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1、 17-1 国际收支Chapter Seventeen International Finance 第1节 国际收支 Section 1 Balance of Payments*国际收支 balance of payments居民 resident*米德冲突 Meades conflict丁伯根法则 Tinbergens rule*经常账户 current account经常转移 current transfer储备资产 reserve asset综合差额 overall balance资本转移 capital transfers国际收支顺差 surplus of BOP国际收支逆差 defi
2、cit of BOP自主性交易 autonomous transaction补偿性交易 compensatory transaction*偶然性失衡 accidental disequilibrium*结构性失衡 structural disequilibrium*货币性失衡 monetary disequilibrium*周期性失衡 cyclical disequilibrium*收入性失衡 income disequilibrium经常账户差额 current account balance收入机制 income mechanism汇率机制 exchange rate mechanism利
3、率机制 interest rate mechanism需求调节政策 demand adjusting policy直接管制政策 direct control policy蒙代尔分派原则Mundells assignment rule货币价格机制 money-price mechanism*国际收支平衡表balance of payments statement资本和金融账户capital and financial account错误和遗漏账户errors and omissions account资本和金融账户差额capital and financial account balance非生
4、产、非金融资产的收买或放弃acquisitiondisposal of non-product，non-financial assets价格一铸币流动机制price specie-flow mechanism外汇缓冲政策foreign exchange cushion policy外汇平准基金 exchange stabilization fund缓冲体 buffer国际金融 1 The balance of payments is the name given to the record of transactions between the residents of one country
5、 and the rest of the world over a period of time. 国际收支平衡表系统记录一国居民与世界其它地区居民在一定时期内所发生的全部经济交易。2 The balance of payments is divided into two major accounts, the current account and the capital account. Each general account is then subdivided into categories such as goods, services, direct investment, po
6、rtfolio investment, etc.国际收支平衡表由两大部分组成：经常账户以及资本和金融账户。每一个账户又被细分为诸如货物、服务、直接投资和证券投资等若干个子账户。第2节 外汇和汇率Section 2 Foreign Exchange and Exchange Rate*外汇 foreign exchange自由外汇 free convertible exchange记账外汇 exchange of account*汇率 foreign exchange rate即期汇率 spot exchange rate远期汇率 forward exchange rate*直接标价法 dire
7、ct quotation*间接标价法 indirect quotation*基本汇率 basic rate*套算汇率 cross rate*买入汇率 buying rate*卖出汇率 selling rate中间汇率 middle rate*现钞汇率 bank notes rate官方汇率 official rate市场汇率 market rate 黑市汇率 blackmarket rate单一汇率 single rate复汇率 multiple rate 开盘汇率 opening rate收盘汇率 closing rate贸易汇率 commercial rate金融汇率 financial
8、rate名义汇率 nominal exchange rate实际汇率 real exchange rate*升值 appreciation*贬值 depreciation铸币平价 mint parity*黄金输送点 gold point弹性 elasticity贸易品 tradable goods非贸易品 non-tradable goods美元化 dollarization货币联盟 monetary union*外汇管制 foreign exchange control*货币自由兑换 currency convertibility直接干预 direct intervention间接干预 in
9、direct intervention冲销式干预 sterilized intervention非冲销式干预 unsterilized intervention广场宣言 plaza announcement卢浮宫协议 Louvre Accord*J曲线效应 J-curve effect爬行钉住制 crawling peg*汇率目标区制 target zone regime*固定汇率制 fixed exchange rate regime*货币局制 currency board arrangement*浮动汇率制flexible exchange rate regime*马歇尔勒纳条件Marsh
10、all-Lerner conditions结售汇制exchange settlement and sale system电汇汇率telegraphic transfer rate, T/T Rate信汇汇率mail transfer rate, M/T rate票汇汇率demand draft rate, D/D rate无独立法定货币的汇率安排Arrangements with no separate legal tender其他传统固定盯住制other conventional fixed pegs 17-3 外汇贸易水平带内的盯住制Pegged rate in horizontal ba
11、nd爬行区间浮动制Rates within crawling bands不事先确定汇率轨迹的管理浮动Managed float with no preannounce exchange rate paths单独浮动Independently floating进口配额制import quota system绝对配额absolute quotas全球配额global quotas国别配额country quotas关税配额tariff quotas进口许可证制 import license system利息平衡税 interest equalization tax法定汇率制official rat
