汇率形成的微观分析.doc

汇率形成的微观分析
several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate , specific method is from baseline to methyl vertical box center line distance for a,, to b vertical box distance for b, list can measured
several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate size. Per-2~3 measurement, such as proceeds of c values are equal and equal to the design value, then the vertical installation accurate. For example a, b, and c valueswhile on horizontal vertical errors for measurement, General in iron angle code bit at measurement level points grid errors, specific method is from baseline to methyl vertical box center line distance for a,, to b vertical box distance for b, list can measured13
several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate size. Per-2~3 measurement, such as proceeds of c values are equal and equal to the design value, then the vertical installation accurate. For example a, b, and c valueswhile on horizontal vertical errors for measurement, General in iron angle code bit at measurement level points grid errors, specific method is from baseline to methyl vertical box center line distance for a,, to b vertical box distance for b, list can measured
二、瓦尔拉斯价格形成机制与外汇市场悖论
传统的金融理论往往用瓦尔拉斯拍卖过程来解释价格形成机制。瓦尔拉斯拍卖过程假定存在一个“瓦尔拉斯拍卖者”，在均衡价格形成的过程中，所有交易者向瓦尔拉斯拍卖者提交其供求数量，甚至是供求函数，随后该拍卖者确定一个交易价格，所有的交易者据此决定其在该价格上的最优供求数量。如果供求数量不相等，则拍卖者重新定价，交易者也重新提交供求数量。这样，拍卖者不停地调整价格、交易者不停地调整其指令，直到供求总数量相等，此时的价格即为均衡价格。
如果用瓦尔拉斯价格形成机制来解释即期汇率的形成至少有两个问题无法解决：
第一，外汇市场上为何存在超过贸易需要的巨额交易量？据国际清算银行统计，1980年代后外汇市场上的交易量急遽膨胀，远远超过实际的投资与贸易的需要，目前仅有约4％的即期外汇交易可能与贸易有关。按照瓦尔拉斯价格形成机制，由于新信息融入价格时并不需要交易的出现，这就使外汇市场上的巨额交易成为难解之谜。
several group number, then with b ± a, =c,c is is methyl b two vertical box between of accurate size. Per-2~3 measurement, such as proceeds of c values are equal and equal to the design value, then the vertical installation accurate. For example a,