glossary国际金融.docx

glossary国际金融.docx

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glossary国际金融

Balanceofinternationalindebtedness

astatementthatsummarizesacountry’sstockofassetsandliabilitiesagainsttherestoftheworldatafixedpointintime

Balanceofpayments

arecordoftheflowofeconomictransactionsbetweentheresidentsofonecountryandtherestoftheworld

Capitalandfinancialaccount

thenetresultofbothprivate-sectorandofficialcapitalandfinancialtransactions

Credittransaction

abalanceofpaymentstransactionthatresultsinareceiptofapaymentfromforeigners

Currentaccount

thenetvalueofmonetaryflowsassociatedwithtransactionsingoodsandservices,investmentincome,employeecompensation,andunilateraltransfers

Debittransaction

abalanceofpaymentstransactionthatleadstoapaymenttoforeigners

Double-entryaccounting

asystemofaccountinginwhicheachcreditentryisbalancedbyadebitentry,andviceversa,sothattherecordingofanytransactionleadstotwooffsettingentries

Goodsandservicesbalance

theresultofcombiningthebalanceoftradeinservicesandthemerchandisetradebalance

Merchandisetradebalance

theresultofcombiningthedollarvalueofmerchandiseexportsrecordedasaplus（credit）andthedollarvalueofmerchandiseimportsrecordedasaminus（debit）

Netcreditor

netcreditorthestatusofanationwhenthatcountry’sclaimsonforeignersexceedforeignclaimsonthatcountryataparticulartime

Netdebtor

thestatusofanationwhenforeignclaimsonacountryexceedthatcountry’sclaimsonforeignersataparticulartime

Netforeigninvestment

innationalincomeaccounting,issynonymouswiththecurrentaccountbalance

Officialreserveassets

holdingkeyforeigncurrencies,specialdrawingrights,andreservepositionsintheIMFbyofficialmonetaryinstitutions

Officialsettlementstransactions

themovementoffinancialassetsamongofficialholders;thesefinancialassetsfallintotwocategories:

officialreserveassetsandliabilitiestoforeignofficialagencies

StatisticalDiscrepancy

acorrectingentryinsertedintothebalance-of-paymentsstatementtomakethesumofthecreditsanddebitsequal

TradeBalance

derivedbycomputingthenetexports（imports）inthemerchandiseaccounts;alsocalledmerchandisetradebalance

UnilateralTransfers

includetransfersofgoodsandservices（giftsinkind）orfinancialassets（moneygifts）betweentheUnitedStatesandtherestoftheworld

Appreciation

（asappliedtocurrencymarkets）when,overtime,ittakesfewerunitsofanation’scurrencytopurchaseoneunitofaforeigncurrency

Bidrate

thepricethatthebankiswillingtopayforaunitofforeigncurrency

Calloption

givestheholdertherighttobuyforeigncurrencyataspecifiedprice

Coveredinterestarbitrage

theprocessofmovingfundsintoforeigncurrenciestotakeadvantageofhigherinvestmentyieldsabroad,whileavoidingexchangeraterisk

Crossexchangerate

theresultingratederivedwhentheexchangeratebetweenanytwocurrenciescanbederivedfromtheratesofthesetwocurrenciesintermsofathirdcurrency

Currencyswap

theconversionofonecurrencytoanothercurrencyatonepointintime,withanagreementtoreconvertittotheoriginalcurrencyataspecifiedtimeinthefuture

Depreciation

（asappliestocurrencymarkets）when,overtime,ittakesmoreunitsofanation’scurrencytopurchaseoneunitofaforeigncurrency

Destabilizingspeculation

speculationthatoccurswhenspeculatorsexpectacurrenttrendinexchangeratestocontinueandtheirtransactionsacceleratetheriseorfallofthetargetcurrency’svalue

Discount

thevaluationofacurrencywhenitisworthlessintheforwardmarketthaninthespotmarket

Effectiveexchangerate

aweightedaverageoftheexchangeratesbetweenadomesticcurrencyandthatnation’smostimportanttradingpartners,withweightsgivenbyrelativeimportanceofthenation’stradewitheachtradepartner

Exchangearbitrage

thesimultaneouspurchaseandsaleofacurrencyindifferentforeign-exchangemarketsinordertoprofitfromexchange-ratedifferentialsinthetwolocations

Exchangerate

thepriceofonecurrencyintermsofanother

Exchange-rateindex

aweightedaverageoftheexchangeratesbetweenadomesticcurrencyandthatnation’smostimportanttradingpartners,withweightsgivenbyrelativeimportanceofthenation’stradewitheachtradepartner

Foreign-currencyoptions

provideanoptionsholdertherighttobuyorsellafixedamountofforeigncurrencyataprearrangedprice,withinafewdaysorseveralyears

Foreign-exchangemarket

theorganizationalsettingwithinwhichindividuals,businesses,governments,andbanksbuyandsellforeigncurrenciesandotherdebtinstruments

