国际金融第3章.Money
国际金融名词解释清华版
国际⾦融名词解释清华版1. Balance of payments accounting: A country’s balance of payments accounts accounts for its payments to and its receipts from foreigners. An international transaction involves two parties, and each transaction enters the accounts twice: once as a credit (+) and once as a debit (-).国际收⽀账户：⼀国的国际收⽀账户，记录的是该过对外国的⽀付和从外国获得收⼊的情况。
任何导致对外国⼈进⾏⽀付的交易，都计⼊国际收⽀账户的借⽅，并在前⾯加上⼀个负号（-）；任何导致从外国⼈那⾥获得收⼊的交易，都计⼊借⽅，并加上⼀个正号（+）2. Current account balance (exports minus imports): The difference between exports of goods and services and imports of goods and services 经常项⽬余额：出⼝的商品和服务与进⼝的商品和服务之差3. The official settlements balance: The bookkeeping offset to the balanceof official reserve transactions官⽅结算余额：把⽤来抵消官⽅储备交易余额的登录，称为官⽅结算余额4. National saving (S): The portion of output (Y), that is not devoted to household consumption (C) , or government purchases(G).国民储备：是国民收⼊（Y）中没有⽤于家庭消费（C）或政府购买（G）的部分5. Appreciation is an increase in the value of a currency relative to anothercurrency.升值：即以⼀种货币计价的另⼀种货币价格上升6. Exchange rate: The price of one currency in terms of another is called an exchange rate.汇率：⽤⼀种货币去替换另外⼀种货币的价格7. The real rate of return: The rate of return computed by measuring asset values in terms of some broad representative of products that savers regularly purchase.实际收益率：即⽤⼀些具有⼴泛代表性的、储蓄者经常购买的商品作为标准来计量资产价值进⽽计算出的收益率8. Forward exchange rates: The exchange rates quoted in the transactions which we can specify a value date to exchange in the future.远期汇率：外汇交易有时可以指定在未来⼀个时间上交割。
第三章国际金融活动
②交易的货币是市场所在国之外的货币，包括世界主要可
自由兑换货币。 ③资金融通业务基本不受市场所在国及其他国家的政策法 规约束。
币为面值的债券，如我国在瑞士发行的美元债券即欧洲债券，
欧洲债券实际上是一种无国籍债券。
四、国际金融市场的作用 （一）积极作用
1．促进国际贸易和国际投资的发展
2．调节各国国际收支，促进经济平衡发展 3．推动生产和资本国际化的发展
（二）消极作用
1．国际金融交易日益与实际经济相脱节，加大了金 融风险 2．国际金融市场一体化使金融风险随全球化而扩展 3．巨额的国际资本流动增大了国际金融市场的风险
Treasury－note（中期，1~5年）、 Treasury－bond（长期，5年以上）
Commercial paper、 Banker’s acceptance bill 、 Time certificate of deposit（CDs)
三、国际资本市场
（一）含义
国际资本市场(International Capital Market)是指经营一年
本市场、证券市场等基础市场而言的。该市场交易的工具是金 融衍生工具，它是当代金融创新最重要的成果之一。金融衍生
工具是一种交易者为转嫁风险的双边合约，其价值取决于基础
市场工具或资产的价格及其变化。 金融衍生工具市场主要有金融期货市场、期权市场、互换 市场、远期合约市场等。金融衍生工具市场的出现导致了整
个金融体系结构性的变革。
第三节
欧洲货币市场
国际金融中英文版答案)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice QuestionsA country’s balance of payments records: 一个国家的国际收支平衡记录了 BThe value of all exports of goods and services from that country for a period of time.All flows of value between that country’s residents and residents of the rest of the world during a period of time.在一定时间段里,一个国家居民的资产和其它世界居民资产的流动All flows of financial assets that cross that country’s borders during a p eriod of time.All flows of goods into that country during a period of time.A credit item in the balance of payments is: 在国际收支平衡里的贷项是AAn item for which the country must be paid.一个国家必须收取的条款An item for which the country must pay.Any imported item.An item that creates a monetary claim owed to a foreigner.Every international exchange of value is entered into the balance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次B1234A debit item in the balance of payments is: 在国际收支平衡中的借项是BAn item for which the country must be paid.An item for which the country must pay.一个国家必须支付的条款Any exported item.An item that creates a monetary claim on a foreigner.In a nation's balance of payments, which one of the following items is always recorded as a positive entry? D在国际收支中,下列哪个项目总被视为有利条项Changes in foreign currency reserves.Imports of goods and services.Military foreign aid supplied to allied nations.