17-1 国际收支Chapter Seventeen International Finance第1节国际收支Section 1 Balance of Payments*国际收支balance of payments居民resident*米德冲突M eade’s conflict丁伯根法则T inbergen’s rule*经常账户current account经常转移current transfer储备资产reserve asset综合差额overall balance资本转移capital transfers国际收支顺差surplus of BOP国际收支逆差deficit of BOP自主性交易autonomous transaction 补偿性交易compensatory transaction *偶然性失衡accidental disequilibrium *结构性失衡structural disequilibrium *货币性失衡monetary disequilibrium *周期性失衡cyclical disequilibrium *收入性失衡income disequilibrium 经常账户差额current account balance收入机制income mechanism汇率机制exchange rate mechanism 利率机制interest rate mechanism 需求调节政策demand adjusting policy 直接管制政策direct control policy蒙代尔分派原则M undell’s assignment rule 货币—价格机制money-price mechanism *国际收支平衡表balance of payments statement资本和金融账户capital and financial account错误和遗漏账户errors and omissions account资本和金融账户差额capital and financial account balance非生产、非金融资产的收买或放弃acquisition／disposal of non-product，non-financial assets价格一铸币流动机制price specie-flow mechanism外汇缓冲政策foreign exchange cushion policy外汇平准基金exchange stabilization fund 缓冲体buffer1 The balance of payments is the name given to the record of transactions between theresidents of one country and the rest of the world over a period of time.国际收支平衡表系统记录一国居民与世界其它地区居民在一定时期内所发生的全部经济交易。
2 The balance of payments is divided into two major accounts, the current account and thecapital account. Each general account is then subdivided into categories such as goods, services, direct investment, portfolio investment, etc.国际收支平衡表由两大部分组成：经常账户以及资本和金融账户。
每一个账户又被国际金融细分为诸如货物、服务、直接投资和证券投资等若干个子账户。
第2节外汇和汇率Section 2 Foreign Exchange and Exchange Rate*外汇foreign exchange自由外汇free convertible exchange 记账外汇exchange of account*汇率foreign exchange rate即期汇率spot exchange rate远期汇率forward exchange rate*直接标价法direct quotation*间接标价法indirect quotation*基本汇率basic rate*套算汇率cross rate*买入汇率buying rate*卖出汇率selling rate中间汇率middle rate*现钞汇率bank notes rate官方汇率official rate市场汇率market rate黑市汇率blackmarket rate单一汇率single rate复汇率multiple rate开盘汇率opening rate收盘汇率closing rate贸易汇率commercial rate金融汇率financial rate名义汇率nominal exchange rate实际汇率real exchange rate*升值appreciation*贬值depreciation铸币平价mint parity*黄金输送点gold point弹性elasticity 贸易品tradable goods非贸易品non-tradable goods美元化dollarization货币联盟monetary union*外汇管制foreign exchange control *货币自由兑换currency convertibility直接干预direct intervention间接干预indirect intervention冲销式干预sterilized intervention非冲销式干预unsterilized intervention广场宣言plaza announcement卢浮宫协议Louvre Accord*J曲线效应J-curve effect爬行钉住制crawling peg*汇率目标区制target zone regime*固定汇率制fixed exchange rate regime *货币局制currency board arrangement *浮动汇率制flexible exchange rate regime *马歇尔—勒纳条件Marshall-Lerner conditions结售汇制exchange settlement and sale system电汇汇率telegraphic transfer rate, T/T Rate 信汇汇率mail transfer rate, M/T rate票汇汇率demand draft rate, D/D rate无独立法定货币的汇率安排Arrangements with no separate legal tender 其他传统固定盯住制other conventional fixed pegs水平带内的盯住制Pegged rate in horizontal band 爬行区间浮动制Rates within crawling bands不事先确定汇率轨迹的管理浮动Managed float with no preannounce exchange rate paths 单独浮动Independently floating进口配额制import quota system绝对配额absolute quotas全球配额global quotas国别配额country quotas关税配额tariff quotas进口许可证制import license system利息平衡税interest equalization tax法定汇率制official rate system复汇率制度multiple rate system合格境外机构投资者QFII合格境内机构投资者QDII1 The exchange rate is the price of one currency in terms of another.汇率是用一种货币表示另一种货币的价格。
2 Under fixed exchange rate system governments are committed to maintain a targetexchange rate.固定汇率制度下一国当局有义务维持目标汇率的稳定。
3 Exchange rates are pegged when official purchases or sales from the monetaryauthorities maintain the exchange rate of the national currency within narrow bands of fluctuations (at the limit zero) vis-à-vis the currency (basket of currencies) chosen as anchor.钉住汇率是指一国货币当局通过官方买卖行为将本币与另一国货币（或篮子货币）之间的汇率维持在一个狭窄的波动范围内（或一个固定水平上）。
4 The managed float, sometimes called a dirty float, is employed by governments topreserve an orderly pattern of exchange rate changes and is designed to eliminate excess volatility.管理浮动，又叫肮脏浮动，是指一国政府维持本国汇率有秩序的浮动，并采取措施消除过度波动。
5 In a rather narrow sense, we refer to exchange control when monetary institutionsimpose strictly defined limitations on international transactions or on the exchange of national currency into foreign currency.狭义上的外汇管制是指一国货币当局对本国的对外经济交易或本币的对外汇兑施加严格的管制措施。
第3节外汇交易Section 3 Foreign Exchange Transactions多头long position空头short position*福费廷forfeiting*保付代理法factoring内在价值intrinsic value外在价值extrinsic value*外汇风险foreign exchange risk 外汇敞口exposure营业日working day交割日value date当日交割V AL TOD隔日交割V AL TOM标准交割日V AL SP掉期率swap rate升水at premium贴水at discount平价at parity初始保证金initial margin维持保证金maintenance margin 变动保证金variation margin保证金催付margin call逐日盯市制marking to market市价指令market order限价指令limit order到价指令stop order开放式指令open order*交易风险transaction exposure *转换风险transition exposure *经营风险operation risk搭配matching 组对pairing提前与延期收付法leading and lagging直接套汇direct arbitrage间接套汇indirect arbitrage*套利interest arbitrage抛补套利covered interest arbitrage买入对冲long hedge卖出对冲short hedge买空go long卖空go short*看涨期权call options*看跌期权put options履约价格strike price期权费premium外汇交易所exchange bourse*外汇期货foreign exchange future外汇市场foreign exchange market*外汇期权foreign exchange options 非抛补套利uncovered interest arbitrage *套汇arbitrage*择期交易optional forward transaction *即期外汇交易spot exchange market*远期外汇交易forward exchange transaction银行间外汇市场interbank market*借款—即期—投资法borrow-spot-invest (BSI)*掉期交易swap transaction1 The foreign exchange market is where currencies are bought and sold.外汇市场是进行外汇交易的场所。