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英国金融论文代写(Britain's financial essay writing)-英国金融相关事件研究

英国金融论文代写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 英国金融论文代写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.

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