国际金融第14版(托马斯.A.普格尔著)复习资料整理
国际金融 第14版 (托马斯.A.普格尔 著) 课后答案
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Suggested Answer for International Finance Chap 22.Disagree,at least as a general statement.One meaning of a current account surplus is thatthe country is exporting more goods and services than it is importing.One might easily judge that this is not good—the country is producing goods and services that are exported,but the country is not at the same time getting the imports of goods and services that would allow it do more consumption and domestic investment.In this way a current account deficit might be considered good—the extra imports allow the country to consume and invest domestically more than the value of its current production.Another meaning of a current account surplus is that the country is engaging in foreign financial investment—it is building up its claims on foreigners,and this adds to national wealth.This sounds good,but as noted above it comes at the cost of foregoing current domestic purchases of goods and services.A current account deficit is the country running down its claims on foreigners or increasing its indebtedness to foreigners.This sounds bad,but itcomes with the benefit of higher levels of current domestic expenditure.Different countries at different times may weigh the balance of these costs and benefits differently,so that we cannot simply say that a current account surplus is better than a current account deficit.4.Disagree.If the country has a surplus (a positive value)for its official settlements balance,then the value for its official reserves balance must be a negative value of the same amount (so that the two add to zero).A negative value for this asset item means that funds are flowing out in order for the country to acquire more of these kinds of assets.Thus,the country is increasing its holdings of official reserve assets.6.Item e is a transaction in which foreign official holdings of U.S.assets increase.This is a positive (credit)item for official reserve assets and a negative (debit)item for private capital flows as the U.S.bank acquires pound bank deposits.The debit item contributes to a U.S.deficit in the official settlements balance (while the credit item is recorded "below the line,"permitting the official settlements balance to be in deficit).All other transactions involve debit and credit items both of which are included in the official settlements balance,so that they do not directly contribute to a deficit (or surplus)in the official settlements balance.8. a.Merchandise trade balance:$330-198=$132Goods and services balance:$330-198+196-204=$124课后答案网 w w w .h a c k s h p .c nCurrent account balance:$330-198+196-204+3-8=$119Official settlements balance:$330-198+196-204+3-8+102-202+4=$23b.Change in official reserve assets (net)=-official settlements balance =-$23.The country is increasing its net holdings of official reserve assets.10.a.International investment position (billions):$30+20+15-40-25=$0.The country is neither an international creditor nor a debtor.Its holding of international assets equals its liabilities to foreigners.b.A current account surplus permits the country to add to its net claims on foreigners.For this reason the country's international investment position will become a positive value.The flow increase in net foreign assets results in the stock of net foreign assets becoming positive.Chap 32.Exports of merchandise and services result in supply of foreign currency in the foreignexchange market.Domestic sellers often want to be paid using domestic currency,while the foreign buyers want to pay in their currency.In the process of paying for these exports,foreign currency is exchanged for domestic currency,creating supply of foreign currency.International capital inflows result in a supply of foreign currency in the foreign exchange market.In making investments in domestic financial assets,foreign investors often start with foreign currency and must exchange it for domestic currency before they can buy the domestic assets.The exchange creates a supply of foreign currency.Sales of foreign financial assets that the country's residents had previously acquired,and borrowing from foreigners by this country's residents are other forms of capital inflow that can create supply of foreign currency.4.The U.S.firm obtains a quotation from its bank on the spot exchange rate for buying yen with dollars.If the rate is acceptable,the firm instructs its bank that it wants to use dollars from its dollar checking account to buy 1million yen at this spot exchange rate.It also instructs its bank to send the yen to the bank account of the Japanese firm.To carry out this instruction,the U.S.bank instructs its correspondent bank in Japan to take 1million yen from its account at the correspondent bank and transfer the yen to the bank account of the Japanese firm.(The U.S.bank could also use yen at its own branch if it has a branch in Japan.)6.The trader would seek out the best quoted spot rate for buying euros with dollars,either through direct contact with traders at other banks or by using the services of a foreign exchange broker.The trader would use the best rate to buy euro spot.Sometime in the next hour or so (or,typically at least by the end of the day),the trader will enter the课后答案网 w w w .h a c k s h p .c ninterbank market again,to obtain the best quoted spot rate for selling euros for dollars.The trader will use the best spot rate to sell her previously acquired euros.If the spot value of the euro has risen during this short time,the trader makes a profit.8. a.The cross rate between the yen and the krone is too high (the yen value of the krone is toohigh)relative to the dollar-foreign currency exchange rates.Thus,in a profitable triangular arbitrage,you want to sell kroner at the high cross rate.The arbitrage will be:Use dollars to buy kroner at $0.20/krone,use these kroner to buy yen at 25yen/krone,and use the yen to buy dollars at $0.01/yen.For each dollar that you sell initially,you can obtain 5kroner,these 5kroner can obtain 125yen,and the 125yen can obtain $1.25.The arbitrage profit for each dollar is therefore 25cents.b.Selling kroner to buy yen puts downward pressure on the cross rate (the yen price of krone).The value of the cross rate must fall to 20(=0.20/0.01)yen/krone to eliminate the opportunity for triangular arbitrage,assuming that the dollar exchange rates are unchanged.10.a.The increase in supply of Swiss francs puts downward pressure on the exchange-ratevalue ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.b.The increase in supply of francs puts downward pressure on the exchange-rate value ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.c.The increase in supply of francs puts downward pressure on the exchange-rate value ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.d.The decrease in demand for francs puts downward pressure on the exchange-rate value ($/SFr)of the franc.The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.Chap 42.You will need data on four market rates:The current interest rate (or yield)on bondsissued by the ernment that mature in one year,the current interest rate (or yield)on bonds issued by the British government that mature in one year,the current spot exchange rate between the dollar and pound,and the current one-year forward exchange rate between the dollar and pound.Do these rates result in a covered interest differential that is very close to zero?课后答案网 w w w .h a c k s h p .c n4. a.The U.S.firm has an asset position in yen—it has a long position in yen.To hedge itsexposure to exchange rate risk,the firm should enter into a forward exchange contract now in which the firm commits to sell yen and receive dollars at the current forward rate.The contract amounts are to sell 1million yen and receive $9,000,both in 60days.b.The student has an asset position in yen—a long position in yen.To hedge the exposure to exchange rate risk,the student should enter into a forward exchange contract now in which the student commits to sell yen and receive dollars at the current forward rate.The contract amounts are to sell 10million yen and receive $90,000,both in 60days.c.The U.S.firm has an liability position in yen—a short position in yen.To hedge its exposure to exchange rate risk,the firm should enter into a forward exchange contract now in which the firm commits to sell dollars and receive yen at the current forward rate.The contract amounts are to sell $900,000and receive 100million yen,both in 60days.6.Relative to your expected spot value of the euro in 90days ($1.22/euro),the current forward rate of the euro ($1.18/euro)is low—the forward value of the euro is relatively ing the principle of "buy low,sell high,"you can speculate by entering into a forward contract now to buy euros at $1.18/euro.If you are correct in your expectation,then in 90days you will be able to immediately resell those euros for $1.22/euro,pocketing a profit of $0.04for each euro that you bought forward.If many people speculate in this way,then massive purchases now of euros forward (increasing the demand for euros forward)will tend to drive up the forward value of the euro,toward a current forward rate of $1.22/euro.8. a.The Swiss franc is at a forward premium.Its current forward value ($0.505/SFr)is greaterthan its current spot value ($0.500/SFr).b.The covered interest differential "in favor of Switzerland"is ((1+0.005)⋅(0.505)/0.500)-(1+0.01)=0.005.