国际金融重点翻译

.,Chapter11.Balanceofpaymentsisthesetofaccountsrecordingallflowsofvaluebetweenanationsresidentsandtheresidentsoftherestoftheworldduringaperiodoftime.,国际收支是记录一个国家的居民和世界其他国家的居民在一段时间内的所有价值流量的一组帐户。,.,2.Thevarietyofresidentandnonresident.-Diplomats,militarypersonnel,tourists,andworkers.-Acorporation,itsforeignbranchesandsubsidiaries.-Internationalinstitutions.Timedimension,2.居民和非居民的多样性。-外交官，军人，游客和工人。-公司，其外国分公司和子公司。-国际机构。时间维度,.,3.Eachtransactionhasbothacreditandadebititemdouble-entrybookkeepingAcreditorpositiveitemisanitemforwhichthecountrymustbepaid.(forapaymentbyaforeigner)Adebitornegativeitemisanitemforwhichthecountrymustpay(paymentstoforeigners).,3.每笔交易都有信用和借记项目-双重记账信用或正项目是必须为其支付国家的项目（由外国人支付）借项或负项目是国家必须支付的项目（对外国人的付款）。,.,4.Currentaccount(1).goods(Merchandise)trade-visibletrade(2).Services-invisibletrade(3).Income(interest,dividends,andprofits.)(4).Unilateraltransfers,.经常帐户（1）.goods（商品）贸易-有形贸易（2）服务-隐形贸易（3）收益（利息，股息和利润）(4).单边转让,.,5.FinancialAccountFinancialaccountincludesitemsthatarenonofficial:(1).Directinvestment(2).Internationalportfolioinvestment(3).Other,5.财务账户财务帐户包括非官方的项目：（1）直接投资（2）国际证券投资（3）其他,.,6.Exportingfinancialassets/positivevalue/capitalimports(+).Importingfinancialassets/negativevalue/capitalexports(-).,6。出口金融资产/正值/资本进口（+）。进口金融资产/负值/资本出口（-）。,.,7.Goodsandservicesbalance（tradebalance）8.ThecurrentaccountbalanceThemeaningofCACA=XM=If=SId=Sp+SgId=Sp+(TG)Id=YE=NIIPNIIP-1,7.商品和服务余额（贸易差额）8.当前帐户余额CA的含义,.,9.thenetvalueofflowsoffinancialassetsandsimilarclaims(excludingofficialinternationalreserveassetflows)istheprivatefinancialaccountbalance.,9.金融资产和类似债权（不包括官方国际储备资产流动）的流动净值是私人财务账户余额。,.,10.Theoverallbalanceshouldindicatewhetheracountrysbalanceofpaymentshasachievedanoverallpatternthatissustainableovertime.,10.总体平衡应表明一个国家的国际收支是否已经实现了一段时间内可持续的总体模式。,.,11.Theofficialsettlementsbalance(B)measuresthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalance(includingthestatisticaldiscrepancy).B=CA+FAB+OR(theflowsofofficialreserveassets)=0,11.官方结算余额（B）衡量经常项目余额加上私人资本帐户余额（包括统计差异）的总和。,.,IfBisinsurplus,itequalsanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountrysassets,如果B是盈余，它等于国家官方储备资产的累积或国家资产的外国官方储备的减少,.,12.Officialinternationalreserveassetsaremoney-likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.,12.官方国际储备资产是由政府持有且由政府承认完全可以接受的国际储备资产。,.,13.Theinternationalinvestmentpositionisastatementofthestocksofacountrysforeignassetsandforeignliabilitiesatapointintime.,13.国际投资头寸是一个国家外国资产和外国负债在某一时点的存货的说明。