International Monetary and Financial Economics chapter2
ch01国际收支(test)
ⅠQuestions and problems for Chapter 1:1. Why we study this course in bilingual languages ?2. How important are the international monetary and financial markets?3. What is a country's balance of payments, and what does this measure?4. What does it mean for a country to be a net debtor or net creditor?5. What is the relationship between a nation's current account balance and its capitalflows?ⅡMultiple Choice Questions1. Globalization refers to:A. only increasing market integration, while international economic integrationrefers to the strengthening of existing international linkages of commerce and the addition of new international linkages.B. only the expansion of world governance and global society, while internationaleconomic integration refers to the strengthening of existing international linkages of commerce and the addition of new international linkages.C. only the increased mobility of peoples and information, while internationaleconomic integration refers to the strengthening of existing international linkages of commerce and the addition of new international linkages.D. the increasing market integration, the expansion of world governance and globalsociety, and the increased mobility of peoples and information, while international economic integration refers to the strengthening of existing international linkages of commerce and the addition of new international linkages.Answer: D2. International economic integration refers to:A. the expansion of world governance and society.B. the increased mobility of peoples and information.C. the strengthening of existing international linkages of commerce and the additionof new linkages.D. the strengthening of existing international linkages of commerce but not theaddition of new linkages.Answer: C3. Globalization refers to _________, and international economic integration refers to___________.A. a broader scope of the internationalization process, a narrower focus of theinternationalization process.B. a narrower scope of the internationalization process, a broader focus of theinternationalization process.C. the same thing as international economic integration, the strengthening ofinternational linkages of commerce.D. None of the above.Answer: A4. Open trade in goods, services, and financial assets by leading economies of theworld at levels close to those observed today:A. have never been experienced.B. had been experienced before World War I.C. had been experienced between World War I and World War II.D. had been experienced only immediately before the Korean conflict.Answer: B5. Real sector transactions deal with:A. transactions in goods and services.B. transactions in financial assets.C. transactions in both goods and services and financial assets.D. transactions in neither goods and services nor in financial assets.Answer: A6. Financial sector linkages deal with:A. transactions in goods and services.B. transactions in financial assets.C. transactions in both goods and services and financial assets.D. transactions in neither goods and services nor in financial assets.Answer: A7. In terms of real sector activity, world trade in goods and services:A. is important only to developed economies.B. is important only to developing economies.C. is important to both developed and developing economies.D. is important to neither developed nor developing economies.Answer: C8. In the last 35 years, the nearly 6 percent per annum growth in world trade has led toa _______-fold cumulative increase in world trade.A. twoB. threeC. fourD. fiveAnswer: D9. When measured as a multiple of world exports of goods and services, foreignexchange turnover in 2004 was approximately:A. 12:1.B. 38:1.C. 61:1.D. 50:1.Answer: D10. Over the last 35 years, the data on trade and financial flows show:A. decreased real flows and decreased financial flows.B. increased real flows and decreased financial flows.C. decreased real flows and increased financial flows.D. increased real flows and increased financial flows.Answer: D11. If domestic investment is greater than domestic saving,A. expenditures equal domestic income and net exports equal zero.B. expenditures are greater than domestic income and net exports are negative.C. expenditures are less than domestic income and net exports are positive.D. expenditures are greater than domestic income and net exports are positive zero.Answer: B12. If domestic investment is less than domestic saving,A. expenditures equal domestic income and net exports equal zero.B. expenditures are greater than domestic income and net exports are negative.C. expenditures are less than domestic income and net exports are positive.D. expenditures are greater than domestic income and net exports are positive zero.Answer: C13. If domestic savings equals 10 and domestic investment equals 6, then the currentaccount balance equals:A. -16B. -4C. +4D. +16Answer: C14. If a nation's domestic savings equals 6 and a nation's domestic investment equals 10,then the nation is experiencing:A. a net capital outflow.B a net capital inflow.C. no net capital inflow or outflow.D. a current account surplus.Answer: B15. If a nation's domestic saving is 25 and the nation's domestic investment is 30, thenthe nation is experiencing:A. a current account surplus.B. a current account deficitC. a net capital inflowD. both B and CAnswer: D16. A current account deficit in the U.S. is:A. necessarily bad because it represents a lack of domestic saving.B. necessarily good because it represents foreign savings in the U.S.C. necessarily bad because it undermines the U.S.'s ability to experience economicgrowth.D. is neither good nor bad.Answer: D17. The balance of payments systemA. is another method for calculating GDP.B. insures that the net exports are always equal to zero.C. measures the total value of a domestic economy's transactions with the rest of theworld.D. attempts to limit the fluctuation in international exchange rates.Answer: C18. The balance on merchandise trade is a component ofA. the current account.B. the capital account.C. foreign direct investment.D. portfolio investment.Answer: A19. A debit entry in the balance of payments accounts representsA. a transaction that includes a payment from abroad a domestic resident.B. a transaction that includes a payment abroad by a domestic resident.C. a decrease in the current account deficit.D. an increase in the capital account surplus.Answer: B20. Which of the following transactions are not included in the current account?A. Exports of manufactured goods.B. Imports of manufactured goods.C. Payments of interest and dividends on foreign assets held by a domestic U.S.resident.D. The purchase of foreign assets by a domestic U.S. resident.Answer: D21. When a country faces a current account deficit, it also faces:A. a services trade deficit.B. a capital account deficit.C. a capital account surplus.D. a merchandise trade deficit.Answer: C22. In terms of balance of payments accounting, which of the following would berecorded as a debit entry?A. Exports of merchandise.B. Exports of services.C. A foreigner's purchase of a U.S. Treasure bond.D. An increase in a U.S. citizen's account at a foreign bank.Answer: D23. Given the following data, what is the country's current account balance?Merchandise trade balance = -120; Services trade balance = +45; Unilateral transfers made in excess of those received = 15.A. -60B. -90C. -100D. -150Answer: D24. Suppose an American tourist travels to Mexico, and uses U.S. dollars to purchase ahotel room in Mexico City. This transaction is recorded as aA. credit in the current account and debit in the capital account.B. debit in the capital account and a credit in the current account.C. credit in the capital account and debit in the current account.D. credit in the capital account and debit in the capital account.Answer: C25. Foreign direct investment is a component ofA. portfolio investment.B. the current account.C. total trade in services.D. the capital account.Answer: D26. In order for the purchase of stocks to be categorized as foreign direct investment, itmust represent at least _______ percent of the foreign entity's outstanding stockA. 