2 finacing international trade
国际金融管理第七章 国际企业现金管理
Face value of B/A Letter of Credit
Importer’s Bank
Shipping Documents and time draft accepted
Exporter’s
Payment-discounted value of B/A
Bank
进口商
申通 请 知赎 开 到单 证单
10
The overall goal
To reduce funds tied up in working capital while simultaneously providing sufficient funding and liquidity for the conduct of global business.
current assets (cash balances, accounts receivable, and inventory)
current liabilities (accounts payable and short-term debt)
when faced with political, foreign exchange, tax, and liquidity constraints.
Sources of Debt
New Issues Cash Dividends
Stockholders
12
国际企业的营运资本管理
与国内企业一样,国际企业的营运资本管理也是关 于 能 最 大 化 企 业 价 值 的 流 动 资 产 ( current assent)—现金,有价证券,应收帐款与存货组合的 选择.
两者的差别主要在于各自所处的经济环境中的货币 流动,外汇管制和税收制度的影响不同,以及可供选 择的短期融资与投资的范围不同.
国际金融英文版课后答案
International Finance 国际金融Notes to the ans wers:1、All the terms can be found in the text.2、The discussions can be attained by reading the original text.Chapter 1Answers:II. T T F F F T TIII. 1. reserve currency 2. appreciate 3. was pegged to 4. deficit 5. fixed exchange rates 6. floating exchange rates 7. depreciate 8. market forcesIV. 1. Confidence in the ability of the U.S. to redeem dollars for gold began to fall as potential claims against the dollar increased and U.S. gold reserves fell.2.Under the fixed exchange rate system, the value of the dollar was tied to gold through itsconvertibility in to gold at the U.S. Treasury, and other nations’ currencies were tied to the dollar by the maintenance of a fixed rate of exchange.3.IMF has adjusted its role in the exchange rate system in view of the development of thesituation.4.After the collapse of the Bretton Woods System, the task of ―rigorous monitoring‖theexchange rate policy of member countries fell on the shoulder of IMF.5.Under normal conditions the stabilizing operations were sufficient to contain short-runfluctuations in a currency’s price within the required bounds of 1% of par value and thereby maintain a system of fixed exchange rates.Chapter 2Answers:I. liquid, turnover, due to, hedge, cross trading, electronic broking, outright forwards,Over-the-counter, futures and options, derivatives, remainder.II.. 1. The fundamental changes occurred in post-war world economy. The international flow of commodities, capital and labor is intensifying, thus leading to integration of international markets.1.Often referred to as ―financial institutions with a soul‖, credit unions are member-ownedcooperatives that offer checking accounts, savings accounts, credit cards, and consumer loans.2.If you think the price of gold will rise, you can buy a most simple kind of financial derivativewhich is called ―futures‖. If by that time the price really goes up, then you make a gain. But if you make a wrong guess and the price declines, then you suffer a loss.3.Financial derivatives are financial commodities deriving from such spot market products asinterest rate or bond, foreign exchange or foreign exchange rate and sto ck or stock indexes.There are mainly three types of derivatives: futures, options and swaps, each of which involves a mix of financial contracts.panies and investment funds are using basic currency futures and currency options, onesthat are regarded as traditional hedging products for investors who want to protect their international assets from sharp gains and declines in currency prices.Chapter 3Answers：II. 1. deposit accounts 2. securitization 3. Deregulation 4. consolidation 5. portfolio 6. thrift institutions 7. listing 8. liquidity 9. banking supervision 10. Credit riskIII. 1. Depository institutions 2. commercial banks 3. credit analysis 4. working capital 5. consolidation 6. financing 7. moral hazard 8. Bank supervision and regulation 9. Credit risk 10. Liquidity riskIV. 1. If a bank’s base rate was below money market rates, a customer could borrow from a bank and lend these funds to the money market, thus making a profit on the deal.2.Financing of international trade is one of the basic functions of a commercial bank. Not onlydoes it father deposits (demand, time and savings accounts), but it also grants loans.3.If you have a credit card, you buy a car, eat a dinner, take a trip,a nd even get a haircut bycharging the cost to your account.4.As the central bank and under the leadership of the State Council, the People’s Bank ofChina will formulate and implement monetary policies, execute supervision and control power over the banking industry.5.One of major function of the central bank is the supervision of the clearing mechanis m. Areliable clearing mechanis m which can settle inter-bank transaction with high efficiency is crucial to a well-operated financial system.Chapter 4 Ans wers:II. 1．integrity 2. pretext 3. released 4. produce 5. facilities 6. obliged 7. alleging 8. Claims 9. cleared 10. deliveryIII. 1. in favor of 2. consignment 3. undertaking, terms and conditions 4. cleared 5. regardless of 6. obliged to 7. undervalue arrangement 8. on the pretext of 9. refrain from 10. hinges onIV. 1. The objective of documentary credits is to facilitate international payment by making use of the financial expertise and credit worthiness of one or more banks.2.In compliance with your request, we have effected insurance on your behalf and debited youraccount with the premium in the amount of $1000.3.When an exporter is trading regularly with an importer, he will offer open account terms.4.Exporters usually insist on payment by cash in advance when they are trading with oldcustomers.5.Cash in advance means that the exporter is paid either when the importer places his order orwhen the goods are ready for shipment.Chapter 5.II．1. b 2. c 3. c 4. a 5. b 6. b 7. a 8. cIII. 1. guaranteed 2. without recourse 3. defaults 4. on the buyer’s account 5. is equivalent to 6. in question 7. devaluation 8. validity 9. discrepancy 10. inconsistent withChapter 6Answers:II. 1. open account, creditworthiness 2. demand 3. draw on, creditor 4. protest 5. schedule, discrepancies 6. acceptance 7. drawee 8. guranteedIII. 1. collecting bank 2. tenor 3. the proceeds 4. protest 5. deferred payment 6. presentation 7. the maturity date 8. a document of title 9. the shipping documents 10. transshipmentIV. 1. Documentary collection is a method by which the exporter authorizes the bank to collect money from the importer.2.When a draft is duly presented for acceptance or payment but the acceptance or paymentis refused, the draft is said to be dishonored.3.In the international money market, draft is a circulative and transferable instrument.Endorsement serves to transfer the title of a draft to the transferee.4.A clean bill of lading is favored by the buyer and the banks for financial settlementpurposes.5.Parcel post receipt is issued by the post office for goods sent by parcel post. It is both areceipt and evidence of dispatch and also the basis for claim and adjustment if there is any damage to or loss of parcels.Chapter 7II. financing, discounting, factoring, forfaiting, without recourse, accounts receivable, factor, trade obligations, promissory notes, trade receivables, specialized.III. 1. a cash flow disadvantage 2. without recourse 3. negotiable instruments 4. promissory notes 5. profit margin 6. at a discount, maturity, credit risk 7. A bill of exchange, A promissory noteIV. 1. When a bill is dishonored by non-acceptance or by non-payment, the holder then has an immediate right of recourse against the drawer and the endorsers.2.If a bill of lading is made out to bearer, it can be legally transferred without endorsement.3.The presenting bank should endeavor to ascertain the reasons non-payment ornon-acceptance and advise accordingly to the collecting bank.4.Any charges and expenses incurred by banks in connection with any action for protection o fthe goods will be for the account of the principal.5.Anyone who has a current account at a bank can use a cheque.Chapter EightStructure of the Foreign Exchange Market外汇市场的构成1. Key Terms1）foreign exchange：―Foreign exchange‖ refers t o money denominated in the currency of another nation or group of nations.2）payment“payment”is the transmission of an instruction to transfer value that results from a transaction in the economy.3）settlement―settlement‖ is the final and uncondit ional transfer of the value specified in a payment instruction.2. True or False1) true 2) true 3) true 4) true1)Tell the reasons why the dollar is the market's most widely tradedcurrency?key points: U.S.A economic background; the leadership of USD in the world economy ; the role it plays in investment , trade, etc.2)What kind of market is the foreign exchange market?Make reference to the following parts:（8.7 The Market Is Made Up of An International Network of Dealers）Chapter 9Instruments交易工具1. Key Terms1) spot transactionA spot transaction is a straightforward (or ―outright‖) exchange of one currency for another. The spot rate is the current market price, the benchmark price.Spot transactions do not require immediate settlement, or payment ―on the spot.