2021年国际金融复习资料.pdf

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1、-.word.zl-国际金融复习资料1.名词解释（1）Balance of payments 国际收支平衡表：是记录特定时期一国居民与他国居民之间所有价值转移的一组账户（2）Credit item贷方工程：指一国必须得到支付的工程（3）Debit item 借方工程：指一国必须支付的工程（4）Goods and services balance货物及效劳差额：将货物及效劳的进出口的所有工程加总，衡量了一国的净出口也称为贸易差额（5）Spot exchange rate 即期汇率：是指即进展交割的货币价格（6）Forward exchange rate 远期汇率：是指交易双方在当前对于将来发生的

2、外汇买卖，约定交割的货币价格（7）Floating exchange-rate system浮动汇率制：外汇的即期价格由市场决定，由货币的私人需求曲线和供给曲线的交点决定，市场通过价格机制出清（8）Fixed exchange-rate system固定汇率制：是另一种主要的汇率制度，这一汇率与当前的均衡汇率有所偏差，官方也会尽力保持汇率根本不变（9）Arbitrage套汇：是一种通过买入和卖出，几乎没有任何风险的获得净利润的操作（10）Hedging套期保值：是指减少或消除持有外币净资产或净负债头寸的行为（11）Speculating投机：是指获取某种资产的净资产头寸或净负债头寸，并企图在价

3、格波动中盈利的行为，这里的投机对象是外国货币（12）Forward exchange contract 远期外集合约：是买卖双方即期签订的以现在商定的某种价格，在未来某一天用一种货币兑换另一种货币的协议|精.|品.|可.|编.|辑.|学.|习.|资.|料.*|*|*|*|欢.|迎.|下.|载.第 1 页，共 14 页-.word.zl-（13）Covered interest parity 抵补利率平价：一国货币的远期升水 贴水等于该国利率低于或高于另一国的利率的数额=投资于一种外币的总抵补收入等于投资于本币的总收入（14）Uncovered interest parity 无抵补利率平价：一

4、种货币的预期升值 贬值幅度和该国利率低于高于他国利率的差值一样=投资于一种外币的无抵补预期总收益等于投资于本币的总收益（15）Eurocurrency deposit欧洲货币存款：不受存款计值货币发行国政府管制的银行存款（16）Bandwagon顺势效应：认为汇率近期的变动趋势会继续，并且推断该趋势会持续至未来（17）Law of one price一价定律：认为一种商品如果能在完全竞争的国际市场上自由买卖，那么该种商品在不同地方使用同一种货币表示的价格应当相等（18）Absolute purchasing power parity 绝对购置力平价：指一组或一篮子可贸易产品在不同国家以同种货币

5、表示的价格是一样的（19）Relative purchasing power parity 相对购置力平价：指一段时间，两国间产品价格水平的差异会被同期汇率的变化抵消（20）Overshooting汇率超调：在短期汇率会被过度调整到超过长期均衡的水平，之后慢慢地回到该均平上（21）Clean float 清洁浮动：如果政府允许市场决定汇率，那么汇率会自由地移动到市场的均衡点（22）Dirty float 肮脏浮动：汇率根本上是浮动的，但同时政府又通过干预试图影响市场汇率|精.|品.|可.|编.|辑.|学.|习.|资.|料.*|*|*|*|欢.|迎.|下.|载.第 2 页，共 14 页文档编码:

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8、HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10

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12、4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4-.word.zl-（23）Adjusting peg可调整钉住：当一国的国际收支情况出现严重或“根底性失衡时，政府便会调整钉住汇率（24）Crawling peg爬行钉住：当一

13、国通货膨胀率相对较高时，仍坚持将本国产品的国际价格钉住一个低通货膨胀率国家的货币，就会严重违背购置力平价，并削弱本国产品的国际价格竞争力，一国仍愿意保持某种形式的钉住汇率，这或许是由于它认为浮动汇率的波动性太大（25）Gold standard 金本位制：以含金量作为各国币值定值依据（26）Rescue package 救援方案：受到金融危机冲击时，各国政府通常会寻求新的贷款组成求原方案，以帮助度过危机（27）Moral hazard 道德风险：当有人能够提供这种保险时，债券及债务双方便不再担忧金融危机，这样他们就会更多地借出和借入（28）Debt restructuring债务重组：指债务条

14、件的两种变化，债务延期，即在债务到期时，将偿债期延长至未来的某个时点，债务总金额维持不变，但借款人可以在更长时期偿债，债务削减，即减少债务总量（29）IS curve：说明了在保持国产品市场均衡的状态下国产出水平和利率的所有组合（30）LM curve：说明了在保持货币市场均衡的状态下，所有的产出水平和利率的组合（31）FE curve：说明了一国国际收支平衡时的所有利率和产出水平的组合2.课后习题（1）“A country is better off running a current account surplus rather than a current account deficit

15、 Do you agree or disagree?Explain.|精.|品.|可.|编.|辑.|学.|习.|资.|料.*|*|*|*|欢.|迎.|下.|载.第 3 页，共 14 页文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4

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17、:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7

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21、1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10

22、I9F2J4J4-.word.zl-（2）“Consider a country whose assets are not held by other countries as official international reserve.If this country has a surplus in its official settlement balance,then the monetary authority of the country is decreasing its holdings of official reserve assets.Do you agree or di

