货币战略

书籍目录

Preface to the Second EditionAcknowledgementsAbout the AuthorIntrOductionPART ONE THEORYANDPRACTICE 1 Fundamental Analysis：The Strengths and Weaknesses of Traditional Exchange Rate Models  1.1 Purchasing Power Parity    1.1.1 Reasons for“Misalignments”    1.1.2 Tradable and Non—Tradable Goods    1.1.3 PPP and Corporate Pricing Strategy    Example 1    Example 2    1.1.4 PPP and the Real Exchange Rate　1.2 The Monetary Approach    1.2.1 Mundell—Fleming    1.2.2 Theory VS.Practice    1.2.3 A Multi—Polar rather than a Bi—Polar Investment W10rld    1.2.4 Two Legs but not Three    l.2.5 Implications for New EU Member States　1.3  The Interest Rate Approach    1.3.1 Real Interest Rate Differentials and Exchange Rates　1.4 The Balance of Payments Approach    1.4.1  A Fixed Exchange Rate Regime    1.4.2 A Floating Exchange Rate Regime    1.4.3 The External Balance and the Real Exchange Rate    1.4.4  REER and FEER    1.4.5 Terms of Trade    1.4.6 Productivity　1.5 The Portfolio Balance Approach    Example  1.6  Summary 2 Currency Economics：A More Focused Framework  2.1  Currencies are Different    2.1.1　（In）Efficient Markets    2.1.2 Speculation and Exchange Rates：Cause，Effect and the Cycle    Example    2.1.3 Risk Appetite Indicators and Exchange Rates  2.2  Currency Economics    2.2.1 The Standard Accounting Identity for Economic Adjustment    Example 1    Example 2    2.2.2  The J-Curve    Example    2.2.3 The Real Effective Exchange Rate  2.3  Summary 3 Flow：Tracking the Animal Spirits  3.1  Some Examples of Flow Models        3.1.1  Short—Terill Flow Models    3.1.2 Medium—Term Flow Models    3.1.3 Option Flow/Sentiment Models  3.2  Speculative and Non—Speculative Flows  3.3  Summary 4 Technical Analysis：The Art of Charting     4.1  Origins and Basic Concepts  4.2 The Challenge of Technical Analysis  4.3 The Art of Charting    4.3.1 Currency Order Dynamics and Technical Levels    4.3.2 The Study of Trends    4.3.3 Psychological Levels  4.4  Schools of(Technical)Thought  4.5 Technical Analysis and Currency Market PractitionersPART TW0  REGIMES AND CRISES 5 Exchange Rate Regimes：Fixed or Floating?  5.1  An Emerging World  5.2  A Brief History of Emerging Market Exchange Rates    5.2.1 The Rise of Capital Flows    5.2.2  Openness to Trade  5.3  Fixed and Pegged Exchange Rate Regimes    5.3.1 TheCurrencyBoard    5.3.2 Fear and Floating    5.3.3 The Monetary Anchor of Credibility　　…… 6 Model Analysis: Can Currency Crises be Predicted? PART THREE: THE REAL WORLD OF THE CURRENCY MARKET PRACTITIONER.  7 Managing Currency Risk Ⅰ The Corporation: Advanced Approaches to Corporate Treasury FX Strategy.  8 Managing Currency Risk ⅡThe Investor: Currency Exposure within the Investment Decision.  9 Managing Currency Risk Ⅲ – The Speculator: Myths, Realities and How to be a Better Currency Speculator.  10 Applying the Framework.  11 EmergingWorld: New Growth Markets for Global FX.Conclusion. Index

作者简介

Currency Strategy, Second Edition  develops new techniques and explains classic tools available for predicting, managing, and optimizing fluctuations in the currency markets. Author Callum Henderson shows readers ho to use mathematical models to assist in the prediction of crises and gives practical advice on how to use these and other tools successfully.       Given there such huge focus on China at the moment, the timing of this new edition is particularly important. The new edition will feature a thorough update on the key developments in the past 3 years, new chapters on emerging markets, an in-depth review of the markets of China and India and their currencies and much more.

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