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 BEquals the overall balance.Equals the sum of all credit items.等于所有借项的总和Equals the sum of credit items minus errors and omissions.Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？ BA U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口A U.S. resident sells his IBM stock to a French resident.A U.S. resident sells his Credit Suisse stock to a French resident.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种CReserve inflow.Reserve outflow.Capital inflow.资本流入Capital outflow.___A_______ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.Official international reserve assets 官方国际储备资产Unofficial international reserve assetsOfficial domestic reserve assetsUnofficial domestic reserve assetsWhich of the following is considered a capital inflow? 下列哪项被视为资本流入 AA sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家A loan from a U.S. bank to a foreign borrower.A purchase of foreign financial assets by a U.S. buyer.A U.S. citizen’s repayment of a loan from a foreign bank.In a country’s balance of payments, which of the following transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ ADomestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降Foreign bank balances owned by domestic residents are decreased.Assets owned by domestic residents are sold to nonresidents.Securities are sold by domestic residents to nonresidents.The role of ___D_______ is to d irect one nation’s savings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资Merchandise trade flowsServices flowsCurrent account flowsCapital flows资金流Capital account.Current account.经常账目（户）Trade balance.Official reserve balance.The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫AFinancial account.金融帐Current account.Trade balance.Official reserve balance.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括： BEverything in the current account.U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项Profits that Nissan of America sends back to Japan.New U.S. investments in foreign countries.ＡU.S. resident increasing her holdings of a foreign financial asset causes a:一个美国居民增持一外国金融资产会引起DCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.Debit in the U.S. capital account.美国资本帐的借帐A foreign resident increasing her holdings of a U.S. financial asset causes a:一个美国居民增持本国一金融资产会引起 CCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.美国资本帐的贷帐Debit in the U.S. capital account.A deficit in the current account: 经常帐户中的赤字 ATends to cause a surplus in the financial account.会导致金融帐中的盈余Tends to cause a deficit in the financial account.Has no relationship to the financial account.Is the result of increasing exports and decreasing imports.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:20xx年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？CThe balance of payments.The financial account.The current account.经常帐户Unilateral transfers.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？ BThe United States makes a unilateral tariff reduction on imported goods.The United States cuts back on American military personnel stationed in Japan.美国削减在日本的军事人员U.S. tourists travel in large numbers to Asia.