                                           71



         -
     (interest-rate parity},     
   ,     (21.4).

 ,    1993 .     -
     .        -
            .
           
 .        -
    ,   ,    
    ,  ,     .

          -
         ,    ,  
    .        
 ,        ,
       ,     -
   .     
     ,      -
  ,        , 
        ,    -
         .  
       ,  -
   .

,     . ,  
 $1       R^,   
    $1 (1 + R^). ,    $1
      R ,     /^ 
  .         ($1//^)(1 + ),
(^  -    ).  ,   
   ($1),        :

( <[]
$1(1+^)=(1+^;)/.                       (21.5)

\'s )

 ,        (21.5), -
        :

^(^).

,         $0,60,  -
         4  5%,  -
     $0,5943 [$0,60  (1,04/1,05)].

    (21.4)    $0,0057 ($0,5943 
 $0,60).       ()  .    
   (I)   $0,0057,   .   
  ,   ,     -
  :

 = pJ^"^],                      (21.7)
I ^^G )