Samenvatting
Samenvatting International Finance
- Instelling
- Katholieke Universiteit Leuven (KU Leuven)
Samenvatting International Finance
[Meer zien]Voorbeeld 4 van de 45 pagina's
Voorbeeld 4 van de 45 pagina's
In winkelwagen1 beoordeling
Door: vincentpeters • 1 jaar geleden
Deel 9 & 10 staat er niet in. Bovendien zijn er heel veel dingen die niet in de samenvatting staan. Niet compleet. Af en toe worden er wel dingen bijgeschreven die het duidelijker maken, vandaar 2 sterren ipv 1
Voorbeeld van de inhoud
Table of Content International FinanceCHAPTER 1: THE FOREIGN EXCHANGE MARKET (INTRODUCTION) ........................................................................... 1
1.1. HOW DO FOREX MARKETS WORK? ........................................................................................................................ 1
1.1.1. MARKET STRUCTURE ................................................................................................................................................ 1
1.1.2. MARKET PARTICIPANTS – INTERBANK MARKETS ............................................................................................................ 1
1.1.3. TRANSACTION TYPES ................................................................................................................................................ 1
1.2. SETTLEMENT RISK – HERSTATT RISK........................................................................................................................ 2
1.2.1. NETTING ARRANGEMENTS......................................................................................................................................... 2
1.3. EXCHANGE RATE QUOATATIONS ............................................................................................................................ 3
1.3.1. QUOTING CONVENTIONS .......................................................................................................................................... 3
1.3.2. BID AND ASK QUOTES ............................................................................................................................................... 3
1.3.3. CROSS RATES .......................................................................................................................................................... 4
1.4. FOREX TRADING ................................................................................................................................................ 5
1.4.1. ARBITRAGE (TWO WAY) ............................................................................................................................................ 5
1.4.2. SHOPPING AROUND (ONE-WAY)................................................................................................................................. 5
CHAPTER 2: THE BALANCE OF PAYMENTS ................................................................................................................ 6
2.1. CONCEPTS AND TERMINOLOGY.............................................................................................................................. 6
2.2. BOP ACCOUNTS ................................................................................................................................................. 6
2.2.1. SURPLUSES AND DEFICITS IN THE BOP ......................................................................................................................... 7
2.2.2. THE NATIONAL INCOME ACCOUNTS............................................................................................................................. 8
2.3. SAVING, INVESTING, INCOME, CA AND THE BOP ....................................................................................................... 9
2.3.1. SO WHAT EXPLAINS CA DEFICIT AND SURPLUSES?.......................................................................................................... 9
CHAPTER 3: EXCHANGE RATE SYSTEMS ................................................................................................................. 10
3.1. ALTERNATIVE EXCHANGE RATE ARRANGEMENTS...................................................................................................... 10
3.1.1. EXCHANGE RATE SYSTEMS AROUND THE WORLD ......................................................................................................... 10
3.1.2. CURRENCY RISK ..................................................................................................................................................... 10
3.2. FOREIGN EXCHANGE MARKETS AND CENTRAL BANKS ................................................................................................ 11
3.2.1. CENTRAL BANK’S BALANCE SHEET ............................................................................................................................. 11
3.2.2. ASSETS, LIABILITIES AND MONEY SUPPLY ................................................................................................................... 12
3.2.3. STERILIZATION ...................................................................................................................................................... 12
3.2.4. THE EFFECTS OF CENTRAL BANK INTERVENTIONS ......................................................................................................... 13
CHAPTER 4: THE INTEREST RATE PARITY ................................................................................................................ 14
4.1. UNCOVERED INTEREST RATE PARITY (UIRP) .......................................................................................................... 14
4.2. COVERED INTEREST RATE PARITY (CIRP) .............................................................................................................. 15
4.3. CARRY TRADING (IRP IN PRACTICE) ..................................................................................................................... 16
CHAPTER 5: PURCHASING POWER PARITY (PPP) AND REAL EXCHANGE RATE ........................................................ 17
5.1. TERMINOLOGY ................................................................................................................................................ 17
5.2. LAW OF ONE PRICE (LOP) ................................................................................................................................. 17
5.3. ABSOLUTE PURCHASING POWER PARITY (APPP) .................................................................................................... 18
5.3.1. DEVIATIONS FROM PPP.......................................................................................................................................... 19
1
,5.3.2. PROBLEMS WITH APPP .......................................................................................................................................... 19
5.4. RELATIVE PURCHASING POWER PARITY (RPPP) ..................................................................................................... 20
5.5. PARITY CONDITIONS AND EXCHANGE RATE FORECAST ............................................................................................... 21
