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1 differential exchange rates
дифференциальные обменные курсы.Обменные курсы, устанавливаемые правительством страны для национальной валюты в зависимости от операций, в которых она используется. Так, правительство может объявить золотой паритет местной валюты для перевода капитала, но в то же время установить менее предпочтительный курс для сделок по импорту предметов роскоши, поднимая тем самым их цену с целью воспрепятствовать ввозу и сопутствующему истощению резервов иностранной валюты.English-Russian explanatory dictionary of the external economic terms > differential exchange rates
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2 exchange rate risk
Finthe risk of suffering loss on converting another currency to the currency of a company’s own country.EXAMPLEExchange rate risks can be arranged into three primary categories. (1.) Economic exposure: operating costs will rise due to changes in rates and make a product uncompetitive in the world market. Little can be done to reduce this routine business risk that every enterprise must endure. (2.) Translation exposure: the impact of currency exchange rates will reduce a company’s earnings and weaken its balance sheet. To reduce translation exposure, experienced corporate fund managers use a range of techniques known as currency hedging. (3.) Transaction exposure: there will be an unfavorable move in a specific currency between the time when a contract is agreed and the time it is completed, or between the time when a lending or borrowing is initiated and the time the funds are repaid. Transaction exposure can be eased by factoring: transferring title to foreign accounts receivable to a third-party factoring house.Although there is no definitive way of forecasting exchange rates, largely because the world’s economies and financial markets are evolving so rapidly, the relationships between exchange rates, interest rates, and inflation rates can serve as leading indicators of changes in risk. These relationships are as follows. Purchasing Power Parity theory (PPP): while it can be expressed differently, the most common expression links the changes in exchange rates to those in relative price indices in two countries:Rate of change of exchange rate = Difference in inflation ratesInternational Fisher Effect (IFE): this holds that an interest-rate differential will exist only if the exchange rate is expected to change in such a way that the advantage of the higher interest rate is offset by the loss on the foreign exchange transactions. Practically speaking, the IFE implies that while an investor in a low-interest country can convert funds into the currency of a high-interest country and earn a higher rate, the gain (the interest rate differential) will be offset by the expected loss due to foreign exchange rate changes. The relationship is stated as:Expected rate of change of the exchange rate = Interest-rate differentialUnbiased Forward Rate Theory: this holds that the forward exchange rate is the best unbiased estimate of the expected future spot exchange rate.Expected exchange rate = Forward exchange rate -
3 курсовые разницы
1) General subject: exchange rates fluctuations3) EBRD: exchange differences (Irisha), exchange rate differences -
4 разница в валютных курсах
1) Economy: exchange rate differential, exchange rates differentialsУниверсальный русско-английский словарь > разница в валютных курсах
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5 kurssiero
yks.nom. kurssiero; yks.gen. kurssieron; yks.part. kurssieroa; yks.ill. kurssieroon; mon.gen. kurssierojen; mon.part. kurssieroja; mon.ill. kurssieroihinagio (noun)price difference (noun)* * *finance, business, economy• differential in ratesfinance, business, economy• spreadfinance, business, economy• price differentialfinance, business, economy• premiumfinance, business, economy• difference in ratesfinance, business, economy• agiofinance, business, economy• difference in pricesfinance, business, economy• difference in exchangefinance, business, economy• price difference -
6 Kursfreigabe
Kursfreigabe
(Wechselkurs) floating of the exchange rate;
• Kursgarantie exchange-rate (decline) guarantee;
• Kursgefälle price differential;
• Kursgefüge price structure, (Wechselkurs) rate structure;
• Kursgeschäft trading on rates;
• Kursgeschäft ohne Verlust abschließen to average out;
• Kursgestaltung trend in prices.
См. также в других словарях:
Real exchange rates — Exchange rates that have been adjusted for the inflation differential between two countries. The New York Times Financial Glossary … Financial and business terms
real exchange rates — exchange rates that have been adjusted for the inflation differential between two countries. Bloomberg Financial Dictionary … Financial and business terms
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