國際金融-期末復(fù)習(xí)-中英文

【名詞解釋】【TheSpecialDrawingRight(SDR)特別提款權(quán)】p30TheSpecialDrawingRight(SDR)isaninternationalreserveassetcreatedbytheIMFtosupplementexistingforeignexchangereserves.(ItservesasaunitofaccountfortheIMFandisalsothebaseagainstwhichsomecountriespegtheexchangeratefortheircurrencies.【LIBOR倫敦同業(yè)銀行拆解率】p33EurocurrencyInterestRates:LIBORLIBOR（LondonInterbankOfferedRate）isthereferencerateofinterestintheEurocurrencymarket,andisnowthemostwidelyacceptedrateofinterestusedinstandardizedquotations,loanagreementsorfinancialderivativesvaluations.LIBORisofficiallydefinedbytheBritishBankersAssociation.【Dollarization美元化】Dollarization–theuseoftheUSdollarastheofficialcurrencyofthecountry.只將美元用作官方通貨?！綞urodollar歐洲美元】EurodollarisoneoftheEuropeancurrencytypes，whichreferstothedollardepositsinbanksoutsidetheunitedstates是指存放在美國以外的銀行中的美元存款，歐洲美元是歐洲貨幣的一種類型。【DirectQuotes直接報(bào)價(jià)】Adirectquoteisahomecurrencypriceofaunitofforeigncurrency.直接報(bào)價(jià)法是用本幣表示一單位外幣的價(jià)格?！綢ndirectquotes間接報(bào)價(jià)】Anindirectquoteisaforeigncurrencypriceofaunitofhomecurrency.間接報(bào)價(jià)法是用外幣表示一單位本幣的價(jià)格。【Europeanoption歐式期權(quán)】AEuropeanoptionmaybeexercisedonlyonitsexpirationdate，notbefore.只能在到期日那天執(zhí)行的期權(quán)【Americanoption美式期權(quán)】AnAmericanoptionmaybeexercisedatanytimebetweenthedateofwritingandtheexpirationormaturitydate.可在包括到期日之前的任一天執(zhí)行的期權(quán)。【calloption看漲期權(quán)】市場(chǎng)價(jià)格>期權(quán)費(fèi)+合約價(jià)Calloptionistherightofbuyingforeigncurrencyorotherfinancialcontractsataspecificpricewithinaparticularperiod,butnottheobligation.在一個(gè)特定時(shí)期以特定價(jià)格買入外匯或其他金融合約的權(quán)利，而非義務(wù)?！緋utoption看跌期權(quán)】市場(chǎng)價(jià)格<期權(quán)費(fèi)+合約價(jià)Putoptionistherightofsellingforeigncurrencyorotherfinancialcontractsataspecificpricewithinaparticularperiod,butnottheobligation.在一個(gè)特定時(shí)期以特定價(jià)格賣出外匯或其他金融合約的權(quán)利，而非義務(wù)【Interestrateparity利率平價(jià)條件】Thetheorystates：thedifferenceinthenationalinterestratesforsecuritiesofsimilarriskandmaturityshouldbeequalto，butoppositeinsignto,theforwardratediscountorpremiumfortheforeigncurrency,exceptfortransactionscosts.這一理論認(rèn)為：風(fēng)險(xiǎn)相同、期限相同的證券的名義利率差異應(yīng)該等于負(fù)的去除交易成本的外匯遠(yuǎn)期升貼水?！続t-the-money(ATM)到價(jià)】Anoptionwhosepriceisthesameasthespotpriceoftheunderlyingcurrencyissaidtobeat-the-money(ATM).當(dāng)期權(quán)的執(zhí)行價(jià)格等于現(xiàn)時(shí)市場(chǎng)價(jià)格時(shí)，該期權(quán)被稱為到價(jià)?！綢n-the-money(ITM)價(jià)內(nèi)】Anoptionthatwouldbeprofitable,excludingthecostofpremium,ifexercisedimmediatelyissaidtobein-the-money(ITM).除去期權(quán)費(fèi)用之后還能帶來盈利的期權(quán)合約被稱為是價(jià)內(nèi)。