国际金融名词解释(清华版)

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2024年6月7日发(作者：)

1. Balance of payments accounting: A country’s balance of payments accounts

accounts for its payments to and its receipts from foreigners. An international

transaction involves two parties, and each transaction enters the accounts twice:

once as a credit (+) and once as a debit (-).

国际收支账户： 一国的国际收支账户，记录的是该过对外国的支付和从外

国获得收入的情况。任何导致对外国人进行支付的交易，都计入国际收支账户的

借方，并在前面加上一个负号（-）；任何导致从外国人那里获得收入的交易，都

计入借方，并加上一个正号（+）

2. Current account balance (exports minus imports): The difference between exports

of goods and services and imports of goods and services

经常项目余额：出口的商品和服务与进口的商品和服务之差

3. The official settlements balance: The bookkeeping offset to the balance of official

reserve transactions

官方结算余额：把用来抵消官方储备交易余额的登录，称为官方结算余额

4. National saving (S): The portion of output (Y), that is not devoted to household

consumption (C) , or government purchases (G).

国民储备：是国民收入（Y）中没有用于家庭消费（C）或政府购买（G）的

部分

5. Appreciation is an increase in the value of a currency relative to another currency.

升值：即以一种货币计价的另一种货币价格上升

6. Exchange rate: The price of one currency in terms of another is called an exchange

rate.

汇率：用一种货币去替换另外一种货币的价格

7. The real rate of return: The rate of return computed by measuring asset values in

terms of some broad representative of products that savers regularly purchase.

实际收益率：即用一些具有广泛代表性的、储蓄者经常购买的商品作为标准来计

量资产价值进而计算出的收益率

8. Forward exchange rates: The exchange rates quoted in the transactions which we

can specify a value date to exchange in the future.

远期汇率：外汇交易有时可以指定在未来一个时间上交割。这一时间可以长达

30天，90天，180天升值数年，这种交易中所报的汇价称为远期汇率

9. Spot Exchange rates: The exchange rates governing such "on-the-spot" trading are

called spot exchange rates

即期汇率：我们前面所讨论的外汇交易都是即期的：交易双方同意交换英航

存款，并立即交割，这种即期交易的汇率被称为即期汇率，这是发生的交易被称

为即期交易

10. Interest parity condition: The condition that the expected returns on deposits of

any two currencies are equal when measured in the same currency is called the

interest parity condition.

利率平价条件：用相同货币衡量的任意两种货币存款的预期收益率相等的条

件

11. Vehicle currency: Because of its pivotal role in so many foreign exchange deals,

the dollar is sometimes called a vehicle currency.

载体货币：因为美元在如此众多的外汇交易中发挥着中枢的作用，美元优势

也被称为载体货币

12. Aggregate money demand: aggregate money demand is the total demand for

money by all households and firms in the just the sum of all the

economy’s individual money demands.

货币总需求：至经济中所有家庭和企业对货币总的需求，及经济中所有的个人货

币需求之和.

13. Money supply: the total amount of currency and checking deposits held by

household and firms.

货币供给：是指联邦储备系统所称的货币总量，即M1，包括家庭和企业持

有的现金和支票存款总额

14. Exchange rate overshooting: the exchange rate is said to overshoot when its

immediate response to a disturbance is greater than its long-run response.

汇率超调：当汇率对于货币波动的即刻反应超过的额长期反应时，我们称之为货

币超调

15．Fisher effect: The long-run relationship between inflation and interest rates, a

rise in a country’s expected inflation rate will eventually cause an equal rise in the

interest rate that deposits of its currency offer. Similarly, a fall in the expected

inflation rate will eventually cause a fall in the interest rate.

费雪效应：在其他条件不变的情况下，若一国预期的同伙膨胀率上升，最终

会导致该国货币存款利率的同比例上升。同样，预期同伙膨胀率降低最终会导致

利率水平的下降

16．Law of one price: The low of one price states that in competitive markets free of

transportation costs and official barriers to trade(such as tariffs),identical goods sold

in different countries must sell for the same price when their prices are expressed in

terms of the same currency.

