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1、Chapter10ForeignExchangeLearningObjectivesUnderstand...LO1NominalandrealexchangeratesLO2Therelationshipofexchangerates,thepricelevel,andinflationLO3CurrencysupplyanddemandLO4GovernmentinterventioninforeignexchangeEveryyear,movinggoodsandservicesaroundtheglobebecomeseasier.Currently,thevolumeofinte
2、rnationaltransactions(summingexportsandimportsofgoodsandservices)amountstomorethanone-halfofworldGDP.Today,AmericansbuycellphonesandclothingmadeinChina,computersassembledinSingapore,andfruitgrowninChile.Butglobalbusinessdealsaren’tlimitedtogoodsandservices.Indi-viduals,companies,andgovernmentsalso
3、investabroad,buyingandsellingstocksandbondsinfinancialmarketsaroundtheglobe.Themagnitudeoftheinternationalflowofgoods,services,andassetsisimpossibletoignore.Tounderstandthenatureofthesetransactions,wemustbecomefamiliarwithakeytoolthatmakesthistradepossible:exchangerates.Wheneveryoubuysomethingthat
4、hasbeenmadeabroad,whetheritisanarticleofclothing,acar,astock,orabond,someonesomewherehasexchangeddollarsforthecurrencyusedwheretheitemwasmade.Thereasonissimple:Youwanttousedollarstopayforanimportedshirtthatyoubuyinalocalstore,buttheMalaysianproducerwantstobepaidinringgit.Allcross-bordertransaction
5、sarelikethis;thebuyerandsellerbothwanttousetheirowncurrency.Theexchangerate,atitsmostbasiclevel,isthetoolweusetomeasurethepriceofonecurrencyintermsofanother.Exchangerateshavebroadimplicationsbothforcountriesandforindividuals.TakethecaseofSouthKoreainthewinterof1998.Aseconomicandfinancialturmoilspr
6、eadthroughAsiastartinginthesummerof1997,outputandemploymentplunged.InKorea,largeindustrialcompaniesandfinancialinstitutionsapproachedbankruptcy.FromOctober1997toJanuary1998,thenumberofSouthKoreanwonneededtopurchaseonedollarmorethandoubled,risingfrom900to1,900(seeFigure?10.1).Theconsequencesweredra
7、matic,bothinsideandoutsidethecountry.Whenthecostofbuyingthewonplummeted,SouthKoreanproductsbecamemuchcheaperforfor-eignerstobuy.Asthevalueofthewondropped,theU.S.pricesofHyundaicarsandcec2174X_ch10_240-266.indd240
