国际金融英文版Word文档下载推荐.docx

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二、NIEqualityinOpeningEconomy：

Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ

3.CA=Ｘ－Ｍ

CA>

0,surplus；

CA<

0,deficit；

CA=0,balanced

4.CA=Y-A

5..Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ=Ｃ＋Ｓp+Ｔ；

CA=S－I

CA>

0,surplus,capitaloutflow；

0,deficit,capitalinflow

6.Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ=Ｃ＋Ｓp+Ｔ；

CA=（Ｓp－Ｉ）+（T－G）

7.TheCurrentAccountincludesallinternationaleconomictransactionswithincomeorpaymentflowsoccurringwithinoneyear,thecurrentperiod.Itconsistsofthefollowingfoursubcategories：

1.Goodstrade（BalanceofTrade）：

Importandexportofgoods

2.Servicestrade（BalanceofServices）

3.Income（BalanceofIncome）：

Incomeassociatedwithpriorinvestment（Say,adividendpaidbyanAustraliansubsidiaryofaUSfirmtotheparent）；

Salariesandwagespaidtononresidentworkers

4.Currenttransfers:

Anyone-waytransferofagiftorgrant,say,USaidtoadevelopingcountry；

Mustbefinancial;

transfersareal（fixed）assetsisinanotheraccount,theFinancial/CapitalAccount

TheCurrentAccountistypicallydominatedbythefirstcomponentwhichisknownastheBalanceofTrade（BOT）eventhoughitexcludesservicetrade.

8.TheCapital/FinancialAccountofthebalanceofpaymentsmeasuresallinternationaleconomictransactionsofrealandfinancialassets.Itisdividedintotwomajorcomponents:

TheCapitalAccount（资本帐户）；

TheFinancialAccount（金融帐户）

TheCapitalAccountisminor（inmagnitude）,whiletheFinancialAccountissignificant.

9.TheCapitalAccountincludes：

Acquisition/disposalofnonproduced/nonfinancialassets；

Transferoffixedassets

Non-financialassets,forexample,aphysicalassetsuchasland

Non-producedassets,whichareneededforproductionbuthavenotbeenproduced,forexample,amineusedfortheextractionofdiamonds.

10.TheFinancialAccount,however,usesathirdmethod.Thisfocusesonthedegreeofinvestorcontrolovertheassetsoroperations.

TheFinancialAccountconsistsofthreecomponents;

DirectInvestment–inwhichtheinvestorexertssomeexplicitdegreeofcontrolovertheassets（直接投资）

PortfolioInvestment–inwhichtheinvestorhasnocontrolovertheassets（证券投资）

OtherInvestment–consistsofvariousshort-termandlong-termtradecredits,cross-borderloans,currencydeposits,bankdepositsandotherA/RandA/Prelatedtocross-bordertrade（其他投资）

11.

12.TheOfficialReservesAccountisthetotalreservesheldbyofficialmonetaryauthoritieswithinthecountry.

Thesereservesarenormallycomposedofthemajorcurrenciesusedininternationaltradeandfinancialtransactions（hardcurrencies）.

Thesignificanceofofficialreservesdependsgenerallyonwhetherthecountryisoperatingunderafixedexchangerateregimeorafloatingexchangeratesystem

Underafixedexchangeregime,thesereservesareimportantindefendingthevalueofadepreciatingcurrency

Changesintheofficialreservesrepresentscashin-oroutflowsthatarecaptureintheOfficialReservesAccount

TheNetErrorsandOmissionsaccountensuresthattheBOPactuallybalancesduetomeasurementerrors

Theerrorsandomissionsinbalanceofpaymentsaccountingariseinlargepartfromthestatisticaldifficultiesinvolvedingatheringbalanceofpaymentsdata.Becauseofficialsdonothavethenecessaryinformationtomakethedoubleentriestheymakesingleentriesbasedontheinformationavailabletothem.Thisinformationoftencomesfrommultiplesourcesthatvaryincoverageandreliability.

13.Reservesincludemonetarygold,specialdrawingrights（SDRs）,thereservepositionintheFundandforeignexchange.

14.FundamentalsofBOPAccounting：

Credits:

realresourcesexported------PositiveSign

Debits:

realresourcesimported------NegativeSign

Twoempiricalrules:

AlltransactionsthatarousesforeignexchangeincomeshouldbecreditedinBOP;

AlltransactionsthatarousesforeignexchangeexpenditureshouldbedebitedinBOP.

AutonomousTransaction：

-credit>

debit,surplus;

-credit<

debit,deficit

.AccommodatingTransaction:

debit,deficit;

debit,surplus.

