问题标题：
国际金融学计算题(英文)(1)Assumption:At10am.ononebusinessday,theexchangeratebetweenUSdollarandDMisstated$1=DM1.4500inNewYork,whilesimultaneouslytheexchangeratebetweenUSdollarandDMisstated$1=DM1.4600inFrankfurt
问题描述：
国际金融学计算题(英文)
(1)Assumption:
At10am.ononebusinessday,theexchangeratebetweenUSdollarandDMisstated$1=DM1.4500inNewYork,whilesimultaneouslytheexchangeratebetweenUSdollarandDMisstated$1=DM1.4600inFrankfurt.
Questions:
Howtoarbitrage?
(2)Assumption:
Theone-yearperiodicinterestrateofUSdollarinU.Sis12%,whiletheone-yearperiodicinterestrateofUKpoundinU.Sis16%.
£1=$2.0000,$1,000,000
Questions:
-IftheexchangeratebetweenUSdollarandUKpoundisfixed,howtoinvest?
-IftheexchangeratebetweenUSdollarandUKpoundisfloating,howtoinvest?
(英文作答)
崔喜红回答：
(1)useDM1.45tobuy$1inNewYorkandsell$1inFrankfurt,getDM1.46.YougetDM0.01.
(2)
--Fixed
buy£withyour$1,000,000,hold£500,000for1yearperiodandgetinterst£(500,000*16%)=80,000,thenbuyback$withallyour£580,000,youget$1,160,000.
Howeverifyouholdinitial$1,000,000for1yearperiod,youonlyget$1,120,000.
Youwin$40,000viabuyandhold£.
--floating
Youmaynotgetthispartprofitasinfixedthroughhold£.Asiyearlaterwhenbuyback$,theexchangeratemaychangeto£1=$2.1orevenhigher.
Youhavetofacesomeriskifyourstilldothesametradeasinfixedrate.
Butforcarrytradeplayer,theygenerallyputtheirmoneyinhighyiledcurrency.
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