26 Exchange Rates, Part 2
第 三 章 汇率制度理论
第一节 汇率制度概述
一、汇率制度的含义
汇率制度(Exchange 汇率制度(Exchange Rate Regime)，又称汇率 Regime)，又称汇率 安排(Exchange 安排(Exchange Rate Arrangement)，是指一国 Arrangement)，是指一国 货币管理当局对本国货币汇率变动的基本方式 所作的一系列安排或规定。 汇率制度基本功能具体表现为：第一，建立外 汇市场秩序，提高外汇交易效率，降低交易成 本。第二，强化外汇市场信息流的稳定性，形 成共有汇率预期。第三，降低外汇市场参与者 目标和行为的不确定性。第四，减少外部性， 带来汇率制度收益。第五，可以作为协调经济 的一种手段。
货币局安排是一种特殊的固定汇率制，它有一些独有的 特点：第一，它对汇率水平作了严格的法律规定。这一 法律规定是公开的，因此政府想改变汇率水平是极为艰 难的，其改变必将损害货币局制的可信性；第二，它对 储备货币的创造来源也作了严格的法律限制，货币局只 有在拥有外国货币作为后备时才可以发行货币，这一规 则也可称为“后备规则”(Backing Rule)；第三，它对货 则也可称为“后备规则”(Backing Rule)；第三，它对货 币局为财政赤字提供融资作了严格的限制。 (三) 其他传统的固定钉住安排 其他传统的固定钉住安排(Other 其他传统的固定钉住安排(Other Conventional Fixed Peg Arrangements)是指一国将本国货币按照固定汇率钉住 Arrangements)是指一国将本国货币按照固定汇率钉住 另一货币或一篮子货币，汇率可以围绕中心汇率上下不 超过1 超过1％波动。在这种制度下，货币当局通过干预、限 制货币政策的灵活性来维持固定汇率水平，但是货币政 策的灵活性仍然很大，传统的中央银行功能可以在一定 程度上实现，货币当局可以调整汇率水平，尽管实际上 很少进行这种调整。
Tutorial2
Tutorial 2Part I .Multiple Choices ( 60 marks)1) When $1 million is deposited at a bank, the required reserve ratio is 20 percent, and the bank chooses not to make any loans but to hold excess reserves instead, then, in the bank's final balance sheet,A) the assets at the bank increase by $1 million.B) the liabilities of the bank decrease by $1 million.C) reserves increase by $200,000.D) liabilities increase by $200,000.2) When Jane Brown writes a $100 check to her nephew (who lives in another state), Ms. Brown's bank ________ assets of $100 and ________ liabilities of $100.A) gains; gainsB) gains; losesC) loses; gainsD) loses; loses3) When a $10 check written on the First National Bank of Chicago is deposited in an account at Citibank, thenA) the liabilities of the First National Bank decrease by $10.B) the reserves of the First National Bank increase by $10.C) the liabilities of Citibank decrease by $10.D) the assets of Citibank decrease by $10.4）If, after a deposit outflow, a bank has a reserve deficiency of $ 3 million, it can meet its reserve requirements byA) reducing deposits by $3 million.B) increasing loans by $3 million.C) selling $3 million of securities.D) repaying its discount loans from the Fed.5) Which of the following statements most accurately describes the task of bank asset management?A) Banks seek the highest returns possible subject to minimizing risk and making adequate provisions for liquidity.B) Banks seek to have the highest liquidity possible subject to earning a positive rate of return on their operations.C) Banks seek to prevent bank failure at all cost; since a failed bank earns no profit, liquidity needs supersede the desire for profits.D) Banks seek to acquire funds in the least costly way.6) For a given return on assets, the lower is bank capital,A) the lower is the return for the owners of the bank.B) the higher is the return for the owners of the bank.C) the lower is the credit risk for the owners of the bank.D) the lower the possibility of bank failure.7) Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, eight million dollars on deposit with the Federal Reserve, and one million dollars in required reserves. Given this information, we can say First National Bank has ________ million dollars in excess reserves.A) threeB) nineC) tenD) eleven8) A bank has excess reserves of $4,000 and demand deposit liabilities of $100,000 when the required reserve ratio is 20 percent. If the reserve ratio is raised to 25 percent, the bank's excess reserves will beA) -$5,000.B) -$1,000.C) $1,000.D) $5,000.9) Property that is pledged to the lender in the event that a borrower cannot make his or her debt payment is calledA) collateral.B) points.C) interest.D) good faith money.10) The predominant form of household debt isA) consumer installment debt.B) collateralized debt.C) unsecured debt.D) unrestricted debt.11) Credit card debt isA) secured debt.B) unsecured debt.C) restricted debt.D) unrestricted debt.12) A ________ is a provision that restricts or specifies certain activities that a borrower can engage in.A) residual claimantB) risk hedgeC) restrictive barrierD) restrictive covenant13）Which of the following is not a benefit to an individual purchasing a mutual fund?A) reduced riskB) lower transactions costsC) free-ridingD) diversification14) Adverse selection is a problem associated with equity and debt contracts arising fromA) the lenderʹs relative lack of information about the borrowerʹs potential returns and risks of his investment activities.B) the lenderʹs inability to legally require sufficient collateral to cover a 100% loss if the borrower defaults.C) the borrowerʹs lack of incentive to seek a loan for highly risky investments.D) the lenderʹs inability to restrict the borrower from changing his behavior once given a loan.15) The concept of adverse selection helps to explain all of the following exceptA) why firms are more likely to obtain funds from banks and other financial intermediaries, rather than from the securities markets.B) why indirect finance is more important than direct finance as a source of business finance.C) why direct finance is more important than indirect finance as a source of business finance.D) why the financial system is so heavily regulated.16) A problem for equity contracts is a particular type of ________ called the ________ problem.A) adverse selection; principal-agentB) moral hazard; principal-agentC) adverse selection; free-riderD) moral hazard; free-rider17) A venture capital firm protects its equity investment from moral hazard through which of the following means?A) It places