国际金融与管理 名词解释整理

Gresham’s law(劣币驱逐良币): Since the exchange ratio between the two metals was fixed officially, only the abundant metal was used as money, driving more scarce metal out of circulation.

Bretton Woods system: In July 1944, representatives of 44 nations gathered at Bretton Woods, NewHampshire, to discuss and design the postwar international monetary system. After lengthy discussions and bargains, representatives succeeded in drafting and signing the Articles of Agreement of the International Monetary Fund (IMF), which constitutes the core of the Bretton Woods system.

Triffin paradox(特里芬两难): Under the gold-exchange system, the reserve-currency country should run balance-of-payments deficits to supply reserves, but if such deficits are large and persistent, they can lead to a crisis of confidence in the reserve currency itself, causing the downfall of the system.

Crawling pegs (爬行式盯住): The currency is adjusted periodically in small amounts at a fixed, preannounced rate or in response to changes in selective quantitative indicators. Costa Rica is an example.

The team balance of payments (国际收支平衡):

FX brokers(外汇经纪人): Match dealer orders to buy and sell currencies for a fee, but do not take a position themselves.Brokers have knowledge of the quotes offered by many dealers in the market.

The spot market (现货市场): The spot market involves almost the immediate purchase or sale of foreign exchange.

The forward market (期货市场): The forward market involves contracting today for the future purchase or sale of foreign exchange.

Purchasing power parity (PPP)(购买力平价):This theory states that the exchange rate between currencies of two countries should be equal to the ratio of the countries’ price levels. Euronotes(100面额以90卖还100): Euronotes are short-term notes underwritten by a group of international investment or commercial banks called a “facility.”A client-borrower makes an agreement with a facility to issue euronotes in its own name for a period of time, generally 3 to 10 years. Euronotes are sold at a discount from face value and pay back the full face value at maturity.

Foreign bond(外国债券): A foreign bond issue is one offered by a foreign borrower to the investors in a national capital market and denominated in that nation’s currency.

Bearer bond (无记名债券): With a bearer bond, possession is evidence of ownership. The issuer does not keep any records indicating who is the current owner of a bond.

Straight fixed-rate bond: Straight fixed-rate bond issues have a designated maturity date at which the principal of the bond issue is promised to be repaid.

Euro-medium-term notes (Euro-MTNs)(欧洲中期票据):Euro-MTNs are (typically) fixed-rate notes issued by a corporation with maturities ranging from less than a year to about 10 years.A Euro-MTN issue is partially sold on a continuous basis through an issuance facility that allows the borrower to obtain funds only as needed on a flexible basis.

Floating-rate notes (FRNs) (浮动利率债券):Floating-rate notes are typically medium-term bonds with coupon payments indexed to some reference rate.

Equity-related bonds:There are two types of Equity-related bonds: convertible bonds and bonds with equity warrants. A convertible bond(可转换债券) issue allows the investor to exchange the