‖ By convention, the settlement date, or ―value date,‖is the second business day after the ―deal date‖ (or ―trade date‖) on which the transaction is agreed to by the two traders. The two-day period provides ample time for the two parties to confirm the agreement and arrange the clearing and necessary debiting and crediting of bank accounts in various international locations.2) American termsThe phrase ―American terms‖means a direct quote from the point of view of someone located in the United States. For the dollar, that means that the rate is quoted in variable amounts of U.S. dollars and cents per one unit of foreign currency (e.g., $1.2270 per Euro).3) outright forward transactionAn outright forward transaction, like a spot transaction, is a straightforward single purchase/ sale of one currency for another. The only difference is that spot is settled, or delivered, on a value date no later than two business days after the deal date, while outright forward is settled on any pre-agreed date three or more business days after the deal date. Dealers use the term ―outright forward‖ to make clear that it is a single purchase or sale on a future date, and not part of an ―FX swap‖.4) FX swapAn FX swap has two separate legs settling on two different value dates, even though it is arranged as a single transaction and is recorded in the turnover statistics as a single transaction. The two counterparties agree to exchange two currencies at a particular rate on one date (the ―near date‖) and to reverse payments, almost always at a different rate, on a specified sub sequent date (the ―far date‖). Effectively, it is a spot transaction and an outright forward transaction going in opposite directions, or else two outright forwards with different settlement dates, and going in opposite directions. If both dates are less than one month from the deal date, it is a ―short-dated swap‖; if one or both dates are one month or more from the deal date, it is a ―forward swap.‖5) put-call parity―Put-call parity‖says that the price of a European put (or call) option can be deduced from the price of a European call (or put) option on the same currency, with the same strike price and expiration. When the strike price is the same as the forward rate (an ―at-the-money‖forward), the put and the call will be equal in value. When the strike price is not the same as the forward price, the difference between the value of the put and the value of the call will equal the difference in the present values of the two currencies.2. True or False1) true 2) true 3) true3. Cloze1) Traders in the market thus know that for any currency pair, if the basecurrency earns a higher interest rate than the terms currency, the currency will trade at a forward discount, or below the spot rate; and if the base currency earns a lower interest rate than the terms currency, the base currency will trade at a forward premium, or above the spot rate. Whichever side of the transaction the trader is on, the trader won't gain (or lose) from both the interest rate differential and the forward premium/discount. A trader who loses on the interest rate will earn the forward premium, and vice versa.2) A call option is the right, but not the obligation, to buy the underlyingcurrency, and a put option is the right, but not the obligation, to sellthe underlying currency. All currency option trades involve two sides—the purchase of one currency and the sale of another—so that a put to sell pounds sterling for dollars at a certain price is also a call to buy dollars for pounds sterling at that price. The purchased currency is the call side of the trade, and the sold currency is the put side of the trade. The party who purchases the option is the holder or buyer, and the party who creates the option is the seller or writer. The price at which the underlying currency may be bought or sold is the exercise , or strike, price. The option premium is the price of the option that the buyer pays to the writer. In exchange for paying the option premium up front, the buyer gains insurance against adverse movements in the underlying spot exchange rate while retaining the opportunity to benefit from favorable movements. The option writer, on the other hand, is exposed to unbounded risk—although the writer can (and typically does) seek to protect himself through hedging or offsetting transactions.4. Discussions1)What is a derivate financial instrument? Why is traded?2)Discuss the differences between forward and futures markets in foreigncurrency.3)What advantages do foreign currency futures have over foreigncurrency options?4)What is meant if an option is ―in the money‖, ―out of the money‖,or ―atthe money‖?5)What major international contracts are traded on the ChicagoMercantile Exchange ? Philadelphia Stock Exchange?Chapter 10Managing Risk in Foreign Exchange Trading外汇市场交易的风险管理1. Key Terms1) Market riskMarket risk, in simplest terms, is price risk, or ―exposure to (adverse)price change.‖ For a dealer in foreign exchange, two major elements of market risk are exchange rate risk and interest rate risk—that is, risks of adverse change in a currency rate or in an interest rate.2) VARVAR estimates the potential loss from market risk across an entire portfolio, using probability concepts. It seeks to identify the fundamental risks that the portfolio contains, so that the portfolio can be decomposed into underlying risk factors that can be quantified and managed. Employing standard statistical techniques widely used in other fields, and based in part on past experience, VAR can be used to estimate the daily statistical variance, or standard deviation, or volatility, of the entire portfolio. On the basis of that estimate of variance, it is possible to estimate the expected loss from adverse price movements with a specified probability over a particular period of time (usually a day).3) credit riskCredit risk, inherent in all banking activities, arises from the possibility that the counterparty to a contract cannot or will not make the agreed payment at maturity. When an institution provides credit, whatever the form, it expects to be repaid. When a bank or other dealing institution enters a foreign exchange contract, it faces a risk that the counterparty will not perform according to the provisions of the contract. Between the time of the deal and the time of thesettlement, be it a matter of hours, days, or months, there is an extension of credit by both parties and an acceptance of credit risk by the banks or other financial institutions involved. As in the case of market risk, credit risk is one of the fundamental risks to be monitored and controlled in foreign exchange trading.4) legal risksThere are legal risks, or the risk of loss that a contract cannot be enforced, which may occur, for example, because the counterparty is not legally capable of making the binding agreement, or because of insufficient documentation or a contract in conflict with statutes or regulatory policy.2. True or False1)True 2) true3. Translation1) Broadly speaking, the risks in trading foreign exchange are the same asthose in marketing other financial products. These risks can be categorized and subdivided in any number of ways, depending on the particular focus desired and the degree of detail sought. Here, the focus is on two of the basic categories of risk—market risk and credit risk (including settlement risk and sovereign risk)—as they apply to foreign exchange trading. Note is also taken of some other important risks in foreign exchange trading—liquidity risk, legal risk, and operational risk2) It was noted that foreign exchange trading is subject to a particular form ofcredit risk known as settlement risk or Herstatt risk, which stems in part from the fact that the two legs of a foreign exchange transaction are often settled in two different time zones, with different business hours. Also noted was the fact that market participants and central banks have undertaken considerable initiatives in recent years to reduce Herstatt risk.4. Discussions2)Discuss the way how V AR works in measuring and managing marketrisk?3)Why are banks so interested in political or country risk?4)Discuss other forms of risks which you know in foreign exchange. Chapter 11The Determination of Exchange Rates汇率的决定1. Key Terms1) PPPPurchasing Power Parity (PPP) theory holds that in the long run, exchange rates will adjust to equalize the relative purchasing power of currencies. This concept follows from the law of one price, which holds that in competitive markets, identical goods will sell for identical prices when valued in the same currency.2) the law of one priceThe law of one price relates to an individual product. A generalization of that law is the absolute version of PPP, the proposition that exchange rates will equate nations' overall price levels.3) FEER―fundamental equilibrium exchange rate,‖ or FEER,envisaged as the equilibrium exchange rate that would reconcile a nation's internal and external balance. In that system, each country would commit itself to a macroeconomicstrategy designed to lead, in the medium term, to ―internal balance‖—defined as unemployment at the natural rate and minimal inflation—and to ―external balance‖—defined as achieving the targeted current account balance. Each country would be committed to holding its exchange rate within a band or target zone around the FEER, or the level needed to reconcile internal and external balance during the intervening adjustment period.4) monetary approachThe monetary approach to exchange rate determination is based on the proposition that exchange rates are established through the process of balancing the total supply of, and the total demand for, the national money in each nation. The premise is that the supply of money can be controlled by the nation's monetary authorities, and that the demand for money has a stable and predictable linkage to a few key variables, including an inverse relationship to the interest rate—that is, the higher the interest rate, the smaller the demand for money.5) portfolio balance approachThe portfolio balance approach takes a shorter-term view of exchange rates and broadens the focus from the demand and supply conditions for money to take account of the demand and supply