{"id":973,"date":"2023-11-27T09:24:07","date_gmt":"2023-11-27T01:24:07","guid":{"rendered":"https:\/\/edu.secda.info\/scu09154122\/?p=973"},"modified":"2023-11-27T12:55:08","modified_gmt":"2023-11-27T04:55:08","slug":"hw6","status":"publish","type":"post","link":"https:\/\/edu.secda.info\/scu09154122\/?p=973","title":{"rendered":"HW6"},"content":{"rendered":"

\u9023\u7d50\u984c\u76ee<\/h1>\n

20.Deriving Forecasts of the Future Spot Rate<\/strong><\/p>\n

As of today, assume the following information is available:<\/p>\n

\"\"<\/p>\n

a.\u00a0Use the forward rate to forecast the percentage change in the Mexican peso over the next year.<\/p>\n

b.\u00a0Use the differential in expected inflation to forecast the percentage change in the Mexican peso over the next year.<\/p>\n

c.\u00a0Use the spot rate to forecast the percentage change in the Mexican peso over the next year.<\/p>\n

a. (0.19-0.20)\/0.20=-0.05\u00a0 MXN\u6703\u8cb6\u503c5%<\/span><\/p>\n

b. 11%-15%=-4%\u00a0 MXN\u6703\u8cb6\u503c4%<\/span><\/p>\n

c. 2%-2%=0 <\/span><\/p>\n

24.IFE<\/strong><\/p>\n

Beth Miller does not believe that the international Fisher effect (IFE) holds. Current one-year interest rates in Europe are 5 percent, while one-year interest rates in the U.S. are 3 percent. Beth converts $100,000 to euros and invests them in Germany. One year later, she converts the euros back to dollars. The current spot rate of the euro is $1.10.<\/p>\n

a.\u00a0According to the IFE, what should the spot rate of the euro in one year be?<\/p>\n

b.\u00a0If the spot rate of the euro in one year is $1.00, what is Beth\u2019s percentage return from her strategy?<\/p>\n

c.\u00a0If the spot rate of the euro in one year is $1.08, what is Beth\u2019s percentage return from her strategy?<\/p>\n

d.\u00a0What must the spot rate of the euro be in one year for Beth\u2019s strategy to be successful?<\/p>\n

a.1.10*{(1+0.03)\/(1+0.05)}= $1.079<\/span><\/span><\/span><\/p>\n

b. USD \u63db EUR\uff1a $100,000\/1.10 = EUR 90,909.091 \u5b58\u5165\u6b50\u6d32\u9280\u884c<\/span><\/span><\/p>\n

\u53ef\u6536\u56de\uff1aEUR90,909.091*1.05=EUR95,454.546 <\/span><\/span><\/p>\n

\u63db\u56de\u7f8e\u5143 \uff1a$95,454-546 <\/span><\/span><\/p>\n

\u6536\u76ca\u70ba($95,454.546 -$100,000\uff09\/$100,000=-4.545%<\/span><\/span><\/p>\n

c. \u524d\u9762\u8ddfb\u4e00\u6a23 <\/span><\/p>\n

EUR95,454.546*1.08=$103,090.91
\n<\/span><\/p>\n

\u6536\u76ca\u70ba($103,090.91\/100,100)-1=3.09%<\/span><\/p>\n

d. \u4e00\u5e74\u5f8c\u5373\u671f\u532f\u7387\u5927\u65bc1.079<\/span><\/span><\/p>\n

25.Integrating IRP and IFE<\/strong><\/p>\n

Assume the following information is available for the U.S. and Europe:<\/p>\n

\"\"<\/p>\n

a.\u00a0Does IRP hold?<\/p>\n

b.\u00a0According to PPP, what is the expected spot rate of the euro in 1\u00a0 year?<\/p>\n

a.\uff081.1 – 1.13)\/1.13 \u4e0d\u7b49\u65bc6% – 4%\/1+4%\u2192 IRP \u4e0d\u6210\u7acb<\/span><\/span><\/span><\/p>\n

b.5% – 2%\/1+2% =0.029=2.9% <\/span><\/span><\/span><\/p>\n

\u9810\u671f\u5373\u671f\u532f\u7387\uff1d1.13*(1-2.9%\uff09=1.097<\/span><\/span><\/span><\/p>\n

26.IRP<\/strong><\/p>\n

The one-year risk-free interest rate in Mexico is 10%. The one-year risk-free rate in the U.S. is 2%. Assume that interest rate parity exists. The spot rate of the Mexican peso is $.14.<\/p>\n

a. What is the forward rate premium?<\/p>\n

b. What is the one-year forward rate of the peso?<\/p>\n

c. Based on the international Fisher effect, what is the expected change in the spot rate over the next year?<\/p>\n

d. If the spot rate changes as expected according to the IFE, what will be the spot rate in one year?<\/p>\n

e. Compare your answers to (b) and (d) and explain the relationship.<\/p>\n

\u58a8\u897f\u54e5\u7684\u7121\u98a8\u96aa\u5229\u7387\u70ba10%\uff0c\u7f8e\u570b\u7684\u7121\u98a8\u96aa\u5229\u7387\u70ba2%\uff0cIRP \u6210\u7acb\u7684\u8a71\uff0c\u58a8\u897f\u54e5peso\u7684\u5373\u671f\u532f\u7387\u70ba 0.14<\/span><\/span><\/p>\n

a. (1+0.02)\/(1+0.1) -1 = -0.07273<\/span><\/p>\n

b. 0.14*(1-0.07273)=0.1298<\/span><\/p>\n

c. \u540ca<\/span><\/p>\n

d. \u540cb <\/span><\/p>\n

f.\u4e00\u5e74\u5f8c\u9060\u671f=\u5373\u671f\uff0c\u5169\u8005\u5e73\u50f9<\/span><\/p>\n

39.PPP and Real Interest Rates<\/strong><\/p>\n

The nominal (quoted) U.S. one-year interest rate is 6 percent, while the nominal one-year interest rate in Canada is 5 percent. Assume you believe in purchasing power parity. You believe the real one-year interest rate is 2 percent in the United States, and that the real one-year interest rate is 3 percent in Canada. Today the Canadian dollar spot rate is$.90.What do you think the spot rate of the Canadian dollar will be in one year?<\/p>\n

