国际金融(双语)复习大纲

PAGEPAGE5（一）论述、简答、计算题：1、WhatisthecurrentaccountbalanceofFrancewhentheFrenchbudgetsurplusis348millionEuros,privatesavingis256millionEuros,domesticcapitalformationis134millionEuros?解答：Nationalsaving=privatesaving+governmentsaving=256+348=604millionCurrentaccountbalance=nationalsaving–domesticrealinvestment=604-134=470million附：Currentaccountbalance(CA)=netforeigninvestment(If)Nationalsaving(S)=domesticrealinvestment(Id)+netforeigninvestment(If)If=CA=S-Id,CA=Y(domesticproductionofgoodsandservices)-E(totalexpendituresongoodsandservices)2、WhichofthefollowingtransactionscouldcontributetoaBritishcurrentaccountsurplus?ExplainwhyaFrenchfirmsellsdefenseequipmenttotheBritishgovernmentfor250millionpoundsinbankdepositsbGreatBritainmakesagiftof$500milliontotheIraqigovernmenttoaidinreconstruction.cTheUnitedStatesborrows200millionpoundsonashort-termbasisfromtheBritishgovernmenttobuy200millionpoundsintextilesfromGreatBritain.C：merchandiseexports——currentaccountsurplusA：merchandiseimports——currentaccountdeficitB：unilateraltransfer——currentaccountdeficit3、Youareprovidedwiththefollowinginformationaboutacountry’sinternationaltransactionsduringagivenyear:Serviceexports $346Serviceimports $354Merchandiseexports $480Merchandiseimports $348Incomeflows,net $153Unilateraltransfers,net $142Increaseinthecountry’sholdingofforeignassets,net (excludingofficialreservesassets) $352Increaseinforeignholdingsofthecountry’sassets,net (excludingofficialreserveassets) $252Statisticaldiscrepancy,net $154Calculatetheofficialsettlementsbalanceandthecurrentaccountbalance.Isthecountryincreasingordecreasingitsnetholdingsofofficialreserveassets?Why?A:Currentaccountbalance=netcredits–netdebitson(theflowofgoods,services,incomeandunilateraltransfer)=（346—354）+（480—348）+153—142=135Financialaccountbalance=foreignholdingsofthecountry’sassets–thecountry’sholdingofforeignassets=—352+252=—100So,officialsettlementbalance(B)=CAbalance+financialaccountbalance=135—100=35B:Currentaccountbalance=132—8+153—142=135B=CA+FA=135+（—100）=35B+OR+Statisticaldiscrepancy=0OR=—189IncreaseinnetholdingsofofficialreserveassetDebit(-)Credit(+)BalanceGoods348480132Services354346-8Income153Unilateraltransfer142-142Privatecapitalflows352252-100OR189-189Statisticaldiscrepancy1544、Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro.A:indirectquotation,euroappreciatedB:directquotation,eurodepreciatedC:indirectquotation,eurodepreciatedD:directquotation,euroappreciated5、Whatarethetwoformsofinterbankforeignexchangetrading?Compareandcontrasthesimilaritiesanddifferencesofthetwoforms.Form1InterbanktradingisconducteddirectlybetweenthetradersatdifferentbanksForm2InterbanktradingareconductedthroughforeignexchangebrokerSimilarities:Botharemakingtheforeignexchangetrades.Differences:=1\*GB3①Form1,thetradersknowtowhomtheyarequotingexchangeratesforpossible。Form2,theuseofbrokersprovideanonymitytothetradersuntilanexchangerateisagreedonforatrade.