people on the board of directors to better monitor the borrowing firm's activities.B) It writes contracts that prohibit the sale of an equity investment to the venture capital firm.C) It prohibits the borrowing firm from replacing its management.D) It requires a 50% stake in the company.18) Which of the following are transaction deposits?A) Savings accountsB) Small-denomination time depositsC) Negotiable order of withdraw accountsD) Certificates of deposit Answer:19) Banks acquire the funds that they use to purchase income-earning assets from such sources asA) cash items in the process of collectionB) savings accounts.C) reserves.D) deposits at other banks.20) Which of the following are primary concerns of the bank manager?A) Maintaining sufficient reserves to minimize the cost to the bank of deposit outflowsB) Extending loans to borrowers who will pay low interest rates, but who are poor credit risksC) Acquiring funds at a relatively high cost, so that profitable lending opportunities can be realizedD) Maintaining high levels of capital and thus maximizing the returns to the owners.21) As the costs associated with deposit outflows ________, the banks willingness to hold excess reserves will ________.A) decrease; increaseB) increase; decreaseC) increase; increaseD) decrease; not be affected Answer:22) Modern liability management has resulted inA) increased sales of certificates of deposits to raise funds.B) increase importance of deposits as a source of funds.C) reduced borrowing by banks in the overnight loan market.D) failure by banks to coordinate management of assets and liabilities.23) In order to reduce the ________ problem in loan markets, bankers collect information from prospective borrowers to screen out the bad credit risks from the good ones.A) moral hazardB) adverse selectionC) moral suasionD) adverse lending24) Unanticipated moral hazard contingencies can be reduced byA) screening.B) long-term customer relationships.C) specialization in lending.D) credit rationing.25) A bank that wants to monitor the check payment practices of its commercial borrowers, so that moral hazard can be prevented, will require borrowers toA) place a bank officer on their board of directors.B) place a corporate officer on the bank's board of directors.C) keep compensating balances in a checking account at the bank.D) purchase the bank's CDs.26) All else the same, if a bank's liabilities are more sensitive to interest rate fluctuations than are its assets, then ________ in interest rates will ________ bank profits.A) an increase; increaseB) an increase; reduceC) a decline; reduceD) a decline; not affect27) Assuming that the average duration of its assets is five years, while the average duration of its liabilities is three years, then a 5 percentage point increase in interest rates will cause the net worth of First National to decline by ________ of the total original asset value.A) 5 percent B) 10 percent C) 15 percent D) 25 percent28）First National BankAssets LiabilitiesRate-sensitive $20 million$50 millionFixed-rate $80 million$50 millionIf interest rates rise by 5 percentage points, say, from 10 to 15%, bank profits (measured using gap analysis) willA) decline by $0.5 million.B) decline by $1.5 million.C) decline by $2.5 million.D) increase by $1.5 million.29) If a banker expects interest rates to fall in the future, her best strategy for the present isA) to increase the duration of the bank's liabilities.B) to buy short-term bonds.C) to sell long-term certificates of deposit.D) to increase the duration of the bank's assets.30) All of the following are examples of off-balance sheet activities that generate fee income for banks exceptA) foreign exchange trades.B) guaranteeing debt securities.C) back-up lines of credit.D) selling negotiable CDs.Part II : Analysis ( 40 marks)1) Using T-accounts show what happens to reserves at Security National Bank if one individual deposits $1000 in cash into her checking account and another individual withdraws $750 in cash from her checking account. (10 marks)2）Your bank has the following balance sheet:Assets LiabilitiesReserves $ 50 million Checkable deposits $200 millionSecurities 50 millionLoans 150 million Bank capital 50 millionIf the required reserve ratio is 10%, Use T-account to draw the balance-sheet after the deposit outflow if there is an unexpected deposit outflow of $50 million? Subsequently what actions should the bank manager take? (15 marks)2.A bank’s balance sheets indicate: Duration=2.7 years for a total asset value of $100 million, while Duration=1.03 years for a total liability value of $95 million. These values correspond to an initial interest rate of 10%. Suppose the interest rate rises to 11%.What are the effects of this event on the market values of assets and liabilities a nd on the net worth? Is there anything that you could do to keep your bank from being so vulnerable to interest rate movements? (15 marks)。
国际金融-国际金融双语试卷【大学考试试题】