(2%-5%)\/(1+5%)=-2.85%<\/span><\/p>\n

\u4e00\u5e74\u5f8c\u5373\u671f\u532f\u7387=0.9*(1-2.85%)=0.874<\/span><\/p>\n

44.IFE and Forward Rate.<\/strong><\/p>\n

The one-year Treasury (risk-free) interest rate in the U.S. is presently 6%, while the one-year Treasury interest rate in Switzerland is 13%. The spot rate of the Swiss franc is $.80. Assume that you believe in the international Fisher effect. You will receive 1 million Swiss francs in one year.<\/p>\n

a. What is the estimated amount of dollars you will receive when converting the francs to U.S. dollars in one year at the spot rate at that time?<\/p>\n

b. Assume that interest rate parity exists. If you hedged your future receivables with a one-year forward contract, how many dollars will you receive when converting the francs to U.S. dollars in one year?<\/p>\n

a.\u9060\u671f=[(1+6%)\/(1+13%)]-1 =-0.062<\/span><\/p>\n

1,000,000\u6cd5\u90ce*0.8*(1-0.062)=$774,400<\/span><\/p>\n

1,000,000*0.8=$800,000<\/span><\/p>\n

$774,400-$800,000=$-25,600<\/span><\/p>\n

b. 1,000,000*0.8=$800,000<\/span><\/p>\n

 <\/p>\n

\u7686\u4e0d\u8003\u616e\u4ea4\u6613\u6210\u672c<\/p>\n

5.Central Bank quotes the following for the British pound and the China CNY:<\/p>\n

Quoted Bid Price\u00a0 \u00a0 \u00a0Quoted Ask price<\/p>\n

Value of a British Pound in NTD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 50.33 NTD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a050.66 NTD<\/p>\n

Value of a China CNY in NTD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a04.963 NTD\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a05.125 NTD<\/p>\n

Value of a British Pound in China CNY\u00a0 \u00a0 \u00a0 9.7195 CNY\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 9.75 CNY<\/p>\n

Assume you have NTD 10,000 to conduct triangular arbitrage. What is your profit from implementing this \u00a0strategy?<\/p>\n

NTD-CNY 1\/5.125 \uff0cCNY-GBP 1\/9.75 \uff0cGBP-NTD 50.33 <\/span><\/p>\n

10,000\/5.125\/9.75*50.33=10,072.3 \u5927\u6982\u8cfa72\u584a\u9322\u5de6\u53f3<\/span><\/p>\n

1.Covered Interest Arbitrage in Both Directions.<\/strong> The following information is available:
\n\u2022 You have $500,000 to invest
\n\u2022 The current spot rate of the Moroccan dirham is $.110.
\n\u2022 The 60-day forward rate of the Moroccan dirham is $.108.
\n\u2022 The 60-day interest rate in the U.S. is 1 percent.
\n\u2022 The 60-day interest rate in Morocco is 2 percent.
\na. What is the yield to a U.S. investor who conducts covered interest arbitrage? Did covered interest arbitrage work for the investor in this case?<\/p>\n

b. Would covered interest arbitrage be possible for a Moroccan investor in this case?<\/p>\n

a. $500,000*1.01=$505,000<\/span><\/p>\n

$(500,000\/0.11)<\/span>*1.02*0.108 =$500,727.27<\/span><\/p>\n

\u5728\u7f8e\u570b\u5b9a\u5b58\u7372\u5229\u9ad8\u65bc\u5728\u6469\u6d1b\u54e5\u5b9a\u5b58\uff0c\u6545\u4e0d\u9069\u7528<\/span><\/p>\n

b. \u5c0d\u6469\u6d1b\u54e5\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\u9069\u7528\u3002<\/span><\/p>\n

 <\/p>\n

10.Covered Interest Arbitrage.<\/strong> Assume the following information:
\nSpot rate of Mexican peso = $.100
\n180 day forward rate of Mexican peso= $.098
\n180 day Mexican interest rate= 6%
\n180 day U.S. interest rate= 5%
\nGiven this information, is covered interest arbitrage worthwhile for Mexican investors who have pesos to invest? Explain your answer.<\/p>\n

\u8a2d\u58a8\u897f\u54e5\u6295\u8cc7\u8005\u6709100,000\u62ab\u7d22(=$10,000)<\/span><\/p>\n

\u58a8\u897f\u54e5\u5b9a\u5b58 100,000\u62ab\u7d22*1.06=106,000\u62ab\u7d22*0.98*0.1=$10,388<\/span><\/p>\n

\u7f8e\u570b\u5b9a\u5b58 $10,000*1.05=$10,500<\/span><\/p>\n

\u58a8\u897f\u54e5\u6295\u8cc7\u8005\u5728\u7f8e\u570b\u6295\u8cc7\u7372\u5229\u8f03\u9ad8\uff0c\u503c\u5f97\u6295\u8cc7\u3002<\/span><\/p>\n

 <\/p>\n

 <\/p>\n

16.Triangular Arbitrage.<\/strong> Assume the following information:
\nQuoted Price
\nValue of Canadian dollar in U.S. dollars\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0$.90
\nValue of New Zealand dollar in U.S. dollars\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 $.30
\nValue of Canadian dollar in New Zealand dollars\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 NZ$3.02
\nGiven this information, is triangular arbitrage possible? If so, explain the steps that would reflect triangular arbitrage, and compute the profit from this strategy if you had $1,000,000 to use. What market forces would occur to eliminate any further possibilities of triangular arbitrage?<\/p>\n

\u5c07USD\u63db\u6210CAD\uff0cCAD\u63db\u6210NZD\uff0cNZD\u518d\u63db\u56deUSD<\/span><\/p>\n

$(1,000,000\/0.9)*3.02*0.3=$1,006,666.67<\/span><\/p>\n

\u4e09\u89d2\u5957\u5229\u5b58\u5728<\/span><\/p>\n

\u52a0\u62ff\u5927\u5e63\u5c0d\u7f8e\u5143\u7684\u532f\u7387\u4e0a\u5347\u3001\u52a0\u62ff\u5927\u5e63\u5c0d\u65bc\u7d10\u897f\u862d\u5e63\u7684\u532f\u7387\u4e0b\u8dcc\u3001\u7d10\u897f\u862d\u5e63\u5c0d\u7f8e\u5143\u7684\u532f\u7387\u7b49\u4e0b\u8dcc\u6703\u4f7f\u5957\u5229\u6a5f\u6703\u6e1b\u5c11<\/span><\/p>\n

