无锡小呆
INTO THE STORMFOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from afar. Their own banks held few of the mortgage-based assets that undid the rich world’s financial firms. Commodity exporters were thriving, thanks to high prices for raw materials. China’s economic juggernaut powered on. And, from Budapest to Brasília, an abundance of credit fuelled domestic demand. Even as talk mounted of the rich world suffering its worst financial collapse since the Depression, emerging economies seemed a long way from the centre of the storm.过去一年的大部分时间里，高速发展的新兴国家一直在远处观望着西方国家的金融风暴。他们的银行仅持有少量抵押资产，而类似的资产已经破坏了发达国家的金融公司。商品出口商因为原材料的高价格而日渐富有。中国不可抗拒的经济力量已然开启，而且信贷刺激的内需从布达佩斯到巴西利亚都表现得非常充足。尽管大萧条后关于西方国家受难于金融崩塌的话题与日俱增，但新兴国家似乎距离金融风暴的中心还有一段距离。No longer. As foreign capital has fled and confidence evaporated, the emerging world’s stockmarkets have plunged (in some cases losing half their value) and currencies tumbled. The seizure in the credit market caused havoc, as foreign banks abruptly stopped lending and stepped back from even the most basic banking services, including trade credits.不过目前的情况不再是那样了，随着境外资本的流失和经济信心的消失，新兴国家股市暴跌（有些地区已经腰斩），本币迅速贬值。由于外国银行突然中断贷款，并且收缩了包括贸易信贷在内的基础银行服务，新兴国家的信贷市场突发混乱，并引发了一场浩劫。Like their rich-world counterparts, governments are battling to limit the damage (see article). That is easiest for those with large foreign-exchange reserves. Russia is spending $220 billion to shore up its financial services industry. South Korea has guaranteed $100 billion of its banks’ debt. Less well-endowed countries are asking for help. Hungary has secured a EURO5 billion ($ billion) lifeline from the European Central Bank and is negotiating a loan from the IMF, as is Ukraine. Close to a dozen countries are talking to the fund about financial help.新兴国家的政府和发达国家的政府一样都在为控制损失程度而奋斗。不过对于外汇储备充足的国家来说难度会小一些：俄罗斯斥资2200亿美元重振金融服务行业；韩国政府担保了1000亿美元的银行债务。而那些储备并不充足的国家正在四处求援：匈牙利成功向欧洲央行求得了50亿欧元（约66亿美元）的生命线，同时也在同国际货币基金组织协商借款事宜，同时向国际货币基金组织求援的还有乌克兰。近一打儿的国家在向基金组织求助。Those with long-standing problems are being driven to desperate measures. Argentina is nationalising its private pension funds, seemingly to stave off default (see article). But even stalwarts are looking weaker. Figures released this week showed that China’s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent years.有持续问题的国家正棋行险招：阿根廷正在将私人养老金国有化，意图阻止违约的发生。即使强有力的国家也表现出虚弱一面：本周公布的数字表明今年中国的增长率在第三季度减缓为9%，虽然增速还算快，但是与近些年的两位数增率相比缓慢了不少。Blowing cold on credit对信贷没兴趣The various emerging economies are in different states of readiness, but the cumulative impact of all this will be enormous. Most obviously, how these countries fare will determine whether the world economy faces a mild recession or something nastier. Emerging economies accounted for around three-quarters of global growth over the past 18 months. But their economic fate will also have political consequences.众多新兴经济的意愿并不相同，但是累计在一起的影响力却非同一般。最明显的就是这些国家的表现将会决定世界经济所面临的是一个较为缓和的衰退还是更可怕的情况。在过去18个月的全球经济增长中，新兴经济贡献了75%。但是他们的经济命运也会有一些政治后果。In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak governments. But even strong regimes could suffer. Some experts think that China needs growth of 7% a year to contain social unrest. More generally, the coming strife will shape the debate about the integration of the world economy. Unlike many previous emerging-market crises, today’s mess spread from the rich world, largely thanks to increasingly integrated capital markets. If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised finance.在类似东欧的很多地区，金融混乱目前的打击目标是软弱的政府；但强硬的政权同样会尝到苦果。一些专家认为中国每年需要7%的增长率来阻止社会动荡的发生。总体来说，如此争端必将影响全球经济一体化的讨论。与以往数次新兴经济危机不同，这次的混乱始于发达国家，很大程度上要归咎于一体化的资本市场。一旦新兴经济崩溃，无论是货币危机还是剧烈的经济萧条，大家对于金融全球化是否属明智之举会有更多的质疑。