国际金融英文版.docx
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国际金融英文版.docx
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国际金融英文版
1.国际收支(balanceofpayments,BOP)是一国居民与外国居民在一定时期内各项经济交易的货币价值总和。
BOP:
Reflectsthetotalmonetaryvalueofallsortsoftheeconomicaltransactionsbetweenresidentsandnon-residentsofagivencountryoveraspecifiedtime.
thebalanceofpaymentsistherecordoftheeconomicandfinancialflowsthattakeplaceoveraspecifiedtimeperiodbetweenresidentsandnon-residentsofagivencountry.
2.国民收入是反映一国一定时期内(通常为一年)投入的生产资源所产出的最终产品和服务的市场价值或由此形成的收入的一个数量指标。
国民收入是一个流量概念,可用收入法和支出法来衡量。
Reflectsthetotalproductiveinputorthetotalvalueofthefinalproductionofacountryincourseoftime.反映一国在一定时期内所有的生产性的投入或者最终产品的总价值。
一、NIEqualityinClosingEconomy:
1.Expenditure:
Y≡C+I+G=A
2.Income:
Y≡C+Sp+T
becauseexpenditureequalstoincome,so:
C+I+G≡Y≡C+Sp+T
二、NIEqualityinOpeningEconomy:
Y=C+I+G+X-M
3.CA=X-M
CA>0,surplus;CA<0,deficit;CA=0,balanced
4.CA=Y-A
CA>0,surplus;CA<0,deficit;CA=0,balanced
5..Y=C+I+G+X-M=C+Sp+T;CA=S-I
CA>0,surplus,capitaloutflow;CA<0,deficit,capitalinflow
6.Y=C+I+G+X-M=C+Sp+T;CA=(Sp-I)+(T-G)
7.TheCurrentAccountincludesallinternationaleconomictransactionswithincomeorpaymentflowsoccurringwithinoneyear,thecurrentperiod.Itconsistsofthefollowingfoursubcategories:
1.Goodstrade(BalanceofTrade):
Importandexportofgoods
2.Servicestrade(BalanceofServices)
3.Income(BalanceofIncome):
Incomeassociatedwithpriorinvestment(Say,adividendpaidbyanAustraliansubsidiaryofaUSfirmtotheparent);Salariesandwagespaidtononresidentworkers
4.Currenttransfers:
Anyone-waytransferofagiftorgrant,say,USaidtoadevelopingcountry;Mustbefinancial;transfersareal(fixed)assetsisinanotheraccount,theFinancial/CapitalAccount
TheCurrentAccountistypicallydominatedbythefirstcomponentwhichisknownastheBalanceofTrade(BOT)eventhoughitexcludesservicetrade.
8.TheCapital/FinancialAccountofthebalanceofpaymentsmeasuresallinternationaleconomictransactionsofrealandfinancialassets.Itisdividedintotwomajorcomponents:
TheCapitalAccount(资本帐户);TheFinancialAccount(金融帐户)
TheCapitalAccountisminor(inmagnitude),whiletheFinancialAccountissignificant.
9.TheCapitalAccountincludes:
Acquisition/disposalofnonproduced/nonfinancialassets;Transferoffixedassets
Non-financialassets,forexample,aphysicalassetsuchasland
Non-producedassets,whichareneededforproductionbuthavenotbeenproduced,forexample,amineusedfortheextractionofdiamonds.
10.TheFinancialAccount,however,usesathirdmethod.Thisfocusesonthedegreeofinvestorcontrolovertheassetsoroperations.
TheFinancialAccountconsistsofthreecomponents;
DirectInvestment–inwhichtheinvestorexertssomeexplicitdegreeofcontrolovertheassets(直接投资)
PortfolioInvestment–inwhichtheinvestorhasnocontrolovertheassets(证券投资)
OtherInvestment–consistsofvariousshort-termandlong-termtradecredits,cross-borderloans,currencydeposits,bankdepositsandotherA/RandA/Prelatedtocross-bordertrade(其他投资)
11.
12.TheOfficialReservesAccountisthetotalreservesheldbyofficialmonetaryauthoritieswithinthecountry.
Thesereservesarenormallycomposedofthemajorcurrenciesusedininternationaltradeandfinancialtransactions(hardcurrencies).
Thesignificanceofofficialreservesdependsgenerallyonwhetherthecountryisoperatingunderafixedexchangerateregimeorafloatingexchangeratesystem
Underafixedexchangeregime,thesereservesareimportantindefendingthevalueofadepreciatingcurrency
Changesintheofficialreservesrepresentscashin-oroutflowsthatarecaptureintheOfficialReservesAccount
TheNetErrorsandOmissionsaccountensuresthattheBOPactuallybalancesduetomeasurementerrors
Theerrorsandomissionsinbalanceofpaymentsaccountingariseinlargepartfromthestatisticaldifficultiesinvolvedingatheringbalanceofpaymentsdata.Becauseofficialsdonothavethenecessaryinformationtomakethedoubleentriestheymakesingleentriesbasedontheinformationavailabletothem.Thisinformationoftencomesfrommultiplesourcesthatvaryincoverageandreliability.
13.Reservesincludemonetarygold,specialdrawingrights(SDRs),thereservepositionintheFundandforeignexchange.
14.FundamentalsofBOPAccounting:
Credits:
realresourcesexported------PositiveSign
Debits:
realresourcesimported------NegativeSign
Twoempiricalrules:
AlltransactionsthatarousesforeignexchangeincomeshouldbecreditedinBOP;
AlltransactionsthatarousesforeignexchangeexpenditureshouldbedebitedinBOP.