 <\/p>\n

\u570b\u969b\u91d1\u878d\u5e02\u5834<\/h1>\n

\u8ca1\u52d9\u7ba1\u7406\u00bb\u8cc7\u91d1\u7684\u8f49\u79fb<\/h3>\n
\"\"\"\"\"\"<\/div>\n
<\/div>\n

\u81fa\u7063\u5b58\u8a17\u6191\u8b49\uff08Taiwan Depositary Receipt\uff0cTDR\uff09\uff0c\u53c8\u7a31\u300c\u7b2c\u4e8c\u4e0a\u5e02\u300d\uff0c\u6307\u8a72\u4f01\u696d\u5df2\u7d93\u5728\u570b\u5916\u4e0a\u5e02\uff0c\u53e6\u5916\u5728\u81fa\u7063\u8b49\u5238\u4ea4\u6613\u6240\u7533\u8acb\u4e0a\u5e02\uff0c\u4ee5\u5b58\u8a17\u6191\u8b49\u639b\u724c\uff0c\u9032\u884c\u52df\u8cc7\u3002\u6b64\u5b58\u8a17\u6191\u8b49\u6301\u6709\u8005\u548c\u8a72\u516c\u53f8\u666e\u901a\u80a1\u7684\u6295\u8cc7\u8005\u4eab\u6709\u76f8\u540c\u7684\u6b0a\u5229\u548c\u7fa9\u52d9\u3002<\/p>\n

\u5916\u532f\u5e02\u5834<\/h2>\n

1.\u6b77\u53f2<\/p>\n

    \n
  • \u91d1\u672c\u4f4d\u5236(1876-1913)<\/li>\n
  • \u5e03\u5217\u6566\u68ee\u6797\u5354\u8b70(1944) \u56fa\u5b9a\u532f\u7387<\/li>\n
  • \u6d6e\u52d5\u532f\u7387(1973)<\/li>\n<\/ul>\n

    2.\u5916\u532f\u4ea4\u6613<\/p>\n

      \n
    • \u73fe\u8ca8(\u5373\u671f)\u5e02\u5834:\u4e09\u5927\u4ea4\u6613\u5e02\u5834\u6771\u4eac\u3001\u7d10\u7d04\u3001\u502b\u6566\uff0c\u4e3b\u8981\u662f\u9280\u884c\u9593\u5831\u50f9\u3002<\/li>\n
    • \u4ea4\u53c9\u532f\u7387\u662f\u5169\u500b\u975e\u7f8e\u5143\u9593\u7684\u532f\u7387<\/li>\n
    • \u5f80\u4f86\u9280\u884c<\/strong><\/li>\n<\/ul>\n
        \n
      1. \u5831\u50f9\u4e0a\u6709\u7af6\u722d\u529b<\/li>\n
      2. \u8207\u5176\u4ed6\u9280\u884c\u7684\u95dc\u4fc2<\/li>\n
      3. \u672a\u4f86\u9810\u6e2c<\/li>\n<\/ol>\n

        3.\u5916\u532f\u5831\u50f9<\/p>\n

          \n
        • \u5404\u9280\u884c\u5728\u73fe\u8ca8\u5e02\u5834\u7684\u4e92\u52d5\u3001\u6d88\u9664\u5dee\u7570<\/li>\n
        • \u8cb7\u8ce3\u50f9\u5dee=(\u8ce3\u51fa\u50f9-\u8cb7\u9032\u50f9)\/\u8ce3\u51fa\u50f9<\/li>\n<\/ul>\n

          4.\u532f\u7387\u7684\u5831\u50f9\u5f71\u97ff\u50f9\u5dee<\/p>\n

            \n
          • \u9280\u884c\u8a02\u55ae<\/li>\n
          • \u5eab\u5b58\u6210\u672c<\/li>\n
          • \u9280\u884c\u7af6\u722d\u6210\u672c<\/li>\n
          • \u6301\u6709\u91cf<\/li>\n
          • \u8ca8\u5e63\u98a8\u96aa<\/li>\n<\/ul>\n

            5.\u5831\u50f9\u7a2e\u985e<\/p>\n

              \n
            • \u76f4\u63a5\u5831\u50f9:\u4e00\u584a\u7f8e\u5143\u503c31\u584a\u53f0\u5e63<\/li>\n
            • \u9593\u63a5\u5831\u50f9:\u4e00\u584a\u53f0\u5e63\u53ef\u63db1\/32\u584a\u7684\u7f8e\u5143\u9280\u884c\u752831\u584a\u53f0\u5e63\u8ddf\u4f60\u8cb7\u4e00\u584a\u7f8e\u91d1
              \n\u9280\u884c\u752832\u584a\u53f0\u5e63\u8ce3\u4f60\u4e00\u584a\u7f8e\u91d1(\u5c31\u662f\u4f60\u8981\u752832\u584a\u8cb7\u4e00\u584a\u7f8e\u91d1)<\/li>\n<\/ul>\n

              6.\u9060\u671f\u5951\u7d04\u3001\u671f\u8ca8\u3001\u9078\u64c7\u6b0a\u5e02\u5834<\/p>\n

                \n
              • \u907f\u96aa<\/li>\n
              • \u7279\u5fb5<\/li>\n<\/ul>\n
                  \n
                1. \u6307\u5b9a\u8ca8\u5e63<\/li>\n
                2. \u8cb7\u6216\u8ce3 \u6578\u91cf\/\u50f9\u683c\/\u6642\u9593<\/li>\n<\/ol>\n