(Note that the interest rate used must match the time period of the investment.)There is a covered interest differential of 0.5%for 30days (6percent at an annual rate).The U.S.investor can make a higher return,covered against exchange rate risk,by investing in SFr-denominated bonds,so presumably the investor should make this covered investment.Although the interest rate on SFr-denominated bonds is lower than the interest rate on dollar-denominated bonds,the forward premium on the franc is larger than this difference,so that the covered investment is a good idea.c.The lack of demand for dollar-denominated bonds (or the supply of these bonds as investors sell them in order to shift into SFr-denominated bonds)puts downward pressure on the prices of U.S.bonds—upward pressure on U.S.interest rates.The extra demand for the franc in the spot exchange market (as investors buy SFr in order to buy SFr-denominated bonds)puts upward pressure on the spot exchange rate.The extra demand for SFr-denominated bonds puts upward pressure on the prices of Swiss bonds—downward pressure on Swiss interest rates.The extra supply of francs in the课后答案网 w w w .h a c k s h p .c nforward market (as U.S.investors cover their SFr investments back into dollars)puts downward pressure on the forward exchange rate.If the only rate that changes is the forward exchange rate,this rate must fall to about $0.5025/SFr.With this forward rate and the other initial rates,the covered interest differential is close to zero.10.In testing covered interest parity,all of the interest rates and exchange rates that areneeded to calculate the covered interest differential are rates that can observed in the bond and foreign exchange markets.Determining whether the covered interest differential is about zero (covered interest parity)is then straightforward (although some more subtle issues regarding timing of transactions may also need to be addressed).In order to test uncovered interest parity,we need to know not only three rates—two interest rates and the current spot exchange rate—that can be observed in the market,but also one rate—the expected future spot exchange rate—that is not observed in any market.The tester then needs a way to find out about investors'expectations.One way is to ask them,using a survey,but they may not say exactly what they really think.Another way is to examine the actual uncovered interest differential after we know what the future spot exchange rate actually turns out to be,and see whether the statistical characteristics of the actual uncovered differential are consistent with an expected uncovered differential of about zero (uncovered interest parity).Chap 52. a.The euro is expected to appreciate at an annual rate of approximately ((1.005-1.000)/1.000)⋅(360/180)⋅100=1%.The expected uncovered interest differential is approximately 3%+1%-4%=0,so uncovered interest parity holds (approximately).b.If the interest rate on 180-day dollar-denominated bonds declines to 3%,then the spot exchange rate is likely to increase—the euro will appreciate,the dollar depreciate.At the initial current spot exchange rate,the initial expected future spot exchange rate,and the initial euro interest rate,the expected uncovered interest differential shifts in favor of investing in euro-denominated bonds (the expected uncovered differential is now positive,3%+1%-3%=1%,favoring uncovered investment in euro-denominated bonds.The increased demand for euros in the spot exchange market tends to appreciate the euro.If the euro interest rate and the expected future spot exchange rate remain unchanged,then the current spot rate must change immediately to be $1.005/euro,to reestablish uncovered interest parity.When the current spot rate jumps to this value,the euro's exchange rate value is not expected to change in value subsequently during the next 180days.The dollar has depreciated immediately,and the uncovered differential then again is zero (3%+0%-3%=0).课后答案网 w w w .h a c k s h p .c n4. a.For uncovered interest parity to hold,investors must expect that the rate of change in thespot exchange-rate value of the yen equals the interest rate differential,which is zero.Investors must expect that the future spot value is the same as the current spot value,$0.01/yen.b.If investors expect that the exchange rate will be $0.0095/yen,then they expect the yen to depreciate from its initial spot value during the next 90days.Given the other rates,investors tend to shift their investments toward dollar-denominated investments.The extra supply of yen (and demand for dollars)in the spot exchange market results in a decrease in the current spot value of the yen (the dollar appreciates).The shift to expecting that the yen will depreciate (the dollar appreciate)sometime during the next 90days tends to cause the yen to depreciate (the dollar to appreciate)immediately in the current spot market.6.The law of one price will hold better for gold.Gold can be traded easily so that any price differences would lead to arbitrage that would tend to push gold prices (stated in a common currency by converting prices using market exchange rates)back close to equality.Big Macs cannot be arbitraged.If price differences exist,there is no arbitrage pressure,so the price differences can persist.The prices of Big Macs (stated in a common currency)vary widely around the world.8.According to PPP,the exchange rate value of the DM (relative to the dollar)has risen since the early 1970s because Germany has experienced less inflation than has the United States—the product price level has risen less in Germany since the early 1970s than it has risen in the United States.According to the monetary approach,the German price level has not risen as much because the German money supply has increased less than the money supply has increased in the United States,relative to the growth rates of real domestic production in the two countries.The British pound is the opposite case—more inflation in Britain than in the United States,and higher money growth in Britain.10.a.Because the growth rate of the domestic money supply (M s )is two percentage pointshigher than it was previously,the monetary approach indicates that the exchange rate value (e)of the foreign currency will be higher than it otherwise would be—that is,the exchange rate value of the country's currency will be lower.Specifically,the foreign currency will appreciate by two percentage points more per year,or depreciate by two percentage points less.That is,the domestic currency will depreciate by two percentage points more per year,or appreciate by two percentage points less.b.The faster growth of the country's money supply eventually leads to a faster rate of inflation of the domestic price level (P).Specifically,the inflation rate will be two percentage points higher than it otherwise would be.According to relative PPP,a faster rate of increase in the domestic price level (P)leads to a higher rate of appreciation of the foreign currency.