《International Finance 》试卷A一．单项选择题（共10小题，每题2分，共20分）1.Which of the following is not true ：A.a credit is a flow for which the country is paidB.a debit is a flow for which the country must payC.Exports are an example of creditD.Imports are an example of credit2.Which of the following is the most exact meaning of current account balance ： A.the net value of the flows of goods ，services ，income B.the net value of the flows of goods ，servicesC.the net value of the flows of goods ，services ，income ，giftsD.the net value of the flows of goods 3.Which of the following is not true ：A.the spot exchange rate is the price for "immediate" exchangeB.for most countries,spot exchange rate means exchange or delivery in two working daysC.the forward exchange rate is the price now for an exchange that will take place in the futureD.forward exchange rate is the price that is agreed in the future 4.According to exchange rate system,which of the following is true:A.fixed exchange rate system is the system without intervention by government or central banksB.under the floating-rate system a fall in the market price of a currency is called a devaluationC.under the floating-rate system a fall in the market price of a currency is called a appreciationD.under the floating-rate system a fall in the market price of a currency is called a depreciation 5.About IS curve,Which of the following is not true:A.IS curve is for which the money market is in equilibriumB.IS curve slopes downwardC.According to IS curve,the lower interest rate would induce the nation to invest in more domestic real capitalD.IS stands for investment-saving6.About LM curve,Which of the following is true:A.the LM curve is for which the product market is in equilibriumB.the intersection of the IS and LM curve represents equilibrium in both foreign exchange market and product marketC.the official settlements balance is surplus if the IS-LM intersection is to the left of the FE curveD.LM curve slopes downward7.Which of the following is not the components to a country's official reserve assets:A.the country's holdings of foreign exchange assets denominated in the major currencies of the worldB.the country's reserve position with the International Monetary FundC.the country's holdings of special drawing rightsD.the country's government bonds issued by the domestic central bank 8.Which of the following is not the ways to resolve the financial crises:A.rescue packagesB.global contagionC.debt restructuringD.exchange reform 9.According to Purchasing Power Parity theory(PPP),which of the following is true:A.rate of appreciation of the foreign currency nearly equates as the inflation rate of foreign country minus the the inflation rate of domestic countryB.relative PPP may be useful as a guide to why exchange rates change over timesC.PPP posits that the difference between interest rate will be offset by the change in the exchange rateD.relative PPP implies that countries with relatively high inflation rates have currencies whose values tend to appreciate10.According to rescue packages,which of the following is not true: A.rescue packages leads to less moral hazardB.the failure of rescue packages can lead to large lossesC.the two major types of international efforts to resolve financial crises have been rescue packages and debt restructuringD.a large rescue package provide a bailout for lenders二.判断题(共10小题,每个2分,共20分)注意:只要求判断正误,不要求改正 1.hedging is the act of taking a net asset position or a net liability position in a foreign currency 2.the forward rate is the future spot rate3.a currency is at a forward premium by as much as its interest rate is lower4.for an investment in a foreign-curreny-denominated financial asset ，part of the return comes from the asset itself and part from the foreign currency5.relative PPP implies that countries with relatively high inflation rates have currencies whose values tend to depreciate6.Absolute PPP is not related to the law of on price7.crawling peg is a kind of floating exchange rate8.the effects of floating exchange rates on fiscal policy is very clear9.in the fixed exchange rate system,if the country's official settlement balance is in deficit,so the院系： 专业班级： 姓名： 学号： 装 订 线exchange rate value of the country'scurrency is under downward pressure 10.it is best for a country never to borrow from foreign lenders三.名词解释（共4小题，每个5分，共20分）1.direct investment2.managed float3.the law of one price4.forward foreign exchange contract四.计算题（共2小题，每个10分，共20分）1.You observe the following current rates ： Spot exchange rate ：100yen/1$Annual interest rate on 60-day U.S.-dollar-denominated bonds:6% Annual interest rate on 60-day JAPAN-dollar-denominated bonds:4%Tips:Yen is the name of the Japanese currency ；$is the name of the Ameriacan currencyAccording to the c overed parity theory ,calculate the 60-day forward exchange rate.2.Suppose an economy has a marginal propensity to save of 0.3 and marginal propensity to import of 0.1.here is an increase of $2 billion in government spending.Question1:According to the spending multiplier,for a small and open economy,by how much will domestic product increase?Question2:if instead this is a closed economy with a marginal propensity to save of 0.4,if the increase of government spending is still $2 billion,by how much will domestic product increase?五.问答题（共2个小题，每个10分，共20分）1.Once a country's government has decided to have a fixed exchange rate,the government must defend that rate.How does the government defend the fixed rate ?Answer five ways that government can choose.2.Please name four marcoeconomy objectives.And we can divide these marcoeconomy objectives into two categories:internal balance and external balance.Explain the meaning of internal balance and external balance.院系： 专业班级： 姓名： 学号： 装 订 线国际金融-国际金融双语试卷【大学考试试题】《International Finance 》试卷A院系： 专业班级： 姓名： 学号：装 订 线。
图表21均衡汇率
Chapter 2
1
CHAPTER 2: THE DETERMINATION OF EXCHANGE RATES
CHAPTER OVERVIEW:
I.
II.
EQUILIBRIUM EXCHANGE RATES均衡即 期匯率 ROLE OF CENTRAL BANKS中央銀行干預.