【Out-of-the-money(OTM)價(jià)外】Anoptionthatwouldnotbeprofitable,againexcludingthecostofthepremium,ifexercisedimmediatelyisreferredtoasout-of-the-money(OTM).除去期權(quán)費(fèi)用之后不能帶來盈利的期權(quán)合約被稱為是價(jià)外。IMFExchangeRateRegimeClassifications匯率體制的分類1)ExchangeArrangementswithNoSeparateLegalTender無獨(dú)立法定貨幣的匯率安排:Currencyofanothercountrycirculatesassolelegaltenderormemberbelongstoamonetaryorcurrencyunioninwhichsamelegaltenderissharedbymembersoftheunion指一國采用另一國的貨幣作為唯一法定貨幣。如美元化2)CurrencyBoardArrangements貨幣局匯率:Monetaryregimebasedonimplicitnationalcommitmenttoexchangedomesticcurrencyforaspecifiedforeigncurrencyatafixedexchangerate指貨幣當(dāng)局規(guī)定本國貨幣與某一外國貨幣之間可以以一固定比率無限制兌換，貨幣發(fā)行當(dāng)局要確保這一兌換義務(wù)實(shí)現(xiàn)的匯率制度。3)OtherConventionalFixedPegArrangements傳統(tǒng)的固定盯住匯率:Countrypegsitscurrency(formalordefacto)atafixedratetoamajorcurrencyorabasketofcurrencieswhereexchangeratefluctuateswithinanarrowmarginoratmost±1%aroundcentralrate以固定的匯率將其貨幣盯住另一貨幣或一貨幣籃子，國家當(dāng)局通過直接或間接敢于維持固定平價(jià),匯率圍繞中心匯率在+1%的狹窄范圍內(nèi)波動(dòng)4)PeggedExchangeRatesw/inHorizontalBands有波幅的盯住匯率:Valueofthecurrencyismaintainedwithinmarginsoffluctuationaroundaformalordefactofixedpegthatarewiderthan±1%aroundcentralrate對(duì)單一貨幣或?qū)ω泿呕@子即期市場(chǎng)匯率的波幅能夠保持在一個(gè)±1%的范圍內(nèi)5)CrawlingPeg爬行盯住匯率:Currencyisadjustedperiodicallyinsmallamountsatafixed,preannouncedrateinresponsetochangesincertainquantitativemeasures匯率按預(yù)先宣布的固定范圍作較小的定期調(diào)整或?qū)x定的定量指標(biāo)的變化做定期的調(diào)整。6)ExchangeRateswithinCrawlingPeg有波幅的爬行盯住匯率:Currencyismaintainedwithincertainfluctuationmarginsaroundacentralratethatisadjustedperiodically匯率圍繞一個(gè)定期調(diào)整的中心匯率，維持在在一定的利潤范圍內(nèi)7)ManagedFloatingwithNoPreannouncedPathforExchangeRate:不帶目的的管理浮動(dòng)匯率Monetaryauthorityinfluencesthemovementsoftheexchangeratethroughactiveinterventioninforeignexchangemarketswithoutspecifyingapre-announcedpathfortheexchangerate貨幣當(dāng)局試圖通過干預(yù)外匯市場(chǎng)來對(duì)匯率的變動(dòng)施加影響，但沒有事先確定干預(yù)路徑8)IndependentFloating完全浮動(dòng)匯率:Exchangerateismarketdetermined,withanyforeignexchangeinterventionaimedatmoderatingtherateofchangeandpreventingunduefluctuationsintheexchangerate,ratherthanatestablishingalevelforit匯率由市場(chǎng)決定，官方的干預(yù)旨在緩解匯率的過度波動(dòng)，不在于將匯率維持在某一水平。Theaccountsofthebalanceofpayments國際收支平衡表A.Currentaccount經(jīng)常賬戶1.Goodstrade貨物2.Servicetrade服務(wù)3.Income收入4.Currenttransfers經(jīng)常轉(zhuǎn)移B.Capitalaccount資本賬戶1.Transfersoffinancialassets金融資產(chǎn)的轉(zhuǎn)移2.Theacquisitionanddisposalofnonproduced/nonfinancialassets非生產(chǎn)/非金融資產(chǎn)的收買和放棄Directinvestment直接投資Portfolioinvestment證券投資C.FinancialaccountOtherinvestmentassets/Liabilities其他投資資產(chǎn)/負(fù)債Reserveassets儲(chǔ)備資產(chǎn)D.NeterrorsandOmissions凈誤差與遺漏金本位制與布雷頓森林體系的區(qū)別金本位制：以黃金為本位幣的貨幣制度。