国际金融复习提纲.docx

国际金融复习提纲.docx

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国际金融复习提纲

OutlineforReviewingInternationalFinance（2013）

TheStructureofExaminationPaper

1.MultipleChoice（30×1,30points）

2.DefinitionofTerms（5×4,20points）

3.ShortAnswer（3×10,30points）

4.Calculation（2×10,20points）

OutlineforReviewing

MultipleChoice

CoverallChapters

DefinitionofTerm

Chapter12:

balanceofpaymentsaccounting,currentaccountbalance，officialsettlementsbalance，nationalsaving

balanceofpaymentsaccounting:

国际收支会计accountingrecordofallmonetarytransactionsbetweenacountryandtherestoftheworld

Currentaccountbalance（exportsminusimports）:

经常项目差额netexpenditurebyforeignersondomesticgoodsandservices.

Theofficialsettlementsbalance:

官方结算差额isthenegativevalueofofficialinternationalreserveassets,anditshowsacentralbank’sholdingsofforeignassetsrelativetoforeigncentralbanks’holdingsofdomesticassets.

Thebookkeepingoffsettothebalanceofofficialreservetransaction.

Nationalsaving=nationalincome（Y）thatisnotspentonconsumption（C）orgovernmentpurchases（G）.

Chapter13:

appreciation,exchangerate,realrateofreturn,forwardexchangerate,spotexchangerate,interestparitycondition,vehiclecurrency

Appreciationisanincreaseinthevalueofacurrencyrelativetoanothercurrency.

Exchangerate:

Thepriceofonecurrencyintermsofanotheriscalledanexchangerate.

Therealrateofreturn:

Theexpectedrateofreturnthatsaversconsiderindecidingwhichassetstoholdistheexpectedrealrateofreturn,thatis,therateofreturncomputedbymeasuringassetvaluesintermsofsomebroadrepresentativeofproductsthatsaversregularlypurchase.

forwardexchangerates:

Foreignexchangedealssometimesspecifyavaluedatefartherawaythantwodays30days,90days,180days,orevenseveralyears.Theexchangeratesquotedinsuchtrans-actionsarecalledforwardexchangerates.

Theforeignexchangetransactionswehavebeendiscussingtakeplaceonthespot:

twopar-tiesagreetoanexchangeofbankdepositsandexecutethedealimmediately.Exchangeratesgoverningsuch"on-the-spot"tradingarecalledspotexchangerates,andthedealiscalledaspottransaction.

Interestparitycondition:

Interestparityimpliesthatdepositsinallcurrenciesareequallydesirableassets.

Interestparityimpliesthatarbitrageintheforeignexchangemarketisnotpossible.

vehiclecurrency:

周转货币Becauseofitspivotalroleinsomanyforeignexchangedeals,thedollarissometimescalledavehiclecurrency

Chapter14:

aggregatemoneydemand,moneysupply,exchangerateovershooting,

Aggregatemoneydemand:

货币总和需求aggregatemoneydemandisthetotaldemandformoneybyallhouseholdsandfirmsintheeconomy.isjustthesumofalltheeconomy’sindividualmoneydemands.

Moneysupply:

thetotalstockofmoneyintheeconomy;currencyheldbythepublicplusmoneyinaccountsinbanks

Exchangerateovershooting:

theexchangerateissaidtoovershootwhenitsimmediateresponsetoadisturbanceisgreaterthanitslong-runresponse.

Chapter15:

Fishereffect,lawofoneprice,nominalinterestrate,purchasingpowerparity（PPP）,realexchangerate,relativePPP

Fishereffect:

describestherelationshipbetweennominalinterestratesandinflation.

Lawofoneprice:

thelowofonepricestatesthatincompetitivemarketsfreeoftransportationcostsandofficialbarrierstotrade（suchastariffs）,identicalgoodssoldindifferentcountriesmustsellforthesamepricewhentheirpricesareexpressedintermsofthesamecurrency.

Nominalinterestrate:

名义利率Aninterestrateiscallednominalifthefrequencyofcompounding（e.g.amonth）isnotidenticaltothebasictimeunit（normallyayear）.

Purchasingpowerparity（PPP）:

thetheoryofpurchasingpowerparitystatesthattheexchangeratebetweentwocountries’currenciesequalstheratioofthecountries’pricelevels.

Realexchangerate:

therateofexchangeforgoodsandservicesacrosscountries

RelativePPP:

statesthatthepercentagechangeintheexchangeratebetweentwocurrenciesoveranyperiodequalsthedifferencebetweenthepercentagechangesinnationalpricelevels.

Chapter16:

AAschedule,inflationbias,aggregatedemand,J-curve,DDschedule,pass-through

AAschedule:

ThescheduleofexchangerateandoutputcombinationsthatareconsistentwithequilibriuminthedomesticmoneymarketandtheforeignexchangemarketiscalledtheAAschedule.

inflationbias:

Referstothedifferencebetweenthemeanvalueandthetargetvalueofinflationaccordingtothecirculationbythebasicmodel.

DDschedule:

Thecurveshowsallcombinationsofoutputandtheexchangerateforwhichtheoutputmarketisinshortrunequilibrium.

pass-through:

Thepercentagefromtheexchangeratetoimportpricesbywhichimportpricesrisewhenthehomecurrencydepreciatesby1percent.