23、sagree?Explain.2。不同意。一般而言，经常帐盈余的含义之一是该国出口比进口更多的商品和效劳。很容易判断，这是不好的现象。该国正在生产用于出口的商品和效劳，但该国并不能在同一时间获得能允许它有更多的消费和国投资所需商品和效劳的进口。这样的形势下，经常赤字可能被视为良好的。额外的进口允许该国在国的消费和投资比其目前的产出有更高的价值。经常帐盈余的另一个含义是该国从事外国金融投资是增加了对外国人索赔，这增加了国家财富。这听起来不错，但正如上文所指出，它的出现是以前面所提的当前国商品和效劳的购置为代价的。经常赤字是减少国家向外国人的索赔或增加其对外国人的债务。这听起来很糟糕，但它的出现伴

24、随着目前国支出水平较高的益处。在不同时间，不同国家对权衡这些本钱和收益的平衡都不同。我们不能简单地说，经常帐盈余要比经常帐赤字更好。（3）“Consider a country whose assets are not held by other countries as official international reserves.If this country has a surplus in its official settlements balance,then the monetary authority of the country is decreasing its hold

25、ing of official reserve assetsdo you agree or disagree?explain.4。不同意。如果一个国家有其官方结算盈余正值，那么其官方储藏资产余额值必须具有一样数额的负值结果为零。这项资产工程的负值意味着资金流出，以便为国家收购这些资产。因此，该国正增加其官方储藏资产的持有。（4）Which of the following transactions would contribute to a U.S.current account surplus?a.Boeing barters a$100million plane to Mexico in

26、exchange for$100million worth of hotel services on the Mexican cost.b.The United States borrows$100 million long-term from Saudi Arabia to buy$100 million of Saudi oil this year.c.The United States sells a$100million jet to Turkey,and Turkey pays by transferring the$100miliion from its bank account

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29、10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3

30、W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS1

31、0I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J

32、4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编

33、码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4-.word.zl

34、-d.A British investor buys$100million of IBM bonds from the previous U.S.owner of these bonds,and the British buyer pays by transferring the$100million from his bank account to the previous U.S.owner.（4）For each of the following changes(other things equal),has the value of the countrys current accou

35、nt balance increased(bee more positive or less negative),decreased(bee less positive or more negative),or stayed the same?a.Net foreign investment out of the country increases.b.Exports of goods and services increased by$10billion,and imports of goods and services increase by$10billion.c.National ex

36、penditures on goods and services(E)increase by$150billion,and production of goods and services(Y)increases by$100billion.d.To assist recovery from a foreigh disaster,the country gives a foreign transport authority a collection of transport equipment that has been produced in this(donor)country and t

37、hat is valued at$500million.a.CA=If.如果国外净投资增加，那么经常工程也增加。b.如果出口正值工程和进口负值工程都增加了100 亿美元，那么经常工程余额保持不变c.因为 CA=Y-E,因此 E 增加了 1500亿美元，而Y 只增加了 1000 亿美元，导致经常工程余额减少。d.运输设备属于货物的出口，因此在经常工程中为正值；而在单方面转移支付中，与其成对存在的一样数量为负值。因为这两个工程都包括在经常工程中，因此，经常工程余额保持不变。|精.|品.|可.|编.|辑.|学.|习.|资.|料.*|*|*|*|欢.|迎.|下.|载.第 5 页，共 14 页文档编码:

38、CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F

39、1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2

40、HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10

41、G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1

42、 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I

43、9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J

44、4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4-.word.zl-（5）You are given the following information a bout a countrys international tran

45、sactions during a year:Merchandise exports 商品出口$330 Merchandise imports 商品进口198 Service exports 劳务出口196 Service imports 劳务进口204 Ime flows,net 流量净额3 Unilateral transfers,net 单方面转移金额-8 Increase in the countrys holding of foreign assets,net 202(excluding official reserve assets)增加在该国的净外国资产Increase in f

46、oreign holding of the country s assets,net 102(excluding official reserve assets)增加在该国的本国资产Statistical discrepancy,net净统计误差4 a.Caculate the values of the countrys goods and services balance,current account balance 经常账户余额,and official settlements balance 官方储藏资产余额.Merchandise trade balance:$330-198=$1

47、32 Goods and services balance(商品和效劳余额):$330-198+196-204=$124 Current account balance 经常账户余额:$330-198+196-204+3-8=$119 Official settlements balance 官方储藏资产:$330-198+196-204+3-8+102-202+4=$23 b.What is the value of the change in official reserve assets(net)官方储藏资产?Is the country increasing or decreasing

48、 its net holding of official reserve assets?Change in official reserve assets(net)=-official settlements balance=-$23官方储藏资产 净值=-官方结算余额.该国正增加其官方储藏资产净值（6）What are the effects of each of the following on the U.S.international investment position?|精.|品.|可.|编.|辑.|学.|习.|资.|料.*|*|*|*|欢.|迎.|下.|载.第 6 页，共 14

49、页文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:

50、CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F1O8Y2 HO7A10G3C3W1 ZS10I9F2J4J4文档编码:CC6I7F