Fortunately, the picture is not universally dire. All emerging economies will slow. Some will surely face deep recessions. But many are facing the present danger in stronger shape than ever before, armed with large reserves, flexible currencies and strong budgets. Good policy-both at home and in the rich world-can yet avoid a catastrophe.幸运的是上述恐怖的场景没有发生在全球的每个角落：所有的新兴经济都会减缓发展速度，有一些也必将面临深度萧条；但是更多的国家在面临当下危机的时候却拥有比以往任何时候都强壮的形式，用充足的储备、弹性的货币和强大的预算武装自己。新兴国家及发达国家良好的政策可以避免大灾难的发生。One reason for hope is that the direct economic fallout from the rich world’s disaster is manageable. Falling demand in America and Europe hurts exports, particularly in Asia and Mexico. Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done worse. That has a mixed effect. Although it hurts commodity-exporters from Russia to South America, it helps commodity importers in Asia and reduces inflation fears everywhere. Countries like Venezuela that have been run badly are vulnerable (see article), but given the scale of the past boom, the commodity bust so far seems unlikely to cause widespread crises.至少有一个原因值得抱有希望：发达国家此次灾难的直接经济影响还是在可控的范围内。欧美锐减的需求对出口来说无疑是一个打击，特别是对亚洲和墨西哥。商品价格走低：原油价格与巅峰时期比较已经下降了60%，很多粮食和金属类商品跌幅更大。这两个现象有混合效果：尽管从俄罗斯到南美的商品（能源）出口企业备受打击，但却帮助了亚洲的商品（能源）进口商，并且缓和了各地对通胀的恐惧。委内瑞拉的情形一直很糟糕，也很脆弱；不过由于过去极度的繁荣，商品价格下跌目前还不会引发大范围传播的危机。The more dangerous shock is financial. Wealth is being squeezed as asset prices decline. China’s house prices, for instance, have started falling (see article). This will dampen domestic confidence, even though consumers are much less indebted than they are in the rich world. Elsewhere, the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit growth. And just as booming credit once underpinned strong domestic spending, so tighter credit will mean slower growth.比商品价格更令人震惊的事情发生在金融领域。由于资产价格的下降，财富水平正在被挤压缩水。以中国房价为例，目前已经开始下跌。尽管新兴国家的消费者比发达国家的负债水平低很多，上述情况还是会挫伤国内的经济信心。在其他方面，国外银行借款骤然匮乏、对冲基金以及其他投资者逃离债券市场，这些因素给信贷增长踩了一脚急刹车。正如发达的信贷曾经强力支撑国内支出那样，信贷紧缩将意味着增长放缓。Again, the impact will differ by country. Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf, emerging economies as a group still send capital to the rich world. But over 80 have deficits of more than 5% of GDP. Most of these are poor countries that live off foreign aid; but some larger ones rely on private capital. For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic adjustment. A particular worry is eastern Europe, where many countries have double-digit deficits. In addition, even some countries with surpluses, such as Russia, have banks that have grown accustomed to easy foreign lending because of the integration of global finance. The rich world’s bank bail-outs may limit the squeeze, but the flow of capital to the emerging world will slow. The Institute of International Finance, a bankers’ group, expects a 30% decline in net flows of private capital from last year.需要再次重申的是，冲击的表现会因国家的不同而有所区别。多亏中国和海湾产油国经常项目下的巨额顺差，新型经济整体还不断的向发达国家输送资本。但是80 多个国家的财政赤字已经超过GDP的5%，其中的多数是那些依靠国外救助过活得贫困国家；不过也有一些依靠私人资本的大国。对于类似土耳其和南非的国家来说，突然减缓的境外融资迫使其进行大幅调整。东欧的情况特别令人担忧，那里的不少国家赤字水平已经达到了两位数。另外，象俄罗斯这样处于顺差的国家，其银行也逐渐适应了可以轻易从外国取得的贷款，原因自然是全球金融一体化。发达国家的救助计划也许可以限制财富被挤压的水平，但资本流向新兴世界的速度无疑会减慢。国际金融研协会预测私人资本的净流量比去年回减少30%。A wing and a prayer飞行之翼与祈祷者This credit crunch will be grim, but most emerging markets can avoid catastrophe. The biggest ones are in relatively good shape. The more vulnerable ones can (and should) be helped.信贷紧缩必将令人生畏，不过多数新兴市场可以躲过一劫，最大的市场形势还相当不错。比较脆弱的市场可以（也应该）得到帮助。Among the giants, China is in a league of its own, with a $2 trillion arsenal of reserves, a current-account surplus, little connection to foreign banks and a budget surplus that offers lots of room to boost spending. Since the country’s leaders have made clear that they will do whatever it takes to cushion growth, China’s economy is likely to slow-perhaps to 8%-but not collapse. Although that is not enough to save the world economy, such growth in China would put a floor under commodity prices and help other countries in the emerging world.