课后答案网 w w w .h a c k s h p .c n12.a.For the United States in 1975,20,000=k ⋅100⋅800,or k =0.25.For Pugelovia in 1975,10,000=k ⋅100⋅200,or k =0.5.b.For the United States,the quantity theory of money with a constant k means that the quantity equation with k =0.25should hold in 2002:65,000=0.25⋅260⋅1,000.It does.Because the quantity equation holds for both years with the same k,the change in the price level from 1975to 2002is consistent with the quantity theory of money with a constant k.Similarly,for Pugelovia,the quantity equation with k =0.5should hold for 2002,and it does (58,500=0.5⋅390⋅300).14.a.The tightening typically leads to an immediate increase in the country's interest rates.Inaddition,the tightening probably also results in investors'expecting that the exchange-rate value of the country's currency is likely to be higher in the future.The higher expected exchange-rate value for the currency is based on the expectation that the country's price level will be lower in the future,and PPP indicates that the currency will then be stronger.For both of these reasons,international investors will shift toward investing in this country's bonds.The increase in demand for the country's currency in the spot exchange market causes the current exchange-rate value of the currency to increase.The currency may appreciate a lot because the current exchange rate must "overshoot"its expected future spot value.Uncovered interest parity is reestablished with a higher interest rate and a subsequent expected depreciation of the currency.b.If everything else is rather steady,the exchange rate (the domestic currency price of foreign currency)is likely to decrease quickly by a large amount.After this jump,the exchange rate may then increase gradually toward its long-run value—the value consistent with PPP in the long run.Chap 62.We often use the term pegged exchange rate to refer to a fixed exchange rate,becausefixed rates generally are not fixed forever.An adjustable peg is an exchange rate policy in which the "fixed"exchange rate value of a currency can be changed from time to time,but usually it is changed rather seldom (for instance,not more than once every several years).A crawling peg is an exchange rate policy in which the "fixed"exchange rate value of a currency is changed often (for instance,weekly or monthly),sometimes according to indicators such as the difference in inflation rates.4.Disagree.If a country is expected to impose exchange controls,which usually make it more difficult to move funds out of the country in the future,investors are likely to try to shift funds out of the country now before the controls are imposed.The increase in supply of domestic currency into the foreign exchange market (or increase in demand for foreign课后答案网 w w w .h a c k s h p .c ncurrency)puts downward pressure on the exchange rate value of the country's currency—the currency tends to depreciate.6. a.The market is attempting to depreciate the pnut (appreciate the dollar)toward a value of3.5pnuts per dollar,which is outside of the top of the allowable band (3.06pnuts per dollar).In order to defend the pegged exchange rate,the Pugelovian monetary authorities could use official intervention to buy pnuts (in exchange for dollars).Buying pnuts prevents the pnut’s value from declining (selling dollars prevents the dollar’s value from rising).The intervention satisfies the excess private demand for dollars at the current pegged exchange rate.b.In order to defend the pegged exchange rate,the Pugelovian government could impose exchange controls in which some private individuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without government permission,and not all requests are approved by the government).By artificially restricting the supply of pnuts (and the demand for dollars),the Pugelovian government can force the remaining private supply and demand to "clear"within the allowable band.The exchange controls attempt to stifle the excess private demand for dollars at the current pegged exchange rate.c.In order to defend the pegged exchange rate,the Pugelovian government could increase domestic interest rates (perhaps by a lot).The higher domestic interest rates shift the incentives for international capital flows toward investments in Pugelovian bonds.The increased flow of international financial capital into Pugelovia increases the demand for pnuts on the foreign exchange market.(Also,the decreased flow of international financial capital out of Pugelovia reduces the supply of pnuts on the foreign exchange market.)By increasing the demand for pnuts (and decreasing the supply),the Pugelovian government can induce the private market to clear within the allowable band.The increased domestic interest rates attempt to shift the private supply and demand curves so that there is no excess private demand for dollars at the current pegged exchange rate value.8. a.The gold standard was a fixed rate system.The government of each country participatingin the system agreed to buy or sell gold in exchange for its own currency at a fixed price of gold (in terms of its own currency).Because each currency was fixed to gold,the exchange rates between currencies also tended to be fixed,because individuals could arbitrage between gold and currencies if the currency exchange rates deviated from those implied by the fixed gold prices.b.Britain was central to the system,because the British economy was the leader in industrialization and world trade,and because Britain was considered financially secure and prudent.Britain was able and willing to run payments deficits that permitted many other countries to run payments surpluses.The other countries used their surpluses to build up their holdings of gold reserves (and of international reserves in the form of sterling-denominated assets).These other countries were satisfied with the rate of growth课后答案网 w w w .h a c k s h p .c nof their holdings of liquid reserve assets,and most countries were able to avoid the crisis of running low on international reserves.c.During the height of the gold standard,from about 1870to 1914,the economic shocks to the system were mild.A major shock—World War I—caused many countries to suspend the gold standard.d.Speculation was generally stabilizing,both for the exchange rates between the currencies of countries that were adhering to the gold standard,and for the exchange rates of countries that temporarily allowed their currencies to float.10.a.The Bretton Woods system was an adjustable pegged exchange rate system.Countriescommitted to set and defend fixed exchange rates,financing temporary payments imbalances out of their official reserve holdings.If a "fundamental disequilibrium"in a country's international payments developed,the country could change the value of its fixed exchange rate to a new value.b.The United States was central to the system.As the Bretton Woods system evolved,it became essentially a gold-exchange standard.The monetary authorities of other countries committed to peg the exchange rate values of their currencies to the U.S.dollar.The U.S.monetary authority committed to buy and sell gold in exchange for dollars with other countries'monetary authorities at a fixed dollar price of gold.c.To a large extent speculation was stabilizing,both for the fixed rates followed by most countries,and for the exchange rate value of the Canadian dollar,which floated during 1950-62.However,the pegged exchange rate values of currencies sometimes did come under speculative pressure.International investors and speculators sometimes believed that they had a one-way speculative bet against currencies that were considered to be "in trouble.”If the country did manage to defend the pegged exchange rate value of its currency,the investors betting against the currency would lose little.They stood to gain a lot of profit if the currency was devalued.Furthermore,the large speculative flows against the currency required large interventions to defend the currency's pegged value,so that the government was more likely to run so low on official reserves that it was forced to devalue.12.a.The dollar bloc and the euro bloc.A number of countries peg their currencies to the U.S.dollar.A number of European countries use the euro,and,in addition,a number of other countries peg their currencies to the euro.b.The other major currencies that float independently include (as of the beginning of 2002)the Japanese yen,the British pound,the Canadian dollar,and the Swiss franc.c.The exchange rates between the U.S.dollar and the other major currencies have been floating since the early 1970s.The movements in these rates exhibit trends in the long课后答案网 w w w .h a c k s h p .c nrun—over the entire period since the early 1970s.The rates also show substantial variability or volatility in the short and medium runs—periods of less than one year to periods of several years.The long run trends appear to be reasonably consistent with the economic fundamentals emphasized by purchasing power parity—differences in national inflation rates.The variability or volatility in the short or medium run is controversial.It may simply represent rational responses to the continuing flow of economic and political news that has implications for exchange rate values.The effects on rates can be large and rapid,because overshooting occurs as rates respond to important news.However,some part of the large volatility may also reflect speculative bandwagons that lead to bubbles that subsequently burst.Chap 