conditions for other financial assets as well. Unlike the monetary approach, the portfolio balance approach assumes that domestic and foreign bonds are not perfect substitutes. According to the portfolio balance theory in its simplest form, firms and individuals balance their portfolios among domestic money, domestic bonds, and foreign currency bonds, and they modify their portfolios as conditions change. It is the process of equilibrating the total demand for, and supply of, financial assets in each country that determines the exchange rate.2. True or False1) true 2) true3. Cloze1）PPP is based in part on some unrealistic assumptions: that goods are identical; that all goods are tradable; that there are no transportationcosts, information gaps, taxes, tariffs, or restrictions of trade; and—implicitly and importantly—that exchange rates are influenced only byrelative inflation rates. But contrary to the implicit PPP assumption,exchange rates also can change for reasons other than differences ininflation rates. Real exchange rates can and do change significantly overtime, because of such things as major shifts in productivitygrowth, advances in technology, shifts in factor supplies, changes inmarket structure, commodity shocks, shortage, and booms.2）Each individual and firm chooses a portfolio to suit its needs, based on a variety of considerations—the holder's wealth and tastes, the level ofdomestic and foreign interest rates, expectations of future inflation,interest rates, and so on. Any significant change in the underlying factorswill cause the holder to adjust his portfolio and seek a new equilibrium.These actions to balance portfolios will influence exchange rates.4. Discussions1）How does the purchasing power parity work?2）Describe and discuss one model for forecasting foreign exchange rates.3）Make commends on how good are the various approaches mentioned in the chapter.4）Central banks occasionally intervene in foreign exchange markets. Discuss the purpose of such intervention. How effective is intervention?Chapter 12The Financial Markets金融市场1. Key Terms1）money marketThe money market is really a market for short-term credit, or the option to use someone else's money for a period of time in return for the payment of interest. The money market helps the participants in the economic process cope with routine financial uncertainties. It assists in bridging the differences in the timing of payments and receipts that arise in a market economy.2）capital marketMarkets dealing in instruments with maturities that exceed one year are often referred to as capital markets.3）primary marketThe term ―primary market‖ applies to the original issuance of a credit market instrument. There are a variety of techniques for such sales, including auctions, posting of rates, direct placement, and active customer contacts by a salesperson specializing in the instrument4） secondary marketOnce a debt instrument has been issued, the purchaser may be able to resell it before maturity in a ―secondary market.‖ Again, a number of techniques are available for bringing together potential buyers and sellers of existing debt instruments. They include various types of formal exchanges, informal telephone dealer markets, and electronic trading through bids and offers on computer screens. Often, the same firms that provide primary marketing services help to create or ―make‖ secondary markets.5）RPsIn addition to making outright purchases and sales in the secondary market, entities with money to invest for a brief period can acquire a security temporarily, and holders of debt instruments can borrow short term by selling securities temporarily. These two types of transactions are repurchase agree-ments (RPs) and reverse RPs,respectively. In the wholesale market, banks and government securities dealers offer RPs at competitive rates of return by selling securities under contracts providing for their repurchase from one day to several months later6）BAs 7）CDs (reference to 13.1)8） EurodollarEurodollars are U.S. dollar deposits at banking offices in a country other than the United States.9） EurobankEurobanks—banks dealing in Eurodollar or some other nonlocal currency deposits, including foreign branches of U.S. banks— originally held deposits almost exclusively in Europe, primarily London. While most such deposits are still held in Europe, they are also held in such places as the Bahamas, Bahrain, Canada, the Cayman Islands, Hong Kong, Singapore, and Tokyo, as well as other parts of the world.10）LIBOR (reference to 13.2.2 Certificates of Deposit)London inter-bank offer rate11）mortgage-backed securities12）Eurobond market (details make reference to13.3.3 )The Eurobond market, centered in London, is an offshore market in intermediate- and long-term debt issues. It serves as a source of capital for multinational corporations and for foreign governments. It developed after the United States instituted the interest equalization tax in 1963 to stem capital outflows inspired by relatively low U.S. interest rates.2. True or False1) true 2) true 3) true3. Discussions1) Describe the characteristics of Interest Rate Swap and the role of it in thebank-related financial market.2) What risks are encountered in the swaps markets?3) Discuss one or two specific examples of derivative products and their use.4. Translations1) Markets dealing in instruments with maturities that exceed one year are often referred to as capital markets, since credit to finance investments in new capital would generally be needed for more than one year. The time division is arbitrary. A long-term project can be started with short-term credit, with additional instruments may need to be renewed before a project is completed. Debt instruments that differ in maturity share other characteristics. Hence, the term ―capital market‖ could be –and occasionally is applied to some shorter maturity transactions.2) The secondary market for Treasure securities consists of a network of dealers, brokers, and investors who effect transactions either by telephone or electronically. Telephone trades are generally between dealers and their customers. Electronics trading is arranged through screen-based systems provided by some of the dealers to their customers. It allows selected trades to take place without a conversation. When dealers trade with each other, they generally use brokers. Brokers provide information on screen, but the final trades are made bytelephone.Chapter 13Concepts of Financial Assets Value金融资产价值的概念1. Key Terms1) absolute measure of valueAn absolute measure of value is used when one must compare it to a nominal amount: purchase price, amount to invest, target sum of money to raise2) relative measure of valueA relative measure of rate of return is more convenient to use when one wishes to compare one financial asset to a set of numerous alternative assets. A rate of return is the most commonly used relative measure of value.3) discountingFuture benefits must be discounted (or converted) to their present (or today's) value, before they are summed. Discounting is part of the study of time value of money, or actuarial mathematics, and a complete treatment of it can be found in specialized textbook.4) time value of moneyTime value of money studies how amounts of money are made equivalent over time. Converting amounts today into their future equivalent consists in adding interest to principal, i.e. compounding. Converting amounts in the future into today's equivalent consists of charging an interest, i.e. discounting. Thus, discounting is the exact inverse of compounding.5) FV 6) PV 7) annuity8) short term securitiesShort term securities (i.e. securities with maturity less than one year) are sold at a discount (i.e. nominal value less the interest to be earned over the remaining number of days to maturity). There is no coupon, and no additional benefits such as conversion right, but there may be a penalty for early redemption in the case of some bank certificates of deposit.9) P/E ratio (make reference to 15.5.3 --Earnings Multiple or P/E Ratio)Another approach which is used as a short-cut by a large number of investors, is the earnings multiple. It is sometimes referred to as earningsmultiplier, and it is most commonly known as price-to-earnings or P/E ratio. In many instances, the approach, rather than being an oversimplification, can be an improvement over the previous format. In its most common presentation, the idea is that the price P of a share should be a multiple m of its earnings per share E. The multiple m is an industry average because it is assumed that all companies in an industry face similar marketing, technological and resource challenges, and thus, should have similar organizational and production patterns.10) intrinsic valueintrinsic value, or difference between market price of the underlying stock and strike price (which is also known as exercise price because it is the price at which an option holder can buy from or sell to the option writer the underlying stock through the options exchange)。
国际贸易英文版教材
