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金融英語-4-InternationalFinance2024/4/17金融英語-4-InternationalFinanceThebalanceofpaymentsaccounts(國(guó)際收支平衡表)arethosethatrecordalltransactionsbetweentheresidents(居民)ofacountryandresidentsofallforeignnations.Theyarecomposedofthefollowing:TheCurrentAccount經(jīng)常賬戶TheCapitalAccount資本賬戶TheOfficialReservesAccount儲(chǔ)備帳戶StatisticalDiscrepancy統(tǒng)計(jì)誤差4.1InternationalBalanceSheet金融英語-4-InternationalFinance4.1.1TheCurrentAccountIncludesallimportsandexportsofgoodsandservices,unilateraltransfers(經(jīng)常轉(zhuǎn)移)offoreignaid.Thenetbalanceonthemerchandisetransactionsiscalledthetradebalance.金融英語-4-InternationalFinanceGoods貨物貿(mào)易Exportsareenteredintothecreditside,whileimportsthedebitside.Ifthedebitsexceedthecredits,thenacountryisrunningatradedeficit(貿(mào)易逆差).Ifthecreditsexceedthedebits,thenacountryisrunningatradesurplus(貿(mào)易順差).金融英語-4-InternationalFinanceServices服務(wù)貿(mào)易Servicesincludeallreceiptsandpaymentsbetweentheresidentsandforeignersontransportation,insurance,travel,communication,investment
returnssuchasinterest,dividends,andprofitsgeneratedfromloansandinvestments,technology.Receiptsofservicesareenteredintothecreditsidewhilepaymentsthedebitside.金融英語-4-InternationalFinanceUnilateraltransfers經(jīng)常轉(zhuǎn)移Unilateraltransfersaretransactionsthatonlyone-sidedsincethereisnooffsettingpayment(補(bǔ)償性支付).Itincludesprivatetransfersandgovernmenttransfers.金融英語-4-InternationalFinance4.1.2TheCapitalAccountThecapitalaccountmeasuresthedifferencebetweenacountry’ssalesofassetstoforeignersandpurchasesofforeignassets.ThecapitalaccountiscomposedofForeignDirectInvestment(FDI,外商直接投資),portfolioinvestments(間接投資)andotherinvestments.金融英語-4-InternationalFinanceCapitalaccountusuallyconsistsofthreesub-accounts:Directinvestment(直接投資):itisusuallydefinedasinvestmentinenterpriseslocatedinthecountrybut“effectively”controlledbyresidentsinanothercountry.金融英語-4-InternationalFinancePortfolioinvestments(證券投資,間接投資):itdesignatesalllong-termcapitalflowsthatdonotgiveinvestorseffectivecontrolovertheirinvestments,whichinvolvemainlyloansandsecurities.金融英語-4-InternationalFinanceotherinvestmentsmainlyreferstotheshort-termcapitalrecordsthenetchangesininternationalassetsandliabilitieswithanoriginalmaturityofoneyearorlessinwhichdomesticresidents(excludingofficialmonetaryinstitutions)arecreditorsanddebtors.金融英語-4-InternationalFinanceShort-termcapitalflowsincludethenormal,everydayreceiptsandpaymentsarisingoutofinternationaltradeandfinancethatoccurmainlythroughshiftintheownershipofdemanddeposits(活期存款)andotherliquiddepositsinbanksathomeandabroad.金融英語-4-InternationalFinanceEstimatesofprivateshort-termcapitalmovementaretheleastreliableofthebalanceofpaymentsitemsbecauseoftheirvariety,intangibility(無形的)andprivatecharacter.金融英語-4-InternationalFinance4.1.3TheOfficialReservesAccountOfficialreservesassetscomprise:foreignexchangeinconvertiblecurrencies(可自由兌換外幣),reservepositionintheInternationalMonetaryFund(IMF儲(chǔ)備頭寸),allocationofSpecialDrawingRights(SDR),GoldStock(黃金儲(chǔ)備).
