復(fù)試用==國(guó)際金融英語(yǔ)詞匯解釋和內(nèi)容概要

1、英文國(guó)金詞匯和概要內(nèi)容-金融學(xué) 天津財(cái)經(jīng)Chapter 1 Key Terms HYPERLINK 8/guojijinrong/gjch/12c.htm 中文Asset: An asset is any one of the forms in which wealth can be held, such as money, stocks, factories, or government debt. Balance of payments accounting: Balance of payments accounting keeps track of both changes in a c

2、ountrys indebtedness to foreigners and the fortunes of its export- and import-competing industries. Capital account: Certain activities resulting in transfers of wealth between countries are recorded in the capital account.Capital inflow: A transaction enters the financial account with a positive si

3、gn because the loan is itself a payment to a country. Capital outflow: A transaction involving the purchase of an asset from foreigners is called capital outflow. Central bank: An economys central bank is the institution responsible for managing the supply of money. Consumption: The portion of GNP p

4、urchased by the private sector to fulfill wants is called consumption. Current account balance: The difference between exports of goods and imports of goods and services is known as the current account balance.Financial account: The financial account of the balance of payments records all internatio

5、nal purchases or sales of financial assets. Financial inflow: A transaction enters the financial account with a positive sign because the loan is itself a payment to a country.Financial outflow: A transaction involving the purchase of an asset from foreigners is called financial outflow. Government

6、budget deficit: Government budget deficit is defined as government expenditures minus government taxes (G-T). Government purchases: Any goods and services purchased by federal, state, or local governments are classified as government purchases. Gross domestic product (GDP): GDP is supposed to measur

7、e the volume of production within a countrys borders. Gross national product (GNP): GNP is the value of all final goods and services produced by its factor of production and sold on the market in a given time period. Investment: The part of output used by private firms to produce future output is ca

8、lled investment. Macroeconomics: The branch of economics that studies how economies overall levels of employment, production, and growth are determined. Microeconomics: The branch of economics that studies the problem of making the best use of the worlds scarce productive resources at single point i

9、n time from the perspective of individual firms and consumers. National income: The income earned in that period by its factors of production. National income accounting: National income accounting records all the expenditures that contribute to a countrys income and output. National saving: The por

10、tion of output is not devoted to household consumption, or government purchases.Official foreign exchange intervention: Central banks transactions of buying or selling international reserves in private asset markets to affect macroeconomic conditions in their economies. Official international reserv

11、es: Official international reserves are foreign assets held by central banks as a cushion against national economic misfortune. Official settlements balance (or balance of payments): The bookkeeping offset to the balance of official reserve transactions is called the Official settlements balance. Pr

12、ivate saving: Private saving is defined as the part of disposable income that is saved rather than consumed. CHAPTER 1International macroeconomics is concerned with the full employment of scarce economic resources and price level stability throughout the world economy. Because they reflect national

13、expenditure patterns and their international repercussions, the national income accounts and the balance of payments accounts are essential tools for studying the macroeconomics of open, interdependent economics.A countrys gross national products(GNP) is equal to the income received by its factors o

14、f products. The national income accounts divide national income according to the types of spending that generate it: consumption, investment, government purchases, and the current account balance .Gross domestic product (GDP), equal to GNP less net receipt of factor income from abroad, measures the

15、output produced within a countrys territorial borders.In an economy closed to international trade, GNP must be consumed, invested, or purchased by the government. By using current output to build plant, equipment, and inventories, investment transforms present output into future output. For a closed

16、 economy, investment is the only way to save in the aggregate, so the sum of the saving carried out by the private and public sectors, national saving must equal investment.In an open economy, GNP equals the sum of consumption, investment, government purchases, and net exports of goods and services.

17、 Trade does not have to be balanced if the economy can borrow from and lend to the rest of the world. The difference between the economys exports and imports, the current account balance, equals the difference between the economys output and its total use of goods and services.The current account al

18、so equals the countrys net lending to foreigners. Unlike a closed economy, an open economy can save by domestic and foreign investment. National saving therefore equals domestic investment plus the current account balance.Balance of payments accounts provide a detailed picture of the composition and

19、 financing of the current account. All transactions between a country and the rest of the world are recorded in its balance of payments accounts. The accounts are based on the convention that any transaction resulting in a payment to foreigners is entered with a minus sign while any transaction resu

20、lting in a receipt from foreigners is entered with a plus sign.Transactions involves goods and services appear in the current account of the balance of payments, while international sales or purchases of assets appear in the financial account. The capital account records assets transfers and tends t

