to be. Otherwise, it is an undervalued currency.
%ΔS = πd – πf
πd, πf: domestic and foreign inflation rate

The equation shows if domestic inflation is high than foreign inflation, the foreign currency will appreciate against the domestic currency by the percent consistent with the inflation differencial.


Price index is an index number of the prices of goods of some given type. PC = (∑i PitWit)/(∑i Pi0Wi0)
国际金融学英文课件：ch06 International Banking

国际金融学英文课件：ch06 International Banking


Consequently, very few nations’ investment projects are purely domestically financed. Most of the largest banking institutions, called megabanks, are located in Japan and Europe. Economies of scale can explain the existence of megabanks whose operations span the globe. Some economists believe that a particular form of economies of scale may explain the existence of megabanks: economies of scale in information processing.
Potential rivalry, or banking competition, measured by portion of total deposits/assets concentrated among a nation’s largest banks, is the main indicator of bank market structure.
12
Section 2: Banking Around the Globe
Business of banking varies from nation to nation. Each country has its own unique banking history,
and this fact alone accounts for distinctive features of national banking system. Banks’ role; bank market structure; legal environment;
国际金融英文PPT课件 (5)

国际金融英文PPT课件 (5)

International Parity Conditions and Exchange Rate Determination
5
Chapter Five
Chapter Objective: This chapter examines several key international parity relationships, such as interest rate parity (IRP) and purchasing power parity (PPP).
5-2
5.1.1 Interest Rate Parity Defined
IRP is an “no arbitrage” condition. If IRP did not hold, then it would be possible for
an astute trader to make unlimited amounts of money exploiting the arbitrage opportunity. Since we don’t typically observe persistent arbitrage conditions, we can safely assume that IRP holds.…almost all of the time!
Spot exchange rate 360-day forward rate U.S. discount rate British discount rate
S($/£) = $2.0000/£
F360($/£) = i$ = i£ =
$2.0100/£ 3.00% 2.49%
5-10
Covered Interest Arbitrage
国际金融英语International Finance 课件

国际金融英语International Finance 课件


Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段）— basic function B. Standard of Value (价值尺度）— basic function C. Store of Value (价值储藏） D. Standard of Deferred Payment (延期支付标准） F. World Currency (世界货币）
国际金融Chapter 5

国际金融Chapter 5


Answer: D
12. A U.S. corporation has purchased currency call options to hedge a 70,000 pound payable. The premium is $.02 and the exercise price of the option is $.50. If the spot rate at the time of maturity is $.65, what is the total amount paid by the corporation if it acts rationally? A) $33,600. B) $46,900. C) $44,10 from selling Canadian dollars in the spot market = C$100,000 × $.85 = $85,000. Premium paid for options = C$100,000 × $.01 = $1,000. Amount of dollars received less premium = $84,000.
Answer: C
3. Thornton, Inc. needs to invest five million Nepalese rupees in its Nepalese subsidiary to support local operations. Thornton would like its subsidiary to repay the rupees in one year. Thornton would like to engage in a swap transaction. Thus, Thornton would: A) convert the rupees to dollars in the spot market today and convert rupees to dollars in one year at today’s forward rate. B) convert the dollars to rupees in the spot market today and convert dollars to rupees in one year at the prevailing spot rate. C) convert the dollars to rupees in the spot market today and convert rupees to dollars in one year at today’s forward rate. D) convert the dollars to rupees in the spot market today and convert rupees to dollars in one year at the prevailing spot rate.
(2024年)《国际金融》ppt课件