金融英語-4-InternationalFinance4.1.4StatisticalDiscrepancyThisaccountisusedtodescribesomeomissions(遺漏)andmisrecorded(未記錄)transactionstomakethetotaldebitsandcreditsintoanarithmeticequilibrium(算術(shù)平衡).金融英語-4-InternationalFinance4.1.5TheBalanceofPaymentsIdentityBCA+BKA+BRA=0where BCA=balanceoncurrentaccountBKA=balanceoncapitalaccountBRA=balanceonthereservesaccountUnderapureflexibleexchangerate,BCA+BKA=0金融英語-4-InternationalFinanceExhibit4.1U.S.BalanceofPaymentsDatain2000
CreditsDebitsCurrentAccount
1Exports$1,418.64
2Imports
($1,809.18)3UnilateralTransfers$10.24($64.39)
BalanceonCurrentAccount($444.69)CapitalAccount
4DirectInvestment$287.68($152.44)5PortfolioInvestment$474.39($124.94)6OtherInvestments$262.64($303.27)
BalanceonCapitalAccount$444.26
7StatisticalDiscrepancies
OverallBalance$0.30
OfficialReserveAccount($0.30)0.73金融英語-4-InternationalFinanceU.S.BalanceofPaymentsDataInthissheet,thebalanceofpaymentsidentityhold:BCA+BKA=–BRA($444.69)+$444.26
+$0.73=$0.30=–($0.30)
CreditsDebitsCurrentAccount
1Exports$1,418.64
2Imports
($1,809.18)3UnilateralTransfers$10.24($64.39)
BalanceonCurrentAccount($444.69)CapitalAccount
4DirectInvestment$287.68($152.44)5PortfolioInvestment$474.39($124.94)6OtherInvestments$262.64($303.27)
BalanceonCapitalAccount$444.26
7StatisticalDiscrepancies
OverallBalance$0.30
OfficialReserveAccount($0.30)0.73金融英語-4-InternationalFinanceBalanceofPaymentsTrendsSince1982theU.S.hasexperiencedcontinuousdeficitsonthecurrentaccountandcontinuoussurplusesonthecapitalaccount.Duringthesameperiod,Japanhasexperiencedtheopposite.金融英語-4-InternationalFinanceBalancesontheCurrent(BCA)andCapital(BKA)AccountsoftheUnitedStatesSource:IMFInternationalFinancialStatisticsYearbook,2000金融英語-4-InternationalFinanceBalancesontheCurrent(BCA)andCapital(BKA)AccountsofJapanSource:IMFInternationalFinancialStatisticsYearbook,2000金融英語-4-InternationalFinance4.2ForeignExchangeRateAnexchangerateisthepriceatwhichonecurrencycanbeexchangedforanother.Intheory,exchangeratesshouldbeinaccordwithpurchasingpowerparity(PPP,購(gòu)買力平價(jià)理論).Ifthepricelevelinacountryincreasesbecauseofinflation,itscurrencyshoulddepreciate(貶值).金融英語-4-InternationalFinance4.2.1FixedratesFor25yearsafterWorldWarⅡ,thelevelsofmostmajorcurrenciesweredeterminedbygovernments.Theywere
fixedorpeggedagainsttheUSdollar(與美元掛鉤),andthedollarwaspeggedagainstgold(與黃金掛鉤).Itwasendedin1971,becauseofthefollowinginflationintheUSA,theFederalReservedidnothaveenoughgoldtoguaranteetheAmericancurrency.金融英語-4-InternationalFinanceToday,acountrycanfixitsvaluetoanothercountry’scurrency.Acountrycanfixitscurrencytoa“basket”ofothercurrencies.Sameasdiversifyingaportfolio(Notputtingallyoureggsinonebasket)SpecialDrawingRight(SDR):Abasketoffourmajorworldcurrencies.
