国际金融重点翻译.ppt

单击此处编辑母版标题样式,单击此处编辑母版文本样式,第二级,第三级,第四级,第五级,*,*,单击此处编辑母版标题样式,单击此处编辑母版文本样式,二级,三级,四级,五级,*,Chapter 11.Balance of payments is the set of accounts recording all flows of value between a nations residents and the residents of the rest of the world during a period of time.,国际收支是记录一个国家的居民和世界其他国家的居民在一段时间内的所有价值流量的一组帐户。,2.The variety of resident and nonresident.-Diplomats,military personnel,tourists,and workers.-A corporation,its foreign branches and subsidiaries.-International institutions.Time dimension,2.居民和非居民的多样性。,-外交官，军人，游客和工人。,-公司，其外国分公司和子公司。,-国际机构。,时间维度,3.Each transaction has both a credit and a debit itemdouble-entry bookkeeping A credit or positive item is an item for which the country must be paid.(for a payment by a foreigner)A debit or negative item is an item for which the country must pay(payments to foreigners).,3.每笔交易都有信用和借记项目-双重记账,信用或正项目是必须为其支付国家的项目（由外国人支付）,借项或负项目是国家必须支付的项目（对外国人的付款）4.Current account(1).goods(Merchandise)trade-visible trade(2).Services-invisible trade(3).Income(interest,dividends,and profits.)(4).Unilateral transfers,.经常帐户,（1）.goods（商品）贸易-有形贸易,（2）服务-隐形贸易,（3）收益（利息，股息和利润）,(4).单边转让,5.Financial AccountFinancial account includes items that are nonofficial:(1).Direct investment(2).International portfolio investment(3).Other,5.财务账户,财务帐户包括非官方的项目：,（1）直接投资,（2）国际证券投资,（3）其他,6.Exporting financial assets/positive value/capital imports(+).Importing financial assets/negative value/capital exports(-).,6。,出口金融资产/正值/资本进口（+）。,进口金融资产/负值/资本出口（-）。,7.Goods and services balancetrade balance）8.The current account balanceThe meaning of CA,CA=X M=I,f,=S I,d,=S,p,+S,g,I,d,=S,p,+(T G)I,d,=YE=NIIP NIIP,-1,7.商品和服务余额（贸易差额）,8.当前帐户余额,CA的含义,9.the net value of flows of financial assets and similar claims(excluding official international reserve asset flows)is the private financial account balance.,9.金融资产和类似债权（不包括官方国际储备资产流动）的流动净值是私人财务账户余额。,10.The overall balance should indicate whether a countrys balance of payments has achieved an overall pattern that is sustainable over time.,10.总体平衡应表明一个国家的国际收支是否已经实现了一段时间内可持续的总体模式。,11.The official settlements balance(B)measures the sum of the current account balance plus the private capital account balance(including the statistical discrepancy).B=CA+FA B+OR(the flows of official reserve assets)=0,11.官方结算余额（B）衡量经常项目余额加上私人资本帐户余额（包括统计差异）的总和。,If B is in surplus,it equals an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the countrys assets,如果B是盈余，它等于国家官方储备资产的累积或国家资产的外国官方储备的减少,12.Official international reserve assets are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.,12.官方国际储备资产是由政府持有且由政府承认完全可以接受的国际储备资产。,13.The international investment position is a statement of the stocks of a countrys foreign assets and foreign liabilities at a point in time.,13.国际投资头寸是一个国家外国资产和外国负债在某一时点的存货的说明。,Chapter 21.foreign exchange:the trade of one national currency for another.2.exchange rate:the price at which two national currencies are traded.,1.外汇交换：一种国家货币对另一种货币的贸易。,2.交换率：两种国家货币交易的价格。,3.spot exchange rate:the price for immediate exchange 4.The forward exchange rate is the price agreed now for a currency exchange that will occur sometime in the future.,3.