作者、书名、出版社、出版年份、目录Thomas A．Pugel. International Economics(15th). Renmin University of China p ress. 2012-12CONTENTSChapter 1 International Economics Is DifferentFour ControversiesEconomics and the Nation-StateThe Scheme of This BookPART ONE THE THEORY OF INTERNATIONAL TRADEChapter 2 The Basic Theory Using Demand and SupplyFour Questions about TradeA Look AheadDemand and SupplyCase Study Trade Is ImportantGlobal Crisis The Trade Mini-Collapse of 2009Two National Markets and the Opening of TradeChapter 3 Why Everybody Trades: Comparative Advantage 33Adam Smith’s Theory of Absolute AdvantageCase Study Mercantilism: Older Than Smith—and Alive TodayRicardo’s Theory of Comparative AdvantageRicardo’s Constant Costs and the Producti on-Possibility CurveFocus on Labor Absolute Advantage Does MatterExtension What If Trade Doesn’t Balance?Chapter 4 Trade: Factor Availability and Factor Proportions Are KeyProduction with Increasing Marginal CostsCommunity Indifference CurvesProduction and Consumption TogetherFocus on China The Opening of Trade and China’s Shift Out of AgricultureThe Gains from TradeTrade Affects Production and ConsumptionWhat Determines the Trade Pattern?The Heckscher–Ohlin (H–O) TheoryChapter 5 Who Gains and Who Loses from Trade?Who Gains and Who Loses within a CountryThree Implications of the H–O TheoryExtension A Factor-Ratio ParadoxDoes Heckscher–Ohlin Explain Actual Trade Patterns?Case Study The Leontief ParadoxWhat Are the Export-Oriented and Import-Competing Factors?Focus on China China’s Exports and ImportsDo Factor Prices Equalize Internationally?Focus on Labor U.S. Jobs and Foreign Trade 86Chapter 6 Scale Economies, Imperfect Competition, and TradeScale EconomiesIntra-Industry TradeMonopolistic Competition and TradeExtension The Individual Firm in MonopolisticOligopoly and TradeExtension The Gravity Model of TradeChapter 7 Growth and TradeBalanced versus Biased GrowthGrowth in Only One FactorChanges in the Country’s Willingness to TradeCase Study The Dutch Disease and DeindustrializationEffects on the Country’s Terms of TradeTechnology and TradeFocus on Labor Trade, Technology, and U.S. WagesPART TWO TRADE POLICYChapter 8 Analysis of a TariffGlobal Governance WTO and GATT: Tariff SuccessA Preview of ConclusionsThe Effect of a Tariff on Domestic ProducersThe Effect of a Tariff on Domestic ConsumersThe Tariff as Government RevenueThe Net National Loss from a TariffExtension The Effective Rate of ProtectionCase Study They Tax Exports, TooThe Terms-of-Trade Effect and a Nationally Optimal TariffChapter 9 Nontariff Barriers to ImportsTypes of Nontariff Barriers to ImportsThe Import QuotaGlobal Governance The WTO: Beyond TariffsGlobal Crisis Dodging ProtectionismExtension A Domestic Monopoly Prefers a QuotaVoluntary Export Restraints (VERs)Other Nontariff BarriersCase Study VERs: Two ExamplesCase Study Carrots Are Fruit, Snails Are Fish, and X-Men Are Not HumansHow Big Are the Costs of Protection?International Trade DisputesFocus on China China’s First Decade in the WTOChapter 10 Arguments for and against ProtectionThe Ideal World of First BestThe Realistic World of Second BestPromoting Domestic Production or EmploymentThe Infant Industry ArgumentFocus on Labor How Much Does It Cost to Protect a Job?The Dying Industry Argument and Adjustment AssistanceThe Developing Government (Public Revenue) ArgumentOther Arguments for Protection: Non=economic ObjectivesThe Politics of Protection The Basic Elements of the Political-Economic Analysis Case Study How Sweet It Is (or Isn’t)Chapter 11 Pushing ExportsDumpingReacting to Dumping: What Should a Dumpee Think?Actual Antidumping Policies: What Is Unfair?Case Study Antidumping in ActionProposals for ReformExport SubsidiesWTO Rules on SubsidiesShould the Importing Country Impose Countervailing Duties?Case Study Agriculture Is AmazingStrategic Export Subsidies Could Be GoodGlobal Governance Dogfight at the WTOChapter 12 Trade Blocs and Trade BlocksTypes of Economic BlocsIs Trade Discrimination Good or Bad?The Basic Theory of Trade Blocs: Trade Creation and Trade DiversionOther Possible Gains from a Trade BlocThe EU ExperienceCase Study Postwar Trade Integration in EuropeNorth America Becomes a BlocTrade Blocs among Developing CountriesTrade EmbargoesChapter 13 Trade and the EnvironmentIs Free Trade Anti-Environment?Is the WTO Anti-Environment?Global Governance Dolphins, Turtles, and the WTOThe Specificity Rule AgainA Preview of Policy PrescriptionsTrade and Domestic PollutionTrans-border PollutionGlobal Environmental ChallengesChapter 14 Trade Policies for Developing CountriesWhich Trade Policy for Developing Countries?Are the Long-Run Price Trends against Primary Producers?Case Study Special Challenges of TransitionInternational Cartels to Raise Primary-Product PricesImport-Substituting Industrialization (ISI)Exports of Manufactures to Industrial CountriesChapter 15 Multinationals and Migration: International Factor MovementsForeign Direct InvestmentMultinational EnterprisesFDI: History and Current PatternsWhy Do Multinational Enterprises Exist?Taxation of Mul tinational Enterprises’ProfitsCase Study CEMEX: A Model Multinational from an Unusual PlaceMNEs and International TradeShould the Home Country Restrict FDI Outflows?Should the Host Country Restrict FDI Inflows?Focus on China China as a Host CountryMigrationHow Migration Affects Labor MarketsShould the Sending Country Restrict Emigration?Should the Receiving Country Restrict Immigration?Case Study Are Immigrants a Fiscal Burden?APPENDIXESA The Web and the Library: International Numbers and Other InformationB Deriving Production-Possibility CurvesC Offer CurvesD The Nationally Optimal Tariff周瑞琪. International Trade Practice. University of International Business and Economics press. 2011.9CONTENTSChapter One General Introduction（第一章导论）1.1 Reasons for International Trade （国际间贸易的起因）1.2 Differences between International Trade and Domestic Trade （国际贸易与国内贸易的差异）1.3 Classification of International Trade（国际贸易的分类）1.4 Export and Import Procedures（进出口贸易的程序）1.5 Overview of This Book （本书的基本内容）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Specimens（单证样本）Chapter Two International Trade Terms（第二章国际贸易术语）2.1 Three Sets of Rules （三种贸易术语的解释规则）2.2 Basics of Incoterms 2010 （2010年国际贸易术语解释通则基本概念）2.3 Application Issues（贸易术语在使用中应注意的问题）2.4 Determinants of Choice of Trade Terms （贸易术语选用的决定因素）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Chapter Three Export Price（第三章出口商品的价格）3.1 Expression of Export Price（出口价格的表达）3.2 Pricing Considerations（影响定价的因素）3.3 Calculation of Price（价格的计算）3.4 Understanding the Price（价格的评估）3.5 Communication of Price（价格的沟通）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Chapter Four Terms of Commodity（第四章商品条款）4.1 Name of Commodity （商品的名称）4.2 Specifying Quality（商品的品质）4.3 Measuring Quantity（商品的数量）4.4 Packing and Marking（商品的包装及标志）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Chapter Five Cargo Transportation（第五章国际货物运输）5.1 Ocean Transportation （海洋运输）5.2 Other Modes of Transportation （其他运输方式）5.3 Transportation Documents（运输单据）5.4 Shipment Clause in the Sales Contract（销售合同中的装运条款）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Specimens（单证样本）Chapter Six Cargo Transportation Insurance（第六章货物运输保险）6.1 Fundamental Principles of Cargo Insurance（货物保险的基本原则）6.2 Marine Risks and Losses（海上风险和损失）6.3 Coverage of Marine Cargo Insurance of CIC（我国海上货物保险范围）6.4 Coverage of Marine Cargo Insurance of ICC（协会货物保险范围）6.5 Other Types of Cargo Insurance（其他货物保险的种类）6.6 Procedures of Cargo Insurance（货物保险程序）6.7 Insurance Terms in the Sales Contract（销售合同中的保险条款）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Specimens（单证样本）Chapter Seven International Payments（第七章国际货款支付）7.1 Issues in Concern（影响支付条件的因素）7.2 Paying Instruments（支付工具）7.3 Remittance（汇付）7.4 Collection（托收）7.5 Basics of Letter of Credit（信用证基础知识）7.6 Types of Documentary Credit（跟单信用证的种类）7.7 Letter of Guarantee（L/G）（保函）7.8 Export Financing（出口融资）7.9 Payment Problems（支付中出现的问题）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Specimens（单证样本）Chapter Eight Export Documentation（第八章出口单证）8.1 Significance of Documentation（单证的重要性）8.2 Basic Requirements for Documentation（单证的基本要求）8.3 Prerequisites of Documentation（制单的依据）8.4 Export Documents（出口单证的种类）8.5 Clause Concerning Documents in the Sales Contract（销售合同中有关单证的条款）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Specimens（单证样本）Chapter Nine Inspection, Claim, Force Majeure and Arbitration（第九章商检、索赔、不可抗力和仲裁）9.1 Commodity Inspection（商品检验）9.2 Disputes and Claims（争议和索赔）9.3 Force Majeure（不可抗力）9.4 Arbitration（仲裁）Summary（总结）Key Terms（主要术语）Abbreviations（缩略语）Exercises（练习）Key to Exercises（练习答案）Glossary（词汇表）Appendix 1INCOTERMS 2010 （FOB, CFR, CIF）（附录12010年国际贸易术语解释通则（FOB，CFR，CIF））Appendix 2CISG 1980 （Part II）（附录2联合国国际货物销售合同公约1980（第二部分）) References （参考书目）帅建林. International Trade Practice. University of International Business and Economics press. 2007.9CONTENTSPart 1 OverviewChapter 1 Introduction to International TradeChapter 2 International Trade PolicyChapter 3 Trade Bloc and Trade BlockChapter 4 WTO :A Navigation GuidePart 2 Terms of International TradeChapter 5 International Trade TermsChapter Terms of CommodityChapter International Cargo TransportChapter 8 Cargo InsuranceChapter 9 Terms of PriceChapter 10 International Payment and SettlementChapter 11 Claims, Force Majeure and ArbitrationPart 3 International Trade ProcedureChapter 12 Launching a Profitable TransactionChapter 13 Business Negotiation and Establishment of ContractChapter 14 Exporting ElementsChapter 15 Importing ElementsChapter 16 DocumentationPart 4 Trade FormsChapter 17 Agency, Distribution and ConsignmentChapter 18 TendersChapter 19 Counter TradeChapter 20 Futures TradingChapter 21 E-CommerceAppendix Glossary of International Trade Terms with English-Chinese InterpretationsBibliographyPaul R.Krugman & Maurice Obstfeld. International Economics:Theory andPolicy,8E. Tsinghua University press. 