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Chapter27ExchangeRatesand
theOpenEconomy
TheInternationalEconomyEveryday,newsdrawsourattentiontotheglobaleconomyTheUSsub-primemortgagecrisisof2007–2008quicklybecameaworldwideeventbecauseofthetradeinmortgagesecuritiesSincethemid1980s,internationaltradehasgrownfasterthanGDPChangingtradingpatternshavereducedthesensitivityofforeigneconomiestotheeventsintheUSInnovationsintransportationandcommunicationcanmakeeventsabroadanimmediateissueworldwide
LearningObjectivesDefinethenominalexchangerateUsethetermsappreciationanddepreciationtodescribemovementsinexchangeratesUsesupplyanddemandtoanalyzehowthenominalexchangerateisdeterminedintheshortrunDistinguishbetweenflexibleandfixedexchangeratesDiscusstheadvantagesanddisadvantagesofeachDefinetherealexchangerateandshowitisrelatedtothepricesofgoodsacrosspairsofcountriesUnderstandthelawofone-priceandapplythepurchasingpowerparitytheorytolong-runrates
ImportanceofExchangeRatesDomesticpurchasesaremadewithlocalcurrencyPurchasesofgoodsabroadrequiresconvertingyourlocalcurrencytotheirlocalcurrencyTheexchangerateisthepriceforthattransactionExchangeratesaresetintheforeignexchangemarket,withasmallnumberofexceptionsRatesaredeterminedbysupplyanddemandAffectthevalueofimportedgoodsandthecostsofforeigninvestmentChangesinexchangeratescanhaveasignificanteffectonmosteconomies
NominalExchangeRatesThenominalexchangerateistherateatwhichtwocurrenciescanbetradedforeachotherRatesfor
March20,2008ForeignCurrency/DollarDollar/ForeignCurrencyUK(￡) 0.5442 1.9823Canada(Canadian$) 1.0265 0.9742Mexico(peso) 10.7230 0.0933Japan(￥) 98.79 0.0101Switzerland(SFr) 1.0107 0.9894SouthKorea(won) 1,009.15 0.0010EuropeanUnion(€) 0.6486 1.5417
NominalExchangeRatesConsider3currencies:$,C$,and￡Onedollarbuys￡0.504
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