5.5.1. THE FISHER HYPOTHESIS ......................................................................................................................................... 21
CHAPTER 6: EXCHANGE RATE DETERMINATION AND FORECASTING ...................................................................... 22
5.1. FUNDAMENTAL EXCHANGE RATE DETERMINATION .................................................................................................. 22
5.1.1. THE MONETARY MODEL .......................................................................................................................................... 23
5.1.2. THE MUNDELL-FLEMING MODEL ............................................................................................................................. 25
5.1.3. THE OVERSHOOTING MODEL .................................................................................................................................. 29
5.1.4. PPP-BASED FORECASTS .......................................................................................................................................... 31
5.2. TECHNICAL ANALYSIS ........................................................................................................................................ 31
5.2.1. CHARTISM............................................................................................................................................................ 31
5.2.2. FILTER RULES ........................................................................................................................................................ 32
CHAPTER 7: THE FINANCING DECISION IN INTERNATIONAL FIXED-INCOME MARKETS ........................................... 33
7.1. THE GLOBAL SOURCES OF FUNDS FOR INTERNATIONAL FIRMS ..................................................................................... 33
7.2. THE CHARACTERISTICS OF DEBT INSTRUMENTS ........................................................................................................ 33
7.2.1. CURRENCY DENOMINATION..................................................................................................................................... 33
7.2.2. MATURITY ........................................................................................................................................................... 34
7.2.3. INTEREST RATE PAYMENTS: FIXED VS. FLOATING .......................................................................................................... 34
7.2.4. TRADABILITY OF DEBT ............................................................................................................................................. 35
7.2.5. INTERNATIONAL CHARACTER OF DEBT........................................................................................................................ 35
7.3. A TOUR OF THE WORLD’S BOND MARKETS ............................................................................................................. 35
7.3.1. DOMESTIC BONDS VS. INTERNATIONAL BONS........................................................... FOUT! BLADWIJZER NIET GEDEFINIEERD.
7.4. INTERNATIONAL BANKING .................................................................................................................................. 36
7.5. INTERNATIONAL BANK LOANS ............................................................................................................................. 36
7.6. COMPARING COST OF DEBT ............................................................................................................................... 36
7.6.1. THE ALL-IN-COST PRINCIPLE .................................................................................................................................... 37
CHAPTER 8: INTERNATIONAL EQUITY FINANCING.................................................................................................. 38
8.1. A TOUR OF INTERNATIONAL STOCK MARKETS.......................................................................................................... 38
8.1.1. CASE STUDY: CHINESE STOCK MARKETS .................................................................. FOUT! BLADWIJZER NIET GEDEFINIEERD.
8.2. INTERNATIONAL CROSS-LISTING AND DEPOSITARY RECEIPTS ....................................................................................... 39
8.3. THE ADVANTAGES AND DISADVANTAGES OF CROSS-LISTING ....................................................................................... 40
CHAPTER 9: FOREIGN EXCHANGE PRODUCTS ........................................................................................................ 41
9.1. FORWARD CONTRACTS...................................................................................................................................... 41
9.1.1. FORWARD RATES ................................................................................................................................................... 41
9.1.2. FORWARD PREMIUM AND DISCOUNT ........................................................................................................................ 41
9.1.3. MARKET VALUE OF A FORWARD CONTRACT ................................................................................................................ 41
9.2. CURRENCY OPTIONS ......................................................................................................................................... 41
9.2.1. CURRENCY OPTIONS QUOTATION AND PRICES ............................................................................................................. 41
9.2.2. USING FOREIGN CURRENCY OPTIONS ......................................................................................................................... 41
9.2.3. OPTION PRICING AND VALUATION ............................................................................................................................ 41
9.3. CURRENCY SWAPS ........................................................................................................................................... 41
9.3.1. MODERN CURRENCY SWAPS .................................................................................................................................... 41
9.3.2. CURRENCY SWAP VALUATION .................................................................................................................................. 41
2
,3
, 4
Dit zijn jouw voordelen als je samenvattingen koopt bij Stuvia:
Bewezen kwaliteit door reviews
Studenten hebben al meer dan 850.000 samenvattingen beoordeeld. Zo weet jij zeker dat je de beste keuze maakt!
In een paar klikken geregeld
Geen gedoe — betaal gewoon eenmalig met iDeal, Bancontact of creditcard en je bent klaar. Geen abonnement nodig.
Focus op de essentie
Studenten maken samenvattingen voor studenten. Dat betekent: actuele inhoud waar jij écht wat aan hebt. Geen overbodige details!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Student3210. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €32,19. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 66184 samenvattingen verkocht
Opgericht in 2010, al 15 jaar dé plek om samenvattingen te kopen