国际经济一体化与国际经济秩序.ppt

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1、International Economics国际经济学,第九章 国际经济一体化与国际经济秩序,第一节 国际经济一体化一、关税同盟与经济一体化分析1.关税同盟的提出与发展2.国际贸易的次优理论：贸易创造与贸易转移,二、关税同盟的经济分析,1.关税同盟的图形分析2.关税同盟的福利分析3.关税同盟的政策含义,三、经济一体化,1.经济一体化的经济分析2.经济一体化的案例分析,第二节 国际经济组织及其作用,一、国际货币基金组织二、世界银行三、世界贸易组织四、地区经济组织,第三节 国际经济秩序的建立于南北关系,一、国际经济秩序1.国际经济秩序的含义2.旧国际经济秩序分析3.从G-7到G-20,二、新国际

2、经济秩序,1.南北经济关系分析2.新国际经济秩序的提出3.新国际经济秩序的建立,图9-1,P,C,8-1 Option features and markets8-1-1 Introduction to options,1.An option is a contract that gives its owner the right for a given period of time to buy or sell a given amount of an underlying asset at a fixed price，called the exercise price or the str

3、ike price2.The underlying asset can be a financial security such as a stock or a bond，a financial commodity such as an interest rate or currency，or a physical commodity such as oil，gas，coffee or potatoes,10.The Black-Scholes model(and its extensions)is an exact pricing formula for European style opt

4、ionsIn spite of its seeming complexity,the model is simple and easy to use.One of the uses is a straight forward application of the model to determine the theoretical price of an optionIt can also be used to determine the volatility of the underlying asset that is implied by current option prices 11

5、.There are five basic tools to be derived from the Black-Scholes model that can be used for option management:the delta,the gamma,the theta,the vega,and the sensitivity to the interest rateThe delta measures the sensitivity of the options price to changes in the price of the underlying assetGamma measures the sensitivity of delta to changes in the price of the underlying assetTheta measures the sensitivity of the options price to the passage of time and vega measures its sensitivity to changes in volatility.,THE END,