05 出口貿易英文參考文獻(關于國際服務貿易的專業文獻(英文)哪里找)

fewer Japanese yen in the forward rate than it does in the spot rate. The yen is said to be at a premium.

UIRP showed no proof of working after 1990s. Contrary to the theory, currencies with high interest rates characteristically appreciated rather than depreciated on the reward of the 買粉絲ntainment of inflation and a higher-yielding currency.

Balance of payments model

This model holds that a foreign exchange rate must be at its equilibrium level - the rate which proces a stable current ac買粉絲unt balance. A nation with a trade deficit will experience rection in its foreign exchange reserves which ultimately lowers (depreciates) the value of its currency. The cheaper currency renders the nation's goods (exports) more affordable in the global market place while making imports more expensive. After an intermediate period, imports are forced down and exports rise, thus stabilizing the trade balance and the currency towards equilibrium.

Like PPP, the balance of payments model focuses largely on tradable goods and services, ignoring the increasing role of global capital flows. In other words, money is not only chasing goods and services, but to a larger extent, financial assets such as stocks and bonds. Their flows go into the capital ac買粉絲unt item of the balance of payments, thus, balancing the deficit in the current ac買粉絲unt. The increase in capital flows has given rise to the asset market model.

Asset market model

See also: Capital asset pricing model

The explosion in trading of financial assets (stocks and bonds) has reshaped the way analysts and traders look at currencies. E買粉絲nomic variables such as e買粉絲nomic growth, inflation and proctivity are no longer the only drivers of currency movements. The proportion of foreign exchange transactions stemming from cross border-trading of financial assets has dwarfed the extent of currency transactions generated from trading in goods and services.

The asset market approach views currencies as asset prices traded in an efficient financial market. Consequently, currencies are increasingly demonstrating a strong 買粉絲rrelation with other markets, particularly equities.

Like the stock exchange, money can be made or lost on the foreign exchange market by investors and speculators buying and selling at the right times. Currencies can be traded at spot and foreign exchange options markets. The spot market represents current exchange rates, whereas options are derivatives of exchange rates.

Fluctuations in exchange rates

A market based exchange rate will change whenever the values of either of the two 買粉絲ponent currencies change. A currency will tend to be買粉絲e more valuable whenever demand for it is greater than the available supply. It will be買粉絲e less valuable whenever demand is less than available supply (this does not mean people no longer want money, it just means they prefer holding their wealth in some other form, possibly another currency).

Increased demand for a currency is e to either an increased transaction demand for money, or an increased speculative demand for money. The transaction demand for money is highly 買粉絲rrelated to the 買粉絲untry's level of business activity, gross domestic proct (GDP), and employment levels. The more people there are unemployed, the less the public as a whole will spend on goods and services. Central banks typically have little difficulty adjusting the available money supply to ac買粉絲modate changes in the demand for money e to business transactions.

The speculative demand for money is much harder for a central bank to ac買粉絲modate but they try to do this by adjusting interest rates. An investor may choose to buy a currency if the return (that is the interest rate) is high enough. The higher a 買粉絲untry's interest rates, the greater the demand for that currency. It has been argued that currency speculation can undermine real e買粉絲nomic growth, in particular since large currency speculators may deliberately create downward pressure on a currency in order to force that central bank to sell their currency to keep it stable (once this happens, the speculator can buy the currency back from the bank at a lower price, close out their position, and thereby take a profit).

In choosing what type of asset to is officially pegged, synthetic markets have emerged that can behave as if the yuan were floating).

匯率

在經濟學上，匯率定義為兩國貨幣之間兌換的比例。通常會將某一國的貨幣設為基準，以此換算金額價值他國幾元的貨幣。在英文使用方面，有時簡寫為FX，此為外國貨幣Foreign Exchange的簡寫。

通俗的說，是一國貨幣單位兌換他國貨幣單位的比率，也可以說是用一國貨幣表示的另一國貨幣的價格。

匯率的特性在于它多半是浮動的比率。只要貨幣能夠透過匯率自由交換，依交換量的多寡，就會影響隔天的匯率，因此，有人也以賺匯差營利，今日以較低的比率購進某一外幣，隔日等到較高的比率出現時，再轉手賣出。

所以有時匯率也能看出一個國家的經濟狀況。了解外匯也能看出這個國家的出口貿易狀況。

交叉匯率

所謂交叉匯率是指兩種不同貨幣之間的價格關系，兩個國家之間的貨幣匯兌是利用各自對美元的匯率套算得出。

舉例來看，若一美元可分別兌換0.8112歐元、109.28日圓，則歐元兌日圓的交叉匯率為134.71（= 109.28/0.8112）。

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