12、e system复汇率制度multiple rate system合格境外机构投资者QFII合格境内机构投资者QDII1 The exchange rate is the price of one currency in terms of another.汇率是用一种货币表示另一种货币的价格。2 Under fixed exchange rate system governments are committed to maintain a target exchange rate.固定汇率制度下一国当局有义务维持目标汇率的稳定。3 Exchange rates are pegged when
13、official purchases or sales from the monetary authorities maintain the exchange rate of the national currency within narrow bands of fluctuations (at the limit zero) vis-vis the currency (basket of currencies) chosen as anchor. 钉住汇率是指一国货币当局通过官方买卖行为将本币与另一国货币（或篮子货币）之间的汇率维持在一个狭窄的波动范围内（或一个固定水平上）。4 The m
14、anaged float, sometimes called a dirty float, is employed by governments to preserve an orderly pattern of exchange rate changes and is designed to eliminate excess volatility.管理浮动，又叫肮脏浮动，是指一国政府维持本国汇率有秩序的浮动，并采取措施消除过度波动。5 In a rather narrow sense, we refer to exchange control when monetary institutio
15、ns impose strictly defined limitations on international transactions or on the exchange of national currency into foreign currency.狭义上的外汇管制是指一国货币当局对本国的对外经济交易或本币的对外汇兑施加严格的管制措施。 第3节 外汇交易 Section 3 Foreign Exchange Transactions 国际金融多头 long position空头 short position*福费廷 forfeiting*保付代理法 factoring内在价值 in
16、trinsic value外在价值 extrinsic value*外汇风险 foreign exchange risk外汇敞口 exposure营业日 working day交割日 value date当日交割 VAL TOD隔日交割 VAL TOM标准交割日 VAL SP掉期率 swap rate升水 at premium贴水 at discount平价 at parity初始保证金 initial margin维持保证金 maintenance margin变动保证金 variation margin保证金催付 margin call逐日盯市制 marking to market市价指令
17、 market order限价指令 limit order到价指令 stop order开放式指令 open order*交易风险 transaction exposure*转换风险 transition exposure *经营风险 operation risk搭配 matching组对 pairing提前与延期收付法leading and lagging直接套汇 direct arbitrage间接套汇 indirect arbitrage*套利 interest arbitrage抛补套利 covered interest arbitrage买入对冲 long hedge 卖出对冲 sh
18、ort hedge买空 go long卖空 go short*看涨期权 call options*看跌期权 put options履约价格 strike price期权费 premium外汇交易所 exchange bourse*外汇期货 foreign exchange future外汇市场 foreign exchange market*外汇期权 foreign exchange options非抛补套利 uncovered interest arbitrage*套汇 arbitrage *择期交易 optional forward transaction*即期外汇交易spot excha
19、nge market*远期外汇交易forward exchange transaction银行间外汇市场 interbank market*借款即期投资法 borrow-spot-invest (BSI)*掉期交易swap transaction 17-4 国际金融市场 1 The foreign exchange market is where currencies are bought and sold.外汇市场是进行外汇交易的场所。2 Spot exchange rates are quoted for delivery two business days after the trans
20、action is concluded.即期汇率是在成交后两个营业日内进行交割的汇率。3 The organized futures markets have four important features:(a) The contracts are standardized;(b) Trading is organized and centralized either in one physical location such as the trading pit or in a virtual location such as a computerized order book;(c) C
21、ontracts are settled through the exchange s clearing house; and(d) Contracts are marked to market each day, which means that they are revalued according to their market value.有组织的期货市场具有以下4个重要特征：（a）合约标准化；（b）或者在有形地点（如交易池），或在无形场所（如计算机化定单）内进行有组织的交易；（c）合约通过交易所的清算机构进行结算；（d）合约实行逐日盯市制（或每日结算制度），意即根据合约的市场价值每日
22、对其进行重新估价。4 An option is a contract that gives its owner the right in a given period of time to buy or sell a given amount of undergoing assets at a fixed price. The right to buy is called a call, while right to sell is called a put.期权合约赋予买方在指定期限内以既定价格买进或卖出既定数量金融资产的权利。看涨期权赋予买方买的权利，又叫买权；看跌期权赋予买方卖的权利，又