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The Supply of € in the U.S.
$/ €
S
$.50
Qty
8
Equilibrium Exchange Rates
B.3. Equilibrium Exchange Rate occurs where the quantity supplied equals the quantity demanded of a foreign currency at a specific local price.
4
Equilibrium Exchange Rates
B. How Americans Purchase German Goods 1. Foreign Currency Demand -derived from the demand for a foreign country’s goods, services, and financial assets. e.g. The demand for German goods by Americans
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The Demand for € in the U.S.
$/€
D
$.50
Qty
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Equilibrium Exchange Rates
金融英语第2
当前位置：首页. \阅读. \Part 2. \Exercise. \1. Multiple Choice1. Multiple ChoiceDirections：There are 10 incomplete sentences. Each has four choices marked a, b, c and d. Choose the ONE that best completes the sentence.(1) According to Basel Accord issued in 1988, the capital adequacy ratio should be higher than ________.A. 6%B. 7%C. 8%D. 9%(2)Basle Accord issued in 1988 divides the capital of a bank into ________.A. tier one and tier twoB. pass and special mentionC. outstanding and excellentD. standard and substandard(3) In CAMELS system, the best performance is rated as ________.A. 1B. passC. 5D. outstanding(4) In China, _________has the power to carry out financial supervision obligation.A. central bankB. the CBRCC. fiscal departmentD. the State Council(5) The 'C' in CAMELS system refers to _________.A. capacityB. currencyC. capitalD. capability(6) There are _______kinds of risk weight about assets quality in Basel Accord.A. 3B. 4C. 5D. 6(7) ________is the core of bank licensing process.A. An information pre-filing stageB. The application stageC. The organizing stageD. The operation stage(8) The supervision authority will not scrutinize __________ when licenses a proposed bank.A. the qualification of managersB. business siteC. the source of capitalD. operation plan(9) The aim of financial supervision is ________.A. to save failing banksB. to protect all savings accountC. to maintain reputation of financial systemD. to control asset quality(10) In China, the minimum capital requirement for a national-level commercial bank is RMB________billion.A. 1B. 150C. 180D. 200当前位置：首页. \阅读. \Part 2. \Exercise. \2. True or False2. True or FalseDirections: Read the following sentences and decide whether they are true or false.(1) The banking organizations are not so highly geared as the industrial companies.A. trueB. false(2) The limit on the deposit insurance coverage also serves to minimize moral hazard on thepart of the depositors.A. trueB. false(3) Bank charter is usually granted by the central bank or a separate supervisory body of acountry.A. trueB. false(4) Banking, by its nature, entails taking a wide array of risks.A. trueB. false(5) The most important types of operational risk involve breakdowns in external controls orcorporate governance.A. trueB. false(6) Reputation risk is particularly damaging for banks since the nature of their businessrequires maintaining the confidence of depositors, creditors, and the general marketplace.A. trueB. false(7) From the bank supervisor's perspective, the most attractive approach is to try to encouragethe assisted merger of the failing bank into a sound institution.A. trueB. false(8) If a bank has already licensed, it need not inform the supervision authority that the directoror the senior management has changed.A. trueB. false(9) The banking supervision authority in a country has the right to supervise all kinds offinancial institutions.A. trueB. false(10) Selling unprofitable assets is a kind of measures to improve the bank's capital level.A. trueB. false当前位置：首页. \阅读. \Part 2. \Exercise. \3. Cloze3. ClozeDirections: Read the following paragraphs and then put the suitable words or phrases into the blanks.positionsratesvisibleincreaseopen12345Banks face a risk of losses in ________ arising from movements in exchange rates. Established accounting principles cause these risks to be typically most ________ in a bank's trading activities. Banks act as "market-makers" in foreign exchange markets by quoting ________ to their customers and by taking ________ positions in foreign currencies. The risks inherent in foreign exchange business, particularly in running open foreign exchange positions, ________ during periods of instability in exchange rates.Under CAMELS rating system, banks rated "1" are ________in every aspect, while those rated "5" are likely to________ in the absence of immediate and substantial corrective action and external support. The composite is not determined by calculating a simple________ of the separate components. Rather, it is the result of a ________assessment by the examiner-in-charge of the overall condition of the bank. The composite includes additional considerations, such as the bank's competitive position, including its future prospects and trends in its financial performance. Thus, the summary rating provides a broad ________of the examiner's findings regarding a bank's overall financial condition and immediate prospects.soundaveragefailmeasurecomprehensive12345A key ingredient of a good lending function is a strong and independent credit administration department. This department's functions________ independent analysts charged with the review and analysis of borrower's financial condition and prospects. The department also evaluates loan ________and adherence to loan covenants, reviews statistical data and trends in the portfolio, and identifies ________to policies and procedures. Much of this information is regularly shared with senior management and, where necessary, with the board of directors. The internal review should also focus on the types of ________being extended, the level of risk concentration in particular areas, the loss experience in various segments of the_______, and the need for changes in credit standards and guidelines.creditrequireexceptionsportfolioperformance12345有错！