국제금융 및 외환시장론 강의노트입니다

목차

Ⅰ. Lecture : The Foreign Exchange Market(forex, FX, or currency market)
1. 외환시장(foreign exchange market) 서설
2. 외환시장의 구조(the Organization of the FX market)
3. Currency Quotes(통화 표시 방식) and Prices
4. 환재정(exchange arbitrage) 로서삼각재정(Triangular arbitrage)☆☆☆
5. Inside the Interbank Market I: Bid.Ask Spreads and Bank Profits
6. Describing Changes in Exchange Rates

Ⅱ. Lecture : 환위험(Transaction Exchange Risk)
1. 환위험(Transaction exchange risk)

Ⅲ. Lecture : The Balance of Payments
1. 국제수지(The Balance of Payments(BOP) : Concepts and Terminology
2. 국민계정 해설
3. 국제수지관련 쟁점

Ⅳ. Lecture : Exchange Rate Systems
1. Alternative Exchange Rate Arrangements and Currency Risk
3. 중앙은행(Central Banks) : 외환시장관련 역할의이해
4. 고정환율제도(Flexible Exchange Rate Systems)의 이해
5. Limited-Flexibility Systems: Target Zones and Crawling Pegs

Ⅴ. 환율결정이론
1. 이자율평가설(The Theory of Covered Interest Rate Parity) 서설
2. (무위험)이자율평가설(Covered Interest Rate Parity (CIP)
3. 무위험재정거래의 실제
4. 무위험이자율평가정리의 한계 : Why Deviations from Interest Rate Parity May Seem to Exist
5. 단기금융시장에서의거래위험에 대한 헤징(Hedging Transaction Risk in the Money Market)
6. 선물환 할증/할인의기간간 구조 : The Term Structure of Forward Premiums and Discounts

Ⅵ. Lecture 6. Speculation and Risk in the Foreign Exchange Market
1. 환투기(Speculating in the FX Market)
2. 외환시장의효율성과불편성가설
3. 외환시장의불편성과효율성에대한 반박

Ⅶ. Lecture 7 : 구매력52) 평가설(Purchasing Power Parity theory ; PPP theory)
1. 구매력 평가설의 의의
2. 절대적구매력평가설(Absolute Purchasing Power Parity (PPP)
3. 상대적구매력평가(relative purchasing power parity)

Ⅷ. Lecture 8 : Exchange Rate Determination and Forecasting
1. 실질이자율평가설(Rea interest rate parity, RIRP)
2. 환율의예측 기법 Currency Forecasting Techniques
3. 환율예측성과 평가(Evaluating forecasts)
4. 환율예측과외환위기(Predicting Devaluations : Pegged Regimes)

Ⅸ. Lecture 9 : International Capital Market Equilibrium
1. 분석의기초 : Risk and Return of International Investments
2. Optimal Portfolio Allocations : CAPM모형을활용하여
3. CAPM의 Alternative Models

본문내용

1) FX dealers(외환딜러)
(1) 의 의
국제 금융시장에서 통용되는 외환과 파생 상품을 가장 싼 시점에 사들여서 가장 비쌀 때에 팔아 그 차액을 많이 남기는 일을 수행하는 사람. 자기 외환포지션을 가지고 고객의 요구에 따라 외환을 매입하거나 매도하기 때문에 환위험을 부담하게 된다.

(2) Who are they?
① Commercial banks(상업은행)
② Investment banks(투자은행)
③ Brokerage firms(중개소) : intermediary. does not put own money at risk

(3) 외환거래에서의의미 : 거래비용감소(Low transaction costs)를통한 외환거래의활성화 및 Ease with which one can sell an asset at its fair value.
FX dealers stand ready to buy and sell the currencies in which they specialize. They make it easier and less costly to match buyers and sellers. By standing ready to transact with retail customers or other dealers, they provide liquidity to the market.

(4) Other participants in the FX market : 외환시장에서의딜러역할의 확대
가) 중앙은행의 경우
Central banks try to influence the foreign exchange value of their currencies.
나) Institutional investors로서다국적기업(Multinational corporations)
They need to exchange currencies to conduct their international trade.
☞ by ① buying and selling foreign securities
② hedging funds speculating on currency movements

참고 자료

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