,.,Chapter21.foreignexchange:thetradeofonenationalcurrencyforanother.2.exchangerate:thepriceatwhichtwonationalcurrenciesaretraded.,1.外汇交换：一种国家货币对另一种货币的贸易。2.交换率：两种国家货币交易的价格。,.,3.spotexchangerate:thepriceforimmediateexchange4.Theforwardexchangerateisthepriceagreednowforacurrencyexchangethatwilloccursometimeinthefuture.,3.现货汇率：“即期”交换的价格4.远期汇率是现在为将来某个时候发生的货币兑换而商定的价格。,.,5.Usingtheforeignexchangemarket(1).Bank(2).Broker(3).Centerbank(4).Enterprise(Company)andCustomer,5.使用外汇市场（1）银行（2）经纪人（3）中心银行（4）企业（公司）和客户,.,6.demandforforeigncurrencysupplyofforeigncurrency.,外汇需求供应外币,.,7.floatingexchangeratesystem8.fixedexchangeratesystem9.appreciation10.depreciation11.devaluation12.revaluation13.arbitrage,7.浮动汇率制度8.固定汇率制度9.升值10.折旧11.估价12.重估13.套利,.,Chapter31.Anetassetpositionintheforeigncurrencyiscalledalongposition.2.Anetliabilitypositioninaforeigncurrencyiscalledashortposition.3.forwardexchangecontract,1.外币净资产头寸称为多头头寸。2.外币净负债头寸称为空头头寸。3.正式交换合同,.,4.HedgingistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrencyOr,Hedgingistheactofbalancingyourassetsandliabilitiesinaforeigncurrencytobecomeimmunetoriskresultingfromfuturechangesinthevalueofforeigncurrency.,4.对冲是指减少或消除外币净资产或净负债头寸的行为或者，对冲是指以外币平衡您的资产和负债，以免对未来外币价值变动造成的风险。,.,5.Speculatingmeanstakingalongpositionorashortpositioninaforeigncurrency,therebygamblingonitsfutureexchangevalue.,5.定价是指以外币持有多头头寸或空头头寸，从而赌注其未来的汇兑价值。,.,6.Ifthefuturesaleofforeigncurrencywilloccuratthefuturespotrate,wehaveanuncoveredinternationalinvestment.,6.如果未来外汇的出售将以未来即期汇率发生，我们有一个未披露的国际投资。,.,7.Iftherateatwhichthefuturesaleofforeigncurrencywilloccurislockedinnowthroughaforwardexchangecontract,wehaveahedgedorcoveredinternationalinvestment.,7.如果未来外汇的出售率将通过远期外汇合同锁定在现在，我们有被套期或有抵补的国际投资。,.,CD=(1+iuk)f/e-(1+ius)F=(f-e)/eF=(fe)*360*100enCD=(f-e)/e+(iuk-ius)=F+(iuk-ius),.,8.Coveredinterestarbitrageisbuyingacountryscurrencyspotandsellingitforward,whilemakinganetprofitfromthecombinationofthedifferenceininterestratesbetweencountriesandtheforwardpremiumonthatcountryscurrency.,8.抵补利差套利是购买一个国家的货币现货并向前销售，同时通过国家之间的利率差异和该国货币的远期溢价相结合而产生净利润。,.,9.Coveredinterestparitymeansthepercentagebywhichtheforwardexchangevalueofacurrencyexceedsitsspotvalueequalsthepercentagepointamountbywhichitsinterestrateislowerthantheothercountrysinterestrate.,9.抵补利息平价指货币远期外汇价值超过现货价值的百分比等于其利率低于另一国家利率的百分点数。,.,Forcountrieswithnocapitalcontrolsandforcomparableshort-termfinancialassets,coveredinterestparityholdsalmostperfectlywhenactualratesareexaminedempirically.,对于没有资本控制的国家和类似的短期金融资产，当实际利率经实证检验时，抵补利率平价几乎完全。