经济学专业英语教程（精编版）（第二版）课件：Foreign Exchange and Exchange Rate

《经济学专业英语教程

（精编版）（第二版）》

Text:ForeignExchangeandExchangeRate（外汇与汇率）1.Keywords2.Foreignexchangemarketandexchangerate3.Foreignexchangeregimes4.Exchangeratedetermination5.Questionsforeigncurrencyforeignexchangemarketforeignexchangebrokerexchangeratefixedexchangerateregimeflexibleexchangerateregimemanagedexchangerateregimeflowtheoryoftheexchangerateflowsupplyflowdemandinternationalpaymentsmonetarytheoryoftheexchangerateportfoliobalancetheoryoftheexchangeratesterling-denominatedfinancialliabilitiesfinancialasset1.Keywords2.1Foreignexchangemarket2.2Exchangerate2.ForeignexchangemarketandexchangerateTheforeignexchangemarketisthemarketinwhichthecurrenciesofdifferentcountriesareexchangedforoneanother.Theforeignexchangemarketisnotaplacewithmarketstalls.Insteaditismadeupofthousandsofpeopleallovertheworld—importersandexporters,banksandspecialistsinthebuyingandsellingofforeignexchangecalledforeignexchangebrokers.Thesunneversetsontheforeignexchangemarket.Dealersaroundtheworldarecontinuallyincontactusingcomputerslinkedbytelephones.Onanygivenday,billionsofpoundschangehands.2.1ForeignexchangemarketThepriceatwhichonecurrencyexchangesforanotheriscalledaforeignexchangerate.Theactionsoftheforeignexchangebrokersmaketheforeignexchangemarkethighlyefficient.Exchangeratesarealmostidenticalnomatterwhereintheworldthetransactionistakingplace.2.2Exchangerate3.1Fixedexchangerateregime3.2Flexibleexchangerateregime3.3Managedexchangerateregime3.ForeignexchangeregimesUnderafixedexchangerateregime,thevalueofthepoundwouldbepeggedbytheBankofEngland.3.1FixedexchangerateregimeUnderaflexibleexchangerateregime,thevalueofthepoundwouldbedeterminedbymarketforceswithnointerventionbytheBankofEngland.3.2FlexibleexchangerateregimeUnderamanagedexchangerateregime,theBankofEnglandwouldinterveneintheforeignexchangemarkettosmoothoutfluctuationsinthevalueofthepoundbutitwouldnotseektomaintainthepoundatanabsolutelyconstantvalueforalongperiodoftime.Also,underamanagedexchangerateregime,thegovernmentwouldnotannouncethevalueofthepoundthatitwishedtheBankofEnglandtoachieve.3.3Managedexchangerateregime4.1Flowtheory4.2Monetarytheory4.3Portfoliobalancetheory4.ExchangeratedeterminationTheflowtheoryoftheexchangerateisthepropositionthattheexchangerateadjuststomaketheflowsupplyofpoundsequaltotheflowdemandforpounds.TheflowsupplyofpoundsinanygivenperioddependschieflyonthevalueofUnitedKingdomimportsTheflowdemandforpoundsinanygivenperioddependschieflyonthevalueofUnitedKingdomexportsthatforeignersplantobuyduringthatperiodoftime.Inadditiontotheflowdemandandsupplyresultingfromimportsandexports,thereisalsoanetflowdemandorsupplyresultingfromotherinternationalpaymentssuchasinterest,profitsandloans.4.1FlowtheoryThemonetarytheoryoftheexchangerateisthepropositionthattheexchangerateadjuststomakethestockofacurrencydemandedequaltothestocksupplied.Thestockofacurrencyisidenticaltothequantityofmoney.4.2MonetarytheoryTheportfoliobalancetheoryoftheexchangerateisthepropositionthattheexchangerateadjuststomakethestockofallfinancialassetsdenominatedinunitsofthatcurrencydemandedequaltothestocksupplied.4.3Portfoliobalancetheory(1)Whatistheforeignexchangerate?(2)Whatwillhappentothepriceofexports