2011-11Contents前言第1章绪论第1部分国际贸易理论第2章世界贸易：概览第3章劳动生产率和比较优势：李嘉图模型第4章资源、比较优势和收入分配第5章标准贸易模型第6章规模经济、不完全竞争和国际贸易第7章国际要素流动第2部分国际贸易政策第8章贸易政策工具第9章贸易政策中的政治经济学第10章发展中国家的贸易政策第11章贸易政策中的争论数学附录第4章附录要素比例模型第5章附录贸易下的世界经济第6章附录垄断竞争模模型张素芳，International trade: theory and practice. University of International Business & Economics Press, Beijing, 2010contentsSection I. International Trade Theory and PolicyCHAPTER 1.INTRODUCTION TO INTERNATIONAL TRADE1.The Reasons for International Trade1.1. Resources reasons1.2. Economic reasons1.3. Other reasons2. The Differences between International Trade and Domestic Trade'.'2.1. More plex context2.2. More difficult and risky2.3. Higher skills required3.Basic Concepts Relating to International Trade3.1. Visible trade and invisible trade3.2. Favorable balance of trade and unfavorable balance oft rade3.3. General trade system and special trade system3.4. Volume of international trade and quantum of international trade3.5. Commodity position of international trade3.6. Geographical position of international trade3.7. Degree of dependence on foreign tradeCHAPTER 2.CLASSICAL TRADE THEORIES1.Mercantilism1.1. The development of mercantilist thought1.2. The mercantilist economic system1.3. Economic policies pursued by the mercantilists1.4. Discussions2.David Hume's Challenge to Mercantilism2.1. Assumptions of price-specie=flow mechanism2.2. The price-specie-flow mechanism3.Adam Smith's Theory of Absolute Advantage3.1. Assumptions of Adam Smith's theory of absolute advantage3.2. Challenge to Mercantilism3.3. Example4.David Ricardo's Theory of Comparative Advantage4.1. The concept of parative advantage4.2. Example4.3. Analysis of the theory of parative advantage by using modemtools. CHAPTER 3.NEOCLASSICAL TRADE THEORIES.1.Gains from Trade in Neoclassical Trade Theory1.1. Increasing opportunity costs on the PPF1.2. General equilibrium and gains in autarky1.3. General equilibrium and gains after the introduction of international trade ...2.Reciprocal Demand Theory2.1. A country's offer curve2.2. Trading equilibrium2.3. Measurement of terms of trade3.Factor Endowment Theory3.1. Factor intensity in production3.2. Factor endowments, factor prices, and parative advantage3.3. Assumptions of the factor proportions theory.,3.4. The Heckscher-Ohlin theorem.:3.5. An example to illustrate H-O theorem.3.6. The factor price equalization theorem:3.7. The Stolper-Samuelson theorem4.The Leontief Paradox——An Empirical Test of the Factor Proportions Theory 4.1. The Leontief paradox.-4.2. Suggested explanations for the Leontief Paradox and related theories CHAPTER 4.POST-HECKSHER-OHLIN THEORIES OF TRADE1.The Product Cycle Theory1.1. The imitation lag hypothesis1.2. The product cycle theory2.The Linder Theory2.1. Assumptions of the Linder theory2.2. Trade es in the overlapping ranges of products ophistication.:3.Intra-Industry Trade Theory3.1. Explanations of intra-industry trade3.2. Measurement of intra-industry tradeCHAPTER 5.IMPORT PROTECTION POLICY: TARIFFS1.Types of Import Tariffs1.1. In terms of the means of collection1.2. In terms of the different tariff rates applied1.3. In terms of special purposes for collection2.The Effects of Import Tariffs2.1. Concepts of consumer surplus and producer surplus2.2. The welfare effects of import tariffs3.Measurement of Import Tariffs3.1. The 'height' of import tariffs3.2. Nominal versus effective tariff ratesCHAPTER 6.IMPORT PROTECTION POLICY: NON-TARIFF BARRIERS''1.Forms of Non-tariff Barriers.1.1. Quantity control measures1.2. Price control measures1.3. Para-tariff measures1.4. Finance measures1.5. Anti-petitive measures.,.1.6. Miscellaneous measures2.Effects of Non-tariff Barriers2.1. The effects of an import quota2.2. The effects of a subsidy to an import-peting industryCHAPTER 7.EXPORT PROMOTION AND OTHER POLICIES1.Export Subsidy and Production Subsidy1.1. Export subsidy and its effects1.2. Production subsidy and its effects.2.Other Export Promotion Policies2.1. Devaluation of home currency.2.2. Commodity dumping2.3. Bonded warehouse2.4. Special trade zone2.5. Export promotion programs3.Export Restrictions and Import Promotion Policies3.1. Export restrictions policies3.2. Import promotion policies4.Trade Sanctions4.1. Introduction to trade sanctions4.2. Effectiveness of trade sanctionsCHAPTER 8.ARGUMENTS AGAINST FREE TRADE1.Traditional Arguments against Free Trade1.1. Infant industry argument.1.2. Terms of trade argument1.3. Balance of trade argument1.4. Tariff to reduce aggregate unemployment argument1.5. Fair petition argument1.6. National security argument2.New Protectionism2.1. Tariff to extract foreign monopoly profit2.2. Export subsidy in duopoly3.The Political Economy of Trade Policy3.1. Median voter model3.2. Collective action theory.3.3. Contribution in political campaignsCHAPTER 9.REGIONAL ECONOMIC INTEGRATIONof Regional Economic Integration1.1. Preferential tariff arrangement1.2. Free trade area1.3. Customs union1.4. Common market.1.5. Economic union2.The Static and Dynamic Effects of Regional Economic Integration2.1. Static effects of regional economic integration2.2. Dynamic effects of regional economic integration3.Economic Integration in Europe, North America and Asia3.1. Economic integration in Europe……………………………………Chapter 10 International Cargo Transportation InsuranceChapter 11 International Trade PaymentChapter 12 Inspection,Claim,Force Majeure and ArbitrationChapter 13 Trade Negotiation and Formation of the ContractChapter 14 Implementation of the Contract丹尼斯·R·阿普尔亚德 & 小艾尔弗雷德·J·菲尔德 & 史蒂文·L·科布.国际贸易.中国人民大学出版社. 2012-7第1章国际经济学的世界第一部分古典贸易理论第2章早期的国际贸易理论：由重商主义向大卫·李嘉图的古典贸易理论的演进第3章大卫·李嘉图的古典贸易理论和比较优势第4章对古典贸易模型的扩充及验证第二部分新贸易理论第5章新古典贸易理论——基本分析工具的介绍第6章新古典贸易理论中的贸易利得第7章贸易提供曲线和贸易条件第8章贸易的基础：要素禀赋理论和赫克歇尔俄林模型第9章要素禀赋理论的实证分析第三部分贸易理论的扩展第10章后赫克歇尔俄林贸易理论与产业内贸易第11章经济增长与国际贸易第12章国际要素流动第四部分贸易政策第13章贸易政策工具第14章贸易政策的影响第15章对干涉主义贸易政策的争论第16章经济的政治因素与美国的对外贸易政策第17章经济一体化第18章国际贸易与发展中国家参考文献当我被上帝造出来时，上帝问我想在人间当一个怎样的人，我不假思索的说，我要做一个伟大的世人皆知的人。
国际业务基本概念及营销基础(20100916)
（二）、国际结算方式的分类
（四）按结算原因和支付用途划分
上述各种结算方式，在贸易项下按其发生结算 的原因和支付款项的用途分为货物贸易结算和服 务贸易结算。跟单托收、跟单信用证均系货物贸 易结算方式。旅行支票、旅行信用证、信用卡都 属于服务贸易结算方式。汇款保函、光票托收、 光票信用证、备用信用证则属于货物贸易和服务 贸易都可用的结算方式。
（二）、国际结算方式的分类
2、托收结算方式（Collection）按托收是否附有 货运单据，分为跟单托收和光票托收 3、信用证结算方式（Letter of Credit）按信用证 的不同用途和索汇依据，分为跟单信用证、光票 信用证、备用信用证、旅行信用证
（二）、国际结算方式的分类
4、保函结算方式（Letter of Guaranee）最常用 的保函是投标保函、履约保函、预付款保函、付 款保函等等。 5、旅行支票结算方式（Traveller’s Cheque）按 发行机构和票面货币，分为本币旅行支票、外币 旅行支票 6、信用卡结算方式（Credit Card）按使用区域 分为国际卡、地区卡。
（2）资本项目类账户 《中国工商银行安徽省分行营业部外汇投资项 下外汇资本金业务操作规程》工银皖营[2010]182 号。 开户银行凭客户提交的载有外汇局核准开户 信息的外汇登记证（IC卡），同时要求客户提交 营业执照、组织机构代码证、法人代表和经办人 的身份证复印件、开户申请等我行开户所必须的 资料。
（三）国际结算的风险及其规避
1、国际结算的风险 国际结算就是以货币形式结清不同国家当事人 之间的债权债务关系。这些债务关系的清偿往往 涉及不同的国家、不同的货币、不同的结算方式 和不同的结算工具等，由于自然的、政治的、军 事的、经济的、信用的原因，可能会发生一系列 风险，具体可分为如下几种：
产品周期中的国际投资和国际贸易【外文翻译】
外文翻译原文International Investment and International Trade in the Product Cycle Material Source: The Quarterly Journal of Economics, V ol. 80, No.2(may,1966)Author: Raymond VernonAs the demand for a product expands, a certain degree of standardization usually takes place.. This is not to say that efforts at product differentiation-come to an end. On the contrary; such efforts may even intensify, as competitors try to avoid the full brunt of price competition. Moreover, variety may appear as a result of specialization. Radios, for instance, ultimately acquired such specialized forms as clock radios, automobile radios, portable radios, and so on. Nevertheless, though the subcategories may multiply and the efforts at product differentiation increase, a growing acceptance of certain general standards seems to be typical.Once again, the change has lavational implications. First of all, the need for flexibility declines. A commitment to some set of product standards opens up technical possibilities for achieving economies of scale through mass output, and encourages long-term commitments to some given process and some fixed set of facilities. Second, concern about production cost begins to take the place of concern about product characteristics. Even if increased price competition is not yet present, the reduction of the uncertainties surrounding the operation enhances the usefulness of cost projections and increases the attention devoted to cost.The empirical studies to which I referred earlier suggest that, at this stage in an industry's development, there is likely to be considerable shift in the location of production facilities at least as far as internal United States locations are concerned. The empirical materials on international lavational shifts simply have not yet been analyzed sufficiently to tell us very much. A little speculation, however, indicates some hypotheses worth testing.Picture an industry engaged in the manufacture of the high income or labor-saving products that are the focus of our discussion. Assume that the industry has begun to settle down in the United States to some degree of large-scale production. Although the first mass market may be located in the United States,some demand for the product begins almost at once to appear elsewhere. For instance, although heavy fork-lift trucks in general may have a comparatively small market in Spain because of the relative cheapness of unskilled labor in that country, some limited demand for the product will appear there almost as soon as the existence of the product is known.If the product has a high income elasticity of demand or if it is a satisfactory substitute for high-cost labor, the demand in time will begin to grow quite rapidly in relatively advanced countries such as those of Western Europe. Once the market expands in such an advanced country, entrepreneurs will begin to ask themselves whether the time has come to take the risk of setting up a local producing facility.How long does it take to reach this stage? An adequate answer must surely be a complex one. Producers located in the United States, weighing the wisdom of setting up a new production facility in the importing country, will feel obliged to balance a number of complex considerations. As long as