国际金融名词解释(清华版)

1. Balance of payments accounting: A country’s balance of payments accounts accounts for its payments to and its receipts from foreigners. An international transaction involves two parties, and each transaction enters the accounts twice: once as a credit (+) and once as a debit (-).

国际收支账户：一国的国际收支账户，记录的是该过对外国的支付和从外国获得收入的情况。任何导致对外国人进行支付的交易，都计入国际收支账户的借方，并在前面加上一个负号（-）；任何导致从外国人那里获得收入的交易，都计入借方，并加上一个正号（+）

2. Current account balance (exports minus imports): The difference between exports of goods and services and imports of goods and services

经常项目余额：出口的商品和服务与进口的商品和服务之差

3. The official settlements balance: The bookkeeping offset to the balance of official reserve transactions

官方结算余额：把用来抵消官方储备交易余额的登录，称为官方结算余额4. National saving (S): The portion of output (Y), that is not devoted to household consumption (C) , or government purchases (G).

国民储备：是国民收入（Y）中没有用于家庭消费（C）或政府购买（G）的部分

5. Appreciation is an increase in the value of a currency relative to another currency.

升值：即以一种货币计价的另一种货币价格上升

6. Exchange rate: The price of one currency in terms of another is called an exchange rate.

汇率：用一种货币去替换另外一种货币的价格

7. The real rate of return: The rate of return computed by measuring asset values in terms of some broad representative of products that savers regularly purchase.

实际收益率：即用一些具有广泛代表性的、储蓄者经常购买的商品作为标准来计量资产价值进而计算出的收益率

8. Forward exchange rates: The exchange rates quoted in the transactions which we can specify a value date to exchange in the future.

远期汇率：外汇交易有时可以指定在未来一个时间上交割。这一时间可以长达30天，90天，180天升值数年，这种交易中所报的汇价称为远期汇率

9. Spot Exchange rates: The exchange rates governing such "on-the-spot" trading are called spot exchange rates

即期汇率：我们前面所讨论的外汇交易都是即期的：交易双方同意交换英航存款，并立即交割，这种即期交易的汇率被称为即期汇率，这是发生的交易被称为即期交易

10. Interest parity condition: The condition that the expected returns on deposits of any two currencies are equal when measured in the same currency is called the interest parity condition.

利率平价条件：用相同货币衡量的任意两种货币存款的预期收益率相等的条件

11. Vehicle currency: Because of its pivotal role in so many foreign exchange deals, the dollar is sometimes called a vehicle currency.

载体货币：因为美元在如此众多的外汇交易中发挥着中枢的作用，美元优势

也被称为载体货币

12. Aggregate money demand: aggregate money demand is the total demand for money by all households and firms in the economy.is just the sum of all the economy’s individual money demands.

货币总需求：至经济中所有家庭和企业对货币总的需求，及经济中所有的个人货币需求之和.

13. Money supply: the total amount of currency and checking deposits held by household and firms.

货币供给：是指联邦储备系统所称的货币总量，即M1，包括家庭和企业持有的现金和支票存款总额

14. Exchange rate overshooting: the exchange rate is said to overshoot when its immediate response to a disturbance is greater than its long-run response.

汇率超调：当汇率对于货币波动的即刻反应超过的额长期反应时，我们称之为货币超调

15．Fisher effect: The long-run relationship between inflation and interest rates, a rise in a country’s expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer. Similarly, a fall in the expected inflation rate will eventually cause a fall in the interest rate.

费雪效应：在其他条件不变的情况下，若一国预期的同伙膨胀率上升，最终会导致该国货币存款利率的同比例上升。同样，预期同伙膨胀率降低最终会导致利率水平的下降

16．Law of one price: The low of one price states that in competitive markets free of transportation costs and official barriers to trade(such as tariffs),identical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency.

一价定律：在没有运输费用和官方贸易壁垒（例如关税）的自由竞争市场上，同样的货物在不同国家出售，按同一货币计量的价格应该是一样的17．Nominal interest rate: when we wish to differentiate a real exchange rate, which is the relative price of two output baskets, from a relative price of two currencies, we will refer to the latter as a nominal exchange rate. 名义利率：两种货币的相对价格

18．Purchasing power parity(PPP): the theory of purchasing power parity states that the exchange rate between two countries’ currencies equals the ratio of the countries’ price levels.

购买力平价理论：两国货币的汇率等于两国价格水平之比。

19．Real exchange rate: the real exchange rate between two countries’ currencies is a broad summary measure of the prices of one country’s goods and services relative to the other’s.

实际汇率：两国货币之间的实际利率是已过商品和劳务价格相对于另一国商品的劳务价格的一个概括性度量标准

20. Relative PPP: states that the percentage change in the exchange rate between two currencies over any period equals the difference between the percentage changes in national price levels.

相对购买力平价：在任何一点时间内，两种货币汇率变化的百分比将等于同