英国金融dissertation代写(Britain's financial essay writing)-英国金融相关事件研究
英国金融dissertation代写，Britain's financial essay writing
In Britain in l990 with European exchange rate mechanism (hereinafter referred to as FFM), soros have been waiting for. In his view, the British had made a mistake, because the money must be requires countries to ERM peg to the German mark. Soros thinks, the British economy is not strong, and ERM, be yourself and Western Europe the strongest economies-after reunification of Germany's link together, Britain will pay the price.
In the European exchange rate mechanism is to not balanced equilibrium from the process, the understanding of the market participants there is a blemish: the European all kinds of money will be expected for the program into a single unified monetary, exchange rate fluctuations that so than the past narrow, everyone so rushed to buy a cheap currency high-yield bonds, the European exchange rate mechanism become more rigid than before, must face fierce transformation, but is not the gradual adjustment. The British government until the last minute, but also to the mass guarantee European exchange rate mechanism steady as a rock, but soros could not believe it.
When soros ready to face institutional change and laid a hand on him, others in both system action. Everyone expected gradual change, but he see great difference gradually formed, insight into significant levels. The results prove soros is right, pounds really collapsed.
The Wall Street journal published the German federal bank President, singh's history of speech, meaning that only through devaluation, can eliminate of European exchange rate mechanism is not stable. Soros thus judgment may take Germany give up maintenance pounds position. Soon, in an important meeting, singh points out that history: if investors believe that the European currency unit is fixed by the package of currency, but it would be wrong. And a special mention Italian lire is not very sound currency. Soros asked him if like European currency unit become a kind of currency? Singh said like this kind of history concept, but not like the name of the currency. If the money is mark, he will like.
Soros are taking the hint, immediately vent Italian lire, lire in a very short period of time it was forced to withdraw from the European exchange rate mechanism. And George soros get profits from the vent lire, that he has plenty of capital in pounds the risk. Is next is pounds. Pounds at risk, by increasing pressure: first Denmark citizens voted down the Maastricht treaty, then in the French citizens before the vote, the European countries held the extremely tense negotiations. Soros believe the European exchange rate system division is imminent, once the system crises, between European currencies exchange rate would greatly to adjust, the European interest rates will fall sharply, the stock market will fall.
In September 1992, soros to pound sniper as an international financial speculation the legend of field.
Soros decide shorting pounds, the problem is not want to a warehouse, but to build the size of the positions. In 1988, Ross has most of the work foundation to the promising young Stanley? Du Ken miller management. Du Ken miller for British financial vulnerabilities, want to build a 3 billion to $4 billion the vent pounds storehouse, soros suggestion is will the whole positions built in $or so l00. This is the "quantum fund" all the capital and a half, this means that soros need to borrow $3 billion to a big gamble. Soros took out $1 billion mortgage, and borrowed the 3 O million us dollars, established a $10 billion of the vent pounds positions. By quantum fund assets, soros borrowed 5 billion pounds, according to 1:2, 79 exchange, will pounds for all mark. Begin in shorting pounds, the stock and bond 英国金融dissertation代写markets and the buying and selling of the action. Quantum fund shorting the amount of pounds for $7 billion, buy mark value printed million us dollars, and buy a person a small amount of francs. For a country's currency devaluation stock price rise after there; After the currency appreciation the share price will fall, and falling interest rates and favorable to coupons, so the quantum fund and to buy $500 million of British stock, and the vent Germany, France's stock, and buy Germany, France bonds.#p#分页标题#e#
September 15, afternoon, soros sat in a midtown Manhattan building overlooking central park of the skyscrapers and the layer of the office, he within one week, mobilize the $10 billion, bet on pounds jump down. His special outside of the office staff is the office, there is a stick with computer play out of the banners: "I was born poor, but not too poor to death." Soros came to office only to feel this JinRongShi on one of the biggest gambling atmosphere. Then he returned to his fifth avenue apartment building in New York, had a good simple after supper he went to bed.
Sure enough, pounds began to fall. The bank of England has to buy add pounds, but the closing price for a British cast: 2. 7782 mark, the bottom line is only 2.7780 by 0.002 mark.
That evening, and German federal bank officials, sound to Germany to cut interest rates, was rejected. Monte hurriedly called the bank of England, officials deployed, plan the next day aggressively market intervention, if it still doesn't work then can raise interest rates. But in monterey, hours before the meeting, the German federal bank President Michael singh history has accepted access, said he hoped the lyre and sterling devaluation, but be prepared to defend the French francs. On September 16, 1992 in the morning, and in the approval of the monterey prime minister, announced that interest rates will be increased from 10% to 12%, in order to defend the pounds. But still did not appear a few pounds rise. Market that British raising interest rates for the panic. Events reached its peak. The bank of England from $78.8 billion in foreign exchange reserves to buy out $26.9 billion pounds, results in vain, the exchange rate is still didn't get the support. Pounds was selling, like the flood of burst its Banks.
PM on September 16, 1992, Britain said it to raise interest rates again, increased from 12% to 15% to two years ago with the European exchange rate mechanism Britain when interest rates. Soros thinks, the despair of the British behavior showed its position cannot maintain, and is encouraging, but bold to continue to vent pounds. End is very simple: interest rates in the morning and afternoon, two times improve, until the evening, pounds was forced to withdraw from the European exchange rate mechanism. The foreign exchange market closing price in New York, the pound mark for 1:2? 703, down 2. 7%, much lower than the lower limit of European exchange rate system. The next day, UK interest rates fall back to 10%. Italian followed Britain out of the European exchange-rate mechanism. The next day, pounds a day than the closing price on low 16%. Currency devaluation not only pounds, the Spanish currency devaluation 20%, Italian lire 22% devaluation.
英国金融dissertation代写September 16,, British financial circles to call that "black Wednesday", the finance minister, in a deaths at twice within announced to raise interest rates. The whole market sold pounds of speculative beat the bank of England, soros is one of a stream of greater force t. But for soros speaking, that Wednesday is sunny. The United States at 7 a.m. eastern time, du Ken miller wake-up call the sleeping of soros: "George, you just made a 9. $5.8 billion." Then show that soros in that "black Wednesday" all sorts of things start to happen in nearly $plus earned, 1 billion of which comes from the pound, and another 1 billion from vent Italian lire and Tokyo stock market. #p#分页标题#e#