1B. 10C. 25D. 40Answer: B27. Purchases of stock that are too small too be considered foreign direct investment areclassified asA. depreciation.B. investment spending.C. portfolio investment.D. capital investment.Answer: C28. After accounting for statistical discrepancies, a capital accountA. surplus will always imply a current account surplus.B. surplus will always imply a current account deficit.C. surplus will always exceed the associated current account surplus.D. deficit will always exceed the associated current account surplus.Answer: B29. The United States is currently a net debtor nation. This necessarily implies that theA. federal government owes money to foreign investors.B. value of U.S. held assets abroad is lower than the value of foreign held assets inthe U.S.C. value of the U.S. dollar is less than the average value of foreign currencies.D. U.S. is running a deficit in manufactured goods trade.Answer: B30. A balance of payments deficit is defined as a situation in whichA. the value of payments made to foreigners exceeds the value of payments receivedfrom foreigners in a given period of time.B. the federal government must borrow in order to meet its budget obligations.C. the value of manufactured good exports is less than the value of importedmanufactured goods.D. balance of payments credits exceed balance of payments debits.Answer: A31. In recent years, the U.S. has generally had a capital accountA. surplus and a current account surplus.B. surplus and a current account deficit.C. deficit and a current account surplus.D. deficit and a current account deficit.Answer: B。
货币政策书籍
货币政策书籍1. 《货币战争：全球货币政策的影响和解决方案》(Currency Wars: The Making of the Next Global Crisis) - 詹姆斯•里克斯2. 《货币、银行和金融市场》(Monetary, Banking, and Financial Markets) - 约翰•C•哈利根3. 《货币政策：原理、实践和政策选择》(Monetary Policy: Principles and Practice) - 乔纳森•费舍尔和尼古拉斯•帕里斯4. 《货币政策的历史和理论》(The History and Theory of Monetary Policy) - 丹尼尔•K•尼尔森5. 《货币政策和国际金融：全球风险、政策应对》(Monetary Policy and International Finance: Global Risks, Policy Responses) - 小林昭夫和川上稔6. 《货币政策：理论与实践》(Monetary Policy: Theory and Practice) - Benjamin M Friedman7. 《货币政策和金融稳定：新的挑战和新的工具》(Monetary Policy and Financial Stability: New Challenges and New Tools) - 费舍尔•布莱克8. 《货币政策与宏观调控》(Monetary Policy and Macroeconomic Management) - 斯蒂芬•C•史密斯9. 《货币政策与宏观经济稳定：研究进展》(Monetary Policy and Macroeconomic Stability: Research Advances) - 小林昭夫和川上稔10. 《货币政策与经济增长》(Monetary Policy and Economic Growth) - 大卫•E•霍华德.。
国际金融书目
《国际金融》使用教材及参考书目一、指定教材：我校本科生一律采用高等教育出版社出版的由杨胜刚主编的面向21世纪课程教材《国际金融》。
二、参考书目：为了更好的理解和学习课程内容，建议学习者进一步阅读以下几本重要的参考书目：1、《国际金融》刘舒年主编中国人民大学出版社 20002、《国际金融》钱荣堃主编四川人民出版社 20033、《国际金融学》姜波克主编高等教育出版社 20034、《国际金融概论》陈彪如主编华东师范大学出版社 20035、《国际金融》陈雨露主编中国人民大学出版社 20056、《外汇交易手册》 Paul Bishop 主编机械工业部出版社 20007、《国际金融实务》刘玉操主编东北财大出版社 20048、《期货与期权教程》李一智主编清华大学出版社 20059、《国际金融学》潘英丽马君潞主编中国金融出版社 200210、《国际金融》易纲张磊主编上海人民出版社 200211、《国际金融欺诈案例集》杨长春主编对外经贸大学出版社 200212、《汇率与国际金融》 [英]L.S.科普兰主编北京：中国金融出版社 199213、《国际金融》 E．Clark主编北京大学出版社 200214、《国际金融市场》［美］J. 戈莱比中国人民大学出版社，199815、《金融危机、流动性与国际货币体制》［法］让•梯若尔中国人民大学出版社，200316、International Finance. 2nd Edition. Clark. E， Peking UniversityPress/Thomson Learning. 200217、International Financial Management. 7th Edition. Madura, J. Peking University Press/Thomson Learning. 200318、International Monetary and Financial Economics. 2nd Edition. Daniels, J.P. and D.D. VanHoose. South-Western Publishing. 2002三、友情链接：1、中国人民银行：2、国家外汇管理局：3、中国银监会：4、中国证监会：5、中国保监会：6、中国进出口银行：7、中国工商银行：8、中国农业银行：9、中国银行：10、中国建设银行：11、香港金融管理局：.hk12、世界银行：13、国际货币基金组织（IMF）：14、美国联邦储备局：15、欧洲中央银行：www.ecb.int16、日本银行：www.boj.or.jp17、英格兰银行：18、花旗银行19、美联储20、英格兰银行21、世界银行22、国际货币基金组织23、伦敦证券交易所24、东京证券交易所www.tse.or.jp25、美国那斯达克市场26、新加坡国际金融交易所.sg27、伦敦国际金融期货及期权交易所28、芝加哥商业交易所29、美国证券交易所30、国家统计局31、中国货币网32、中国债券信息网33、金融时报金时网34、纽约股票交易所35、芝加哥证券交易所 36、国家开发银行。
英国留学国际金融专业
英国留学国际金融专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
国际金融词汇
BP曲线（BP schedule）：使国际收支差额为零的各种实际收入与名义汇率的组合。
IS-LM-BP框架（IS-LM-BP framework）：是分析开放经济运行及财政、货币政策效应的基本工具。
它关注三个市场（产品市场、货币市场和外汇市场）和三个变量（名义利率、实际收入和实际汇率）。
在以实际收入为横轴、以名义利率为纵轴的坐标平面图上，产品市场的均衡条件体现为IS曲线，其斜率为负；货币市场的均衡条件体现为LM曲线，其斜率为正；外汇市场或国际收支的均衡条件体现为BP曲线，它有三种形状（垂直、水平和向右上方倾斜），分别对应不同的资本流动程度。
J曲线效应（J-curve effect）：由于短期内进口需求与出口供给均缺乏弹性，在本币发生贬值的初期，贸易收支会恶化，然后慢慢改善，逐渐超过贬值发生前的贸易差额。
从贬值发生到最终贸易差额超过期初水平，这一过程反映在以时间为横轴、贸易差额为纵轴的坐标平面上，形状酷似英文字母“J”，从而被形象地称为J曲线效应。
被消除的风险（covered exposure）：通过套期保值而被消除的外汇风险。
冲销（sterilization）：在外汇储备发生变动时，中央银行采取政策行动，使国内信贷同等幅度地反方向变化，从而保持基础货币不变。
储备货币（reserve currency）：通常用于国际结算及表示其他国家货币的汇率的货币。
贷方科目（credit entry）：用来记录导致一国居民从外国取得收入的交易。
弹性分析法（elasticities approach）：认为商品和劳务的价格变化是决定一国国际收支状况及汇率水平的主要因素。
低估的货币（undervalued currency）：当前市场决定的价值低于经济理论或模型所预测的价值的货币。
掉期（swap）：一张合约包含两笔交易，一笔为两种货币之间的即期交易，另一笔为这两种货币之间的相反方向的远期交易（相当于远期购回）。
钉住汇率制（pegged-exchange-rate system）：一国货币对外价值钉住另一国货币或某种货币篮子的汇率制度。
国际清算银行—搜狗百科
国际清算银行—搜狗百科区域性国际性金融机构比较典型的有国际清算银行、美洲开发银行、欧洲投资银行、亚洲开发银行、欧洲复兴开发银行、非洲开发银行及加勒比开发银行等。
组织机构国际清算银行是以股份公司的形式建立的，组织机构包括股东大会、董事会、办事机构。
国际清算银行的最高权力机关为股东大会，股东大会每年6月份在巴塞尔召开一次，只有各成员国中央银行的代表参加表决。
选票按有关银行认购的股份比例分配，而不管在选举的当时掌握多少股票。
每年的股东大会通过年度决算、资产负债表和损益计算书、利润分配办法和接纳新成员国等重大事项的决议。
在决定个性银行章程、增加或减少银行资本、解散银行等事项时，应召开特别股东大会。
除各成员国中央银行行长或代表作为有表决权的股东参加股东大会，所有与该行建立业务关系的中央银行代表均被邀请列席。
董事会董事会是国际清算银行的经营管理机构，由13名董事组成。
比利时、德国、法国、英国、意大利和美国的中央银行行长是董事会的担任董事，这6个国家可以各自任命1名本国工商和金融界的代表作为董事，此外董事会可以2/3的多数通过选举出其他董事，但最多不超过9人。
董事会设主席1名，副主席若干名，每月召开一次例会，审议银行日常业务工作，决议以简单多数票作出，票数相等时由主持会议的主席投决定票。
董事会主席和银行行长由1人担任。
董事会根据主席建议任命1名总经理和1名副总经理，就银行的业务经营向银行负责。
宗旨任务国际清算银行的宗旨是促进各国中央银行之间的合作，为国际金融运作提供额外负担外的便利，并作为国际清算的受让人或代理人。
扩大各国中央银行之间的合作始终是促进国际金融稳定的重要因素之一。
因此国际清算银行便成了各国中央银行家的会晤场所，接受各中央银行的委托开展各种业务，根据国际清算银行的章程的规定，其有权进行下列业务活动：⑴既可为自己，又可为中央银行购买、出售、交换和储存黄金；⑵为各成员国中央银行提供贷款和接受他们的贷款；⑶为各成员国中央银行办理和重办期票，收买或出售期票以及其他优等短期债券；⑷既可靠自己，也可以靠各成员国中央银行收受展品出售（外汇和有价证券股票除外）；⑸接受各成员国中央银行往来资金和存款；⑹作为被委托人接受政府的存款或根据董事会的决议，接受其他资金。
国际金融英文版
The international trade and investment declined to a historical low level with the protectionist policies adopted by many countries.
Commodity-backed money refers to the bank notes which are backed by gold or silver. The bank notes can be freely converted into gold or silver.
Fiat money is inconvertible money that is made legal tender by government decree. The only thing gives the money value is the faith placed in it by the people that use it.
