国际金融 名词解释(英语)

1. balance of payments (国际收支平衡表):the set of accounts recording all flows of value between a nation's residents and the residents of the rest of the world during a period of time.

2. credit item:(贷方项目) is an item for which the country must be paid.

3. debit item（借方项目）is an item for which the country must pay.

4.If we add up all the items for exports and imports of goods and services,we get the goods and services balance .

5.the net value of flows of goods, services, income, and unilateral transfers is the current account balance.

6.The net value of flows of financial assets and similar claims(including official international reserve asset flows ) is the privatefinancial account balance.

7. Official international reserve assets are money –like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.

8.the country's current account balance must equal net foreign investment.

9.The overall balanceshould indicate whether a country's balance of payments has achieved an overall pattern that is sustainable over time.

10.The official settlements balance measures the sum of the current account balance plus the (nonofficial) financial account balance.

11.Complementing the balance of payments accounts(which record flows of transactions) is a balance sheet called the international investment position,a statement of stocks of a nation's international assets and foreign liabilities at a point in time ,usually the end of a year.

12. foreign exchange :the act of trading different nations' moneys.

13.exchange rate:the price of one nation’s money in terms of another nation’s money.

14.spot exchange rate:the price for "immediate"exchange.

15. forward exchange rate:the price set now for an exchange that will take place something in future.

16. 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-rates are relates and consistent among themselves.

17.triangular arbitrage:an opportunity to make a riskless profit by arbitraging through the three rate—a process called triangular arbitrage .

18.exchange-rate risk :if the value of the person’s income,wealth,or net worth changes when exchange rates change unpredictably in the future.

19. Hedging :a position exposed to rate risk,here exchange-rating risk

the act of reducing a eliminating a net asset or a net liability position in the foreign currency

20. speculating :act of taking a net asset position(long)or a net liability position(short)in some asset class.here is a foreign currency.

21. forward foreign exchange contract:an agreement to exchange one currency for another on some date in the future at a price set

22. covered international investmen t:her pound liability in the forward contract matches her pound asset position,so she has hedged her exposure to exchange-rate risk.

23. uncovered international investment:she does not know for sure what this future spot exchange rate will be,so her investment is exposed to exchange-rate risk

24. covered interest differential(CD):CD=(1+iuk)*f/e－(1+ius) CD=F+(iuk－ius) F=(f－e)/e CD>0 国内投资CD ＜0国外投资

25. covered interest parity:the opportunities to make arbitrage profits would be self-eliminating because rates would adjust so that the covered interest differential were driven to zero.1.A currency is at a forward premium(discount)by as much as its interest rate is lower (higher)than the interest rate in the other country

2.The overall covered return on a foreign-currency investment equals the return on a comparable domestic-currency investment

expected uncovered interest differential(EUD):EUD=(1+iuk)*e∧ex/e－(1+ius)

26. uncovered interest parity:1.A currency is expected to appreciate(depreciate)by as much as its interest rate is lower(higher)than the interest rate in the other country (for instance,expected appreciation of the pound=ius－iuk)2.The expected overall uncovered return on the foreign-currency investment equals the return on the domestic-currency investment(expected appreciation+iuk=ius)

27. The asset market approachto exchange rates emphasizes the role of portfolio repositioning by international financial investors. As demand for and supply of financial assets denominated in different currencies shift around, these shifts place pressure on the exchange rates among the currencies.

28. The exchange-rate value of a foreign currency (e) is raised in the short run by the following changes: A rise in

the foreign interest rate relative to our interest rate(; A rise in the expected future spot exchange rate().

29. The concept of purchasing power parity (PPP) contains our core understanding of the relationship between product prices and exchange rates in the long run.

30. The monetary approach to exchange ratesemphasizes the importance of money supplies and demands as key to understanding the determinants of exchange rates.

31. The law of one price posits that a product that is easily and freely trade in a perfectly competitive global market should have the same price everywhere, once the prices at different places are expressed in the same currency.( heavily traded commodities)

32. The absolute purchasing power parity posits that a basket or bundle of tradable products will have the same cost in different countries if the cost is stated in the same currency.

33. Relative purchasing power parity 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.

34. The quantity theory equation says that in any country the money supply is equated with the demand for money, which is directly proportional to the money value of gross domestic product.

35. Overshooting: in the short run the actual exchange rate overshoots its long-run value and then reverts back toward it.

36. Exchange control: the government place some restrictions on use of the foreign exchange market.

37. Capital control: place limits or require approvals for payments related to some(or all) international financial activities.

38. Clean float: if government policy lets the market determine the exchange rate, the rate is free to go wherever the market equilibrium is at that time.

39. Official intervention: the government often tries to have a direct impact on the rate.

40. An exchange rate that is generally floating but with the government willing to intervene to attempt to influence the market rate: managed float (an optimist) or dirty float (a pessimist).

41. Special drawing right (SDR):a basket of the five major currencies in the world.

42. Pegged exchange rate: in recognition the government has some ability to move the peg value.

43. Adjustable peg : in the face of a substantial or “fundamental” disequilibrium in the country’s international position, the government may change the pegged-rate value.

44. Crawling peg:the peg value is changed often according to a set of indicators or according to the judgment of the government monetary authority.

45. The gold standard was a type of fixed exchange-rate system, in which each currency was tied to gold. In this period, Britain was central to the system.

46. The Bretton Woods system was a type of adjustable pegged exchange-rate system. In this period, U.S. was central to the system.

47. The current exchange-rate system is usually called a type ofnonsystem e xchange-rate system.