the marginal production cost plus the transport cost of the goods exported from the United States is lower than the average cost of prospective production in the market of import. United States producers will presumably prefer to avoid an investment. But that calculation depends on the producer's ability to project the cost of production in a market in which factor costs and the appropriate technology differ from those at home.Now and again, the lavational force which determined some particular overseas investment is so simple and so powerful that one has little difficulty in identifying it. Otis Elevator's early proliferation of production facilities abroad was quite patently a function of the high cost of shipping assembled elevator cabins to distant locations and the limited scale advantages involved in manufacturing elevator cabins at a single location.'' Singer's decision to invest in Scotland as early as 1867 was also based on considerations of a sort sympathetic with our hypothesis. It is not unlikely that the overseas demand for its highly standardized product was already sufficiently large at that tinge to exhaust the obvious scale advantages of manufacturing in a single location, especially if that location was one of high labor cost.In an area as complex and "imperfect" as international trade and investment, however, one ought not to anticipate that any hypothesis will have more than a limited explanatory power. United States airplane manufacturers surely respond to many "noneconomic" lavational forces, such as the desire to play safe in problems of military security. Producers in the United States who have a protected patent position overseas presumably take that fact into account in deciding whether orwhen to produce abroad. And other producers often are motivated by considerations too complex to reconstruct readily, such as the fortuitous timing of a threat of new competition in the country of import, the level of tariff protection anticipated for the future, the political situation in the country of prospective investment and so on.We arrive, then, at the stage at which United States producers have come around to the establishment of production units in the advanced countries. Now a new group of forces are set in train. In an idealized form. Figure I suggest what may be anticipated next.As far as individual United States producers are concerned, the local markets thenceforth will be filled from local production units set up abroad. Once these facilities are in operation, however, more ambitious possibilities for their use may be suggested. When comparing a United States producing facility and a facility in another advanced country, the obvious production-cost differences between the rival producing areas are usually differences due to scale and differences due to labor costs. If the producer is an international firm with producing locations in several countries, its costs of financing capital at the different locations may not be sufficiently different to matter very much. If economies of scale are being fully exploited, the principal differences between any two locations are likely to be labor costs. Accordingly, it may prove wise for the international firm to begin servicing third-country markets from the new location. And if labor cost differences are large enough to offset transport costs, then exports back to the United States may become a possibility as well.Any hypotheses based on the assumption that the United States entrepreneur will react rationally when offered the possibility of a lower-cost location abroad is, of course, somewhat suspect. The decision-making sequence that is used in connection with international investments, according to various empirical studies, is not a model of the rational process. But there is one theme that emerges again and again in such studies. Any threat to the established position of an enterprise is a powerful galvanizing force to action; in fact, if I interpret the empirical work correctly, threat in general is a more reliable stimulus to action than opportunity is likely to be.In the international investment field, threats appear in various forms once a large-scale export business in manufactured products has developed. Local entrepreneurs located in the countries which are the targets of these exports grow restive at the opportunities they are missing. Local governments concerned withgenerating employment or promoting growth or balancing their trade accounts begin thinking of ways and means to replace the imports. An international investment by the exporter, therefore, becomes a prudent means of forestalling the loss of a market. In this case, the yield on the investment is seen largely as the avoidance of a loss of income to the system.The notion that a threat to the status quo is a powerful galvanizing force for international investment also seems to explain what happens after the initial investment. Once such an investment is made by a United States producer, other major producers in the United States sometimes see it as a threat to the status quo. They see themselves as losing position relative to the investing company, with vague intimations of further losses to come. Their "share of the market" is imperiled, viewing "share of the market" in global terms. At the same time, their ability to estimate the production cost structure of their competitors, operating far away in an unfamiliar foreign area, is impaired; this is a particularly unsettling state because it conjures up the possibility of a return flow of products to the United States and a new source of price competition, based on cost differences of unknown magnitude. The uncertainty can be reduced by emulating the path finding investor and by investing in the same area; this may not be an optimizing investment pattern and it may be costly, but it is least disturbing to the status quo.Pieces of this hypothetical pattern are subject to empirical tests of a sort. So far, at any rate, the empirical tests have been reassuring. The office machinery industry, for instance, has seen repeatedly the phenomenon of the introduction of a new product in the United States, followed by United States exports, followed still later by United States imports. (We have still to test whether the timing of the commencement of overseas production why United States subsidiaries fits into the expected pattern.) In the electrical and electronic products industry, those elements in the pattern which can be measured show up nicely.^ A broader effort is now under way to test the United States trade patterns of a group of products with high income elastic ties; and, here too, the preliminary results are encouraging.^ On a much more general basis, it is reassuring for our hypotheses to observe that the foreign manufacturing subsidiaries of United States firms have been increasing their exports to third countries.It will have occurred to the reader by now that the pattern envisaged here also may shed some light on the Leontief paradox.' Leontief, it will be recalled, seemed to confound comparative cost theory by establishing the fact that the ratio of capitalto labor in United States exports was lower, not higher, than the like ratio in the United States production which had been displaced by competitive imports. The hypothesis suggested in this paper would have the United States exporting high-income and labor-saving products in the early stages of their existence, and importing them later on.* In the early stages, the value-added contribution of industries engaged in producing these items probably contains an unusually high proportion of labor cost. This is not so much because the labor is particularly skilled, as is so often suggested. More likely, it is due to a quite different phenomenon. At this stage, the standardization of the manufacturing process has not gotten very far; that is to come later, when the volume of output is high enough and the degree of uncertainty low enough to justify investment in relatively inflexible, capital-intensive facilities. As a result, the production process relies relatively heavily on labor inputs at a time when the United States commands an export position; and the process relies more heavily on capital at a time when imports become important.This, of course, is a hypothesis which has not yet been subjected to any really rigorous test. But it does open up a line of inquiry into the structure of United States trade which is well worth pursuing.译文产品周期中的国际投资和国际贸易资料来源：《经济学季刊》作者：雷蒙德·维农对一个产品的需求扩大，一定程度的标准化经常发生。
际财务管理 杰夫马杜拉 第9版 第十九章课后习题答案
