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ch12The Balance of Payments(国际经济学-(By Robert J. Carbaugh).ppt

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ch12The Balance of Payments(国际经济学-(By Robert J. Carbaugh)

Carbaugh, Chap. 12 Copyright ?2004, South-Western College Publishing International EconomicsBy Robert J. Carbaugh9th Edition Chapter 12: Foreign Exchange Carbaugh, Chap. 12 * Foreign exchange Foreign exchange market Largest and most liquid market in the world No central market - key markets in several cities around the world Participating banks and brokers are in constant contact via phone and computer Three general types of transaction Between banks and their customers Domestic interbank market conducted through brokers Trading with overseas banks Carbaugh, Chap. 12 * Foreign exchange Types of FX transactions Spot transactions - executed nearly immediately Forward transactions - agreement to buy or sell a currency at a date in the future, at a rate agreed in advance Currency swaps - agreement to trade one currency for another now, and to trade currencies back again later, both at prices agreed at the beginning Carbaugh, Chap. 12 * Foreign exchange Foreign exchange quotations Exchange rate is the price of one currency in terms of another One country’s currency has depreciated when more of it is needed to buy a unit of a foreign currency (is worth less relative to the other currency) A currency has appreciated when less of it is needed to buy a foreign currency (is worth more relative to the other currency) Carbaugh, Chap. 12 * Foreign exchange Foreign exchange quotations Cross exchange rate between two currencies is calculated from their exchange rates with a third, benchmark currency - frequently the US dollar Carbaugh, Chap. 12 * Foreign exchange markets Forward markets, futures options Forward contracts obligate buyer to buy or sell a certain amount of foreign currency at a future date Usually made between banks and firms who expect to receive or make payments in foreign currency; the amount of currency and the date are set by the agreement Carbaugh, Chap. 12 * Foreign exchange markets Forward markets, futures options Futures, traded on special exchanges, are