題 目：One-way arbitrage theory and recent developments
主講人：Alan Deardorff教授, 副院長（University of Michigan, Ann Arbor, Ford School of Public Policy）
時 間：6月8日(周五) 下午2:00-3:30
地 點：主樓510會議室
主講人簡介：
Alan V. Deardorff is John W. Sweetland Professor of International Economics and Professor of Economics and Public Policy at the University of Michigan. He received his Ph.D. in economics from Cornell University in 1971 and has been on the faculty at the University of Michigan since 1970. He served as Chair of the Department of Economics from 1991 to 1995. Since 2007 he has been Associate Dean of the Gerald R. Ford School of Public Policy. Professor Deardorff has served as a consultant to many government agencies, including the Departments of State, Treasury, and Labor of the United States Government and international institutions including OECD, UNCTAD, and the World Bank. He is currently on the editorial boards of several journals, including the Journal of International Economic Law, The World Economy, and North American Journal of Economics and Finance. He is co-author, with Robert M. Stern, of The Michigan Model of World Production and Trade and Computational Analysis of Global Trading Arrangements. He has published numerous articles on various aspects of international trade theory and policy.
內容簡介：
The relationship between spot and forward exchange rates and domestic and foreign interest rates is examined with transactions cost in all markets. Market participants choose the least-cost method of exchanging currencies in these markets, thus engaging in one-way arbitrage if that is preferable to a direct transaction. One-way arbitrage consists of using one exchange market and the two securities markets to replace a direct transaction in the other exchange market. It is shown that one-way arbitrage should prevent rates from ever departing enough from interest parity for conventional covered interest arbitrage to break even. recent developments are also covered.