                  7.\u5f71\u97ff\u532f\u7387\u56e0\u7d20<\/p>\n

                    \n
                  • \u76f8\u5c0d\u901a\u81a8\u7387<\/li>\n
                  • \u76f8\u5c0d\u5229\u7387(\u8cbb\u96ea)<\/li>\n
                  • \u76f8\u5c0d\u6240\u5f97\u6c34\u5e73<\/li>\n
                  • \u653f\u5e9c\u7ba1\u5236:\u5c0d\u532f\u7387\u6216\u8cbf\u6613\u8a2d\u7acb\u969c\u7919<\/li>\n
                  • \u672a\u4f86\u9810\u671f:\u5916\u532f\u5e02\u5834\u5c0d\u4efb\u4f55\u65b0\u805e\u7684\u53cd\u61c9\u90fd\u53ef\u80fd\u7522\u751f\u5f71\u97ff<\/li>\n
                  • \u4ea4\u4e92\u5f71\u97ff<\/li>\n<\/ul>\n

                    \u570b\u969b\u8ca8\u5e63\u5e02\u5834<\/h2>\n

                    1.\u8d77\u6e90\u8207\u767c\u5c55<\/p>\n

                      \n
                    • \u5883\u5916\u8ca8\u5e63(Eurocurrency):\u5728\u767c\u884c\u8a72\u8ca8\u5e63\u7684\u570b\u5bb6\uff0c\u4e0d\u540c\u570b\u5bb6\/\u5730\u5340\u570b\u969b\u9280\u884c\u7684\u8ca8\u5e63\u5b9a\u671f\u5b58\u6b3e\uff0c\u4f8b\u5982\u5883\u5916\u7f8e\u5143\u662f\u7f8e\u5143\u5728\u7f8e\u570b\u4ee5\u5916\u7684\u9280\u884c\u7684\u5b58\u6b3e(Euro\u70ba\u5883\u5916\u4e4b\u610f\uff0c\u5b58\u6b3e\u9280\u884c\u4e0d\u4e00\u5b9a\u8981\u5728\u6b50\u6d32)<\/li>\n
                    • \u4e9e\u5143\u5e02\u5834<\/li>\n
                    • \u5e02\u5834\u5229\u7387\u6bd4\u8f03\u5716<\/li>\n
                    • \"\"<\/li>\n<\/ul>\n

                       <\/p>\n

                       <\/p>\n

                       <\/p>\n

                       <\/p>\n

                       <\/p>\n

                       <\/p>\n

                      2.\u5168\u7403\u9280\u884c\u898f\u7bc4<\/p>\n

                        \n
                      • Single European Act\u00a0 (1992)<\/li>\n
                      • Basel \u2160\u00a0 (1987)<\/li>\n
                      • Basel \u2161\u00a0 (2004)<\/li>\n
                      • Basel \u2162\u00a0 (2023)<\/li>\n<\/ul>\n

                        \u5883\u5916\u8ca8\u5e63\u5e02\u5834<\/h2>\n

                        \u570b\u969b\u8ca8\u5e63\u5e02\u5834\u7684\u6838\u5fc3\u662f\u5883\u5916\u8ca8\u5e63\u5e02\u5834\uff08Eurocurrency market\uff09 \uff0c\u5883\u5916\u8ca8\u5e63\u662f\u6307\u5728\u767c\u884c\u8a72\u8ca8\u5e63\u7684\u570b\u5bb6\uff0c\u4e0d\u540c\u570b\u5bb6\/\u5730\u5340\u570b\u969b\u9280\u884c\u7684\u8ca8\u5e63\u5b9a\u671f\u5b58\u6b3e\u3002 <\/span><\/span><\/p>\n

                        \u4f8b\u5982\uff0c\u5883\u5916\u7f8e\u5143\u662f\u7f8e\u5143\u5728\u7f8e\u570b\u4ee5\u5916\u7684\u9280\u884c\u7684\u5b58\u6b3e\uff0c\u5883\u5916\u82f1\u938a\u662f\u82f1\u938a\u5728\u82f1\u570b\u4ee5\u5916\u7684\u9280\u884c\u7684\u5b58\u6b3e\uff0c\u800c\u5883\u5916\u65e5\u5143\u662f\u65e5\u5143\u5728\u65e5\u672c\u4ee5\u5916\u7684\u9280\u884c\u7684\u5b58\u6b3e\u3002\u524d\u9762Euro\u6709\u9ede\u7528\u8a5e\u4e0d\u7576\uff0c\u56e0\u70ba\u5b58\u6b3e\u6240\u5728\u7684\u9280\u884c\u4e0d\u5fc5\u4f4d\u65bc\u6b50\u6d32\u5b58\u6b3e\u9280\u884c\u53ef\u80fd\u4f4d\u65bc\u6b50\u6d32\u3001\u52a0\u52d2\u6bd4\u5730\u5340\u6216\u4e9e\u6d32\u9019\u500b\u8a5e\u662f\u5883\u5916\u3002<\/span><\/span><\/p>\n

                        \u5883\u5916\u8ca8\u5e63\u5e02\u5834\u662f\u4e00\u500b\u5916\u90e8\u9280\u884c\u7cfb\u7d71\uff0c\u8207\u767c\u884c\u8a72\u8ca8\u5e63\u7684\u570b\u5bb6\u7684\u570b\u5167\u9280\u884c\u7cfb\u7d71\u5e73\u884c\u904b\u884c\u3002<\/span><\/span><\/p>\n

                        \u5169\u500b\u9280\u884c\u7cfb\u7d71\u90fd\u5f9e\u5b58\u5165\u7684\u8cc7\u91d1\u4e2d\u5c0b\u627e\u5b58\u6b3e\u4e26\u5411\u5ba2\u6236\u63d0\u4f9b\u8cb8\u6b3e\u3002 <\/span><\/span><\/p>\n

                        \u5728\u7f8e\u570b\uff0c\u9280\u884c\u53d7\u806f\u90a6\u5132\u5099\u689d\u4f8b\u7684\u7d04\u675f\uff0c\u898f\u5b9a\u4e86\u9280\u884c\u5b9a\u671f\u5b58\u6b3e\u7684\u6e96\u5099\u91d1\u8981\u6c42\u3002<\/span><\/span>\u6b64\u5916\uff0c\u7f8e\u570b\u9280\u884c\u5fc5\u9808\u70ba\u5b58\u5165\u8cc7\u91d1\u652f\u4ed8 FDIC \u4fdd\u96aa\u8cbb\u3002\u53e6\u4e00\u65b9\u9762\uff0c\u5883\u5916\u7f8e\u5143\u5b58\u6b3e\u4e0d\u53d7\u9019\u4e9b\u6e96\u5099\u91d1\u8981\u6c42\u6216\u5b58\u6b3e\u4fdd\u96aa\u7684\u7d04\u675f\uff0c\u56e0\u6b64\u71df\u904b\u6210\u672c\u66f4\u4f4e\u3002\u7531\u65bc\u6210\u672c\u7d50\u69cb\u7684\u964d\u4f4e\uff0c\u5883\u5916\u8ca8\u5e63\u5e02\u5834\u5149\u5176\u662f\u5883\u5916\u7f8e\u5143\u5e02\u5834\u81ea\u6210\u7acb\u4ee5\u4f86\u767c\u5c55\u8fc5\u731b\u3002<\/span><\/span><\/p>\n

