国际金融考试重点

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1、Acredititem(measuredwithapositivesign)isanitemforwhichthecountrymustbepaid.贷（资金流入）surplus顺差deficit逆差Adebititem（measuredwithanegativesign）isanitemforwhichthecountrymustpay.借（资金流出）Ausresidentincreasinghisholdingofaforeignfinancialasset.Debit-Aforeignres

2、identincreasingherholdingofausfinancialasset.Credit+Ausresidentdecreasingherholdingofaforeignfinancialasset.Credit+Aforeignresidentdecreasinghisholdingofausfinancialasset.Debit-Thespotexchangerateisthepricefor“immediate”change.基期汇率Theforwardexchangera

3、teisthepricesetnowforanexchangethatwilltakeplacesometimeinthefuture.远期汇率Bandwagon从众效应Thetradingdonewithcustomersiscalledtheretailpartofthemarket.与客户交易的零售市场Thetradingdonebetweenthebanksactiveinthemarketiscalledtheinterbankpartofthemarket.银行间交易的银行市场Thee

4、xpecteduncoveredinterestdifferential（EUD）EUD=EUD=Expectedappreciation+Fixedexchange-ratesystem固定汇率（candeclareanarrowband允许小浮动）Arbitrage,theprocessofbuyingandsellingtomakeanearlyriskless(几乎没风险)pureprofit,ensuresthatratesindifferentlocationsareessential

5、lythesame,andthatratesandcross0ratesarerelatedandconsistentamongthemselves.（无风险）套利Hedgingapositionexposedtoraterisk,hereexchange-raterisk,istheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.对冲Speculating,istheactoftaking

6、anetassetposition”long”oranetliabilityposition‘short’insomeassetclass,hereaforeigncurrency.投机Donotconfusetheforwardratewiththefuturespotrate,thespotratethatendsupprevailing90daysfromnow.远期汇率与未来基期汇率不同Infinancialjargon,hedgingmeansreducingbothkindsof‘op

7、en’positionsinaforeigncurrency_bothlongpositionsandshortpositions.对冲包括买入过多和卖出过多Absolutepurchasingpowerparity绝对购买力评价P=e·Pfe=P/PfRelativepurchasingpowerparity相对购买力评价differencebetweenchangesovertimeinproduct-pricelevelsintwocountrieswillbeoffsetbythechan

8、geintheexchangerateoverthistime.MoneyandPPPcombined货币模型Each1percentriseinthedomesticmoneysupplyEach1percentdropintheforeignmoneysupplyEach1percentdropindomesticrealGDPYEach1percentriseinforeignGDPThespecialdrawingright(SDR)特别提款权ofU.S$0.66plus0