国际财务管理(原书第六版)名词解释(中山大学教师赵慧敏).docx

写在前面： 1. po主是中大管院学生，这学期修的【国际财务管理】（英文原书第6版）；科目叫【国际金融】。期末考试有考【名词解释】但是书上虽然每章最后给出了key words却没有释义，整理它们浪费了很多复习时间。考完试了，就把整理的内容传上来【遗泽余芳】。 2. 条目按照【赵慧敏】老师划出的重点整理，所以并不全面，不过也涵盖大半。如果是同样修习赵老师课程的学弟学妹，可以直接参考这篇整理稿子，不过打字不易，望能【购买】后下载使用。其他不考名词解释的同学，考前复习此文也必然有所帮助。 3. 【名词解释】并非是解释名词，本文内容全部来自整理过的原书内容，如European Monetary System我不会解释定义是什么，但是会涵盖它建立的内容（这也是书中重点介绍的东西） 4. 由于是【国际金融】而非【国际财务管理】课程，有些原书章节（1、4、8、9、10）选择性跳过 5. 纯手打，可能有错误，请自行纠正。【手打、整理辛苦，请购买下载使用】Chapter 2Bimentallism: a double standard in that free coinage was maintained for both gold & silver.Bretton Woods system: each country establish a par value in relation to the US dollar, which was pegged to gold at 35 dollar per ounce.European Montary System(EMS): a. To establish a zone of monetary stability in Europe.b. To coordinate exchange rate policies vis-a-vis the non-EMS currencies.c. To pave the way for the eventual European montary union.Exchange Rate Mechanism(ERM): refers to the procedure by which EMS member countries collectively manage their exchange rates.Gold standard:a. gold alone is assured of unrestricted coinage.b. there is two-way convertibility between gold and national currencies at a stable ratio.c. gold may be freely exported or imported.International monetary system: Bimentallism; Gold standard; Inter war period; Bretton Woods system; Flexible exchange rate regime.Greshams Law: bad money drives out good money.Chapter 3Balance of payments(BOP): the statistical record of a countries international transactions over a certain period of time presented in the form of double-entry bookkeeping.BOPI(indentity): BCA(current account)+BKA (capital account)+BRA(reserves account)=0capital account: includes all purchases and sales of assets such as stocks, bonds, bank accounts, real estate and businesses.current account: includes the exports and imports of goods and services.factor income: the third category of the current account, consists largely of payments and recepts of interest, dividends and other income on foreign investments that were previously made.J-curve effect: The curve shows the initial deterioration and the eventual improvement of the trade balance following a depreciation.official reserve account: covers all purchanses and sales of international reserve assets such as dollars, FX, gold, and special drawing rights.official settlement: we compute the cumlative BOP including the curved account, capital account, and the statistical discrepancies, we obtain the so-called overall balance or official settlement.trade balance: represents the net merchandise export.Chapter 5ask/bid price: Inter bank FX trades buy currency for inventory at the bid price and sell from inventory at the higher ask price.cross-exchange rate: is an exchange rate between a currency pair where neither currency is the US dollar.direct quotation: the price of one unit of the foreign currency in US dollar.indirect quotation: the price of one US dollar in the foreign currency.exchange-trade fund(ETF): is a portfolio of financial assets in which shares representing fractional ownership of the fund trade on an organized exchange.foreign exchange(FX) market: includes the conversion of purchasing power from one currency into another, bank deposits of foreign currency, the extension of credit denominated in a foreign currency, foreign trade financing, trading in foreign currency options and future contracts, and currency swaps.forward market: contracting today for the future purchase or sale of foreign exchange.forward premium/dicount: lt is common to express the premium or discount of a forward rate as an annualized percentage deriation from the spot rate.spot market: involves almost the immediate purchase or sale of foreign exchange.swap transaction: provide a means foe the bank to mitigate the currency exposure in a forward trade.(avoid risks)trangular arbitrage: is the process of trading out of the US dollar into a second currency, then trading it for a third one which is in turn traded for US dollars, the purpose to earn arbitrage profit.Chapter 6efficient market hypothesis(EMH): If the current assets prices fully reflect all the available and relevant information, financial market are said to be efficient.forward expectations parity(FEP): Any forward premium or discount is equal to the expected change in the exchange rate.Interest rate parity(IRP): is a no-arbitrage condition representing an equilibrium state under which investors will be indifferent to interest rates available on bank deposits in two ernational fisher effect: is a hypothesis in international finance thatr suggests different in nominal interest rates reflect expected changes in the spot exchange reats between countries.Law of one piece: a good must sell for thr same price in all lacations.purchasing power parity: the exchange rate between two currencies should be equal to the ratio of the countries price levels.random walk hypothesis: todays exchange rate is the best predictor ofr tomorrows exchange rate.uncovered interest rate parity: the interest rate differential between a pair of countries is equal to the expected rate of change in the exchange rate.Chapter 7American option: can be exercised at any time during the contract.call/put: An option to buy the underlying asset is a call; to sell the underlying asset is a put.European option: can be exercised only at the maturity or expiration date of the contact.exercised price(striking price): the stated price paid is known as the exercise price.futures: a future contract has standardized features and is exchangetraded, that is, traded on organized exchanges rather than over the counter.in-the- money: STE (CAT=CET=MaxST - E, 0). which will be exercised.initial performance bond: must be deposited into a collateral account to establish a future position.maintenance performance: If the investors performance bond account falls below a maintenance performance bond level, additional funds must be deposited into the account to bring it back to the initial performance bond level in order to keep the position open.market-to-market: daily at the settlement price.open interest: This is the total number of short or long contracts outstanding for the particular delivery month.option: a right to buy or sell a given quantity if asset in the future.time value: The difference between the option premium and options instrinsic value( which is nonnagetive.)Chapter 11Bank capital adequacy: refers to the amount of equity capotal and other securities a bank holds as reserves against risky assets to reduce the probability of a bank failure.Eurobank: Banks accepting Eurocurrency deposits.Eurocurrency: is a time deposit of money in an international bank located in a country different from the country that issued the currency.International Banking Facility(IBF): is a scpatate set of asset and liability account that are segregated on the parent banks books; its not a unique physical or legal entity.London Interbank Offered Rate(LIBOR): the reference rate in London for Eurocurrency deposits.negatiable certificate of deposit(NCD): kind of deposit has lower rate of LIBOR, but can be tarded freely.offshore banking center: is a country or region whose banking system is organized to pemit extenal accounts beyond the normal economic activity of the country.Chapter 12Bearer Bonds: are bonds with no registered owner. As such they offer anonymity but they also offer the same risk of loss as currency.Dual-Currency Bonds: A straight fixed-rate bond, with interest paid in one currency, and principal in another currency.Euro Bonds: is one denominated in a particular currency but sold to investors in national capital markets other than the country that issued the denominating currency.Floating-rate notes (FRNs): are typically medium-term bonds with coupon payments indexed to some reference rate.Foreign bond: is one offered by a foreign borrower to the investors in a national capital market and denominated in that nations currency.Global bond: A global bond is a very large international bond offering by a single borrower that is simultaneously sold in North America, Europe and Asia.Market makers: stand ready to buy or sell for their own account by quoting two-way bid and ask price.Registered bonds : the owners name is registered with the issuer.Straight fixed-rate bond: have a designated maturity date at which the principal of the bond issue is promised to be repaid.Chapter 13American Depository Receipts (ADRs):It is a receipt that represents the number of foreign shares that are deposited at a U.S. bank.Cross-listing: refers to a firm having its equity shares listed on one or more foreign exchanges.Limit order: An order