在那些坚强的巨人中，中国卓然不群：手握2万亿美元的储备，经常项下的顺差状态，与国外银行罕有关联，过剩的预算给推动支出留有足够空间。鉴于国家领导人已经明确表示将不惜一切代价为经济增长减速缓冲，中国的经济增长应该会减缓到大约8%的水平，但是决不会崩溃。虽然这不足以挽救世界经济，但是该增长率将会为商品价格建底并帮到新兴世界的其他国家。The other large economies will be harder hit, but should be able to weather the storm. India has a big budget deficit and many Brazilian firms have a large foreign-currency exposure. But Brazil’s economy is diversified and both countries have plenty of reserves to smooth the shift to slower growth. With $550 billion of reserves, Russia ought to be able to stop a run on the rouble. In the short-term at least, the most vulnerable countries are all smaller ones.其他的经济大国会受到更大的冲击，不过应该可以禁受住风暴侵袭。印度的财政赤字巨大，巴西很多公司面临巨大的外汇风险。但巴西经济已经实现多样化，同时上述两个国家拥有充足的储备来平稳过渡到缓慢的增长。俄罗斯掌握着5500亿美元的储备，应该能够阻止对卢布的抢购。至少在短期内，小国家才是最弱不禁风的。There will be pain as tighter credit forces adjustments. But sensible, speedy international assistance would make a big difference. Several emerging countries have asked America’s Federal Reserve for liquidity support; some hope that China will bail them out. A better route is surely the IMF, which has huge expertise and some $250 billion to lend. Sadly, borrowing from the fund carries a stigma. That needs to change. The IMF should develop quicker, more flexible financial instruments and minimise the conditions it attaches to loans. Over the past month deft policymaking saw off calamity in the rich world. Now it is time for something similar in the emerging world.受到紧缩信贷压力进行的调整必然带来痛苦，但快速的国际援助是明智之举，因为这会让结果很不相同。一些新兴国家已经向美联储求援以缓解流动性问题；有一些则希望中国可以拯救他们与水火。更佳的求救路线莫过于国际货币基金组织，因为它掌握大量的专门知识和2500亿美元的可出借款项。不幸的是人们认为向基金借款有辱其名，国际货币基金组织应该推出更快捷、更灵活的金融工具，同时实现借贷条件最小化。过去数月中，机敏的决策驱散了发达国家的灾难。现在也正是新兴世界发生类似事情的时候了。
鱼米芝香
在金融 毕业 论文写作过程中，参考文献是非常重要的组成部分，参考文献其实就是 文章 或著作等写作过程中参考引用过的文献。下面是我带来的关于金融毕业论文参考文献的内容，欢迎阅读参考!金融毕业论文参考文献(一) [1]刘晓法.外汇风险管理战略[M].上海：复旦大学出版社，2009. [2]巴曙松.2009:人民币国际化的起步之年[J].经济，2009(6). [3]曹垂龙.论人民币汇率改革对我国进出口贸易的影响--兼析人民币汇率的未来走势[J] 财经 问题研究，2006, (7). [4]陈慧莲.我国行业外汇风险暴露[D].天津：天津财经大学，2013. [5]弗兰克·奈特.风险、不确定性和利润[M].北京：中国人民大学出版社，1921. [6]付甜杰.我国涉外企业的汇率风险及运作性对冲研究[D].广东：广东外语外贸大学，2010. [7]何晓.对我国涉外企业外汇风险暴露的实证研究[D].湖北：武汉大学，2007. [8]郑振龙、陈蓉、邓戈威.外汇衍生品市场：国际 经验 与借鉴[M].北京：科学出版社，2010. [9]中华人民共和国财政部制定.企业会计准则2006[M].北京：经济科学出版社，2006. [10]胡大江.面向双重风险的我国涉外企业国际贸易外汇风险管理研究[D].重庆：重庆大学，2010. [11]高扬.构建人民币汇率的避风港：中国外汇衍生品市场研究[M].北京冲国经济出版社，2006. [12]刘欣.外汇经济风险暴露的测量和管理[D].四川：西南财经大学，2003. [13]宋明哲.风险管理[M].台北：中华 企业管理 发展中心出版社，1984. [14]陈伟、王伟.我国跨国公司汇率风险的计量与实证分析[J].河南金融管理千部学院学报，2006, (3). [15]罗航、江春.人民币新汇率形成机制下的上市公司外汇风险暴露[J].中国财经政法大学学报，2007(4)： 78-81. 金融毕业论文参考文献(二) [1]林毅夫,李永军.中小金融机构发展与中小企业融资[J].经济研究,2001,(1):l0-18 [2]林毅夫,李永军.中小企业融资根本出路在何方[J].证券时报,2004,(4):23-25 [3]周兆生.中小企业融资的制度分析[J].财经问题研究,2003,(5):27-32 [4]陈晓红,郭声琨.中小企业融资[M].北京:经济科学出版社,2000 [5]陈晓红.中小企业融资创新与信用担保[M].北京:中国人民大学出版社,2003 [6]罗正英,段佳国.中小企业融资结构选择的内生性约束模型研究[J].会计研究,2006,(8):67-72 [7]__赞.银行结构与中小企业融资[J].经济研究,2002,(6):38-45 [8]杨凤娟.发达国家解决中小企业融资难的举措及借鉴[J].经济题,2004,(3):20-21 [9]徐洪才.解决我国中小企业融资问题的对策[J].经济管理,2009,(3):14-17 [10]戴淑庚.高科技产业融资理论、模式、创新[M].北京:中国发展出版社,2005 [11]韩瑶.我国高新技术产业融资模式创新研究[D].青岛:中国海洋大学,2008 [13]巴曙松.如何促进多层次中小企业融资体系的发展[J].商业周刊,2003,(11):6-7 [14]邹萍莉,王振宇.二板市场是促进我国经济发展的主要途径[J].特区经济,2004,(10):64-65 [15]袁树民,刘文国.多层次资本市场与中小企业融资[J].会计之友,2008,(2):83-85 金融毕业论文参考文献(三) [1].石磊，王瑞武.合作行为的非对称性演化[J].中国科学：生命科学，2010，(4). [2].李丹.基于博弈论的科学研究知识共享行为分析[J].国书情报知识，2006(5). [3].翁丽君.“市场进入阻挠”的博弈分析[J].内蒙古经济与科技，2008(4). [4].陈德华.寡头垄断市场的进入与阻止进入博弈研究[J].财金研究，2011(23). [5].田银华等.银企信贷重复博弈的模型分析[J].系统工程，2011(11). [6].赵宇等.垄断行业的进入博弈及管制绩效评价研究[J].系统工程学报，2006(6). [7].商业银行应该给小额贷款公司提供批发贷款吗?——基于演化博弈模型及其仿真过程的分析. [8].郭宁宁.关于大型商业银行与新型农村金融机构的合作研究——基于金融供给角度[J].西部经济管理论坛，2012(6). [9].樊晶.在位企业与潜在进入者的战略博弈分析[J].内蒙古科技与经济，2006(1). [10].李国宏.大型国有控股商业银行发展村镇银行的可行性研究——以山东淄博市为例[D].济南：山东大学，2012. [11].哈尔.R.范里安等.微观经济学：现代观点[M].费方域等译.上海：格致出版社，2009. [12].肖彬.大型商业银行服务“三农”新模式探讨[J].2009(4) [13].中国农业银行农村产业金融部课题组.大型商业银行与新型农村金融机构合作研究[J].农村金融研究，2011(5) [14].张杰.农户、国家中国农贷制度：一个长期视角[J].金融研究，2005(2) [15].洪正.新型农村金融机构改革可行吗?——基于监督效率的视角的分析[J].经济研究，2011(2) 猜你喜欢： 1. 关于金融危机论文参考文献 2. 企业融资论文参考文献 3. 国际金融论文参考文献 4. 会计毕业论文参考文献 5. 财务管理论文最新参考文献