正确答案是:1.positions;2.visible;3.rates;4.open;5.increase.有错！正确答案是:1.sound;2.fail;3.average;prehensive;5.measure.有错！正确答案是:1.require;2.performance;3.exceptions;4. credit;5.portfolio.当前位置：首页. \阅读. \Part 2. \Exercise. \4. Translation4. TranslationDirections: Translate the following paragraphs into Chinese.(1) Effective supervision of banking organizations is an essential component of a strong economic environment in that the banking system plays a central role in making payments and mobilizing and distributing savings.(2) Deciding on the appropriate level of systemic protection is by and large a policy question to be taken by the relevant authorities (including the central bank), particularly where it may result in a commitment of public funds.(3) A key aspect of the licensing process is an evaluation of the competence, integrity andqualifications of proposed management, including the board of directors.(4) If there will be a corporate shareholder with a significant holding, an assessment of the financial condition of the corporate parent should be made, including its capital strength.(5) The host authority should also consider whether the home country supervisor capably performs its supervisory task on a consolidated basis.(6) Serious banking problems have arisen from the failure of banks to recognize impaired assets, to create reserves for writing off these assets, and to suspend recognition of interest income when appropriate.(7) Banks are particularly susceptible to legal risks when entering new types of transactions and when the legal right of a counterparty to enter into a transaction is not established.(8) Under the loan classification system, criteria used to assign credit quality ratings are primarily based upon the degree of risk and the likelihood of orderly repayment, and their effect ona bank's safety and soundness.(9) Pending factors may include a proposed merger or acquisition, liquidation proceedings, capital injection, preferring liens on additional collateral, or refinancing plans.(10) Bank failures can serve a useful purpose by rewarding strong managements and penalizing weak ones.(11) Prudential requirements cover a broad spectrum of banking activities and play an important part in assuring the effectiveness of the supervisory process. Of which, there are five key areas where the extensive prudential policies have been implemented by bank regulators of most countries, these are capital adequacy, asset concentrations, loan classification system and adequacy of loan loss reserves, liquidity and risk management and internal controls.(12) Banking supervisors recognize that banking is a business of taking risks in order to earn profit and assumes varied and complex risks that warrant a risk-oriented supervisory approach. Consequently, bank regulators in many countries have adopted risk-based approach to supervise banks. Under this approach, supervisors do not attempt to restrict risk-taking but rather determine whether banks identify, understand and control the risks they assume.(13) Supervisors must assess the ownership structure of banking organizations including the bank's direct and indirect controlling and major direct or indirect shareholders. This assessment should review the controlling shareholders' past banking and non-banking business ventures and their integrity and standing in the business community, as well as the financial strength of all major shareholders and their ability to provide further financial support should it be needed. As part of the process of checking integrity and standing, the supervisor should determine the source of the initial capital to be invested.Where a bank will be part of a larger organization, licensing and supervisory authorities should determine that the ownership and organizational structure will not be a source of weakness and will minimize the risk to depositors of contagion from the activities conducted by other entities within the larger organization. The other interests o f the bank's major shareholders should be reviewed and the financial condition of these related entities assessed.。
Chapter_2__Foreign_Exchange_2
Cao Yongfeng 2015 Spring Semester
2.1 Foreign-Exchange Market 外汇市场
Foreign-exchange market 外汇市场
Organizational setting 组织形式
Transactions between commercial banks and their commercial customers商业银行与其商业客户之间 的交易 Domestic interbank market conducted through brokers国内银行借助经纪人进行同业市场交易 Active trading in foreign exchange with banks overseas 与国外银行的外汇交易
Slide 2-3
Business School
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2.2 Types of Foreign-Exchange Transactions 外汇交易的类型
(1) Spot transaction 即期交易
ቤተ መጻሕፍቲ ባይዱ
Make an outright purchase or sale of a currency now, as in “on the spot” 直接买卖货币，当场 Immediate delivery 即期交割 Settlement date 交割日 Simplest way to meet your foreign currency requirements最简单的方式满足外汇需求 Greatest risk of exchange rate fluctuations汇率波 动的巨大风险
金融英语课后答案汇总
