国际金融复习提纲.docx
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国际金融复习提纲
OutlineforReviewingInternationalFinance(2013)
TheStructureofExaminationPaper
1.MultipleChoice(30×1,30points)
2.DefinitionofTerms(5×4,20points)
3.ShortAnswer(3×10,30points)
4.Calculation(2×10,20points)
OutlineforReviewing
MultipleChoice
CoverallChapters
DefinitionofTerm
Chapter12:
balanceofpaymentsaccounting,currentaccountbalance,officialsettlementsbalance,nationalsaving
balanceofpaymentsaccounting:
国际收支会计accountingrecordofallmonetarytransactionsbetweenacountryandtherestoftheworld
Currentaccountbalance(exportsminusimports):
经常项目差额netexpenditurebyforeignersondomesticgoodsandservices.
Theofficialsettlementsbalance:
官方结算差额isthenegativevalueofofficialinternationalreserveassets,anditshowsacentralbank’sholdingsofforeignassetsrelativetoforeigncentralbanks’holdingsofdomesticassets.
Thebookkeepingoffsettothebalanceofofficialreservetransaction.
Nationalsaving=nationalincome(Y)thatisnotspentonconsumption(C)orgovernmentpurchases(G).
Chapter13:
appreciation,exchangerate,realrateofreturn,forwardexchangerate,spotexchangerate,interestparitycondition,vehiclecurrency
Appreciationisanincreaseinthevalueofacurrencyrelativetoanothercurrency.
Exchangerate:
Thepriceofonecurrencyintermsofanotheriscalledanexchangerate.
Therealrateofreturn:
Theexpectedrateofreturnthatsaversconsiderindecidingwhichassetstoholdistheexpectedrealrateofreturn,thatis,therateofreturncomputedbymeasuringassetvaluesintermsofsomebroadrepresentativeofproductsthatsaversregularlypurchase.
forwardexchangerates:
Foreignexchangedealssometimesspecifyavaluedatefartherawaythantwodays30days,90days,180days,orevenseveralyears.Theexchangeratesquotedinsuchtrans-actionsarecalledforwardexchangerates.
Theforeignexchangetransactionswehavebeendiscussingtakeplaceonthespot:
twopar-tiesagreetoanexchangeofbankdepositsandexecutethedealimmediately.Exchangeratesgoverningsuch"on-the-spot"tradingarecalledspotexchangerates,andthedealiscalledaspottransaction.
Interestparitycondition:
Interestparityimpliesthatdepositsinallcurrenciesareequallydesirableassets.
Interestparityimpliesthatarbitrageintheforeignexchangemarketisnotpossible.
vehiclecurrency:
周转货币Becauseofitspivotalroleinsomanyforeignexchangedeals,thedollarissometimescalledavehiclecurrency
Chapter14:
aggregatemoneydemand,moneysupply,exchangerateovershooting,
Aggregatemoneydemand:
货币总和需求aggregatemoneydemandisthetotaldemandformoneybyallhouseholdsandfirmsintheeconomy.isjustthesumofalltheeconomy’sindividualmoneydemands.
Moneysupply:
thetotalstockofmoneyintheeconomy;currencyheldbythepublicplusmoneyinaccountsinbanks
Exchangerateovershooting:
theexchangerateissaidtoovershootwhenitsimmediateresponsetoadisturbanceisgreaterthanitslong-runresponse.
Chapter15:
Fishereffect,lawofoneprice,nominalinterestrate,purchasingpowerparity(PPP),realexchangerate,relativePPP
Fishereffect:
describestherelationshipbetweennominalinterestratesandinflation.
Lawofoneprice:
thelowofonepricestatesthatincompetitivemarketsfreeoftransportationcostsandofficialbarrierstotrade(suchastariffs),identicalgoodssoldindifferentcountriesmustsellforthesamepricewhentheirpricesareexpressedintermsofthesamecurrency.
Nominalinterestrate:
名义利率Aninterestrateiscallednominalifthefrequencyofcompounding(e.g.amonth)isnotidenticaltothebasictimeunit(normallyayear).
Purchasingpowerparity(PPP):
thetheoryofpurchasingpowerparitystatesthattheexchangeratebetweentwocountries’currenciesequalstheratioofthecountries’pricelevels.
Realexchangerate:
therateofexchangeforgoodsandservicesacrosscountries
RelativePPP:
statesthatthepercentagechangeintheexchangeratebetweentwocurrenciesoveranyperiodequalsthedifferencebetweenthepercentagechangesinnationalpricelevels.
Chapter16:
AAschedule,inflationbias,aggregatedemand,J-curve,DDschedule,pass-through
AAschedule:
ThescheduleofexchangerateandoutputcombinationsthatareconsistentwithequilibriuminthedomesticmoneymarketandtheforeignexchangemarketiscalledtheAAschedule.
inflationbias:
Referstothedifferencebetweenthemeanvalueandthetargetvalueofinflationaccordingtothecirculationbythebasicmodel.
DDschedule:
Thecurveshowsallcombinationsofoutputandtheexchangerateforwhichtheoutputmarketisinshortrunequilibrium.
pass-through:
Thepercentagefromtheexchangeratetoimportpricesbywhichimportpricesrisewhenthehomecurrencydepreciatesby1percent.
