1、英文国金词汇和概要内容-金融学 天津财经Chapter 1 Key Terms 中文Asset: An asset is any one of the forms in which wealth can be held, such as money, stocks, factories, or government debt. Balance of payments accounting: Balance of payments accounting keeps track of both changes in a countrys indebtedness to foreigners and
2、 the fortunes of its export- and import-competing industries. Capital account: Certain activities resulting in transfers of wealth between countries are recorded in the capital account.Capital inflow: A transaction enters the financial account with a positive sign because the loan is itself a paymen
3、t to a country. Capital outflow: A transaction involving the purchase of an asset from foreigners is called capital outflow. Central bank: An economys central bank is the institution responsible for managing the supply of money. Consumption: The portion of GNP purchased by the private sector to fulf
4、ill wants is called consumption. Current account balance: The difference between exports of goods and imports of goods and services is known as the current account balance.Financial account: The financial account of the balance of payments records all international purchases or sales of financial as
5、sets. Financial inflow: A transaction enters the financial account with a positive sign because the loan is itself a payment to a country.Financial outflow: A transaction involving the purchase of an asset from foreigners is called financial outflow. Government budget deficit: Government budget defi
6、cit is defined as government expenditures minus government taxes (G-T). Government purchases: Any goods and services purchased by federal, state, or local governments are classified as government purchases. Gross domestic product (GDP): GDP is supposed to measure the volume of production within a co
7、untrys borders. Gross national product (GNP): GNP is the value of all final goods and services produced by its factor of production and sold on the market in a given time period. Investment: The part of output used by private firms to produce future output is called investment. Macroeconomics: The b
8、ranch of economics that studies how economies overall levels of employment, production, and growth are determined. Microeconomics: The branch of economics that studies the problem of making the best use of the worlds scarce productive resources at single point in time from the perspective of individ
9、ual firms and consumers. National income: The income earned in that period by its factors of production. National income accounting: National income accounting records all the expenditures that contribute to a countrys income and output. National saving: The portion of output is not devoted to house
10、hold consumption, or government purchases.Official foreign exchange intervention: Central banks transactions of buying or selling international reserves in private asset markets to affect macroeconomic conditions in their economies. Official international reserves: Official international reserves ar
11、e foreign assets held by central banks as a cushion against national economic misfortune. Official settlements balance (or balance of payments): The bookkeeping offset to the balance of official reserve transactions is called the Official settlements balance. Private saving: Private saving is define
12、d as the part of disposable income that is saved rather than consumed. CHAPTER 11. International macroeconomics is concerned with the full employment of scarce economic resources and price level stability throughout the world economy. Because they reflect national expenditure patterns and their inte
13、rnational repercussions, the national income accounts and the balance of payments accounts are essential tools for studying the macroeconomics of open, interdependent economics.2. A countrys gross national products(GNP) is equal to the income received by its factors of products. The national income
14、accounts divide national income according to the types of spending that generate it: consumption, investment, government purchases, and the current account balance .Gross domestic product (GDP), equal to GNP less net receipt of factor income from abroad, measures the output produced within a country
15、s territorial borders.3. In an economy closed to international trade, GNP must be consumed, invested, or purchased by the government. By using current output to build plant, equipment, and inventories, investment transforms present output into future output. For a closed economy, investment is the o
16、nly way to save in the aggregate, so the sum of the saving carried out by the private and public sectors, national saving must equal investment.4. In an open economy, GNP equals the sum of consumption, investment, government purchases, and net exports of goods and services. Trade does not have to be
17、 balanced if the economy can borrow from and lend to the rest of the world. The difference between the economys exports and imports, the current account balance, equals the difference between the economys output and its total use of goods and services.5. The current account also equals the countrys
18、net lending to foreigners. Unlike a closed economy, an open economy can save by domestic and foreign investment. National saving therefore equals domestic investment plus the current account balance.6. Balance of payments accounts provide a detailed picture of the composition and financing of the cu
19、rrent account. All transactions between a country and the rest of the world are recorded in its balance of payments accounts. The accounts are based on the convention that any transaction resulting in a payment to foreigners is entered with a minus sign while any transaction resulting in a receipt f
20、rom foreigners is entered with a plus sign.7. Transactions involves goods and services appear in the current account of the balance of payments, while international sales or purchases of assets appear in the financial account. The capital account records assets transfers and tends to be small for th
21、e United States. Any current account deficit must be matched by an equal surplus in the other two accounts of the balance of payments, and any current account surplus by a deficit somewhere else. This feature of the accounts reflects the fact that discrepancies between export earnings and import exp
22、enditures must be matched by a promise to repay the difference, usually with interest, in the future.8. International asset transactions carried out by central banks are included in the financial account. Any central bank transaction in private markets for foreign currency assets is called official
23、foreign exchange intervention. One reason intervention is important is that central banks use it as a way of altering the amount of money in circulation. A country has a deficit in its balance of payments when it is running down its official international reserves or borrowing from foreign central b
24、anks; it has a surplus in the opposite case. Chapter 2 Key Terms 中文Appreciation: A rise in one currencys price in terms of another currency-for example, from $1.50 per pound to $1.75 per pound-is a appreciation of the pound against the dollar.Arbitrage: Arbitrage is the process of buying a currency
25、cheap and selling it dear.Depreciation: Depreciation is a fall in one currencys price in terms of another currency.Exchange rate: The price of one currency in terms of another is called an exchange rate.Foreign exchange market: The market in which international currency trades take place is called f
