2024年2月18日发(作者：)

第二章

1. Balance of payments: The set of accounts recording all flow of value between a

nation's residents and the residents of the rest of the world during a period of

time.

2. International investment position: Complementing the balance of payments

accounts is a balance sheet called the international investment position.

第三章

1. Foreign exchange：Foreign exchange is the act of trading different nations’

moneys.

2. Exchange rate : An exchange rate is the price of one nation’s money in terms of

another nation’s money.

3. Spot exchange rate: The spot exchange rate is the price for “immediate”

exchange.

4. Forward exchange rate：The forward exchange rate is the price set now for an

exchange that will take place sometime in the future.

5. Foreign exchange swap外汇互换: A foreign exchange swap is a package trade

that includes both a spot exchange of two currencies and an agreement to the

reverse forward exchange of the two currencies.

6. Arbitrage: The process of buying and selling to make a (nearly) riskless pure profit.

7. Depreciation: Under the floating-rate system a fall in the market price of a

currency.

8. Appreciation: Under the floating-rate system a rise in the market price of a

currency.

9. Devaluation : A discrete official reduction in the otherwise fixed par value of a

currency.

10. Revaluation重估: The antonym describing a discrete raising of official par.

第四章

1. Exchange-rate risk : If the value of the person’s income, wealth, or net wealthy

changes when exchange rates unpredictably in the future.

2. Hedging : Hedging is the act of reducing or eliminating a net asset or net liability

position in the foreign currency.

3. Speculating: Speculating is the act of taking a net asset position (“long”) or a

net liability position (“short”) in some asset class, here a foreign currency.

4. Forward exchange contact: Forward exchange contact is an agreement to buy or

sell a foreign currency for future delivery at a price.

5. Forward exchange rate：It is the exchange rate at which a bank agrees to exchange

one currency for another at a future date when it enters into a forward contract

with an investor.

6. Currency futures: Currency futures are contracts that are traded on organized

exchange, by entering into a currency futures contract, you can effectively lock in

the price at which you buy or sell a foreign currency at a set date in the future.

7. Currency option : Currency option gives the buyer (or holder) of the option the

right, but not the obligation, to buy foreign currency (a call option) or to sell

foreign currency (a put option) at sometime in the future at a price set today.

8. Currency swap: Two parties agree to exchange flows of different currencies during

a specified period of time.

9. Covered international investment: Our pound liability in the forward contact

matches her pound asset position, so we have hedged her exposure to

exchange-rate risk. We have a hedged or covered international investment.

10. Uncovered international investment: We do not know for sure what this future

spot exchange rate will be, so her investment is exposed to exchange-rate risk.

This unhedged investment has a speculative element to it.

11. Covered interest arbitrage: It is buying a country's currency spot and selling that

country's currency forward, to make a net profit from the combination of the

difference in interest rates between countries and the forward premium on that

country's currency.

12. Covered interest parity: Since Keynes we have referred to the condition CD=0 as

covered interest parity.

13. Uncovered interest parity: When the expected uncovered differential equals zero（EDU=0）,at least for the average investor, we have a condition called

uncovered interest parity.

14. Capital controls: It is restrictions on the ability of financial investors to transfer

moneys in or out of the country.

第五章：

sing power parity：The concept of purchasing power parity contains our core

understanding of the relationship between product prices and exchange rates in the

long run.

of one price: Law of one price posits that a product that is easily and freely

traded in a perfectly competitive global market should have the same price

everywhere ,once the price at different places are expressed in the same currency.

te purchasing power parity：Posits that a basket or bundle of tradable

products will have the same cost in different countries if the cost is stated in the

same currency.

ve purchasing power parity: Posits that the difference between changes over

time in product-price levels in two countries will be offset by the change in the

exchange rate over this time.

ty theory equation：The quantity theory equation says that in any country the

money supply is equated with the demand for money, which is directly proportional

to the money value of gross domestic product.

ooting:The rapid large reaction of the current exchange rate to such news as a change in monetary policy is called overshooting

第六章

ge control：The county's government places some restrictions on use of the

foreign exchange market

l control: Place limits or require approvals for payments related to some (or

all)international financial activities

float: If government policy lets the market determine the exchange rate, the

rate is free to go wherever the market equilibrium is at that time.

al intervention: The monetary authority enters the foreign exchange market to

buy or sell foreign currency (in exchange for domestic currency) called official

intervention.

float（pessimistic)/Managed float(optimistic): A policy approach -an exchange

rate that is generally floating (or flexible )but with the government willing to

intervene to attempt to influence the market rate.

able peg: In the face of a substantial or "fundamental "disequilibrium in the

country's international position ,the government may change the pegged-rate value.

ng peg: The Peg value is changed often according to set off indicators or

according to the judgment of the government monetary authority.

ization: The authority separately takes another action to restore the

domestic money back into the economy.

ized intervention: The authority relying only on intervention to defend the

fixed rate.

第七章

1. Nationally optimal tax: If a country looms large enough to have power over the

world market rate of return, it can exploit this market power to its own

advantage, at the expense of other countries and the world as a whole.

2. Contagion: When a crisis hits one country, it often spreads and affects many

other countries.

3. Moral hazard: A large rescue package provides a bailout for lenders and

borrowers when a crisis hits. But if lenders and borrowers expect to be bailed

out, then they should worry less about the risk of a financial crisis. This leads

them to lend and borrow more than is prudent.