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐AA Chinese businessman imports Ford automobiles from the United States.A U.S. tourist spends money on a trip to China.The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.If a British business buys U.S. government securities, how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ CIt will appear in the trade account as an import.It will appear in the trade account as an export.It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长It will appear in the financial account as a decrease in U.S. assets held by foreigners.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 AEnsure that the sum of all debits matches the sum of all credits.Ensure that imports equal the value of exports.Obtain an accurate account of a balance-of-payments deficit.Obtain an accurate account of a balance-of-payments surplus.Official reserve assets are: 官方储备资产是 BThe gold holdings in the nation’s central bank.Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可Government T-bills and T-bonds.Government holdings of SDR’sGold.Special Drawing Rights.IMF Reserve Positions.Foreign Currencies.外汇（币）The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于CNet official reserves.Net domestic investment.Net foreign investment.国外投资净值Net foreign deficit.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 BNeeds to borrow internationally.Is able to lend internationally.就有能力向外放贷Must also have had a surplus in its "overall" balance.The ___C_______ measures the sum of the current account balance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）Official capital balanceUnofficial capital balanceOfficial settlements balance官方结算差额Unofficial settlements balanceIf the overall balance is in __A________, there is an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）Surplus盈余DeficitBalanceForeign handsWhich of the following is the current account balance NOT equal to? 以下哪项不等同于现金帐 DThe difference between domestic product and domestic expenditure.The difference between national saving and domestic investment.Net foreign investment.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False QuestionsCapital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项The net flow of financial assets and similar claims is the private current account balance. 金融资产和类似的资产的净值叫经常帐目余额The majority of countries' official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.A country's financial account balance equals the country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资A country has a current account deficit if it is saving more than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字The official settlements balance measures the sum of the capital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额A nation's international investment position shows its stock of international assets and liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.A nation is a borrower if its current account is in deficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项Gold is a major reserve asset that is currently often used in official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.The current account balance is equal to the difference between domestic product and national expenditure.(T)经常项目余额等于国民生产与国民支出的差额In 2007 U.S. households, businesses and government were buying more goods and services than they were producing.(T)____年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.6。
