December 2021
Intermediate to advanced
683 pages
33h 54m
English
Content preview from International Financial Management, 3rd Edition by Pearson
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International Parity Relationships 195
7.7. Interest Rates and Exchange Rates
Movement of funds from one country to another is a common phenomenon. Investors
move their funds from one country to another and from one asset to another to maximize
their wealth. Investors borrow in markets where interest rates are low and then exchange for
the local currency to invest in markets where interest rates are higher. This situation, known
as carry trade, gives market participants an opportunity for arbitrage. For example, one-year
Swiss franc LIBOR is quoted at 2.22 percent, while the U.S. dollar LIBOR is at 4.68 percent.
This offers an opportunit
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