                        \u5831\u50f9\u671f\u9650\u5f9e\u4e00\u5929\u5230\u4e00\u5e74\u4e0d\u7b49\uff0c\u4f46\u6a19\u6e96\u5230\u671f\u65e5\u901a\u5e38\u662f1\u30012\u30013\u30016\u30019\u300112\u500b\u6708<\/p>\n

                        \u5883\u5916\u4fe1\u8cb8<\/h3>\n

                        Eurocredits \u662f\u5883\u5916\u9280\u884c\u5411\u4f01\u696d\u3001\u4e3b\u6b0a\u653f\u5e9c\u3001\u975e\u4e3b\u8981\u9280\u884c\u6216\u570b\u969b\u7d44\u7e54\u63d0\u4f9b\u7684\u77ed\u671f\u81f3\u4e2d\u671f\u5883\u5916\u8ca8\u5e63\u8cb8\u6b3e\uff0c\u8cb8\u6b3e\u4ee5\u5883\u5916\u9280\u884c\u672c\u570b\u8ca8\u5e63\u4ee5\u5916\u7684\u8ca8\u5e63\u8a08\u50f9\u3002
                        \n<\/span><\/span><\/p>\n

                        \u7531\u65bc\u9019\u4e9b\u8cb8\u6b3e\u901a\u5e38\u592a\u5927\u800c\u55ae\u500b\u9280\u884c\u7121\u6cd5\u8655\u7406\uff0c\u5883\u5916\u9280\u884c\u5c07\u806f\u5408\u8d77\u4f86\u7d44\u6210\u4e00\u500b\u806f\u8cb8\uff08syndicate\uff09\u4f86\u5206\u64d4\u98a8\u96aa\u3002<\/span><\/span><\/p>\n

                        \u9060\u671f\u5229\u7387\u5354\u5b9a<\/h3>\n

                        \u5883\u5916\u9280\u884c\u5728\u63a5\u53d7\u5883\u5916\u5b58\u6b3e\u548c\u5ef6\u9577\u6b50\u6d32\u4fe1\u8cb8\u65b9\u9762\uff0c\u9762\u81e8\u7684\u4e3b\u8981\u98a8\u96aa\u662f\u5b58\u6b3e\u548c\u4fe1\u8cb8\u671f\u9650\u4e0d\u5339\u914d\u5c0e\u81f4\u7684\u5229\u7387\u98a8\u96aa\u3002\u00a0 <\/span><\/span><\/p>\n

                        \u4f8b\u5982\uff0c\u5982\u679c\u5b58\u6b3e\u671f\u9650\u9577\u65bc\u4fe1\u7528\u671f\u9650\uff0c\u4e26\u4e14\u5229\u7387\u4e0b\u964d\uff0c\u5247\u5728\u9280\u884c\u4ecd\u652f\u4ed8\u8f03\u9ad8\u5b58\u6b3e\u5229\u7387\u7684\u540c\u6642\uff0c\u4fe1\u7528\u5229\u7387\u5c07\u4e0b\u8abf\u3002 <\/span><\/span><\/p>\n

                        \u76f8\u53cd\uff0c\u5982\u679c\u5b58\u6b3e\u671f\u9650\u77ed\u65bc\u4fe1\u8cb8\u671f\u9650\uff0c\u4e26\u4e14\u5229\u7387\u4e0a\u5347\uff0c\u5247\u5b58\u6b3e\u5229\u7387\u5c07\u5411\u4e0a\u8abf\u6574\uff1a\u800c\u9280\u884c\u4ecd\u7372\u5f97\u8f03\u4f4e\u7684\u4fe1\u8cb8\u5229\u7387\u3002\u53ea\u6709\u7576\u5b58\u6b3e\u548c\u4fe1\u8cb8\u671f\u9650\u5b8c\u7f8e\u5339\u914d\u6642 Eurocredits\u7684\u5c55\u671f\u529f\u80fd\u624d\u80fd\u8b93\u9280\u884c\u7372\u5f97\u6240\u9700\u7684\u5b58\u8cb8\u5229\u5dee\u3002<\/span><\/span><\/p>\n

                        \u9060\u671f\u5229\u7387\u5354\u8b70(RFA)\u662f\u4e00\u7a2e\u9280\u884c\u9593\u5408\u540c\uff0c\u5141\u8a31\u5883\u5916\u9280\u884c\u907f\u96aa\u4e0d\u5339\u914d\u5b58\u6b3e\u548c\u4fe1\u8cb8\u7684\u5229\u7387\u98a8\u96aa\u3002<\/p>\n

                        \u5883\u5916\u7968\u64da<\/h3>\n

                        Euronotcs\u662f\u7531\u4e00\u7d44\u570b\u969b\u6295\u8cc7\u6216\u5546\u696d\u9280\u884c\u627f\u92b7\u7684\u77ed\u671f\u7968\u64da\uff0c\u7a31\u70ba\u201cfacility\u201d\u3002\u5ba2\u6236\u501f\u6b3e\u4eba\u8207\u4e00\u5bb6\u6a5f\u69cb\u9054\u6210\u5354\u8b70\uff0c\u4ee5\u81ea\u5df1\u7684\u540d\u7fa9\u767c\u884c\u5883\u5916\u7968\u64da\uff0c\u671f\u9650\u4e00\u822c\u70ba3\u81f310\u5e74\u3002\u00a0 <\/span><\/span><\/p>\n

