1、Chapter Seventeen International Finance 第1節 國際收支 Section 1 Balance of Payments*國際收支 balance of payments居民 resident*米德沖突 Meades conflict丁伯根法則 Tinbergens rule*經常賬戶 current account經常轉移 current transfer儲備資產 reserve asset綜合差額 overall balance資本轉移 capital transfers國際收支順差 surplus of BOP國際收支逆差 deficit of BOP

2、自主性交易 autonomous transaction補償性交易 compensatory transaction*偶然性失衡 accidental disequilibrium*結構性失衡 structural disequilibrium*貨幣性失衡 monetary disequilibrium*周期性失衡 cyclical disequilibrium*收入性失衡 income disequilibrium經常賬戶差額 current account balance收入機制 income mechanism匯率機制 exchange rate mechanism利率機制 intere

3、st rate mechanism需求調節政策 demand adjusting policy直接管制政策 direct control policy蒙代爾分派原則Mundells assignment rule貨幣價格機制 money-price mechanism*國際收支平衡表balance of payments statement資本和金融賬戶capital and financial account錯誤和遺漏賬戶errors and omissions account資本和金融賬戶差額capital and financial account balance非生產、非金融資產的收買

4、或放棄acquisitiondisposal of non-product，non-financial assets價格一鑄幣流動機制price specie-flow mechanism外匯緩沖政策foreign exchange cushion policy外匯平準基金 exchange stabilization fund緩沖體 buffer1 The balance of payments is the name given to the record of transactions between the residents of one country and the rest o

5、f the world over a period of time. 國際收支平衡表系統記錄一國居民與世界其它地區居民在一定時期內所發生的全部經濟交易。2 The balance of payments is divided into two major accounts, the current account and the capital account. Each general account is then subdivided into categories such as goods, services, direct investment, portfolio investm

6、ent, etc.國際收支平衡表由兩大部分組成：經常賬戶以及資本和金融賬戶。每一個賬戶又被細分為諸如貨物、服務、直接投資和證券投資等若干個子賬戶。第2節 外匯和匯率Section 2 Foreign Exchange and Exchange Rate*外匯 foreign exchange自由外匯 free convertible exchange記賬外匯 exchange of account*匯率 foreign exchange rate即期匯率 spot exchange rate遠期匯率 forward exchange rate*直接標價法 direct quotation*間接

7、標價法 indirect quotation*基本匯率 basic rate*套算匯率 cross rate*買入匯率 buying rate*賣出匯率 selling rate中間匯率 middle rate*現鈔匯率 bank notes rate官方匯率 official rate市場匯率 market rate 黑市匯率 blackmarket rate單一匯率 single rate復匯率 multiple rate 開盤匯率 opening rate收盤匯率 closing rate貿易匯率 commercial rate金融匯率 financial rate名義匯率 nomina

8、l exchange rate實際匯率 real exchange rate*升值 appreciation*貶值 depreciation鑄幣平價 mint parity*黃金輸送點 gold point彈性 elasticity貿易品 tradable goods非貿易品 non-tradable goods美元化 dollarization貨幣聯盟 monetary union*外匯管制 foreign exchange control*貨幣自由兌換 currency convertibility直接干預 direct intervention間接干預 indirect interven

9、tion沖銷式干預 sterilized intervention非沖銷式干預 unsterilized intervention廣場宣言 plaza announcement盧浮宮協議 Louvre Accord*J曲線效應 J-curve effect爬行釘住制 crawling peg*匯率目標區制 target zone regime*固定匯率制 fixed exchange rate regime*貨幣局制 currency board arrangement*浮動匯率制flexible exchange rate regime*馬歇爾勒納條件Marshall-Lerner cond

10、itions結售匯制exchange settlement and sale system電匯匯率telegraphic transfer rate, T/T Rate信匯匯率mail transfer rate, M/T rate票匯匯率demand draft rate, D/D rate無獨立法定貨幣的匯率安排Arrangements with no separate legal tender其他傳統固定盯住制other conventional fixed pegs水平帶內的盯住制Pegged rate in horizontal band爬行區間浮動制Rates within cra