Exports decline Imports increase
Money supply up Prices up
Performance of the gold standard
Long-term price stability (lower inflation rate) 0.1% (1880 – 1914), 4.2% (1946 – 1990)
Chapter 4
International Monetary System
金融学专业外文翻译---国际货币和金融安排：现状与未来
中文3950字外文原文International Monetary and Financial Arrangements:Present and Future3. National economic policies under the present international monetary systemIn this part, we examine central bank independence and monetary and fiscal policies under the present international monetary system. We also examine global financial integration and the effectiveness of monetary policy.3.1. Central bank independenceIn recent years, many nations have passed laws removing government control on their central bank (i.e., making their central bank more independent) in order to overcome the inflationary bias that was otherwise believed to exist in the conduct of monetary policy. The central banks of some nations, such as Switzerland and Germany, have enjoyed a high degree of independence during most of the postwar period. Recently, Canada, Chile, and New Zealand enacted legislation to make their central banks more independent. In May 1997, England also did so. A common ingredient of economic reforms in Latin America and in the ex-communist nations of Central and Eastern Europe has been the creation of independent central banks—at least legally—if not yet in their actual day-to-day operation. The Maastricht Treaty prohibits central banks from taking instructions from the government, as one of the requirements for monetary union in Europe. To ensure central bank independence, the Treaty also requires that central bank governors be appointed for a term of at leastfive years. More importantly, the Treaty forbids central banks from purchasing debt instruments directly from the government and from providing credit facilities to the government. This is done in the belief that a central bank that is free from political pressure would achieve a lower inflation rate.But what is meant by central bank independence? Fisher (1995) introduced the distinction between goal independence and instrument independence. A central bank has goal independence if it can set its own goals, such as the rate of inflation that the nation should aim for. Instrument independence means that the central bank has control over the levers of monetary policy. That is, it has no obligation to finance government deficits, directly or indirectly, and that it has the power to set interest rates. Of course, a central bank that has goal and instrument independence can set its own monetary goals and is free to use the instruments at its disposal to achieve those goals. Even in nations with the most independent central banks, however, the government rather than the central bank usually has a final say on the type of exchange rate arrangement for the nation to have, and on changing the exchange rates in a fixed exchange rate system, or on foreign exchange market interventions to affect the level of exchange rates if the nation chooses to have a flexible exchange rate system (Capie, 1998).Theoretically, there are two different approaches to central bank independence. One is the conservative-banker approach of Rogoff (1985) and the other is the principal-agent approach of Walsh (1995). In the conservative-banker approach, the central bank has both goal and instrument independence. Presumably, the conservative banker will weigh deviations of both inflation and output from target levels in setting monetary policy, but with a bias in favor of lower inflation, even if this comes at the expense of lower growth. In the principal-agent approach, on the other hand, the central banker has instrument independence, but not goal independence. That is, the government sets the monetary goal, such as the rate of inflation for the nation, and then the central bank is free to employ whatever monetary instruments it has at its disposal in trying to meet the monetary goal. Theprincipal-agent goal is most explicit in the case of New Zealand, where the governor of the central bank formally agrees to meet the inflation target set by the government, with his job on the line if he fails to meet the target. In Canada and England, it is the reputation of the central bank that is on the line if the inflation target is exceeded.Today, there is general agreement that a central bank should have instrument, but not goal independence. There are two reasons for this. The first is that the monetarygoal of the nation should reflect the social welfare function of the nation and not just the preferences of the central bank governor. The second is that there is the need to coordinate monetary and fiscal policies to avoid their operating at cross purposes of each other. Central bank accountability, however, is needed to ensure that the monetary goals of the nation are, in fact, pursued by the nation’s central bank. In the case of New Zealand the governor of the central bank is accountable to the finance minister. In the United States, the Federal Reserve Bank or the Fed (the US central bank) is generally accountable to Congress, which must ratify the choice of the chairman of the Fed and can summon him to explain his policies. In Germany, the Bundesbank is accountable to the public at large for its policies in defense of the currency.In recent years, a growing number of countries are following the lead of New Zealand in setting explicit inflation targets for the central bank. This provides transparency and accountability, which are very important in establishing credibility for the government’s monetary policy. The more credible a central bank is, the more it will be able to cut interest rates in a slowdown without triggering higher inflationary expectations and hence higher long-term interest rates, or raising interest rates to curb emerging inflationary pressures without the fear of triggering a recession. It is to increase transparency and accountability, and hence its credibility and effectiveness, that the central bank of several countries, including the United States, have recently started to explain their decision-making process (including the lagged publication of the minutes of their meetings by the US Fed) and operating procedure in their conduct of monetary policy. The fact, however, that the US Fed, as opposed to most other central banks, is constitutionally required to pursue both price stability and full employment, reduces its effectiveness as an inflation fighter when a conflict arises between its two goals (Salvatore, 1998d).3.2. Central bank independence and inflationAs expected, a number of empirical studies have shown an inverse relationship between central bank independence and the rate of inflation in industrial countries. That is, the more independent the central bank of an industrial country is, the lower the rate of inflation in the nation. One of the most comprehensive of these studies is the one by Alesina and Summers (1993). The authors included the following 16industrial countries in the study: Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland, the United Kingdom, and the United States.The sample period was from 1955 to 1988. As in previous studies, the authors found a negative correlation between the level of central bank independence and the rate of inflation. They also found that the more independent a central bank was, the smaller was the variability of the inflation rate (because of the positive correlation between the level and variability of inflation).As it is well known, however, correlation does not establish causality. That is, the negative correlation between central bank independence and inflation found in empirical studies does not imply that the former causes the latter. It may very well be that countries with a stronger aversion to inflation are more likely to give more independence to their central banks. Thus, it is the inflation aversion in the nation that gives rise both to lower inflation and to a more independent central bank in the nation, rather than a more independent central bank being responsible (i.e., causing) lower inflation. Unless, however, we believe that laws and institutions are entirely irrelevant and have no effect whatsoever on economic performance (here the rate of inflation) we must conclude that a more independent central bank is more likely, other things equal, to lead to lower inflation than a less independent central bank.As support for central bank independence has increased around the world, so has the tendency to entrust to central banks the sole function of achieving a given inflation target or range. This, however, raises the question of whether it would be more appropriate to entrust the central bank with a target that is more directly controllable by the central bank, such as the growth of a narrow money aggregate, rather than a specific inflation target. Setting an inflation target, however, seems more appropriate today in view of the collapse of the relationship between money growth and inflation in one country after another.As a result, it is better to assign an explicit inflation target to the central bank and provide it with instrument independence to pursue the inflation target. As to why the central bank should be given a specific inflation target rather than agrowth-of-real-GDP or rate-of-unemployment target, the answer is that inflation is amonetary phenomenon while the rate of growth of real GDP and the rate of unemployment are real phenomena. Real phenomena are, of course, affected by monetary phenomena, but here the chain of causality depends on policies and institutions that are not under the direct control of the central bank. In giving a specific inflation target to the central bank, it is important to point out that fixed exchange rates are less inflationary than flexible exchange rates.Thus, a country that is trying to move from a high to a low inflation environment would do well to adopt a fixed rather than a variable exchange rate system as a means of anchoring monetary policy and market expectations. Many