The balance of payments (BOP) is a summary cash flow statement of a country’s international transactions with all other countries for some period of time, typically one yearforward rate: is an exchange rate quoted for settlement at some future date., most commonly for 1month ,3 month,6months,9 months and 1 yearCapital account:The Capital/Financial Account of the balance of payments measures all international economic transactions of real and financial assetsInternational monetary system is the structure within which foreign exchange rates are determined, international trade and capital flows are accommodated, and the balance-of-payments adjustments made.Discount: The forward exchange rate is below the spot exchange rateEurocurrency markets :are defined as banking markets which involve short-term borrowing and lending conducted outside of the legal jurisdiction of the authorities of the currency that is used Fixed exchange rate:is a type of exchange rate regime where a currency’s value is matched to the value of another single currency ,to a basket of other currencies ,or to another measure of value ,such as gold.The Bretton woods system:was born in 1944, established a fixed-rate, a US-dollar-based international monetary system, created IMF and the World Bank. it collapsed in 1971 when the United States abolished the convertibility of the US dollar into gold.have a positive impact on trade balance, the sum of price elasticity of exports and imports (in absolute value) must be greater than 1.of timerates between currencies are in equilibrium when their purchasing power is the same in each of the two countries. This means that the exchange rate between two countries should equal the ratio of the two countries' price level ofa fixed basket of goods and services.(1)ppp: assumptions:The same commodities appear in the same proportions in each country’s consumption basket.the Law of One Price is imposed between baskets of consumer goods in two countries e= P/P*(2)RPPP:holds that the relative change in prices between two countries over a period of time determines the change in the exchange rate over that period流量理论：认为利率是影响国际资金流动的最主要因素，本国一次提高利率可以带来持续的资金流入。
1.流量理论中的BP曲线K=K( I , I *) ＢＰ＝ＣＡ＋Ｋ＝ＣＡ(ｑ，Ｙ)＋Ｋ(ｉ)＝0受资金流动性不同的影响，BP曲线的形状有三种：1、资金完全流动时，ＢＰ曲线表现为水平线。
2、资金不完全流动时，ＢＰ曲线表现为斜率为正的曲线。
3、资金完全不流动时，ＢＰ曲线表现为垂直线。
固定汇率制下利率机制对开放经济的自动调节：国际收支逆差-外汇储备下降-货币供给下降-本国利率上升-资金流入-国际收支改善在浮动汇率制下，利率机制对开放经济的自动调节过程国际收支逆差-本国货币贬值-出口需求上升-本国利率上升-资金流入-国际收支改善利率平价说（Interest-Rate Parity）：IRP provides the linkage between the foreign exchange markets and the money markets in different countries(1)Covered Interest-rate parity:When the forward and spot market rates are not in equilibrium according IRP, an opportunity for risk-free arbitrage exists ρ= I – I *(2)uncovered Interest-rate parity:When investors believe expected future spot rates and current spot rates are not in equilibrium according to the International Fisher Effect, an opportunity for risky arbitrage exists E ρ= I –I*开放与封闭经济条件下国民收入的区别：Closing economy:1.Expenditure：Ｙ≡Ｃ＋Ｉ＋Ｇ=A 2 .Income：Ｙ≡Ｃ＋Ｓp+Ｔbecause expenditure equals to income, so: 3. Ｃ＋Ｉ＋Ｇ≡Y ≡ Ｃ＋Ｓp+ＴOpening economy:Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ货币自由兑换：是指在外汇市场上，能自由地用本国货币购买某种外国货币，或用某种外国货币购买本国货币自由兑换条件：1、健康的宏观经济状况2、健全的微观经济主体3、合理的经济开放状态4、恰当的汇率制度和汇率水平自由兑换不良后果：1、资本逃避问题2、货币替代问题Freely Convertible Currency: Macro economy；Entrepreneur; Sensible economic composition ( BOP is included)Foreign exchange regime,Capital flight 、Currency substitution直接管制：直接管制是指政府直接对国际经济交易进行行政干预，以使国际收支达到平衡的政策措施采用原因：1、短期冲击因素2、宏观政策因素3、微观经济因素4、国际交往因素直接管制的形式：1、对价格的管制2、对金融市场的管制3、对进出口贸易的管制4、对外汇交易的管制Direct control policy: Price 、Financial market、International transaction 、Foreign exchange国际收支账户：是指根据一定原则用会计方法编制出来的反映国际收支状况的报表。
分类：经常账户（货物、服务、收入、经常转移）、资本与金融账户、错误和遗漏账户A statement , which systematically records the receipt and expenditure in all sorts of the international economical operations of a country in course of time（1）Current account：Goods trade、Services trade、Income、Current transfers（2）Capital and financial account：Capital account:Acquisition/disposal of nonproduced/nonfinancial assets、Transfer of fixed and financial assets financial account: Direct Investment 、Portfolio Investment、Other Investment（3）Errors and omissions account债务危机：债务危机原因：1、国际金融市场上利率的变化2、外在冲击进一步恶化发展中国家的国际收支状况3、发展中国家未能合理利用所借资金来促进进出口的快速增长4、商业银行没有采取能有效控制风险的措施债务危机解决方案：1、最初解决方案：核心是将债务危机视为发展中国家暂时出现的流动性困难，采取措施使它们克服这一资金紧缺2、贝克计划：通过安排对债务的新增贷款，将原有债务的期限延长等措施来促进债务国经济增长3、布雷迪计划：承认现有债务额大大超过债务国的偿还能力，因此要在资源的、市场导向的基础上，对原有债务采取各种形式的减免。