11、wling bands不事先確定匯率軌跡的管理浮動Managed float with no preannounce exchange rate paths單獨浮動Independently floating進口配額制import quota system絕對配額absolute quotas全球配額global quotas國別配額country quotas關稅配額tariff quotas進口許可證制 import license system利息平衡稅 interest equalization tax法定匯率制official rate system復匯率制度multiple rat

12、e system合格境外機構投資者QFII合格境內機構投資者QDII1 The exchange rate is the price of one currency in terms of another.匯率是用一種貨幣表示另一種貨幣的價格。2 Under fixed exchange rate system governments are committed to maintain a target exchange rate.固定匯率制度下一國當局有義務維持目標匯率的穩定。3 Exchange rates are pegged when official purchases or sal

13、es from the monetary authorities maintain the exchange rate of the national currency within narrow bands of fluctuations (at the limit zero) vis-à-vis the currency (basket of currencies) chosen as anchor. 釘住匯率是指一國貨幣當局通過官方買賣行為將本幣與另一國貨幣（或籃子貨幣）之間的匯率維持在一個狹窄的波動范圍內（或一個固定水平上）。4 The managed float, some

14、times called a dirty float, is employed by governments to preserve an orderly pattern of exchange rate changes and is designed to eliminate excess volatility.管理浮動，又叫骯臟浮動，是指一國政府維持本國匯率有秩序的浮動，并采取措施消除過度波動。5 In a rather narrow sense, we refer to exchange control when monetary institutions impose strictly

15、 defined limitations on international transactions or on the exchange of national currency into foreign currency.狹義上的外匯管制是指一國貨幣當局對本國的對外經濟交易或本幣的對外匯兌施加嚴格的管制措施。 第3節 外匯交易 Section 3 Foreign Exchange Transactions多頭 long position空頭 short position*福費廷 forfeiting*保付代理法 factoring內在價值 intrinsic value外在價值 extri

16、nsic value*外匯風險 foreign exchange risk外匯敞口 exposure營業日 working day交割日 value date當日交割 VAL TOD隔日交割 VAL TOM標準交割日 VAL SP掉期率 swap rate升水 at premium貼水 at discount平價 at parity初始保證金 initial margin維持保證金 maintenance margin變動保證金 variation margin保證金催付 margin call逐日盯市制 marking to market市價指令 market order限價指令 limit

17、 order到價指令 stop order開放式指令 open order*交易風險 transaction exposure*轉換風險 transition exposure *經營風險 operation risk搭配 matching組對 pairing提前與延期收付法leading and lagging直接套匯 direct arbitrage間接套匯 indirect arbitrage*套利 interest arbitrage拋補套利 covered interest arbitrage買入對沖 long hedge 賣出對沖 short hedge買空 go long賣空 g

18、o short*看漲期權 call options*看跌期權 put options履約價格 strike price期權費 premium外匯交易所 exchange bourse*外匯期貨 foreign exchange future外匯市場 foreign exchange market*外匯期權 foreign exchange options非拋補套利 uncovered interest arbitrage*套匯 arbitrage *擇期交易 optional forward transaction*即期外匯交易spot exchange market*遠期外匯交易forwar

19、d exchange transaction銀行間外匯市場 interbank market*借款即期投資法 borrow-spot-invest (BSI)*掉期交易swap transaction 1 The foreign exchange market is where currencies are bought and sold.外匯市場是進行外匯交易的場所。2 Spot exchange rates are quoted for delivery two business days after the transaction is concluded.即期匯率是在成交后兩個營業日內

20、進行交割的匯率。3 The organized futures markets have four important features:(a) The contracts are standardized;(b) Trading is organized and centralized either in one physical location such as the trading pit or in a virtual location such as a computerized order book;(c) Contracts are settled through the ex