Governmentsattempttokeepthevaluefixedforrelativelylongperiodsoftimetoreducetradeuncertainties.
金融英語-4-InternationalFinanceHowtokeepexchangeratefixed?Itcan’tmaintainthevalueforlong.Ifthedemandforthecurrencyfalls,it’spricewouldfallaswell.Theonlywaythepricecanbekeptupisforthegovernmentpromisingtomaintaintheoriginalleveltoentertheforeignexchangemarketandbuytheamountthatwillbringthequantitydemandedbacktotheoriginallevel.金融英語-4-InternationalFinanceDefendingaFixedExchangeRateTobuyorsellforeigncurrencies(inordertoinfluencetheprevailingexchangerate),agovernmentmusthaveforeignexchangereserves.Itisnotlikelytohaveenoughreservestodefendagainstamassiveandsustainedattackonthecurrency.Thegovernmentcanalsomakelong-termadjustmentsofitsmacroeconomic(monetaryand/orfiscalpolicy).Budgetausterity(緊縮預(yù)算)avoidsinflationandtakesdownwardpressure(貶值)offcurrency.金融英語-4-InternationalFinance4.2.2Peggedexchangerate聯(lián)系匯率制Peggedexchangeratereferstosettingatargetedvalueforacountry’sforeignexchange,anditindicatesthegovernmenthassomeabilitytomovethepeg.Thegovernmentmaychangethepeggedrateifasubstantialdisequilibrium(不平衡)
inthecountry’sinternationalpositiondevelops(e.g.,demandforthecurrencyistooweaktomaintainthedesiredvalue).金融英語-4-InternationalFinanceCrawlingpeg爬行盯住Acrawlingpeg
canbechangedoften(monthly,say)accordingtoasetofindicatorsorthejudgmentofthecountry’smonetaryauthority.Indicators(指示器):ThedifferenceofinflationratesInternationalreserveassetsGrowthofthemoneysupplyThecurrentactualmarketexchangeraterelative tothecentralparvalueofthepeggedrate金融英語-4-InternationalFinance4.2.3Floatingrates浮動(dòng)匯率Floatingexchangeratesmeansthatexchangeratesaredeterminedbypeoplebuyingandsellingcurrenciesintheforeignexchangemarkets.Freelyfloatingexchangerate(自由浮動(dòng)):fullydeterminedbymarketforces:thelevelofsupplyanddemand.Managedfloatingexchangerates(有管理的浮動(dòng)匯率制):withgovernment’sintervention金融英語-4-InternationalFinanceKEYWORDSstimulusplan刺激計(jì)劃activefiscalpoliciesandmoderatelyeasymonetarypolicies積極的財(cái)政政策,適度寬松的貨幣政策expanddomesticdemand擴(kuò)大內(nèi)需spurdomesticconsumption促進(jìn)消費(fèi)infrastructureconstruction基礎(chǔ)設(shè)施建設(shè)value-addedtaxreform增值稅改革金融英語-4-InternationalFinancethestimulusplanwithtenbigpoliciesinvolved$586billion(4trillionRMB)inarangeofareasincludingtheconstructionofrailroads,highwaysandairports,boostingofservicessector,agriculture,educationandpublichealth,improvementofpeople’sincome,金融英語-4-InternationalFinance兩年投4萬億擴(kuò)內(nèi)需國(guó)家出臺(tái)十大措施促增長(zhǎng)
一是加快建設(shè)保障性安居工程。
二是加快農(nóng)村基礎(chǔ)設(shè)施建設(shè)。
三是加快鐵路、公路和機(jī)場(chǎng)等重大基礎(chǔ)設(shè)施建設(shè)。
四是加快醫(yī)療衛(wèi)生、文化教育事業(yè)發(fā)展。五是加強(qiáng)生態(tài)環(huán)境建設(shè)。
六是加快自主創(chuàng)新和結(jié)構(gòu)調(diào)整。
七是加快地震災(zāi)區(qū)災(zāi)后重建各項(xiàng)工作。
八是提高城鄉(xiāng)居民收入。
九是在全國(guó)所有地區(qū)、所有行業(yè)全面實(shí)施增值稅轉(zhuǎn)型改革,鼓勵(lì)企業(yè)技術(shù)改造,減輕企業(yè)負(fù)擔(dān)1200億元。
十是加大金融對(duì)經(jīng)濟(jì)增長(zhǎng)的支持力度