国际金融学智慧树知到答案章节测试2023年首都经济贸易大学
绪论单元测试1.以下属于国际金融学学习范畴的是：（）A:全球金融业面临的挑战与发展机遇B:国际金融市场现状、行情与发展C:国际经济、金融学规律D:探索金融产品内在逻辑和思想E:全球金融业国际治理措施答案:ABCDE第一章测试1.Which one of the following expressions is the MOST accurate? （）A:CA = EX - IMB:CA = EX + IMC:CA - IM = EXD:CA = IM - EXE:CA = EX = IM答案:A2.Every international transaction automatically enters the balance of payments（）A:once as a credit.B:once either as a credit or as a debit.C:twice, once as a credit and once as a debit.D:three times, once as a credit, once as a debit, and once as an exchange.E:twice, both times as debit.答案:C3.国际投资头寸表中资产项包括：（）A:直接投资B:储备资产C:其他投资D:证券投资E:金融衍生工具答案:ABCDE4.一国的Net Foreign Assets其实就是历年的经常账户的累计值。
（）A:错B:对答案:B5.国际收支的一次收入项是列在资本与金融账户下的。
（）A:对B:错答案:B第二章测试1.如果商品价格不变，美元对英镑的贬值会导致：（）A:美国的牛仔裤在英国更贵B:不改变毛衣和牛仔裤的相对价格C:英国的毛衣用牛仔裤表示的价格下降D:美国的牛仔裤用毛衣表示的价格下降答案:D2.如果一条在美国卖60美元的牛仔裤在伦敦卖30英镑，在一价定律成立的条件下，美元对英镑的汇率是（）。
国际金融习题1-10
第一章国际收支一、填空1、是指一国在一定日期对外债权债务的综合情况。
2、按照国际货币基金组织的定义，是在一定时期内，一个经济实体的居民同非居民之间所进行的全部经济交易的系统记录。
3、国际收支平衡表是按照的原理编制的。
4、在国际收支平衡表中，当收入大于支出时，我们称之为；反之当支出大于收入时，我们称之为。
5、是国际收支平衡表中最基本和最重要的项目。
6、国际收支平衡表按交易性质分为、、和三大类。
7、经常项目可细分为、和三个项目8、资本项目可分为和两大类。
9、平衡或结算项目包括和两个项目。
10一国的官方储备主要包括四个组成部分，即、、和。
11、将所有国际经济交易划分成和，可作为判断国际收支在性质上是否平衡。
12、考察国际收支在性质上是否平衡的四个口径：、、和。
13、国际收支不平衡的主要原因、、和。
14、国际收支不平衡的对策、、和。
15、调节国际收支的政策措施从作用途径来看，可分为和两大类。
二、选择一）单选1、是指一国在一定日期（如某年某月某日）对外债权债务的综合情况。
A、国际收支B、国际借贷C、贸易收支D、资本收支2、国际收支是一个。
A、存量B、流量C、不一定D、都不是3、是国际收支平衡表中最基本和最重要的项目。
A、经常项目B、资本项目C、贸易收支D、平衡项目4、股息、红利等投资收益属于。
A、劳务收支B、贸易收支C、转移收支D、资本项目5、在国际收支平衡表中，出国留学的奖学金应计入项目。
A、资本项目B、贸易收支C、转移收支D、劳务收支6、在经济繁荣时期，由于国内需求旺盛，进出口业务会发生相应的变动，则国际收支可能出现。
A、顺差B、逆差C、平衡D、不确定7、只有才能在总体上反映一国自主性交易的状况。
A、经常项目B、资本项目C、贸易收支D、官方结算8、通过减少国民收入，使用于进口的支出下降，这一对策是。
A、国际收支的自动调节作用B、国际收支的调节手段C、国际收支的融资手段D、支出减少政策9、支出减少政策的核心是。
国际金融学导论
✓ 姜波克著: <<国际金融新编>>（第三版）2019年,复旦大学出版社; ✓ 刘舒年著: <<国际金融>>对外经贸大学出版社； ✓ 刘玉操著： <<国际金融实务>>，东北财经大学出版社； ✓ 张亦春著: <<金融市场学>> ，高等教育出版社，2019年； ✓ Zvi Bodie, Robert C.Merton. Finance. Renmin University Publishing
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什么是金融？
• 中国人民大学黄达的定义：
– 广义金融，指与物价有紧密联系的货币供给， 银行与非银行金融机构体系，短期资金拆借市 场，证券市场，保险系统，以及通常以国际金 融概括的这诸多方面在国际之间的存在等等。
– 狭义金融，指有价证券及其衍生物的市场，即 指资本市场。
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• 3.汇率制度的选择与决定及外汇管制问题，其中 人民币汇率制度改革是当前的热点问题之一；
• 4.由国际收支不平衡所产生的国际储备问题，包 括国际储备的数量和构成问题;
• 5.为国际金融业务提供交易场所的国际金融市场 问题，包括货币市场、资本市场、外汇市场和黄 金市场;
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国际金融学内容简介
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国际金融学导论
1 什么是金融？ 2 金融的功能 3 什么是国际金融？ 4 本课程的要求
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什么是金融？
– 金融学是研究人们在不确定的环境中如何进行 资源的时间配置的学科。 ——兹维·博迪和罗伯特·C·莫顿
– 金融以其不同的中心点和方法论而成为经济学 的一个分支，其中心点是资本市场的运营、资 本资产的供给和定价。其方法论是使用相近的 替代物给金融契约和工具定价。 ——《新帕尔格雷夫货币金融大辞典》
国际金融翻译
一、翻译第一单元：MNC 跨国公司Multinational Corporation 跨国公司Parent (firm) 母公司headquarter 总部Subsidiary 子公司subsidy 补助Host government东道国政府Shareholder 股东Stockholder股东Bondholder 债券持有人domestic firm国内企业Agency problem 代理问题Agency cost 代理成本Consolidation 综合Merger 合并Acquisition 收购M&A 并购Hostile takeover 恶意收购Friendly merger 善意收购Mutual fund 共同基金Pension fund 养老基金Comparative advantage 比较优势Imperfect market theory 不完全市场理论Product of cycle theory 产品生命周期理论Licensing 许可经营Franchising 特许代理Copyright 版权Patent 专利Registered trademark 注册商标Joint venture 合资企业FDI Foreign