21、change s clearing house; and(d) Contracts are marked to market each day, which means that they are revalued according to their market value.有組織的期貨市場具有以下4個重要特征：（a）合約標準化；（b）或者在有形地點（如交易池），或在無形場所（如計算機化定單）內進行有組織的交易；（c）合約通過交易所的清算機構進行結算；（d）合約實行逐日盯市制（或每日結算制度），意即根據合約的市場價值每日對其進行重新估價。4 An option is a contract

22、that gives its owner the right in a given period of time to buy or sell a given amount of undergoing assets at a fixed price. The right to buy is called a call, while right to sell is called a put.期權合約賦予買方在指定期限內以既定價格買進或賣出既定數量金融資產的權利。看漲期權賦予買方買的權利，又叫買權；看跌期權賦予買方賣的權利，又叫賣權。5 Foreign exchange risk refers

23、to fluctuations in the domestic currency value of assets, liabilities, income expenditures or expenditures due to unanticipated changes in exchange rate.外匯風險是指匯率的非預期變動引起經濟主體的資產、負債、收入及支出的國內價值發生波動。第4節 國際金融市場Section 4 International Financial Market*外國債券 foreign bonds*歐洲債券 euro bonds全球債券 global bonds猛犬債

24、券 bulldog bonds揚基債券 yankee bonds辛迪加貸款 syndicate loans石油美元 oil dollar倫敦金融大爆炸 Big Bang*歐洲貨幣 euro currency倫敦同業拆放利率 LIBOR國際銀行業設施 international bank facilities (IBFS)武士債券 samurai bonds*離岸金融市場 off-shore financial market*歐洲貨幣市場 euro-currency market*國際金融市場 international financial market國際金融創新international f

25、inancial innovation功能中心 functional centre分離性中心 segregated centre集中性中心 integrated centre名義中心 paper centre基金中心 funding centre收放中心 collectional centre1 Domestic bonds are issued by a domestic borrower in the domestic market, usually in domestic currency.由本國債務人在本國金融市場上以本幣發行的債券是國內債券。2 Foreign bonds are i

26、ssued on the domestic market by the foreign borrower, usually in domestic currency. The rules and regulations governing issuing and trading procedures are under the control of the domestic authorities. 由外國債務人在本國金融市場上發行的以本幣計價，發行規則及程序受本國貨幣當局監管的債券是外國債券。3 Eurobonds are issued in countries other than the

27、 one in whose currency they are denominated. They are not traded on a particular national bond market and, therefore, are not regulated by any domestic authority.歐洲債券的計價貨幣不是市場所在國的貨幣，它并不在某一特定國家的金融市場上流通，因此不受任何國家貨幣當局的管制。4 Syndicate refers to a number of banks grouping together to make a loan to one bor

28、rower.辛迪加貸款由許多銀行組成銀團向某一借款人共同提供貸款。第5節 國際資本流動 Section 5 International Capital Flow 資本流入 capital inflow資本流出 capital outflow直接投資 direct investment證券投資 portfolio investment國際信貸投資 international credit長期資本流動 long-term capital flow短期資本流動 short-term capital flow保值性資本流動 capital flight *外債 foreign debt*國際債務危機

29、international debt crisis石油危機 oil crisis債務重新安排 debt rescheduling回購債務 buyback債務轉換 debt swap債務交換 debt exchange金融危機 financial crisis 1 A flow of international capital occurs when residents in one country extend loans to, or purchases the title assets from, the residents of another country.當一國居民向本國非居民提供

30、貸款或購買非居民發行的金融資產，國際資本流動隨即發生。2 Direct investment involves the investor taking an active role in the management of the assets he is acquiring. 直接投資的投資者對其投資對象擁有管理控制權。3 Debt crisis is a generic term, applicable to any situation where a debtor is unable to service the interest and/or principal as schedule

