国际金融 名词解释全

国际金融

名词解释

C2

balance of payments

：

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.

the current account

：

Records the values of goods and services sold and

purchased

abroad,

net

interest

and

other

factor

payments

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

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

ch

ange in the nation’s foreign assets minus foreign liabilities, also

known as net foreign investment.

the overall balance

：

equals the sum of the current account balance and

the private capital account balance.

（算式）

the international investment position

: is a statement of the stocks of

a nation’s 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

foreign

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

by

the

IMF

for

internal accounting

purposes.

The

SDR

is

also

used

by

some

countries

as

a

peg

for

their

own

currency,

and

is

used

as

an

international

reserve asset.

C3

foreign

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 in terms of foreign currencies.

exchange rate

：the price of one nation’s money in terms of another

nation’s 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 the 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 exchanged 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 is 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

intervention 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

they

choose

differs

from

the

current

equilibrium rate.

the

depreciation(the

appreciatio n)

：

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

to

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-rates

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 the dollar price of various foreign

currencies

cross rates

：

the cross-rates are the rates between foreign currencies.

C4

exchange 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

investment

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 proceeds

of the investment back into one’s own