Direct Investment外国直接投资DFI 钻石Exposure 曝光risk 风险Market share 市场份额Time zone 时区Inventory 存货Institutional investor 机构投资Individual investor 个人投资第二单元：Balance of payment 国际收支Current account 活期账户（经常项目）Capital account 资本账户Balance of trade 贸易平衡Trade surplus 贸易顺差Trade deficit 贸易逆差，贸易赤字Interest 利息Dividend 股利Security 证券Stock 股票share 股份Bond 债券Government security 政府债券Treasury bill T-bill 短期国库券Treasury note T-note 国债Treasury bond T-bond 国债Cash outflow 现金流出Cash inflow 现金流入Portfolio investment 证券投资Indirect investment 间接投资Dumping 倾销Tax break 税收减免Outsourcing of service 服务外包Tariff custom duty 关税Quota配额Dollar-denominated security以美元计价的债券Price-elastic 价格弹性Intracompany trade 公司内部贸易J-curve effect J曲线效应Withdraw the deposits 取款IMF International Monetary Fund国际货币基金组织Lender of last resort 最后贷款人SDRs Special Drawing Rights 特别提款权Monopoly 垄断World bank 世界银行IBRD 国际复兴开发银行International Bank for Reconstruction and DevelopmentWTO 世界贸易组织IFC International Financial Corporation 国际金融公司IDA International Development Association 国际开发协会BIS Bank for International Settlement 国际清算银行Import ＞export 进口大于出口D ＞SForeign currency appreciate 外币升值Domestic currency depreciate 本币贬值第三单元：Fixed exchange rate system 固定汇率制度Floating exchange rate system 浮动汇率制度Appreciate 货币升值Depreciate 货币贬值Revalue 法定升值Devalue 法定贬值Nominal interest rate 名义利率Real interest rate 实际利率Fisher Effect 费舍效应International diversification 国际多元化Creditor 贷款人，债权人Borrower 借款人Convert euro into pound 欧元兑换英镑Exchange yen for U.S. dollar 美元兑换日元Great Depression 大萧条Gold standard 金本位制Bretton Woods System 布雷顿森林体系Spot market 即期市场Spot exchange rate 即期汇率Security firm 证券公司Interbank market 银行同业市场Broker 经纪人，中间人Liquidity 流动性Forward exchange market 远期外汇市场Forward exchange rate 远期汇率Hedge 对冲，保值Speculator 投机者Bid rate 买入价Ask rate 卖出价Bid-ask spread价差Direct quotation 直接标价法Indirect quotation 间接标价法Cross exchange rate 交叉汇率Currency future contract 货币期货合约Currency call option 买入期权Currency put option 卖出期权Strike price exercise price 执行价格Eurodollar 欧洲美元Eurocurrency 欧洲货币OPEC Organization of Petroleum Exporting Countries国际石油出口国Petrodollar 石油美元LIBOR London Interbank Offer Rate伦敦银行同业拆借利率NIBOR 纽约银行同业拆借利率HIBOR 香港银行同业拆借利率SIBOR 新加坡银行同业拆借利率Syndicate 辛迪加贷款The lead bank 牵头银行Foreign bond 外国债券Parallel bond 并行债券Samurai bond 武士债券Bulldog bond 猛犬债券Yankee bond 扬基债券Panda bond 熊猫债券Eurobond 欧洲债券List 上市IPO Initial Public Offering首次公开放行Debt financing 债务性融资Equity financing 股权性融资Retail transaction 零售交易Wholesale transaction 批发交易Opportunity cost 机会成本第四单元：Equilibrium exchange rate 均衡利率Macro variable 宏观变量Micro variable 微观变量Emerging market 新兴市场Institutional investor 机构投资者Yield 收入，收益第五单元：Forward 远期合约forward rate 远期汇率Non-deliverable forward contract不交割远期合约Swap 掉期Brazilian real 巴西雷亚尔Norwegian krone 挪威克朗South African rand南非兰特CzecH koruna 捷克克朗Polish zloty波兰兹罗提Hungarian forint匈牙利福林Initial margin 初始保证金Variation margin 变动保证金Production level 生产规模Call option 买入期权（看涨期权）Put option 卖出期权Exercise price 协定价格Strike price 执行价格Chicago Mercantile Exchange芝加哥商品交易所Chicago Board Options Exchange 芝加哥期权交易所Security and Exchange Commission 美国证券交易委员会Collateral 抵押Open position 敞开头寸Long position 多头Short position 空头Bid 招标，投标Break-even point盈亏相抵点第六单元：Freely floating 无管制浮动Clean float 自由浮动汇率制度Managed floating Dirty float 管理浮动Pegged exchange rate system 盯住汇率制度Currency board 货币局制度Dollarization 美元化Exchange rate target zone 汇率目标区General Motor (GM) 