TAILIEUCHUNG - Bài giảng International financial management: Chapter four - Ngo Thi Ngoc Huyen

Bài giảng "International financial management - Chapter four: Balance of payment" has contents: Explain what the balance of payments BOP is study how to analyze BOP, discuss the relationship between the BOP and the gross domestic product, the exchange rate, the interest rate, and the inflation rate. | NỘI DUNG CƠ BẢN CHAPTER FOUR • Ngang giá sức mua - Purchasing Power Parity (PPP) PARITY CONDITION IN INTERNATIONAL FINANCE & CURRENCY FORECASTING • Hiệu ứng Fisher - Fisher Effect (FE) • Hiệu ứng Fisher quốc tế -International Fisher Effect (IFE) • Cân bằng lãi suất - Interest Rate Parity (IRP) • Tỷ giá kỳ hạn - Unbiased Forward rate (UFR) • Dự báo tiền tệ - Currency Forecasting Chapter 4 1 Chapter 4 LUẬT MỘT GIÁ MỐI LIÊN HỆ CƠ BẢN Interest Rate Parity (IRP) 2 Forward Rate Discount or Premium • Hàng hóa sẽ có giá như nhau ở các quốc gia (A commodity will have the same price in terms of common currency in every country) – Không tính đến các yếu tố khác biệt (chi phí vận chuyển, thuế ) Interest Rate Differential Fisher Effect Inflation Rate Differential Purchasing Power Parity International Fisher Effect (IFE) – Ví dụ, Giá lúa mì ở Pháp (per bushel): Giá lúa mì ở . (per bushel): S€/$ = tỷ giá giao ngay (PPP) Exchange Rate Expectations P€ P$ P€ = s€/$ • P$ 3 Chapter 4 4 1 -57% = ( - ): LUẬT MỘT GIÁ Local price $ 2 .9 • Ví dụ, Food for thought # Giá lúa mì ở Pháp /bushel (p€) = € Giá lúa mì ở . /bushel(p$) = $ S= €/$ (hoặc S$/€ = ) May 27th 2004 From The Economist print edition Giá lúa mì tính bằng $ tại Pháp = S$/€ x P€ = $/€ x € = $ ⇒ Khi luật một giá được duy trì, cung và cầu sẽ giúp phục hồi cân bằng Chapter 4 THE BIG MAC INDEX • The Big Mac Index and McParity (application of LOP) • On May 27, 2004 (The Economist) – Giá Big Mac là $ ở US – Giá Big Mac là $ ở Trung Quốc • Tỷ giá tính toán (Implied exchange rate) =>* • Tỷ giá thực tế (Actual exchange rate), S= $) • The yuan được định giá thấp trong tương quan so với USD (burger too cheap!) ⇒ Dự báo - McPrediction: S(Yuan/$) sẽ ↓. ⇒ US dollar sẽ giảm giá so với yuan, ⇒ On January 3, 2005, S(Yuan/$) = . Big Mac “sai-wrong”. 5 THE BIG MAC INDEX # • The Big Mac Index and McParity (application

• Ngân hàng - Tín dụng
• International financial management
• Bài giảng International financial management
• Tài chính quốc tế
• Balance of payment
• Discuss the relationship between
• The exchange rate
• The interest rate
• Quản lý tài chính quốc tế
• Lecture International financial management
• International financial markets
• Foreign exchange market
• International money market
• Financial statement
• International trade transactions
• Financial management
• Fundamentals of financial management
• Financial statement analysis
• International bond market
• International equity markets
• International trade finance
• Multinational cash management
• International equity financing
• International capital market equilibrium
• International capital budgeting
• The foreign currency hedging decision
• International banking
• Money market
• International portfolio investment
• Balance of payments
• Current account
• Financial accounts
• International flow of funds
• Exchange rate determination
• Government influence
• Currency derivatives
• International tax environment
• Financial environments
• Multinational financial management
• Tăng trưởng của MNCs
• Direct foreign investment
• Multinational capital budgeting
• Financing international trade
• International cash management
• Lesson International financial management
• Management of translation exposure
• Translation Exposures
• Alternative currency translation methods
• Translation exposure
• International business
• International marketing
• International operations management
• International strategic management
• International strategic alliances
• Exchange rates
• International Fisher Effect
• Purchasing power parity
• International diversification
• International project
• Initial investment
• Lecture International business
• International environmental forces
• Organizational environment
• Financial management decisions
• International flow
• International arbitrage
• Interest rate parity
• Relationships among inflation
• International monetary system
• International parity relationships
• Forecasting foreign exchange rates
• International financial
• Managing transaction exposure
• Country risk analysis
• Lecture Multinational financial management
• International banking and money market
• International banking services
• Capital adequacy standards