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Exchange rateIn finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how much one currency is worth in terms of the other. For example an exchange rate of 102 Japanese yen (JPY, ¥) to the United States dollar (USD, $) means that JPY 102 is worth the same as USD 1. The foreign exchange market is one of the largest markets in the world. By some estimates, about 2 trillion USD worth of currency changes hands every spot exchange rate refers to the current exchange rate. The forward exchange rate refers to an exchange rate that is quoted and traded today but for delivery and payment on a specific future exchange rate quotation is given by stating the number of units of "term currency" or "price currency" that can be bought in terms of 1 unit currency (also called base currency). For example, in a quotation that says the EURUSD exchange rate is ( USD per EUR), the term currency is USD and the base currency is is a market convention that determines which is the base currency and which is the term currency. In most parts of the world, the order is:EUR - GBP - AUD - USD - *** (where *** is any other currency).Thus if you are doing a conversion from EUR into AUD, EUR is the base currency, AUD is the term currency and the exchange rate tells you how many Australian dollars you would pay or receive for 1 euro. Cyprus and Malta which were quoted as the base to the USD and *** were recently removed from this list when they joined the euro. In some areas of Europe and in the non-professional market in the UK, EUR and GBP are reversed so that GBP is quoted as the base currency to the euro. In order to determine which is the base currency where both currencies are not listed (. both are ***), market convention is to use the base currency which gives an exchange rate greater than . This avoids rounding issues and exchange rates being quoted to more than 4 decimal places. There are some exceptions to this rule . the Japanese often quote their currency as the base to other using a country's home currency as the price currency (., EUR = $ in the US) are known as direct quotation or price quotation (from that country's perspective) ([1]) and are used by most using a country's home currency as the unit currency (., £ = $ in the US) are known as indirect quotation or quantity quotation and are used in British newspapers and are also common in Australia, New Zealand and the quotation: 1 foreign currency unit = x home currency units indirect quotation: 1 home currency unit = x foreign currency units Note that, using direct quotation, if the home currency is strengthening (., appreciating, or becoming more valuable) then the exchange rate number decreases. Conversely if the foreign currency is strengthening, the exchange rate number increases and the home currency is looking at a currency pair such as EURUSD, the first component (EUR in this case) will be called the base currency. The second is called the term currency. For example : EURUSD = , means EUR is the base and USD the term, so 1 EUR = pairs are often incorrectly quoted with a "/" (forward slash). In fact if the slash is inserted, the order of the currencies should be