通用汽车Dollar-denominated goods 美元计价商品Finished goods 滞成品，产成品A stagnant economy 滞涨经济A recession 萧条Aggregate demand 总需求Aggregate supply 总供给European Currency Unit (ECU)欧洲货币单位A tight monetary policy 紧缩的货币政策An expansionary monetary policy扩张的货币政策A stimulative monetary policy刺激性的货币政策An easy monetary policy 简单的货币政策Fiscal policy 财政政策Budget deficit 预算赤字The stock price plummets 股票价格骤跌Withdraw the investment 撤资Default on the debt 债务违约Adverse effect 不利影响Favorable effect 有利影响Government outlay 政府支出Stimulate the economy 刺激经济增长Risk premium 风险溢价Credit risk 信用风险European Union 欧盟The euro zone 欧元区A consolidated monetary policy统一的货币政策A common monetary policy 共同的货币政策European Central Bank (ECB)欧洲中央银行The Federal Resere System (the Fed)美联储Money supply 货币供给Business cycle 经济中心Flooding the market with dollars美元充斥市场Direct intervention 直接干预Indirect intervention 间接干预Plaza Accord 广场协议Industrialized country 工业化国家Sterilized intervention 冲销式干预Nonsterilized intervention 非冲销式干预Louvre Accord 卢浮宫协议Manipulate exchange rate 操纵汇率第七单元：Interest rate parity IRP 利率平价Arbitrage 套汇Arbitrager 套利International arbitrage 国际套汇Interest arbitrage 套利Commodity arbitrage 商品套利Security arbitrage 安全套利Locational arbitrage 两角套汇Triangular arbitrage 三角套汇covered Interest arbitrage 抵补套利Uncovered interest arbitrage 无担保套利Risk-free profit riskless profit 无风险利润Discrepancy 差异Shopping aroundDeposit interest rate 存款利率Loan interest rate 贷款利率Malaysian ringgit 马来西亚林吉特Exchange dollars for pounds 英镑兑换美元Purchase pounds with dollars 美元购买英镑Convert dollars to pounds 英镑兑换美元The return on the deposit 关于存款的回报第八单元：PPP Purchasing Power Parity购买力平价理论Absolute form of PPP 绝对购买力平价理论Law of one price 一价定律Relative form of PPP相对购买力平价理论A basket of products 一篮子商品International Fisher effect IFE国际费舍效应二、简答第一章International Business: Theories：1.Theory of Comparative Advantage2、Imperfect Markets Theory3、Product Cycle Theory 有哪些国际商务理论：比较优势理论不完全市场理论产品周期理论International Business Methods：（1）International trade（2）Licensing（3）Franchising（4）Joint venture（5）Acquisitions of existing operations 6 Establishing new foreign subsidiaries 有哪些国际商业法国际贸易许可特许经营合资企业收购现有业务建立新的外国子公司第二章International Trade Flow Factors （1）Inflation（2）National Income（3）Government Restrictions （4）Exchange Rates 影响国际贸易流通的因素通货膨胀国民收入政府限制汇率第四章Factors that Influence Exchange Rates 影响极其汇率的因素()EXPGCINCINTINFfe∆∆∆∆∆=,,,,e = percentage change in the spot rate 在即期汇率变化的百分比∆ INF = change in the relative inflation rate 相对通货膨胀率∆ INT = change in the relative interest rate 相对利率∆ INC = change in the relative income level 相对收入水平∆ GC = change in government controls 政府管制∆ EXP=change in expectations of future exchange rates 对未来汇率的预期三、课后习题P113，8、9、138. (1)the large amount of imports and lack of exports place downword pressure on Ruble.(2)High inflation also place downword pressure on Ruble.9. (1)A relative decline in economic growth will reduce Asia demand for U.S. products, which will place upward pressure on Asia currencies.(2)the decline in interest rate will place downward pressure on Asia currencies.(3)the overall impact depends on the magnitude of the factors just describe.13. (1) the interest rate in Canada declines to a level below the U.S. interest rate, places downward pressure on Canadian dollar’s value against USD.