82.Disagree.The recession in the United States reduces U.S.national income,so U.S.residents reduce spending on all kinds of things,including spending on imports.The decrease in U.S.imports is a decrease in the exports of other countries,including Europe’s exports to the United States.The reduction in European exports reduces production in Europe,so the growth of real GDP in Europe declines.A recession in the United States is likely to lower the growth of European real GDP.4. a.The spending multiplier in this small open economy is about 1.82(=1/(0.15+0.4)).If real spending initially declines by $2billion,then domestic product and income will decline by about $3.64billion (=1.82×$2billion)b.If domestic product and income decline by $3.64billion,then the country's imports will decline by about $1.46billion (=$3.64billion ×0.4).c.The decrease in this country's imports reduces other countries'exports,so foreign product and income decline.d.The decline in foreign product and income reduce foreign imports,so the first country's exports decrease.This reinforces the change (decline)in the first country's domestic product and income—an example of foreign-income repercussions.6.External balance is the achievement of a reasonable and sustainable makeup of acountry's overall balance of payments with the rest of the world.While specifying a precise goal is not simple,we often presume that achieving a balance of approximately zero in a country's official settlements balance is external balance.The FE curve shows all combinations of interest rate and domestic product that result in a zero balance for the country's official settlements balance.Thus,any point on the FE curve is consistent with this concept of external balance.。
国际金融复习资料(含答案).doc
复习资料一、单项选择题B 1、一国货币升值对其进出口收支产生何种影响A、出口增加，进口减少B、出口减少，进口增加C、出口增加，进口增加D、出口减少，进口减少C 2、SDR 2是A、欧洲经济货币联盟创设的货币B、欧洲货币体系的中心货币C、IMF创设的储备资产和记帐单位D、世界银行创设的一种特别使用资金的权利C 3、一般情况下，即期交易的起息日定为A、成交当天B、成交后第一个营业日C、成交后第二个营业日D、成交后一星期内C 4、收购国外企业的股权达到10％以上，一般认为属于A、股票投资B、证券投资C、直接投资D、间接投资C 5、汇率不稳有下浮趋势且在外汇市场上被人们抛售的货币是A、非自由兑换货币B、硬货币C、软货币D、自由外汇B 6、汇率波动受黄金输送费用的限制，各国国际收支能够自动调节，这种货币制度是A、浮动汇率制B、国际金本位制C、布雷顿森林体系D、混合本位制D 7、国际收支平衡表中的基本差额计算是根据A、商品的进口和出口B、经常项目C、经常项目和资本项目D、经常项目和资本项目中的长期资本收支C 8、在采用直接标价的前提下，如果需要比原来更少的本币就能兑换一定数量的外国货币，这表明A、本币币值上升，外币币值下降，通常称为外汇汇率上升B、本币币值下降，外币币值上升，通常称为外汇汇率上升C、本币币值上升，外币币值下降，通常称为外汇汇率下降D、本币币值下降，外币币值上升，通常称为外汇汇率下降D 9、当一国经济出现膨胀和顺差时，为了内外经济的平衡，根据财政货币政策配合理论，应采取的措施是A、膨胀性的财政政策和膨胀性的货币政策B、紧缩性的财政政策和紧缩性的货币政策C、膨胀性的财政政策和紧缩性的货币政策D、紧缩性的财政政策和膨胀性的货币政策D 10、欧洲货币市场是A、经营欧洲货币单位的国家金融市场B、经营欧洲国家货币的国际金融市场C、欧洲国家国际金融市场的总称D、经营境外货币的国际金融市场B 11、国际债券包括A、固定利率债券和浮动利率债券B、外国债券和欧洲债券C、美元债券和日元债券D、欧洲美元债券和欧元债券B 12、二次世界大战前为了恢复国际货币秩序达成的( )，对战后国际货币体系的建立有启示作用。
托马斯A普格尔《国际金融》课件讲义.
Some examples:
Exports and imports of goods Expenditures of foreign visitors Study abroad interests and dividend received International migrants’ remittances Lending to (borrowings from) foreigner Direct investments and international portfolio inxamples:
$/₤ = 1.6543 – 1.6547 (direct quote in US) ₤/$ = 0.6043 – 0.6045 (indirect quote in the US) Note that the DC/FC direct bid (ask) exchange rate is the reciprocal of the indirect ask (bid) exchange rate The bid-ask spread is 0.0004 (3bp, direct), or 0.0002 (2bp, indirect) The percentage bid-ask spread is 0.0004/1.6547=0.0242% (2.42bp, direct), or 0.0002/0.6045=0.0331% (3.31bp, indirect) The midpoint exchange rate is 1.6545 (direct), or 0.6044 (indirect)
10
Fixed exchange rates
国际金融chap2(14thedition)
影响国际收支平衡的因素
汇率
汇率的变化会影响一个国家的出口和 进口，进而影响国际收支平衡。
贸易政策
贸易政策的变化，如关税和贸易壁垒 的设置或取消，会对国际收支产生影 响。
投资和融资
一个国家的投资和融资活动也会影响 国际收支平衡，例如跨国公司的资金 流入流出、证券投资等。
经济周期
经济周期的变化会影响一个国家的出 口和进口需求，从而影响国际收支平 衡。
浮动汇率制
各国货币汇率自由浮动，国际收支调节主要依靠市场机 制。
区域货币体系和货币联盟
如欧元区、东南亚国家联盟等，区域内国家使用共同货 币。
国际货币基金组织的作用和职能
作用：维护国际金融稳定，促进全球经济合作 与发展。
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职能
提供短期融资，帮助成员国解决国际收支 问题。
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监督成员国经济政策，确保政策符合组织 原则。
作为外汇市场的中介机构，为 客户提供外汇交易服务。
投资银行
提供外汇交易服务，同时也作 为市场的做市商，提供流动性。
中央银行
作为货币政策的制定者，通过 买卖外汇影响汇率，以实现汇 率稳定和国际收支平衡。
跨国公司
为满足国际贸易和投资的需要， 进行外汇交易。
个人和机构投资者
通过个人账户参与外汇交易， 满足旅行、留学等需求。
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外汇市场
外汇市场的定义和功能
定义
实现货币兑换
外汇市场是不同国家货币兑换交易的场所 ，也称为"FOREX"或"FX"市场。
为国际贸易和投资提供必要的货币兑换服 务。
价格发现
流动性提供
通过市场交易，形成各种货币的汇率，反 映货币的真实价值。
国际金融复习资料.doc
总论：国际企业是从事国际经营活动的经济实体的总称.它包括国际企业发展较高阶段的跨国公司.国际企业的限制因素:(1)环境限制因素.(如欧洲国家的反污染法)(2)法规限制因素如:税法,货币兑换规则,股利汇回规则等.(3)道德限制因素从母公司的角度看,国际企业的任何决策始终应该以整个企业的价值最大化为依据.国际企业面临的机遇和挑战:(1)经济一体化推升了全球性的价格与服务的竞争水平,使国际企业面临更大的竞争压力.(2)经济一体化进一步放松了金融服务等领域的管制,增加了国际企业的机遇和挑战.企业国际化进程的程序：（1）企业走向国际化的原动力A：创造内部市场B：取得规模效益C：减少经营风险D：建立全球信息网络（2）程序A：出口。
出口是企业走向国际化的点。
B：建立销售机构和服务机构。
C：设立海外批发机构D：海外生产。
E：授证：企业通过转让其拥有的技术、专利、特许经营权等而获得一定报酬的一种投资活动。
国际企业的风险1、汇率风险2、经营风险主要表现为国外经营的不确定性。
3、政治风险(或国家风险)国际金融管理学的内容（1）国际金融管理的环境（2）外汇风险的管理（3）国际运营资本的管理（4）短期流动负债的管理（5）短期流动资产管理（6）中长期国际融资管理（7）国际投资管理第一章即期外汇交易：交割日或起息日为交易日以后第二个工作日的外汇交易。
远期外汇交易：凡交割日预定在即期外汇交易起息日以后的外汇交易。
利率平价理论：外汇市场上远期汇率与即期汇率之间的差额等于货币市场上两国短期利率的差额。
一价定律：国际间的商品套购活动使不同国家的同种同质商品的价格趋于相同。
抵补型利率平价：对在即期外汇交易中产生的头寸进行套期保值.利率平价的实现条件及其机制1.条件(1)不存在外汇管制,资金可以在国际间自由流动;(2)不存在交易成本交易成本:与交易相联系的超过实际交换的商品成本的所有成本.2.实现机制依靠外汇市场的抵补套利活动实现的。
套利：买进或卖出某物以利用差价赚取无风险利润的过程。
国际金融复习提纲
国际金融复习提纲《国际金融》期末考试复习提纲1. 国际金融包括哪些基本理论和主要业务基本理论：汇率理论国际收支理论国际货币体系理论主要业务：（一）国际融资：1. 直接融资 2. 间接融资（二）国际结算：1. 汇款结算2. 托收结算 3. 信用证结算（三）外汇交易：1. 基本外汇交易方式即期外汇交易远期外汇交易掉期外汇交易2. 创新外汇交易方式外汇期权交易外汇期货交易货币互换交易2. 主要因素如何影响汇率变动（一）国际收支影响顺差国→外汇流入>流出：本币升值外币贬值逆差国→外汇流入<流出：本币贬值外币升值顺差→本币升值→逆差→本币贬值（二）利率水平差异1.如一国利率低于另一国→资本流出增加，流入减少→外汇供给减少→外币升值、本币贬值2.如一国利率高于另一国→资本流出减少，流入增加→外汇供给增加→外币贬值、本币升值（三）通涨率差异1.如一国通涨率高于另一国→本国商品出口外币价格上升→出口减少，进口增加→外汇供给减少→本币贬值、外币升值2.反之，则相反。
（四）经济政策的影响1.“松”的经济政策→刺激经济增长2.“紧”的经济政策→抑制经济增长→则相反（五）中央银行的干预1.如一国货币贬值→抛售外币，收购本币→外汇供给增加，本币供给减少→本币升值，外币贬值2.如一国货币升值→收购外币，供给本币→外汇供给减少，本币供给增加→本币贬值，外币升值（六）心理预期1.预期外汇汇率上升→对外汇购买增加→外汇升值2.预期本币汇率上升→对本币购买增加→本币升值（七）经济实力与经济地位1. 一国经济实力增强→经济地位上升→其货币趋于升值2.反之，则相反。
（八）其他因素：经济政治军事3. 比较国际借贷理论与购买力平价理论对汇率决定的解释一、国际借贷说（国际收支说）（一）汇率决定的因素：汇率决定于外汇的供给与需求，而供给与需求又由国际借贷决定。
1、国际借贷2、外汇供求3、流动债权债务（二）汇率决定的方式1、当国际收支贷方>借方→外汇供>求→外币贬值，本币升值2、当国际收支借方>贷方→外汇求>供→外币升值，本币贬值3、当国际收支借方=贷方→外汇供=求→汇率稳定二、购买力平价说（一）汇率的决定因素1、一国需要外国货币，是因为它在国外对商品具有购买力，而外国需要本国货币，是因为它在本国具有购买力。
国际金融托马斯A普格尔(著)第14版chapter2
Something must be clarification
BOP is a flow not a stock
BOP is a record between domestic residents and non-residents.
BOP is on the base of economic transactions
借方项目=本国居民向外国居民支付的交易 =引起外汇需求的交易
复式账法的三大规则： 1） 任何一笔交易发生，必然涉及借方和贷方两个
方面：有借必有贷，借贷必相等 2） 借方：不论实际资源还是金融资产，都表示持
有量的增加 3） 贷方：不论是实际资产还是金融资产，都表示
持有量的减少
借方用-表示，贷方用+表示 1. 出口（贷），进口（借）
Investments in the home country by overseas residents
Official reserve asset reduced
Merchandise imports Service imports
Income paid on investments of
• International Investment Position 国际投资头寸
1.1 Balance of payment
A country’s balance of payments is a systematic （系统的 ）account （账户） of all the exchange of value between residents（居民） of that country and the rest of the world （世界其他地区） during a given time period （一段时间内）.
《国际金融》期末复习重点
国际金融期末复习重点第一章1、外汇的定义动态概念：是指人们将一种货币兑换成另一种货币，以清偿国际间债权债务关系的行为。
在这一意义上，外汇的概念等同于国际结算。
静态概念：广义和狭义。
广义：泛指一切以外国货币表示的资产。
狭义：指以外币表示的，可直接用于国际之间结算的支付手段。
包括：以外币表示的银行汇票、支票、本票、银行存款等，银行存款是狭义外汇概念的主体。
根据外汇的来源或用途，可分为贸易外汇和非贸易外汇。
根据对货币兑换是否施加限制，分为自由外汇和记账外汇。
根据外汇交易的交割期限，可分为即期外汇和远期外汇。
国际收支的概念1.狭义贸易收支→外汇收支2.广义是指一个国家或地区在一定时期内（1年、1季或1个月），各种对外往来所产生的全部国际经济交易的统计。
第一、国际收支是一个流量概念。
第二、以交易基础，即反映的内容是国际间的经济交易。
第三、必须在居民与非居民之间发生国际收支平衡表是把一国的国际收支，即一定时期内一国的经济交易，按照某种适合于经济分析的需要编制出来的报表。
即一个国家在一定时期内（1年、1季或1个月）全部经济交易的统计表。
※国际收支平衡表的记录原则（1）记帐制度—复式记账原理编制原理：有借必有贷，借贷必相等记账规则：引起本国外汇流出的交易→借方（-）引起本国外汇流入的交易→贷方（+）（2）交易的记载时间采用“权责发生制”，即所有权变更原则贷方项目（+）引起本国外汇收入增加从非居民那里获得收入货物和服务的出口金融负债的增加和金融资产的减少。
借方项目（-）引起本国外汇支出增加对非居民进行支付货物和服务的进口金融资产的增加和金融负债的减少。
顺差：差额> 0（贷方余额）外汇的收入>外汇的支出国外资本的流入> 资本的流出外汇的供给>对外汇的需求逆差：差额< 0（借方余额）外汇的收入<外汇的支出国外资本的流入< 资本的流出外汇的供给<对外汇的需求国际收支平衡表的主要项目：1.经常项目 2.资本与金融项目3.净误差与遗漏4.储备资产一、经常项目A.货物和服务a.货物：通过本国海关的进出口货物，出口记在贷方，进口记在借方。
国际金融托马斯复习资料