金融英語-4-InternationalFinance4.3.1EvolutionoftheInternationalMonetarySystem4.3.2CurrentExchangeRateArrangements4.3.3EuropeanMonetarySystem4.3.4TheMexicanPesoCrisis4.3.5TheAsianCurrencyCrisis4.3.6FixedversusFlexibleExchangeRateRegimes4.3InternationalMonetarySystem金融英語-4-InternationalFinance4.3.1Evolutionofthe
InternationalMonetarySystemBimetallism(復(fù)本位制):Before1875ClassicalGoldStandard:1875-1914InterwarPeriod:1915-1944BrettonWoodsSystem:1945-1972TheFlexibleExchangeRateRegime:1973-Present金融英語-4-InternationalFinanceBimetallism:Before1875A“doublestandard”(復(fù)本位制)inthesensethatbothgoldandsilverwereusedasmoney.Somecountrieswereonthegoldstandard(金本位),someonthesilverstandard(銀本位),someonboth.Bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchangeratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.Gresham’sLaw(格勒善法則,劣幣驅(qū)逐良幣)impliedthatitwouldbetheleastvaluablemetalthatwouldtendtocirculate.金融英語-4-InternationalFinanceClassicalGoldStandard:
1875-1914Duringthisperiodinmostmajorcountries:Goldalonewasassuredofunrestrictedcoinage(制造金幣)Therewastwo-wayconvertibility(雙向可兌換)betweengoldandnationalcurrenciesatastableratio.Goldcouldbefreelyexportedorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.金融英語-4-InternationalFinance Forexample,ifthedollarispeggedtogoldatU.S.$30=1ounceofgold,andtheBritishpoundispeggedtogoldat£6=1ounceofgold,itmustbethecasethattheexchangerateisdeterminedbytherelativegoldcontents:ClassicalGoldStandard:
1875-1914$30=£6$5=£1金融英語-4-InternationalFinanceClassicalGoldStandard:
1875-1914Highlystableexchangeratesundertheclassicalgoldstandardprovidedanenvironmentthatwasconduciveto(有益于)internationaltradeandinvestment.Misalignment(不一致)ofexchangeratesandinternationalimbalancesofpaymentwereautomaticallycorrectedbytheprice-specie-flowmechanism(價(jià)格-貨幣-流動(dòng)機(jī)制).金融英語-4-InternationalFinancePrice-Specie-FlowMechanismSupposeGreatBritainexportedmoretoFrancethanFranceexportedtoGreatBritain.Thiscannotpersistunderagoldstandard.NetexportofgoodsfromGreatBritaintoFrancewillbeaccompaniedbyanetflowofgoldfromFrancetoGreatBritain.ThisflowofgoldwillleadtoalowerpricelevelinFranceand,atthesametime,ahigherpricelevelinBritain.TheresultantchangeinrelativepricelevelswillslowexportsfromGreatBritainandencourageexportsfromFrance.金融英語-4-InternationalFinanceClassicalGoldStandard:
1875-1914Thereareshortcomings:Thesupplyofnewlymintedgold(鑄造金幣)issorestrictedthatthegrowthofworldtradeandinvestmentcanbehamperedforthelackofsufficientmonetaryreserves.Eveniftheworldreturnedtoagoldstandard,anynationalgovernmentcouldabandonthestandard.金融英語-4-InternationalFinanceInterwarPeriod:1915-1944Exchangeratesfluctuatedascountrieswidelyused“predatory”depreciations(掠奪性貶值)oftheircurrenciesasameansofgainingadvantageintheworldexportmarket.Theresultforinternationaltradeandinvestmentwasprofoundlydetrimental(有害的).金融英語-4-InternationalFinanceBrettonWoodsSystem:
1945-1972Namedfora1944meetingof44nationsatBrettonWoods,NewHampshire.Thepurposewastodesignapostwarinternationalmonetarysystem.Thegoalwastokeepexchangeratestablewithoutthegoldstandard.TheresultwasthecreationoftheIMFandtheWorldBank.金融英語-4-InternationalFinanceBrettonWoodsSystem:1945-1972UndertheBrettonWoodssystem,theU.S.dollarwaspeggedtogoldat$35perounceandothercurrencieswerepeggedtotheU.S.dollar.Eachcountrywasresponsibleformaintainingitsexchangeratewithin±1%oftheadoptedparvaluebybuyingorsellingforeignreservesasnecessary.TheBrettonWoodssystemwasadollar-basedgoldexchangestandard(以美元為基礎(chǔ)的金匯兌本位制).金融英語-4-InternationalFinanceTheFlexibleExchangeRateRegime:1973-Present.FlexibleexchangeratesweredeclaredacceptabletotheIMFmembers.Centralbankswereallowedtointerveneintheexchangeratemarkets.Non-oil-exportingcountries(非石油輸出國(guó)
)andless-developedcountriesweregivengreateraccesstoIMFfunds.金融英語-4-InternationalFinance4.3.2CurrentExchangeRateArrangementsFreeFloat
Thelargestnumberofcountries,about48,allowmarketforcestodeterminetheircurrency’svalue.ManagedFloat
About25countriescombinegovernmentinterventionwithmarketforcestosetexchangerates.Peggedtoanothercurrency
SuchastheU.S.dollaroreuro(throughfrancormark).NonationalcurrencySomecountriesdonotbotherprintingtheirown,theyjustusetheU.S.dollar.Forexample,Ecuador(厄瓜多爾),Panama,andElSalvador(薩爾瓦多)havedollarized.金融英語-4-InternationalFinance4.3.3EuropeanMonetarySystemObjectivesofEuropeanMonetarySystem:ToestablishazoneofmonetarystabilityinEurope.Tocoordinateexchangeratepoliciesvis-à-vis(相對(duì)于)non-Europeancurrencies.TopavethewayfortheEuropeanMonetaryUnion歐洲貨幣聯(lián)盟).金融英語-4-InternationalFinanceWhatIstheEuro?TheeuroisthesinglecurrencyoftheEuropeanMonetaryUnionwhichwasadoptedby11MemberStateson1January1999.Theseoriginalmemberstateswere:Belgium(比利時(shí)),Germany,Spain,France,Ireland,Italy,Luxemburg(盧森堡),Finland(芬蘭),Austria(奧地利),Portugal(葡萄牙)andtheNetherlands(荷蘭).金融英語-4-InternationalFinanceWhatistheofficialsignoftheeuro?Thesignforthenewsinglecurrencylookslikean“E”withtwoclearlymarked,horizontalparallellinesacrossit.€ItwasinspiredbytheGreekletterepsilon(第五個(gè)希臘字母),inreferencetothecradleofEuropeancivilizationandtothefirstletteroftheword'Europe'.金融英語-4-InternationalFinanceValueoftheEuroinU.S.DollarsJanuary1999toOctober2008金融英語-4-InternationalFinanceTheLong-TermImpactoftheEuroTheeuro’ssuccesswilladvancethepoliticalintegrationofEuropeinamajorway,eventuallymakinga“UnitedStatesofEurope”feasible.TheU.S.dollarlosesitsplaceasthedominantworldcurrency.TheeuroandtheU.S.dollarbecomethetwomajorcurrencies.金融英語-4-InternationalFinance4.3.4TheMexicanPesoCrisisOn20December,1994,theMexicangovernmentannouncedaplantodevaluethepesoagainstthedollarby14percent.Thisdecisionchangedcurrencytrader’sexpectationsaboutthefuturevalueofthepeso.Intheirrushtogetout,thepesofellbyasmuchas40percent.金融英語-4-InternationalFinanceTheMexicanPesoCrisisTheMexicanPesocrisisisuniqueinthatitrepresentsthefirstseriousinternationalfinancialcrisistouchedoff(觸發(fā))bycross-borderflightofforeigncapital
