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国际金融Chapter
21、balance of payments Theset of accounts recordingall flowsof valuebetween anation sresidentsand theresidents of the restof the world duringa periodof time.
2、internatiaoal investmentposition Complementingthe balanceofpaymentsaccounts isa balancesheet calledtheinternational investmentposition.Chapters
1、foreign exchangeForeign exchangeis theact oftrading differentnations moneys.
2、exchange rate The value of onecurrency forthe purposeof conversionto another.
3、spot exchange rate Theexchange ratesgoverning tradingof bankdeposits andexecute thedealimmediately,are calledspot exchange rate.
4、forward exchange rate Theexchange ratesquoted inforeign exchangewhich dealssometimes specifyafuture taransationdate,are calledforward exchange rates.
5、foreign exchangeswap Aforeign exchangeswap isa packagetrade thatincludes botha spotexchangeof twocurrencies and an agreementto thereverse forwardexchange of the twocurrencies.
6、floating exchange-rateTheexchangerateis determinedby thesupply anddemand situationin theopenmarket,which isbasically unregulatedby the government.
7、fixed exchange-rate Aexchangerateregime thatmaintains afixed pricebetween anational currencyanda country such asthe UnitedStates,such asthe currency,gold,andapackageof moneysuch asthe special drawing right.
8、arbitrage Theprocess ofbuying a currency cheapand sellingit dearChapter
41、exchange-rate riskIf the valueof the person,s income,wealth,or netwealthy changeswhen exchangeratesunpredictably in the future.
2、hedging Hedgingis theact ofreducing oreliminating a net assetor netliability positionin the foreign currency.
3、speculating Speculatingis theact oftaking anet assetposition“longor anet liabilitypositionshortin someasset class,here a foreign currency.
4、forward foreignexchange contractForward exchangecontact isan agreementto buyor sella foreigncurrency forfuturedelivery ata price.
5、currency futuresCurrency futuresare contractsthat aretraded onorganized exchange,by enteringintoacurrencyfutures contract,you caneffectively lockin theprice atwhichyou buyor sellaforeigncurrency ata setdate inthe future.
6、currency optionCurrency optiongives thebuyer orholder ofthe optionthe right,but nottheobligation,to buyforeigncurrencya calloption orto sellforeign currencyaput optionat sometimeinthefuture ata priceset today.
7、currency swapTwo partiesagree toexchange flowsof differentcurrencies duringa specifiedperiodof time.
8、covered internationalinvestment Ourpound liabilityintheforward contactmatches herpound assetposition,sowe havehedged herexposure toexchange-rate risk.We havea hedgedor coveredinternationalinvestment.
9、covered interestdifferential
10、covered interestarbitrage1fIt isbuying a country s currency spotand sellingthat countryscurrencyforward,to makeanetprofit fromthe combinationofthedifference ininterest rates1between countriesand theforward premiumon thatcountryscurrency.
11、capital controlsIt isrestrictions onthe abilityof financialinvestors totransfer moneysinor outofthecountry.Chapters
1、purchasing powerparityppp Thetheory ofPPP statesthat theexchangeratebetween twocountries currenciesequalsthe ratioofthecountires,price levels.
2、overshooting inthe shortrun theactual exchangerate overshootsits long-run valueand thenrevertsback towardit.Chapter
61、exchange control1The countys governmentplaces somerestrictions onuse ofthe foreignexchangemarketo
2、clean floatIf governmentpolicy letsthe marketdetermine theexchangerate,the rateisfree togo whereverthe marketequilibrium isat thattime.
3、Official interventionThe monetaryauthority entersthe foreignexchange marketto buyor sellforeigncurrency inexchange fordomestic currencycalled officialintervention.
4、managed floatThe stateallows currencyto betraded,at thepermitted exchangerateo
5、dirty floatA policyapproach-an exchangerate thatis generallyfloating orflexible butwiththegovernmentwilling tointervene toattempt toinfluence themarket rate.
6、specialdrawingrightSDR Aninternational reserveasset definedby theIMF asthevalueofacurrency basketweightedby fivecurrencies.7pegged exchangerate Sinrecognition thegovernment hassome abilityto movethe pegvalue.
8、sterilizationThe authorityseparately takesanother actionto restorethe domesticmoney backintothe economy.
9、sterilized interventionThe authorityrelying onlyon interventionto defendthe fixedrate.Chapter
71、nationally optimaltax Ifacountrylooms largeenough tohave powerover the world marketrate ofreturn,it canexploit thismarket powerto itsown advantage,at theexpense ofothercountries andtheworldas awhole.
2、contagion Thevulnerability ofeven seeminglyhealthy economiesto crisesof confidencegeneratedby eventselsewhere intheworld.
3、moral hazardA largerescue packageprovides abailout forlenders andborrowers whena crisishits.But iflenders andborrowers expectto bebailed out,then theyshould worrylessabout therisk ofa financialcrisis.This leadsthem tolend andborrowmore thanis prudent.。