Chapter1

1.Balanceofpaymentsisthesetofaccountsrecordingallflowsofvaluebetweenanation’sresidentsandtheresidentsoftherestoftheworldduringaperiodoftime.

國際收支是記錄一個國家的居民和世界其他國家的居民在一段時間內(nèi)的所有價值流量的一組帳戶。國際金融重點(diǎn)翻譯2.Thevarietyofresidentandnonresident.

---Diplomats,militarypersonnel,tourists,andworkers.

---Acorporation,itsforeignbranchesandsubsidiaries.

---Internationalinstitutions.

Timedimension2.居民和非居民的多樣性。---外交官，軍人，游客和工人。---公司，其外國分公司和子公司。---國際機(jī)構(gòu)。時間維度國際金融重點(diǎn)翻譯3.Eachtransactionhasbothacreditandadebititem—double-entrybookkeeping

Acreditorpositiveitemisanitemforwhichthecountrymustbepaid.(forapaymentbyaforeigner)

Adebitornegativeitemisanitemforwhichthecountrymustpay(paymentstoforeigners).3.每筆交易都有信用和借記項目-雙重記賬信用或正項目是必須為其支付國家的項目（由外國人支付）借項或負(fù)項目是國家必須支付的項目（對外國人的付款）。國際金融重點(diǎn)翻譯4.Currentaccount

(1).goods(Merchandise)trade---visibletrade

(2).Services---invisibletrade

(3).Income(interest,dividends,andprofits.)

(4).Unilateraltransfers.經(jīng)常帳戶（1）.goods（商品）貿(mào)易---有形貿(mào)易（2）服務(wù)---隱形貿(mào)易（3）收益（利息，股息和利潤）

(4).單邊轉(zhuǎn)讓國際金融重點(diǎn)翻譯5.FinancialAccount

Financialaccountincludesitemsthatarenonofficial:

(1).Directinvestment

(2).Internationalportfolioinvestment

(3).Other5.財務(wù)賬戶財務(wù)帳戶包括非官方的項目：（1）直接投資（2）國際證券投資（3）其他國際金融重點(diǎn)翻譯6.

Exportingfinancialassets/positivevalue/capitalimports(+).

Importingfinancialassets/negativevalue/capitalexports(-).6。出口金融資產(chǎn)/正值/資本進(jìn)口（+）。進(jìn)口金融資產(chǎn)/負(fù)值/資本出口（-）。國際金融重點(diǎn)翻譯

7.Goodsandservicesbalance（tradebalance）

8.Thecurrentaccountbalance

ThemeaningofCA

CA=X–M=If=S–Id=Sp+Sg–Id=Sp+(T–G)–Id

=Y–E=NIIP–NIIP-1

7.商品和服務(wù)余額（貿(mào)易差額）8.當(dāng)前帳戶余額CA的含義國際金融重點(diǎn)翻譯9.thenetvalueofflowsoffinancialassetsandsimilarclaims(excludingofficialinternationalreserveassetflows)istheprivatefinancialaccountbalance.9.金融資產(chǎn)和類似債權(quán)（不包括官方國際儲備資產(chǎn)流動）的流動凈值是私人財務(wù)賬戶余額。國際金融重點(diǎn)翻譯10.Theoverallbalanceshouldindicatewhetheracountry'sbalanceofpaymentshasachievedanoverallpatternthatissustainableovertime.10.總體平衡應(yīng)表明一個國家的國際收支是否已經(jīng)實(shí)現(xiàn)了一段時間內(nèi)可持續(xù)的總體模式。國際金融重點(diǎn)翻譯11.Theofficialsettlementsbalance(B)measuresthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalance(includingthestatisticaldiscrepancy).

B=CA+FA

B+OR(theflowsofofficialreserveassets)=0

11.官方結(jié)算余額（B）衡量經(jīng)常項目余額加上私人資本帳戶余額（包括統(tǒng)計差異）的總和。國際金融重點(diǎn)翻譯IfBisinsurplus,itequalsanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry’sassets如果B是盈余，它等于國家官方儲備資產(chǎn)的累積或國家資產(chǎn)的外國官方儲備的減少國際金融重點(diǎn)翻譯12.Officialinternationalreserveassetsaremoney-likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.12.官方國際儲備資產(chǎn)是由政府持有且由政府承認(rèn)完全可以接受的國際儲備資產(chǎn)。國際金融重點(diǎn)翻譯13.Theinternationalinvestmentpositionisastatementofthestocksofacountry'sforeignassetsandforeignliabilitiesatapointintime.13.國際投資頭寸是一個國家外國資產(chǎn)和外國負(fù)債在某一時點(diǎn)的存貨的說明。國際金融重點(diǎn)翻譯Chapter2

1.foreignexchange:thetradeofonenationalcurrencyforanother.

