(31)--8.2国际经济学双语讲稿.docx

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1、批注李1：使国际经济学成为一门独特学科的因素之 一是不同国家货币记账单位的存在。在美国，物价和货 币是用美元来衡量的，而人民币是中国的计价单位。Pl Among the factors that make international economics a distinct subject is the existence of different national monetary units of account. In the United States, prices and money are measured in terms of the dollar, whereas the

2、RMB represents Chinas unit of account.|Before China importers can purchase commodities from U.S. exporters, they must first purchase dollars to meet their international obligation. Some institutional arrangements are required that provide an efficient mechanism whereby monetary claims can be settled

3、 with a minimum of inconvenience to both parties. Such a mechanism exists in the form of the foreign exchange market. In this section, we will examine the nature and operation of this market.P2 The foreign exchange market refers to the organizational setting within which individuals, businesses, gov

4、ernments, and banks buy and sell foreign currencies and other debt instruments. Only a small fraction of daily transactions in foreign exchange actually involve the trading of currency. Most foreign exchange transactions involve the transfer of electronic balances between commercial banks or foreign

5、 exchange dealers.The foreign exchange market is by far the largest and most liquid market in the world.The foreign exchange market is dominated by four currencies: the U.S. dollar, the euro, the Japanese yen, and the British pound. Three of the largest foreign exchange markets in the world are loca

6、ted in London, New York, and Tokyo.P3 A typical foreign exchange market functions at three levels: first, in transactions between commercial banks and their commercial customers who are the ultimate demanders and suppliers of foreign exchange; second, in the domestic interbank market conducted throu

7、gh brokers; and the third, in active trading in foreign exchange with banks overseas.By far; most of currency trading is based on speculation in which traders purchase and sell for short-term gains based on minute-to-minute, hour-to-houi; and day-to-day price fluctuations. Estimates are that specula

8、tion accounts for about 90 percent of the daily trading activity in the foreign exchange market.P4 Most daily newspapers publish foreign exchange rates for major currencies. The exchange rate is the price of one currency in terms of another; for example, the number of RMB yuan required to purchase 1

9、 U.S. dollar ($). In short hand notation, ER equals to yuan per dollar; where ER is the exchange rate. If ER equals to 6, then Zpurchasing one dollar will require 6 yuan.An exchange rate determined by free market forces can and does change frequently. When the RMB price of dollar increases, for exam

10、ple, from 6 yuan a dollar to 7yuan a dollar, the RMB has depreciated relative to the U.S. dollar. Currency depreciation means that it takes more units of a nations currency to purchase a unit of some foreign currency.P5 Conversely, Currency appreciation means that it takes fewer units of a nations c

11、urrency to purchase a unit of some foreign currency.批注李2:中国进口商在向美国出口商购买商品之前， 必须首先购买美元，以履行其国际义务。所以我们需要 做出一些体制安排，提供一种有效的机制，使货币需求 能够在对双方造成最少不便的情况下得到满足。这种机 制是以外汇市场的形式存在的。在这一部分，我们将研 究这个市场的性质和运作。批注李3:外汇市场是指个人、企业、政府和银行买卖 外汇和其他债务工具的一种组织安排。在外汇的日常交 易中，实际上只有一小部分涉及现金交易。大多数外汇 交易涉及商业银行或外汇经纪人之间的电子余额交易。批注李4:外汇市场是目前

12、世界上最大、最具流动性的 市场。外汇市场中最主要的四种货币是:美元、欧元、 日元和英镑。世界上最大的三个外汇市场位于伦敦、纽 约和东京。批注李5: 一个典型的外汇市场可分为三个层次:一是 商业银行与其商业客户之间的交易，商业客户是外汇的 最终需求者和供应者二是在国内银行间市场通过经纪 人进行交易;三是与境外银行间的外汇交投活跃交易。批注李6:到目前为止，大多数的外汇交易都是基于投 机，即交易者根据每分钟、每小时和每天的价格波动进 行买卖以获取短期收益。据估计，投机活动约占外汇市 场每日交易活动的90%o批注李刀:大多数报刊都会刊登主要货币的汇率。汇率 是一种货币以另一种货币表示的价格，例如，购

13、买一美 元($)需要人民币的数量。简记为，ER=/$, ER表示 人民币兑美元的汇率。如果ER等于6,那么购买1美 元需要6元。批注李8:通常，汇率由自由市场力量决定且经常变动， 当美元的人民币价格上升时，例如，从6元人民币一美 元到7元人民币一美元，人民币相对于美元贬值。货币 贬值意味着一国需要更多的货币单位来购买某种外币。批注李9:相反，货币升值意味着一个国家用更少的货 币单位来购买某种外币。Most tables of exchange rate quotations express currency values relative to the U.S. dollar, regardl

14、ess of the country where the quote is provided. So, the exchangerate between any two currencies can be derived from the rates of some two currencies in terms of a third currency (for example the dollar). The resulting rate is called the cross exchange rate.P6 What determines the equilibrium exchange

15、 rate in a free market? Let us consider the exchange rate from the perspective of the United States, that is, in dollars per unit of foreign currency. Like other prices, the exchange rate in a free market is determined by both supply and demand conditions.A nations demand for foreign exchange is a d