31、d, and so imperiling the financial health of its lender. Usually, the lenders then cut off further credit, intensifying the original condition. 債務危機總指下述情況，即債務人無力如期償還利息或本金，導致債權人的財務狀況惡化，由于債權人往往會隨之縮緊信貸，引發危機的進一步惡化。第6節 國際貨幣制度 Section 6 International Monetary System *歐元 Euro德洛爾報告 Delors report魏爾納報告 Werner

32、 report蛇形浮動 snake floating*歐盟 European union*馬約 Maastricht Treaty*美元危機 dollar crisis美元荒 dollar shortage美元災 dollar glut*十國集團 group of ten黃金雙價制 two-tier price system史密森協定 Smithsonian Agreement*牙買加協定 Jamaica Agreement*巴塞爾協定 Basle Agreement*特里芬難題 Triffin dilemma*借款總安排 general agreement to borrow金幣本位制 go

33、ld specie standard金塊本位制 gold bullion standard金匯兌本位制gold exchange standard埃居 European currency unit (ECU)可調整的釘住匯率制adjustable peg歐洲貨幣體系European monetary system (EMS)國際金本位制international gold standard system國際金匯兌本位制international gold exchange standard system*最適度貨幣區理論theory of optimum currency area1 The

34、international monetary system is the framework within which countries borrow, lend, buy, sell and make payments across political frontiers.國際貨幣體系是協調各國跨國界貸款、借款、購買、銷售和進行支付等行為的框架體系。2 Bretton Woods System established at the end of World War Two. It takes its name from the conference held at Bretton Wood

35、s, New Hampshire, in 1944, which adopted the Article of Agreement of the International Monetary Fund (IMF) and thus put in place the rules and arrangements that would govern international monetary relations in the postwar world.布雷頓森林體系在二戰后建立。1944年在美國新罕布什爾州的布雷頓森林召開的聯合國貨幣金融會議上，達成國際貨幣基金協定，以此為基礎形成一套約束戰后

36、國際貨幣金融關系的規則，該體系因此命名為布雷頓森林體系。第7節 國際儲備 Section 7 International Reserves*國際儲備 international reserves國際清償力 international liquidity自有儲備 free reserve借入儲備 debt-in reserve黃金儲備 gold reserve*外匯儲備 foreign exchange reserve*IMF儲備頭寸 reserve positions in IMF*特別提款權 SDRs警戒線 safety level總量管理 quantity management結構管理 s

37、tructure management備用信貸 tranche 1 International reserves are composed of four parts: foreign exchange reserves, gold reserves, reserve position in IMF and SDR.國際儲備由以下四部分構成：外匯儲備、黃金儲備、在國際貨幣基金組織的儲備頭寸以及特別提款權。2 The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existi

38、ng official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF quotas. The SDR also serves as the unit of account of the IMF and some other international organizations. Its value is based on a basket of key international currencies.特別提款權是由國際貨幣基金組織于1969年創設

39、的一種國際儲備資產，用于補充成員國原有的官方儲備資產。特別提款權根據各成員國在國際貨幣金組織的基金份額進行分配，同時作為國際貨幣基金組織及其他國際組織的記賬貨幣。特別提款權的定值標準取決于由重要國際貨幣組成的籃子貨幣。第8節 國際金融機構Section 8 International Financial Organizations *世界銀行集團 World Bank group亞洲開發銀行Asian Development Bank (ADB)歐洲投資銀行European Investment Bank (EIB)國際開發協會International Development Associa

40、tion (IDA)國際金融公司International Financial Corporation (IFC)泛美開發銀行Inter-American Development Bank (IADB)非洲開發銀行African Development Bank (AFDB)國際清算銀行Bank For International Settlement (BIS)*國際貨幣基金組織International Monetary Fund (IMF)國際復興開發銀行International Bank For Reconstruction And Development (IBRD) 1 The IMF is an international organization of 184