一价定律：在没有运输费用和官方贸易壁垒（例如关税）的自由竞争市场上，

同样的货物在不同国家出售，按同一货币计量的价格应该是一样的

17．Nominal interest rate: when we wish to differentiate a real exchange rate,

which is the relative price of two output baskets, from a relative price of two

currencies, we will refer to the latter as a nominal exchange rate. 名义利率：两种货

币的相对价格

18．Purchasing power parity(PPP): the theory of purchasing power parity states

that the exchange rate between two countries’ currencies equals the ratio of the

countries’ price levels.

购买力平价理论：两国货币的汇率等于两国价格水平之比。

19．Real exchange rate: the real exchange rate between two countries’ currencies is a

broad summary measure of the prices of one country’s goods and services relative to

the other’s.

实际汇率：两国货币之间的实际利率是已过商品和劳务价格相对于另一国商

品的劳务价格的一个概括性度量标准

20. Relative PPP: states that the percentage change in the exchange rate between

two currencies over any period equals the difference between the percentage

changes in national price levels.

相对购买力平价：在任何一点时间内，两种货币汇率变化的百分比将等于同

一时期两国国内价格水平变化的百分比之差

21. AA schedule: The schedule of exchange rate and output combinations that are

consistent with equilibrium in the domestic money market and the foreign

exchange market is called the AA schedule.

AA曲线：国内货币市场和外汇市场的均衡条件下的汇率和产出水平的组合

成为AA曲线。

22. Inflation bias: Refers to the difference between the mean value and the target

value of inflation according to the circulation by the basic model.

通货膨胀偏向：指根据基本模型的循环得出的平均价值和目标价值之间通货

膨胀的区别。

23. Aggregate demand: The amount of a country’s goods and services demanded by

households and firms throughout the world.

总需求：世界范围内的家庭和产商对一个国家的商品和劳务的需求总和。

24. J-curve: If the current account initially worsens after a depreciation, its time path

has an initial segment reminiscent of a J and therefore is called the J-curve.

J曲线：如果货币贬值后经常项目最初出现恶化，但随着时间的发展逐步改

善，其路径曲线的最初部分就会类似英文字母“J”，我们将其称为J曲线。

25. DD schedule: The curve shows all combinations of output and the exchange rate

for which the output market is in short run equilibrium.

DD曲线：DD曲线显示在资产市场所有产出和汇率的组合在短期均衡。

26. Pass-through: The percentage from the exchange rate to import prices by which

import prices rise when the home currency depreciates by 1 percent.

转嫁：当本币贬值1%时，进口产品的价格上涨的百分比被称为从汇率到进

口价格的转嫁。

27. Balance of payments crisis: When a central bank does not have enough official

international reserve assets to maintain a fixed exchange rate, a balance of payments

crisis results.

国际收支危机:当中央银行没有足够的官方国际储备资产来维持固定汇率，

其结果为国际收支危机。

28. Bimetallic standard: the value of currency is based on both silver and gold.

复本位制：货币同时以金和银为基础。

29. Capital flight: The reserve loss accompanying a devaluation scare

(Financial capital is quickly moved from domestic assets to foreign assets)

资本抽逃：基于贬值恐慌的储备流失

30. Devaluation: A devaluation occurs when the central bank raises the domestic

currency price of foreign currency.

本币币值下调：当中央银行提高了外币的本币价格E时，就称为本币币值下

调。

31. Gold exchange standard: halfway between the gold standard and a pure reserve

currency standard is the gold exchange standard

金汇兑本位制:介于金本位和纯粹的储备货币标准之间的是金汇兑本位制。

32. Gold standard: gold acts as official international reserves that all countries use to

make official international payments.

金本位制:黄金充当官方国际储备,所有国家官方用其来完成国际收支。

33. Imperfect asset substitutability: In general, foreign and domestic assets may

differ in the amount of risk that they carry: they may be imperfect substitutes.

资产的不完全替代：一般来说,外国和国内资产可能自身所附带的风险不同:

他们不能完成完全的资产置换

34. Managed floating exchange rates: system in which governments may attempt to

moderate exchange rate movements without keeping exchange rates rigidly fixed.

有管理的浮动汇率：政府可能会试图缓和汇率的波动但并不会使汇率完全固

定的体系

35. Perfect asset substitutability: the key feature of our model that leads to these

results is the assumption that the foreign exchange market is in equilibrium only

when the expected returns on domestic and foreign currency bonds are the same.

