(mid-term and final).
|It is necessary for you to take the final examination to get a letter grade.|
|Sample Tests||To prepare you for the exams, sample tests will be posted and reviewed in the class.|
1. Every once in a while, movie credits may be given. Each bonus point is worth 1% of total score.
2.Once in a while you ask an interesting question or make valuable comments (1 point).
|No homework assignments will be accepted through e-mail.|
Foreign exchange rates are published in Wall Street
Journal and other newspapers. These rates are also published on the Internet.
This assignment is due on the first day of the last month of this semester.
The purpose of this exercise is to help you become familiar with foreign exchange transactions necessary for international trade.
Wall Street Journal publishes
two kinds of exchange rates. The second and third columns (in US dollar
columns) show the US $ equivalent, and the sixth and seventh columns (per
US dollar columns) show currency per US $.
Alternatively, you can multiply the amount of USD by
the figures in the sixth/seventh column
|The Man Who Broke the Bank of England||
George Soros is a currency speculator. In one famous week in 1992, he made over $1 billion, betting against the British pound, earning him the grudging title of "the Man Who Broke the Bank of England".
Soros' Quantum Fund makes money by anticipating economic shifts around the world. In 1992 Soros thought the British pound would lose value because of political and economic pressures. He borrowed billions of pounds and converted them to German marks. When the pound collapsed September 16, Soros repaid the pounds at the lower rate and pocketed the difference. His profit: $1 billion.
Malaysian Prime Minister Mahathir Mohamad accused him of being a criminal. He said Soros the speculator had attacked Southeast Asian currencies to punish their governments for permitting Burmese military regime to ASEAN.
Kwan Choi, Harvey Lapan, and Kenneth Galbraith.