现货汇率：“即期”交换的价格,4.远期汇率是现在为将来某个时候发生的货币兑换而商定的价格5.Using the foreign exchange market(1).Bank(2).Broker(3).Center bank(4).Enterprise(Company)and Customer,5.使用外汇市场,（1）银行,（2）经纪人,（3）中心银行,（4）企业（公司）和客户,6.demand for foreign currencysupply of foreign currency.,外汇需求,供应外币,7.floating exchange rate system8.fixed exchange rate system9.appreciation10.depreciation11.devaluation12.revaluation13.arbitrage,7.浮动汇率制度,8.固定汇率制度,9.升值,10.折旧,11.估价,12.重估,13.套利,Chapter 31.A net asset position in the foreign currency is called a long position.2.A net liability position in a foreign currency is called a short position.3.forward exchange contract,1.外币净资产头寸称为多头头寸。,2.外币净负债头寸称为空头头寸。,3.正式交换合同,4.Hedging is the act of reducing or eliminating a net asset or net liability position in the foreign currency Or,Hedging is the act of balancing your assets and liabilities in a foreign currency to become immune to risk resulting from future changes in the value of foreign currency.,4.对冲是指减少或消除外币净资产或净负债头寸的行为,或者，对冲是指以外币平衡您的资产和负债，以免对未来外币价值变动造成的风险。,5.Speculating means taking a long position or a short position in a foreign currency,thereby gambling on its future exchange value.,5.定价是指以外币持有多头头寸或空头头寸，从而赌注其未来的汇兑价值。,6.If the future sale of foreign currency will occur at the future spot rate,we have an uncovered international investment.,6.如果未来外汇的出售将以未来即期汇率发生，我们有一个未披露的国际投资。,7.If the rate at which the future sale of foreign currency will occur is locked in now through a forward exchange contract,we have a hedged or covered international investment.,7.如果未来外汇的出售率将通过远期外汇合同锁定在现在，我们有被套期或有抵补的国际投资。,CD=(1+i,uk,)f/e-(1+,i,us,),F=(f,-e)/e,F=,(,f,e),*,360,*100,e n,CD=(f,-e)/e+(,i,uk,-i,us,)=F+(,i,u,k,-,i,us,),8.Covered interest arbitrage is buying a countrys currency spot and selling it forward,while making a net profit from the combination of the difference in interest rates between countries and the forward premium on that countrys currency.,8.抵补利差套利是购买一个国家的货币现货并向前销售，同时通过国家之间的利率差异和该国货币的远期溢价相结合而产生净利润。,9.Covered interest parity means the percentage by which the forward exchange value of a currency exceeds its spot value equals the percentage point amount by which its interest rate is lower than the other countrys interest rate.,9.抵补利息平价指货币远期外汇价值超过现货价值的百分比等于其利率低于另一国家利率的百分点数。,For countries with no capital controls and for comparable short-term financial assets,covered interest parity holds almost perfectly when actual rates are examined empirically.,对于没有资本控制的国家和类似的短期金融资产当实际利率经实证检验时，抵补利率平价几乎完全。,10.uncovered interest parity:when a currency is expected to appreciate by as much as its interest rate is lower than the interest rate in the other country.,10.无抵补的利率平价：当一种货币预期升值时，其利率低于另一国的利率。,If this exchange rate risk is of little or no importance,then we hypothesize the uncovered interest parity will exist.,如果这种汇率风险很少或没有重要性，那么我们假设存在无抵补利率平价。,Chapter 41.The asset market approach explains exchange rates as being part of the equilibrium for the markets for financial assets denominated in different currencies.,1.资产市场法解释汇率是作为以不同货币计值的金融资产市场均衡的一部分。