國際金融名詞解釋

國際金融

Chapter2：

1、balanceofpayments：

Thesetofaccountsrecordingallflowsofvaluebetweenanation,s

residentsandtheresidentsoftherestoftheworldduringaperiodof

time.

2、internatiaoalinvestmentposition：

Complementingthebalanceofpaymentsaccountsisabalancesheetcalled

theinternationalinvestmentposition.

Chapter3：

1、foreignexchange：

Foreignexchangeistheactoftradingdifferentnations'moneys.

2、exchangerate：

Thevalueofonecurrencyforthepurposeofconversiontoanother.

3、spotexchangerate:

Theexchangeratesgeverningtradingofbankdepositsandexecutethedeal

immediately,arecalledspotexchangerate.

4、forwardexchangerate：

Theexchangeratesquotedinforeignexchangewhichdealssometimes

specifyafuturetaransationdate,arecalledforwardexchangerates.

5、foreignexchangeswap：

Aforeignexchangeswapisapackagetradethatincludesbothaspot

exchangeoftwocurrenciesandanagreementtothereverseforward

exchangeofthetwocurrencies.

6、floatingexchange-rate：

Theexchangerateisdeterminedbythesupplyanddemandsituationinthe

openmarket,whichisbasicallyunregulatedbythegovernment.

7、fixedexchange-rate：

Aexchangerateregimethatmaintainsafixedpricebetweenanational

currencyandacountry(suchastheUnitedStates),suchasthecurrency,

gold,andapackageofmoney(suchasthespecialdrawingright).

8、arbitrage：

Theprocessofbuyingacurrencycheapandsei1ingitdear。

Chapter4：

1、exchange-raterisk：

Ifthevalueoftheperson'sincome,wealth,ornetwealthychangeswhen

exchangeratesunpredictablyinthefuture.

2、hedging：

Hedgingistheactofreducingoreliminatinganetassetornetliability

positionintheforeigncurrency.

3、speculating：

Speculatingistheactoftakinganetassetposition("long")ora

netliabilityposition("short")insomeassetclass,hereaforeign

currency.

4、forwardforeignexchangecontract：

Forwardexchangecontactisanagreementtobuyorsellaforeigncurrency

forfuturedeliveryataprice.

5、currencyfutures：

Currencyfuturesarecontractsthataretradedonorganizedexchange,by

enteringintoacurrencyfuturescontract,youcaneffectivelylockin

thepriceatwhichyoubuyorsellaforeigncurrencyatasetdatein

thefuture.

6、currencyoption：

Currencyoptiongivesthebuyer(orholder)oftheoptiontheright,but

nottheobligation,tobuyforeigncurrency(acalloption)ortosell

foreigncurrency(aputoption)atsometimeinthefutureatapriceset

today.

7、currencyswap：

Twopartiesagreetoexchangeflowsofdifferentcurrenciesduringa

specifiedperiodoftime.

8、coveredinternationalinvestment：

Ourpoundliabilityintheforwardcontactmatchesherpoundasset

position,sowehavehedgedherexposuretoexchange-raterisk.Wehave

ahedgedorcoveredinternationalinvestment.

9、coveredinterestdifferential：

10、coveredinterestarbitrage：

Itisbuyingacountry'scurrencyspotandsellingthatcountry'scurrency

forward,tomakeanetprofitfromthecombinationofthedifferencein

interestratesbetweencountriesandtheforwardpremiumonthatcounty's

currency.

11、capitalcontrols：

Itisrestrictionsontheabilityoffinancialinvestorstotransfer

moneysinoroutofthecountry.

Chapter5：

1、purchasingpowerparity(ppp)：

ThetheoryofPPPsratesthattheexchangeratebetweentwocountries

currenciesequalstheratioofthecountires,pricelevels.

2、overshooting：

intheshortruntheactualexchangerateovershootsitslong-runvalue

andthenrevertsbacktowardit.

Chapter6：

1、exchangecontrol：

Thecounty'sgovernmentplacessomerestrictionsonuseoftheforeign

exchangemarket0

2、cleanfloat：

Ifgovernmentpolicyletsthemarketdeterminetheexchangerate,therate

isfreetogowhereverthemarketequilibriumisatthattime.

3、Officialintervention：

Themonetaryauthorityenterstheforeignexchangemarkettobuyorsei1

foreigncurrency(inexchangefordomesticcurrency)calledofficial

intervention.

4、managedfloat：

Thestateallowscurrencytobetraded,atthepermittedexchangerateo

5、dirtyfloat：

Apolicyapproach-anexchangeratethatisgenerallyfloating(or

flexible)butwiththegovernmentwillingtointervenetoattemptto

influencethemarketrate.

6、specialdrawingright(SDR)：

AninternationalreserveassetdefinedbytheIMFasthevalueofa

currencybasketweightedbyfivecurrencies.

7、peggedexchangerate：

inrecognitionthegovernmenthassomeabilitytomovethepegvalue.

8、sterilization：

Theauthorityseparatelytakesanotheractiontorestorethedomestic

moneybackintotheeconomy.

9、sterilizedintervention：

Theauthorityrelyingonlyoninterventiontodefendthefixedrate.

Chapter7：

1、nationallyoptimaltax：

Ifacountryloomslargeenoughtohavepower