Part One1. What are the main roles of banks?答：Although banks share many common features with other profit-seeking business,they play a unique role in the economy through mobilizing savings,allocating capital funds to fiance productive investment,transmitting monetary policy,providinga payment system and transforming risks.3. According to the revised edition of the Law of the People's Republic of China on the People's Bank of China ,what functions does the PBC perform?答：The PBC 's key functions are to conduct monetary policy, prevent and dissolve financial risks, and maintain financial stability under the leadership of the State Council.4. Can you give some examples of indirect instruments for implementing monetary policy?答：Indirect instruments as required reserve ratio, interest rate adjustment and open market operations.9. What is your definition of share and bond?答：Shares are certificates or book entries representing ownership in a corporation or similar entity.Bonds are written evidences of debts.13. What is your definition of “securities”?答：Securities are paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stock) or debt obligations (bonds).Part Two2. What are the objectives of banking supervision?First, the key objective of supervision is to maintain stability and public confidence in financial system.The second goal of bank supervisions to ensure that bank operate in a safe and sound manner and that they hold capital and reserve sufficient to cover the risks that may arise in their business.Third, a related goal is to protect depositors’ funds and , if any bank should fail, to minimize the losses to be absorbed by the deposit insurance fund.The fourth goal of bank supervision is to foster an efficient and competition banking system that is responsive to the public need for high quality financial services at reasonable cost.The fifth and final goal of bank supervision is to ensure compliance with banking laws and regulations.3. What risks might the commercial banks have to face?(1)credit risk (2)market risk (3)liquidity risk (4)operational risk (5)legal risk (6)reputation risk4. What are the implication of credit risk, market risk, liquidity risk and operational risk?Credit risk: A major type of risk that banks face is credit risk or the failure of a counterpart to perform according to a contractual arrangement.Market risk: Two specific elements of market risk are foreign exchange risk and interest risk. Banks face a risk of losses in on- and off-balance sheet positions arising from movement in exchange rates. Interest rate risk prefers to the exposure of a bank’s financial condition to adverse movements in interest rates.Liquidity risk: Liquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets.Operational risk: The most important types of operational risk involve breakdowns in internal controls and corporate governance..5.At what levels does the Basel Accord set the minimum capital ratio requirements for internationally active banks?The Accord sets minimum capital ratio requirements for internationally active banks of 4% tier one capita and 8% total capital (tier one plus tier two) in relation to risk-weighted assets.Part Three1. What does foreign exchange include ?答：Foreign exchange includes the following means of payments and assets denominated in a foreign currency that can be used for international settlement:●Foreign currencies, including banknotes and coins;●Payment vouchers denominated in foreign currency, including negotiableinstruments, bank certificates of deposit and certificates of postal savings;●Securities denominated in foreign currency, including government bonds,corporate bonds and stocks;●Super-national currencies such as Special Drawing Rights and the Euro; and●Other assets denominated in foreign currency.3. What are the requirements for domestic institutions for opening foreign exchange accounts abroad?答：Domestic entities which meet one of the following requirements may apply for opening a foreign exchange account abroad:●Expecting small amount income during a certain period of time abroad;●Expecting small amount ex penditure during a certain period of time abroad;●Undertaking overseas construction projects;and issuing securities denominated in foreign currency abroad.6. Give the definition of foreign exchange?答：Foreign exchange , or forex , is foreign money. All foreign currency, consisting of founds held with banks abroad, or bills or cheques, again in foreign currency and payable abroad , are termed foreign exchange.9. Give the definition of spot and forward transaction?答：Spot transactions involve today’s p rices of currency and delivery of the currency within two business days, except for Canadian dollar (CAD), which must be delivered in one day.10. Tell the difference between forward and futures transactions?答：(1) Forward transactions involve today’s pr ices of currency and delivery on a stipulated future date.(2) Futures transactions are always traded on exchanges. In order to be marketable on exchanges, futures contracts are standardized in terms of quantity, settlement datesand quotation.Part Four14. How could a bank earn interest income?答：The principal source of income for the majority of banks is still the interest received on the funds that the institution has at its disposal and is able to lend out in some form.Whenever a bank lends out money it will generally charge interest to the customer.21. Why should a bank keep sufficient liquid assets?