国际财务管理课后习题答案chapter-【实用文档】doc文档可直接使用可编辑，欢迎下载CHAＰTER5ＴＨＥＭＡRKETFORFOREＩGNEXCＨANGESUGＧESTEDAＮSWEＲＳANDＳOLUTＩONSTOＥND－OF—CHAPＴERQUESTIONSＡNDＰRＯBLEＭSQUESＴIONS1.Giveａｆｕlldefinitiｏnｏftｈｅｍａrketｆｏrfoｒeignexｃhａnge。Ａnｓｗｅr：Broadlydefｉｎed,thefoｒeｉｇnｅxｃhange（FX）marｋｅｔencｏmpａssesｔheｃonｖersionofpurcｈasingpoweｒfromonｅcuｒｒenｃyintoanother，bａnkdｅpositｓoｆforeigncurrｅnｃy，theextensionoｆcreditｄenominateｄinafｏreigncuｒrenｃy,forｅiｇntｒaｄeｆinａncｉng,andtrａdiｎgiｎｆｏreｉgncｕrｒencyopｔionsandｆuturescoｎtraｃtｓ．２．Whatisthｅdifferencｅbeｔweeｎthｅｒetaｉlorcliｅntｍarkｅｔaｎｄthｅwholesalｅｏｒｉｎterbankmarketfｏrｆoreignexｃhaｎge？Answｅr：Themaｒketｆorfｏreｉgnexｃｈａｎgｅcanbeviｅｗeｄasatｗo-ｔiermａrket.Ｏnetierisｔhｅwhｏlｅsalｅorｉntｅrbａnｋmａrｋeｔandtｈeothertieristｈereｔailorclientmarkｅｔ。InｔernａｔｉｏｎalbaｎksprovｉdetｈecｏreoｆtheFＸｍaｒket.Theystａndwilｌingtobｕｙorseｌlfｏｒeigｎｃurrencyｆoｒtheirownａccoｕnt．Theseinternationalbａnksseｒvetｈeｉrretａｉｌcliｅnts,ｃorporatｉｏnsｏrｉｎdiｖｉdｕals，inｃonｄuｃtiｎgforeiｇncommeｒceormａｋiｎgiｎternatｉonaｌｉnvestｍentinfinａｎcialasseｔsthatreqｕiｒesfｏrｅｉgneｘchange。Ｒｅｔａiltrａnsactionsａccouｎtfoｒonlyabｏｕｔ１4perｃｅntofFXtraｄes。Theｏthｅr86pｅｒcｅｎtisiｎtｅrbaｎktｒaｄｅsbetweenｉnｔｅrnａtｉonalbanｋs，ｏrnoｎ-bankdeaｌｅrslargeenoｕｇｈtoｔransａｃtintｈeinteｒｂaｎkmarｋet。3。Whoaｒethemarkeｔpａｒticipantsｉnthefｏreignｅｘchanｇeｍarket?Ａｎswer：ＴｈemarｋｅtpａrｔicｉｐantｓthatcｏmprisetheＦXmarkeｔcanｂｅcａtegｏｒiｚeｄiｎtofｉvegrouｐs:intｅrnationalｂankｓ,bankcuｓtomerｓ,non-ｂankdeａｌers,FＸｂrokers,ａndcｅnｔrａlｂaｎks.InterｎaｔionaｌｂanksprovidｅtheｃoreoftheFXｍａｒket．Ａpproximately100ｔo20０bａnkｓｗorldｗｉdemａkeamarkeｔinforｅignｅxｃhangｅ，ｉ.e.,ｔheyｓtａnｄwillingtoｂuyorsellfｏreｉgncuｒrenｃyfoｒthｅirownａｃcounｔ．Ｔheseinternationａlbａnksseｒvetｈeirreｔaiｌｃlｉeｎtｓ，theｂaｎkcustoｍｅrｓ,ｉｎcoｎｄｕctｉngｆorｅｉgnｃｏｍmerceoｒｍakingｉｎtｅｒnａtiｏnalｉnｖｅstmentｉnfｉnａncｉalasseｔｓｔhaｔｒeqｕｉresｆoｒeigｎexcｈａngｅ．Non-bａnkｄｅaｌersarelargenon—banｋfiｎａｎciａｌinstiｔutions，ｓuchａsｉｎvesｔmentbａｎks，mutualfuｎds,pｅnｓｉonfuｎdｓ，andｈedgefunds，wｈoｓesiｚeanｄｆreｑuｅnｃyofｔｒaｄesmakeｉtcｏsｔ—eｆfeｃtivetoestａｂliｓhtｈeirowndeaｌingrooｍstoｔrａｄedirｅctlyｉntheinterbaｎkｍaｒｋｅtｆｏrｔheｉｒforｅignexｃ