國際金融 名詞解釋(英語)

2023年12月9日發(作者：慰問信格式)

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國際金融 名詞解釋(英語)

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e of payments(國際收支平衡表):the t 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.

item:(貸方項目) is an item for which the country must be paid.

item（借方項目）is an item for which the country must pay.

we add up all the items for exports and imports of goods and rvices,we get the goods and rvices

balance.

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

net value of flows of financial asts and similar claims(including official international rerve ast flows )

is the private financial account balance.

al international rerve asts are money–like asts 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 ttlements 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 asts and foreign

liabilities at a point in time ,usually the end of a year.

n exchange :the act of trading different nations' moneys.

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

exchange rate:the price for "immediate"exchange.

d exchange rate:the price t now for an exchange that will take place something in future.

age:the process of buying and lling to make a (nearly) riskless pure profit ensures that rates in

different locations are esntially the same ,and that rates,and cross-rates are relates and consistent among

themlves.

ular arbitrage:an opportunity to make a riskless profit by arbitraging through the three rate—a process

called triangular arbitrage .

ge-rate risk:if the value of the person’s income,wealth,or net worth changes when exchange rates

change unpredictably in the future.

g:a position expod to rate risk,here exchange-rating risk

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

ating :act of taking a net ast position(long)or a net liability position(short)in some ast is a foreign currency.

d foreign exchange contract:an agreement to exchange one currency for another on some date in the future at a price t

d international investment:her pound liability in the forward contract matches her pound ast

position,so she has hedged her exposure to exchange-rate risk.

red international investment:she does not know for sure what this future spot exchange rate will

be,so her investment is expod to exchange-rate risk

d interest differential(CD):CD=(1+iuk)*f/e－(1+ius) CD=F+(iuk－ius) F=(f－e)/e CD>0 國內投資CD＜0國外投資

d interest parity:the opportunities to make arbitrage profits would be lf-eliminating becau 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)

red 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)

ast market approach to exchange rates emphasizes the role of portfolio repositioning by international

financial investors. As demand for and supply of financial asts denominated in different currencies shift

around, the shifts place pressure on the exchange rates among the currencies.

exchange-rate value of a foreign currency (e) is raid in the short run by the following changes: A ri in

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

concept of purchasing power parity (PPP) contains our core understanding of the relationship between

product prices and exchange rates in the long run.

monetary approach to exchange rates emphasizes the importance of money supplies and demands as

key to understanding the determinants of exchange rates.

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 expresd in the same

currency.( heavily traded commodities)

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.

ve purchasing power parity posits that the difference between changes over time in product-price

levels in two countries will be offt by the change in the exchange rate over this time.

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.

ooting: in the short run the actual exchange rate overshoots its long-run value and then reverts back

toward it.

ge control: the government place some restrictions on u of the foreign exchange market.

l control: place limits or require approvals for payments related to some(or all) international financial

activities.

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.

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

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).

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

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

able peg: in the face of a substantial or “fundamental” diquilibrium in the country’s international

position, the government may change the pegged-rate value.

ng peg: the peg value is changed often according to a t of indicators or according to the judgment of

the government monetary authority.

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.

Bretton Woods system was a type of adjustable pegged exchange-rate system. In this period, U.S. was

central to the system.

current exchange-rate system is usually called a type of nonsystem exchange-rate system.

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