AutonomousTransaction:
-credit>debit,surplus;-credit .AccommodatingTransaction: -credit>debit,deficit;-credit 15.X–M=thecurrentaccountbalance 16.IntheorytheBOPmustalwaysbalance,butstatisticalerrorsandmisreportingresultinsubstantialimbalances 17.TheneterrorsandomissionsaccountensuresthattheBOPactuallybalancesduetomeasurementerrors 18.ForeignExchange: Dynamicusage: Internationalexchangetransactioninmarketforshort Staticusage: Itmeansthemoneyofaforeigncountryandincludes: Foreigncurrencybankbalances;Banknotes;Checksanddrafts;Currency 19.Aforeignexchangetransactionisanagreementbetweenabuyerandasellerthatafixedamountofonecurrencywillbedeliveredforsomeothercurrencyataspecifieddate 20.Thespotwherehandlesgoodsisgoodsmarket,whiletheplacewheredealsForeignExchangeisForeignExchangeMarket. 21.FunctionsoftheForeignExchangeMarket: Permitthetransferofpurchasingpowerdenominatedinonecurrencyintoanothercurrencyandtherebyfacilitatetransactions; Providecreditforinternationaltradetransactions; Minimizeexposuretotherisksofexchangeratechanges 22.SpeculatorsandArbitrageurs: Speculatorsandarbitrageursseektoprofitfromtradinginthemarketitself,notforconductingtradeorotherformsofbusiness Theyoperateintheirowninterest,withoutaneedorobligationtoserveclientsorensureacontinuousmarket Speculatorsseektoprofitfromtheirviewofexchangeratechanges Arbitrageursseektoprofitfromsimultaneousexchangeratedifferencesindifferentmarkets 23.Aforeignexchangerateisthepriceofonecurrencyexpressedintermsofanothercurrency Aforeignexchangequotation(orquote)isastatementofwillingnesstobuyorsellatanannouncedrate. 24.Adirectquoteisahomecurrencypriceofaunitofforeigncurrency; Anindirectquoteisaforeigncurrencypriceofaunitofhomecurrency Theformofthequotedependsonwhatthespeakerregardsas“home” 25.Measuringachange—depreciationofappreciationofaforeigncurrency—inthespotrateforquotationsexpressedinhomecurrencyterms: Directquotations: Example: SupposetheSwissfrancisrecentlyquotedinthespotmarketatSF1.5625/$(or,equivalently,$0.6400/SF)butthensuddenlyappreciatestoSF1.2800/$(or,equivalently,$0.78125/SF).WhatisthepercentappreciationoftheSFrelativetothedollar? 26. Measuringachange—depreciationofappreciationofaforeigncurrency—inthespotrateforquotationsexpressedinforeigncurrencyterms: Indirectquotations: AllourformulashavebeeninIndirecttermswiththeUS$asthehomecurrency Example(continued): ThesamerateofappreciationfortheSwissFrancrelativetotheUSDollar! 27.Spotrate: adoptaSpottransaction;Forwardrate: adoptaforwardtransaction 28.ASpottransactionintheInterbankmarketisthepurchaseofforeignexchangewithdeliveryandpaymentbetweenbankstotakeplace,normally,onthesecondfollowingbusinessday. Thedateofsettlementisreferredtoasthevaluedate. 29.AnOutrightForwardtransaction(usuallyjustcalledaForward)requiresdeliveryatafuturedateofaspecifiedamountofonecurrencyforaspecifiedamountofanothercurrency. Theexchangerateisestablishedatthetimeoftheagreement,butpaymentanddeliveryarenotrequireduntilmaturity. Forwardexchangeratesareusuallyquotedforvaluedatesofone,two,three,sixandtwelvemonths. 30.Arbitrage: seektoprofitfromsimultaneousexchangeratedifferencesindifferentmarkets Directarbitrage: operatebetweentwoforeignmarkets Indirectarbitrage: operateinthreeforeignmarkets InterestArbitrage: seektoprofitfromsimultaneousinterestratedifferencesindifferentmarkets ClassDrill1: 1、Assumption: thebasicratebetweenUSdollarsandtheRMBisnormallystated: $1=¥8.2500,thebasicratebetweenUSdollarsandtheJ¥isnormallystated: $1=J¥100.0000 Calculation: what’sthecrossratebetweenRMBandJ¥? 2、Assumption: oneday,anAmericanexporterdatesacontractwithaGermanyimporterforsomegoodsworthyofDM1,500,000.ThecountingcurrencyisDM.Theywillpayoffafterthreemonths.Therateis$1=DM1.5000whentheysignedthetreaty. Questions: -Whatdoestheratebelongtowhentheyaredating? -Whichcountrywouldn’tsuffertheriskofforeignexchange? -Howtoavoidit? 3、Assumption: Oneday------firstdayinMay,aspeculatoranticipatestheexchangeratebetweenUSdollarandDMis$1=DM1.4580onfirstdayinAugest,whilethethree-monthexchangeratebetweenUSdollarandDMisstated$1=DM1.4500onfirstdayinAugest. Questions: -What’stheformerrateandlatterraterespectively? -Howcangettheprofit? 4、Assumption: At10am.ononebusinessday,theexchangeratebetweenUSdollarandDMisstated$1=DM1.4500inNewYork,whilesimultaneouslytheexchangeratebetweenUSdollarandDMisstated$1=DM1.4600inFrankfurt. Questions: Howtoarbitrage? 5、Assumption:
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