1、chapter 2 the market for foreign exchange，international monetary and financial economics，third edition，Joseph p . Daniels dava connomics保留所有權(quán)限。exchange rates and the market for foreign exchet 1。Exchange rates And the market for foreign Exchange，Exchange rate the value of one currency relative to ano

2、ther currency as the number of units of外匯市場是民間銀杏、外匯交易者和經(jīng)紀人、中央銀行之一，是指人們將一個國家的貨幣換成另一個國家的貨幣的系統(tǒng)。匯率：一種貨幣與另一種貨幣相關(guān)的價錢。(單位以其他貨幣購買所需的單位貨幣數(shù))，1.1 The role of foreign exchange market，The actual movement of a currency from one country to another is a relatively insing貨幣從一個國家到另一個國家的實際流動不是外匯市場的主要活動。通常在外匯市場上交易的金融資產(chǎn)

3、是以外幣表示的金融工具，如債券、股票，尤其是銀杏存款、Spot Market Characteristics現(xiàn)金市場等。it is the oldest and largest financial market in the world : has no central trading floor where buyers and sellers meet . is open twenty-foor daorprimarily an interbank mark Which is the trading of foreign-currency-denominated deposits betw

4、een large banks . global banks account for about two such as citige Or contact a FX broker，1.2 exchange rates as relative prices是相對價錢匯率，because an exchange rate relates two currencies，econnecons (楊紫匯率)us $ equivalent or us $ per currency is the dollar price Ign currency(eg .0.9395 $/)。currency per u

5、s $ is the foreign currency price of one us dollar(eg .1.0644/Some Additional Terminology(術(shù)語):Direct，直接定價法：將一定單位的外國貨幣換算成標準單位一定金額的本國貨幣的定價法。間接定價法：將特定單位本國貨幣換算成標準、若干數(shù)額外國貨幣的定價法。，Direct and indirect currency quotation(may 2，1996)，Direct quotes indirect quotes British=$ 1.5030 $=0.6653 car.appreciating and

6、 depreciating currencies，we use the percentage change formula to calculate the amount of appreciation or depreciation；suppose on Monday the Mexican peso traded at 11.3855 mxn/USD，whereas on Tuesday it traded at 11.1245 mxn/USD . the peso has apprecies As，1 .2.2匯率，a cross-rate is an unobserved rate t

7、hat is calculated from two observed rates . for example，The spot rate for The Canadian dollar is 1.33what is the Canadian dollar price of Notethat(c $/$)($/)=c $/。in thisexample，(1.3176) (1.2153)=1.6013 c $/。PPI頁52 exercises 2 3360 crossrate，1.3 bid-ask spreads and trading margins事務(wù)處理分布和事務(wù)處理利潤率，The

8、bid Is The price The bank Is willing to pay fay注：標準外匯報價中始終有5名有效數(shù)字。但是銀杏之間的相互報價習慣上只報告最后兩位。the typical rate quoted in a daily publication is the midpoint of these two values，e.g .1.2153。1.3 Bid-Ask spreads and trading margins 1 . 3 . 1 Bid-Ask spreads交易分攤，The Bid-Ask spread calculate The difference between The Ask and The Bid . The Bid(ask-bid)/ask * 100ee(1.2158 1.2148)/1.2158 * 100=0.082%。the bid-ask margin，or trading margin，expresses the bid-ask spresses And represents the cost And risk associated with the foreign exchanged，交易利潤率或交易，一般來說，貨幣交易的金額越大，交易的變化越小，交易利潤率就越低。這意味著與牙齒外匯交