(跨國(guó)資本外逃).Twolessonsemerge:Itisessentialtohaveamultinationalsafetynet(安全網(wǎng))inplacetosafeguardtheworldfinancialsystemfromsuchcrises.Aninflux(流入)offoreigncapitalcanleadtoanovervaluationinthefirstplace.金融英語-4-InternationalFinance4.3.5TheAsianCurrencyCrisisTheAsiancurrencycrisisturnedouttobefarmoreseriousthantheMexicanpesocrisisintermsoftheextentofthecontagion(蔓延)andtheseverityoftheresultanteconomicandsocialcosts.Manyfirmswithforeigncurrencybondswereforcedintobankruptcy.Theregionexperiencedadeep,widespreadrecession.金融英語-4-InternationalFinanceCurrencyCrisisExplanationsIntheory,acurrency’svaluemirrorsthefundamentalstrengthofitsunderlyingeconomy,relativetoothereconomies,Inthelongrun.Intheshortrun,currencytrader’sexpectationsplayamuchmoreimportantrole.Thus,fearsofdepreciationbecomeself-fulfillingprophecies(預(yù)言).Intoday’senvironment,tradersandlenders,usingthemostmoderncommunications,actbyfight-or-flight(戰(zhàn)斗或逃跑)instincts.金融英語-4-InternationalFinance4.3.6FixedversusFlexible
ExchangeRateRegimesArgumentsinfavorofflexibleexchangerates:Easierexternaladjustments.Nationalpolicyautonomy.Argumentsagainstflexibleexchangerates:Exchangerateuncertaintymayhamperinternationaltrade.Nosafeguardstopreventcrises.金融英語-4-InternationalFinanceChina's
CPI
Rises
4%
in
OctoberChina‘sconsumerpriceindex,themaingauge(標(biāo)尺)ofinflation,rosefourpercentyearonyear(與去年同期相比)inOctober.Thefigure,releasedbytheNationalBureauofStatistics(國(guó)家統(tǒng)計(jì)局)onTuesday,wasdown0.6percentfromthatofSeptemberandithasdroppedforsixconsecutivemonths.金融英語-4-InternationalFinanceQiJingmei,aseniorresearcherwiththeStateInformationCentre(國(guó)家信息中心),attributesthedeclinetothegovernment'smacroeconomiccontrolsindealingwiththerapidriseoftheCPIinthefirsthalfoftheyear.SheaddsthedropinfoodpricesalsocontributedtothedeclineofOctober'sCPI.金融英語-4-InternationalFinanceMeanwhile,globalfoodpricesdroppeddramaticallyafterthehikeinthefirsthalf.Italsograduallyloweredthedomesticfoodprices.QiJingmeisayssheremainsoptimisticabouttheCPIintheupcomingtwomonths.金融英語-4-InternationalFinance"IthinktheCPIinthefourthquarterwillcontinuetodecline.Itwilleasepressureonthegovernmenttobeatinflation,andshiftthefocusfrommacro-economiccontroltosustainingeconomicgrowth."TheaverageCPIinthefirst10monthsof2008rose6.7percentyearonyear,higherthantheyearlygoalof4.8percent.金融英語-4-InternationalFinance4.4ForeignExchangeExposureChangesinexchangeratescanaffectnotonlyfirmsthataredirectlyengagedininternationaltradebutalsopurelydomesticfirms.ConsideraU.S.bicyclemanufacturerwhosourcesandsellsonlyintheU.S.Sincethefirm’sproductcompetesagainstimportedbicycles,itissubjecttoforeignexchangeexposure.金融英語-4-InternationalFinanceEconomicExposure經(jīng)濟(jì)風(fēng)險(xiǎn)Exchangerateriskasappliedtothefirm’svalue.TransactionExposure交易風(fēng)險(xiǎn)Exchangerateriskasappliedtothefirm’shomecurrencycashflows.TranslationExposure折算風(fēng)險(xiǎn)