23、叫卖权。5 Foreign exchange risk refers to fluctuations in the domestic currency value of assets, liabilities, income expenditures or expenditures due to unanticipated changes in exchange rate.外汇风险是指汇率的非预期变动引起经济主体的资产、负债、收入及支出的国内价值发生波动。第4节 国际金融市场Section 4 International Financial Market*外国债券 foreign bonds*
24、欧洲债券 euro bonds全球债券 global bonds猛犬债券 bulldog bonds扬基债券 yankee bonds辛迪加贷款 syndicate loans石油美元 oil dollar伦敦金融大爆炸 Big Bang*欧洲货币 euro currency伦敦同业拆放利率 LIBOR国际银行业设施 international bank facilities (IBFS)武士债券 samurai bonds*离岸金融市场 off-shore financial market*欧洲货币市场 euro-currency market*国际金融市场 international fi
25、nancial market国际金融创新international financial innovation功能中心 functional centre分离性中心 segregated centre集中性中心 integrated centre名义中心 paper centre基金中心 funding centre收放中心 collectional centre 国际金融1 Domestic bonds are issued by a domestic borrower in the domestic market, usually in domestic currency.由本国债务人在本国
26、金融市场上以本币发行的债券是国内债券。2 Foreign bonds are issued on the domestic market by the foreign borrower, usually in domestic currency. The rules and regulations governing issuing and trading procedures are under the control of the domestic authorities. 由外国债务人在本国金融市场上发行的以本币计价，发行规则及程序受本国货币当局监管的债券是外国债券。3 Eurobond
27、s are issued in countries other than the one in whose currency they are denominated. They are not traded on a particular national bond market and, therefore, are not regulated by any domestic authority.欧洲债券的计价货币不是市场所在国的货币，它并不在某一特定国家的金融市场上流通，因此不受任何国家货币当局的管制。4 Syndicate refers to a number of banks gro
28、uping together to make a loan to one borrower.辛迪加贷款由许多银行组成银团向某一借款人共同提供贷款。第5节 国际资本流动 Section 5 International Capital Flow 资本流入 capital inflow资本流出 capital outflow直接投资 direct investment证券投资 portfolio investment国际信贷投资 international credit长期资本流动 long-term capital flow短期资本流动 short-term capital flow保值性资本流动
29、 capital flight *外债 foreign debt*国际债务危机 international debt crisis石油危机 oil crisis债务重新安排 debt rescheduling回购债务 buyback债务转换 debt swap债务交换 debt exchange金融危机 financial crisis 1 A flow of international capital occurs when residents in one country extend loans to, or purchases the title assets from, the re
30、sidents of another country.当一国居民向本国非居民提供贷款或购买非居民发行的金融资产，国际资本流动随即发生。2 Direct investment involves the investor taking an active role in the management of the assets he is acquiring. 直接投资的投资者对其投资对象拥有管理控制权。3 Debt crisis is a generic term, applicable to any situation where a debtor is unable to service t
31、he interest and/or principal as scheduled, and so imperiling the financial health of its lender. Usually, the lenders then cut off further credit, intensifying the original condition. 债务危机总指下述情况，即债务人无力如期偿还利息或本金，导致债权人的财务状况恶化，由于债权人往往会随之缩紧信贷，引发危机的进一步恶化。第6节 国际货币制度 Section 6 International Monetary System
32、 17-7 国际储备*欧元 Euro德洛尔报告 Delors report魏尔纳报告 Werner report蛇形浮动 snake floating*欧盟 European union*马约 Maastricht Treaty*美元危机 dollar crisis美元荒 dollar shortage美元灾 dollar glut*十国集团 group of ten黄金双价制 two-tier price system史密森协定 Smithsonian Agreement*牙买加协定 Jamaica Agreement*巴塞尔协定 Basle Agreement*特里芬难题 Triffin
33、dilemma*借款总安排 general agreement to borrow金币本位制 gold specie standard金块本位制 gold bullion standard金汇兑本位制gold exchange standard埃居 European currency unit (ECU)可调整的钉住汇率制adjustable peg欧洲货币体系European monetary system (EMS)国际金本位制international gold standard system国际金汇兑本位制international gold exchange standard sys