16、erived demand; driven by foreigner demand for domestic goods and assets such as bank accounts, stocks, bonds, and real property. It corresponds to the debit items on a countrys balance of payments. The U.S. demand for pounds may stem from its desire to import British goods and services, to make inve

17、stments in Britain, or to make transfer payments to residents in Britain. Like most demand schedules, the U.S. demand for pounds varies inversely with its price.P7 (FIGURE 8.1) frhis relation is depicted by demand line D in Figure 8.1. As the dollar depreciates against the pound, that is, the dollar

18、 price of the pound raises, British goods and services become more expensive to U.S. importers. This is because more dollars are required to purchase each pound needed to finance the import purchases. The higher exchange rate reduces the number of imports bought, lowering the number of pounds demand

19、ed by U.S. residents. In like manner; an appreciation of the U.S. dollar relative to the pound would be expected to induce larger import purchases and more pounds demanded by U.S. residents.P8+P7(FIGURE 8.1) The supply of foreign exchange refers to the amount of foreign exchange that will be offered

20、 to the market at various exchange rates, all other factors held constant. The supply of pounds, for example, is generated by the desire of British residents and businesses to import U.S. goods and services, lend funds and make investments in the United States, repay debts owed to U.S. lenders, and

21、extend transfer payments to U.S. residents. In each of these cases, the British offer pounds in the foreign exchange market to obtain the dollars they need to make payments to U.S. residents.The supply of pounds is denoted by line S in Figure 8.1. The schedule represents the number of pounds offered

22、 by the British to obtain dollars with which to buy U.S. goods, services, and assets. It is depicted in the figure as a positive function of the U.S. exchange rate. As the dollar depreciates against the pound, the British will be inclined to buy more U.S. goods. The reason, of course, is that at hig

23、her dollar prices of pounds, the British can get more U.S. dollars and hence more U.S. goods per British pound. American goods become cheaper to the British who are induced to purchase additional quantities. As a result, more pounds are offered in the foreign exchange market to buy dollars to pay U.

24、S. exporters.批注李io：大多数汇率报价都用相对于美元的货币价 值表示，而不管报价是由哪个国家提供的。任意两种货 币之间的汇率可以由这两种货币与第三种货币（例如美 元）之间的汇率得出。由此产生的汇率称为交叉汇率。批注李1口：什么决定了自由市场中的均衡汇率?我们 从美国的角度来分析汇率问题，即每单位外币的美元价 格。和其他价格一样，自由市场的汇率是由供求条件决 定的。批注李12: 一个国家对外汇的需求是一种派生需求， 受外国人对国内商品和资产（如银行账目、股票、债券 和房地产）需求的驱动。它对应一个国家国际收支平衡 表上的借方项目。美国对英镑的需求可能源于其对进口 英国商品和服务、在

25、英国投资或向英国居民转移支付的 意愿。与大多数需求一样，美国对英镑的需求与价格成 反比。批注李13:图8.1中的需求线D描述了这种（反向） 关系。随着美元对英镑贬值，也就是说，英镑的美元价 格上升，英国的商品和服务对美国进口商来说变得更加 昂贵。这是因为进口商品所需的每一英磅都需要花费更 多的美元。较高的汇率降低了进口商品的购买量，降低 了美国居民对英镑的需求。同样，美元兑英镑升值也会 促使美国扩大进口，增加美国居民对英镑的需求。批注李14:外汇供给是指在其他因素保持不变的情况 下，在各种不同汇率下向市场提供的外汇数量。例如， 英国居民和企业希望进口美国商品和服务，或向美国提 供贷款和投资，或

26、偿还欠美国贷款机构的债务，又或者 向美国居民提供转移支付，从而产生了英镑的供应。在 每一种情况下，英国都在外汇市场上提供英镑，以获取 支付给美国居民所需的美元。批注李15:英镑的供给用图8.1中的行S表示。该曲 线表示英国为获得美元而提供的用于购买美国商品、服 务和资产的英镑数量。如图所示，它是美元汇率的一个 正函数。随着美元对英镑贬值，英国人将倾向于购买更 多的美国商品。当然，原因是在英镑的美元价格较高的 情况下，英国人可以用每一英镑换取更多的美元，因此 得到更多的美国商品。美国商品对英国人来说变得便宜 所以英国人会购买更多。因此，为购买更多美兀来 支付给美国出口商，外汇市场供给更多的英镑。

27、As long as monetary authorities do not attempt to stabilize exchange rates or moderate their movements, the equilibrium exchange rate is determined by the market forces of supply and demand. In Figure 8.1, exchange market equilibrium occurs at point E, where S and D intersect. Three billion pounds w

28、ill be traded at a price of 2 dollar per pound. The foreign exchange market is precisely cleared, leavingneither an excess supply nor an excess demand for pounds.本节课关于汇率和汇率决定的内容就讲到这里，感谢观看。批注李16:只要货币当局不试图固定汇率或缓和汇率 的波动，均衡汇率就由市场供求关系决定。在图8.1中， 外汇市场均衡发生在S和D的交点Eo市场均衡数量为 30亿英镑，均衡价格为每磅2美元。外汇市场出清， 既没有英镑的过剩供给，也没有过剩需求。