Chapter17:
balanceofpaymentscrisis,bimetallicstandard,capitalflight,devaluation,goldexchangestandard,goldstandard,imperfectassetsubstitutability,managedfloatingexchangerates,perfectassetsubstitutability,reservecurrency,revaluation,riskpremium,self-fulfillingcurrencycrises,sterilizedforeignexchangeintervention,
balanceofpaymentscrisis:
Whenacentralbankdoesnothaveenoughofficialinternationalreserveassetstomaintainafixedexchangerate,abalanceofpaymentscrisisresults.
bimetallicstandard:
thevalueofcurrencyisbasedonbothsilverandgold.
capitalflight:
financialcapitalisquicklymovedfromdomesticassetstoforeignassets
devaluation:
adevaluationoccurswhenthecentralbankraisesthedomesticcurrencypriceofforeigncurrency
goldexchangestandard:
halfwaybetweenthegoldstandardandapurereservecurrencystandardisthegoldexchangestandard
goldstandard:
goldactsasofficialinternationalreservesthatallcountriesusetomakeofficialinternationalpayments.
imperfectassetsubstitutability:
Ingeneral,foreignanddomesticassetsmaydifferintheamountofriskthattheycarry:
theymaybeimperfectsubstitutes.
managedfloatingexchangerates:
systeminwhichgovernmentsmayattempttomoderateexchangeratemovementswithoutkeepingexchangeratesrigidlyfixed.
perfectassetsubstitutability:
thekeyfeatureofourmodelthatleadstotheseresultsistheassumptionthattheforeignexchangemarketisinequilibriumonlywhentheexpectedreturnsondomesticandforeigncurrencybondsarethesame.
reservecurrency:
onecurrencyactsasofficialinternationalreserves.
Revaluation:
arevaluationoccurswhenthecentralbanklowerthedomesticcurrencypriceofforeigncurrency
riskpremium:
defaultriskandexchangeraterisk
self-fulfillingcurrencycrises:
Expectationsofabalanceofpaymentscrisisonlyworsenthecrisisandhastendevaluationthatoccurinsuchcircumstancesoftenarecalledself-fulfillingcurrencycrises.
sterilizedforeignexchangeintervention:
centralbankssometimescarryourequalforeignanddomesticassettransactionsinoppositedirectionstonullifytheimpactoftheirforeignexchangeoperationsonthedomesticmoneysupply.thistypeofpolicyiscalledsterilizedforeignexchangeintervention
Chapter18:
externalbalance,internalbalance,expenditure-changingpolicy,price-specie-flowmechanism,expenditure-switchingpolicy
externalbalance:
Acountry’scurrentaccountisneithersodeeplyindeficitthatthecountrymaybeunabletorepayitsforeigndebtsinthefuturenorsostronglyinsurplusthatforeignersareputinthatposition.
Internalbalance:
Thefullemploymentofacountry’sresourcesanddomesticpricelevelstability.
expenditure-changingpolicy:
Changingsocialneedsortotalexpenditurelevelofthenationaleconomypolicy,whosepurposeistochangeaggregatedemandtochangethedemandforforeigngoods,servicesandfinancialassets,andachievethebalanceofpaymentsadjustment.
price-specie-flowmechanism:
Undertheinternationallycommonpracticeofthegoldstandard,acountry'sinternationalbalanceofpaymentscankeepequilibriumautomaticallybythefluctuationsofcommoditypriceandtheoutputorinputofgold.
expenditure-switchingpolicy:
Thepolicieswhichcanaffecttheinternationalcompetitivenessofcommoditiesandtoincreasetheirincomerelativetospendingbychangingthespendingstructure.
Chapter19:
destabilizingspeculation
destabilizingspeculation:
itmeansthatifforeignexchangetraderssawthatacurrencywasdepreciating,itwasargued,theymightsellthecurrencyintheexpectationoffuturedepreciationregardlessofthecurrency‘slonger-termprospects;andasmoretradersjumpedonthebandwagonbysellingthecurrency,theexpectationsofdepreciationwouldberealized.
Chapter20:
monetaryefficiencygain,economicstabilityloss,optimumcurrencyareas
monetaryefficiencygain:
themonetaryefficiencygainfromjoiningthefixedexchangeratesystemequalsthejoiner’ssavingfromavoidingtheuncertainty,confusion,andcalculationandtransactioncoststhatarisewhenexchangeratesfloat.
economicstabilityloss:
theextrainstabilitycausedbythefixedexchangerateistheeconomicstabilityloss
fixedexchangeratesaremostappropriateforareascloselyintegratedthroughinternationaltradeandfactormovements.
ShortAnswer
Chapter13
1.TheEffectofChangingInterestRatesontheCurrentExchangeRate
Anincreaseintheinterestpaidondepositofacurrencycausesthatcurrencytoappreciateagainstforeigncurrencies.
Ariseindollarinterestratescausesthedollartoappreciateagainsttheeuro.
Ariseineurointerestratescausesthedollartodepreciateagainsttheeuro.
2.TheEffectofChangingExpectationsontheCurrentExchangeRate
Ariseintheexpecte