国际金融 名词解释全(6页).doc
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1、-国际金融 名词解释全-第 6 页国际金融 名词解释C2balance of payments: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. the current account: Records the values of goods and services sold and purchased abroad, net interest and o
2、ther factor payments and net unilateral transfers and gifts. the capital account:consists of capital transfer and the buying and selling of nonproductive assets and non-financial assets.the double-entry bookkeeping:Any exchange automatically enters the balance-of-payment accounts twice: as a credit
3、and as a debit of the same value.current account balance:equals the net credits - debits on the flows of goods, services, income, and unilateral transfers. It also equals the change in the nations foreign assets minus foreign liabilities, also known as net foreign investment. the overall balance:equ
4、als 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 nations international assets and foreign liabilities at a point in time, usually the end of a year. the IMF:The IMF was set up with contribu
5、tions of gold and foreign exchange from member governments. It grants all member countries the right to borrow reserves to finance temporary deficits. SDRs:(Special Drawing Right) is an artificial basket currency used by the IMF for internal accounting purposes. The SDR is also used by some countrie
6、s as a peg for their own currency, and is used as an international reserve asset.C3foreign exchange: holdings of foreign currencies: (1) foreign currencies; (2) payment instruments dominated in foreign currencies, like demand bank deposits; (3) securities in terms of foreign currencies; (4) other cl
7、aims on nonresidents in terms of foreign currencies. exchange rate:the price of one nations money in terms of another nations money. spot exchange rate:The spot exchange rate is the price for “immediate” exchange (delivery). forward exchange:the price set now for an exchange (delivery) that will tak
8、e place sometime in the future intangible market:banks and traders who work at banks are at the center of the foreign exchange market. These banks and their traders use computers and telephones to conduct foreign exchange trades with their customers and also with each other. a vehicle currency:One f
9、oreign currency is exchanged for dollars, and these dollars are then exchanged for the other foreign currency. The dollar is often used in this way to accomplish trading between two other currencies, and the dollar is called a vehicle currency. SWIFT (Society for Worldwide Interbank Financial Teleco
10、mmunications): which is used to transmit instructions from one member bank to another CHIPS (Clearing House International Payments System):This system clears dollar transfers among its member banks, which include all large and internationally active banks. floating exchange rate:It is the exchange r
11、ate system without intervention by governments or central bankers. the equilibrium exchange rate:(market-clearing rate) means no tendency for change. It is at the intersection point of the supply and demand curves.fixed exchange rate:Official strive to keep the exchange rate virtually fixed ( or peg
12、ged ) even if the rate they choose 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 rise is an appreciation.the devaluation(the r
13、evaluation):We refer to a discrete official reduction (rising) in the otherwise fixed par value of a currency as a devaluation (revaluation).arbitrage:The process of buying and selling to make a (nearly) riskless pure profit, ensures that rates in different locations are essentially the same, and th
14、at rates and cross-rates are related and consistent among themselves. biangular arbitrage:Buy currencies where they are cheap and simultaneously sell them where they are expensive. triangular arbitrage:There is an opportunity to make riskless profit by arbitraging through the three rates.basic rates
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