                        Euronotes \u4ee5\u4f4e\u65bc\u9762\u503c\u7684\u50f9\u683c\u51fa\u552e\uff0c\u4e26\u5728\u5230\u671f\u6642\u511f\u9084\u5168\u90e8\u9762\u503c \u2022 <\/span><\/span><\/p>\n

                        Euronotes\uff1a\u7684\u671f\u9650\u901a\u5e38\u70ba3\u81f36\u500b\u6708\u3002\u501f\u6b3e\u4eba\u767c\u73fe\u5883\u5916\u7968\u64da\u5177\u6709\u5438\u5f15\u529b \u56e0\u70ba\u8207\u6b50\u6d32\u9280\u884c\u9280\u5718\u8cb8\u6b3e\u76f8\u6bd4\uff0c\u5229\u606f\u8cbb\u7528\u901a\u5e38\u7565\u4f4e \uff08\u901a\u5e38\u662f LIBOR \u52a01\/8%\uff1a\uff09<\/span><\/span><\/p>\n

                        \u570b\u969b\u50b5\u5238\u5e02\u5834<\/h2>\n

                        \u50b5\u5238\u985e\u578b<\/p>\n

                          \n
                        • \u76f4\u63a5\u56fa\u5b9a\u5229\u7387\u50b5\u5238<\/li>\n
                        • \n
                          \n
                          \n
                          \n
                            \n
                          1. \u6307\u5b9a\u7684\u5230\u671f\u65e5\uff1a<\/strong> \u76f4\u63a5\u56fa\u5b9a\u5229\u7387\u50b5\u5238\u6709\u4e00\u500b\u9810\u5b9a\u7684\u5230\u671f\u65e5\uff0c\u5230\u671f\u6642\u50b5\u5238\u767c\u884c\u7684\u672c\u91d1\u5c07\u88ab\u511f\u9084\u3002<\/li>\n
                          2. \u56fa\u5b9a\u606f\u7968\u652f\u4ed8\uff1a<\/strong> \u5728\u50b5\u5238\u7684\u5b58\u7e8c\u671f\u9593\uff0c\u6301\u6709\u4eba\u5c07\u6309\u7167\u9762\u503c\u7684\u4e00\u5b9a\u767e\u5206\u6bd4\u6536\u5230\u56fa\u5b9a\u7684\u606f\u7968\uff0c\u4f5c\u70ba\u5c0d\u5176\u6301\u6709\u7684\u5229\u606f\u652f\u4ed8\u3002<\/li>\n
                          3. \u4ed8\u606f\u983b\u7387\uff1a<\/strong> \u76f8\u5c0d\u65bc\u570b\u5167\u50b5\u5238\u901a\u5e38\u6bcf\u534a\u5e74\u4ed8\u606f\u4e00\u6b21\u7684\u60c5\u6cc1\uff0c\u5883\u5916\u50b5\u5238\u7684\u7968\u9762\u5229\u606f\u901a\u5e38\u6bcf\u5e74\u4ed8\u606f\u4e00\u6b21\u3002<\/li>\n
                          4. \u4e0d\u8a18\u540d\u50b5\u5238\uff1a<\/strong> \u5883\u5916\u50b5\u5238\u901a\u5e38\u662f\u4e0d\u8a18\u540d\u50b5\u5238\uff0c\u9019\u610f\u5473\u8457\u50b5\u5238\u6301\u6709\u4eba\u7684\u8eab\u4efd\u4e0d\u88ab\u5177\u9ad4\u8a18\u9304\u3002\u9019\u4e5f\u4f7f\u5f97\u6bcf\u5e74\u8d16\u56de\u606f\u7968\u5c0d\u50b5\u5238\u6301\u6709\u4eba\u66f4\u65b9\u4fbf\uff0c\u540c\u6642\u5c0d\u767c\u884c\u4eba\u800c\u8a00\u6210\u672c\u66f4\u4f4e\u3002<\/li>\n
                          5. \u9019\u7a2e\u50b5\u5238\u7684\u7279\u9ede\u5728\u65bc\u5176\u56fa\u5b9a\u7684\u5229\u7387\u548c\u652f\u4ed8\u65b9\u5f0f\uff0c\u4ee5\u53ca\u5c0d\u50b5\u5238\u6301\u6709\u4eba\u548c\u767c\u884c\u4eba\u7684\u4fbf\u5229\u6027\u3002<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n
                            \n
                            <\/div>\n<\/div>\n<\/li>\n
                          6. \u5883\u5916\u4e2d\u671f\u7968\u64da\n
                              \n
                            1. \u767c\u884c\u4e3b\u9ad4\uff1a<\/strong> Euro-MTN\u901a\u5e38\u7531\u516c\u53f8\u767c\u884c\u3002<\/li>\n
                            2. \u56fa\u5b9a\u5229\u7387\u7968\u5238\uff1a<\/strong> Euro-MTN\u662f\u56fa\u5b9a\u5229\u7387\u7968\u5238\uff0c\u5176\u671f\u9650\u7bc4\u570d\u5f9e\u4e0d\u5230\u4e00\u5e74\u5230\u5927\u7d0410\u5e74\u4e0d\u7b49\u3002<\/li>\n
                            3. \u5b9a\u671f\u652f\u4ed8\u7968\u9762\u5229\u606f\uff1a<\/strong> \u8207\u56fa\u5b9a\u5229\u7387\u50b5\u5238\u4e00\u6a23\uff0cEuro-MTN\u5728\u5b9a\u671f\u65e5\u671f\u652f\u4ed8\u7968\u9762\u5229\u606f\u3002<\/li>\n