(2024年)《国际金融》ppt课件

国际金融机构的职能
提供短期资金支持，促进国际货币合 作；提供长期贷款和技术援助，支持 发展中国家经济发展；提供清算和支 付服务，维护国际金融稳定等。
23
国际金融合作的形式与内容
国际金融合作的形式
包括政府间合作、国际金融机构合作、商业银行合作等。
国际金融合作的内容
涉及货币政策协调、金融市场监管、国际支付体系改革、国际金融机构改革等。
2024/3/26
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国际资本流动与跨国公司财务管理的关系
2024/3/26
相互影响
国际资本流动影响跨国公司的融资和投资决策，而跨国公 司的财务管理也影响国际资本流动的规模和方向。
相互促进
国际资本流动为跨国公司提供了更广阔的融资和投资渠道 ，而跨国公司的财务管理则通过优化资源配置和风险管理 等手段，提高了国际资本的使用效率。
响。
速度快
02
随着金融科技的发展，国际资本流动速度加快，市场反应更加
迅速。
影响因素多
03
国际资本流动受汇率、利率、政策等多种因素影响，具有不确
定性。
17
跨国公司财务管理的内容与目标
资金管理
包括资金的筹集、使用和分配等。
风险管理
识别和评估各种风险，并采取相应措施进行防范和控制。
2024/3/26
18
12
国际金融工具的种类与特点
传统金融工具
包括外汇、股票、债券等，具有 标准化、流动性强和透明度高等
特点。
2024/3/26
衍生金融工具
包括期货、期权、互换等，具有高 风险、高收益和杠杆效应等特点。
创新金融工具
包括结构化产品、资产证券化产品 等，具有定制化、灵活性和复杂性 等特点。

国际金融英文课件2共45页

• National income accounting – Records all the expenditures that contribute to a country’s income and output
• Balance of payments accounting – Helps us keep track of both changes in a country’s indebtedness to foreigners and the fortunes of its export- and import-competing industries
– 宏观经济学以整个国民经济作为研究对象，研究经济总量的决定及其变化规律。 具体来说，就是研究国民收入决定和变动；长期的经济增长和短期的经济波动； 以及相关的通货膨胀、失业和国际收支等问题。宏观经济学通过经济总量的分析 以期为政府制定宏观经济政策提供理论依据。
– It emphasizes four aspects of economic life: • Unemployment • Saving • Trade imbalances • Money and the price level
Balance of payments
• The balance of payments (BOP) is the method countries use to monitor all international monetary transactions at a specific period of time. Usually, the BOP is calculated every quarter and every calendar year. All trades conducted by both the private and public sectors are accounted for in the BOP in order to determine how much money is going in and out of a country.

《国际金融》教学课件：第五章 国际平价条件


✓与绝对购买力平价相对应的是相对购买力平价(Relative PPP)，即当
购买力平价关系以“变化率”表示时：
s = (πd – πf) / (1+ πf) ≈ πd – πf
(5-3)
其中s 为直接标价法下汇率的变化率，πd 和 πf分别为国内和国外的通货
膨胀率。
上海财经大学金融学院 徐晓萍教授
7
平价线
-2
0
I
-2
J
-3
外币相对于本币的远期升水（+ ）/贴（-）水率（%） ，（%）
图5-5 远期平价线
上海财经大学金融学院 徐晓萍教授
20
第四节 远期平价及国际平价之间的关系
国际平价间的关系
预期未来即期汇率的 变化s=(S1-S0)/S0
FP: Ft= Set+1
远期汇率升/贴水 f=(F-S)/S
上海财经大学金融学院 徐晓萍教授
22
第五节 汇率预测
基本面分析法
✓基本面分析法(fundamental analysis)是基于一定的计量模型对 汇率进行预测的。
✓基本面分析法的问题一方面在于选择合适的“基本面”并对它们 的变化进行预测本身就有相当的难度。另一方面，预测基本面变化 何时发生，与何时变化了的基本面会影响汇率，这两者之间可能存 在相当的时滞，即汇率对基本面变量变化的反应可能存在滞后。但 即便如此，基本面分析法对长期汇率的预测仍有相当的效果。
f ≈ id - if
(5.5)
上海财经大学金融学院 徐晓萍教授
13
第二节 利率平价
抵补套利
✓外汇市场上，即期和远期汇率并不总是处在利率平价条件满足 时的均衡水平，当市场处在不均衡状态，即利率平价条件不满足 时，无风险套利机会会产生，套利者会利用市场的不均衡，在抵 补的基础上，投资于能提供更高收益的货币，这就是抵补套利 (Covered Interest Arbitrage, CIA)。换句话说，抵补套利就 是利用远期升/贴水与国内外利差的不一致而进行的无风险套利 活动。

