第一本书里讲到的都是nominal exchange rate,请无视real exchange rate
interest parity:比如说现在美国利率高于欧洲,你拿欧元换美元去投资,赚取更好的利率,但是因为interest parity的存在,不能让你这么套利,所以美元要贬值,贬值的程度刚好抵消你在美国赚到的利率。。。
PPP:原理差不多,哪个国家inflation rate高,哪个国家的货币就贬值
(1+real interest rate)(1+inflation rate)=(1+nominal interest rate)
在第五本书里,nominal exchange rate经过两国物价调整后就是real exchange rate了,nominal exchange rate的变动,有可能来源于real ER,也有可能是受inflation的影响。。。
USD/EUR 如果这样表示 就是1欧元能换多少美元
USD:EUR 。。。。。。 就是1美元能换多少欧元
度量一个货币升了或者跌了多少,要用1单位的这个货币换到的另外一种货币来度量。。。
恩,这样差不多了吧?
Thanks much, viconia!
I re-read the book and summarized the relationshiies as below, hope someone will find it helpful...
real FX=nominal FX ( represent as "Curra/Currb") *(Pb/Pa)
(1+real interest)*(1+Inflation)=1+nominal interest
Interest increase==>Demand up and Supply down
export up==>Demand up
import up===>Supply up
IRP explains the timing relationship between spot and forward
surplus in current and financial acccount==>FX up (same direction as "buy good is similar to buy financial asset")
PPP explains the expected relationship: (Curra / Currb) * (1+Inflation a)/(1+Inflation b) This is quite similar to Uncovered interest rate Parity
Fisher explains the current relationship: (1+Inflation a) / (1+inflation b)=(1+Ra)/(1+Rb)
这个回复真是干净利落,字字在点子上:)
第一本书里讲到的都是nominal exchange rate,请无视real exchange rate
interest parity:比如说现在美国利率高于欧洲,你拿欧元换美元去投资,赚取更好的利率,但是因为interest parity的存在,不能让你这么套利,所以美元要贬值,贬值的程度刚好抵消你在美国赚到的利率。。。
PPP:原理差不多,哪个国家inflation rate高,哪个国家的货币就贬值
(1+real interest rate)(1+inflation rate)=(1+nominal interest rate)
在第五本书里,nominal exchange rate经过两国物价调整后就是real exchange rate了,nominal exchange rate的变动,有可能来源于real ER,也有可能是受inflation的影响。。。
USD/EUR 如果这样表示 就是1欧元能换多少美元
USD:EUR 。。。。。。 就是1美元能换多少欧元
度量一个货币升了或者跌了多少,要用1单位的这个货币换到的另外一种货币来度量。。。
恩,这样差不多了吧?
[此贴子已经被作者于2010-5-17 9:20:03编辑过]
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