❶ 国际金融学计算题(英文)
(1)use DM 1.45 to buy $1 in New York and sell $1 in Frankfurt,get DM 1.46. You get DM 0.01.
(2)
--Fixed
buy £ with your $1,000,000, hold £500,000 for 1 year period and get interst £(500,000 *16%)=80,000, then buy back $ with all your £580,000, you get $1,160,000.
However if you hold initial $1,000,000 for 1 year period, you only get $1,120,000.
You win $40,000 via buy and hold £.
--floating
You may not get this part profit as in fixed through hold £. As i year later when buy back $, the exchange rate may change to £1=$2.1 or even higher.
You have to face some risk if your still do the same trade as in fixed rate.
But for carry trade player, they generally put their money in high yiled currency.
❷ 国际金融计算题 (英文)
If borrows 1CAD in Canada and saves in US, the company will gain 1CAD*(spot rate)*(1+interest rate in US)/(1 year forward rate) after 1 year, which is 1*0,9*(1+3%)/0.8=1.15875CAD. The principal and interest to be repayed will be 1CAD*(1+interest rate in Canada), which is 1*(1+4%)=1.04CAD. After repaying the 1.04CAD, the company will still have a positive profit of 1.15875-1.04=0.11875CAD. Thus we can make an arbitrage profit.
❸ 国际金融英文版选择题答案
慢慢做吧 骚年