21、o be small for the United States. Any current account deficit must be matched by an equal surplus in the other two accounts of the balance of payments, and any current account surplus by a deficit somewhere else. This feature of the accounts reflects the fact that discrepancies between export earnin

22、gs and import expenditures must be matched by a promise to repay the difference, usually with interest, in the future.International asset transactions carried out by central banks are included in the financial account. Any central bank transaction in private markets for foreign currency assets is ca

23、lled official foreign exchange intervention. One reason intervention is important is that central banks use it as a way of altering the amount of money in circulation. A country has a deficit in its balance of payments when it is running down its official international reserves or borrowing from for

24、eign central banks; it has a surplus in the opposite case. Chapter 2 Key Terms HYPERLINK 8/guojijinrong/gjch/13c.htm 中文Appreciation: A rise in one currencys price in terms of another currencyfor example, from $1.50 per pound to $1.75 per poundis a appreciation of the pound against the dollar.Arbitra

25、ge: Arbitrage is the process of buying a currency cheap and selling it dear.Depreciation: Depreciation is a fall in one currencys price in terms of another currency.Exchange rate: The price of one currency in terms of another is called an exchange rate.Foreign exchange market: The market in which in

26、ternational currency trades take place is called foreign exchange market.Forward exchange rate: Foreign exchange deals sometimes specify a value date farther away than two days30days, 90days, 180days, or even several years. The exchange rates quoted in such transactions are called forward exchange r

27、ates.Interbank trading: Foreign currency trading among bankscalled interbank trading.Interest parity condition: The condition that the expected returns on deposits of any two currencies are equal when measured in the same currency is called the interest parity condition.Interest rate: The rate of re

28、turn on a deposit of a particular currency is the currencys interest rate。Liquidity: Liquidity is the ease with which the asset can be sold or exchanged for goods.Rate of appreciation: The expected rate of depreciation of the euro against the dollar is approximately the expected rate of appreciation

29、 of the dollar against the euro, that is, the expected rate of depreciation of the dollar against the euro with a minus sign in front of it.Rate of depreciation: The percentage increase in the one currency/another currency exchange rate over a year.Rate of return: The percentage increase in value it

30、 offers over some time period.Real rate of return: The rate of return computed by measuring asset values in terms of some broad representative basket of products that savers regularly purchase.Risk: Risk is the variability it contributes to savers wealth. An assets real return is usually unpredictab

31、le and may turn out to be quite different from what savers expect when they purchase the asset. Spot exchange rate: Exchange rates governing such “on-the-spot” trading are called spot exchange rate.Vehicle currency: A vehicle currency is one that is widely used to denominate international contracts

32、made by parties who do not reside in the country that issues the vehicle currency.CHAPTER 2An exchange rate is the price of one countrys currency in terms of another countrys currency. Exchange rate plays a role in spending decisions because they enable us to translate different countrys prices into

33、 comparable terms. All else equal, a depreciation of a countrys currency against foreign currencies (a rise in the home currency price of foreign currencies) makes its exports cheaper and its imports more expensive. An appreciation of its currency (a fall in the home currency prices of foreign curre

34、ncies) makes its export more expensive and its imports cheaper.Exchange rates are determined in the foreign exchange market. The major participants in that market are commercial banks, international corporations, nonblank financial institutions, and national central banks. Commercial banks play a pi

35、votal role in the market because they facilitate the exchanges of interest-bearing bank deposits that make up the bulk of foreign exchange trading. Even though foreign exchange trading takes place in many financial centers around the world, modern telecommunication technology links those centers tog

36、ether into a single market that is open 24 hours a day. A important category of foreign exchange trading is forward trading, in which parties agree to exchange currencies on some future date at a prenegotiated exchange rate. In contrast, spot trades are (for practical purposes) settled immediately.B

37、ecause the exchange rate is the relative price of two assets, it is more appropriately thought of as being an asset price itself. The basic principle of asset pricing is that an assets current value depends on its expected future purchasing power. In evaluating an asset, savers look at the expected

38、rate of return it offers, that is, the rate at which the value of an investment in the asset is expected to rise over time. It is possible to measure an assets expected rate of return in different ways, each depending on the units in which the assets value is measured. Savers care about an assets ex

39、pected real rate of return, the rate at which its value expressed in terms of a representative output basket is expected to rise.When relative asset returns are relevant, as in the foreign exchange market, it is appropriate to compare expected changes in assets currency values, provided those values

40、 are expressed in the same currency. If risk and liquidity factors do not strongly influence the demands for foreign currency assets, participants in the foreign exchange market always prefer to hold those assets yielding the highest expected rate of return.The returns on deposits trade in the forei

