國際金融名詞解釋清華

1、1. Balance of payments accounting: A country 'baslance of payments accounts accounts for its payments to and its receipts from foreigners. An international transaction involves two parties,and each transaction enters the accounts twice: once as a credit (+) and once as a debit (-).國際收支賬戶： 一國的國際收

2、支賬戶，記錄的是該過對(duì)外國的支付和從外國獲得收入 的情況。任何導(dǎo)致對(duì)外國人進(jìn)行支付的交易，都計(jì)入國際收支賬戶的借方，并在前面加上一 個(gè)負(fù)號(hào)( -)；任何導(dǎo)致從外國人那里獲得收入的交易，都計(jì)入借方，并加上一個(gè)正號(hào)(+)2. Current account balance (exports minus imports): The difference between exports of goods and services and imports of goods and services經(jīng)常項(xiàng)目余額：出口的商品和服務(wù)與進(jìn)口的商品和服務(wù)之差3. The official settlements

3、balance: The bookkeeping offset to the balance of official reserve transactions官方結(jié)算余額：把用來抵消官方儲(chǔ)備交易余額的登錄，稱為官方結(jié)算余額4. National saving (S): The portion of output (Y), that is not devoted to household consumption (C) , or government purchases (G).國民儲(chǔ)備：是國民收入(Y)中沒有用于家庭消費(fèi)(C)或政府購買(G)的部分5. Appreciation is an i

4、ncrease in the value of a currency relative to another currency. 升值：即以一種貨幣計(jì)價(jià)的另一種貨幣價(jià)格上升6. Exchange rate: The price of one currency in terms of another is called an exchange rate. 匯率：用一種貨幣去替換另外一種貨幣的價(jià)格7. The real rate of return: The rate of return computed by measuring asset values in terms of some bro

5、ad representative of products that savers regularly purchase. 實(shí)際收益率： 即用一些具有廣泛代表性的、 儲(chǔ)蓄者經(jīng)常購買的商品作為標(biāo)準(zhǔn)來計(jì)量資產(chǎn)價(jià)值 進(jìn)而計(jì)算出的收益率8. Forward exchange rates: The exchange rates quoted in the transactions which we can specify a value date to exchange in the future.遠(yuǎn)期匯率：外匯交易有時(shí)可以指定在未來一個(gè)時(shí)間上交割。這一時(shí)間可以長達(dá) 30 天，90 天，180天升值數(shù)年

6、，這種交易中所報(bào)的匯價(jià)稱為遠(yuǎn)期匯率9. Spot Exchange rates: The exchange rates governing such "on-the-spot" trading are called spot exchange rates即期匯率：我們前面所討論的外匯交易都是即期的：交易雙方同意交換英航存款，并立 即交割，這種即期交易的匯率被稱為即期匯率，這是發(fā)生的交易被稱為即期交易10. Interest parity condition: The condition that the expected returns on deposits of any

7、 two currencies are equal when measured in the same currency is called the interest parity condition.利率平價(jià)條件：用相同貨幣衡量的任意兩種貨幣存款的預(yù)期收益率相等的條件11. Vehicle currency: Because of its pivotal role in so many foreign exchange deals, the dollar is sometimes called a vehicle currency.載體貨幣： 因?yàn)槊涝谌绱吮姸嗟耐鈪R交易中發(fā)揮著中樞的作用，

8、 美元優(yōu)勢也被稱為載 體貨幣12. Aggregate money demand: aggregate money demand is the total demand for money by all households and firms in the economy.is just the sum of all the economyy' s individual mondemands.貨幣總需求： 至經(jīng)濟(jì)中所有家庭和企業(yè)對(duì)貨幣總的需求， 及經(jīng)濟(jì)中所有的個(gè)人貨幣需求之和 .13. Money supply: the total amount of curre ncy and c

9、heck ing deposits held by household and firms.貨幣供給：是指聯(lián)邦儲(chǔ)備系統(tǒng)所稱的貨幣總量，即M1，包括家庭和企業(yè)持有的現(xiàn)金和支票存款總額14. Exchange rate overshooting: the exchange rate is said to overshoot when its immediate resp onse to a disturba nee is greater tha n its long-run resp on se.匯率超調(diào)：當(dāng)匯率對(duì)于貨幣波動(dòng)的即刻反應(yīng)超過的額長期反應(yīng)時(shí)，我們稱之為貨幣超調(diào)15. Fisher ef

10、fect: The long-run relati on ship betwee n in flati on and in terest rates, a rise in a country ' s expected inflatirale will eventually cause an equal rise in the interest rate that deposits of its currency offer. Similarly, a fall in the expected inflation rate will eventually cause a fall in

11、the in terest rate.費(fèi)雪效應(yīng)：在其他條件不變的情況下，若一國預(yù)期的同伙膨脹率上升，最終會(huì)導(dǎo)致該國 貨幣存款利率的同比例上升。同樣，預(yù)期同伙膨脹率降低最終會(huì)導(dǎo)致利率水平的下降16. Law of one price: The low of one price states that in competitive markets free oftransportation costs and official barriers to trade(such as tariffs),identical goods sold in different coun tries must s