實(shí)質(zhì)—各國貨幣與黃金掛鉤布雷頓森林體系：確立了以美元為中心的國際貨幣制度美元與黃金掛鉤實(shí)質(zhì)—“雙掛鉤”各國貨幣與美元掛鉤Mariashouldborrow￡975,610todayandin3monthstimerepaythisamountplus￡24,390ininterest(￡1,000,000)fromtheproceedsofthesaleTridentwouldexchangethe￡975,610atthespotrateof$1.7640/￡andreceive$1,720,976atonceInordertocomparetheforwardhedgewiththemoneymarkethedge,Mariamustanalyzetheuseoftheloanproceeds①First,ifTridentiscashrichtheloanproceedsmightbeinvestedattheUSrateof6.0%p.a.②Second,MariacouldusetheloanproceedstosubstituteanequaldollarloanthatTridentwouldhaveotherwisetakenforworkingcapitalneedsatarateof8.0%p.a.Third,Mariamightinvesttheloanproceedsinthefirmitselfinwhichcasethecostofcapitalis12.0%p.a.Receivedtoday Receivedtoday Investedin Rate Futurevaluein3months$1,720,976 Treasurybill 6%p$1,720,976 Treasurybill 6%p.a.or1.5%/quarter $1,746,791$1,720,976 Debtcost 8%p.a.or2.0%/quarter $1,755,396$1,720,976 Costofcapital 12%p.a.or3.0%/quarter $1,772,605Becausetheproceedsin3monthsfromtheforwardhedgewillbe$1,754,000,themoneymarkethedgeissuperiortotheforwardhedgeifMariausedtheproceedstoreplaceadollarloan(8%)orconductgeneralbusinessoperations(12%)TheforwardhedgewouldbepreferableifMariaweretojustinvesttheloanproceeds(6%)WewillassumesheusesthecostofcapitalasthereinvestmentrateAbreakeveninvestmentratecanbecalculatedinordertoforgonumerouscalculationsandstillaidMariainherdecisionToconvertthis3monthratetoanannualrate,Inotherwords,ifMariacaninvesttheloanproceedsatarateequaltoorgreaterthan7.68%p.a.thenthemoneymarkethedgewillbesuperiortotheforwardhedgeThefollowingchartshowsthevalueofTrident’sA/R應(yīng)到款項(xiàng)overarangeofpossiblespotratesbothuncoveredandcoveredusingthepreviouslymentionedalternatives3.OptionmarkethedgeMariacouldalsocoverthe￡1,000,000exposurebypurchasingaputoption.ThisallowshertospeculateontheupsidepotentialforappreciationofthepoundwhilelimitingherdownsideriskGiventhequoteearlier,Mariacouldpurchase3monthputoptionatanATMstrikepriceof$1.75/￡andapremiumof1.5%Thecostofthisoptionwouldbe(Sizeofoption)(Premium)(Spotprice)=Costofoption￡1,000,000×0.015×﹩1,7640=﹩26,460Becauseweareusingfuturevaluetocomparethevarioushedgingalternatives,itisnecessarytoprojectthecostoftheoptionin3monthsforwardUsingacostofcapitalof12%p.a.or3.0%perquarter,thepremiumcostoftheoptionasofJunewouldbe$26,460′1.03=$27,254Sincetheupsidepotentialisunlimited,Tridentwouldnotexerciseitsoptionatanyrateabove$1.75/￡andwouldpurchasepoundsonthespotmarket