Ch外匯資產(chǎn)需求與利率平價學(xué)生

1、1會計學(xué)Ch外匯資產(chǎn)需求與利率平價學(xué)生外匯資產(chǎn)需求與利率平價學(xué)生Defining Asset Returns The percentage increase in value an asset offers over some time period.The Real Rate of Return The rate of return computed by measuring asset values in terms of some broad representative basket of products that savers regularly purchase. Figure

2、13-2: Interest Rates on Dollar and Deutschemark Deposits, 1975-1998： 利率，資產(chǎn)收益在除去通貨膨脹以后隨時兌現(xiàn)，調(diào)撥沒有倒閉，管制的嫌疑 外匯市場均衡外匯市場均衡1. 外匯市場均衡外匯市場均衡:當市場參與者愿意持有當市場參與者愿意持有現(xiàn)有的所有各種貨幣存款時現(xiàn)有的所有各種貨幣存款時,我們稱外我們稱外匯市場處于均衡狀態(tài)。匯市場處于均衡狀態(tài)。2. 均衡匯率：使市場參與者愿意持有現(xiàn)均衡匯率：使市場參與者愿意持有現(xiàn)有的所有各種貨幣存款的匯率有的所有各種貨幣存款的匯率Equilibrium in the Foreign Exchange

3、 MarketEquilibrium in the Foreign Exchange MarketEEeEEEEERR/$/$/$Equilibrium in the Foreign Exchange MarketEquilibrium in the Foreign Exchange MarketEuroperEeE05. 1$/$Figure 3-2: The Relation Between the Current Dollar/Euro Exchange Rate and the Expected Dollar Return on Euro DepositsExpected dollar

4、 return on euro deposits, R + (Ee$/ - E$/)/(E$/) Todays dollar/euro exchange rate, E$/1.021.031.051.070.0310.0500.0690.079 0.1001.00Equilibrium in the Foreign Exchange MarketFigure 3-3: Determination of the Equilibrium Dollar/Euro Exchange RateR$Return on dollar depositsRates of return(in dollar terms)Exchange rate, E$/E2$/21E1$/E3$/3Expected return on euro depositseEEEEeEEEEEEEFEEERREEFRR/$/$/$/$/$/$/$/$Covered transac