资产的完全替代：只有当本币债券与外币债券的预期收益一样时，外汇市场

才会均衡。

36. Reserve currency: one currency acts as official international reserves.

储备货币:充当官方国际储备的货币。

37. Revaluation: a revaluation occurs when the central bank lower the domestic

currency price of foreign currency

本币币值上调：当中央银行降低了外币的本币价格E时，就称为本币币值上

调。

38. Risk premium: The difference between the riskiness of domestic and foreign

bonds

风险升水：本币债券与外币债券的风险差异。

39. Self-fulfilling currency crises: Expectations of a balance of payments crisis only

worsen the crisis and hasten devaluation that occur in such circumstances often are

called self-fulfilling currency crises .

自我实现的货币危机：预期的国际收支危机反而加剧了危机和加速贬值,出

现在这种情况下通常被称为自我实现的货币危机

40. Sterilized foreign exchange intervention: Central banks sometimes carry our

equal foreign and domestic asset transactions in opposite directions to nullify the

impact of their foreign exchange operations on the domestic money supply . this

type of policy is called sterilized foreign exchange intervention

冲销性外汇干预：中央银行有时会进行数量相等但方向相反的国外资产和国

内资产交易，以抵消外汇交易对国内货币供给的影响。

41. External balance: A country’ s current account is neither so deeply in deficit

that the country may be unable to repay its foreign debts in the future nor so

strongly in surplus that foreigners are put in that position.

外部平衡：一国经常账户既没有陷入赤字危机而使得将来无法清偿外债，又

没有由于过度的盈余而使他国先入这种境地。

42. Internal balance: The full employment of a country’s resources and domestic

price level stability.

内部平衡：一国资源的充分利用和国内价格水平的稳定

43. Expenditure-changing policy: Changing social needs or total expenditure level of

the national economy policy, whose purpose is to change aggregate demand to

change the demand for foreign goods, services and financial assets, and achieve the

balance of payments adjustment.

支出-变动政策：不断变化的社会需求或国家经济政策的总开支水平,其目的

是改变总需求来改变对外国商品、服务和金融资产的需求,实现国际收支平衡调

整

44. Price-specie-flow mechanism: Under the internationally common practice of

the gold standard, a country's international balance of payments can keep

equilibrium automatically by the fluctuations of commodity price and the output or

input of gold.

物价-硬币-流动机制：在金本位制的国际惯例下,一个国家的国际收支平衡可

以通过大宗商品价格的波动和输出或输入的黄金自动保持平衡。

45. Expenditure-switching policy: The policies which can affect the international

competitiveness of commodities and to increase their income relative to spending by

changing the spending structure.

支出-转换政策：能够影响商品的国际竞争力的政策,而且通过改变支出结构

来增加他们的可支配收入。

46. Destabilizing speculation: It means that if foreign exchange traders saw that a

currency was depreciating, it was argued, they might sell the currency in the

expectation of future depreciation regardless of the currency’s longer-term prospects;

and as more traders jumped on the bandwagon by selling the currency, the

expectations of depreciation would be realized.

导致不稳定的投资：如果国际外汇交易商发现一种货币正在贬值，他们可能

不会关心这种货币的长期发展前景，而只要预期到这种货币还要贬值，就会将其

出售，当越来越多的外汇交易商来赶这股抛售的潮流时，对这种货币贬值的预期

将会成为事实。

ry efficiency gain：the monetary efficiency gain from joining the fixed

exchange rate system equals the joiner’s saving from avoiding the uncertainty,

confusion, and calculation and transaction costs that arise when exchange rates float.

货币效率收益：货币效率收益等于加入者所避免的汇率浮动带来的不确定性、

复杂性，以及结算与贸易成本等损失。

ic stability loss：the extra instability caused by the fixed exchange rate is

the economic stability loss

经济稳定性损失：固定汇率导致的额外的不稳定性。

m currency areas：Fixed exchange rates are most appropriate for areas

closely integrated through international trade and factor movements.

最优货币区：固定汇率最适用于通过国际贸易和要素流动而成为一体化的地

区。

本文标签： 货币汇率储备官方