贝克特国际财务管理 课后习题答案 1.Give a full definition of arbitrage. Answer:Arbitrage can be defined as the act of simultaneously buying and selling the same orequivalent assets or commodities for the purpose of making certain,guaranteed profits. 2.Discuss the implications of the interest rate parity for the exchange rate determination. Answer:Assuming that the forward exchange rate is roughly an unbiased predictor of the future spotrate,IRP can be written as: S=[(1+11+1s)ESw1. The exchange rate is thus determined by the relative interest rates,and the expected future spot rate,conditional on all the available information,I t,as of the present time.One thus can say that expectation isself-fulfilling.Since the information set will be continuously updated as news hit the market,theexchange rate will exhibit a highly dynamic,random behavior. 3.Explain the conditions under which the forward exchange rate will be an unbiased predictor of thefuture spot exchange rate. Answer:The forward exchange rate will be an unbiased predictor of the future spot rate if(I)the riskpremium is insignificant and(ii)foreign exchange markets are informationally efficient. 4.Explain the purchasing power parity,both the absolute and relative versions.What causes thedeviations from the purchasing power parity? 5.Explain the random walk model for exchange rate forecasting.Can it be consistent with the technicalanalysis? Answer:The random walk model predicts that the current exchange rate will be the best predictor of thefuture exchange rate.An implication of the model is that past history of the exchange rate is of no valuein predicting future exchange rate.The model thus is inconsistent with the technical analysis which triesto utilize past history in predicting the future 本文来源：https://www.wddqw.com/doc/656823043a68011ca300a6c30c2259010202f3c1.html