=2\*GB3②Form2,theuseofbrokerscanalsoallowthebanktoeconomizeonthecostsofsearchingforthebestavailableexchangerates,becausethebroker’sbusinessistoknowtheratesatwhichvariousbanksarewillingtotrade.Brokersearncommissionfortheirservices.对于整个经济中的全部产品而言，PPP假说的预测是最差的绝对购买力平价：在某一时点上汇率的决定，在某一时点上两种货币货币间的均衡汇率实际上就等于两国物价水平的比率相对购买力平价：说明一定时期内汇率的变动的原则，认为汇率的涨落是由于物价或货币购买了的变动而引起的，并主张，一定时期内汇率的变化应与同期两国物价水平的相对变动成比例购买力评价的缺陷之处它以货币数量论为前提，把价格与汇率的关系完全看作是单向的因果关系其中价格是因，汇率是果，这也有悖现实。价格指数的选择亦无严格的标准，究竟应该以国内生产总值消胀指数、批发价格指数还是消费价格指数，很难从理论上提出科学的依据实际情况中难以满足各国相同可贸易品权数相同评价：购买力平价论由于抓住了货币内在的特性──货币的购买力，即价格水平这一影响汇率的核心因素，并首次使理论汇率的确定得到了量化的尺度，比较直观，因而长期以来一直深受学术界的推崇，占据主流地位，至今仍有极大影响。尤其是在严重的通货膨胀时期，购买力平价论的可靠性更为突出。15.Exchangecontrolsresultinconsiderablecoststoacountrywhosegovernmentimposesthem.Describethesecostsandtherolethatparallelmarketsplayineconomieswithexchangecontrols.外汇管制旨在限制对外汇的过度私人需求（促使本币贬值的压力。）；在外汇管制中，一些人想得到外汇，并原因为此支付高于当前汇率的价格，但他们却不能买到外汇，由于一些净边际损失，这会带来整个国家的福利损失，此外，这些不能被满足的需求者，还会转向其它方法以得到外汇，他们可能会贿赂政府官员以得到稀缺的外汇，他们还可以逃避外汇管制，从非法外汇黑市得到外汇（一般以远远高于官方平价的价格）。（二）名词解释：Chapter02balanceofpayments：Thesetofaccountsrecordingallflowsofvaluebetweenanation’sresidentsandtheresidentsoftherestoftheworldduringaperiodoftime.thecurrentaccount：Recordsthevaluesofgoodsandservicessoldandpurchasedabroad,+netinterestandotherfactorpaymentsandnetunilateraltransfersandgifts.thecapitalaccount：consistsofcapitaltransferandthebuyingandsellingofnonproductiveassetsandnon-financialassets.thedouble-entrybookkeeping：Anyexchangeautomaticallyentersthebalance-of-paymentaccountstwice:asacreditandasadebitofthesamevalue.merchandisetradebalance：equalsthenetcredits-debits,onmerchandiseflows.currentaccountbalance：equalsthenetcredits-debitsontheflowsofgoods,services,income,andunilateraltransfers.Italsoequalsthechangeinthenation’sforeignassetsminusforeignliabilities,alsoknownasnetforeigninvestment.theoverallbalance：equalsthesumofthecurrentaccountbalance+theprivatecapitalaccountbalance.theofficialreserveassetbalance（OR）：官方黄金和外汇资产的余额；其它与IMF相关的官方储备的余额，以及被他国看作其官方资产的余额；称之为官方资产余额theErrorsandOmissions：isasuspiciousitem,calledstatisticaldiscrepancy.residents：includeallitsgovernmentalbodies(excludingcentralbanks)andthoseindividualsandorganizationsthatresidepermanently(usuallymorethanayear)andhavetheireconomic“centerofinterest”inthecountry.theinternationalinvestmentposition:isastatementofthestocksofanation’sinternationalassetsandforeignliabilitiesatapointintime,usuallytheendofayear.theIMF：TheIMFwassetupwithcontributionsofgoldandforeignexchangefrommembergovernments.Itgrantsallmembercountriestherighttoborrowreservestofinancetemporarydeficits.thereservepositionintheIMF：指的是一个国家加入基金组织时，所缴纳的份额。按IMF规定，认缴份额的25%须以可兑换货币缴纳，其余75%用本国货币缴纳SDRs：（SpecialDrawingRight）isanartificial"basket"currencyusedbytheIMFforinternalaccountingpurposes.TheSDRisalsousedbysomecountriesasapegfortheirowncurrency,andisusedasaninternationalreserveasset.Chapter03foreignexchange：Definitioninbroadsense:holdingsofforeigncurrencies:(1)foreigncurrencies;(2)paymentinstrumentsdenominatedinforeigncurrencies,likedemandbankdeposits;(3)securitiesintermsofforeigncurrencies;(4)otherclaimsonnonresidentsintermsofforeigncurrencies.Definitioninnarrowsense:themeanswhichisusedininternationalsettlement.exchangerate：thepriceofonenation’smoneyintermsofanothernation’smoney.spotexchangerate：Thespotexchangerateisthepricefor“immediate”exchange(delivery).forwardexchange：thepricesetnowforanexchange(delivery)thatwilltakeplacesometimeinthefutureintangiblemarket：banksandtraderswhoworkatbanksareatthecenteroftheforeignexchangemarket.Thesebanksandtheirtradersusecomputersandtelephonestoconductforeignexchangetradeswiththeircustomersandalsowitheachother.avehiclecurrency：Oneforeigncurrencyisexchangedfordollars,andthesedollarsarethenexchangedfortheotherforeigncurrency.Thedollarisoftenusedinthiswaytoaccomplishtradingbetweentwoothercurrencies,andthedollariscalledavehiclecurrency.SWIFT(SocietyforWorldwideInterbankFinancialTelecommunications)：whichisusedtotransmitinstructionsfromonememberbanktoanotherCHIPS(ClearingHouseInternationalPaymentsSystem)：Thissystemclearsdollartransfersamongitsmemberbanks,whichincludealllargeandinternationallyactivebanks.floatingexchangerate：Itistheexchangeratesystemwithoutinterventionbygovernmentsorcentralbankers.theequilibriumexchangerate：(market-clearingrate)meansnotendencyforchange.Itisattheintersectionpointofthesupplyanddemandcurves.fixedexchangerate：Officialstrivetokeeptheexchangeratevirtuallyfixed(orpegged)eveniftheratetheychoosediffersfromthecurrentequilibriumrate.thedepreciation(theappreciation)：Underthefloating-ratesystemafallinthemarketprice(theexchangeratevalue)ofacurrencyiscalledadepreciationofthatcurrency;ariseisanappreciation.thedevaluation(therevaluation)：Werefertoadiscreteofficialreduction(rising)intheotherwisefixedparvalueofacurrencyasadevaluation(revaluation).arbitrage：Theprocessofbuyingandsellingtomakea(nearly)risklesspureprofit,ensuresthatratesindifferentlocationsareessentiallythesame,andthatratesandcross-ratesarerelatedandconsistentamongthemselves.biangulararbitrage：Buycurrencieswheretheyarecheapandsimultaneouslysellthemwheretheyareexpensive.triangulararbitrage：Thereisanopportunitytomakerisklessprofitbyarbitragingthroughthethreerates.basicrates：Basicratesrepresentthedollarpriceofvariousforeigncurrenciescrossrates：thecross-ratesaretheratesbetweenforeigncurrencies. Chapter04exchangeraterisk：thepossibilityoflossorgainofforeignexchange(currencies)assets(orliabilities)heldbypersonsbecauseofchangesofexchangeernationalfinancialinvestment：investmentonforeign-currencyernationalinvestmentwithcover：iftherateatwhichthefuturesaleofforeigncurrencywilloccurislockedinnowthroughaforwardexchangecontract,wehave~.internationalinvestmentwithoutcover：involvesinvestinginafinancialassetdenominatedinaforeigncurrencywithouthedgingorcoveringthefutureproceedsoftheinvestmentbackintoone’sowncurrency.hedging：Hedgingapositionexposedtorateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.hedgers：arepersonswhohaveahomecurrencyandseekabalancebetweentheirliabilitiesandassetsinforeigncurrencies.speculating：Speculatingistheactoftakinganetassetposition(“long”)oranetliabilityposition(“short