26、oreign exchange market.Forward exchange rate: Foreign exchange deals sometimes specify a value date farther away than two days30days, 90days, 180days, or even several years. The exchange rates quoted in such transactions are called forward exchange rates.Interbank trading: Foreign currency trading a
27、mong bankscalled interbank trading.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.Interest rate: The rate of return on a deposit of a particular currency is the
28、currencys interest rate。Liquidity: Liquidity is the ease with which the asset can be sold or exchanged for goods.Rate of appreciation: The expected rate of depreciation of the euro against the dollar is approximately the expected rate of appreciation of the dollar against the euro, that is, the expe
29、cted rate of depreciation of the dollar against the euro with a minus sign in front of it.Rate of depreciation: The percentage increase in the one currency/another currency exchange rate over a year.Rate of return: The percentage increase in value it offers over some time period.Real rate of return:
30、 The rate of return computed by measuring asset values in terms of some broad representative basket of products that savers regularly purchase.Risk: Risk is the variability it contributes to savers wealth. An assets real return is usually unpredictable and may turn out to be quite different from wha
31、t savers expect when they purchase the asset Spot exchange rate: Exchange rates governing such “on-the-spot” trading are called spot exchange rate.Vehicle currency: A vehicle currency is one that is widely used to denominate international contracts made by parties who do not reside in the country th
32、at issues the vehicle currency.CHAPTER 21. An exchange rate is the price of one countrys currency in terms of another countrys currency. Exchange rate plays a role in spending decisions because they enable us to translate different countrys prices into comparable terms. All else equal, a depreciatio
33、n of a countrys currency against foreign currencies (a rise in the home currency price of foreign currencies) makes its exports cheaper and its imports more expensive. An appreciation of its currency (a fall in the home currency prices of foreign currencies) makes its export more expensive and its i
34、mports cheaper.2. Exchange rates are determined in the foreign exchange market. The major participants in that market are commercial banks, international corporations, nonblank financial institutions, and national central banks. Commercial banks play a pivotal role in the market because they facilit
35、ate the exchanges of interest-bearing bank deposits that make up the bulk of foreign exchange trading. Even though foreign exchange trading takes place in many financial centers around the world, modern telecommunication technology links those centers together into a single market that is open 24 ho
36、urs a day. A important category of foreign exchange trading is forward trading, in which parties agree to exchange currencies on some future date at a prenegotiated exchange rate. In contrast, spot trades are (for practical purposes) settled immediately.3. Because the exchange rate is the relative p
37、rice of two assets, it is more appropriately thought of as being an asset price itself. The basic principle of asset pricing is that an assets current value depends on its expected future purchasing power. In evaluating an asset, savers look at the expected rate of return it offers, that is, the rat
38、e at which the value of an investment in the asset is expected to rise over time. It is possible to measure an assets expected rate of return in different ways, each depending on the units in which the assets value is measured. Savers care about an assets expected real rate of return, the rate at wh
39、ich its value expressed in terms of a representative output basket is expected to rise.4. When relative asset returns are relevant, as in the foreign exchange market, it is appropriate to compare expected changes in assets currency values, provided those values are expressed in the same currency. If
40、 risk and liquidity factors do not strongly influence the demands for foreign currency assets, participants in the foreign exchange market always prefer to hold those assets yielding the highest expected rate of return.5. The returns on deposits trade in the foreign exchange market depend on interes
41、t rate and expected exchange rate changes. To compare the expected rates of return offered by dollar and euro deposits, for example, the return on euro deposits must be expressed in dollar terms by adding to the euro interest rate the expected rate of depreciation of the dollar against the euro(or r
42、ate of appreciation of the euro against the dollar) over the deposits holding period.6. Equilibrium in the foreign exchange market requires interest parity; that is, deposits of all currencies must offer the same expected rate of return when returns are measured in comparable terms.7. For given inte
43、rest rates and a given expectation of the future exchange rate, the interest parity condition tells us the current equilibrium exchange rate. When the expected dollar return on euro deposits exceeds that on dollar deposits, for example, the dollar immediately depreciates against the euro. Other thin
44、gs equal, a dollar depreciation today reduces the expected dollar return on euro deposits by reducing the depreciation rate of the dollar against the euro expected for the future. Similarly, when the expected return on euro deposits is below that on dollar deposits, the dollar must immediately appre
45、ciate against the euro. Other things equal, a current account appreciation of the dollar makes euro deposits more attractive by increasing the dollars expected future depreciation against the European currency.8. All else equal, a rise in dollar interest rates causes the dollar to appreciate against
46、 the euro while a rise in euro interest rate causes the dollars to depreciate against the euro. Todays exchange rate is also altered by changes in its expected future level. If there is a rise in the expected future level of the dollar/euro rate, for example, then at unchanged interest rates todays
47、dollar/euro exchange rate will also rise. Chapter 3 Key Terms 中文Aggregate money demand: Aggregate money demand is the total demand for money by all households and firms in the economy. Deflation: The falling of Economys price level is called deflation. Exchange rate overshooting: Exchange rate overs
48、hooting is the phenomenon that the exchange rate overshoots when its immediate response to a disturbance is greater than its long-run response. Inflation: The rising of Economys price level is called inflation. Long run: The long run is the time in which an economic event allows for the complete adj
49、ustment of the price level and for full employment of all factors of production. Long-run equilibrium: An economys Long-run equilibrium is the position it would eventually reach if no new economic shocks occurred during the adjustment to full employment. Money supply: Money supply is referred to the monetary aggregate the Federal Reserve calls M1,that is the total amount of currency and checking deposits held by households and firms. Price level: The economys price level is the price of a broad reference basket of goods and services in terms of currency