C2国际收支Payments among Nations1复式记账Double-entry bookkeeping概Any exchange automatically enters the balance-of-payments accounts twice as a credit and as a debit of the same value.规则:贷方项目A credit (+) is flow for which the country is paid;借方项目A debit (-) is flow for which the country must pay.例子:1出口(贷),进口(借);2本国常住者为外国人提供劳务或者从外国取得投资及其他收入(贷);而外国人为本国常住者提供劳务或从本国取得收入(借);3本国常住者获得(指购买)外国资产(借),外国常住者获得本国资产(贷);4外国人偿还债务(贷),本国居民偿还外债(借);5本国常住者收到国外单方面转移(贷),本国常住者对外国单方面转移(借);6官方储备减少(贷),官方储备增加(借)2国际收支Balance of Payments (BOP):The set of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time.Free on board(FOB离岸价): it implies that distributive services like transport and handling performed on goods up to the customs frontier of the economy from which the goods are exported are classed as merchandise.2.1经常项目Current Account balanceIt is the net value of the flows of goods, service, income, and Unilateral transfers.If it is positive, the nation earns that much in extra assets or reduced liabilities in its dealings with other countries. If it is negative, the country must pay by giving up assets or increasing its liabilities.Goods and services balance equals the net exports of both goods and services. It is often called the trade balance.包括:1Merchandise trade flows;2Service flows;3Income flows;4Unilateral transfer2.2资本项目financial Account BalanceThe net flows of financial assets and similar claims (excluding official asset flows) is the private capital account balance or financial account balance.资本项目记录的只是资产交易的本金金额(principal amounts),而投资国外资产的任何所得(earnings)均记录在经常项目中.1美国居民增持外国金融资产(股票、债券或贷款凭证),记入借方,该居民对外国付款或增加贷款,资金流出美国(-)2外国居民增持美国金融资产(股票、债券或贷款凭证),记入贷方,美国卖方(或借款人)接受外国的付款(或得到贷款),资金流入美国(+)3美国居民减持外国金融资产(股票、债券或贷款凭证),记入贷方,该居民接受外国的付款(或收回借款),资金流入美国(+)4外国居民减持美国金融资产(股票、债券或贷款凭证),记入借方,美国的买方(或借款人)对外国付款(或归还贷款),资金流出美国(-)从金融资产本身流向:2和3,美国出口金融资产(exporting financial assets),记为正;1和例4,美国进口金融资产(importing financial assets),记为负.从资金的流向:2 3是资本进口(capital imports),1 4是资本出口(capital exports)外国直接投资(foreign direct investment)是:由某主体(多为跨国公司)对其控股和掌控的国外企业进行的任何一种资金出借或产权购买.间接投资包括证券、贷款以及银行存款.投资于国外的债券和股票不属于对外直接投资,而是国际证券投资(international portfolioinvestment).它表明投资者并不拥有被投资企业的大额股份,而只是将这种投资作为其多样化投资的一个组成部分.2.3官方国际储备资产official international reserve assetsThey are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.The main reserve assets are:Gold,Free exchange currencies,Reserve position in the IMF(IMF的储备头寸),Special drawing right(特别提款权)官方一词用以说明此类资产是由与货币相关的政府部门掌握的资产,而非整个政府拥有的资产.其他"非官方"政府资产则归于私人项目类别中.焦点是集中在调控币值这一货币管理任务.2.4统计误差statistical discrepancyIt’s the net result of errors and omissions on both the credit and debit sides.The main difficulty is probably that many people succeed in hiding their imports, their imports, their foreign investment incomes, and their capital flight from their own government officials.3 经常项目差额的宏观含义CA: Current account balanceIf: Net foreign investment对外净投资S: National saving 国民储蓄Id: Domestic real investment in buildings, equipment, software and inventories国内直接投资Y: Domestic production of G&S国内商品和服务的总产出C: Domestic household consumption of G&S本国对商品和服务的私人消费支出G: Government spending on G&S政府对商品和服务的购买X: Foreign purchases of the country’s exports of G&S外国对本国商品和服务购买M: The country’s purchases of imports of G&S from other countries本国对外国商品和服务的购买E: National expenditure on G&S一国对商品和服务的总支出If:The net accumulation of foreign assets minus foreign liabilities.①CA= If②S = If +Id(Id :投资于国内用于本国资本形成;If:投资于国外)①②→③CA=S-Id ④X-M=CA⑤Y=C+ Id + G+ X-M⑥E = C + Id + G ④⑤⑥→⑦CA= Y-E一国经常项目盈余:①该国净对外投资为正(即该国对于其他国家来说是净债权国或投资国).The country has positive If.(the country is a net lender or investor to other countries)③该国国民储蓄超出国内投资.The country is saving more than investing domestically.⑦该国的国内生产超出了(或说收入超出了)其对商品和服务的消费.The country is producing more (and has more income from this production) than it is spending on goods and services.4总差额的宏观含义The overall balanceB:Official settlements balance官方结算差FA:Financial account balance金融项目差额OR: Official Reserve官方储备资产B=CA+FA(The official settlement balance equals the sum of the current account balance plus the private capital account balance)B+OR=0(由于国际收支平衡表中所有项目的总和必须为零，官方结算差额中任何不平衡都必须通过官方储备流动予以补抵(或支付))如果总差额B为盈余,即意味着本国官方储备资产的增加或外国官方储备持有本国资产的减少(即在本国的官方储备账户中有一个借方差额).如果总差额为赤字,即意味着本国持有的官方储备资产减少或外国官方储备中持有的本国资产累积增加(即在本国官方储备账户有一个贷方差额).一国货币当局可以出售外币而购回本币,这种交易可以减少当局官方国际储备中外汇资产的持有量;或者,货币当局也可以出售本币而购买外币,这种交易增加了官方国际储备.5国际投资头寸A nation’s international investment position shows its stocks of international assets and liabilities at a moment of time.一国是贷款国(lender)还是借款国(borrower),是根据该国一定时期内经常项目差额是盈余还是赤字来判断的.一国是债权国(creditor)或是债务国(debtor),是根据该国持有的外国资产净存量是正值还是负值来判断的.前者涉及的是一段时期内的流量,后者涉及的是某一时点的存量.C3外汇市场The Foreign Exchange Market1货币交易的基本知识1.1国际汇兑Foreign exchange is the act of trading different nation’s moneys.1.2汇率An exchange rate is the price of one nation’s money in terms of another nation’s money.即期汇率The spot exchange rate is the price for "immediately" exchange.远期汇率The forward exchange rate is the price now for an exchange that will take placesometime in the future.汇率报价Exchange Rate Quotation:直接标价法(A U.S. dollar price of the other currency)、间接标价法(The price of the U.S. dollar in units of the other currency).两者互为倒数(The pairs of prices are just reciprocals)分母是外币,分子是本币,就是直接标价法;分母是本币,分子是外币,则为间接标价法.1.3外汇市场小额交易:银行及其交易员与客户进行的交易The trading done with customers is called the retail part of the market银行间同业市场:银行之间进行的交易The trading done between the banks active in the market is called the inter-bank part of the market.媒介货币Vehicle Currency: One foreign currency is exchanged for dollars, and these dollars are then exchanged for the other foreign currency.2外汇的供给与需求Demand and Supply for Foreign Exchange2.1影响汇率的因素商品和服务出口将带来外国货币的供给以及对本币需求的增加;商品和服务的进口将带来对外国货币的需求和本币的供给增加;资本流出将致使外国货币需求以及本币供给的增加,资本流入将致使外国货币供给以及本币需求的增加.2.2浮动汇率Floating Exchange RatesThe spot price of foreign currency is market-driven, determined by the interaction of private demand and supply for the currency..外汇的即期价格由市场决定,即由对货币的私人需求与供给的相互作用而决定,市场通过价格机制出清.在浮动汇率制中,如果某种外币的需求曲线因某种原因右移(代表对外汇需求的增加),同时供给曲线保持不变,该外币的汇率便会上升.2.3固定汇率Fixed Exchange RatesOfficial strive to keep the exchange rate virtually fixed (or pegged) even if the rate they choose differs from the current equilibrium rate. A narrow band of exchange rates is allowed to vary.If the exchange rate hits the top or bottom of the band, the officials must intervene.在这种制度下,即使这一汇率与当前的均衡汇率有偏差,官方也会尽力保持汇率基本不变(或钉住其他货币).通常,官方会宣布一个窄幅的汇率区间,汇率可以在这一区间内变动.如果汇率达到了这一区间的上限或下限,官方必须予以干预.Under the floating-rate system a fall in the market price of a currency is called a depreciation of that currency; a rise is an appreciation. Under the fixed-rate system, a discrete official reduction in the otherwise fixed par value of a currency is called a devaluation; a discrete raising of the official par is a revaluation.在浮动汇率中,市场价格(汇率价值)的下降被称为该货币的下浮;市场价格的上升则称为上浮.在固定汇率制下,我们将官方人为地降低货币平价的做法称为货币的贬值);官方人为地提高货币平价称为升值. 2.4各国汇率制度安排多数主要货币之间采用的都是浮动汇率;尽管其他很多国家政府都对外汇市场进行了一定程度的官方干预来限制汇率的波动,但他们也宣称实行的是浮动汇率制;一些国家和地区在本币与美元之间采用固定汇率;一些国家与欧元保持固定汇率.3即期外汇市场中的套汇交易套汇Arbitrage, the process of buying and selling to make a nearly riskless pure profit, ensures that rates in different locations are essentially the same, and that rates and cross-rates are related and consistent among themselves.三角套汇there is an opportunity to make a riskless profit by arbitraging through the three rates, a process called triangular arbitrage.C4外汇期货与国际金融投资Forward Exchange and International Financial Investment1汇率风险Exchange Rate RiskThe net worth of income, wealth will changes when exchange rates change unpredictably in the future.保值Hedging:It is the act of reducing or eliminating a net asset or net liability position in the foreign currency.投机Speculating:It is the act of taking a net asset position or a net liability position in some asset class (in foreign currency).2外汇期货的基本知识远期外汇合约A forward foreign exchange contract is an agreement to exchange one currency for another on some date in the future at a price set now (the forward exchange rate).Common dates for future exchange are 30,90,180 days forward.2.1外汇期货的套期保值Hedging Using Forward Foreign ExchangeHedging involves acquiring an asset in a foreign currency to offset a net liability position already held in the foreign currency, or acquiring a liability in a foreign currency to offset a net asset position already held. Hedging means avoiding both kinds of open positions in aforeign currency, both long positions and short positions.套期保值指取得某种外币资产以抵补已持有的该货币的净负债头寸,或用某种外币的净负债抵消已持有的该种外币的净资产头寸.套期保值就是减少同一外币"敞口"(open positions),即多头头寸和空头头寸2.2外汇期货投机在投机中,未来的不确定性给投机者本币计值的净财富带来了风险和盈利机会.任何愿意持有外币头寸的人都是投机者,不论他们对于远期汇率抱有什么样的动机和预期.外汇期货Currency Futures:by entering into a currency futures contract, you can effectively lock in the price at which you buy or sell a foreign currency at a set date in the future.与远期外汇合约的不同:A standard contract;Require a margin to ensure your trading;Profit or losses accrued daily; Low-cost direct method for currency hedging or speculation.外汇期权Currency Option:a Currency Option gives the buyer(or holder) of the right, but not the obligation, to buy foreign currency (a call option) or to sell foreign currency at sometime in the future at a price set today期权是一种有价值的权利,买方向期权的卖方支付一定的权利金才能获得期权外汇掉期Currency Swap:in a currency swap two parties agree to exchange flows of different currencies during a specified period of time.3国际金融投资International Financial Investment3.1抵补的国际投资A hedged investment is called covered international investment.抵补利差Covered Interest Differential: ①CD=(1+iUK)f/e-(1+iUS) 如果该差值为正,那么在英国投资较为有利.如果为负,那么投资就应转向美国国内.远期升水Forward premium (F) is the proportionate difference between the current forward exchange rate value of the pound and its current spot value, ②F=(f-e)/e远期升水(以百分比形式表示)表明即期持有的英镑增值比例,它是以即期汇率买入英镑,并在将来以即期的远期汇率卖出英镑的投资行为.