12、ell for the same price whe n their prices are expressed in terms of the same curre ncy.一價(jià)定律：在沒有運(yùn)輸費(fèi)用和官方貿(mào)易壁壘(例如關(guān)稅)的自由競爭市場上，同樣的貨 物在不同國家出售，按同一貨幣計(jì)量的價(jià)格應(yīng)該是一樣的17. Nominal interest rate: when we wish to differentiate a real exchange rate, which is the relative price of two output baskets, from a relative pri

13、ce of two currencies, we will refer to the latter as a nomi nal excha nge rate.名義利率：兩種貨幣的相對(duì)價(jià)格18. Purchasing power parity(PPP): the theory of purchasing power parity states that theexcha nge rate betwee n two coun tries'curre ncies equalsofUeeraitiw ntriesprice levels.購買力平價(jià)理論：兩國貨幣的匯率等于兩國價(jià)格水平之比。19

14、. Real exchange ratethe real exchange rate between two countriescurrencies is a broadsummary measure of the prices of one country' s goods and services relative to the other實(shí)際匯率：兩國貨幣之間的實(shí)際利率是已過商品和勞務(wù)價(jià)格相對(duì)于另一國商品的勞務(wù)價(jià)格的一個(gè)概括性度量標(biāo)準(zhǔn)20. Relative PPP: states that the perce ntage cha nge in the excha nge rat

15、e betwee n two curre ncies over any period equals the differe nee betwee n the perce ntage cha nges in n ati onal price levels.相對(duì)購買力平價(jià)：在任何一點(diǎn)時(shí)間內(nèi)，兩種貨幣匯率變化的百分比將等于同一時(shí)期兩國 國內(nèi)價(jià)格水平變化的百分比之差21. AA schedule: The schedule of excha nge rate and output comb in ati ons that are con siste nt withequilibrium in the

16、domestic money market and the foreig nexcha nge market is called the AAschedule.AA曲線：國內(nèi)貨幣市場和外匯市場的均衡條件下的匯率和產(chǎn)出水平的組合成為AA曲線。22. I nflatio n bias: Refers to the differe nee betwee n the mea n value and the target value ofinflation according to the circulation by the basic model.通貨膨脹偏向：指根據(jù)基本模型的循環(huán)得出的平均價(jià)值和目

17、標(biāo)價(jià)值之間通貨膨脹的區(qū)別。23. Aggregate demand:The amount of a country ' s goods and services demanded by households and firms throughout the world.總需求：世界范圍內(nèi)的家庭和產(chǎn)商對(duì)一個(gè)國家的商品和勞務(wù)的需求總和。24. J-curve: If the curre nt acco unt in itially worse ns after a depreciati on, its time path has an in itial segme nt rem ini s

18、ce nt of a J and therefore is called the J-curve.J曲線：如果貨幣貶值后經(jīng)常項(xiàng)目最初出現(xiàn)惡化，但隨著時(shí)間的發(fā)展逐步改善，其路徑 曲線的最初部分就會(huì)類似英文字母“ J”我們將其稱為J曲線。25. DD schedule: The curve shows all comb in ati ons of output and the excha nge rate for which the output market is in short run equilibrium.DD曲線：DD曲線顯示在資產(chǎn)市場所有產(chǎn)出和匯率的組合在短期均衡。26. Pass-

19、through: The percentage from the exchange rate to import prices by which import prices rise whe n the home curre ncy depreciates by 1 perce nt.轉(zhuǎn)嫁：當(dāng)本幣貶值1%時(shí)，進(jìn)口產(chǎn)品的價(jià)格上漲的百分比被稱為從匯率到進(jìn)口價(jià)格的轉(zhuǎn) 嫁。27. Bala nee of payme nts crisis: Whe n a cen tral bank does not have eno ugh official intern ati onal reserve asset

20、s to maintain a fixed excha nge rate, a bala nee of payme nts crisis results.國際收支危機(jī)：當(dāng)中央銀行沒有足夠的官方國際儲(chǔ)備資產(chǎn)來維持固定匯率，其結(jié)果為國 際收支危機(jī)。28. Bimetallic standard: the value of currency is based on both silver and gold.復(fù)本位制：貨幣同時(shí)以金和銀為基礎(chǔ)。29. Capital flight: The reserve loss accompa nying a devaluati on scare(Finan cia

21、l capital is quickly moved from domestic assets to foreig n assets)資本抽逃：基于貶值恐慌的儲(chǔ)備流失30. Devaluati on: A devaluati on occurs whe n the cen tral bank raises the domestic curre ncy price of foreig n curre ncy.本幣幣值下調(diào)：當(dāng)中央銀行提高了外幣的本幣價(jià)格E時(shí)，就稱為本幣幣值下調(diào)。31. Gold excha nge sta ndard: halfway betwee n the gold sta

