昨日阅读6个小时,累计阅读686小时阅读一:【学习笔记】InternationalFinance 国际金融论研究 学习笔记-24
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=7156848&page=1&extra=#pid59893045
Part I
Basics ofInternational Finance --24
Ch5 --8
TheMarket for Foreign Exchange
Long and Short Forward Positions
1. If you have agreedto sell anything (spot or forward), you are “short.”
2. If you have agreed to buy anything (forward or spot), youare “long.”
3. If you have agreed to sell an FX forward, you are short,and if you have agreed to buy an FX forward, you are long.
Swaps
1. A swap is anagreement to provide a counterparty with something he or she wants in exchangefor something that you want.
–Often on a recurring basis (e.g., every six months for five years).
2. Swap transactions account for approximately 56 percent ofinterbank FX trading, whereas outright trades are 11 percent.
阅读二:【学习笔记】InternationalFinance 国际金融论研究 学习笔记-25
https://bbs.pinggu.org/forum.php?mod=viewthread&tid=7156851&page=1&extra=#pid59893114
Part I
Basics ofInternational Finance --25
Ch6 --1
International Parity Relationships
Chapter Outline
1. Interest RateParity
1)IRP and Exchange Rate Determination
2)Currency Carry Trade
3)Reasons for Deviations from IRP
2. Purchasing Power Parity
1)PPP Deviations and the Real ExchangeRate
2)Evidence on Purchasing Power Parity
3. International Fisher Effect
Interest Rate Parity(IRP) Defined
1. IRP is a “no arbitrage” condition.
2. If IRP did not hold, then it would be possible for anastute trader to make unlimited amounts of money by exploiting the arbitrageopportunity.
3. Since we don’t typically observe persistent arbitrage conditions, we can safely assume that IRP holds.