Exchangerateriskasappliedtothefirm’sconsolidatedfinancialstatements.ThreeTypesofExposure金融英語-4-InternationalFinance4.4.1EconomicExposureExchangerateriskasappliedtothefirm’scompetitiveposition.Anyanticipatedchangesintheexchangerateswouldhavebeenalreadydiscountedandreflectedinthefirm’svalue.Economicexposurecanbedefinedastheextenttowhichthevalueofthefirmwouldbeaffectedbyunanticipatedchangesinexchangerates.金融英語-4-InternationalFinanceHowtoMeasureEconomicExposureEconomicexposureisthesensitivityofthefuturehomecurrencyvalueofthefirm’sassetsandliabilitiesandthefirm’soperatingcashflowtorandomchangesinexchangerates.Thereexiststatisticalmeasurementsofsensitivity.Sensitivityofthefuturehomecurrencyvaluesofthefirm’sassetsandliabilitiestorandomchangesinexchangerates.Sensitivityofthefirm’soperatingcashflowstorandomchangesinexchangerates.金融英語-4-InternationalFinanceOperatingexposureChannelsofEconomicExposureFirmValueHomecurrencyvalueofassetsandliabilitiesFutureoperatingcashflowsExchangeratefluctuationsAssetexposure金融英語-4-InternationalFinanceHow
to
Measure
Economic
ExposureIfaU.S.MNCweretorunaregressiononthedollarvalue(P)ofitsBritishassetsonthedollarpoundexchangerate,S($/£),theregressionwouldbeoftheform:P=a+b×S+eWhere
aistheregressionconstanteistherandomerrorterm(隨意誤差項(xiàng))withmeanzero.Theregressioncoefficientbmeasuresthesensitivityofthedollarvalueoftheassets(P)totheexchangerate,S.金融英語-4-InternationalFinanceHow
to
Measure
Economic
ExposureTheexposurecoefficient,b,isdefinedasfollows:WhereCov(P,S)isthecovariance(協(xié)方差)betweenthedollarvalueoftheassetandtheexchangerate,andVar(S)isthevarianceoftheexchangerate.Cov(P,S)Var(S)b=金融英語-4-InternationalFinanceHowtoMeasureEconomicExposureTheexposurecoefficientshowsthattherearetwosourcesofeconomicexposure:Cov(P,S)Var(S)b=thevarianceoftheexchangeratethecovariancebetweenthedollarvalueoftheassetandexchangerate金融英語-4-InternationalFinance4.4.2TransactionExposureTherisk,facedbycompaniesinvolvedininternationaltrade,thatcurrencyexchangerateswillchangeafterthecompanieshavealreadyenteredintofinancialobligations.Suchexposuretofluctuatingexchangeratescanleadtomajorlossesforfirms.金融英語-4-InternationalFinanceOften,whenacompanyidentifiessuchexposuretochangingexchangerates,itwill
choosetoimplementahedgingstrategy,usingforwardratestolockinanexchangerateandthuseliminatetheexposuretotherisk.金融英語-4-InternationalFinanceFinancialHedgingThegoalistostabilizethefirm’scashflowsinthenearterm.FinancialHedginginvolvesuseofderivativesecuritiessuchasforwards,futures,currencyoptions,currencyswaps,amongothers.金融英語-4-InternationalFinance4.4.3TranslationExposureTheriskthatacompany'sequities,assets,liabilities
orincome
willchangeinvalueasaresultofexchangeratechanges.Thisoccurs
whenafirmdenominatesaportionof
itsequities,assets,liabilitiesorincome
inaforeigncurrency.Itisappliedtothefirm’sconsolidatedfinancialstatements(包括子公司的財(cái)務(wù)報(bào)表).金融英語-4-InternationalFinanceAccountantsusevariousmethodstoinsulate(隔離)firmsfromthesetypesofrisks,suchasconsolidationtechniquesforthefirm'sfinancialstatementsandtheuseofthe
