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1、国际金融 名词解释C2balance of payments：The set of accounts recording all flows of value between a nations residents and the residents of the rest of the world during a period of time. the current account： Records the values of goods and services sold and purchased abroad, net interest and other factor payme
2、nts and net unilateral transfers and gifts. the capital account：consists of capital transfer and the buying and selling of nonproductive assets and non-financial assets.the double-entry bookkeeping：Any exchange automatically enters the balance-of-payment accounts twice: as a credit and as a debit of
3、 the same value.current account balance：equals the net credits - debits on the flows of goods, services, income, and unilateral transfers. It also equals the change in the nations foreign assets minus foreign liabilities, also known as net foreign investment. the overall balance：equals the sum of th
4、e current account balance and the private capital account balance.算式the international investment position: is a statement of the stocks of a nations international assets and foreign liabilities at a point in time, usually the end of a year. the IMF：The IMF was set up with contributions of gold and f
5、oreign exchange from member governments. It grants all member countries the right to borrow reserves to finance temporary deficits. SDRs：Special Drawing Right is an artificial basket currency used by the IMF for internal accounting purposes. The SDR is also used by some countries as a peg for their
6、own currency, and is used as an international reserve asset.C3foreign exchange： holdings of foreign currencies: (1) foreign currencies; (2) payment instruments dominated in foreign currencies, like demand bank deposits; (3) securities in terms of foreign currencies; (4) other claims on nonresidents
7、in terms of foreign currencies. exchange rate：the price of one nations money in terms of another nations money. spot exchange rate：The spot exchange rate is the price for “immediate exchange (delivery). forward exchange：the price set now for an exchange (delivery) that will take place sometime in th
8、e future intangible market：banks and traders who work at banks are at the center of the foreign exchange market. These banks and their traders use computers and telephones to conduct foreign exchange trades with their customers and also with each other. a vehicle currency：One foreign currency is exc
9、hanged for dollars, and these dollars are then exchanged for the other foreign currency. The dollar is often used in this way to accomplish trading between two other currencies, and the dollar is called a vehicle currency. SWIFT (Society for Worldwide Interbank Financial Telecommunications)： which i
10、s used to transmit instructions from one member bank to another CHIPS (Clearing House International Payments System)：This system clears dollar transfers among its member banks, which include all large and internationally active banks. floating exchange rate：It is the exchange rate system without int
11、ervention by governments or central bankers. the equilibrium exchange rate：(market-clearing rate) means no tendency for change. It is at the intersection point of the supply and demand curves.fixed exchange rate：Official strive to keep the exchange rate virtually fixed ( or pegged ) even if the rate
12、 they choose differs from the current equilibrium rate.the depreciation(the appreciation)：Under the floating-rate system a fall in the market price (the exchange rate value) of a currency is called a depreciation of that currency; a rise is an appreciation.the devaluation(the revaluation)：We refer t
13、o a discrete official reduction (rising) in the otherwise fixed par value of a currency as a devaluation (revaluation).arbitrage：The process of buying and selling to make a (nearly) riskless pure profit, ensures that rates in different locations are essentially the same, and that rates and cross-rat
14、es are related and consistent among themselves. biangular arbitrage：Buy currencies where they are cheap and simultaneously sell them where they are expensive. triangular arbitrage：There is an opportunity to make riskless profit by arbitraging through the three rates.basic rates：Basic rates represent
15、 the dollar price of various foreign currenciescross rates：the cross-rates are the rates between foreign currencies.C4exchange rate risk：the possibility of loss or gain of foreign exchange (currencies) assets (or liabilities) held by persons because of changes of exchange rates.international investm
16、ent with cover：if the rate at which the future sale of foreign currency will occur is locked in now through a forward exchange contract, we have. international investment without cover： involves investing in a financial asset denominated in a foreign currency without hedging or covering the future p
17、roceeds of the investment back into ones own currency. hedging：Hedging a position exposed to rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency. hedgers： are persons who have a home currency and seek a balance between their liabilities and a
18、ssets in foreign currencies. speculating：Speculating is the act of taking a net asset position (“long) or a net liability position (“short) in the foreign currency, thereby gambling on its future exchange value. speculators：A speculator is anybody who is willing to take a net position in a foreign c
19、urrency, whatever his motives or expectations about the future of the exchange rate. the forward premium：F = (f e)/e If F is positive, the pound is at a forward premium because it gains value between buying current spot pounds and selling current forward pounds. covered interest arbitrage：It is buyi
20、ng a countrys currency spot and selling that countrys currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on that countrys currency.covered interest parity：The condition Covered Interest Differential (CD) = 0 is re
21、ferred as covered interest parity. uncovered interest parity：The condition Expected Uncover Interest Differential (EUD) = 0 is called the uncovered interest parity. This parity is also called the “international Fisher effect,C5PPP： The principle that unit of currency will purchase the same basket of
22、 goods anywhere in the world the law of one price：A product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere.absolute PPP：Posits that a basket or bundle of tradable products will have the same cost in different countries if the cost is s
23、tated in the same currency. relative PPP：Posits that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time. overshooting：Investors can react rationally to news by driving the exchange rate past what they kno
24、w to be its ultimate long run equilibrium value. The actual exchange rate then moves slowly back to that long-run rate later on. That is, the short run the actual exchange rate overshoots its long-run value and then reverts back toward it. bandwagon effects：Some investors, especially for expectation
25、s regarding the near-term future (the next minutes, hours, days, or weeks), may expect that the recent trend in the exchange rate will continue. They extrapolate the recent trend into the future. nominal bilateral exchange rate： The regular market rate between two currencies. nominal effective excha
26、nge rate：A weighted average of the market rates across a number of foreign currencies. real bilateral exchange rate：Incorporate both the market exchange rate and the product price levels for two countries. real effective exchange rate：A weighted average of real bilateral exchange rates across a numb
27、er of foreign countries.C6convertible currency：the currency is fully convertible into foreign currency for all uses, for both trade in goods and services and international financial activities. exchange control：the government places some restrictions on the conversation of the domestic currency into
28、 foreign currency or vice versa. a clean float：The float of exchange rate which goes where private supply and demand drive it is called a clean float. a dirty float(a managed float)：The float of exchange rate which is generally floating but with official intervention is called a managed float (if you are an optimist, commendatory) or a dirty float (if you are a pessimist, derogatory). 第 6 页