國際金融重點翻譯

1、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. 國際收支是記錄一個國家的居民和世界其他國家的居民在一段時間內(nèi)的所有價值流量的一組帳戶。2.The variety of resident and nonresident.- Diplomats, military personnel, to

2、urists, and workers .- A corporation , its foreign branches and subsidiaries .- International institutions .Time dimension 2.居民和非居民的多樣性。 -外交官，軍人，游客和工人。 -公司，其外國分公司和子公司。 -國際機構(gòu)。 時間維度3. Each transaction has both a credit and a debit itemdouble-entry bookkeeping A credit or positive item is an item for w

3、hich 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.每筆交易都有信用和借記項目 - 雙重記賬 信用或正項目是必須為其支付國家的項目（由外國人支付） 借項或負項目是國家必須支付的項目（對外國人的付款）。4. Current account(1).goods(Merchandise) trade -visible trade(2).Servic

4、es -invisible trade(3).Income (interest, dividends, and profits.)(4).Unilateral transfers .經(jīng)常帳戶 （1）.goods（商品）貿(mào)易-有形貿(mào)易 （2）服務(wù)-隱形貿(mào)易 （3）收益（利息，股息和利潤） (4). 單邊轉(zhuǎn)讓5. Financial AccountFinancial account includes items that are nonofficial: (1). Direct investment (2). International portfolio investment (3). Othe

5、r 5.財務(wù)賬戶財務(wù)帳戶包括非官方的項目： （1） 直接投資 （2） 國際證券投資 （3）其他6.Exporting financial assets/positive value/capital imports(+).Importing financial assets/negative value/capital exports(-). 6。 出口金融資產(chǎn)/正值/資本進口（+）。 進口金融資產(chǎn)/負值/資本出口（ - ）。7. Goods and services balance（trade balance）8. The current account balanceThe meaning

6、of CA 7.商品和服務(wù)余額（貿(mào)易差額） 8.當前帳戶余額 CA的含義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.金融資產(chǎn)和類似債權(quán)（不包括官方國際儲備資產(chǎn)流動）的流動凈值是私人財務(wù)賬戶余額。10. The overall balance should indicate whether a countrys bal

7、ance of payments has achieved an overall pattern that is sustainable over time. 10.總體平衡應(yīng)表明一個國家的國際收支是否已經(jīng)實現(xiàn)了一段時間內(nèi)可持續(xù)的總體模式。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

8、 +OR (the flows of official reserve assets)=011.官方結(jié)算余額（B）衡量經(jīng)常項目余額加上私人資本帳戶余額（包括統(tǒng)計差異）的總和。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，它等于國家官方儲備資產(chǎn)的累積或國家資產(chǎn)的外國官方儲備的減少12. Official int

9、ernational 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.官方國際儲備資產(chǎn)是由政府持有且由政府承認完全可以接受的國際儲備資產(chǎn)。13.The international investment position is a statement of the stocks of a countrys foreign assets an

10、d foreign liabilities at a point in time. 13.國際投資頭寸是一個國家外國資產(chǎn)和外國負債在某一時點的存貨的說明。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.外匯交換：一種國家貨幣對另一種貨幣的貿(mào)易。 2.交換率：兩種國家貨幣交易的價格。3. spot exchange rate:the price

11、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.現(xiàn)貨匯率：“即期”交換的價格 4.遠期匯率是現(xiàn)在為將來某個時候發(fā)生的貨幣兌換而商定的價格。5.Using the foreign exchange market(1).Bank(2).Broker(3).Center bank(4).Enterprise(Company )and Customer5.使用外匯市場（

12、1）銀行（2）經(jīng)紀人（3）中心銀行（4）企業(yè)（公司）和客戶6.demand for foreign currencysupply of foreign currency.外匯需求供應(yīng)外幣7.floating exchange rate system8.fixed exchange rate system9.appreciation10.depreciation11.devaluation12.revaluation13. arbitrage 7.浮動匯率制度 8.固定匯率制度 9.升值 10.折舊 11.估價 12.重估 13.套利Chapter 31.A net asset position

13、 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 contract1.外幣凈資產(chǎn)頭寸稱為多頭頭寸。2.外幣凈負債頭寸稱為空頭頭寸。3.正式交換合同4.Hedging is the act of reducing or eliminating a net asset or net liability position in the foreign curr

