货币银行学名词解释

货币银行学名词解释

Chapter2: An Overview of the Financial System

一级市场：筹集资金的公司或政府机构将其新发行的股票或债券等证券销售给最初购买者的金融市场。

Primary market:A financial market in which new issues of a security are sold to initial buyers by the corporation or government agency borrowing the funds.

二级市场：交易已经发行的证券的金融市场。

Secondary market:A financial market in which securities that have been previously issued can be resold.

场外市场：二级市场的一种组织形态，即分处各地的拥有证券存货的交易商随时向与它们联系并愿意接受它们报价的人在柜台上买卖证券。

Over-the-counter (OTC) market: A method of organizing a secondary market in which dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over-the-counter” to anyone who comes to them and is willing to accept their prices.

货币市场：交易短期债务工具（通常原始期限为1年以下）的金融市场。

Money market:A financial market in which only short-term debt instruments (generally those with original maturity of less than one year) are traded.

资本市场：交易长期债务工具（通常原始期限在1年或1年以上）与股权工具的金融市场。

Capital market:The market in which longer-term (generally those with original maturity of one year or greater) and equity instruments are traded.

逆向选择：在交易之前，信息不对称所导致的问题。金融市场上的逆向选择是指，那些最可能造成不利（逆向）后果，即制造信贷风险的潜在借款人，往往是那些最积极寻求贷款，并且最可能获取贷款的人。

Adverse selection:The problem created by asymmetric information before the transaction occurs.Adverse selection in financial markets occurs when the potential borrowers who are the most likely to produce an undesirable (adverse) outcome–the bad credit risks–are the ones who most actively seek out a load and are thus most likely to be selected.

道德风险：在交易之后，信息不对称所导致的问题。金融市场上的道德风险是指，借款人从事不利于贷款人（不道德）活动的风险，因为这些活动增大了贷款无法清偿的概率。

Moral hazard:The problem created by asymmetric information after the transaction occurs.

Moral hazard in financial markets is the risk (hazard) that the borrower might engage in activities that are undesirable (immoral) from the lender’s point of view, because they make it less likely that the loan will be paid back.

外国债券：在国外发行并以发行国货币计价的债券。

Foreign bonds:Bonds sold in a foreign country and are denominated in that country’s

currency.

欧洲债券：在外国市场上发行，但并非以发行国货币计价的债券。

Eurobonds:A bond denominated in a currency other than that of the country in which it is sold.

欧洲货币：存放在本国之外的银行的外国货币。

Eurocurrencies:Foreign currencies deposited in banks outside the home country.

欧洲美元：存放在美国之外的外国银行或美国银行的国外分支机构的美元。Eurodollars:U.S. dollars deposited in foreign banks outside the United States or in foreign branches of U.S. banks.

Chapter4: Understanding Interest Rates

息票债券：在到期日之前每年向债券持有人支付定额的利息（息票利息），到期时再偿还事先规定的最终金额（债券面值）的债券。

Coupon bond:A coupon bond pays the owner of the bond a fixed interest payment (coupon payment) every year until the maturity date, when a specified final amount (face value or par value) is repaid.

贴现发行债券或零息债券：购买价格低于其面值（贴现发行），到期时按照面值偿付的债券。Discount bond (zero-coupon bond): A bond bought at a price below its face value (at a discount), and the face value is repaid at the maturity date.

统一公债或永续债：没有到期日、不必偿还本金、永远只需要支付固定的息票利息的永久性债券。

Consol or perpetuity: A perpetual bond with no maturity date and no repayment of principal that makes fixed coupon payments forever.

到期收益率：使债务工具所有未来回报的现值等于其今天的价值的利率。

Yield to maturity:The interest rate that equates the present value of cash flow payments received from a debt instrument with its value today.

当期收益率：年息票利息ii CC除以证券价格。

Current yield:The ratio that ii CC, the yearly coupon payment divided by the price of the security.

贴现基础上的收益率（贴现收益率）：定义式为ii dddd=FF?PP FF×360到期天数的收益率。

Yield on a discount basis (discount yield):The interest rate quoted because of the difficulty to calculate interest rates as a yield to maturity, defined by the formula ii dddd= FF?PP FF×360

dddddddd tttt mmddttmmmmmm tt dd.

Chapter5: The Behavior of Interest Rates

费雪效应：预期通货膨胀率的上升会引起利率的上升。

Fisher effect:When expected inflation rises, interest rates will rise.

Chapter 6: The Risk and Term Structure of Interest Rates

利率的期限结构：具有不同到期期限的债券之间的利率联系。

Term structure of interest rates:The relationship among interest rates on bonds with different terms to maturity.

收益率曲线：期限不同，但风险、流动性和税收政策相同的债券的收益率连接成的一条曲线。Yield curve:A plot of the yields on bonds with differing terms to maturity but the same risk, liquidity, and tax considerations.

预期理论：长期债券的利率等于在其有效期内人们所预期的短期利率的平均值。Expectations theory:The interest rate on a long-term bond will equal an average of the short-term interest rates that people expect to occur over the life of the long-term bond.

