第7章 汇率理论与外汇体制.ppt

International Economics国际经济学,第六章 汇率理论与外汇体制,第一节 外汇与汇率一、外汇定义及其作用1.外汇的概念2.外汇的作用3.国际储备与最佳外汇储备规模,二、汇率定义与外汇的标价法,1. 汇率动议2. 汇率的标价法3. 汇率的多种表现形式,第二节 汇率决定,一、一价定律,二、购买力评价理论,1.购买力平价定义2.利率与通货膨胀之间的关系3.非贸易品不符合购买力平价是的平价公式4.贸易品不符合购买力平价是的平价公式5.实际汇率分析与评价,二、利率平价与远期汇率的决定,1.货币的内在价值2.费舍效应与国际费舍效应3.不考虑通货膨胀条件下的远期汇率决定公式4.升水（贴水）公式的推导,三、PPP法的实际应用,1. PPP法在国际经济中的应用2. PPP法应用的案例分析3. PPP法应用的评价,第三节 汇率决定的若干理论,一、传统汇率理论1. 铸币平价说2. 国际借贷说3. 传统购买力评价说4. 汇兑心理说,二、战后汇率理论,1. 流动资产选择说2. 目标汇率说3.货币主义的汇率说,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,§8-1 Option features and markets§8-1-1 Introduction to options,1. An option is a contract that gives its owner the right for a given period of time to buy or sell a given amount of an underlying asset at a fixed price，called the exercise price or the strike price．2. The underlying asset can be a financial security such as a stock or a bond，a financial commodity such as an interest rate or currency，or a physical commodity such as oil，gas，coffee or potatoes．,10. The Black-Scholes model (and its extensions) is an exact pricing formula for European style options．In spite of its seeming complexity, the model is simple and easy to use. One of the uses is a straight forward application of the model to determine the theoretical price of an option．It can also be used to determine the volatility of the underlying asset that is implied by current option prices． 11. There are five basic tools to be derived from the Black-Scholes model that can be used for option management: the delta, the gamma, the theta, the vega, and the sensitivity to the interest rate．The delta measures the sensitivity of the options price to changes in the price of the underlying asset．Gamma measures the sensitivity of delta to changes in the price of the underlying asset．Theta measures the sensitivity of the options price to the passage of time and vega measures its sensitivity to changes in volatility.,,THE END,。