Question

根据国际货币基金组织（IMF）的统计，全世界有10种不同的汇率制度。但从根本上说，它们可以分为固定汇率和灵活汇率。请分析两种汇率制度的优缺点。

Answer 1

问：根据国际货币基金组织（IMF）的统计，全世界有10种不同的汇率制度。但从根本上说，它们可以分为固定汇率和灵活汇率。请分析两种汇率制度的优缺点。

答：固定汇率制度：优点：1. 固定汇率制度有助于维护国家的货币稳定性，从而减少汇率波动，为国家贸易提供了一个稳定的环境。2. 固定汇率制度可以控制国家的外汇储备，从而限制外汇流动，有助于维护国家外汇储备的安全。3. 固定汇率制度可以促进国际贸易，因为它使得货币间的交换更加容易，也可以降低贸易成本。缺点：1. 固定汇率制度可能会抑制国家的经济增长，因为它无法根据国家经济形势的变化而变化，从而可能会影响国家的出口产品的国际竞争力。2. 固定汇率制度可能会导致国家外汇储备的过度消耗，从而影响国家的经济发展。3. 固定汇率制度可能会导致国家货币的贬值，从而影响国家的出口产品的国际竞争力。灵活汇率制度：优点：1. 灵活汇率制度可以根据国家经济形势的变化而变化，从而可以更好地促进国家的经济增长和国际竞争力。2. 灵活汇率制度可以更好地利用国家外汇储备，从而可以更好地促进国家的经济发展。3. 灵活汇率制度可以更好地促进国际贸易，因为它使得货币间的交换更加容易，也可以降低贸易成本。

问：求教

答：a) The future dollar cost of meeting this JPY obligation if you decide to hedge using a forward contract is $6,818,182.22. This is calculated by taking the JPY 750 million and dividing it by the one year forward rate of 109/$1.00, which equals $6,818,182.22.b) The expected future dollar cost of buying ¥750 million if you choose to hedge via call option on yen is $6,818,182.20. This is calculated by taking the JPY 750 million and multiplying it by the strike price of $0.0086 per yen, which equa

答：d) To take advantage of money market hedge to hedge against the transaction exposure, ABC Corporation can borrow the USD equivalent of JPY 750 million from Bank A in the United States at the annual interest rate of 6 percent. Then, ABC Corporation can invest the borrowed USD in Bank B in Japan at the annual interest rate of 3 percent. This will create a “synthetic forward”, which will result in ABC Corporation receiving JPY 750 million in one year with no exchange rate risk.e) The future dolla

答：e) The future dollar cost of meeting this JPY obligation if you decide to hedge through money market hedge is $6,818,182.22. This is calculated by taking the JPY 750 million and dividing it by the one year forward rate of 109/$1.00 which equals $6,818,182.22.f) Yes, there are other ways to hedge against transaction exposure such as currency swaps, currency futures, and currency options. Currency swaps involve exchanging one currency for another at an agreed upon exchange rate and then exchangi

答：亲亲如上

问：收到啦还有两道题哦稍等

问：感谢救命

答：Table 1Firm AInterest rate: 7.5%Currency: £Firm BInterest rate: 5.0%Currency: $(a) Calculate the annual borrowing cost for both firms in their home currency.(4 points)(b) Explain the concept of interest rate parity.(4 points)(c) Can the firms take advantage of interest rate parity to reduce their borrowing costs? If so, explain how.(8 points)(d) If interest rate parity cannot be taken advantage of, explain why not.(4 points)

答：(1) The QSD is calculated by subtracting the bid rate of the currency from the ask rate of the other currency. For this example, the QSD is 0.1%. (2) Yes, there exists a swap opportunity for both firm A and firm B. Firm A can receive USD at 6% and pay pounds at 5%, while firm B can receive pounds at 4% and pay USD at 7%. (3) Firm A and Firm B can enter into a currency swap agreement, where they will exchange their currency obligations at the agreed-upon rates. The swap bank can act as an int

答：亲亲如上