,2.,law of one price,:a product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere,once the prices at difference places are expressed in the same currency.,P=e,P,f,一价定律：在完全竞争的全球市场中容易和自由交易的产品应该在任何地方具有相同的价格，一旦不同地方的价格用相同的货币表示。,3.purchasing power parity-Absolute Purchasing Power Parity-Relative purchasing power parity-Key Implications of Relative PPP Rate of appreciation of the foreign currency=-fA country with a relatively high inflation rates tends to have an depreciating currencies.,3.购买力平价,-绝对购买力平价,-相对购买力平价,-相对PPP的关键影响,外币升值率=-f,一个通货膨胀率相对较高的国家往往有货币贬值。,4.The monetary approach seeks to explain exchange rates by focusing on demands and supplies for national moneys,since the foreign exchange market is where one money is traded for another.,M,s,=k,P,Y,4.货币方法试图通过关注国家资金的需求和用品来解释汇率，因为外汇市场是一种货币交换另一种货币的地方。,Combining PPP and the quantity theory equations for two countries,we obtain a basis for the monetary approach to explaining or predicting exchange rates in the long run:,e=P/P,f,=(M,s,/M,s,f,),(k,f,/k),(Y,f,/Y).,结合PPP和两个国家的数量理论方程，我们获得了货币方法解释或预测长期汇率的基础：,5.The rapid,large reaction of the current exchange rate to such news as a change in monetary policy is called overshooting.The current exchange rate changes by much more than would be consistent with long-run equilibrium.,5.当前汇率对货币政策变化等新闻的迅速，大反应被称为超调。当前的汇率变化比与长期均衡相一致的变化大得多。,Chapter 51.Foreign exchange restrictions are called exchange controls.2.A clean float is the polar case of complete flexibility.,外汇限制被称为外汇管制。,干净汇率在极性情况下完全灵活。,3.An exchange rate that is generally floating but with the government willing to intervene to attempt to influence the market rate-is called a managed float(dirty float),3.通常浮动但政府愿意干预以试图影响市场利率的汇率-被称为管理浮动（dirty float）,4.When to change the fixed rate?Never(peg)Seldom(adjustable peg)Often(crawling peg),4.当更改固定费率？,从不（钉）,很少（可调节钉）,经常（爬行栓）,5.Defending a fixed exchange rate?(1).Intervention in the foreign exchange market(2).Exchange control(3).Alter domestic interest rates (4).Macroeconomic adjustment (5).To alter the fixed rate value or shift to a floating rate.,5.保留固定汇率？,1）外汇市场的干预,（2）交换控制,（3）更改国内利率,（4）经济调整,（5）更改固定利率值或转换为浮动利率。,6.Exchange control incur substantial administrative costs.Efforts to evade them lead to bribery and parallel markets.,6.交换控制招致大量行政费用。努力逃避这种情况导致贿赂和平行市场。,7.international currency experience.(1).Gold Standard,1870-1914(2).Interwar Instability(3).Bretton Woods System（era）,1944-1971-adjustable pegged exchange rates(4).Current System:limited anarchy,7.国际货币经验。,（1）金本位制，1870-1914,（2）战争不稳定性,（3）布雷顿森林体系（时代），1944-1971年-可调节的固定汇率,（4）当前系统：有限无政府状态,8.Currency boardsA currency board is a system for pegging the value of the local currency to some other specified currency.The board must maintain currency reserves for all the currency that it has printed.The country has its own currency.,8.货币局,货币局是一种将当地货币的价值与某种其他指定货币挂钩的制度。,当局必须为其印刷的所有货币保留货币储备。,该国有自己的货币。,Chapter 69.Dollarization is a system for completely replacing the local currency with a foreign currency.Monetary conditions in the country are almost completely controlled by the foreign central bank.Summary of each chapter.Quiz/homework,9.美元化是一种用外币完全取代当地货币的制度。该国的货币状况几乎完全由外国中央银行控制。,每章总结。,测验/家庭作业。,此课件下载可自行编辑修改，供参考！,感谢您的支持，我们努力做得更好！,