罗伯特J凯伯《国际金融》(第十三版英文版)课件

• Settled with international reserves
• Enable nations to sustain temporary balanceof-payments deficits
• Until acceptable adjustment measures can operate to correct the disequilibrium
• The smaller and more short-lived market imbalances will be and • The fewer reserves will be needed
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use
International Banking: Reserves, Debt, and Risk
PowerPoint slides prepared by: Andreea Chiritescu Eastern Illinois University
© 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part, except for use as permitted in a license distributed with a certain product or service or otherwise on a password‐protected website for classroom use

国际金融英语PPT


grammar
• Para3.p13 nothing more than 只不过 ，仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
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1.
பைடு நூலகம்
Demand and supply of currency
2.
Sterling is sold on foreign exchange markets when Goods and services are imported (domestic consumers and firms sell sterling to finance their purchase of imports or when they go overseas on holiday) Speculators sell pounds for another currency Investment capital flows out of the UK seeking a better rate of return Central banks go into the market and sell pounds to buy other foreign currencies. When the demand for sterling is high relative to supply, sterling goes up in value (an appreciation). The reverse is true when the market supply of pounds exceeds the demand (a depreciation).
The role of interest rate
International financial investors have an incentive to shift toward dollar-denominated assets, and this increases the demand for dollars in the foreign exchange market. The dollar tends to appreciate immediately. Furthermore, we can determine that the dollar should appreciate to about $0.4975 per SFr, assuming that the interest rates and the expected future exchange rate do not change. Once this new current spot exchange rate is posted in the market , the SFR then is expected to appreciate during the next 90 days at a faster rate, equal to about 6 percent. This re-established uncovered interest parity (5 percent interest plus about 6 percent expected appreciation matches the 11 percent American interest) and eliminates any further desire by international investors to reposition their portfolios.
The role of the expected future spot exchange rate
Example: with the US interest rate at 9 percent, the Swiss interest rate at 5 percent, and the current spot exchange rate at $0.50 per SFr, what happens if the spot exchange rate expected in 90 days increases from about $0.505 to about $0.515 per SFr? Relative to the initial current spot rate, investors now expect the franc to appreciate more in the next 90 days, at about a 12 percent annual rate rather than the previously expected 4 percent. This shifts the return differential in favour of Swiss currency assets and the demand for the franc increases in the foreign exchange market. The current spot exchange rate increases ( the franc appreciates and the dollar depreciates). In fact the spot exchange rate moves to about $0.51 per SFr. At the new spot rate, the franc then is expected to appreciate further by only about 4 percent (annual rate). Uncovered interest parity is re-established, and there is no further incentive for international investors to reposition their portfolios. As with a change in interest rates, the effect of a change in the expected future spot rate on the current spot exchange rate can happen very quickly (instantaneously or within a few minutes)
Demand and supply of currency
Short and long-term movements in the exchange rate, like any price, are caused by changes in market demand and supply conditions. Taking pound for example: The demand for pounds in the FOREX markets comes from four main sources: UK good and services are exported overseascreating an inflow of currency into to the UK which needs to be turned into sterling. Foreign investment flows into the UK economy Market speculators decide they want to purchase pounds in the expectation of making a profit Official buying of the currency by the central bank.
The role of interest rate
Foreign exchange markets seem sensitive to movements in interest rates. Jumps of exchange rates often follow changes in interest rates. If domestic interest rate (i) increases, while the foreign interest rate (if) and the spot exchange rate expected at some appropriate time in the future (eex) remain constant, the return shifts in favour of investments in assets denominated in domestic currency. Example: initially the American interest rate is 9%, the Swiss interest rate is 5% per year, the current spot rate is $0.50 per SFr, and the expected future spot rate in 90 days is $0.505 per SFr, implying that the franc is expected to appreciate at an annual rate of about 4%. What happens if the U.S. interest rate increases to 11%?
International Finance-2010
Chapter 5: What determines exchange rates Tutor: X. Zhang
Topics Covered
Introduction Exchange Rates in the Short Run The Long Run: Purchasing Power Parity (PPP) The Long Run: Monetary Approach How Well Can We Predict Exchange Rates?
The role of the expected future spot exchange rate