International_FinancialManagement_2国际财务管理课件.ppt

《International_FinancialManagement_2国际财务管理课件.ppt》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、1Chapter2ExchangeRatesandInternationalFinancialMarkets2ObjectivesThischapterprovidesafoundationforunderstandinghowexchangeratesaredetermined,alsoidentifiesanddiscussesthevariousinternationalfinancialmarketsusedbyMNCs.Thespecificobjectivesare:*toexplainhowtheequilibri

2、umexchangerateisdetermined;*toexaminefactorsthataffecttheequilibriumexchangerate;and*todescribethebackgroundandcorporateuseoftheinternationalfinancialmarkets.3DeterminationofEquilibriumExchangeRateAnexchangeratemeasuresthevalueofonecurrencyinunitsofanothercurrency.Wh

3、enacurrencydeclinesinvalue,itissaidtodepreciate.Whenitincreasesinvalue,itissaidtoappreciate.Thepercentagechangeinthevalueofaforeigncurrencyiscomputedas(St–St-1)/St-1(whereStdenotesthespotrateattimet.)4DeterminationofEquilibriumExchangeRateAnexchangeraterepresentsthep

4、riceofacurrency,whichisdeterminedbythedemandforthatcurrencyrelativetothesupplyofthatcurrency.Theequilibriumexchangerateisthepointwherethedemandforonecurrencyequatesthesupplyofthatcurrency.Theequilibriumexchangeratewillchangeovertime.5FactorsthatInfluenceExchangeRate

5、sRelativeInflationRatesRelativeInterestRatesItisusefultoconsiderrealinterestratesRelativeIncomeLevelsGovernmentControls*foreignexchangebarriers;*foreigntradebarriers;*interveningintheforeignexchangemarket;*affectingmacrovariables.6FactorsthatInfluenceExchangeRatesEx

6、pectations*Foreignexchangemarketsreacttoanynewsthatmayhaveafutureeffect.*Institutionalinvestorsoftentakeacurrencypositionsbasedonanticipatedinterestratemovementsinvariouscountries.*Becauseofspeculativetransactions,foreignexchangeratescanbeveryvolatile.7FactorsthatInf

7、luenceExchangeRatesInteractionofFactors*Trade–relatedfactors(inflationdifferential,incomedifferentialandgovernment’straderestrictions)andfinancialfactors(interestratedifferential,capitalflowrestriction)sometimesinteract.Exchangeratemovementsmaybesimultaneouslyaffect

8、edbythesefactors.*Overaparticularperiod,differentfactorsmayplaceopposingpressuresonthevalueofaforeigncurrency.8FactorsthatInfluence