41、gn exchange market depend on interest rate and expected exchange rate changes. To compare the expected rates of return offered by dollar and euro deposits, for example, the return on euro deposits must be expressed in dollar terms by adding to the euro interest rate the expected rate of depreciation

42、 of the dollar against the euro(or rate of appreciation of the euro against the dollar) over the deposits holding period.Equilibrium in the foreign exchange market requires interest parity; that is, deposits of all currencies must offer the same expected rate of return when returns are measured in c

43、omparable terms.For given interest rates and a given expectation of the future exchange rate, the interest parity condition tells us the current equilibrium exchange rate. When the expected dollar return on euro deposits exceeds that on dollar deposits, for example, the dollar immediately depreciate

44、s against the euro. Other things equal, a dollar depreciation today reduces the expected dollar return on euro deposits by reducing the depreciation rate of the dollar against the euro expected for the future. Similarly, when the expected return on euro deposits is below that on dollar deposits, the

45、 dollar must immediately appreciate against the euro. Other things equal, a current account appreciation of the dollar makes euro deposits more attractive by increasing the dollars expected future depreciation against the European currency.All else equal, a rise in dollar interest rates causes the d

46、ollar to appreciate against the euro while a rise in euro interest rate causes the dollars to depreciate against the euro. Todays exchange rate is also altered by changes in its expected future level. If there is a rise in the expected future level of the dollar/euro rate, for example, then at uncha

47、nged interest rates todays dollar/euro exchange rate will also rise. Chapter 3 Key Terms HYPERLINK 8/guojijinrong/gjch/14c.htm 中文Aggregate money demand: Aggregate money demand is the total demand for money by all households and firms in the economy. Deflation: The falling of Economys price level is

48、called deflation. Exchange rate overshooting: Exchange rate overshooting is the phenomenon that the exchange rate overshoots when its immediate response to a disturbance is greater than its long-run response. Inflation: The rising of Economys price level is called inflation. Long run: The long run i

49、s the time in which an economic event allows for the complete adjustment of the price level and for full employment of all factors of production. Long-run equilibrium: An economys Long-run equilibrium is the position it would eventually reach if no new economic shocks occurred during the adjustment

50、to full employment. Money supply: Money supply is referred to the monetary aggregate the Federal Reserve calls M1,that is the total amount of currency and checking deposits held by households and firms. Price level: The economys price level is the price of a broad reference basket of goods and servi

51、ces in terms of currency.Short run: The short run is the time in which the price level along with real output stays still. CHAPTER 3Money is held because of its liquidity. When considered in real terms, aggregate money demand is not a demand for a certain number of purchasing power. Aggregate real m

52、oney demand depends negatively on the opportunity cost of holding money (measured by the domestic interest rate) and positively on the volume of transactions in the economy (measured by real GNP).The money market is in equilibrium when the real money supply equals aggregate real money demand. With t

53、he price level and real output given, a rise in the money supply lowers the interest rate and a fall in the money supply raises the interest rate. Arise in real output raises the interest rate, given the price level, while a fall in real output has the opposite effect.By lowering the domestic intere

54、st rate, an increase in the money supply causes the domestic currency to depreciate in the foreign exchange market (even when expectations of future exchange rate do not change). Similarly, a fall in the domestic money supply causes the domestic currency to appreciate against foreign currencies.The

55、assumption that the price level is given in the short run is a good approximation to reality in countries with moderate inflation, but it is a misleading assumption over the long run. Permanent changes in the money supply push the long-run equilibrium price level proportionally in the same direction

56、 but do not influence the long-run values of output, the interest rate, or any relative prices. One important money price whose long-run equilibrium level rises in proportion to a permanent money supply increase is the exchange rate, the domestic currency price of foreign currency.An increase in the

57、 money supply can cause the exchange rate to overshoot its long-run level in the short run. If output is given, a permanent money supply increase, for example, causes a more-than-proportional short- run depreciation of the currency, followed by an appreciation of the currency to its long-run exchang

58、e rate. Exchange rate overshooting, which heightens the volatility of exchange rate, is a direct result of sluggish short-run price level adjustment and the interest parity condition. Chapter 4 Key Terms HYPERLINK 8/guojijinrong/gjch/15c.htm 中文Fisher effect: The long-run relationship between inflati

59、on and interest rates is called the Fisher effect.Law of one price: The law of one price states that in competitive markets free of transportation costs and official barriers to trade, identical goods sold in different countries must sell for the same price when their prices are expressed in terms o

60、f the same currency.Monetary approach to the exchange rate: The theory of PPP leads to a useful theory of how exchange rates and monetary factors interact in the long run. Nominal exchange rate: The relative price of two currency.Nominal interest rate: The nominal interest rate is the rate of return