”)intheforeigncurrency,therebygamblingonitsfutureexchangevalue.speculators：Aspeculatorisanybodywhoiswillingtotakeanetpositioninaforeigncurrency,whateverhismotivesorexpectationsaboutthefutureoftheexchangerate.theforwardpremium：F=(f–e)/eIfFispositive,thepoundisataforwardpremiumbecauseitgainsvaluebetweenbuyingcurrentspotpoundsandsellingcurrentforwardpounds.theforwarddiscount：IfFisnegative,thepoundisataforwarddiscountbecauseitloses.coveredinterestarbitrage：Itisbuyingacountry’scurrencyspotandsellingthatcountry’scurrencyforward,tomakeanetprofitfromthecombinationofthedifferenceininterestratesbetweencountriesandtheforwardpremiumonthatcountry’scurrency.uncoveredinterestarbitrage：coveredinterestparity：TheconditionCoveredInterestDifferential(CD)=0isreferredascoveredinterestparity.uncoveredinterestparity：TheconditionExpectedUncoverInterestDifferential(EUD)=0iscalledtheuncoveredinterestparity.Thisparityisalsocalledthe“internationalFishereffect,” Chapter05PPP：Theprinciplethatunitofcurrencywillpurchasethesamebasketofgoodsanywhereintheworldthelawofoneprice：Aproductthatiseasilyandfreelytradedinaperfectlycompetitiveglobalmarketshouldhavethesamepriceeverywhere,oncethepricesatdifferentplacesareexpressedinthesamecurrency.Pi=e·Pi*.Itworkswellforheavilytradedcommodities(gold,metal,crudeoil,agriculturalcommodities)eitheratapointintimeorforexchangesovertime.absolutePPP：Positsthatabasketorbundleoftradableproductswillhavethesamecostindifferentcountriesifthecostisstatedinthesamecurrency.relativePPP：Positsthatthedifferencebetweenchangesovertimeinproduct-pricelevelsintwocountrieswillbeoffsetbythechangeintheexchangerateoverthistime.overshooting：Investorscanreactrationallytonewsbydrivingtheexchangeratepastwhattheyknowtobeitsultimatelongrunequilibriumvalue.Theactualexchangeratethenmovesslowlybacktothatlong-runratelateron.Thatis,theshortruntheactualexchangerateovershootsitslong-runvalueandthenrevertsbacktowardit.bandwagoneffects：Someinvestors,especiallyforexpectationsregardingthenear-termfuture(thenextminutes,hours,days,orweeks),mayexpectthattherecenttrendintheexchangeratewillcontinue.Theyextrapolatetherecenttrendintothefuture.nominalbilateralexchangerate：istheregularmarketratebetweentwocurrencies.nominaleffectiveexchangerate：isaweightedaverageofthemarketratesacrossanumberofforeigncurrencies.realbilateralexchangerate：incorporatesboththemarketexchangerateandtheproductpricelevelsfortwocountries.realeffectiveexchangerate：isaweightedaverageofrealbilateralexchangeratesacrossanumberofforeigncountries. Chapter06convertiblecurrency：thecurrencyisfullyconvertibleintoforeigncurrencyforalluses,forbothtradeingoodsandservicesandinternationalfinancialactivities.exchangecontrol：thegovernmentplacessomerestrictionsontheconversationofthedomesticcurrencyintoforeigncurrencyorviceversa.acleanfloat：Thefloatofexchangeratewhichgoeswhereprivatesupplyanddemanddriveitiscalledacleanfloat.adirtyfloat(amanagedfloat)：Thefloatofexchangeratewhichisgenerallyfloatingbutwithofficialinterventioniscalledamanagedfloat(ifyouarean