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国际金融学 主讲人: 奚君羊 主页: shufe/mfri/xi/xi.htm PowerPoint PPT Presentation


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国际金融学 主讲人: 奚君羊 主页: www.shufe.edu.cn/mfri/xi/xi.htm. 答疑时间:每周二下午 地点:金融学院(红瓦楼 813 室) Email: junyang@shufe.edu.cn 指定教材: 奚君羊主编( 2008 ): 《 国际金融学 》 ,上海财经大学出版社。. 前修课程: 会计学、公司财务学(或公司金融学)、宏观经济学、微观经济学、货币银行学、国际贸易学、证券投资学。. 课程成绩 本课程的最终成绩由两部分组成: 1. 平时成绩( 30%~40% ):根据出勤情况和作业完成情况确定。 2. 期末考试成绩( 60%~70% ).

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国际金融学 主讲人: 奚君羊 主页: shufe/mfri/xi/xi.htm

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www.shufe.edu.cn/mfri/xi/xi.htm


813Email: junyang@shufe.edu.cn2008



1.30%~40%2.60%~70%


http://www.bea.govhttp://www.federalreserve.govwww.chinacustomstat.comwww.pbc.gov.cnwww.safe.gov.cn


1. 2. 3. 4.




Balance of International Indebtedness


1





sub-accounts


Current Account


Capital Account


1.


2Errors and Omissions


-80 100 -15 ?


-80 100 -15 -5 0


+


1993


1. 12342. :123.






Trade Balance Current Account Balance Basic Balance Official Settlements Balance


123412






12




1979~82 %




/=//


7.40,1=1.907.401.90=14.06114.06



bilateral real exchange rate, BRER: P*e = E PeEP*P


real effective exchange rate, REER



vicious circle



1973


  • (1)

  • (2)

  • (3)Infant

    Industry


(1)

(2)

(3)

(4)

(5)

(6)






AB








:Ee1,P* e = E P



(/)=1+/1+=/4-9


- =-







Fama




10%EMEx


1 EM + Ex = 0.5 + 0.5 = 1 +10% -5% 5% 0 5% 5%0:


2 Em + Ex = 0.6 + 0.5 = 1.1 +10% -6% 4% 0 5% 5% 1%:


3 Em + Ex = 0.4 + 0.5 = 0.9 +10% -4% 6% 0 5% 5% -1%:


1


J


J

1

2

3

4

5

6



YCIGXMCIGAXMBY A B BYA


YCI 1 YCS 2 21: IS=0 IS+XM =0 SI=XM 3


3S I XM



Ms=Md Md=Pf (Y, i) Ms=(D+R) (D+R)=Pf (Y, i) R = D




12



BBC



123


12 34


GG-LL




1949~1980198010~19931219941~200572005721~





Earned ReserveOwned Reserve,


Borrowed Reserves




1unconditional2conditional





:1Adjustment,, 2Liquidity,, 3Confidence,










10-1



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