Chapter17:

balanceofpaymentscrisis,bimetallicstandard,capitalflight,devaluation,goldexchangestandard,goldstandard,imperfectassetsubstitutability,managedfloatingexchangerates,perfectassetsubstitutability,reservecurrency,revaluation,riskpremium,self-fulfillingcurrencycrises,sterilizedforeignexchangeintervention,

balanceofpaymentscrisis:

Whenacentralbankdoesnothaveenoughofficialinternationalreserveassetstomaintainafixedexchangerate,abalanceofpaymentscrisisresults.

bimetallicstandard:

thevalueofcurrencyisbasedonbothsilverandgold.

capitalflight:

financialcapitalisquicklymovedfromdomesticassetstoforeignassets

devaluation:

adevaluationoccurswhenthecentralbankraisesthedomesticcurrencypriceofforeigncurrency

goldexchangestandard:

halfwaybetweenthegoldstandardandapurereservecurrencystandardisthegoldexchangestandard

goldstandard:

goldactsasofficialinternationalreservesthatallcountriesusetomakeofficialinternationalpayments.

imperfectassetsubstitutability:

Ingeneral,foreignanddomesticassetsmaydifferintheamountofriskthattheycarry:

theymaybeimperfectsubstitutes.

managedfloatingexchangerates:

systeminwhichgovernmentsmayattempttomoderateexchangeratemovementswithoutkeepingexchangeratesrigidlyfixed.

perfectassetsubstitutability:

thekeyfeatureofourmodelthatleadstotheseresultsistheassumptionthattheforeignexchangemarketisinequilibriumonlywhentheexpectedreturnsondomesticandforeigncurrencybondsarethesame.

reservecurrency:

onecurrencyactsasofficialinternationalreserves.

Revaluation:

arevaluationoccurswhenthecentralbanklowerthedomesticcurrencypriceofforeigncurrency

riskpremium:

defaultriskandexchangeraterisk

self-fulfillingcurrencycrises:

Expectationsofabalanceofpaymentscrisisonlyworsenthecrisisandhastendevaluationthatoccurinsuchcircumstancesoftenarecalledself-fulfillingcurrencycrises.

sterilizedforeignexchangeintervention:

centralbankssometimescarryourequalforeignanddomesticassettransactionsinoppositedirectionstonullifytheimpactoftheirforeignexchangeoperationsonthedomesticmoneysupply.thistypeofpolicyiscalledsterilizedforeignexchangeintervention

Chapter18:

externalbalance,internalbalance,expenditure-changingpolicy,price-specie-flowmechanism,expenditure-switchingpolicy

externalbalance:

Acountry’scurrentaccountisneithersodeeplyindeficitthatthecountrymaybeunabletorepayitsforeigndebtsinthefuturenorsostronglyinsurplusthatforeignersareputinthatposition.

Internalbalance:

Thefullemploymentofacountry’sresourcesanddomesticpricelevelstability.

expenditure-changingpolicy:

Changingsocialneedsortotalexpenditurelevelofthenationaleconomypolicy,whosepurposeistochangeaggregatedemandtochangethedemandforforeigngoods,servicesandfinancialassets,andachievethebalanceofpaymentsadjustment.

price-specie-flowmechanism:

Undertheinternationallycommonpracticeofthegoldstandard,acountry'sinternationalbalanceofpaymentscankeepequilibriumautomaticallybythefluctuationsofcommoditypriceandtheoutputorinputofgold.

expenditure-switchingpolicy:

Thepolicieswhichcanaffecttheinternationalcompetitivenessofcommoditiesandtoincreasetheirincomerelativetospendingbychangingthespendingstructure.

Chapter19:

　destabilizingspeculation

destabilizingspeculation：

itmeansthatifforeignexchangetraderssawthatacurrencywasdepreciating,itwasargued,theymightsellthecurrencyintheexpectationoffuturedepreciationregardlessofthecurrency‘slonger-termprospects;andasmoretradersjumpedonthebandwagonbysellingthecurrency,theexpectationsofdepreciationwouldberealized.

Chapter20:

　monetaryefficiencygain,economicstabilityloss,optimumcurrencyareas

monetaryefficiencygain：

themonetaryefficiencygainfromjoiningthefixedexchangeratesystemequalsthejoiner’ssavingfromavoidingtheuncertainty,confusion,andcalculationandtransactioncoststhatarisewhenexchangeratesfloat.

economicstabilityloss：

theextrainstabilitycausedbythefixedexchangerateistheeconomicstabilityloss

fixedexchangeratesaremostappropriateforareascloselyintegratedthroughinternationaltradeandfactormovements.

ShortAnswer

Chapter13

1.TheEffectofChangingInterestRatesontheCurrentExchangeRate

Anincreaseintheinterestpaidondepositofacurrencycausesthatcurrencytoappreciateagainstforeigncurrencies.

Ariseindollarinterestratescausesthedollartoappreciateagainsttheeuro.

Ariseineurointerestratescausesthedollartodepreciateagainsttheeuro.

2.TheEffectofChangingExpectationsontheCurrentExchangeRate

Ariseintheexp