developing countries, however, have been moving toward greater exchange-rate flexibility in order to cope better with big swings in foreign capital flows.Although many empirical studies have found a negative correlation between central bank independence and inflation in industrial countries, this is not the case for developing countries. Cukierman (1992) found a positive, not a negative, relationship between central bank independence and inflation for a group of 70 developing countries that he studied over the 1950–1989 period. This, however, may be due tothe fact that the central banks of many developing countries are independent legally but not in reality, as evidenced by the fact that they continue to finance government deficits. This has certainly been the case for Mexico and Venezuela. For example, when Venezuela suffered a wave of bank failures in 1994, it decided that the best way to address the problem was to print billions of bolivars and impose capital controls. The same happened in Mexico following the deep financial crisis that started at the end of 1994.3.3. Central bank independence, the real economy, and fiscal deficitsDoes the lower inflation rate with an independent central bank come at the expense of growth of output for the nation? Alesina and Summers (1993) found no negative correlation between central bank independence and average growth of real GDP or the variability of growth of real GDP for the same 16 industrial countries that they used to examine the relationship between central bank independence andinflation over the 1955–1988 period. Barro (1995) and Sarel (1996) confirm this for inflation rates below 8%. Thus, it does not seem that central banks in industrial nations trade a lower growth rate of output for the sake of a lower rate of inflation.The same conclusion was reached for industrial nations in another study by Cukierman, Kalaitzidakis, Summers, and Webb (1992) by regressing the nation’s growth rate of real GDP on the degree of central bank independence, the initial level of real GDP in the nation, the initial level of primary and secondary education in the nation, and the nation’s terms of trade. For developing nations, however, Cukierman, Kalaitzidakis, Summers, and Webb found that central bank independence did have a significantly positive effect on growth. When inflation is high, as in most developing countries, and to the extent that a more independent central bank is associated with a higher inflation rate (which encourages growth), a more independent central bank is then also associated with more rapid growth. Since industrial nations do not generally face high inflation, this vehicle to higher growth is not available to them.Empirical studies were also conducted to examine the relationship between central bank independence and fiscal deficits as a percentage of GDP in the nation. The expectation was that a more independent central bank would be able to resist better government efforts to monetize fiscal deficits and thus lead to lower long-run average fiscal deficits as a percentage of GDP in the nation. Such a negative relationship was in fact found by Parkin (1987) and Grilli et al. (1991) for industrial countries. Thus, the overall conclusion that can be reached from empirical studies to date is that an independent central bank is associated with lower inflation rates and lower fiscal deficits as a percentage of GDP but is unrelated to growth in industrial nations.Although empirical studies have found no relationship between central bank independence and the rate of economic growth in industrial nations, there is a theoretical reason for expecting that a central bank that can set its own inflation target and operate independently of the fiscal authority of the nation can lead to a lower rate of growth in the nation. This can result when there is a conflict between the goals of the monetary and the fiscal authority of the nation.Then monetary and fiscal policies can move at cross purposes from each other and result in suboptimal economicperformance for the nation. Thus, a central bank can be too independent. For example, a central bank that is excessively inflation averse, such as the Bundesbank, may excessively restrain the growth of the nation. Better economic performance for the nation would result with the coordination of fiscal and monetary policies. This can be accomplished by giving the central bank instrument but not goal independence.Thus, the general tendency for economists today of endorsing the separation of power in the conduct of monetary and fiscal policies may not be the best policy to maximize non-inflationary growth in the nation (see Nordhaus, 1994). Better results can be obtained by the coordination of monetary and fiscal policies. It is not just that in the absence of such a coordination, fiscal and monetary authorities might pursue contradictory goals. Suboptimal results may arise simply because of the different time horizon for monetary and fiscal policies. Monetary authorities usually have a longer time horizon than fiscal authorities and often respond only slowly and cautiously to changed economic conditions. Because of this, fiscal authorities might not be willing to adopt deficit-reduction policies and risk an economic slowdown (which may cost them re-election) if they cannot be sure that their contractionary fiscal policies will be offset by sufficiently strong and timely expansionary monetary policies.外文翻译国际货币和金融安排：现状与未来3.在目前的国际货币体系下的国家经济政策在这一部分，我们研究在现行国际货币体系下的中央银行的独立性、货币和财政政策。
金砖国家领导人第五次会晤讲话(英文版)
Work Hand in Hand for Common Development--Keynote Speech by H.E. Xi JinpingPresident of the People's Republic of ChinaAt the Fifth BRICS Leaders MeetingDurban, 27 March 2013President Jacob Zuma,President Dilma Rousseff,President Vladimir Putin,Prime Minister Manmohan Singh,Ladies and Gentlemen,It gives me great pleasure to come back to the Rainbow Nation of South Africa after my last visit more than two years ago. I am deeply impressed by the warm hospitality of the South African people and their strong support for BRICS cooperation. I wish to extend heartfelt thanks to you, President Zuma, and the South African government for the thoughtful arrangements you have made for the meeting.As an old Chinese saying goes, "Nothing can separate people with common goals and ideals, not even mountains and seas". We, the five BRICS countries, come from four different continents. The grand goal of fostering partnership for common development and the noble cause of promoting democracy in international relations and advancing peace and development of mankind have brought us together. To pursue peace, development and win-win cooperation is our common aspiration and responsibility.We need to firmly uphold international fairness and justice, and safeguard world peace and stability. The world today is not tranquil, and global threats and challenges of various kinds keep cropping up. The BRICS countries love and cherish peace, and we share the aspiration for lasting peace of the world, a peaceful and stable social environment for all countries, and a happy and comfortable life for all peoples.No matter how the international situation may change, we should stay committed to pursuing peaceful development and win-win cooperation. What we need is peace and cooperation, not war and confrontation. While pursuing our own interests, we also need to accommodate the legitimate concerns of other countries.No matter how the international architecture may evolve, we should stay committed to the principles of equality, democracy and inclusiveness, respect the right of all countries to independently choose their social systems and development paths, and respect the diversity of civilizations. We should work to ensure that countries, irrespective of their size, strength and wealth, are all equal members of the international community and that the internal affairs of a country are handled by its own people and international affairs by all countries through consultation.No matter how the reform of the global governance system may unfold, we should always take an active and constructive part in the process and make the international order more just and equitable so as to provide institutional safeguards for world peace and stability.We should vigorously promote the building of a global development partnership and strive for the common prosperity of all countries. One tree does not make a forest. In an era of deepening economic globalization, we the BRICS countries should not just seek our own development, but also work for the common development of all countries.We should manage our own affairs well by growing the economy and improving people's lives, and create new sources of growth for the world economy. We should encourage all countries to strengthen coordination of macroeconomic policies, reform the international monetary and financial systems, promote trade and investment liberalization and facilitation, and bolster the momentum of global economic growth.We should jointly participate in the setting of international development agenda, fully harness the productivity and material resources accumulated in the past, fulfill the UN Millennium Development Goals, narrow the North-South gap in development, and make global development more balanced. The theme of today's meeting, "Partnership for Development, Integration and Industrialization", is not only the development goal of the BRICS countries, but also an important area of cooperation between the BRICS countries and African countries.We should forge a strong bond among the BRICS countries through building this partnership, and work hard to push forward our cooperation in economy and trade, finance, infrastructure, personnel interflow and other fields, and move toward the goal of integrated markets, multi-tiered financial network, connectivity by land, air and sea, and greater cultural exchanges.We should jointly support Africa's efforts for stronger growth, accelerated integration and industrialization, and help Africa become a new bright spot in the world economy.We