Chapter 19Financing International TradeLecture OutlinePayment Methods for International TradePrepaymentLetters of CreditDraftsConsignmentAccountOpenTrade Finance MethodsAccounts Receivable FinancingFactoringLetters of CreditAcceptancesBanker’sWorking Capital FinancingMedium-Term Capital Goods Financing (Forfaiting) CountertradeAgencies that Motivate International Trade Export-Import Bank of the U.S.Private Export Funding Corporation (PEFCO)Overseas Private Investment Corporation (OPIC)2 Financing International TradeChapter ThemeThis chapter first suggests why international trade can be difficult. Then, it explains the various ways in which banking institutions can facilitate international trade by resolving problems faced by the exporter and importer.Topics to Stimulate Class Discussion1. Assume that you receive a call from an old friend who has set up a computer parts store. He says thathe plans to begin exporting these parts soon. What potential complications should he consider?2. Why do exporters sometimes sell off their banker’s acceptances? Would they be better off obtaininga short-term loan instead? What information is necessary to answer this question?3. What is the common role of a banking institution in international trade besides financing?POINT/COUNTER-POINT:Do Agencies that Facilitate International Trade Prevent Free Trade?POINT:Yes. The Export-Import Bank of the U.S. provides many programs to help U.S. exporters conduct international trade. The government is essentially subsidizing the exports. Governments in other countries have various programs as well. Thus, some countries may have a trade advantage because their exporters are subsidized in various ways. These subsidies distort the notion of free trade.COUNTER-POINT:No. It is natural for any government to facilitate exporting for relatively inexperienced exporting firms. All governments provide a variety of services for their firms, including public services, and tax breaks for producing products that are ultimately exported. There is a difference between facilitating the exporting process and versus protecting an industry from foreign competition. The protection of an industry violates the notion of free trade, but facilitating the exporting process does not.WHO IS CORRECT?Use the Internet to learn more about this issue. Which argument do you support? Offer your own opinion on this issue.ANSWER:This issue will lead to many conflicting answers. Students will vary in what they perceive as free trade. Is it appropriate for a country to promote free trade while it indirectly subsidizes some firms that export products? Every country could be criticized for subsidizing its exporters in some way. There is no perfect answer but students should realize that governments subsidize firms but simultaneously complain if other governments use a similar strategy.Answers to End of Chapter Questions1.Banker’s Acceptances.a. Describe how foreign trade would be affected if banks did not provide trade-related services.b. How can a banker’s acceptance be beneficial to an exporter, an importer, and a bank?Financing International Trade 3 ANSWER: Foreign trade would be reduced without the trade-related services by banks, because some trade can only occur if banks back the transaction with bankers acceptances.A banker’s acceptance guarantees payment to the exporter so that credit risk of the importer is notworrisome. It allows the importers to import goods without being turned down due to uncertainty about their credit standing. It is a revenue generator for the bank since a fee is received by the bank for this service.2.Export Financing.a. Why would an exporter provide financing for an importer?b. Is there much risk in this activity? Explain.ANSWER: An exporter could increase sales by allowing the importer to pay at a future date. There may be high credit risk incurred by the exporter here, especially if the importer is an unknown small firm.3. Role of Factors. What is the role of a factor in international trade transactions?ANSWER: A factor can relieve the exporter of the worry about the credit risk of the importer. In return, the factor is rewarded by being able to purchase the accounts receivables at a lower price than their cash value.4. Export-Import Bank. a) What is the role today of the Export-Import Bank of the U.S.? b) Describethe Direct Loan Program administered by the Export-Import Bank.ANSWER: The role today is to finance and facilitate the export of American goods and to strengthen the competitiveness of U.S. industries involved in foreign trade.Under the Direct Loan Program, the Eximbank provides long-term loans to foreign buyers topurchase U.S. goods. The loan rates are channeled through banks, which serve as the intermediaries.5. Bills of Lading. What are bills of lading, and how do they facilitate international trade transactions?ANSWER: Bills of lading provide a receipt for shipment, a summary of freight charges, and convey title to the merchandise.6. Forfaiting. What is forfaiting? Specify the type of traded goods for which forfaiting is applied.ANSWER: A forfaiting transaction involves an importer that issues a promissory note to pay for the imported capital goods over a period of three to seven years or so. Notes are extended to the exporter who sells them at a discount to a forfaiting bank.7. PEFCO. Briefly describe the role of the Private Export Funding Corporation (PEFCO).ANSWER: PEFCO provides medium- and long-term credit to importers of U.S. goods and services.8. Government Programs. This chapter described many forms of government insurance and guaranteeprograms. What motivates a government to establish so many programs?4 Financing International TradeANSWER: Governments may be able to boost exports by establishing policies that either protect the exporters from various types of risk or encourage lenders to provide financing to the exporters.9. Countertrade. What is countertrade?ANSWER: Countertrade involves the sale of goods to one country in exchange for goods from that country.10. Impact of September 11. Every quarter, Bronx Co. ships computer chips to a firm in central Asia. Ithad not used any trade financing because the importing firm always pays its bill in a timely manner upon receipt of the computer chips. After the September 11, 2001 terrorist attack on the U.S., it reconsidered whether it should use some form of trade financing that would ensure that it would be paid for its exports upon delivery. Offer a suggestion to Bronx Co. on how it could achieve its goal.ANSWER: It could use banker’s acceptances in which a bank would guarantee the payment by the importer.11. Working Capital Guarantee Program. Briefly describe the Working Capital Guarantee Programadministered by the Export-Import Bank.ANSWER: The Working Capital Guarantee Program allows exporters to obtain short-term loans from commercial banks that are guaranteed by the Eximbank. This protects the commercial banks against default risk of the exporter and makes it easier for exporters to obtain loans.12. Small Business Policy. Describe the Small Business Policy.ANSWER: The Small Business Policy provides enhanced coverage against credit risk to newexporters and small businesses.13. OPIC. Describe the role of the Overseas Private Investment Corporation (OPIC).ANSWER: The OPIC insures direct U.S. investments in foreign countries against the risks ofcurrency inconvertibility, expropriation, and other potential risks; it also offers insurance coverage for exporters that bid on foreign contracts.Advanced Questions14. Letters of Credit. Ocean Traders of North America is a firm based in Mobile, Alabama, thatspecializes in seafood exports and commonly uses letters of credit (L/Cs) to ensure payment. Itrecently experienced a problem, however. Ocean Traders had an irrevocable L/C issued by a Russian bank to ensure that it would receive payment upon shipment of 16,000 tons of fish to a Russian firm.This bank backed out of its obligation, however, stating that it was not authorized to guaranteecommercial transactions.a. Explain how an irrevocable L/C would normally facilitate the business transaction between theRussian importer and Ocean Traders of North America (the U.S. exporter).ANSWER: The letter of credit was issued by a Russian bank to guarantee payment for the goods to be exported by the U.S. exporter.Financing International Trade 5b. Explain how the cancellation of the L/C could create a trade crisis between the U.S. and Russianfirms.ANSWER: If exporting firms can not rely on letters of credit, they must resort to trusting thecounterparty in the trade agreement. This will reduce trade, because exporters frequently do not know much about the counterparty.c. Why do you think situations like this (the cancellation of the L/C) are rare in industrializedcountries?ANSWER: Governments or regulators have a vested interest in ensuring that banks follow through on letters of credit. Otherwise, there would be a reluctance to conduct trade in any country that does not back its guarantees.d. Can you think of any alternative strategy that the U.S. exporter could have used to protect itselfbetter when dealing with a Russian importer?ANSWER: The U.S. exporter could have attempted to obtain a letter of credit from a U.S. bank, with the responsibility placed on the U.S. bank to guarantee payment. In this case, the U.S. bank would have been put in a position to demand payment from the Russian importer or the importer’s Russian bank.Solution to Continuing Case Problem: Blades, Inc.1.Assuming that banks in Thailand issue a time draft on behalf of Sports Equipment Inc. and MajorLeagues Inc., would Blades receive payment for its roller blades before it delivers them? Do the banks issuing the time drafts guarantee payment on behalf of the Thai retailers if they default on the payment?ANSWER: No, Blades would not receive payment before it delivers roller blades to SportsEquipment Inc. and Major Leagues Inc. if banks in Thailand issue a time draft on the retailers’ behalf.The usual time of payment under a time draft is the maturity of the draft, and Blades relies on the retailers to pay the drafts at maturity.No, the banks issuing the time drafts do not guarantee payment on behalf of the Thai retailers if they default on the payment. The draft merely represents Blades’ formal demand for payment from the buyer and affords Blades’ less protection than a letter of credit, since the banks are not obligated to honor payments on the buyer’s behalf.2.What payment method should Blades suggest to Sports Gear Inc.? Substantiate your answer.ANSWER: Blades should suggest to Sports Gear Inc. that its bank issue a letter of credit on its behalf.In a letter of credit, the