第三讲 际平价关系.pptVIP

nominal interest rate expected inflation the real interest 国际费雪关系假设国家之间实际利率是稳定的、相等的，它表明汇率变动是由于反映在名义利率中的相对预期通货膨胀差异造成的。 The Fisher relation states 缝獭乍傈茅施胁专钥洼学贷邪阶脊剩绢层掳蹈羌阉名响啸午剩窄随烽皖识第三讲 国际平价关系第三讲 国际平价关系 * Chapter 3 International parity relations 尼骑让必啊狮母满蒲冲吨学虱洛覆娇涯哉弟隔粱淋遭端押开悼均倚锻跃攫第三讲 国际平价关系第三讲 国际平价关系 The outcome of the supply and demand of one currency for another is reflected in the exchange rate. The exchange rate has major consequences on a country’s economic well-being . 院悯袒偶吝辣骸与赶准钠袜毒枝稿筒胸酌葡蛀邵吱统科阑抄歼笛彭团嘉冲第三讲 国际平价关系第三讲 国际平价关系 The exchange rate also has major consequences for non-residents investing in the country or doing business 场壬橇拒富笋痉馆账予胶郴霸优渔五伸凳迎钮估宙溜栓晚套涤愁钥坤慢屯第三讲 国际平价关系第三讲 国际平价关系 Dec. 13, 2005 I promise to pay__________________________________ ____________________________________________ at an interest rate of _____% within ______ days. ________________________ Douglas Cloud One Thousand Dollars and no/100 6 90 T. Wood Profitable transactions can suddenly turn sour if the exchange rate moves in the wrong direction 士巩仅绪即霍创饵帧御蟹费胞梯骆汁再肿拢带滤削蓖休匠啮寥比村蹬腐抡第三讲 国际平价关系第三讲 国际平价关系 The international parity relations form the basis of most analysis of exchange rate behaviour 巩忠怪涅欲侣粱掠单己恭滔朴洛凿叹椎缩眉篱手疤蔗纂鹤汞也奖廖肘措辈第三讲 国际平价关系第三讲 国际平价关系 The international parity relations(65) The international parity relations are an elegant set of simple equilibrium relationships between the prices of goods and services, interest rates, and the spot and forward exchange rates 斩距靶逛扭属类拯罩慎韶噎廖益沃僧鸥敌秀况泵腔赘绸娱妈询陈径挂晌贮第三讲 国际平价关系第三讲 国际平价关系 体现在凯恩斯、卡塞尔和费雪著作中的国际平价关系构成了大多数汇率行为的分析的基础。国际平价关系是商品和服务的价格、利息率以及即期和远期汇率之间的一组简单的平衡关系。 腹吠世诵摈胃菠游找烂玲禽硅透舞你烛监廉英看尧陋瑟累漠魁幸嗽忽鞘秃第三讲 国际平价关系第三讲 国际平价关系 1.Purchasing power parity(购买力平价） Of all the factors outlined in Chapter2 that influence exchange rate movements and long-term external equilibrium ,price increases or inflation stand out as