国际金融名词解释
C2
balance of payments：The t of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time.
the current account： Records the values of goods and rvices sold and purchad abroad, net interest and other factor payments and net unilateral transfers and gifts.
the capital account：consists of capital transfer and the buying and lling of nonproductive asts and non-financial asts.
the double-entry bookkeeping：Any exchange automatically enters the balance-of-payment accounts twice: as a credit and as a debit of the same value.
current account balance：equals the net credits - debits on the flows of goods, rvices, income, and unilateral transfers. It also equals the ch ange in the nation’s foreign asts minus foreign liabilities, also known as net foreign investment.
the overall balance：equals the sum of the current account balance and the private capital account balance.（算式）
the international investment position: is a statement of the stocks of a nation’s international asts and foreign liabilities at a point in time, usually the end of a year.
the IMF：The IMF was t up with contributions of gold and foreign exchange from member governments. It grants all member countries the right to borrow rerves to finance temporary deficits.
SDRs：（Special Drawing Right） is an artificial "basket" currency ud by the IMF for internal accounting purpos. The SDR is also ud by some countries as a peg for their own currency, and is ud as an international rerve ast.
C3
foreign exchange： holdings of foreign currencies: (1) foreign currencies;
(2) payment instruments dominated in foreign currencies, like demand bank deposits; (3) curities in terms of foreign currencies; (4) other claims on nonresidents in terms of foreign currencies.
exchange rate：the price of one nation’s money in terms of another nation’s money.
spot exchange rate：The spot exchange rate is the price for “immediate” exchange (delivery).
forward exchange：the price t now for an exchange (delivery) that will take place sometime in the future
intangible market：banks and traders who work at banks are at the center of the foreign exchange market. The banks and their traders u computers and telephones to conduct foreign exchange trades with their
customers and also with each other.
a vehicle currency：One foreign currency is exchanged for dollars, and the dollars are then exchanged for the other foreign currency. The dollar is often ud in this way to accomplish trading between two other currencies, and the dollar is called a vehicle currency.
SWIFT (Society for Worldwide Interbank Financial Telecommunications)：which is ud to transmit instructions from one member bank to another CHIPS(Clearing Hou International Payments System)：This system clears dollar transfers among its member banks, which include all large and i
nternationally active banks.
floating exchange rate：It is the exchange rate system without intervention by governments or central bankers.
the equilibrium exchange rate：(market-clearing rate) means no tendency for change. It is at the interction point of the supply and demand curves.
fixed exchange rate：Official strive to keep the exchange rate virtually fixed ( or pegged ) even if the rate they choo differs from the current equilibrium rate.
the depreciation(the appreciation)：Under the floating-rate system a fall in the market price (the exchange rate value) of a currency is called a depreciation of that currency; a ri is an appreciation.
the devaluation(the revaluation)：We refer to a discrete official reduction (rising) in the otherwi fixed par value of a currency as a devaluation (revaluation).
arbitrage：The process of buying and lling to make a (nearly) riskless pure profit, ensures that rates in different locations are esntially the same, and that rates and cross-rates are related and consistent among themlves.
biangular arbitrage：Buy currencies where they are cheap and simultaneously ll them where they are expensive.
triangular arbitrage：There is an opportunity to make riskless profit by arbitraging through the three rates.
basic rates：Basic rates reprent the dollar price of various foreign currencies
cross rates：the cross-rates are the rates between foreign currencies. C4
exchange rate risk：the possibility of loss or gain of foreign exchange (currencies) asts (or liabilities) held by persons becau of changes of exchange rates.
international investment with cover：if the rate at which the future sale of foreign currency will occur is locked in now through a forward exchange contract, we have~.
international investment without cover：involves investing in a financial ast denominated in a foreign currency without hedging or covering the future proceeds of the investment back into one’s own
currency.
hedging：Hedging a position expod to rate risk is the act of reducing or eliminating a net ast or net liability position in the foreign currency.
hedgers： are persons who have a home currency and ek a balance between their liabilities and asts in foreign currencies.
speculating：Speculating is the act of taking a net ast position (“long”) or a net liability position (“short”) in the foreign currency, thereby gambling on its future exchange value.
speculators：A speculator is anybody who is willing to take a net position in a foreign currency, whatever his motives or expectations about the future of the exchange rate.
the forward premium：F = (f – e)/e If F is positive, the pound is at a forward premium becau it gains value between buying current spot pounds and lling current forward pounds.
covered interest arbitrage：It is buying a country’s currency spot and lling that country’s currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on that country’s currency.
covered interest parity：The condition Covered Interest Differential (CD) = 0 is referred as covered i
nterest parity.
uncovered interest parity：The condition Expected Uncover Interest Differential (EUD) = 0 is called the uncovered interest parity. This parity is also called the “international Fisher effect,”
C5
PPP： The principle that unit of currency will purcha the same basket of goods anywhere in the world
the law of one price：A product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere.
absolute PPP：Posits that a basket or bundle of tradable products will have the same cost in different countries if the cost is stated in the same currency.
relative PPP：Posits that the difference between changes over time in product-price levels in two countries will be offt by the change in the exchange rate over this time.
overshooting：Investors can react rationally to news by driving the exchange rate past what they kn
ow to be its ultimate long run equilibrium value. The actual exchange rate then moves slowly back to that long-run rate later on. That is, the short run the actual exchange rate overshoots its long-run value and then reverts back toward it.
bandwagon effects：Some investors, especially for expectations regarding the near-term future (the next minutes, hours, days, or weeks), may expect that the recent trend in the exchange rate will continue. They extrapolate the recent trend into the future.