(2)Japanese investors that previously invested in Canada may shift to U.S., which will place downward pressure on the CAD’a value against JPY.P196，2、11、12、15、192. lower interest rate may reduce capital inflow to U.S., which could have reduced the value of $. If $ weakens, the export would increased, thus to stimulate the economy.11. U.S. Fed would normally consider a loose monetay policy to stimulate the economy. However, it could weaken $, a weak $ is expect to favorably affect US exporting firms and adversely affect U.S. importing firms.12. it can not apply intervention on its own. Because the monetary policy is consolidated.15.A. the volume of the sales should decline as the costs to consumers would rise due to the higher interest rate.B. the cost of purchasing materials should decline because the A$ appreciates against HK$.C. the interest expenses should decline because it will take fewer A$s to make the monthly payment of $100,000.19. the ECB could sell euros in the foreign exchange market, which may weaken euro, and cause an increase in the demand for European imports.Small Besiness Dilemma (p199)1. there will be downward pressure on the value of pounds.2. the performance would be adversely affected by BOE policy. Because if pound weaken, the receivables will convert to fewer $s, which reflect a reduction in revenue.P2301.￡1=$1.50=C$2The crosed rate quoted equal to the rate calculated, therefore triangular arbitrage cannot be used to earn a profit.2. if invest in U.S. 1+0.03=$1.03if make covered interest arbitrage in U.K.[(1/1.60)×(1+0.04)] ×1.56=$1.014Because 1.014﹤1.03, it is not feasible.(1.014-1)/1=1.4% ﹤3%, it is not feasible.14.(1) yes, one could buy NZD at yardley Bank at $.40/NZD, and sell to Beal Bank for $.401/NZD. (1millon/0.4) ×0.401-1million=$2500(2) The ask price on NZD of Yardley Bank will increase.The bid price on NZD of Beal Bank will derease.16.(1) if invest locally:1+6%=1.06 pesos(2) If covered interest arbitrage in U.S.[(1×0.1)(1+5%)] ÷0.098=1.07 pesos(3) Because 1.06＜1.07, the arbitrage is feasible17.[(1/0.80) ×(1+4%)×0.79—1]÷1=2.7%Because 2.7% exceeds the yield in U.S. over the 90 day period, the covered interes arbitrage is worthwhile. The Canadian dollars spot rate should rise, and its forward rate should fall, the 90-day Canadian interest rate may fall and that in U.S. may rise.21.For U.S. investor engaging covered interest arbitrage in New Zealand[(1/0.5)(1+6%)0.54-1] ÷1=14.48%14.48%＞10%, it is feasible.。
Money, Interest Rates, and Exchange Rates 国际金融英文课件
For a given level of income, real money demand decreases as the interest rate increases.
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
14-13
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
14-9
What Influences Aggregate Demand for Money?
1. Interest rates: money pays little or no interest, so the interest rate is the opportunity cost of holding money instead of other assets, like bonds, which have a higher expected return/interest rate.
Aggregate real money demand is a function of national income and interest rates.
Copyright © 2009 Pearson Addison-Wesley. All rights reserved.
14-12
A Model of Aggregate Money Demand (cont.)
14-10
What Influences Aggregate Demand for Money? (cont.)
3. Income: greater income implies more goods and services can be bought, so that more money is needed to conduct transactions.
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• 1.4What Is Money?