22、ndard and a pure reserve curre ncy sta ndard is the gold excha nge sta ndard金匯兌本位制：介于金本位和純粹的儲(chǔ)備貨幣標(biāo)準(zhǔn)之間的是金匯兌本位制。32. Gold standard: gold acts as official international reserves that all countries use to make official intern ati onal payme nts.金本位制:黃金充當(dāng)官方國際儲(chǔ)備，所有國家官方用其來完成國際收支。33. Imperfect asset substitut

23、ability: In general, foreign and domestic assets may differ in the amount of risk that they carry: they may be imperfect substitutes.資產(chǎn)的不完全替代：一般來說，外國和國內(nèi)資產(chǎn)可能自身所附帶的風(fēng)險(xiǎn)不同：他們不能完 成完全的資產(chǎn)置換34. Man aged floati ng excha nge rates: system in which gover nments may attempt to moderate excha nge rate moveme nts

24、without keep ing excha nge rates rigidly fixed.有管理的浮動(dòng)匯率：政府可能會(huì)試圖緩和匯率的波動(dòng)但并不會(huì)使匯率完全固定的體系35. Perfect asset substitutability: the key feature of our model that leads to these results is the assumptio n that the foreig n excha nge market is in equilibrium only whe n the expected retur ns on domestic and fo

25、reig n curre ncy bonds are the same.資產(chǎn)的完全替代：只有當(dāng)本幣債券與外幣債券的預(yù)期收益一樣時(shí)，外匯市場才會(huì)均衡。36. Reserve curre ncy: one curre ncy acts as official intern ati onal reserves.儲(chǔ)備貨幣：充當(dāng)官方國際儲(chǔ)備的貨幣。37. Revaluation: a revaluation occurs when the central bank lower the domestic currency price of foreig n curre ncy本幣幣值上調(diào)：當(dāng)中央銀行降低了

26、外幣的本幣價(jià)格E時(shí)，就稱為本幣幣值上調(diào)。38. Risk premium: The differe nee betwee n the risk in ess of domestic and foreig n bonds風(fēng)險(xiǎn)升水：本幣債券與外幣債券的風(fēng)險(xiǎn)差異。39. Self-fulfilli ng curre ncy crises: Expectati ons of a bala nee of payme nts crisis only worse n the crisis and hasten devaluation that occur in such circumstances ofte

27、n are called self-fulfilling curre ncy crises .自我實(shí)現(xiàn)的貨幣危機(jī)：預(yù)期的國際收支危機(jī)反而加劇了危機(jī)和加速貶值，出現(xiàn)在這種情況下通常被稱為自我實(shí)現(xiàn)的貨幣危機(jī)40. Sterilized foreig n excha nge in terve nti on: Cen tral banks sometimes carry our equal foreig n and domestic asset tran sact ions in opposite directi ons to n ullify the impact of their foreig n

28、 excha nge operations on the domestic money supply . this type of policy is called sterilized foreign exchange in terve ntio n沖銷性外匯干預(yù)：中央銀行有時(shí)會(huì)進(jìn)行數(shù)量相等但方向相反的國外資產(chǎn)和國內(nèi)資產(chǎn)交易， 以抵消外匯交易對(duì)國內(nèi)貨幣供給的影響。41. External balanee: A country's current account is neither so deeply in deficit that the country may be un abl

29、e to repay its foreig n debts in the future nor so stron gly in surplus that foreig ners are put in that positi on.外部平衡：一國經(jīng)常賬戶既沒有陷入赤字危機(jī)而使得將來無法清償外債，又沒有由于過度的盈余而使他國先入這種境地。42. I nternal bala nee: The full employme nt of a coun try'resources and domestic price level stability.內(nèi)部平衡：一國資源的充分利用和國內(nèi)價(jià)格水平的穩(wěn)定

30、43. Expe nditure-cha nging policy: Changing social n eeds or total expe nditure level of the n ati onal economy policy, whose purpose is to cha nge aggregate dema nd to cha nge the dema nd for foreig n goods, services and finan cial assets, and achieve the bala nee of payme nts adjustme nt.支出-變動(dòng)政策：不

31、斷變化的社會(huì)需求或國家經(jīng)濟(jì)政策的總開支水平，其目的是改變總需求來改變對(duì)外國商品、服務(wù)和金融資產(chǎn)的需求，實(shí)現(xiàn)國際收支平衡調(diào)整44. Price-specie-flow mecha ni sm: Un der the in ternatio nally com mon practice of the gold sta ndard, a coun try's intern ati onal bala nee of payme nts can keep equilibrium automatically by the fluctuati ons of commodity price and t

32、he output or in put of gold.物價(jià)-硬幣-流動(dòng)機(jī)制：在金本位制的國際慣例下，一個(gè)國家的國際收支平衡可以通過大宗 商品價(jià)格的波動(dòng)和輸出或輸入的黃金自動(dòng)保持平衡。45. Expe nditure-switchi ng policy: The policies which can affect the intern ati onal competitive ness of commodities and to in crease their in come relative to spe nding by cha nging the spe nding structure.支出-轉(zhuǎn)換政策：能夠影響商品的國際競爭力的政策，而且通過改變支出結(jié)構(gòu)來增加他們 的可支配收入。46. Destabilizing speculation: It means that if for