14、ency 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.對沖是指減少或消除外幣凈資產(chǎn)或凈負債頭寸的行為 或者，對沖是指以外幣平衡您的資產(chǎn)和負債，以免對未來外幣價值變動造成的風(fēng)險。5.Speculating means taking a long position or a short posi

15、tion in a foreign currency, thereby gambling on its future exchange value.5.定價是指以外幣持有多頭頭寸或空頭頭寸，從而賭注其未來的匯兌價值。6.If the future sale of foreign currency will occur at the future spot rate, we have an uncovered international investment.6.如果未來外匯的出售將以未來即期匯率發(fā)生，我們有一個未披露的國際投資。7.If the rate at which the future

16、 sale of foreign currency will occur is locked in now through a forward exchange contract, we have a hedged or covered international investment.7.如果未來外匯的出售率將通過遠期外匯合同鎖定在現(xiàn)在，我們有被套期或有抵補的國際投資。8.Covered interest arbitrage is buying a countrys currency spot and selling it forward, while making a net profit

17、 from the combination of the difference in interest rates between countries and the forward premium on that countrys currency.8.抵補利差套利是購買一個國家的貨幣現(xiàn)貨并向前銷售，同時通過國家之間的利率差異和該國貨幣的遠期溢價相結(jié)合而產(chǎn)生凈利潤。9.Covered interest parity means the percentage by which the forward exchange value of a currency exceeds its spot v

18、alue equals the percentage point amount by which its interest rate is lower than the other countrys interest rate.9.抵補利息平價指貨幣遠期外匯價值超過現(xiàn)貨價值的百分比等于其利率低于另一國家利率的百分點數(shù)。For countries with no capital controls and for comparable short-term financial assets,covered interest parity holds almost perfectly when ac

19、tual rates are examined empirically.對于沒有資本控制的國家和類似的短期金融資產(chǎn)，當實際利率經(jīng)實證檢驗時，抵補利率平價幾乎完全。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.無抵補的利率平價：當一種貨幣預(yù)期升值時，其利率低于另一國的利率。If this exchange rate risk

20、is of little or no importance,then we hypothesize the uncovered interest parity will exist.如果這種匯率風(fēng)險很少或沒有重要性，那么我們假設(shè)存在無抵補利率平價。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.資產(chǎn)市場法解釋

21、匯率是作為以不同貨幣計值的金融資產(chǎn)市場均衡的一部分。2.law of one pricelaw 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.一價定律：在完全競爭的全球市場中容易和自由交易的產(chǎn)品應(yīng)該在任何地方具有相同的價格，一旦

22、不同地方的價格用相同的貨幣表示。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.購買力平價 -絕對購買力平價 -相對

23、購買力平價 -相對PPP的關(guān)鍵影響 外幣升值率=-f 一個通貨膨脹率相對較高的國家往往有貨幣貶值。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.4.貨幣方法試圖通過關(guān)注國家資金的需求和用品來解釋匯率，因為外匯市場是一種貨幣交換另一種貨幣的地方。Combining PPP

24、 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:結(jié)合PPP和兩個國家的數(shù)量理論方程，我們獲得了貨幣方法解釋或預(yù)測長期匯率的基礎(chǔ)：5.The rapid, large reaction of the current exchange rate to such news as a change in monetary policy is

25、 called overshooting. The current exchange rate changes by much more than would be consistent with long-run equilibrium.5.當前匯率對貨幣政策變化等新聞的迅速，大反應(yīng)被稱為超調(diào)。 當前的匯率變化比與長期均衡相一致的變化大得多。Chapter 51.Foreign exchange restrictions are called exchange controls.2. A clean float is the polar case of complete flexibilit

26、y. 外匯限制被稱為外匯管制。 干凈匯率在極性情況下完全靈活。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.通常浮動但政府愿意干預(yù)以試圖影響市場利率的匯率 - 被稱為管理浮動（dirty float）4.When to change the fixed rate? Never (peg) Seldom

27、 (adjustable peg) Often (crawling peg)4.當更改固定費率？從不（釘）很少（可調(diào)節(jié)釘）經(jīng)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.保留固定匯率？ （1）外匯市場的干預(yù) （2）交換控制 （3）更改國內(nèi)利率 （4）經(jīng)濟調(diào)整 （5） 更改固定利率值或轉(zhuǎn)換為浮動利率。6.Exchange control incur substantial administrative costs. Efforts to evade them lead to bribery and parallel markets.6.交換控制招致大量行