2.exchangerate:thepriceatwhichtwonationalcurrenciesaretraded.1.外匯交換：一種國家貨幣對另一種貨幣的貿(mào)易。2.交換率：兩種國家貨幣交易的價格。國際金融重點(diǎn)翻譯3.spotexchangerate: thepricefor"immediate"exchange

4.Theforwardexchangerateisthepriceagreednowforacurrencyexchangethatwilloccursometimeinthefuture.3.現(xiàn)貨匯率：“即期”交換的價格4.遠(yuǎn)期匯率是現(xiàn)在為將來某個時候發(fā)生的貨幣兌換而商定的價格。國際金融重點(diǎn)翻譯5.Usingtheforeignexchangemarket

(1).Bank

(2).Broker

(3).Centerbank

(4).Enterprise(Company)andCustomer

5.使用外匯市場（1）銀行（2）經(jīng)紀(jì)人（3）中心銀行（4）企業(yè)（公司）和客戶國際金融重點(diǎn)翻譯6.

demandforforeigncurrency

supplyofforeigncurrency.外匯需求供應(yīng)外幣國際金融重點(diǎn)翻譯7.floatingexchangeratesystem

8.fixedexchangeratesystem

9.appreciation

10.depreciation

11.devaluation

12.revaluation

13.arbitrage7.浮動匯率制度8.固定匯率制度9.升值10.折舊11.估價12.重估13.套利國際金融重點(diǎn)翻譯Chapter3

1.Anetassetpositionintheforeigncurrencyiscalledalongposition.

2.Anetliabilitypositioninaforeigncurrencyiscalledashortposition.

3.forwardexchangecontract1.外幣凈資產(chǎn)頭寸稱為多頭頭寸。2.外幣凈負(fù)債頭寸稱為空頭頭寸。3.正式交換合同國際金融重點(diǎn)翻譯4.Hedgingistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency

Or,Hedgingistheactofbalancingyourassetsandliabilitiesinaforeigncurrencytobecomeimmunetoriskresultingfromfuturechangesinthevalueofforeigncurrency.4.對沖是指減少或消除外幣凈資產(chǎn)或凈負(fù)債頭寸的行為或者，對沖是指以外幣平衡您的資產(chǎn)和負(fù)債，以免對未來外幣價值變動造成的風(fēng)險。國際金融重點(diǎn)翻譯5.Speculatingmeanstakingalongpositionorashortpositioninaforeigncurrency,therebygamblingonitsfutureexchangevalue.5.定價是指以外幣持有多頭頭寸或空頭頭寸，從而賭注其未來的匯兌價值。國際金融重點(diǎn)翻譯6.Ifthefuturesaleofforeigncurrencywilloccuratthefuturespotrate,wehaveanuncoveredinternationalinvestment.6.如果未來外匯的出售將以未來即期匯率發(fā)生，我們有一個未披露的國際投資。國際金融重點(diǎn)翻譯7.Iftherateatwhichthefuturesaleofforeigncurrencywilloccurislockedinnowthroughaforwardexchangecontract,wehaveahedgedorcoveredinternationalinvestment.7.如果未來外匯的出售率將通過遠(yuǎn)期外匯合同鎖定在現(xiàn)在，我們有被套期或有抵補(bǔ)的國際投資。國際金融重點(diǎn)翻譯CD=(1+iuk)f/e-(1+ius)F=(f

-e)/eF=(f

–e)*360*100enCD=(f

-e)/e+(iuk-ius)=F+(iuk-ius)國際金融重點(diǎn)翻譯8.Coveredinterestarbitrageisbuyingacountry'scurrencyspotandsellingitforward,whilemakinganetprofitfromthecombinationofthedifferenceininterestratesbetweencountriesandtheforwardpremiumonthatcountry’scurrency.8.抵補(bǔ)利差套利是購買一個國家的貨幣現(xiàn)貨并向前銷售，同時通過國家之間的利率差異和該國貨幣的遠(yuǎn)期溢價相結(jié)合而產(chǎn)生凈利潤。國際金融重點(diǎn)翻譯9.Coveredinterestparitymeansthepercentagebywhichtheforwardexchangevalueofacurrencyexceedsitsspotvalueequalsthepercentagepointamountbywhichitsinterestrateislowerthantheothercountry’sinterestrate.9.抵補(bǔ)利息平價指貨幣遠(yuǎn)期外匯價值超過現(xiàn)貨價值的百分比等于其利率低于另一國家利率的百分點(diǎn)數(shù)。國際金融重點(diǎn)翻譯Forcountrieswithnocapitalcontrolsandforcomparableshort-termfinancialassets,coveredinterestparityholdsalmostperfectlywhenactualratesareexaminedempirically.對于沒有資本控制的國家和類似的短期金融資產(chǎn)，當(dāng)實(shí)際利率經(jīng)實(shí)證檢驗(yàn)時，抵補(bǔ)利率平價幾乎完全。國際金融重點(diǎn)翻譯10.uncoveredinterestparity:whenacurrencyisexpectedtoappreciatebyasmuchasitsinterestrateislowerthantheinterestrateintheothercountry.10.無抵補(bǔ)的利率平價：當(dāng)一種貨幣預(yù)期升值時，其利率低于另一國的利率。國際金融重點(diǎn)翻譯Ifthisexchangerateriskisoflittleornoimportance,thenwehypothesizetheuncoveredinterestparitywillexist.如果這種匯率風(fēng)險很少或沒有重要性，那么我們假設(shè)存在無抵補(bǔ)利率平價。國際金融重點(diǎn)翻譯Chapter4