should deepen mutually beneficial cooperation and seek win-win results. We still have a long way to go before we can deliver a decent life to all the three billion people of our countries and fully meet their aspirations for better livelihood. To fulfill this task, we need to mainly rely on our own efforts and we also need stronger cooperation among the BRICS countries.We should continue to enhance political trust among our five countries and friendship among our people, increase the sharing of experience on governance, and jointly push forward industrialization, IT application, urbanization and agricultural modernization. We should abide by the law of development, foster new ideas and meet difficulties head on in the development process. We should continue to step up coordination and cooperation under the frameworks of the United Nations, the G20 and international economic and financial institutions to safeguard our common interests.We should translate our political consensus into concrete actions, actively advance such projects as a BRICS development bank and contingent reserve arrangement, accelerate practical cooperation in all fields, consolidate the economic and social foundation for cooperation, and present a positive image of the BRICS countries pursuing both domestic development and international cooperation.It has only been five years since the BRICS was established and the mechanism is still at its initial stage of development. We should make solid efforts to run our own affairs well, make good progress in developing the cooperative partnership among BRICS countries and improve the institutional building of BRICS cooperation. As long as we keep firm confidence in our own development paths and in cooperation among the BRICS countries, as long as we do not flinch away from any risks and are not misled by any disturbances, our cause will surely enjoy broad prospects.Dear Colleagues,I know you all have a keen interest in China's future development. Looking ahead, China will work towards two grand goals: First, we will double China's 2010 GDP and per capita income of urban and rural residents by 2020 and complete the building of a moderately prosperous society in all respects that benefits the over one billion Chinese people. Second, we will build China into a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious by 2049 when we mark the centenary of the founding of the People's Republic of China.To achieve these two goals, we will continue to make development our top priority and economic development our central task, and promote economic and social development. We will put people's interests first, strive for all-round progress in the economic, political, cultural, social and ecological fields, coordinate all aspects and links of our modernization drive, and make China a beautiful country.Our development endeavor is an open one, as we will remain committed to the basic state policy of opening to the outside world and the win-win strategy of opening up and further improve our open economy.Our development endeavor is a cooperative one, as we will stick to the concept of common development, carry out economic and technological cooperation with all countries on the basis of equality and mutual benefit, and promote our own development and common development of all countries through cooperation.To achieve these two goals, we need a sound external environment. China will continue to follow an independent foreign policy of peace, and integrate the interests of the Chinese people with those of people of all countries. We will work with other countries to strengthen macroeconomic policy coordination, oppose protectionism, improve global economic governance and boost world economic growth.Dear Colleagues,To enhance cooperation with other BRICS countries has always been a priority on China's diplomatic agenda. China will continue to strengthen cooperation with other BRICS countries, in order to make the economic growth of BRICS countries more robust and our cooperation better-structured and more productive. This will bring tangible benefits to people of all countries and make greater contribution to world peace and development.Thank you.。
International Monetary Fund
Functions
1. To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.
5. To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity. 在具有充分保障的前提下，向成员国提供暂时性融 通资金，以增强其信心，使其有机会在无需采取有损 本国和国际繁荣的措施的情况下，纠正国际收支失衡
Features
1. the specialized institution of United Nations system 2. intergovernmental and international financial organization 3. consist of the Council, the Executive Board, President and various business institutions.
金融学专业学习计划
金融学专业学习计划篇一：金融学学习计划金融学学习计划一、本科阶段专业课程1.大一（上）：现代政治经济学（每周3节）。
2.大一（下）：西方经济学（3节），初等会计学（3节）。
3.大二（上）：企业财务会计（3节），金融学（货币银行学）（3节）学习）（2节），财政学（3节）。
4.大二（下）：国际金融（3节），保险学（3节），商业银行经营管理（3节），公司金融（3节），金融市场学（3节）。
5.大三（上）：国际结算（2节），计量经济学（3节），统计学（大三下信管学习）（3节），金融工程（3节）,国际商务（3节）。
6.大三（下）：国际税收（2节），银行会计（3节），国际投资（2节），金融计量与建模（2节），投资银行实务（2节），证券投资分析（3节），金融风险管理（3节）。
7.大四（上）：数据分析与SPSS应用（3节），金融统计与分析（2节），房地产金融（2节），理财规划（2节）。
8.大四（下）：现代金融理论专题（1~9周，4节）。
二、素质提升课程1.中文写作与沟通2.文化素质教育课：a.文学与艺术b.历史与文化c.哲学与伦理d.基础社会科学（心理学导论）e.中国与世界f.国际社会g.物质科学（物理学概论）h.生命科学（现代生物学导论）[括号内为必修]。
三、金融课程详解1. 货币银行学：3学分，54学时，适用本科一年级；先修课程：西方经济学；选用教材：《金融学》蓸龙祺（高等教育出版社）；参考书目：《货币银行学》黄达（中国人民大学出版社），《货币银行学》姚长辉（北京大学出版社）2.金融市场学：3学分，54学时，适用本科二年级；先修课程：宏微观经济学、货币银行学、财政学、高等数学；选用教材：《金融市场学》张亦春（高等教育出版社）；参考书目：《金融市场学》谢百三（北京大学出版社），《金融市场学》夏德仁、王振山（东北财经大学出版社）3.国际金融学（双语）：3学分，54学时，适用本科二年级；先修课程：宏微观经济学、货币银行学；选用教材：《International monetary and financial economics》Joseph and David （影印本）；参考书目：《International finance》Thomas (中国人民大学出版社)，《International finance》Ephraim Clark（北京大学出版社），《国际金融》姜波克（高等教育出版社）4.西方货币金融理论：3学分，54学时，适用本科三年级；先修课程：经济学、货币银行学、金融市场学；选用教材：《西方货币金融理论》伍海华（中国金融出版社）；参考书目：《20世纪西方货币金融理论进展与述评》王广谦（经济科学出版社），《就业利息和货币通论》凯恩斯（商务印书馆），《经济发展中的金融深化》罗纳德I麦金农（上海三联书店），《管制、放松管制与重新管制》艾伦·加特（经济科学出版社），《利息理论与政策》胡维熊（上海财经大学出版社）5.金融监管理论与实务：3学分，54学时，适用本科三四年级；先修课程：保险学、商业银行经营与管理、证券投资学；选用教材：《金融监管教程》郭田勇（中国金融出版社）；参考书目：《金融监管》韩汉君、王振富、丁忠明（上海财经大学出版社），《金融监管学》陈学彬、邹平座（高等教育出版社），《金融监管学》卫新江（中国金融出版社），《金融监管学》李成（科学出版社）6.金融风险管理：3学分，54学时，适用本科三年级；先修课程：西方经济学、货币银行学、商业银行学、金融市场学、证券投资学、概率与统计；选用教材：《金融风险管理学》朱忠明（中国人民大学出版社），参考书目：《金融风险管理师手册》Philippe Jorion（中国人民大学出版社），《金融风险管理手册》马克·洛尔（机械工业出版社），《金融数量方法》特里·J·沃特沙姆（上海人民出版社），《风险管理与衍生产品》勒内·M·斯塔此（机械工业出版社），《银行全面风险管理体系》赵志宏（中国金融出版社），7.商业银行经营学：3学分，54学时，适用本科二年级；先修课程：货币银行学、西方经济学、初级财务会计（银行会计）；选用教材：《商业银行经营学》戴国强（高等教育出版社）；参考书目：《商业银行管理》彼得·S·罗斯，《商业银行财务管理》毛秋荣（科学出版社）8.金融会计学：3学分，54学时；先修课程：初级会计学、货币银行学、银行经营管理、中央银行理论；适用本科二年级；选用教材：《新编银行会计》王允平（立信会计出版社）；参考书目：《银行会计》丁元霖（立信会计出版社），《商业银行会计实务》张维新（海天出版社），《商业银行会计》王允平、李晓梅（立信会计出版社），《支付结算制度汇编》中国人民银行会计司，《现代银行会计基础》严华麟（中国物价出版社）9.财务管理学：2学分，36学时；先修课程：初级会计学；选用教材：《财务管理学》荆新（中国大学出版社）；参考书目：《财务管理》陈国欣（南开大学出版社），《财务管理学》王庆成（中国财政经济出版社），《公司财务管理》道格拉斯·R·艾默瑞（中国人民大学出版社）10.初等会计学：3学分，42学时；适用本科一年级；选用教材：《初等会计学》朱小平（中国人民大学出版社）；参考书目：《基础会计》管一民（上海财经大学出版社），《会计学基础》魏振雄（中国社会科学出版社）11.银行信贷管理：3学分，54学时；先修课程：货币银行学、商业银行经营管理、企业财务分析、经济学；选用教材：《银行信贷管理学》汪其务（中国金融出版社）；参考书目：《商业银行管理》彼得·S·罗斯，《商业银行财务管理》毛秋荣（科学出版社）12.证券投资学：3学分，54学时；先修课程：高等数学、货币银行学、金融市场学；适用本科三四年级；选用教材：《证券投资学》吴晓求（中国人民大学出版社）；参考书目：《证券投资学》曹凤岐（北京大学出版社），《股票操作学》张松龄（中国大百科全书出版社），《证券投资学》任淮秀（高等教育出版社）13.保险学：3学分，54学时；先修课程：经济学、金融学、高等数学；选用教材：《保险学》林宝清；参考书目：《保险学》孙祁祥（北京大学出版社），《保险法教程》（高等教育出版社），《财产保险学》郝演苏（中央财经大学出版社），《风险管理与保险》詹姆斯·S·特里斯曼（东北财经大学出版社）14.人身保险：3学分，54学时；先修课程：保险学、统计学、经济学；选用教材：《人身保险》张洪涛（中国人民大学出版社）；参考书目：《人身保险案例分析》张洪涛（中国人民大学出版社）15.保险精算学：3学分，54学时；先修课程：经济学、高等数学、保险概论；选用教材：《保险精算学》王晓军（中国人民大学出版社）；参考书目：《保险精算》李秀芳（中国金融出版社）16.中央银行学：3学分，54学时；适用本科二三年级；先修课程：银行货币学、商业银行学、国际金融学；选用教材：《中央银行学》王广谦（高等教育出版社）；参考书目：《中央银行学概论》徐刚（上海财经大学出版社），《中央银行通论》孔祥毅（中国金融出版社），《中央银行概论》万解秋（复旦大学出版社），《现代金融监管》李早航（中国金融出版社），《中国金融改革研究》李扬（江苏人民出版社）17.国际结算：3学分，54学时；先修课程：货币银行学、商业银行学、国际金融学；适用本科三年级；选用教材：《国际结算》苏宗祥（中国金融出版社）；参考书目：《国际贸易结算》李晓洁（上海财经大学出版社），《国际结算》梁琦（高等教育出版社）四、本科阶段各月阅读计划一月：生命科学（现代生物学导论）（1）中国资本市场实务（1）精算学基础（1）二月：物质科学（物理学概论）（1）商务案例分析（1）投资组合管理（1）三月：中国与世界近代经济史（1）随机过程与随机分析初步（2）四月：基础社会科学（心理学导论）（4）五月：哲学与伦理（逻辑学与道德）（4）六月：美育学（2）现代金融理论简史（1）（两专题同步进行)七月：文学与艺术（中文写作与沟通、音乐及美术基本知识）（2）新兴市场金融（1）八月：中国与世界宏观经济分析（3）九月：博弈论（3）十月：管理学原理（1）金融数据库理论（1）公司财务案例（1）十一月：金融学理论与实践（1）固定收益证券分析（1）风险管理与保险概论（1）十二月：金融经济学导论（1）保险经济学（1）工业生产概论（1）五、金融学保研夏令营的准备1.在大三下3月开始关注相关学校招生简章，并填报。
国际货币基金组织 全英语
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Introduction
Membership：29 countries (founding); 188 countries (to date)
Establish a multilateral system of payments
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Function
Formulate monetary policy Provide the Emergency financing Increase international currency cooperation
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The Relationship between China & IMF
One of the founding country & executive director
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Special PDrarwiivngilReigghte(SDR)
A kind of extra supplement except the General Drawing Rights
International Monetary Fund
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Outlook
Introduction
Structure Purpose Function The relationship with China Privilege
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Introduction
Abbreviation：IMF FMI Formation：Formally 27 December 1945 (67 years
金融类术语