如果F为负,则英镑处于远期贴水(discount),也就是以即期汇率买入英镑,而在将来以现在的远期汇率卖出英镑的行为使得即期持有的英镑价值减少.更加简洁的公式,抵补利差约等于英镑的远期升水加上利差:①②→CD=F+(iUK - iUS)这表明在图中,选择湖边哪一条路径取决于英镑的远期升水与两种货币利差的比较结果.美国投资者通过在英国进行投资所获得的抵补后的总收益(以美元表示)近似等于下面两项之和:货币兑换时即期汇率与远期汇率之差所带来的收益(英镑的远期升水F)加上英镑投资本身的利息收益iUK.The overall covered return in dollars to U.S. investor from investing in Britain is approximately equal to the sum of two components:The gain of loss from the spot and forward currency exchanges plus the interest return on the pound investment itself.抵补利差近似等于投资英镑资产获得的抵补后总收益(F+iUK)与投资美元资产获得的收益(iUS)之差.2.抵补套利Covered Interest ArbitrageIt is buying a country’s currency spot and selling that currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on that country’s currency.3.抵补利率平价Covered Interest ParityThe opportunities to make arbitrage profits would be self-eliminating because the forward exchange rate would adjust so that the covered interest differential return to zero.We refer to the condition CD=0 as covered interest parity.抵补利率平价有两种等价的表达式:1一国货币的远期升水(贴水)等于该国利率低于(高于)另一国利率数额(F=iUS-iUK). 2投资于一种外币的总抵补收入等于投资于本币的总收入(F+iUK=iUS).如果一国的利率低于美国的相应利率,那么该国的货币便为远期升水,利率的百分比之差将等于远期升水的百分比.如果即期汇率上升而两国利率差没有发生变化,那么远期汇率就必须上升以维持远期升水不变.在这种情况中,任何使即期汇率上升(或下降)的因素也将会使远期汇率同样上升(或下降).即,长时间内,即期汇率与远期汇率之间存在高度的正相关关系.3.2无抵补的国际投资Uncovered international financial investment involves investing in a financial asset denominated in a foreign currency without hedging or covering the future proceeds of the investment back into one’s own currency.投资者可用预期的将来即期汇率(ex)来预测无抵补国际投资的预期总收益.预期的无抵补利差:)1(/)1(us ex uk i e e i EUD +-∙+=近似公式等于预期外币升值率(如果为负,则为贬值率)加上两国的利率差:EUD=Expected appreciation + (iUK-iUS)为什么有人愿意进行这种投资呢?一是与收益相关,二是与风险相关.无抵补投资的预期总收益可能会大于在国内投资的收益(EUD 为正).投资者预计所承担的风险会得到足够的补偿.尤其当实际的将来即期汇率远低于预期值时.无抵补利率平价Uncovered Interest Parity:A currency is expected to appreciate (depreciate) by as much as its interest rate is lower (higher) than the interest rate in the other country.两种表达形式:1一种货币的预期升值(贬值)幅度和该国利率低于(高于)他国利率的差值相同.(英镑预期升值率=iUS-iUK);2投资于一种外币的预期无抵补总收益等于投资于本币的总收益.(预期升值率+iUK=iUS).C5汇率的决定1短期汇率决定:汇率的资产市场理论1.The asset market approach exchange rates as being part of the equilibrium for markets for financial assets denominated in different currencies.最好的办法是考察以不同货币计值的资产的供求状况,了解短期汇率面临的压力.只需研究以各种货币计值的有价证券(政府债券)Four variables 变量 should be considered: the domestic interest rate, the foreign interest rate, the current spot exchange rate, and the expected future spot exchange rate.投资者确定未抵补的外汇债券投资总收益的依据是:债券本身的基本收益(由利率或收益率决定);预期汇率收益或损失(预期外汇升值或贬值)如果未抵补利率平价成立(至少是近似地成立),那么国内和国外利率(i和if)或预期的将来即期汇率(eex)的任何变化都可以导致未抵补利差以及需要重建未抵补利率平价的压力.如下变化将促使即期汇率e(外汇的价格)上升:利差(if-i)增加;预期将来即期汇率(eex)上升.2.预期的将来即期汇率的作用顺势效应Bandwagon: currencies that have been appreciating are expected to continue to do so.预期也建立在汇率最终与基本经济面保持一致;汇率预期的改变源于很多新的信息经济模型几乎没有能力预测从短期到未来(一年或更短的时间内)的汇率.主要是因为不可预测的新闻是影响短期汇率变动的重要因素,但这也反映了预期会推动短期汇率变动,导致顺势效应(bandwagon effect)以及投机泡沫(speculative bubbles).2长期汇率分析:2.1购买力评价the purchasing power parity (PPP)1.一价定律:The law of one price posits that a product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere, once the prices at different places are expressed in the same currency.一种商品如果能在完全竞争的国际市场上自由买卖,那么该种商品在不同地方使用同一种货币表示的价格应当相等.P=e•PfP:用本国货币表示的某种商品的国内价格; Pf:即期汇率(e:本币价格／外币价格)换算得到的该种商品的外币价格2.绝对购买力评价Absolute purchasing power parity:The average price of these products stated in different currencies is the same when converted to a common currency.一组或一篮子可贸易产品在不同国家以同种货币表示的价格是相同的.P=e •Pf, e=P/PfP 是用本币表示的产品平均价格水平,Pf 是用外币表示的产品平均价格水平.两个等式是相同的,除了价格变量在一价定律中是指某种商品的价格,而在绝对PPP 定理中,指一组商品的价格.理论:国际竞争逐渐使国内外贸易商品和服务的价格均等化3.相对购买力评价Relative purchasing power parity:The 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.一段时期内,两国间产品价格水平的差会被同期内汇率的变化值所抵消.⎪⎪⎭⎫ ⎝⎛=⎥⎦⎤⎢⎣⎡0,,00//f t f t P P P Pt e e常用近似表达式:Rate of appreciation of the foreign currency= π-πfΠ是国内的通胀率,πf 是外国通胀率相对购买力平价理论为预测汇率的波动趋势尤其是长期趋势,提供了强有力的工具:通货膨胀率相对较低国家的货币在外汇市场上趋向升值;通货膨胀率相对较高国家的货币在外汇市场上趋向贬值.Recent experience结论:短期内,汇率会明显偏离其PPP 价值;但就长期而言,购买力平价理论成立.2.2货币分析方法the monetary approach to exchange rates.Ms 和Msf 分别为本国和外国货币供应量,P 和Pf 分别代表本国和外国的价格水平,y 和yf 分别表示本国和外国实际(按照不变价格计算的)国内产出.k 和kf 分别表示本国和外国的货币持有量与其名义GDP 之间的比例关系)/)(/)(/()/(Y Y k k M M P P e f f Sf S f ==这一方程表明,当外国的货币供给增长放缓(Ms ／Msf 的比率上升)、外国实际产出增长加快(Yf ／y 的比率上升)或kf/k 比率上升时,外国货币升值;反之,当外国货币供应急剧增长且实体经济停滞不前时,外国货币会贬值.2.货币供给对汇率的影响:The change of money supply should lead to the same extent change of exchange rate.3.实际收入对汇率的影响:1The change of real incomes should lead to the same extent change of exchange rate.2The effect of real incomes on exchange rate is different according the reason for the change of real incomes, such as supply-side or aggregate-demand reason.3中期趋势3.1汇率超调Exchange rate overshootingThe rapid, large reaction of the current exchange rate to such news as a changes in monetary policy is called overshooting.4名义有效汇率nominal effective exchange rate is a weighted average of the market rates across a number of foreign currencies 是取一组外国货币加权,得到平均汇率值.实际有效汇率real effective exchange rate is a weighted average of real bilateralexchange rates across a number of foreign countries是对一组其他国家的实际双边汇率加权后的真实汇率.实际汇率(RER)可用于衡量对PPP的偏离幅度,同时也能反映出一国的价格竞争优势.C6政府外汇政策Government Policies toward the Foreign Exchange Market1为什么政府干预Why Does Governments Intervene? 1Exchange rate fluctuating. 2Exchange rates are very important price.3The control of exchange rates can benefit the country.干预的两种方式:1 Those policies that are directly applied to the exchange rate. (exchange rate control) 2 Those policies that directly state who may use the foreign exchange market and for what purpose. (foreign exchange control)政府对市场准入资格的限制:1完全自由兑换fully convertible 2外汇管制Exchange Control:the country’s government places some restrictions on use of the foreign exchange market 3 资本管制Capital controls:by placing limits or requiring approvals for payments related to some international financial activities 4对一部分需求限制,如奢侈品2浮动汇率清洁浮动Clean float : the rate is free to go wherever the market equilibrium is at the time. It is the polar case of complete flexibility.有管理的浮动或肮脏浮动Managed float or dirty float: the rate is generally floating but with the government willing to intervene to attempt to influence the market rate.3固定汇率The government sets the exchange rate that it wants. The rate is permitted within a band(区间) around the par value(外汇平价) or central value(中心值).3.1与何种货币挂钩What to Fixed to?1The country chosen to fix to the specific amounts gold many years ago.2The country could choose to fix the value of its currency to some other currency, such as U.S. Dollar.3The country could choose to fix to a basket of currencies, such SDR or a basket currencies created by itself.SDR:It is a reserve asset created by the International Monetary Fund.3.2何时调整固定汇率钉住汇率Pegged exchange rate: the government bind its currency to a specific currency and the rate fluctuates with its target currency.可调整钉住汇率Adjustable peg: the government may try to keep the rate fixed for a long periods of time.蠕动钉住汇率Crawling peg: the rate can be changed often according to a set of indicators or the judgment of the monetary authority.如果采用指标法indicator:inflation rate(本国与被钉住国),official international reserve assets,the growth of the country’s money supply,the current actual market exchange rate relative to the central par value of the pegged rate3.3固定汇率的维持Defending a Fixed Exchange Rate?1Intervene in the foreign exchange market;2Impose some form of exchange control;3Alter domestic interest rates to influence short-term capital flows; 4Change its fiscal or monetary policy;5To surrender rather than defend4官方干预下的固定汇率Defense Through Official Intervention4.1阻止本币贬值的干预Defending against depreciationIf the clearing rate is above the top of a government’s allowed band, government must intervene to maintain the fixed rate by selling foreign currency and buying domestic currency.卖外汇,买本币Through intervention the monetary authority is financing the country’s deficit in its official settlement balance.用本国官方结算赤字的方法,为本国赤字融资如何阻止How Does a Government Defend1 The monetary authority uses its own official international reserve assets, or it borrows the reserve assets abroad.2Swap lines(互换信贷额度) and loan are typical borrowing.3冲销型干预Defending with SterilizationThe monetary authority restores the domestic money into macroeconomy while it intervenes the foreign exchange market by buying domestic money. The money supply will not change if the monetary authority sterilize.4.2阻止本币升值的干预Defending against appreciationIf the clearing rate is below the bottom of a government’s allowed band, the government must intervene to maintain the fixed rate by buying foreign currency and selling domestic currency.买入外币,卖出本币This results in an official settlements balance surplus.