bank is substituting its credit for that of the buyers, and Blades would be assured of receiving payment from the issuing bank as long as it presents the necessary documents in accordance with the L/C. The issuing bank is then obligated to honor drawings under the L/C. On the other hand, Sports Gear Inc. does not have to pay for the goods until shipment has been made and documents are presented in good order.6 Financing International Trade3.What organization could Blades contact in order to insure its sales to the Thai retailers? What type ofinsurance do these organizations provide?ANSWER: Blades could contact the Export-Import Bank of the U.S. (Eximbank), which provides insurance protection against the risk of nonpayment by foreign buyers. Under such insurancecoverage, Eximbank will reimburse Blades between 90 and 100 percent of the insured amount,depending on the type of policy and buyers.4.How could Blades use accounts receivable financing or factoring, considering that it does notcurrently have accounts receivable in Thailand? If Blades uses a Thai bank to obtain this financing, how do you think the fact that Blades does not have receivables in Thailand would affect the terms of the financing?ANSWER: Blades could use accounts receivable financing and factoring using its accountsreceivable in the U.S. Using accounts receivable financing, Blades could obtain a loan from a bank that would be secured by an assignment of the accounts receivables. Using factoring, Blades could sell the U.S. accounts receivable to a factor. Either approach is probably available to Blades if it decides to use a U.S. bank. However, it could also attempt to conduct accounts receivable financing of factoring of its U.S. receivables using a bank in Thailand.Thai banks may consider the assignment of foreign receivables less attractive than the assignment of domestic receivables and may require high interest rates (accounts receivable financing) or discount the receivables heavily (factoring).5.Assuming that Blades is unable to locate a Thai bank that is willing to issue an L/C on Blades behalf,can you think of a way Blades could utilize its bank in the U.S. to effectively obtain an L/C from a Thai bank?ANSWER: Blades could inquire whether its U.S. bank has a correspondent bank in Thailand. In that case, the Thai bank may be willing to accept a letter of credit issued by Blades’ U.S. bank on Blades’ behalf.6.What organizations could Blades contact to obtain working capital financing? If Blades is unable toobtain working capital financing from these organizations, what are its other options to finance its working capital needs in Thailand?ANSWER: There are several organizations Blades could contact to obtain working capital financing.For example, the Eximbank’s Working Capital Guarantee Program encourages commercial banks to extend short-term financing by providing a comprehensive guarantee that covers 100 percent of the loan’s principal and interest. Furthermore, the Overseas Private Investment Corporation (OPIC) will provide medium- to long-term financing to U.S. investors undertaking an overseas venture.If Blades is unable to obtain working capital financing from these organizations, it could ask its bank for a short-term loan that finances the working capital cycle that begins with the purchase ofinventory and continues with the sale of the goods, creation of an account receivable, and conversion to cash.Solution to Supplemental Case: Ryco Chemical CompanyFinancing International Trade 7a. Ryco could attempt to work out a countertrade agreement. Ryco could provide chemicals thatConcellos needs in exchange for the chemicals that Ryco normally purchases from Concellos.Ryco could benefit because its cost of importing some chemicals would no longer be tied toBrazilian inflation. Instead its cost would be tied to its own cost of producing the chemicals itmust exchange for the imports. If Concellos would agree to the countertrade agreement, Rycomay be able to stabilize its cost of imports, which could reduce the uncertainty surrounding cash flows and profitability.b. Concellos is exposed to the weak currency (called the real). If it purchases the chemicals used inproduction from Ryco, its cost will not be affected by the real’s exchange rate (as it couldpurchase the U.S. goods through a countertrade agreement). Thus, it may be able to stabilize its cost of imports in this matter.c. Concellos’ cost of obtaining imports is the cost of producing the chemicals it uses for exchange(based on the countertrade agreement). Given high inflation in Brazil, these production costs will rise. However, it may be able to raise its prices on its final products by the inflation rate to cover its higher costs of production. Overall, it will be able to offset these higher costs easier thanoffsetting the higher costs that would result from exchange rate effects. Since its competitorsbase their prices on local cost of production (as they are not exposed to a weak exchange raterisk), Concellos would now incur costs that are more similar to those of its competitors.Small Business DilemmaEnsuring Payment for Products Exported by the Sports Exports Company1. How could Jim use a letter of credit to ensure that he will be paid for the products he exports?ANSWER: A letter of credit could be issued by a bank on behalf of the distributor promising to pay the Sports Exports Company upon presentation of shipping documents. In this way, the letter of credit substitutes its credit standing for that of the distributor.2. Jim has discussed the possibility of expanding his export business through a second sportinggoods distributor in the United Kingdom; this second distributor would cover a different territory than the first distributor. This second distributor is only willing to engage in a consignmentarrangement when selling footballs to retail stores. Explain the risk to Jim beyond the typicaltypes of risk he incurs when dealing with the first distributor. Should Jim pursue this type ofbusiness?ANSWER: With a consignment arrangement, the Sports Exports Company would retain title to the merchandise. Thus, it would not receive payment until after the second distributor sold thefootballs. Also, even if the second distributor does sell the footballs but fails to pay for them, the Sports Exports Company has limited recourse.Jim should probably avoid the consignment arrangement because of the risk involved.。
外贸流程英语汇总
外贸流程英语汇总International Trade Process。
International trade refers to the exchange of goods and services between countries. It plays a crucial role in the global economy, promoting economic growth and providing consumers with a wide range of products. However, engaging in international trade requires a systematic process to ensure smooth transactions and minimize risks. In this article, we will provide an overview of the international trade process.1. Market Research and Identification。
The first step in the international trade process is conducting market research and identifying potential markets. This involves analyzing market trends, consumer preferences, and competition in different countries. By understanding the target market, exporters can tailor their products and marketing strategies accordingly.2. Finding Buyers or Suppliers。
商务英语词汇大全
商务英语词汇大全一、基本商务术语1. 商务活动（Business Activity）2. 市场营销（Marketing）3. 销售额（Sales Revenue）4. 成本（Cost）5. 利润（Profit）6. 投资回报率（Return on Investment, ROI）7.SWOT分析（Strengths, Weaknesses, Opportunities, Threats）8. 目标市场（Target Market）9. 市场细分（Market Segmentation）10. 定位（Positioning）二、商务谈判术语1. 谈判（Negotiation）2. 合同（Contract）3. 报价（Quotation）4. 还价（Counteroffer）5. 成交（Close the Deal）6. 付款方式（Payment Terms）7. 交货期（Delivery Time）8. 质量保证（Quality Assurance）9. 售后服务（Aftersales Service）10. 合作伙伴（Business Partner）三、商务函电术语1. 询盘（Inquiry）2. 报盘（Offer）3. 订单（Order）4. 发票（Invoice）5. 装箱单（Packing List）6. 信用证（Letter of Credit, L/C）7. 汇票（Bill of Exchange）8. 托运单（Shipping Order）9. 提单（Bill of Lading）10. 保险（Insurance）四、人力资源术语1. 招聘（Recruitment）2. 简历（Resume）3. 面试（Interview）4. 培训（Training）5. 薪资（Salary）6. 福利（Benefits）7. 绩效考核（Performance Appraisal）8. 晋升（Promotion）9. 劳动合同（Labor Contract）10. 职业规划（Career Planning）五、企业运营术语1. 企业战略（Corporate Strategy）2. 企业文化（Corporate Culture）3. 组织结构（Organizational Structure）4. 部门（Department）5. 团队协作（Teamwork）6. 项目管理（Project Management）7. 生产计划（Production Plan）8. 供应链管理（Supply Chain Management）9. 库存（Inventory）10. 客户关系管理（Customer Relationship Management, CRM）六、财务与会计术语1. 财务报表（Financial Statements）2. 资产（Assets）3. 负债（Liabilities）4. 所有者权益（Owner's Equity）5. 现金流（Cash Flow）7. 资产负债表（Balance Sheet）8. 利润分配（Profit Distribution）9. 折旧（Depreciation）10. 纳税（Taxation）七、国际贸易术语1. 进口（Import）2. 出口（Export）3. 贸易壁垒（Trade Barrier）4. 关税（Tariff）5. 配额（Quota）6. 原产地证明（Certificate of Origin）7. 贸易术语（Trade Terms，如FOB、CIF等）8. 国际支付（International Payment）9. 外汇（Foreign Exchange）10. 世界贸易组织（World Trade Organization, WTO）八、市场营销策略术语1. 市场调研（Market Research）2. 产品生命周期（Product Life Cycle）3. 广告（Advertising）4. 促销（Promotion）5. 公关（Public Relations）6. 品牌战略（Brand Strategy）7. 网络营销（Internet Marketing）8. 社交媒体营销（Social Media Marketing）9. 客户满意度（Customer Satisfaction）10. 忠诚度计划（Loyalty Program）九、企业管理术语1. 领导力（Leadership）2. 决策（Decision Making）3. 风险管理（Risk Management）4. 企业伦理（Business Ethics）5. 知识管理（Knowledge Management）6. 创新能力（Innovation Capability）7. 企业形象（Corporate Image）8. 危机管理（Crisis Management）9. 持续改进（Continuous Improvement）10. 企业社会责任（Corporate Social Responsibility, CSR）十、电子商务术语2. 在线支付（Online Payment）3. 网络安全（Network Security）4. 顾客评价（Customer Review）6. 网络营销策略（Online Marketing Strategy）7. 搜索引擎优化（Search Engine Optimization, SEO）8. 率（Clickthrough Rate, CTR）9. 转化率（Conversion Rate）通过这些词汇的积累，您将能够在商务交流中更加得心应手，展现出您的专业素养和沟通能力。