1. financial problems经济困境2. advanced financial programmable calculator 高级财务可编程序计算器3. financial management system 财务管理系统4. principal financial indicator 重要金融指标5. principal financial indicators 重要金融指标6. public financial resources公共财政资源7. proposed range of total work plan expenditures and revenue estimates for the financial year 1987/881987/88 财政年度拟议工作计划支出和收入估计总额幅度8. proposed established posts and estimated staff costs for the financial year —;XX 财政年度提议的常设员额和人事费用估计数9. primary financial statement 基本财务报表10. price-level adjusted financial statements 按价格水平调整的财务报表11. purely financial point of view单纯财政观点12. price adjustment mechanism of financial statement 财务报表物价调整机制13. provide financial aid 资助14. projected financial statement 预计财务报表15. project financial evaluation 项目财务估价16. programmatic and financial considerations 方案和财政方面的问题17. pension plans and similar financial commitments 养恤计划和类似的财务承诺18. outstanding obligations retained against appropriations of the financialprevious 保留上一财政期间经费项下的未清债务19. portfolios of financial assets 财务资产的组合20. ordinary financial institution 普通金融机构21. other financial flows 其他资金流动22. overall financial plan 综合财务计划23. open-ended financial liability 不限数额财务责任24. optimal financial structure 最优金融体系结构25. open, equitable, rule-based, predictable and non-discriminatory multilateral trading and financial system, an 开放的、公平的、有章可循的、可预测的和非歧视性的多边贸易和金融体制, 一个26. computerize financial services 金融电子化27. financial crisis金融危机28. financial crisis in Asia 亚洲金融危机29. financial guarantee 经济担保书30. financial instruments 金融工具31. financial liberalization 金融自由化32. properties vested in the Financial Secretary Incorporated 转归财政司司长法团的物业33. moderately tight financial policy 适度从紧的财政政策34. Financial Secretary Incorporated Suspense Account 财政司司长法团暂记帐35. Financial Secretary Incorporated 财政司司长法团36. Financial Secretary Incorporation Ordinance (Cap. 1015) 财政司法团条例(第1015 章)37. Financial Secretary Incorporated Scheme Section 财政司法团事务组〔地政总署组别〕38. old financial instruments 旧财务单据39. onshore financial market 在岸金融市场40. moderately tight financial policy适度从紧的财政政策41. notes to the financial statements 财务报表的说明42. notes to financial statements 财务报表说明43. multilateral financial institutions 多边金融机构44. mobilizaion of financial resources 财力的动用45. new financial instruments 新财务单据46. monthly financial statement 月结表47. monthly financial statements 月份财务报表48. non-financial public service 非财政公共事务49. non-financial items 非财务性的项目50. non-financial information 非财务资料51. non-financial information items 非财务资料项目52. non-financial information disclosures 公布非财务资料53. non-financial information concerning property 关于财产、厂房和设备的非财务资料54. non-financial credit arrangements 非财政信用办法55. non-financial corporate sector 非金融法人部门56. offshore financial market 离岸金融市场57. offshore financial centre 离岸金融中心58. offshore financial centres 境外金融中心59. offshore financial center境外金融中心; 境外金融中心; 离岸业务金融中心60. neutral financial policy 中性金融政策61. mutual check of financial discipline 财政纪律检查62. non-Arabian financial and monetary institutions 非阿拉伯的金融货币机构63. non-Arab financial and monetary institutions 非阿拉伯金融货币机构64. offer financial assistance 捐助; 捐助65. net transfer of financial resources 资金转移净额66. misrepresentations of financial information 虚报财务信息67. levels of the financial incentives 奖金数额68. net financial capital outflow 金融性资本的净流出69. net financial assets 金融财产净额70. monetary and financial system 货币金融体系71. monetary and financial crisis 货币金融危机72. national non-financial public service 国家非财政公共事务73. limits of financial capacity 财力负担限度74. limit of maximum financial revenue 财政收入最大限量75. limit of maximum financial expenditure 财政支出的最高数量界限76. limit of financial capacity 财力负担限度77. master financial budget 主要财务预算78. management responsibility for financial statements 管理部门对财务报表的责任79. mercantile financial resources 商业资金80. mercantile financial report 商业财务报告81. mercantile financial analysis 商业财务分析82. mercantile financial accounting 商业财务会计83. informal open-ended working group to review the financial situation of UNIDO 审查工发组织财务状况的非正式开放工作组84. internationalization of capital (financial) market 资本(金融) 市场的国际化85. informal open-ended working group to review the financial situation of UNIDO 审查工发组织财务状况的非正式开放工作组86. international monetary and financial system 国际货币和金融制度87. international financial system 国际金融制度88. international financial statistics 国际金融统计89. international financial market 国际金融市场90. international financial institution 国际金融机构91. international financial flows 国际资金流动92. international financial crisis 国际金融危机93. international financial centre 国际金融中心94. international financial center 国际金融中心95. international conference on monetary and financial issues 货币和金融问题国际会议96. grouping financial statement 分组汇总的财务报表97. internal financial analyst 内部财务分析人员98. in the second year of a financial period 每一财政期间的第二年99. integrity and financial soundness (of the pension system);( 养恤金制度的) 完整和财务健全100. group financial statement 分组合并的财务报表101. incur a financial deficit 出现赤字102. integral part of the financial statements 财务报表构成部分103. financial 金融的104. financial-economic system 财经体制105. financial) subsidy 补助106. financial) deficit 赤字107. financial year财政年度108. financial worries 财政上的烦恼109. financial world金融世界110. financial work财政金融111. financial wealth 金融财富112. financial war 金融战113. financial viability 财政活力114. financial unrest 金融动荡115. financial treasury 财政金库116. financial transaction 财务事项117. financial transaction accounts 财务往来帐户118. financial times index 金融时报指数119. financial tension 财政上的压力120. financial technology 金融管理技术121. financial tariff 财政税122. financial target 财务指标123. financial system 金融系统124. financial systems 财务制度125. financial syndicate 金融财团126. financial surplus 财政结余127. financial support 资金支持128. financial support fund 财政援助基金129. financial supervision 财政监督130. financial supervision and control 财政监督管理131. financial summary 财务摘要132. financial subsidies 财政补贴133. financial structure 金融结构134. financial stringency 财政支绌; 财政紧张135. financial strength 财力136. financial strain资金紧张137. financial status 信用状态138. financial statistics 金融统计139. financial state财务状态140. financial statement财政决算141. financial statements 连用时一律译为决算]142. financial statements, schedules and notes 财务报表、附表及附注143. financial statements covered by audit report 审计报告所涉及的财务报表144. financial statements and accounts 财务报表和决算145. financial statement review 财务报表审核146. financial statement audit 财务报表审计147. financial statement audit file 财务报表审计档案148. financial statement analysis 财务报表分析149. financial standing 财政立场150. financial standby letter of credit 融资性备用信用证151. financial standard 财务标准152. financial standards 财务标准153. financial staff 财务部门职员154. financial stability 金融稳定155. financial squeeze 财政困难156. financial sphere 财务范围157. financial sources 资金来源158. financial soundness 财务稳健性159. financial solvency 财政偿付能力160. financial software 财务软件161. financial situation 财政状态162. financial simulation model 财政模拟模型163. financial shock金融震荡164. financial settlement 财政结算165. financial service 金融服务166. financial self-sufficiency 资金自足167. financial security财政担保[ 海洋法公约]; 财政安全168. financial sector 财政部门169. financial secrecy 财务秘密170. financial seasonableness 金融季节性171. financial science 财政科学172. financial sanction 财政制裁173. financial sanctions 财政制裁174. financial ruin 破产175. financial rotation 理财轮伐期176. financial risk财务风险177. financial reward酬金，奖金178. financial reverse 经济上的挫折179. financial revenue 财政收入180. financial retrenchment 财政紧缩181. financial retention 扣留付款182. financial result 财务计算结果183. financial responsibility 支付能力184. financial resource 资金来源185. financial resources 资金186. financial resources transfer 资金转移187. financial resources of the people 民力188. financial resources development 财政资源开发189. financial resource transfers 资金转移190. financial resource base 财源基础191. financial report 会计报告192. financial reporting 财务报表193. financial reporting procedures 会计报告程序194. financial reporting by segment 部门财务报告195. financial reporter 金融市场记者196. financial report financial statement 财务报告197. financial reorganization 金融改组198. financial reinsurance 财务再保险199. financial rehabilitation 财界恢复200. financial regulation财务条例201. financial regulations 财务条例202. financial regularity audit 常规财务审计203. financial reform 金融改革204. financial reconstruction 财界重建205. financial realities 财政方面的现实状况206. financial ratio财务比率207. financial ratios analysis 财务比率分析208. financial ratio analysis 财务比率分析209. financial rate of return 财务回收率210. financial rand金融兰特211. financial quota shares 成数分保212. financial questionnaire 财务征询意见表213. financial quantitative regulation 金融数量管理214. financial quantitative control 金融数量管制215. financial prudence 财政稳健政策216. financial protection 财政保护217. financial project 财政计划218. financial program 财政计划219. financial procedures 财政程序220. financial problem 经济困难221. financial problems 财政困难222. financial prince 财政巨头223. financial pressure 财政压力224. financial preference 财政优惠225. financial power 财力226. financial poverty 财政上的贫困227. financial position 财政状况228. financial position statement 资产负债表229. financial policy金融政策230. financial policy with respect to dividends 与股利发放有关的财务政策231. financial plutocracy 金融集团232. financial planning 编制财务计划233. financial pest 金融界**234. financial period 财政期间235. financial performance report 财务执行情况报告236. financial penalty 罚款237. financial panic金融恐慌238. financial outturn 财务成果239. financial outlays exceeding state revenues 财政上分配过头240. financial organ金融机构241. financial organization 财政机关242. financial operation 财政业务243. financial operating budget 财务经营预算244. financial oligarch 金融寡头245. financial oligarchy 金融寡头246. financial officer 财政官员247. financial obligation 债务248. financial normalization 金融正常化249. financial news 证券报表250. financial newspaper 金融报251. financial net present value of foreign exchange 财务外汇净现值252. financial need财政需要253. financial monopoly 金融垄断254. financial mechanism 金融机制255. financial measures 金融措施256. financial maturity 理财成熟257. financial matter 资金问题258. financial mathematics 财务数学259. financial market 金融市场260. financial manager 财务经理261. financial management 财务管理262. financial management information system 财务管理信息系263. financial management in an enterprise 企业财务管理264. financial management at different levels 财政分级管理265. financial make-believe 形式缴款266. financial magnate 金融巨头267. financial loan 金融性贷款268. financial liquidity 资金流动性269. financial liberalization 金融自由化270. financial leverage 财务杠杆作用271. financial leasing 金融租赁272. financial lease财务租赁273. financial lease accounting 财务租赁274. financial investment 金融投资275. financial investigation 财政调查276. financial internal rate of return(FIRR) 财务内部收益率277. financial intermediation services 金融中介服务278. financial intermediation services indirectly measured 间接计量的金融中介服务279. financial intermediary 金融中介; 金融居间人280. financial intermediaries 金融中介机构281. financial interest 金融权益282. financial interests 金融权益283. financial integrity 健全的财政状况284. financial instruments 金融手段285. financial institution 金融机构286. financial institutions 金融机构287. financial institution for long term credit 长期信贷金融机构288. financial institution for foreign exchange 外汇金融机构289. financial inspector 财务视察员290. financial insolvency 无力支付291. financial information 财务信息292. financial information items 财务资料项目293. financial information intermediary 财务信息中介294. financial information concerning property 关于财产、厂房和设备的财务资料295. financial inducement 