                            4. \u9023\u7e8c\u767c\u884c\uff1a<\/strong> \u8207\u4e00\u6b21\u6027\u6295\u653e\u5e02\u5834\u7684\u50b5\u5238\u767c\u884c\u65b9\u5f0f\u4e0d\u540c\uff0cEuro-MTN\u901a\u5e38\u4ee5\u9023\u7e8c\u767c\u884c\u65b9\u5f0f\u9032\u884c\u3002\u6bcf\u6b21\u767c\u884c\u90e8\u5206\u50b5\u5238\uff0c\u9019\u7a2e\u65b9\u5f0f\u4f7f\u5f97\u501f\u6b3e\u4eba\u80fd\u5920\u5728\u9700\u8981\u6642\u9748\u6d3b\u5730\u7372\u5f97\u8cc7\u91d1\u3002<\/li>\n
                            5. \u6d41\u884c\u7684\u7c4c\u8cc7\u65b9\u5f0f\uff1a<\/strong> \u81ea1986\u5e74\u9996\u6b21\u63a8\u51fa\u4ee5\u4f86\uff0cEuro-MTN\u5df2\u7d93\u6210\u70ba\u4e00\u7a2e\u975e\u5e38\u6d41\u884c\u7684\u4e2d\u671f\u8cc7\u91d1\u7c4c\u96c6\u65b9\u5f0f\u3002<\/li>\n
                            6. Euro-MTN\u7684\u5f48\u6027\u767c\u884c\u7d50\u69cb\u548c\u56fa\u5b9a\u5229\u7387\u4f7f\u5176\u6210\u70ba\u4f01\u696d\u7c4c\u63aa\u4e2d\u671f\u8cc7\u91d1\u7684\u4e00\u7a2e\u9078\u64c7\u3002<\/li>\n<\/ol>\n<\/li>\n<\/ul>\n
                                \n
                              • \u6d6e\u52d5\u5229\u7387\u7968\u5238 : \u7b2c\u4e00\u500b\u6d6e\u52d5\u5229\u7387\u7968\u5238\uff08Floating-rate notes, FRNs\uff09\u65bc 1970\u5e74\u63a8\u51fa\uff0c\u6d6e\u52d5\u5229\u7387\u7968\u5238\u901a\u5e38\u662f\u4e2d\u671f\u50b5\u5238\uff0c\u5176\u7968\u9762\u652f\u4ed8\u8207\u67d0\u500b\u53c3\u8003\u5229\u7387\u639b\u9264\uff0c\u5e38\u898b\u7684\u53c3\u8003\u5229\u7387\u662f\u4e09\u500b\u6708\u6216\u516d\u500b\u6708\u7684\u7f8e\u5143<\/span><\/span><\/li>\n
                              • \u80a1\u7968\u76f8\u95dc\u50b5\u5238<\/li>\n
                              • \u53ef\u8f49\u63db\u50b5\u5238\uff08Convertible Bonds\uff09\uff1a<\/strong>\n
                                  \n
                                • \u5141\u8a31\u6295\u8cc7\u8005\u5c07\u50b5\u5238\u8f49\u63db\u6210\u767c\u884c\u4eba\u9810\u5b9a\u6578\u91cf\u7684\u80a1\u6b0a\u3002<\/li>\n
                                • \u53ef\u8f49\u63db\u50b5\u5238\u7684\u5e95\u503c\u662f\u5176\u56fa\u5b9a\u5229\u7387\u50b5\u5238\u50f9\u503c\u3002<\/li>\n
                                • \u6295\u8cc7\u8005\u901a\u5e38\u9858\u610f\u63a5\u53d7\u8f03\u4f4e\u7684\u7968\u9762\u5229\u7387\uff0c\u56e0\u70ba\u4ed6\u5011\u770b\u4e2d\u8f49\u63db\u6210\u80a1\u7968\u7684\u5438\u5f15\u529b\u3002<\/li>\n<\/ul>\n<\/li>\n
                                • \u9644\u8a8d\u80a1\u6b0a\u8b49\u50b5\u5238\uff08Bonds with Equity Warrants\uff09\uff1a<\/strong>\n
                                    \n
                                  • \u53ef\u8996\u70ba\u5e36\u6709\u8cb7\u6b0a\u529f\u80fd\u7684\u56fa\u5b9a\u5229\u7387\u50b5\u5238\u3002<\/li>\n
                                  • \u8a8d\u80a1\u6b0a\u8b49\u4f7f\u50b5\u5238\u6301\u6709\u4eba\u6709\u6b0a\u5728\u9810\u5b9a\u6642\u9593\u6bb5\u5167\u4ee5\u9810\u5b9a\u50f9\u683c\u8cfc\u8cde\u767c\u884c\u4eba\u7684\u4e00\u5b9a\u6578\u91cf\u7684\u80a1\u6b0a\u3002<\/li>\n<\/ul>\n<\/li>\n
                                  • \u96d9\u5143\u8ca8\u5e63\u50b5\u5238(1980\u5e74\u4ee3\u6d41\u884c): \u4ee5\u4e00\u7a2e\u8ca8\u5e63\u767c\u884c\u7684\u76f4\u63a5\u56fa\u5b9a\u5229\u7387\u50b5\u5238\uff0c\u4ee5\u8a72\u8ca8\u5e63\u652f\u4ed8\u7968\u9762\u5229\u7387\uff0c\u5230\u671f\u6642\u7684\u672c\u91d1\u5247\u7531\u53e6\u4e00\u7a2e\u8ca8\u5e63\u511f\u9084\u3002<\/li>\n<\/ul>\n

