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Ünite 7: Foreign Exchange Market and Foreign Exchange Rate — Kavram Eşleştirme

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Foreign Exchange Rate — The price of one country's currency expressed in terms of another country's currency, representing the amount of currency that must be foregone to purchase a unit of the other.

Direct Foreign Exchange Rate — A quotation method that expresses the value of one unit of foreign currency in terms of the domestic currency, such as 1$ = 5.65T.

Indirect Foreign Exchange Rate — A quotation method that expresses the value of one unit of domestic currency in terms of a foreign currency, such as 1T = 0.18$.

Cross Foreign Exchange Rate — The exchange rate between two foreign currencies, calculated from their respective rates against a third currency, such as the €/$ parity.

Nominal Foreign Exchange Rate — The unadjusted market price of a foreign currency in terms of the domestic currency, which does not account for the purchasing power of the currencies.

Real Foreign Exchange Rate — The nominal foreign exchange rate adjusted for the relative price levels or purchasing power of the two countries, calculated as Er = E * (Pf / P).

Appreciation — An increase in the value of a currency relative to another, meaning fewer units of the domestic currency are required to purchase one unit of foreign currency.

Depreciation — A decrease in the value of a currency relative to another, meaning more units of the domestic currency are required to purchase one unit of foreign currency.

Spot Exchange Rate — The current exchange rate in the market today for immediate delivery of the currency, typically settled within two business days (T+2).

Forward Exchange Rate — The exchange rate agreed upon today for a transaction, payment, or delivery that will occur at a specified future date.

Speculation — The act of buying and selling currencies with the expectation of earning a profit from anticipated changes in their prices over time.

Arbitrage — The simultaneous purchase and sale of a currency in different markets to profit from unequal prices existing in different locations.

Law of One Price — The economic principle stating that in the absence of transaction costs and trade barriers, identical goods must sell for the same price in all markets.

Purchasing Power Parity (PPP) Theory — A theory stating that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.

Interest Rate Parity (IRP) Approach — A short-run exchange rate determination model stating that the difference in interest rates between two countries is equal to the expected change in exchange rates.

Fisher Equation — An economic formula stating that the nominal interest rate is equal to the sum of the real interest rate and expected inflation: i = ir + πe.

Quotation — The price offer provided by a bank or dealer for a financial asset, consisting of a buying price (bid rate) and a selling price (ask rate).

Non-tradable Goods — Goods or services that cannot be traded internationally due to high transaction costs or their localized nature, such as haircuts or restaurant meals.