答：It is important for a bank to hold sufficient liquid assets to meet the demands of depositors who may seek to withdraw their funds. However,maintenance of too high a level of liquid assets could be expensive. Cash balances in particular yield no income,yet will cost the same as any other asset to fund.25. What are the three major activities included in a bank's Statement of Cash Flows?答：The statement of cash flows reports cash flows relating to operating,investing and financing activities of a bank.Part five4. What are negotiable instruments? list some examples.答：From a functional perspective, negotiable instruments are documents used in commerce to secure the payment of money. Paying large sums of money in cash is both inconvenient and, unfortunately, risky. In all cases, negotiable instruments represent a right to payment. A right is, by definition, a promise and not a tangible piece of property. So, negotiable instruments are classified as choses in action. The three main types of them are the following: Bills of Exchange, Cheques, Promissory Notes.7. What’s the difference between capital lease and operating lease?答：1: Whether the ownership of property is to be transferred by the end of lease term.2: Whether the lease has an operation to purchase the leased property at a bargain price.3: The lease term is long to or short in according to the estimated economic life of the leased property.4: Whether the lease is a cancelable lease.5: Whether the lease is full-payout lease.9. What’s the meaning of Account Receivable Financing?答：Accounts Receivable represents a promise from customers to pay for a goods sold or services rendered. Account Receivable Financing is a form of collateralized lending in which accounts receivables are the collateral.12. What are basic characteristics of money mark securities?答：Money-mark securities, which are discussed in details later in this chapter, have three basic characteristics in common:They are usually sold in large denominations.They have low default risk.They mature in one year or less from their original issue date. Most money marker instruments mature in less than 120 days.Why teasury bills are attractive to investors?答：Teasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk .Even if the government ran out of money, it could simply print more to pay them off when they mature.The risk of unexpected changes in inflation is also low because of their short-termmaturity. 15. What are the features of inter-bank markets?答：Inter-bank markets are money markets in which short-term funds transferred (lent or borrowed) between financial institutions, usually for one day, that is , they are usually overnight investment . The interest rate for borrowing these funds is close to ,but always slightly higher than ,the rate that is available from the central bank. 17．How have NCDs become the second most popular money market instruments?答：Negotiable CDs are in large denominations .Although NCDs denominations are too large for individual investors , they are sometimes purchased by money market funds that have pooled individua l investor’s funds. Thus , the existence of money market funds allows individuals to be indirect investors in NCDs ,marking a more active NCD market.19.What products does the on-line banking provide?答：basic products and services, intermediate products and services ,advanced products and services.Part Six1,What categories can the loan be divided according to their risk?答：The five-category system classifies bank loans according to their inherent risks as pass(normal),special-mention,substandard,doubtful and loss.What are the commonly used methods of credit analysis?答：Tranditionally,key risk factors have been classified according to the five CS of credit:character,capital,capacity,conditions,and collateral. Golden and Walker identify the five CS of bad credit,representing things to guard against to help prevent problems.These include complacency,carelessness,communication breakdown,contingencies,and competition.A useful framework for sorting out the facts and opinions in credit analysis is the 5Ps approach:people,purpose,payment,protection,and perspective.How can a bank take security for an advance?答：A bank has different kinds of security as cover for advance to his customers.There are several ways in which a bank may take security for an advance by lien,pledge,mortgage and hypothecation.。
黄卫平《国际经济学教程》笔记和课后习题详解(宏观经济的内外均衡)【圣才出品】
十万种考研考证电子书、题库、视频学习平台第12章宏观经济的内外均衡12.1 复习笔记一、蒙代尔-弗莱明模型1．模型的提出蒙代尔在一篇开拓性的文章（1963）“Capital Mobility and Stabilization Policy under Fixed and Flexible Exchange Rates”中阐述了开放经济条件下货币和财政政策的短期效应，阐述了宏观经济政策的国际传递。
蒙代尔将外贸和资本流动引进封闭条件下的IS-LM模型分析得出稳定政策的效果是与国际资本的流动程度紧密相联的。
而且，论证了汇率制度的重要性，即在浮动汇率下，货币政策效果明显，财政政策软弱无力，而在固定汇率下，结果与此相反。
2．蒙代尔-弗莱明模型的结论在固定汇率和资本完全流动条件下，一国无法实行独立的货币政策，或者说单独的货币政策基本上是无效的。
固定汇率对政府政策制定者提出挑战，这些政策制定者既要实现本国经济的外部均衡（国际收支的总体平衡），又要实现经济的内部均衡（实际产出等于经济的供给潜力或高就业率——不存在使通货膨胀率上升的压力）。
在短期和中期内，内部均衡和外部均衡往往难以兼顾。
一国政府如果只追求外部均衡而置国内通胀和失业不顾，那么，即使国际收支达到了完美的平衡，国内压力仍然很大。
反之，一国政府如果只考虑用货币政策控制国内产出，则可能会扩大国际收支逆差或顺差，进而破坏掉保持汇率不变的承诺。
十万种考研考证电子书、题库、视频学习平台二、宏观经济的对内与对外均衡1．经济的宏观目标（1）宏观经济的四个目标一个国家的经济才处于最佳的增长状态包含有四个目标：经济增长、充分就业、物价稳定、国际收支平衡。
（2）经济的对内与对外均衡经济的对内均衡，主要是指国内的总供给等于总需求，既实现资源的充分就业，物价稳定，同时可以获得有保证的经济增长；经济的对外均衡，主要是指一国与外部经济体之间的经济流入量和流出量相等，国际收支处于平衡状态。
国际经济名词解释英文重点总结