金钱引诱296. financial index财务指标297. financial indemnity 财政补偿298. financial income 财务收益299. financial incentive奖金300. financial implications 所涉经费问题301. financial house 金融商行302. financial hot line 金融热线303. financial history 财政史304. financial guarantee 经济担保书305. financial group 融资团306. financial futures market 金融期货市场307. financial funds财政资金308. financial framework 财务框架309. financial forecast 财政预测310. financial forecasting 财务预测311. financial flow资金流量312. financial flows资金流动313. financial fixed assets 金融固定资产314. financial figures 财务数字315. financial factor 财政方面的因素316. financial expension and contraction 财政伸缩317. financial expense 财政费用318. financial expenses 财务费用319. financial expansion and contraction 财政的伸缩320. financial executive 财务主管321. financial executive institute财务主管机关322. financial exchange rates 金融汇率323. financial examination 财务检查324. financial evaluation 财务评价325. financial estimates 财务概算326. financial entity财务实体327. financial entitlements 有权支领的款项；应享财务权利328. financial emergency of the United Nations 联合国财政紧急情况329. financial embarrassment 财政拮据330. financial editor（美）金融新闻编辑，（英）商业金融栏编辑331. financial economics 财政经济学332. financial duty财政关税333. financial district 经济区334. financial distress 财政困难335. financial disintermediation 金融媒介作用的中断336. financial disclosure 财务状况的披露337. financial discipline 财务纪律338. financial difficulty 资金困难339. financial difficulties 财政困难340. financial depression 金融萧条341. financial department 财务处342. financial deficit预算赤字343. financial deficits 财政赤字344. financial crisis金融危机345. financial crisis in Asia 亚洲金融危机346. financial credit 财政信用347. financial cost 财务费用; 财务成本348. financial corporation 财务公司349. financial conversion cost of foreign exchange 财务换汇成本350. financial control 财务管理351. financial controller 财务主任352. financial contribution 财政捐款353. financial consideration 经济上的考虑354. financial condition 财政状态355. financial compliance audit 财务合规审计356. financial comparison 财务比较357. financial community 金融界358. financial committee 财政委员会359. financial commitments 财政承诺360. financial closing of projects 项目结帐工作361. financial clique 金融集团362. financial claim 债权363. financial circumstance 经济状况364. financial circumstances 财政状况365. financial circulation 金融流通366. financial circle 财政界367. financial circles 商界，金融界368. financial charge 财政支出369. financial centre 金融中心370. financial center acceptance credit 金融中心承兑信用371. financial category 财政范畴372. financial capital 金融资本373. financial capitalism 金融资本主义374. financial capital maintenance 金融资本的维持375. financial capability 财力376. financial burden 财政负担377. financial budget 财政预算378. financial borrowing in Euro-money markets 在欧洲货币市场的金融性借款379. financial books财务帐簿380. financial bonus财政红利381. financial bond金融债券382. financial balance 财政平衡表383. financial auxiliaries 金融附属活动384. financial autonomy 财政独立385. financial audit财政审计386. financial audit work 财务审计工作387. financial assistance 财政援助388. financial assets 金融资产389. financial assets or liabilities 金融资产或负债390. financial assets and liabilities accounts 金融资产负债账391. financial aspects 财务问题392. financial arrangement 财务安排393. financial appropriation 财政拨款394. financial application software 财务应用软件395. financial and moneytary crisis 货币金融危机396. financial and monetary sector 财政金融部门397. financial and monetary restructuring 财政金融体制改革398. financial and monetary institute 财政金融学院399. financial and monetary crisis 金融货币危机400. financial and logistics system 财务和后勤系统401. financial and economic evaluation of industrial investments 工业投资的财务和经济评价402. financial and economic discipline 财经纪律403. financial and economic committee 财经委员会404. financial and compliance audit 财务与合规性审计405. financial and budgetary implications 所涉经费和预算问题406. financial and Economic Board(FEB) 财政经济委员会407. financial analyst 财政分析家408. financial analysis 财务分析; 财政分析409. financial analysis ratio 财务分析比率410. financial analysis program (FAP) 财政分析程序411. financial analysis and COMFAR application 财务分析及可行性分析和报告模型应用412. financial allocation 财政拨款413. financial aid 财政援助414. financial aid package 大学助学金415. financial agreement 金融协定416. financial affiliates 附属财务公司417. financial affairs 金融事务418. financial adviser 财政顾问419. financial advisers 金融顾问420. financial advantage 财务利益421. financial administration 财政机关422. financial administration machinery and procedures 财务行政的机构和程序423. financial administration and management 财务行政和管理424. financial adjustment 金融调整425. financial adjustment law 金融调整法426. financial account 财务帐目427. financial accounts 金融帐户428. financial accounting 财政计算429. financial accounting rule 财务会计制度430. financial accountant 财务会计人员431. financial accountability 财会责任432. financial abuse 扰乱金融433. financial ability 财力434. final financial statement 决算法435. fin.yr. [financial year] 财政年度[ abbr. ]436. fin. stat. (F/S) [financial statement ] 财务报表abbr. ]437. fin. stadg.(stndg.) [financial standing ] 资信状况[ abbr. ] 438. interim financial statement 中期财务报表439. interim financial report 临时财务报告440. interim financial performance report 财务执行情况临时报告441. future financial periods 未来财政期间442. income or financial flows 收入或金融流量443. foot-notes to financial statement 财务报表附注444. following financial period 下一财政期445. forward financial statement 预计财务报表446. All-purpose financial statement 通用财务报表447. all-purpose financial statement 通用财务报表448. All-purpose financial statement 通用财务报表449. analysis of changes in financial position 财务状况变动分析450. annual financial report 年度财务报告451. audit of financial statement 财务报表审计452. certified financial statement 经会计师证明的财务报表453. consolidated financial statement 合并决算表454. financial capital 金融资本455. capital construction financial budget 基本建设财务预算456. Financial 财政的，金融的，财务的457. Financial Accounting Standards Board 财务会计标准委员会458. financial advisor 财务顾问459. financial aid 财政补助460. financial budgeting 财务预算编制461. financial crisis 财政危机462. Financial Expenses 销售利润463. financial future金融期货464. financial group 财团465. financial institution 金融机构466. financial lease融资租赁467. financial leverage 财务杠杆468. financial market 金融市场469. financial policy 财务政策470. financial position 财务状况471. financial statement 财务报表472. financial statement analysis 财务报表分析473. financial status 财务状况474. financial system 金融体系，金融制度475. financial year财政年度476. fiscal and financial audit bureau 财政、金融审计局477. international financial market 国际金融市场478. management of enterprisesStrengthen financial management of enterprises 强化企业财务管理479. non-bank financial instititions 非银行金融机构480. Non-bank financial institution 非银行金融机构481. Tight financial and monetary policy 从紧的金融货币政策482. Panel on Financial Affairs [Provisional Legislative Council] 财经事务委员会〔临时立法会〕483. financial provision 财政条文484. financial accountability 财政责任485. financial autonomy 财政自主权；财政自主；财政独立486. falsified financial statement 不真实财务报表487. feasible limit of increase in financial revenue 财政收入增长可行限量488. financial services functional constituency 金融服务界功能界别489. financial services subsector 金融服务界界别分组490. general-purpose external financial reporting 一般对外财务报告491. false financial statement 不真实财务报表492. financial statement 财务报表493. financial instruments 金融工具494. financial futures 金融期货495. financial bill票券496. general financial accounting 综合财务会计497. foreign financial statement 国外财务报表498. foreign financial institutions 外国金融机构499. general check-up on the financial work 财务大检查500. foreign currency financial statement 外币财务报表501. fairness of financial statement 财务报表的公允性502. fairness of financial statements 财务报表公允性503. illegal financial activities 非法金融活动504. Asia-Pacific financial services center 亚太金融服务中心505. streaming financial news from源自…的财经新闻506. financial status 经济状况507. financial difficulties 经济困难508. financial trouble 经济困难509. financial reforms 经济改革510. financial hub金融中心511. financial markets 金融市场512. financial district 金融区513. financial sector 金融界514. financial watchdog 金融监督机构515. financial institution 金融机构516. financial reforms 金融改革517. financial reform 金融改革518. financial services firms 金融服务公司519. financial crimes 金融犯罪520. financial holding company 金控公司521. financial burden 财政负担522. financial crisis 财务危机( 个人)523. chief financial officer (CFO) 财务长524. financial reports 财务报告525. grassroots financial institutions 基层金融机构526. market-oriented financial system 市场导向的经济体制527. Ambac Financial 安巴克金融集团528. Prudential Financial 保德信金融529. Mitsubishi Tokyo Financial 东京三菱金融集团530. Fubon Financial Holding 富邦金控531. Hartford Financial Services Group 哈特福德金融服务532. Manulife Financial 宏利保险533. Nationwide Financial Services 全美金融服务公司534. Mizuho Financial 瑞穗金融集团535. Sumitomo Mitsui Financial 三井住友金融集团536. Zurich Financial 苏黎世金融537. financial statements 财务报表538. elements of financial statements 财务报表要素539. financial report财务报告540. financial cost and manegement cost 财务成本与管理成本541. financial analysis 财务分析542. financial managment 财务管理543. objects of financial management 财务管理对象544. the cycle offinancial managemten财务管理环节545. financial management environment 财务管理环境546. financial management objectives 财务管理目标547. the content of financial management 财务管理内容548. the principle of financial management 财务管理原则549. organization of financial management 财务管理组织550. financial accounting 财务会计551. financial accounting conceptual framework 财务会计概念框架552. financial activities 财务活动553. financial planning 财务计划554. financial cupervision 财务监督555. financial decision 财务决策556. financial control 财务控制557. financial forecast 财务预测558. financial policy 财务政策559. financial regulations 财务制度560. Synovus Financial 西诺乌斯金融公司561. Sun Life Financial 永明金融562. Mega Financial Holding 兆丰金融控股563. Chinatrust Financial Holdings 中国信托金融控股股份有限公司564. China Development Financial 中华开发工业银行565. Capital One Financial 资本一号金融服务公司566. financial regulations for colleges and universities 高等学校财务制度567. personal financial state-ments 个人财务报表（美）568. consolidated statement of changes in financial poition 合并财务状况变动表569. consolidated financial statements 合并会计报表570. financial accounting 会计核算571. Financial Ratios 财务比率572. Financial 财务的573. Financial Analysis 财务分析574. Financial Administration 财务管理575. Financial Management 财务管理576. Financial Viability 财务可行性577. Financial Control 财务控制578. Financial Closeout 财务收尾579. financial instruments 金融工具580. financial futures transaction 金融期货交易581. financial market 金融市场582. financial regulations for scientific research institutes 