-
1.
balance
of
< br>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.
we
add
up
all
the
items
for
exports
and
imports
of
goods
and
services,we
get
the
goods
and
services
balance
.
net value of flows of goods, services,
income, and unilateral transfers is the
current account balance.
net value of flows of financial assets
and similar claims(including official
international reserve asset flows )
is
the private
financial 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.
country's current account balance must
equal
net foreign
investment.
overall balance
should
indicate whether a country's balance of payments
has achieved an overall pattern
that is
sustainable over time.
official
settlements
balance
measures
the
sum
of
the
current
account
balance
plus
the
(nonofficial)
financial
account balance.
menting
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
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 is
a
foreign currency.
21
.
forward
foreign exchange contract
:an agreement
to exchange one currency for another on some date
in the f
uture 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
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)
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
approach
to 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
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