官方结算差额盈余The country’s holdings of official reserve assets increase.官方储备资产增加The intervention will expand the domestic money supply if the monetary authority does not sterilize.货币供给增加,除非冲销4.3暂时性失衡Temporary disequilibrium如果失衡是暂时的,单纯对固定汇率干预是合理有效的,货币当局可以对连续出现的赤字和盈余进行干预,实际上对暂时性的赤字和盈余进行干预优于让汇率上下波动条件Stringent Conditions for Temporary Intervention:1 个人投机者不能预测外汇供求变化;2 政府必须能够预测4.4非暂时性失衡Disequilibrium that is not temporaryIf the country’s official settlements balance is not temporary, the intervention of government will lead to a continually accumulating or losing reserves.赤字型更赤字,盈余型更盈余It will become worse if private investors and speculators observe the government’s reserve losses and begin to attack the currency. A one-way speculative gamble exists.单项投机5外汇管制Exchange Control平行市场A parallel market private demanders and sellers of foreign exchange to evade the exchange controls.C7国际贷款与金融危机International Lending and Financial Crisis1类型Different Types of International Lending:Long term and short term lending;Private and official lendingPrivate Lending And Investing:Long term: direct investment; loans; portfolio investment、Short term: maturity is in one yearOfficial Lending And Investing:By a government;By multilateral institution ;By IMF;By WB 国际借贷两种收益:跨期交易intertemporal trade;使双方资产组合多样化2国际借贷收益与损失Gains and Losses From Well-Behaved International Lending3国际借贷税Taxes On International Lending国家最优税率nationally optimal tax:If a country looms large enough to have power over the world market rate of return, it can exploit this market power to its own advantage at the expense of other countries and the world as a whole.4金融危机的根源financial crisis:what can and does go wrong1.过渡放贷与过度借债Waves Of Overlending And Overborrowing1 The government has an incentive to default when it has borrowed too much.Large capital inflows lead to easy domestic credit.2 Lending goes to investments that are of low quality.3 The capital inflows and lending boom tend to inflate stock price and real estate prices.2.外部冲击Exogenous International Shocks:1A decline in export prices;2An increase of interest rate3.汇率风险Exchange Rate Risk1The governments of developing countries can not fixed their exchange rate to major currencies all the time.2Foreign lenders may reduce new lending and try to be repaid more quickly when thelikelihood of devaluation or depreciation become noticeable.4.变幻无常的短期国际借债Fickle International Short-Term Lending1Short-term debts is risky to the borrowing country because international lenders can easily shift from one equilibrium to another, based on their opinion of the country’s prospects.2Short-term lenders often refuse to refinance the old debt when developing countries need it.5.危机的全球蔓延Global Contagion1The crisis has spillover effects in another countries.2Herding behavior will occur when foreign lenders can not obtain enough information.3The developing countries have the similar problem such as fixed rate, weak banking systems and domestic lending booms.5 解决方法Resolving Financial Crises1.援救计划Rescue PackagesThey are packages of loan commitments to assist the country in getting through the crisis.功能:1Provide for payment; 2Restore investor confidence; 3Limit contagion effects; 4Adjust economic policy消极影响:1The actual effects is limited to cushion a full financial crisis. 2The rescue package can create moral hazard for lenders.2.债务重构Debt Restructuring两种方式:1 债务延期Debt rescheduling: pushes the repayments schedule further into the future. 2债务削减Debt reduction: lowers the amount of debt6 减少危机发生的频率Reducing The Frequency of Financial Crises1.Pursue sound macroeconomic policies2.Provide sufficient information about it reserve and debt.3.Avoid short-term capital inflows4.Bank Regulation and Supervision:Better banks’accounting; Disclose information publicly; Identify weak banks timely; Improve bank system before financial liberalization; Reduce direct intervention5.Capital Controls(有争议):Limit capital outflows; Tax restriction to international borrowing; Capital controls can be second-best policy if the bank regulation can not be improved immediatelyC8开放的宏观经济的运行How Does the Open Macroeconomy Work?1国民经济运行状况The performance of national economy两类基本目标衡量是否健康:1充分就业和物价稳定The first category involves two domestic goals: employment and price stability. 2外部均衡external balance :The achievement of a reasonable and sustainable balance of payments with the rest of the world.误解A Mistake about Internal Balance and External Balance:1 No unemployment. 2 Deflation is better than inflation. 3 Zero overall balance.2宏观经济分析框架framework for macroeconomy analysisA short run analysis for macroeconomy: The price level is sticky or sluggish.短期运行根据凯恩斯:短期价格水平是有粘性的或是停滞的3国内产出取决于总需求Domestic production depends on aggregate demand。
国际金融重点复习资料
1.外汇指以外国货币表示的、能用来清算国际收支差额的资产2.丁伯根原则要实现N种独立的政策目标，至少需要相互独立的N种有效的政策工具。
3.三元悖论稳定的汇率制度、资金的自动流动、独立的货币政策这三个目标如同一个三角形的三个顶点，政府不能同时实现这三个目标而只能在选择其中两个的同时放弃另外一个，这便称为三元悖论4.米德冲突使用一种政策工具要同时解决两个目标，结果必然是决策者面临两难的政策困难5.货币危机又称国际收支危机，一国货币的汇率变动在短期内超过一定幅度6.汇率指以一种货币表示的另一种货币的相对价格7.国际收支是一国居民与外国居民在一定时期内各项经济交易的货币价值总和8.货币替代经济发展过程中国内对本国货币币值的稳定失去信心或本国货币资产收益率相对较低时，外币在货币的各个职能上全面或部分的替代本币发挥作用的一种现象9.资本逃避由于恐惧、怀疑或为规避某种风险和管制所引起的资本像其他国家的一场流动10.汇率目标区制：是泛指将汇率浮动限制在一定区域内的汇率制11.货币局制法律中明确规定本国货币与某一外国货币保持固定的交换比率，并且对本国货币的发行作特殊限制以保证这一法定义务的汇率制度12.特里芬难题为了满足世界各国发展经济的需要，美元供给必须不断增长；而美元供给的不断增长，使美元同黄金的兑换性难以维持13.影子汇率：加在官方汇率制度下的折算系数1．在金本位制度下，汇率决定的基础是铸币平价2．开放经济下的政策工具可分为调节社会总需求的工具，调节社会总供给的工具，提供融资的工具3．开放经济下的需求转换型政策主要包括汇率政策与直接管制政策4．开放经济下的融资政策主要体现为国际储备政5．对货币兑换的管制是外汇管制的核心6．广义的国际储备包括自有储备与借入储备，两者之和又称为国际清偿力7．外汇储备是国际储备的主体8.国际收支账户可分为两大类即经常账户和资本与金融账户9.国际收支账户中的金融账户可分为直接账户、证券账户、其他投资、储备资产10.国际资本市场包括国际银行中长期长期贷款市场和证券市场11.反映一个国家某一时点上对世界其他地方的资产与负债的概念就是国际投资头寸12.经常账户包括货物、服务、收入、经常转移四项内容13.欧洲货币市场（离岸金融市场）是国际金融市场的核心14.国际货币市场主要包括银行短期信贷市场、短期证券市场和贴现市场15.按照吸收论的观点，我们称国民收入与国内吸收之间的差额为“窖藏”16.在国际金本位制度下，汇率波动的幅度受制于黄金输送点17.开放经济下的需求增减型政策主要是指货币政策和财政政策两大类18.开放经济下的调节总供给的政策工具又称作结构性政策19.对外汇交易的管制有对货币兑换的管制、对汇率的管制、对外汇资金收入和运用的管制20.广义的国际储备可以划分为自有储备和借入储备。
国际金融_第14版_(托马斯.A.普格尔_着)_复习资料整理
题型：（范围2—8章）1填空：5题10分2选择：10题20分3判断：10题10分4简答：2题10分5计算：4题40分6论述：1题10分第二章 Payments among Nations 国际收支1.Accounting principles 记账原则A credit item (+)positive items: a country must be paid; payment by a foreigner into the country.包括：Exports of goodsPurchases by foreigners in this countryForeigners’ investing in the country’s bondsA debit item (-)negative items： a country must pay; payment by the country to a foreigner.包括：Imports of goodsPurchases by firms in this country from foreign countriesPurchases by investors in this country from foreigners2．Balance of Payments Statement国际收支平衡◆Current account（经常账户）:简CA（商品、服务的进出口、对外国金融资产的支付和收益、单方面转移）◆Financial account（金融账户）:简FA (直接投资、国际证券投资)◆Official international reserves（官方国际储备）:简OR（黄金、外汇资产、在国际货币基金的特别提款权）◆三个国际收支部分，根据Each transaction has two item, one positive and one negative, of equal value.—double-entry bookkeeping复式记账法有：positive items + negative items = 0positive balance: surplusnegative balance: deficit（1）Current account balance经常账户差额经常账户差额(CA) = 商品贸易差额 + 劳务差额加上收入净额 + 无偿转移收支净额之和。
国际金融普格尔14版课后答案key to ch9
Suggested answers to questions and problems(in the textbook)2. The increase in government spending affects both the current account and the financialaccount of the country's balance of payments. The increase in government spendingincreases aggregate demand, production, and income. The increase in income andspending increases the country's imports, so the current account tends to deteriorate (tobecome a smaller positive value or a larger negative value). The increase in production, income, and spending increases the demand for money. If the country's central bank does not permit the money supply to expand, then interest rates increase. (Similarly, theincrease in the government budget deficit requires the government to borrow more tofinance its deficit, increasing interest rates.) The increase in interest rates increases theinflows of financial capital into the country (and decreases outflows), so that the financial account improves.We are not sure about the effect of the policy change on the country's official settlements balance. It depends on the sizes of the changes in the two accounts. If the financialaccount improvement is larger (as we often expect in the short run), then the officialsettlements balance goes into surplus. If the current account deterioration is larger (as we often expect in the long run), then the official settlements balance goes into deficit.If the official settlements balance goes into surplus, then the central bank must defend the fixed exchange rate through intervention by buying foreign currency and selling domestic currency. As the central bank sells domestic currency, this expands the domestic money supply if the intervention is unsterilized. This reinforces the