1.Theassetmarketapproachexplainsexchangeratesasbeingpartoftheequilibriumforthemarketsforfinancialassetsdenominatedindifferentcurrencies.1.資產(chǎn)市場法解釋匯率是作為以不同貨幣計值的金融資產(chǎn)市場均衡的一部分。國際金融重點(diǎn)翻譯國際金融重點(diǎn)翻譯2.lawofoneprice:aproductthatiseasilyandfreelytradedinaperfectlycompetitiveglobalmarketshouldhavethesamepriceeverywhere,oncethepricesatdifferenceplacesareexpressedinthesamecurrency.

P=e

Pf一價定律：在完全競爭的全球市場中容易和自由交易的產(chǎn)品應(yīng)該在任何地方具有相同的價格，一旦不同地方的價格用相同的貨幣表示。國際金融重點(diǎn)翻譯3.purchasingpowerparity

---AbsolutePurchasingPowerParity

---Relativepurchasingpowerparity

---KeyImplicationsofRelativePPP

Rateofappreciationoftheforeigncurrency=∏-∏f

Acountrywitharelativelyhighinflationratestendstohaveandepreciatingcurrencies.

3.購買力平價---絕對購買力平價---相對購買力平價---相對PPP的關(guān)鍵影響外幣升值率=Π-Πf一個通貨膨脹率相對較高的國家往往有貨幣貶值。國際金融重點(diǎn)翻譯4.Themonetaryapproachseekstoexplainexchangeratesbyfocusingondemandsandsuppliesfornationalmoneys,sincetheforeignexchangemarketiswhereonemoneyistradedforanother.

Ms=k

P

Y4.貨幣方法試圖通過關(guān)注國家資金的需求和用品來解釋匯率，因?yàn)橥鈪R市場是一種貨幣交換另一種貨幣的地方。國際金融重點(diǎn)翻譯CombiningPPPandthequantitytheoryequationsfortwocountries,weobtainabasisforthemonetaryapproachtoexplainingorpredictingexchangeratesinthelongrun:

e=P/Pf=(Ms/Msf)

(kf/k)

(Yf/Y).

結(jié)合PPP和兩個國家的數(shù)量理論方程，我們獲得了貨幣方法解釋或預(yù)測長期匯率的基礎(chǔ)：國際金融重點(diǎn)翻譯5.Therapid,largereactionofthecurrentexchangeratetosuchnewsasachangeinmonetarypolicyiscalledovershooting.Thecurrentexchangeratechangesbymuchmorethanwouldbeconsistentwithlong-runequilibrium.5.當(dāng)前匯率對貨幣政策變化等新聞的迅速，大反應(yīng)被稱為超調(diào)。當(dāng)前的匯率變化比與長期均衡相一致的變化大得多。國際金融重點(diǎn)翻譯Chapter5

1.Foreignexchangerestrictionsarecalledexchangecontrols.

2.Acleanfloatisthepolarcaseofcompleteflexibility.

外匯限制被稱為外匯管制。干凈匯率在極性情況下完全靈活。國際金融重點(diǎn)翻譯3.Anexchangeratethatisgenerallyfloatingbutwiththegovernmentwillingtointervenetoattempttoinfluencethemarketrate----iscalledamanagedfloat(dirtyfloat)3.通常浮動但政府愿意干預(yù)以試圖影響市場利率的匯率-被稱為管理浮動（dirtyfloat）國際金融重點(diǎn)翻譯4.Whentochangethefixedrate?

·

Never(peg)

·

Seldom(adjustablepeg)

·

Often(crawlingpeg)4.當(dāng)更改固定費(fèi)率？·從不（釘）·很少（可調(diào)節(jié)釘）·經(jīng)常（爬行栓）國際金融重點(diǎn)翻譯5.Defendingafixedexchangerate?

·

(1).Interventionintheforeignexchangemarket

·

(2).Exchangecontrol

·

(3).Alterdomesticinterestrates

(4).Macroeconomicadjustment

(5).Toalterthefixedratevalueorshifttoafloatingrate.5.保留固定匯率？（1）外匯市場的干預(yù)（2）交換控制（3）更改國內(nèi)利率（4）經(jīng)濟(jì)調(diào)整（5）更改固定利率值或轉(zhuǎn)換為浮動利率。國際金融重點(diǎn)翻譯6.Exchangecontrolincursubstantialadministrativecosts.Effortstoevadethemleadtobriberyandpara