[学习疑问] International Asset pricing 和外汇部分求解 书, 大拿, exchange, interest

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彻底被第五本书和第一本书的外汇部分搞晕了，一会real exchange rate, 一会real interest rate,还有各种平价关系，还有直接标价和间接标价来回换，哪位大拿能指点一下啊~~~~~

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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)