,.,10.uncoveredinterestparity:whenacurrencyisexpectedtoappreciatebyasmuchasitsinterestrateislowerthantheinterestrateintheothercountry.,10.无抵补的利率平价：当一种货币预期升值时，其利率低于另一国的利率。,.,Ifthisexchangerateriskisoflittleornoimportance,thenwehypothesizetheuncoveredinterestparitywillexist.,如果这种汇率风险很少或没有重要性，那么我们假设存在无抵补利率平价。,.,Chapter41.Theassetmarketapproachexplainsexchangeratesasbeingpartoftheequilibriumforthemarketsforfinancialassetsdenominatedindifferentcurrencies.,1.资产市场法解释汇率是作为以不同货币计值的金融资产市场均衡的一部分。,.,.,2.lawofoneprice:aproductthatiseasilyandfreelytradedinaperfectlycompetitiveglobalmarketshouldhavethesamepriceeverywhere,oncethepricesatdifferenceplacesareexpressedinthesamecurrency.P=ePf,一价定律：在完全竞争的全球市场中容易和自由交易的产品应该在任何地方具有相同的价格，一旦不同地方的价格用相同的货币表示。,.,3.purchasingpowerparity-AbsolutePurchasingPowerParity-Relativepurchasingpowerparity-KeyImplicationsofRelativePPPRateofappreciationoftheforeigncurrency=-fAcountrywitharelativelyhighinflationratestendstohaveandepreciatingcurrencies.,3.购买力平价-绝对购买力平价-相对购买力平价-相对PPP的关键影响外币升值率=-f一个通货膨胀率相对较高的国家往往有货币贬值。,.,4.Themonetaryapproachseekstoexplainexchangeratesbyfocusingondemandsandsuppliesfornationalmoneys,sincetheforeignexchangemarketiswhereonemoneyistradedforanother.Ms=kPY,4.货币方法试图通过关注国家资金的需求和用品来解释汇率，因为外汇市场是一种货币交换另一种货币的地方。,.,CombiningPPPandthequantitytheoryequationsfortwocountries,weobtainabasisforthemonetaryapproachtoexplainingorpredictingexchangeratesinthelongrun:e=P/Pf=(Ms/Msf)(kf/k)(Yf/Y).,结合PPP和两个国家的数量理论方程，我们获得了货币方法解释或预测长期汇率的基础：,.,5.Therapid,largereactionofthecurrentexchangeratetosuchnewsasachangeinmonetarypolicyiscalledovershooting.Thecurrentexchangeratechangesbymuchmorethanwouldbeconsistentwithlong-runequilibrium.,5.当前汇率对货币政策变化等新闻的迅速，大反应被称为超调。当前的汇率变化比与长期均衡相一致的变化大得多。,.,Chapter51.Foreignexchangerestrictionsarecalledexchangecontrols.2.Acleanfloatisthepolarcaseofcompleteflexibility.,外汇限制被称为外汇管制。干净汇率在极性情况下完全灵活。,.,3.Anexchangeratethatisgenerallyfloatingbutwiththegovernmentwillingtointervenetoattempttoinfluencethemarketrate-iscalledamanagedfloat(dirtyfloat),3.通常浮动但政府愿意干预以试图影响市场利率的汇率-被称为管理浮动（dirtyfloat）,.,4.Whentochangethefixedrate?Never(peg)Seldom(adjustablepeg)Often(crawlingpeg),4.当更改固定费率？从不（钉）很少（可调节钉）经常（爬行栓）,.,5.Defendingafixedexchangerate?(1).Interventionintheforeignexchangemarket(2).Exchangecontrol(3).Alterdomesticinterestrates(4).Macroeconomicadjustment(5).Toalterthefixedratevalueorshifttoafloatingrate.,5.保留固定汇率？（1）外汇市场的干预（2）交换控制（3）更改国内利率（4）经济调整（5）更改固定利率值或转换为浮动利率。,.,6.Exchangecontrolincursubstantialadministrativecosts.Effortstoevadethemleadtobriberyandparallelmarkets.,