– Assets widely used and accepted as a means of payment. – Money is very liquid, but pays little or no return.
• All other assets are less liquid but pay higher return.
13
Figure 3-2: Effect on the Aggregate Real Money Demand Schedule of a Rise in Real Income
Interest rate, R
Increase in real income
L(R,Y2) L(R,Y1) Aggregate real money demand
14
§4The Equilibrium Interest Rate: The Interaction of Money Supply and Demand
• 4.1 Equilibrium in the Money Market
– The condition for equilibrium in the money market is: Ms = Md (3-3) – The money market equilibrium condition can be expressed in terms of aggregate real money demand as:
• Figure 3-5 shows the effect on the interest rate of a rise in the level of output, given the money supply and the price level.
19
Figure 3-5: Effect on the Interest Rate ofly accepted means of payment
• 1.2Money as a Unit of Account
– A widely recognized measure of value
• 1.3Money as a Store of Value
– A transfer of purchasing power from the present into the future
Q2
MS ( = Q 1 ) P
Q3
Real money holdings
16
• 4.2 Interest Rates and the Money Supply
– An increase (fall) in the money supply lowers (raises) the interest rate, given the price level and output.
Chapter 3 Money, Interest Rates, and Exchange Rates
Prepared by Iordanis Petsas To Accompany International Economics: Theory and Policy Sixth Edition Policy, by Paul R. Krugman and Maurice Obstfeld
9
• 2.3 Liquidity
– The main benefit of holding money comes from its liquidity.
• Households and firms hold money because it is the easiest way of financing their everyday purchases.
– A rise in the average value of transactions carried out by a household or firm causes its demand for money to rise.
10
§3 Aggregate Money Demand
• 3.1Aggregate money demand
• Equation (14-1) can also be written as:
Md/P = L(R,Y) (3-2)
12
Figure 3-1: Aggregate Real Money Demand and the Interest Rate
Interest rate, R
L(R,Y)
Aggregate real money demand
Ms/P = L(R,Y) (3-4)
15
Figure 3-3: Determination of the Equilibrium Interest Rate
Interest rate, R Real money supply 2
R2
R1 R3
1 3
Aggregate real money demand, L(R,Y)
2
Chapter Organization
• The Money Supply and the Exchange Rate in the Short Run • Money, the Price Level, and the Exchange Rate in the Long Run • Summary
• A rise in the interest rate raises the cost of holding money and causes money demand to fall.
8
• 2.2Risk
– Holding money is risky.
• An unexpected increase in the prices of goods and services could reduce the value of money in terms of the commodities consumed.
Interest rate, R Real money supply
Real money supply increase
R1 R2
1 2 L(R,Y1)
M1 P
M2 P
Real money holdings
18
• 4.3Output and the Interest Rate
– An increase (fall) in real output raises (lowers) the interest rate, given the price level and the money supply.
• The effect of increasing the money supply at a given price level is illustrated in Figure 3-4.
17
Figure 3-4: Effect of an Increase in the Money Supply on the Interest Rate
– It analyzes the long-term effects of monetary changes on output prices and expected future exchange rates.
4
§1Money Defined: A Brief Review
• 1.1Money as a Medium of Exchange
– Money Supply (Ms) Ms = Currency + Checkable Deposits
6
• 1.5How the Money Supply Is Determined
– An economy’s money supply is controlled by its central bank. • The central bank: –Directly regulates the amount of currency in existence –Indirectly controls the amount of checking deposits issued by private banks
– The total demand for money by all households and firms in the economy. – 3.2 It is determined by three main factors:
• Interest rate –It reduces the demand for money. • Price level –It raises the demand for money. • Real national income –It raises the demand for money.
Exchange Rate in the Short Run
• Short run analysis
3
Introduction
• Factors that affect a country’s money supply or demand are among the most powerful determinants of its currency’s exchange rate against foreign currencies. • This chapter combines the foreign-exchange market with the money market to determine the exchange rate in the short run.
Chapter Organization