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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: [email protected] 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

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


813 email junyang@shufe edu cn 2008

813Email: [email protected]


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1 30 40 2 60 70

1.30%~40%2.60%~70%


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


1 2 3 4

1. 2. 3. 4.


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Balance of international indebtedness

Balance of International Indebtedness


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1


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Sub accounts

sub-accounts


Current account

Current Account


Capital account

Capital Account


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1.


2 errors and omissions

2Errors and Omissions


80 100 15

-80 100 -15 ?


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-80 100 -15 -5 0


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+


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1993


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1. 12342. :123.


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Trade Balance Current Account Balance Basic Balance Official Settlements Balance


1 2 3 4 1 2

123412


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12


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1979~82 %


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/=//


7 40 1 1 90 7 40 1 90 14 06 1 14 06

7.40,1=1.907.401.90=14.06114.06


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


Real effective exchange rate reer

real effective exchange rate, REER


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Vicious circle

vicious circle


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1973


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  • (2)

  • (3)Infant

    Industry


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(1)

(2)

(3)

(4)

(5)

(6)


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AB


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:Ee1,P* e = E P


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1 1 4 9

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


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- =-


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Fama


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10 e m ex

10%EMEx


1 e m ex 0 5 0 5 1 10 5 5 0 5 5 0

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


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


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


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1


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J


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J

1

2

3

4

5

6


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YCIGXMCIGAXMBY A B BYA


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


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3S I XM


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Ms md md p f y i ms d r d r p f y i r d

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


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12


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BBC


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1 2 3

123


1 2 3 41

12 34


Gg ll

GG-LL


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1949~1980198010~19931219941~200572005721~


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Earned reserve owned reserve

Earned ReserveOwned Reserve,


Borrowed reserves

Borrowed Reserves


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1 unconditional 2 conditional

1unconditional2conditional


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


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10-1


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