reversed. This gives the exchange rate. . if EUR1 is worth , euro is the base currency and dollar is the term currency so the exchange rate is stated EURUSD or USD/EUR. To get the exchange rate divide the USD amount by the euro amount . = convention from the early 1980s to 2006 was that most currency pairs were quoted to 4 decimal places for spot transactions and up to 6 decimal places for forward outrights or swaps. (The fourth decimal place is usually referred to as a "pip.") An exception to this was exchange rates with a value of less than which were usually quoted to 5 or 6 decimal places. Although there is no fixed rule, exchange rates with a value greater than around 20 were usually quoted to 3 decimal places and currencies with a value greater than 80 were quoted to 2 decimal places. Currencies over 5000 were usually quoted with no decimal places (. the former Turkish Lira). . (GBPOMR : - EURUSD : - GBPBEF : - EURJPY : ). In other words, quotes are given with 5 digits. Where rates are below 1, quotes frequently include 5 decimal 2006 Barclays Capital broke with convention by offering spot exchange rates with 5 or 6 decimal places. The contraction of spreads (the difference between the bid and offer rates) arguably necessitated finer pricing and gave the banks the ability to try and win transaction on multibank trading platforms where all banks may otherwise have been quoting the same price. A number of other banks have now followed or peggedMain article: Exchange rate regimeIf a currency is free-floating, its exchange rate is allowed to vary against that of other currencies and is determined by the market forces of supply and demand. Exchange rates for such currencies are likely to change almost constantly as quoted on financial markets, mainly by banks, around the world. A movable or adjustable peg system is a system of fixed exchange rates, but with a provision for the devaluation of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB to $1. China was not the only country to do this; from the end of World War II until 1966, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system. [2]Nominal and real exchange ratesThe nominal exchange rate e is the price in domestic currency of one unit of a foreign currency. The real exchange rate (RER) is defined as , where P is the domestic price level and P * the foreign price level. P and P * must have the same arbitrary value in some chosen base year. Hence in the base year, RER = e. The RER is only a theoretical ideal. In practice, there are many foreign currencies and price level values to take into consideration. Correspondingly, the model calculations become increasingly more complex. Furthermore, the model is based on purchasing power parity (PPP), which implies a constant RER. The empirical determination of a constant RER value could never be realised, due to limitations on data collection. PPP would imply that the RER is the rate at which an organization can trade goods and services of one economy (. country) for those of another. For example, if the price of a good increases 10% in the UK, and the Japanese currency simultaneously appreciates 10% against the UK currency, then the price of the good remains constant for someone in Japan. The people in the UK, however, would still have to deal with the 10% increase in domestic prices. It is also worth mentioning that government-enacted tariffs can affect the actual rate of exchange, helping to reduce price pressures. PPP appears to hold only in the long term (3–5 years) when prices eventually correct towards recent approaches in modelling the RER employ a set of macroeconomic variables, such as relative productivity and the real interest