34、tem*最适度货币区理论theory of optimum currency area1 The international monetary system is the framework within which countries borrow, lend, buy, sell and make payments across political frontiers.国际货币体系是协调各国跨国界贷款、借款、购买、销售和进行支付等行为的框架体系。2 Bretton Woods System established at the end of World War Two. It takes
35、its name from the conference held at Bretton Woods, New Hampshire, in 1944, which adopted the Article of Agreement of the International Monetary Fund (IMF) and thus put in place the rules and arrangements that would govern international monetary relations in the postwar world.布雷顿森林体系在二战后建立。1944年在美国新
36、罕布什尔州的布雷顿森林召开的联合国货币金融会议上，达成国际货币基金协定，以此为基础形成一套约束战后国际货币金融关系的规则，该体系因此命名为布雷顿森林体系。第7节 国际储备 Section 7 International Reserves*国际储备 international reserves国际清偿力 international liquidity自有储备 free reserve借入储备 debt-in reserve黄金储备 gold reserve*外汇储备 foreign exchange reserve*IMF储备头寸 reserve positions in IMF*特别提款权 S
37、DRs警戒线 safety level总量管理 quantity management结构管理 structure management备用信贷 tranche 国际金融 1 International reserves are composed of four parts: foreign exchange reserves, gold reserves, reserve position in IMF and SDR.国际储备由以下四部分构成：外汇储备、黄金储备、在国际货币基金组织的储备头寸以及特别提款权。2 The SDR is an international reserve asse
38、t, created by the IMF in 1969 to supplement the existing official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF quotas. The SDR also serves as the unit of account of the IMF and some other international organizations. Its value is based on a basket o
39、f key international currencies.特别提款权是由国际货币基金组织于1969年创设的一种国际储备资产，用于补充成员国原有的官方储备资产。特别提款权根据各成员国在国际货币金组织的基金份额进行分配，同时作为国际货币基金组织及其他国际组织的记账货币。特别提款权的定值标准取决于由重要国际货币组成的篮子货币。第8节 国际金融机构Section 8 International Financial Organizations *世界银行集团 World Bank group亚洲开发银行Asian Development Bank (ADB)欧洲投资银行European Invest
40、ment Bank (EIB)国际开发协会International Development Association (IDA)国际金融公司International Financial Corporation (IFC)泛美开发银行Inter-American Development Bank (IADB)非洲开发银行African Development Bank (AFDB)国际清算银行Bank For International Settlement (BIS)*国际货币基金组织International Monetary Fund (IMF)国际复兴开发银行International
41、 Bank For Reconstruction And Development (IBRD) 17-9 国际金融理论 1 The IMF is an international organization of 184 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employ
42、ment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.国际货币基金组织现有184个成员国，旨在促进国际货币合作及汇率稳定，维持正常的汇兑关系，提高成员国就业和经济发展，通过提供贷款解决成员国国际收支困难。2 The World Bank Groups mission is to fight poverty and improve the living standards of people in the developing wor
43、ld. It is a development Bank which provides loans, policy advice, technical assistance and knowledge sharing services to low and middle income countries to reduce poverty.世界银行旨在消除贫困，提高发展中国家成员国人民的生活水平。作为开发银行，它通过向中低收入国家提供贷款、政策建议、技术支持及知识等以缓解贫困问题。1 The absorption approach to the balance of payments stat
44、es that a countrys balance of trade will only improve if the countrys output of goods and services increases by more than its absorption, where the term “absorption” means expenditures by domestic residents on goods and services. This approach was first put forward by Alexander.国际收支的吸收分析法认为，只有当货物及服务的产出增长超过该国的吸收时，该国的国际收支才会改善。所谓吸收，是指国内居民的商品劳务支出。该理论最早由亚历山大提出。 Purchasing Power Parity (PPP) asserts that the exchange rate between two currencies is determined by the change in the two countries relative price levels.购买力平价理论提出两国货