国际财务管理 第四讲国际金融的平价条件 对外经济贸易大学国际商学院会计学系制作
国际财务管理 第四讲 国际金融的平价条件 对外经济贸易大学国际商学院会计学系制作
International Parity Conditions Some fundamental questions managers of MNEs, international portfolio investors,importers,exporters and government officials must deal with every day are: What are the determinants of exchange rates? Are changes in exchange rates predictable? The economic theories that link exchange rates,price levels, and interest rates together are called international parity conditions. These international parity conditions form the core of the financial theory that is unique to international finance. 制卧价贸易大考
International Parity Conditions Some fundamental questions managers of MNEs, international portfolio investors, importers, exporters and government officials must deal with every day are: What are the determinants of exchange rates? Are changes in exchange rates predictable? The economic theories that link exchange rates, price levels, and interest rates together are called international parity conditions. These international parity conditions form the core of the financial theory that is unique to international finance
Prices and Exchange Rates If the identical product or service can be sold in two different markets,and no restrictions exist on the sale or transportation costs of moving the product between markets,the products price should be the same in both markets. This is called the law ofone price 制计价贸易大孝
Prices and Exchange Rates If the identical product or service can be sold in two different markets, and no restrictions exist on the sale or transportation costs of moving the product between markets, the products price should be the same in both markets. This is called the law of one price
The Law of One Price 一价定律可用下式表示： P(i,t)=P *(i,t)S(t) (1) 其中，P(,t)表示商品的一种货币价格 P*(,t)表示商品的另一种货币价格 S()是两种货币之间的现行汇率。 例：黄金在纽约1盎司=400美元 在伦敦1盎司=250英镑 $400=￡250XS(t) S(t)=$1.6/E 制计爱价货易大考
The Law of One Price 一价定律可用下式表示： P (i, t)= P *(i, t) S (t) (1) 其中， P (i, t)表示i商品的一种货币价格 P*(i, t) 表示i商品的另一种货币价格 S (t)是两种货币之间的现行汇率。 例：黄金在纽约 1盎司＝400美元 在伦敦 1盎司＝250英镑 $400＝£250 ×S(t) S(t) ＝$1.6/ £
Purchasing Power Parity-PPP 购买力平价定理的含义是：一国货币按其所能购买的商 品和服务而确定其价值，因此，两国货币之间的汇率应 同这两个国家物价水平的比率相一致。 用商品的价格水平代替()式中的商品价格，得到购买力 平价的绝对式： 一个国家（本国）的价格水平：P()=∑W()P,t) 另一个国家（外国）的价格水平：P*(t)=∑W*()P*(,t) 其中W()和W*(t)分别表示商品在两国经济中的权数。 两国之间的价格水平的关系为： P()=P*(t)S(t) (2) This is the absolute version of the PPPheoy
Purchasing Power Parity －PPP 购买力平价定理的含义是：一国货币按其所能购买的商 品和服务而确定其价值，因此，两国货币之间的汇率应 同这两个国家物价水平的比率相一致。 用商品的价格水平代替(1)式中的商品价格，得到购买力 平价的绝对式： 一个国家（本国）的价格水平：P (t)= ∑W (t) P (i, t) 另一个国家 (外国 )的价格水平： P*(t)= ∑W*(t) P*(i, t) 其中W (t) 和W*(t)分别表示i商品在两国经济中的权数。 两国之间的价格水平的关系为： P (t) ＝P*(t) S(t) (2) This is the absolute version of the PPP theory