国际金融考试重点

A credit item (measured with a positive sign) is an item for which the country must

be paid. 贷（资金流入） surplus 顺差 deficit 逆差

A debit item （measured with a negative sign ） is an item for which the country

must pay. 借 （资金流出）

A us resident increasing his holding of a foreign financial asset. Debit -

A foreign resident increasing her holding of a us financial asset. Credit+

A us resident decreasing her holding of a foreign financial asset. Credit+

A foreign resident decreasing his holding of a us financial asset.Debit-

The spot exchange rate is the price for “immediate ”change. 基期汇率

The forward exchange rate is the price set now for an exchange that will take place

sometime in the future.远期汇率 Bandwagon 从众效应

The trading done with customers is called the retail part of the market . 与客户交

易的零售市场The trading done between the banks active in the market is called the

interbank part of the market .银行间交易的银行市场

The expected uncovered interest differential （EUD ）

EUD=)1(/*)1(us ex U K i e e i +-+ EUD=Expected appreciation+)(us uk i i -

Fixed exchange-rate system 固定汇率（can declare a narrow band 允许小浮动）

Arbitrage,the process of buying and selling to make a nearly riskless (几乎没风

险)pure profit,ensures that rates in different locations are essentially the same,and that

rates and cross0rates are related and consistent among themselves. （无风险）套利

Hedging a position exposed to rate risk ,here exchange-rate risk ,is the act of reducing

or eliminating a net asset or net liability position in the foreign currency .对冲

Speculating ,is the act of taking a net asset position ”long ” or a net liability position

…short ‟ in some asset class ,here a foreign currency.投机

Do not confuse the forward rate with the future spot rate,the spot rate that ends up

prevailing 90days from now.远期汇率与未来基期汇率不同

In financial jargon,hedging means reducing both kinds of …open ‟positions in a foreign

currency_both long positions and s hort positions .对冲包括买入过多和卖出过多

Absolute purchasing power parity 绝对购买力评价P=e ·Pf e=P/Pf

Relative purchasing power parity 相对购买力评价 difference between changes

over time in product-price levels in two countries will be offset by the change in the exchange rate over this time. ⎪⎪⎭

⎫ ⎝⎛=⎪⎪⎭⎫ ⎝⎛0,,0101//f t f P P P P e e Money and PPP combined 货币模型

)/(*)/(*)/(/Y Y k k M M Pf P e f f s

f s ==

Each 1 percent rise in the domestic money supply s M

Each 1 percent drop in the foreign money supply s

f M

Each 1 percent drop in domestic real GDP Y

Each 1 percent rise in foreign GDP f Y