分割市场理论：不同到期期限的债券市场是完全独立和相互分割的，每种债券的利率取决于该债券的供给与需求，其他到期期限的债券的预期回报率对此毫无影响。

Segmented markets theory:Markets for different-maturity bonds are completely separate and segmented. The interest rate for each bond with a different maturity is determined by the supply of and demand for that bond, with no effects from expected returns on other bonds with other maturities.

流动性溢价理论：长期债券的利率应当等于两项之和，第一项是长期债券到期之前预期短期利率的平均值，第二项是随债券供求状况变动而变动的流动性溢价（期限溢价）。

Liquidity premium theory:The interest rate on a long-term bond will equal an average of short-term interest rates expected to occur over the life of the long-term bond plus a liquidity premium (term premium) that responds to supply and demand conditions for that bond.

Chapter 9: Banking and the Management of Financial Institutions

表外业务：金融工具交易和收费、出售贷款等并不反映在银行的资产负债表中，但确实会影响银行利润的业务。

Off-balance-sheet activities: Off-balance-sheet activities involve trading financial instruments and generating income from fees and loan sales, activities that affect bank profits but do not appear on bank balance sheets.

Chapter 13: Multiple Deposit Creation and the Money Supply Process

高能货币：即基础货币，等于流通中的现金CC加上银行体系的准备金总额RR。

High-powered money: Monetary base, equals currency in circulation CC plus the total reserves in baking system RR.

浮款：美联储进行支票清算时，往往先在支票存入行贷记支票金额（即增加该银行的准备金），之后才借记支票签发行的账户（减少该银行的准备金）。在美联储支票清算过程中，出现了银行体系准备金总额的暂时性增加（进而基础货币也暂时性增加）称为浮款。

Float:When the Fed clears checks for banks, it often credits the amount of the check to a bank that has deposited it (increases the bank’s reserves) but only later debits (decreases the reserves of) the bank on which the check is drawn. The resulting temporary net increase in the total amount of reserves in the banking system (and hence in the monetary base) occurring from the Fed’s check-clearing process is called float.

Chapter 14: Determinants of the Money Supply

货币乘数：基础货币的既定变动所引起的货币供给变动的比率。

Money multiplier:A ratio that relates the change in the money supply to a given change in the monetary base.

Chapter 15: Tools of Monetary Policy

联邦基金利率：银行间隔夜准备金贷款利率。

Federal funds rate:The interest rate on overnight loans of reserves from one bank to another.

能动性公开市场操作：旨在改变准备金和基础货币规模的公开市场操作。

Dynamic open market operations:Open market operations intended to change the level of reserves and the monetary base.

防御性公开市场操作：旨在抵消影响准备金和基础货币的其他因素（例如在美联储的财政存款和浮款）变动的公开市场操作。

Defensive open market operations:Open market operations intended to offset movements in other factors that affect reserves and the monetary base, such as changes in Treasury deposits with the Fed or changes in float.

回购协议：在回购协议中，美联储购买证券，而卖出方承诺在短期内（从购买之日起1～15天内）买回这些证券。

Repurchase agreement (repo):In a repo, the Fed purchases securities with an agreement that the seller will repurchase them in a short period of time, anywhere from one to fifteen days from the original date of purchase.

再买回交易（逆回购协议）：美联储出售证券，买方承诺在不久的将来将这些证券回售给美

联储。

Matched sale-purchase transaction (reverse repo): When the Fed wants to conduct a temporary open market sales, it engages in a reverse repo in which the Fed sells securities and the buyer agrees to sell them back to the Fed in the near future. Chapter 16: What Should Central Banks Do? Monetary Policy Goals, Strategy and Tactics

货币政策目标：货币政策所要达到的最终目标，如价格稳定、高就业、经济增长、金融市场稳定、利率稳定、外汇市场稳定等。

Goal of monetary policy:The ultimate goals that monetary policy attempts to achieve, such as price stability, high employment, economic growth, stability of financial markets, interest-rate stability, and stability in foreign exchange markets.

名义锚：一个钉住价格水平的名义变量，如通货膨胀率或货币供给量，常用于稳定价格水平。

Nominal anchor:A nominal variable such as the inflation rate or the money supply, which ties down the price level. A central element in successful monetary policy is the use of a nominal anchor to achieve price stability.

Chapter 17: The Foreign Exchange Market

汇率超调：货币供给增加引起的短期汇率贬值程度大于长期汇率贬值程度。

Exchange rate overshooting:The phenomenon in which the exchange rate falls by more in the short run than it does in the long run when the money supply increases. Chapter 18: The International Financial System

非冲销性外汇干预：中央银行买卖本国货币以对基础货币施加影响。

Unsterilized foreign exchange intervention:The intervention in which a central bank allows the purchase or sale of domestic currency to have an effect on the monetary base.

冲销性外汇干预：伴随有对冲性公开市场操作的外汇干预，这种干预不影响基础货币。

Sterilized foreign exchange intervention: A foreign exchange intervention with an offsetting open market operation that leaves the monetary base unchanged.