rate vs effective exchange rateBilateral exchange rate involves a currency pair, while effective exchange rate is weighted average of a basket of foreign currencies, and it can be viewed as an overall measure of the country's external competitiveness. A nominal effective exchange rate (NEER) is weighted with trade weights. a real effective exchange rate (REER) adjust NEER by appropriate foreign price level and deflates by the home country price level. Compared to NEER, a GDP weighted effective exchange rate might be more appropriate considering the global investment interest rate paritySee also: Interest rate parity#Uncovered interest rate parity Uncovered interest rate parity (UIRP) states that an appreciation or depreciation of one currency against another currency might be neutralized by a change in the interest rate differential. If US interest rates exceed Japanese interest rates then the US dollar should depreciate against the Japanese yen by an amount that prevents arbitrage. The future exchange rate is reflected into the forward exchange rate stated today. In our example, the forward exchange rate of the dollar is said to be at a discount because it buys fewer Japanese yen in the forward rate than it does in the spot rate. The yen is said to be at a 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 containment of inflation and a higher-yielding of payments modelThis model holds that a foreign exchange rate must be at its equilibrium level - the rate which produces a stable current account balance. A nation with a trade deficit will experience reduction 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 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 account item of the balance of payments, thus, balancing the deficit in the current account. The increase in capital flows has given rise to the asset market market modelSee 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. Economic variables such as economic growth, inflation and productivity 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 asset market approach views currencies as asset prices traded in an efficient financial market. Consequently, currencies are increasingly demonstrating a strong correlation with other markets, particularly 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 in exchange ratesA market based exchange rate will change whenever the values of either of the two component currencies change. A currency will tend to become more valuable whenever demand for it is greater than the available supply. It will become 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 due to either an increased transaction demand for money, or an increased speculative demand for money. The transaction demand for money is highly correlated to the country's level of business activity, gross domestic product (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 accommodate changes in the demand for money due to business speculative demand for money is much harder for a central bank to accommodate 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 country's interest rates, the greater the demand for that currency. It has been argued that currency speculation can undermine real economic 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).汇率在经济学上，汇率定义为两国货币之间兑换的比例。通常会将某一国的货币设为基准，以此换算金额价值他国几元的货币。在英文使用方面，有时简写为FX，此为外国货币Foreign Exchange的简写。通俗的说，是一国货币单位兑换他国货币单位的比率，也可以说是用一国货币表示的另一国货币的价格。汇率的特性在于它多半是浮动的比率。只要货币能够透过汇率自由交换，依交换量的多寡，就会影响隔天的汇率，因此，有人也以赚汇差营利，今日以较低的比率购进某一外币，隔日等到较高的比率出现时，再转手卖出。所以有时汇率也能看出一个国家的经济状况。了解外汇也能看出这个国家的出口贸易状况。交叉汇率所谓交叉汇率是指两种不同货币之间的价格关系，两个国家之间的货币汇兑是利用各自对美元的汇率套算得出。举例来看，若一美元可分别兑换欧元、日圆，则欧元兑日圆的交叉汇率为（= ）。
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