15.X–M=thecurrentaccountbalance

16.IntheorytheBOPmustalwaysbalance,butstatisticalerrorsandmisreportingresultinsubstantialimbalances

17.TheneterrorsandomissionsaccountensuresthattheBOPactuallybalancesduetomeasurementerrors

18.ForeignExchange:

Dynamicusage:

Internationalexchangetransactioninmarketforshort

Staticusage:

Itmeansthemoneyofaforeigncountryandincludes:

Foreigncurrencybankbalances；

Banknotes；

Checksanddrafts；

Currency

19.Aforeignexchangetransactionisanagreementbetweenabuyerandasellerthatafixedamountofonecurrencywillbedeliveredforsomeothercurrencyataspecifieddate

20.Thespotwherehandlesgoodsisgoodsmarket,whiletheplacewheredealsForeignExchangeisForeignExchangeMarket.

21.FunctionsoftheForeignExchangeMarket：

Permitthetransferofpurchasingpowerdenominatedinonecurrencyintoanothercurrencyandtherebyfacilitatetransactions；

Providecreditforinternationaltradetransactions；

Minimizeexposuretotherisksofexchangeratechanges

22.SpeculatorsandArbitrageurs：

Speculatorsandarbitrageursseektoprofitfromtradinginthemarketitself,notforconductingtradeorotherformsofbusiness

Theyoperateintheirowninterest,withoutaneedorobligationtoserveclientsorensureacontinuousmarket

Speculatorsseektoprofitfromtheirviewofexchangeratechanges

Arbitrageursseektoprofitfromsimultaneousexchangeratedifferencesindifferentmarkets

23.Aforeignexchangerateisthepriceofonecurrencyexpressedintermsofanothercurrency

Aforeignexchangequotation（orquote）isastatementofwillingnesstobuyorsellatanannouncedrate.

24.Adirectquoteisahomecurrencypriceofaunitofforeigncurrency；

Anindirectquoteisaforeigncurrencypriceofaunitofhomecurrency

Theformofthequotedependsonwhatthespeakerregardsas“home”

25.Measuringachange—depreciationofappreciationofaforeigncurrency—inthespotrateforquotationsexpressedinhomecurrencyterms:

Directquotations:

Example:

SupposetheSwissfrancisrecentlyquotedinthespotmarketatSF1.5625/$（or,equivalently,$0.6400/SF）butthensuddenlyappreciatestoSF1.2800/$（or,equivalently,$0.78125/SF）.WhatisthepercentappreciationoftheSFrelativetothedollar?

26.

Measuringachange—depreciationofappreciationofaforeigncurrency—inthespotrateforquotationsexpressedinforeigncurrencyterms:

Indirectquotations:

AllourformulashavebeeninIndirecttermswiththeUS$asthehomecurrency

Example（continued）:

ThesamerateofappreciationfortheSwissFrancrelativetotheUSDollar!

27.Spotrate:

adoptaSpottransaction；

Forwardrate:

adoptaforwardtransaction

28.ASpottransactionintheInterbankmarketisthepurchaseofforeignexchangewithdeliveryandpaymentbetweenbankstotakeplace,normally,onthesecondfollowingbusinessday.

Thedateofsettlementisreferredtoasthevaluedate.

29.AnOutrightForwardtransaction（usuallyjustcalledaForward）requiresdeliveryatafuturedateofaspecifiedamountofonecurrencyforaspecifiedamountofanothercurrency.

Theexchangerateisestablishedatthetimeoftheagreement,butpaymentanddeliveryarenotrequireduntilmaturity.

Forwardexchangeratesareusuallyquotedforvaluedatesofone,two,three,sixandtwelvemonths.

30.Arbitrage：

seektoprofitfromsimultaneousexchangeratedifferencesindifferentmarkets

Directarbitrage:

operatebetweentwoforeignmarkets

Indirectarbitrage:

operateinthreeforeignmarkets

InterestArbitrage:

seektoprofitfromsimultaneousinterestratedifferencesindifferentmarkets

ClassDrill1：

1、Assumption:

thebasicratebetweenUSdollarsandtheRMBisnormallystated:

$1=￥8.2500,thebasicratebetweenUSdollarsandtheJ￥isnormallystated:

$1=J￥100.0000

Calculation:

what’sthecrossratebetweenRMBandJ￥?

2、Assumption:

oneday,anAmericanexporterdatesacontractwithaGermanyimporterforsomegoodsworthyofDM1,500,000.ThecountingcurrencyisDM.Theywillpayoffafterthreemonths.Therateis$1=DM1.5000whentheysignedthetreaty.

Questions:

-Whatdoestheratebelongtowhentheyaredating?

-Whichcountrywouldn’tsuffertheriskofforeignexchange?

-Howtoavoidit?

3、Assumption:

Oneday------firstdayinMay,aspeculatoranticipatestheexchangeratebetweenUSdollarandDMis$1=DM1.4580onfirstdayinAugest,whilethethree-monthexchangeratebetweenUSdollarandDMisstated$1=DM1.4500onfirstdayinAugest.

-What’stheformerrateandlatterraterespectively?

-Howcangettheprofit?

4、Assumption:

At10am.ononebusinessday,theexchangeratebetweenUSdollarandDMisstated$1=DM1.4500inNewYork,whilesimultaneouslytheexchangeratebetweenUSdollarandDMisstated$1=DM1.4600inFrankfurt.

Howtoarbitrage?

5、Assumption: