国际金融（英文版）chapter4笔记

国际金融（英文版）chapter4笔记，本导图内容详实，结构清晰，逻辑严密，有助于帮助您熟悉知识要点，加强记忆，非常值得学习。

Forward exchange rate and international financial investment

• Forward exchange rate
  • Hedge
    • meaning
      • reduce the exposure to the exchange rate risk
    • method
      • Forward foreign exchange contract
        • is an agreement to exchange one currency for another on some date in the future at price set now.
      • use (current forward exchange rate)
    • how to hedge？case
      • has long position多头 has an asset position 外币净资产
      • short position空头 A net liability position 外币净负债
    • 练习
  • Speculation
    • meaning
      • increase the exposure try to profit from one’s belief about what future exchange rate will be
    • method
      • Forward foreign exchange contract
      • Compare current forward exchange rate and expect future spot exchange rate
    • principle
      • buy low and sell high
    • how to ? case
• international investment
  • Covered
    • Hedging by forward contract
    • formula
      • • CD：covered interest differential抛补利息差
        • CD＞0，invest in UK
        • CD＜0，invest in home country
        • e：英镑现期汇率the spot value of pounds
        • f：英镑远期汇率the forward value of pounds
      • • F：升/贴水幅度
        • F＞0，forward premium远期升水，远期汇率高于即期汇率
        • F＜0，forward discount远期贴水，远期汇率低于即期汇率
    • result
      • it is riskless→CD=0→covered interest parity抛补利息平价
        • F+iuk—ius=0
        • F=ius—iuk
        • F+iuk=ius
      • four rates： current forward e rate & the current spot rate & the interest rate of two countries
  • Uncovered
    • Speculate：convert back into dollars at the future spot rate
    • formula
      • • EUD：expected uncovered interest differential
      • expected future spot rate
    • result
      • demand-supply pressure → EUD=0非抛补利息平价
      • expected future spot rate