mosteffectivecostaccounting
evaluationprocedures.Inmanycases,thisexposurewillberecordedinthefinancialstatementsasanexchangerategain(orloss).金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarket4.5.2TheSpotMarket4.5.3TheForwardMarket金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarketFXMarketParticipantsCorrespondentBankingRelationships4.5.2TheSpotMarket4.5.3TheForwardMarket金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarket4.5.2TheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXTradingCrossExchangeRateQuotationsSpotForeignExchangeMarketMicrostructure4.5.3TheForwardMarket金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarket4.5.2TheSpotMarket4.5.3TheForwardMarketForwardRateQuotationsLongandShortForwardPositionsForwardCross-ExchangeRatesSwapTransactions金融英語-4-InternationalFinance4.5.1TheFunctionandStructureoftheFOREXMarketFOREXMarketParticipantsCorrespondentBankingRelationships金融英語-4-InternationalFinanceFOREXMarketParticipantsTheFOREXmarketisatwo-tiered(雙重的)market:InterbankMarket(Wholesale批發(fā))About700banksworldwidestandreadytomakeamarketinForeignexchange.Nonbankdealersaccountforabout20%ofthemarket.ThereareFXbrokerswhomatchbuyandsellordersbutdonotcarryinventoryandFXspecialists.ClientMarket(Retail零售)Marketparticipantsincludeinternationalbanks,theircustomers,nonbankdealers,FOREXbrokers,andcentralbanks.金融英語-4-InternationalFinanceCorrespondentBankingRelationshipsLargecommercialbanksmaintaindemanddepositaccountswithoneanotherwhichfacilitatestheefficientfunctioningoftheforexmarket.Internationalcommercialbankscommunicatewithoneanotherwith:SWIFT:TheSocietyforWorldwideInterbankFinancialTelecommunications.環(huán)球銀行金融電訊協(xié)會(huì)CHIPS:ClearingHouseInterbankPaymentsSystem紐約清算所銀行同業(yè)支付系統(tǒng)金融英語-4-InternationalFinance4.5.2TheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXtradingCrossRates金融英語-4-InternationalFinanceSpotRateQuotationsDirectquotation(直接標(biāo)價(jià)法)theU.S.dollarequivalent(一單位外幣付多少本幣)e.g.“aJapaneseYenisworthaboutapenny”IndirectQuotation(間接標(biāo)價(jià)法)thepriceofaU.S.dollarintheforeigncurrency(一單位本幣付多少外幣)e.g.“youget100yentothedollar”金融英語-4-InternationalFinanceSpotRateQuotationsThedirectquoteforBritishpoundis:£1=$1.5627CountryUSDequivFridayUSDequivThursdayCurrencyperUSDFridayCurrencyperUSDThursdayArgentina(Peso)0.33090.32923.02213.0377Australia(Dollar)0.59060.59341.69321.6852Brazil(Real)0.29390.28793.40253.4734Britain(Pound)1.56271.5660.63990.63861MonthForward1.55961.56290.64120.63983MonthsForward1.55351.55680.64370.64236MonthsForward1.54451.54770.64750.6461Canada(Dollar)0.66920.67511.49431.48131MonthForward0.66810.67411.49681.48353MonthsForward0.66580.67171.5021.48886MonthsForward0.6620.66781.51061.4975金融英語-4-InternationalFinanceSpotRateQuotationsTheindirectquoteforBritishpoundis:£.6399=$11.49751.5106
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