expansionary thrust of theincrease in government spending.If the official settlements balance goes into deficit, then the central bank must defend the fixed exchange rate through intervention by selling foreign currency and buying domestic currency. As the central bank buys domestic currency, this contracts the domestic money supply if the intervention is unsterilized. This tends to reduce the expansionary thrust of the increase in government spending.4. The assignment rule says that a country with a fixed exchange rate can pursue bothexternal balance and internal balance by assigning fiscal policy the task of achievinginternal balance and assigning monetary policy the task of achieving external balance.The possible advantages of the assignment rule include: (1) it provides clear guidance to both types of policy, so that they can address macroeconomic stabilization even in cases in which apparent policy dilemmas exist, and (2) it directs each type of policy to focus on the target that each tends to care more about. The possible disadvantages of theassignment rule include: (1) it depends on the effect of interest rates on internationalcapital flows, so that it will not work if capital flows are not that responsive to interestrate changes, or it may not work beyond the short-run period, because in the long runcapital flows stop responding or tend to reverse, (2) lags in policy responses coulddestabilize the economy rather than stabilize it, (3) it may not be politically possible insome countries to run monetary policy separately from fiscal policy, (4) it may not bepolitically possible in some countries to run fiscal policy to address economic objectives such as internal balance, and (5) the policy mix can result in high domestic interest rates that can reduce domestic real investment and slow the growth of the country's supplycapabilities in the long run.6. a. Pugelovian holdings of official international reserves decrease by $10 billion, a decline inholdings of foreign-exchange assets (assuming that the Pugelovian central bank did notjust borrow the dollars used in the intervention).b. The Pugelovian central bank is also buying pnuts in the intervention, so the Pugelovianmoney supply declines. Because this is removing high-powered money from thePugelovian banking system, the Pugelovian money supply decreases by more than thesize of the intervention, with the actual decrease depending on the size of the moneymultiplier.c. The Pugelovian money supply does not change (or does not decrease as much) if thePugelovian central bank sterilizes. To sterilize the intervention, the Pugelovian centralbank would buy Pugelovian government bonds. As the central bank pays for the bonds, it is adding high-powered Pugelovian money back into the banking system. If it adds back the amount that was removed by the intervention, then the overall amount ofhigh-powered money in the economy is unchanged, and the regular money supply canalso be unchanged.8. a. If the country's financial account is always zero, then the country's interest rates have nodirect effect on the country's balance of payments. The FE curve is a vertical line. (Thecountry's overall payments balance is the same as its current account balance. The current account balance is affected by the country's domestic product and income through thedemand for imports, but it is essentially not affected directly by the country's interestrates.)b. The increase in foreign demand for exports shifts the IS curve to the right to IS' in theaccompanying graph. The shock increases demand for the country's products, sodomestic product and income tend to rise. The increase in foreign demand for exportsshifts the FE curve to the right also, to FE'. At the initial level of income and domesticproduct, the current account and the overall payments balance go into surplus. A zerobalance can be reestablished on the new FE' curve by increasing imports through anincrease in domestic product and income. The LM curve is not directly affected, if thisshock does not directly change money supply or money demand.c. The rightward shift of the IS curve results in a new IS'-LM intersection at E' with someincrease in the level of domestic product. The increase in domestic product and incomealso increases the country's imports. To proceed, let's examine the "normal" case in which the country then has a current account and overall payments surplus, because the increase in exports is larger than the initial increase in imports. This means that the intersection of the original LM curve and the new IS' curve is to the left of the new FE' curve. If thecountry's official settlements balance goes into surplus, then the country's central bankmust intervene to defend the fixed exchange rate by buying foreign currency and selling domestic currency.d. Assuming that the intervention is not sterilized, the intervention increases the country'smoney supply. The LM curve shifts to the right (or down). The country returns toexternal balance at the triple intersection E" when the LM curve has shifted to LM'. The country's domestic product and income have increased, from Y0 to Y1. If the countryinitially began with a high unemployment rate, then this is a movement toward internalbalance. If the country initially began with internal balance or with an inflation rate that was considered too high, then this is a move away from internal balance, because theextra foreign and domestic spending on the country's products tends to drive the inflation rate up as the stronger demand exceeds the economy's supply capabilities.10. a. The value of the Pugelovian current account, measured in foreign currency units, is:CA = P fc x⋅ X - P fc m⋅ M.If there is no change in quantities demanded (X and M are unchanged), then export and import markets must clear at the same supply prices. Pugelovian exporters receive the same competitive export price (measured in Pugelovian pnuts), so that theforeign-currency price of Pugelovian exports (P fc x) falls when the Pugelovian currency is devalued. Also, the foreign suppliers of Pugelovia's imports continue to charge the same foreign currency supply price (P fc m is unchanged). Thus, the Pugelovian current account deficit becomes larger, because the foreign-currency value of Pugelovian exports declines, and the foreign-currency value of Pugelovian imports is unchanged. Because the import demand elasticities are low (actually, zero), the response of the current account balance to the devaluation is perverse (it deteriorates rather than improves).b. If Pugelovian firms keep their pnut prices the same, then the devaluation results in a decrease in the foreign-currency price of Pugelovian exports (P fc x). Generally, foreign buyers will buy a larger quantity of Pugelovian exports (X increases). If foreign firms keep the foreign-currency prices of their exports (P fc m) the same, then the devaluation results in a higher pnut price of imports in Pugelovia. Generally, Pugelovian buyers will buy a smaller quantity of imports (M falls). In this case, the Pugelovian current account could deteriorate, stay the same, or improve. Given the price changes (especially the decrease in the foreign-currency price of Pugelovian exports), the change in the value of the Pugelovian current account depends on the size of the responses in quantities demanded. If the responses are large enough (X rises and M falls enough), then the value of the Pugelovian current account deficit will decrease (its current account will improve). If the responses are small (X increases and M decreases only a little), then the value of the deficit will increase (the current account will deteriorate). The quantity changes are larger if the price elasticities of import demand in the two countries are larger (in absolute values).。
国际金融复习内容(doc 8页)
国际金融复习内容(doc 8页)《国际金融》复习内容第一章外汇与汇率1比较分析在不同的标价法下，汇率变动的经济含义。
（重在理解和应用）（1）直接标价法：是以一定单位(1个或100个10000 个单位等)的外国货币为基准，折成若干单位的本国货币来表示汇率的方法。
（2）间接标价法：是以一定单位(一般为１个单位)的本国货币为基准，折成若干单位的外国货币来表示汇率的方法。
（3）美元标价法：是指以美元作为计算标准来表示非本币之外的各种货币与美元的比价的标价方法。
2 名词解释：（1）自由外汇：又称自由兑换外汇，是指不需要经过货币发行国货币当局的批准，即可自由兑换成其他国家的货币，或向第三国办理支付的外币支付手段和资产。
（2）关键货币：在国际结算中使用最多；在外汇储备中所占比重最大；币值相对稳定；可以自由兑换且为国际上普遍接受的货币。
第二章汇率的决定与变动1 试比较金本位制下和纸币本位制下汇率决定基础有何异同。
（1）金本位制下汇率决定的基础是铸币平价。
但市场汇率不一定是铸币平价，受外汇供求关系的影响会经常波动，汇率波动有一定的限度——黄金输送点。
（2）纸币本位制度下汇率决定的基础：理论上是两种货币在各自国内的购买力之比；实际中采用各国货币所能购买的“一揽子”国际商品的价值量之比。
2 简述汇率变动对一国贸易收支的影响。
本币↓外币↑→出口商品的外币P↓→X↑本币↓外币↑→进口商品的本币P↑→M↓3 简述购买力平价说的基本内容和理论缺陷。
（1）基本内容：国内外货币之间的汇率主要取决于两国货币各自国内购买力的比较。
（2）理论缺陷：①该学说只考虑贸易品，没有考虑非贸易品；②以物价因素作为影响汇率的唯一因素，不符合实际；③仅考虑贸易收支状况，对资本项目收支很少涉及；④限制条件过于严格，其所要求的完全自由贸易、两国生产结构和消费结构的同一、价格体系的相似性等条件在现实世界里很难满足。
因而，购买力平价理论的可行性受到削弱。
4 简述利率平价说的基本内容、主要贡献和不足。