1、Absolute trade theory(main idea)绝对贸易理论:the greater efficiency that one nation may have over another in the production of a commodity. conclusion: Both countries have absolute advantage in one commodity commodity’’s production because the natural or acquired advantage. If each nation specializes in the production of the commodity of its absolute advantage and exchanges part of its output for the commodity of its absolute disadvantage, both nations benefit from the trade.2、▲Absorption approach ：一、一、Overview of The Absorption Approach: Overview of The Absorption Approach:1)1) The absorption approach was put forward by Alexander in 1952. 2)2) This approach emphasizes changes in real domestic income and absorption as adeterminant of a nation determinant of a nation’’s balance of payments.3)3) The balance of trade is viewed as the difference between what the economyproduces and what it absorbs for domestic use.二、二、Absorption : Absorption :1） A nation nation’’sabsorption falls into three categories, consumption (c), investment (i), government purchase (g).2） The domestic absorption (a)a a 符号：符号：“比等号再多一道”“比等号再多一道” c + i + g c + i + g1、▲Balance of payments equilibrium and adjustment ：Balance of payments equilibrium is a state that the debits equals to the credits in the autonomous transactions. This would simply mean that their stocks of international reserves are unchanging. 2、▲Balance of payments equilibrium and disequilibrium ： （一）（一）Balance of payments equilibrium: is a state that the debits equals to the Balance of payments equilibrium: is a state that the debits equals to the credits in the autonomous transactions. This would simply mean that their stocks of international reserves are unchanging.（二）（二）Disequilibrium Disequilibrium in balance of payments payments：：1)Deficit in the balance of payments: the excess of debits over credits in the autonomous transactions. Deficit countries will experience reserve asset losses. 2) Surplus in the balance of payments: the excess of credits over debits in the autonomous transactions. surplus countries will experience reserve asset accumulation.3、▲Basic theories of the balance of payments:1) The Elasticity Approach to Balance-of-Payments2) The absorption approach to the balance of payments3) The monetary approach to the balance of payments1、Comparative trade theory 比较贸易理论:(main (main points)A points)A points)A country has a comparative country has a comparative advantage in producing a goods if the opportunity cost of producing that goods in terms of other goods is lower in that country than it is in other countries. basic ideas: Even if a nation has an absolute disadvantage in the production of both goods, a basis for mutually beneficial trade may still exist.In this case, countries should specialize where they have their greatest absolute advantage (if they have absolute advantage in both goods) or in their least absolute disadvantage (if they have absolute advantage in neither goods). (两利相权取其重，两害相权取其轻）两害相权取其轻）2、Competitive advantage of nations ：美国美国 20C80 20C80 20C80、、90年代迈克尔年代迈克尔--波特认为：具有比较优势的国家未必具有竞争优势。
国际会计准则（1～41）中英文目录对照
国际会计准则（1～41）中英⽂⽬录对照国际会计准则（1～41）中英⽂⽬录对照1.IAS1：Presentation of Financial Statements《IAS1——财务报表的列报》2.IAS2：Inventories《IAS2——存货》3.IAS3：Consolidated Financial Statements《IAS3——合并财务报表》（已被IAS27和IAS28取代）4.IAS4：Depreciation Accounting《IAS4——折旧会计》（已被IAS16、IAS22和IAS38取代）5.IAS5：Information to Be Disclosed in Financial Statements《IAS5——财务报表中披露的信息》（已被IAS1取代）6.IAS6：Accounting Responses to Changing Prices《IAS6——物价变动会计》（已被IAS15取代）7.IAS7：Cash Flow Statements《IAS7——现⾦流量表》8.IAS8：Accounting Policies, Changes in Accounting Estimates and Errors 《IAS8——当期净损益、重⼤差错和会计政策变更》9.IAS9：Accounting for Research and Development Activities《IAS9——研发活动会计》（已被IAS38取代）10.IAS10：Events after the Balance Sheet Date《IAS10——资产负债表⽇后事项》11.IAS11：Construction Contracts《IAS11——建造合同》12.IAS12：Income Taxes《IAS12——所得税》13.IAS13：Presentation of Current Assets and Current Liabilities 《IAS13——流动资产和流动负债的列报》（已被IAS1取代）14.IAS14：Segment Reporting《IAS14——分部报告》15.IAS15：Information Reflecting the Effects of Changing Prices《IAS15——反映物价变动影响的信息》（2003年已被撤销）16.IAS16：Property, Plant and Equipment《IAS16——不动产、⼚场和设备》17.IAS17：Leases《IAS17——租赁》18.IAS18：Revenue《IAS18——收⼊》19.IAS19：Employee Benefits《IAS19——雇员福利》20.IAS20：Accounting for Government Grants and Disclosure of Government Assistance 《IAS20——政府补助会计和政府援助的披露》21.IAS21：The Effects of Changes in Foreign Exchange Rates《IAS21——汇率变动的影响》22.IAS22：Business Combinations《IAS22——企业合并》（已被IFRS3取代）23.IAS23：Borrowing Costs《IAS23——借款费⽤》24.IAS24：Related Party Disclosures《IAS24——关联⽅披露》25.IAS25：Accounting for Investments《IAS25——投资会计》（已被IAS39 和IAS40取代）26.IAS26：Accounting and Reporting by Retirement Benefit Plans《IAS26——退休福利计划的会计和报告》27.IAS27：Consolidated and Separate Financial Statements《IAS27——合并财务报表及对⼦公司投资会计》28.IAS28：Investments in Associates《IAS28——对联合企业投资会计》29.IAS29：Financial Reporting in Hyperinflationary Economies《IAS29——恶性通货膨胀经济中的财务报告》30.IAS30：Disclosures in the Financial Statements of Banks and Similar Financial Institutions 《IAS30——银⾏和类似⾦融机构财务报表中的披露》31.IAS31：Interests in Joint Ventures《IAS31——合营中权益的财务报告》32.IAS32：Financial Instruments: Disclosure and Presentation《IAS32——⾦融⼯具：披露和列报》33.IAS33：Earnings per Share《IAS33——每股收益》34.IAS34：Interim Financial Reporting《IAS34——中期财务报告》35.IAS35：Discontinuing Operations《IAS35——终⽌经营》（已被IFRS5取代）36.IAS36：Impairment of Assets《IAS36——资产减值》37.IAS37：Provisions, Contingent Liabilities and Contingent Assets 《IAS37——准备、或有负债和或有资产》38.IAS38：Intangible Assets《IAS38——⽆形资产》39.IAS39：Financial Instruments: Recognition and Measurement《IAS39——⾦融⼯具：确认和计量》40.IAS40：Investment Property《IAS40——投资性房地产》41.IAS41：Agriculture《IAS41——农业》国际会计准则中⽂版⽂件格式：Pdf可复制性：可复制TAG标签：会计学点击次数：更新时间：2010-03-30 15:23介绍国际会计准则中⽂版，国际会计准则在2008年做了更新，中⽂版不知道是否同步更新，这个对于会计从业⼈员的帮助很⼤，在⽹上找了很久中⽂版都是2003的⽼版本，不知道楼主上传的版本对我是否有⽤。