                                    \u570b\u969b\u50b5\u5238\u5e02\u5834\u8a55\u7d1a<\/p>\n

                                      \n
                                    • \u60e0\u5fa1\u8a55\u7d1a\u3001\u7a46\u8fea\u6295\u8cc7\u8005\u670d\u52d9\u516c\u53f8\u3001\u6a19\u6e96\u666e\u723e\u5168\u7403\u8a55\u7d1a<\/li>\n<\/ul>\n

                                      \u570b\u969b\u50b5\u5238\u5e02\u5834\u6307\u6578<\/p>\n

                                      \u570b\u969b\u80a1\u7968\u4ea4\u6613<\/h2>\n
                                        \n
                                      • \u5883\u5916\u767c\u884c\u80a1\u7968 <\/span><\/span><\/li>\n
                                      • \u975e\u7f8e\u570b\u516c\u53f8\u767c\u884c\u5883\u5916\u80a1\u7968\uff1aAmerican Depository Receips(ADR)<\/span><\/span><\/li>\n
                                      • \u570b\u5916\u80a1\u7968\u5e02\u5834\u6295\u8cc7: \u7576\u5730\u7d93\u6fdf\u72c0\u6cc1\u3001\u8ca8\u5e63\u8d70\u52e2\u3001\u8cc7\u7522\u6295\u8cc7\u7d44\u5408\u591a\u5143\u5316<\/span><\/span><\/li>\n
                                      • \u80a1\u7968\u5e02\u5834\u7684\u7279\u5fb5 <\/span><\/span>\n
                                          \n
                                        • \u570b\u5bb6\u7684\u6cd5\u5f8b<\/span><\/span><\/li>\n
                                        • \u80a1\u6771\u7684\u6cd5\u5f8b<\/span><\/span><\/li>\n
                                        • \u653f\u5e9c\u653f\u7b56 <\/span><\/span><\/li>\n
                                        • \u570b\u5bb6\u4f01\u696d\u662f\u5426\u8150\u6557 <\/span><\/span><\/li>\n
                                        • \u8ca1\u52d9\u8cc7\u8a0a\u63a5\u9732\u7a0b\u5ea6 <\/span><\/span><\/li>\n<\/ul>\n<\/li>\n
                                        • \u80a1\u4efd\u4ea4\u53c9\u4e0a\u5e02 Cross-Listing of Shares\uff1a\u6307\u516c\u53f8\u7684\u80a1\u7968\u9664\u4e86\u5728\u672c\u570b\u7684\u8b49\u4ea4\u6240\u4e0a\u5e02\uff0c\u4e5f\u5728\u4e00\u500b\u6216\u591a\u500b\u5916\u570b\u8b49\u4ea4\u6240\u4e0a\u5e02(\u8de8\u570b\u516c\u53f8\u7d93\u5e38\u4ea4\u53c9\u4e0a\u5e02\uff0c\u4f46\u975e\u8de8\u570b\u516c\u53f8\u4e5f\u6703\u4ea4\u53c9\u4e0a\u5e02)<\/span><\/span><\/li>\n
                                        • \u6d0b\u57fa\u80a1\u7968\u767c\u884c Yankee Stock Offering\uff1a\u662f\u5728\u7f8e\u570b\u50b5\u5238\u5e02\u5834\u4e0a\u767c\u884c\u7684\u5916\u570b\u50b5\u5238\uff0c\u5373\u7f8e\u570b\u4ee5\u5916\u7684\u653f\u5e9c\u3001\u91d1\u878d\u6a5f\u69cb\u3001\u5de5\u5546\u4f01\u696d\u548c\u570b\u969b\u7d44\u7e54\u5728\u7f8e\u570b\u570b\u5167\u5e02\u5834\u767c\u884c\u7684\u3001\u4ee5\u7f8e\u5143\u70ba\u8a08\u503c\u8ca8\u5e63\u7684\u50b5\u5238\u3002<\/span><\/span><\/li>\n
                                        • \u7f8e\u570b\u5b58\u8a17\u6191\u8b49\uff08American Depositary Receipt\uff0cADR\uff09\u662f\u4e00\u7a2e\u4ee3\u8868\u5728\u7f8e\u570b\u4ee5\u5916\u5730\u5340\u767c\u884c\u7684\u80a1\u7968\u7684\u91d1\u878d\u5de5\u5177\u3002\n
                                            \n
                                          • \u5b9a\u7fa9\uff1a<\/strong> ADR\u662f\u7531\u7f8e\u570b\u9280\u884c\u6216\u5176\u4ed6\u91d1\u878d\u6a5f\u69cb\u767c\u884c\u7684\u6191\u8b49\uff0c\u4ee3\u8868\u8457\u5728\u5916\u570b\u4e0a\u5e02\u7684\u80a1\u7968\u3002<\/li>\n
                                          • \u7528\u9014\uff1a<\/strong> ADR\u7684\u4e3b\u8981\u76ee\u7684\u662f\u8b93\u7f8e\u570b\u6295\u8cc7\u8005\u80fd\u5920\u65b9\u4fbf\u5730\u6295\u8cc7\u548c\u4ea4\u6613\u5728\u5176\u4ed6\u570b\u5bb6\u4e0a\u5e02\u7684\u80a1\u7968\uff0c\u800c\u7121\u9700\u76f4\u63a5\u8cfc\u8cb7\u5916\u570b\u80a1\u7968\u3002<\/li>\n
                                          • \u5206\u7d1a\uff1a<\/strong>\n
                                              \n
                                            • \u7b2c\u4e00\u7d1a:\u6700\u57fa\u672c\u7684\u985e\u578b\uff0c\u767c\u884c\u4eba\u4e0d\u662f\u70ba\u4e86\u5c0b\u6c42\u5728\u7f8e\u570b\u7c4c\u96c6\u65b0\u80a1\u672c\uff0c\u4e0d\u53ef\u5728\u7d0d\u65af\u9054\u514b\u4e0a\u5e02
                                              \n\u7b2c\u4e8c\u7d1a:\u767c\u884c\u4eba\u4e0d\u662f\u70ba\u4e86\u5c0b\u6c42\u5728\u7f8e\u570b\u7c4c\u96c6\u65b0\u80a1\u672c\uff0c\u6b64\u985e\u7f8e\u570b\u5b58\u8a17\u6191\u8b49\u53ef\u4ee5\u5728\u7d0d\u65af\u9054\u514b\u3001\u7d10\u7d04\u8b49\u4ea4\u6240\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02
                                              \n\u7b2c\u4e09\u7d1a:\u767c\u884c\u4eba\u5728\u7f8e\u570b\u516c\u958b\u767c\u884c\u65b0\u80a1\u4e26\u5728\u7d0d\u65af\u9054\u514b\u3001\u7d10\u7d04\u8b49\u4ea4\u6240\u3001\u7f8e\u570b\u8b49\u5238\u4ea4\u6613\u6240\u4e0a\u5e02<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<\/li>\n
                                            • \u5168\u7403\u8a3b\u518a\u80a1\u4efd<\/li>\n
                                            • \u570b\u969b\u80a1\u7968\u5e02\u5834\u57fa\u6e96<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

                                              \u9023\u7d50\u984c\u76ee 20.Deriving Forecasts of the Future<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=\/wp\/v2\/posts\/973"}],"collection":[{"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=973"}],"version-history":[{"count":11,"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=\/wp\/v2\/posts\/973\/revisions"}],"predecessor-version":[{"id":984,"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=\/wp\/v2\/posts\/973\/revisions\/984"}],"wp:attachment":[{"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=973"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=973"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edu.secda.info\/scu09154122\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=973"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}