科学事业单位财务制度583. combined financial state-ments 联合会计报表584. all-purpose financial statements 通用报表585. financial rules of governmental units 行政单位财务规则586. derivative financial instru-ments 衍生金融工具587. financial regulations for hospitals 医院财务制度588. Multi-Financial Sources 多资金来源589. special purpose financial statements 专用报表590. the car-buying controversy that has engulfed Hong Kong 受偷步买s financial secretary 车丑闻缠绕的财政司司长591. Financial Services 财务服务592. financial incentives 金融激励措施（机制）593. provide financial incentive to do something 提供利诱以做某事594. no financial compensation 非经济报酬595. indirect financial compensation间接经济报酬596. direct financial compensation 直接经济报酬597. effects of financial leverage 举债经营效果; 举债经营效果598. the maintenance of Hong Kong ' s status as an international financial centre维持香港国际金融中心的地位599. Financial Services 金融服务界600. financial institutions 金融机构601. Financial Times 金融时报602. financial apocalypse 金融灾难603. restore stability to financial markets 稳定金融市场604. vie for the position of the region 竞逐成为该s international financial centre区的国际金融中心605. Financial Accounting 财务会计606. Financial Controller 财务总监607. deposit taking financial intermediaries 吸纳存款的金融中介机构608. well-established market and sophisticated financial system 完善的市场和发达的金融体制609. United Nations Monetary and Financial Conference 联合国货币金融会议610. cool down the over-heated future market and restore financial order 降低过热的期货市场，恢复金融秩序611. computerize financial services 金融电子化612. financial instruments 金融工具613. financial crisis 金融危机614. financial liberalization 金融自由化615. financial crisis in Asia 亚洲金融危机616. financial guarantee 经济担保书617. expansion of state financial resources 扩大国家财力618. Financial Sourcing 资金来源619. had financial difficulties 有财政困难620. international financial hub 国际金融中心621. withdrew their financial support 不再注资622. Financial Secretary Mr Antony Leung Kam-chung 前)财政司司长梁锦松623. Financial Services and the Treasury Bureau 财经事务及库务局624. Secretary for Financial Services and the Treasury Mr Frederick Ma Si-hang 财经事务及库务局局长马时亨625. the financial arrangement 财务安排626. chief financial officer 财务长CFO)627. financial viability 财政上的可行性628. Financial Secretary ' s Office财政司司长办公室629. Henry Tang Ying-yen Financial Secretary财政司司长唐英年630. recorded a $225 million budget deficit last financial year 去年亏损二亿二千五百万元631. global financial questions全球经济问题632. ensure that no young person will be deprived of education for means 确保不会有青少年因贫穷而失学633. warrants ；Warrants are items of financial value that allow for the ordinary shares of a company at a fixed price on a fixed date.认股证634. cyclical financial difficulties 周期性财政困难lack of financial the owner to apply635. pressed the government to reduce taxes and ease taxpayers促请政府减税，减轻纳financial burdens税人负担636. setting monetary and financial policy制定货币和金融政策637. forming financial-sector policy 制定金融政策638. external financial resources 外部财政资源639. cool down the over-heated future market and restore financial order 降低过热的期货市场，恢复金融秩序640. detailed companion financial statements 财务报表明细附表641. economic and financial section 财经部门642. commodating financial transaction 融通性的金融交易通融性金融交易643. commitments against the appropriations of current and future financial 在本财政期periods 间和未来财政期间的经费项下承付款项644. concern over financial difficulties 关心经济困难645. estimated financial statement 估计财务报表646. corporate financial statements 公司财务报表647. commercial financial cost商业财务成本648. commercial financial control 商业财务管理649. commercial financial company 商业金融公司650. complementary financial facility 追加贷款651. commercial analysis of financial statement 商业财务报告分析652. commercial abstract of financial statement 商业财务报表摘要653. exchange differences arising from translation of foreign currency 换算外币财务financial.. 报表所产生的汇兑差额654. computerize financial services 金融电子化655. conglomerate financial statement 联合企业财务报表656. descriptive financial statement 附有说明书的损益计算书657. compensatory financial transfer 补偿资金调拨658. compensatory financial of export fluctuation。
经典文献
其他经典文献
• • • • • • • • [23] Rivera-Batiz, F.L. and L.A. Rivera-Batiz. International Finance and Open Economy Macroeconomics. 2nd Edition. Prentice-Hall, Inc, 1994 [24] Snowdon, B., H. Vane and P. Wynarczyk. A Modern Guide to Macroeconomics, an Introduction to Competing Schools of Thought. Edward Elgar Publishing Limited, 1994 [25] Salvatore, D. International Economics. Macmillan Publishing Co., Inc, 1983 [26] Solomon, R. The International Monetary System 1945-1981. New York: Harper and Row, 1982 [27] Solnik, B. International Arbitrage Pricing Theory. Journal of Finance 38:449-57, 1983 [28] Stern, R.M. The Balance of Payments. Chicago: Aldine, 1973 [29] Stiglitz, J.E. Globalization and its Discontents. London: Allen Lane, The Penguin Press, 2002 [30] Triffin, R. Gold and Dollar Crisis. New Haven: Yale University Press, 1960
国际贸易金融
国际贸易金融国际贸易的发展已经成为全球经济中不可忽视的重要组成部分。
而国际贸易过程中的金融支持与服务则是推动贸易发展的重要力量。
在这篇文章中，我们将探讨国际贸易金融的重要性以及相关的金融工具和机构。
国际贸易金融的重要性国际贸易金融是一种为国际贸易提供资金支持和风险管理的金融活动。
它不仅使得跨国贸易更加便利，也为企业提供了更多的商业机会。
国际贸易金融的重要性主要表现在以下几个方面。
首先，国际贸易金融有助于完成国际贸易的支付。
由于国际贸易往往涉及不同国家之间的货币，支付将涉及不同的货币转换和结算方式。
金融机构通过提供外汇服务和支付结算服务，极大地方便了国际贸易的进行。
其次，国际贸易金融有助于减轻贸易风险。
在国际贸易中，存在着支付风险、信用风险、汇率风险等各种风险。
金融机构可以提供信用证、保函等金融工具，为贸易双方提供担保和风险管理服务，从而减轻了贸易风险，增加了贸易的信任度。
此外，国际贸易金融还可以促进贸易融资。
对于贸易双方来说，融资是推动贸易发展的重要条件之一。
金融机构可以提供贸易融资服务，如信用证融资、保理业务等，为贸易双方提供资金支持，从而促进贸易的完成。
国际贸易金融的金融工具国际贸易金融涉及丰富多样的金融工具，以满足不同的贸易需求。
以下是一些常见的国际贸易金融工具。
首先，信用证是目前国际贸易中最常用的支付方式之一。
信用证是银行根据客户的要求，向受益人发出的，保证在符合一定条件下支付一定金额的支付工具。
通过信用证，出口商和进口商之间可以确保支付的安全和及时性。
其次，保函是一种为了保证合同履行而提供担保的金融工具。
保函通常是由银行或金融机构向受益人发出的，承诺在符合一定条件下，支付一定金额的保证金。
保函可以为贸易双方提供额外的保障，降低交易的不确定性。
此外，贸易融资也是国际贸易金融中常见的一种金融工具。
贸易融资可以帮助贸易双方解决资金短缺的问题，从而促进贸易的进行。
常见的贸易融资方式包括银行信用证融资、商业信用贷款和保理业务等。
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Real Exchange Rates
• A nominal exchange rate indicates the rate of exchange between one nation‟s currency with the currency of another nation. • Real exchange rates indicate the purchasing power of a nation‟s residents for foreign goods and services relative to their purchasing power for domestic goods and services. • A real exchange rate is an index. Hence, we compare its value for one period relative to its value in another period, or the change in the index from one period to another.
• Approximately $US1.4 - 1.6 trillion daily in global transactions.
3
A Foreign Exchange Transaction
• Toshiba receives a dollar denominated payment from Best Buy, which they present to Fuji Bank. • To exchange the dollar payment for the yen equivalent, Fuji Bank may contact another bank, such as Citigroup, or contact a FX broker.
10
Bid - Ask Spread and Margin
• The bid - ask spread of a currency reflects, in general, the cost of transacting in that currency. • It is calculated as the difference between the ask and the bid. • For example, 1.2158 – 1.2148 = 0.001. • The bid - ask spread can be converted into a percent to compare the cost of transacting among a number of currencies. • The margin is calculated as the spread as a percent of the ask. (Ask - Bid)/Ask * 100 • Example, (1.2158 – 1.2148)/1.2158 * 100 = 0.082%.
7
Appreciating and Depreciating Currencies
• We use the percentage change formula to calculate the amount of appreciation or depreciation. • Example, suppose on Monday the Mexican peso traded at 11.3855 MXN/USD, whereas on Tuesday it traded at 11.1245 MXN/USD. • The peso has appreciated, as it now takes fewer pesos to purchase each dollar. • The amount of appreciation is: [(11.1245 – 11.3855)/11.3855] •100 = -2.29%
• Foreign-Currency-Denominated Financial Instrument
– A financial asset, such as a bond, a stock, or a bank deposit, whose value is denominated in the currency of another nation.
The Foreign Exchange Market
• Exchange Rate
– The value of one currency relative to another currency as the number of units of one currency required to purchase one unit of the other currency.
2
Spot Market Characteristics
• It is the oldest and largest financial market in the world:
– Has no central trading floor where buyers and sellers meet. – Is open twenty-four hours a day, except for short gaps on weekends. – The spot market is a market for immediate delivery (2 to 3 Unobserved Rates
• A cross-rate is an unobserved rate that is calculated from two observed rates. • For example, the spot rate for the Canadian dollar is 1.3176 C$/$, and the spot rate on the euro is 1.2153 $/€. What is the Canadian dollar price of the euro (C$/€)? • Note that (C$/$)· ($/€) = C$/€. • In this example, (1.3176)· (1.2153) = 1.6013 C$/€.
9
Bid - Ask Spreads
• The bid is the price the bank is willing to pay for the currency, e.g., 1.2148 $/€ is the bid on the euro in terms of the dollar. • The ask is what the bank is willing to sell the currency for, e.g. 1.2158 $/€, is the ask on the euro in terms of the dollar. • The typical rate quoted in a daily publication is the midpoint of these two values, e.g., 1.2153.
4
Currency Trading Tables
• Typical FX tables in a daily business publication provide spot and forward rates. • US $ equivalent or US $ per currency is the dollar price of a unit of foreign currency (eg., $/€). • Currency per US $ is the foreign currency price of one US dollar (eg., €/$).
11
Real Exchange Rates
Real Measures
• Nominal variables, such as an exchange rate, do not consider changes in prices over time. • Real variables, on the other hand, compensate for price changes. • A real exchange rate, therefore, accounts for relative price changes, or in other words, for differences in inflation between the two nations.
6
Appreciating and Depreciating Currencies
• A currency that has lost value relative to another currency is said to have depreciated. • A currency that has gained value relative to another currency is said to have appreciated. • These terms relate to the market process and are different from devaluation and revaluation (Chapter 3).
13
Real Exchange Rates
An Example
• In 1990 the spot rate between the dollar and the peso was 2.9454 (MXN/$). • In 1995 the rate was 7.6425. • Hence, the peso depreciated relative to the dollar by 159.5 percent {[(7.6425-2.9454)/2.9454]*100}. • Based on this alone, the purchasing power of US residents for Mexican goods and services (relative to US goods and services) rose by 159 percent.