As mentioned in class, the story of options and the development of the Black-Scholes formula is intertwined with the story of international financial markets and investment and global financial crisis. Although B-S was originally developed for pricing stock options, the formula that we have been using in class for currency options is virtually identical. Specifically, except for the Tr e − * term that discounts by the foreign interest rate, and of course the fact that the underlying asset is a foreign currency rather than a share of stock, the formulas are exactly the same. In addition to the development of the B-S formula, the video brings together many concepts that we have seen in class this semester, including (in no particular order):
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