為替レート曲線と市場連結図
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概要
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Almost every nation has its own currency, so that transactions between nationals involves a commoncurrency whereas transactions between residents of different nations require one type of moneyto be exchanged for another, that is, the foreign exchange rate. By means of the exchange rate, whichis usually defined as the price of a foreign currency in terms of the domestic currency, domestic marketsare integrated into international markets. The exchange rate is a shared variable in a sense that,for instance, the price of the U.S. dollar in terms of the Japanese yen defines the yen in terms of dollars.Since the yen price of the dollar (R\$) is specifically the inverse of the dollar price of the yen (R$ \), it followsthat R \$ R$\=1. This equation is presented graphically as a rectangular hyperbola curve, which maybe called the exchange rate curve. This curve enables us to integrate the Tokyo exchange market withthe New York and to investigate interactions between the two markets. The exchange rate curve isshown to be useful to explain basic problems associated with the changes in exchange rates. By using arectangular hyperbola curve similar to the exchange rate curve, it is also possible to show graphicallythe relationship between the value of money and the general price level, implying the quantity theory ofmoney. Finally it is diagrammatically explained for the exchange rate to be determined by the ratio ofthe value of domestic money to that of foreign money.
- 2010-03-15