Forwardmarket

whereforeignexchangecanbetradedforfuturedelivery

Forwardrate

therateofexchangeusedinthesettlementofforwardtransactions

Forwardtransaction

anoutrightpurchaseandsaleofforeigncurrencyatafixedexchangeratebutwithpaymentordeliveryoftheforeigncurrencyatafuturedate

Futuresmarket

amarketinwhichcontractingpartiesagreetofutureexchangesofcurrenciesandsetapplicableexchangeratesinadvance;distinguishedfromtheforwardmarketinthatonlyalimitednumberofleadingcurrenciesaretraded;tradingtakesplaceinstandardizedcontractamountsandinaspecificgeographiclocation

Hedging

theprocessofavoidingorcoveringaforeign-exchangerisk

Interbankmarket

banktransactionswithotherbanks

Interestarbitrage

theprocessofmovingfundsintoforeigncurrenciestotakeadvantageofhigherinvestmentyieldsabroad

InternationalMonetaryMarket（IMM）

anextensionofthecommodityfuturesmarketsinwhichspecificquantitiesofwheat,corn,andothercommoditiesareboughtandsoldforfuturedeliveryatspecificdates;theIMMprovidestradingfacilitiesforthepurchaseandsaleforfuturedeliveryoffinancialinstruments（suchasforeigncurrencies）andpreciousmetals（suchasgold）

Maturitymonths

themonthsofagivenyearwhenthefuturescontractmatures

Nominalexchangerates

exchange-ratequotespublishedinnewspapersthatarenotadjustedinflationratesintradingpartners

Nominalexchange-rateindex

theaveragevalueofacurrency,notadjustedforchangesinpricelevelsofthatcountryanditstradingpartners

Offerrate

thepriceatwhichthebankiswillingtosellaunitofforeigncurrency

Option

anagreementbetweenaholder（buyer）andawriter（seller）thatgivestheholdertheright,butnottheobligation,tobuyorsellfinancialinstrumentsatanytimethroughaspecifieddate

Premium

thevaluationofacurrencywhenitisworthmoreintheforwardmarketthaninthespotmarket

Putoption

givestheholdertherighttosellforeigncurrencyataspecifiedprice

Realexchangerate

thenominalexchangerateadjustedforchangesinrelativepricelevels

Realexchange-rateindex

theaveragevalueofacurrencybasedonrealexchangerates

Speculation

theattempttoprofitbytradingonexpectationsaboutpricesinthefuture

Spotmarket

whereforeignexchangecanbetradedforimmediatedelivery

Spottransaction

anoutrightpurchaseandsaleofforeigncurrencyforcashsettlementnotmorethantwobusinessdaysafterthedateofthetransaction

Spread

thedifferencebetweenthebidandtheaskprices

Stabilizingspeculation

occurswhenspeculatorsexpectacurrenttrendinanexchangerate’smovementtochangeandtheirpurchaseorsaleofthecurrencymoderatesmovementsoftheexchangerate

Strikeprice

thepriceatwhichanoptioncanbeexercised

Three-pointarbitrage

amoreintricateformofarbitrage,involvingthreecurrenciesandthreefinancialcenters;alsocalledtriangulararbitrage

Trade-weighteddollar

aweightedaverageoftheexchangeratesbetweenadomesticcurrencyandthecurrenciesofthenation’smostimportanttradingpartners,withweightsgivenbyrelativeimportanceofthenation’stradewitheachtradepartner

Two-pointarbitrage

thesimultaneouspurchaseandsaleofacurrencyintwoforeign-exchangemarketsinordertoprofitfromexchange-ratedifferentialsindifferentlocations

Uncoveredinterestarbitrage

whenaninvestordoesnotobtainexchange-marketcovertoprotectinvestmentproceedsfromforeign-currencyfluctuations

Chapter12

Asset-marketapproach

amethodofdeterminingshort-termexchangerateswhereinvestorsconsidertwokeyfactorswhendecidingbetweendomesticandforeigninvestments;relativelevelsofinterestratesandexpectedchangesintheexchangerateitselfoverthetermoftheinvestment

Forecastingexchangerates

attemptstopredictfutureratesofexchange

Fundamentalanalysis

theoppositeoftechnicalanalysis;involvesconsiderationofeconomicvariablesthatarelikelytoaffectacurrency’svalue

Judgmentalforecasts

subjectiveorcommon-senseexchangerateforecastsbasedoneconomic,political,andotherdataforacountry

Lawofoneprice

partofthepurchasing-power-parityapproachtodeterminingexchangerates;assertsthatidenticalgoodsshouldcostthesameinallnations,assumingthatitiscostlesstoshipgoodsbetweennationsandtherearenobarrierstotrade

Marketexpectations

examplesincludenewsaboutfuturemarketfundamentalsandtraders'opinionsaboutfutureexchangerates

Marketfundamentals

economicvariablessuchasproductivity,inflationrates,realinterestrates,consumerpreferences,andgovernmenttradepolicy

Nominal（money）interestrate

therateofreturnonassetsthatcanbeearnedinaparticularcountry,notadjustedfortherateofin