第14章必讲 利率互换与货币互换课件.ppt

INTERNATIONAL FINANCIAL MANAGEMENT;INTERNATIONAL FINANCIAL MANAGEMENT;INTERNATIONAL FINANCIAL MANAGEMENT;Chapter Outline;Definitions;Size of the Swap Market;The Swap Bank;Swap Market Quotations;Interest Rate Swap Quotations;Examples of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap（本页不讲）;An Example of an Interest Rate Swap （本页不讲）;An Example of an Interest Rate Swap;An Example of an Interest Rate Swap;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;$9.4%;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap;An Example of a Currency Swap（不但有比较优势，还有绝对优势）;A is the more credit-worthy of the two firms. ;B has a comparative advantage in borrowing in ￡.; A has a comparative advantage in borrowing in dollars. B has a comparative advantage in borrowing in pounds. If they borrow according to their comparative advantage and then swap, there will be gains for both parties. ;The QSD;The QSD;Variations of Basic Interest Rate and Currency Swaps;Risks of Interest Rate and Currency Swaps;An Example of an Interest Rate Swap;Risks of Interest Rate and Currency Swaps;Risks of Interest Rate and Currency Swaps;Risks of Interest Rate and Currency Swaps;Risks of Interest Rate and Currency Swaps (continued);Pricing a Swap;Pricing a Swap利率互换定价的例子;Pricing a Swap;Swap Market Efficiency;Swap Market Efficiency;Concluding Remarks; 本章小结 国财6版320 国财5版289;End Chapter Fourteen