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Chapter 12Balance of payments accounting : 国际收支平衡账户A detailed record of the composition of the current account balance and of the many transactions that finace it .国际收支账户是对经常项目的组成以及相关金融业务的详细记录。Capital account: 资本项目It recorded other activities resulting in transfers of wealth between countries .记录其他导致财富在国家间进行转移的活动。Capital inflow: 资本流入An increase in a nations liabilities to the sales of goods and services to foreigners . 向外国人销售商品或服务导致的金融项目贷方增加。Capital outflow : 资本流出An increase in a nations assets obtained from the purchase of goods and services from foreigners . 向外国人购买商品或服务导致的金融项目借方增加。Current account balance : 经常项目余额The difference between exports of goods and services and imports of goods and services.进出口商品或服务的差额。Financial account : 金融项目It records all international purchases or sales of financial assets . 记录所有金融资产的国际买卖状况的账户。Official foreign cxchange intervention : 官方外汇干预The official transactions that central banks buy or sell international reserves in private asset markets to affect macroeconomic conditions in their economies .中央银行在私人外汇市场上买卖国际储备以改变经济的宏观环境的交易。Official international reserves : 官方国际储备They are foreign assets held by central banks as a cushion against national economic misfortune.中央银行持有的外国资产,可以作为国民经济情况不利情况时的缓冲器。Official settlements balance (or balance of payments) : 官方结算余额（国际收支平衡）The bookkeeping offset to the balance of official reserve transactions .在会计上登记用来抵消官方储备交易余额的部分。Chaper 13Arbitrage : 套利The process of buying a currency cheap and selling it dear .通过对货币的贱买贵卖获得收益。Appreciation : 升值A increase in the value of monetary against the other countrys monetary due in changes in exchange rates .汇率的变动导致的相对于其他国家货币价值,该国货币价值的增加。Depreciation : 贬值A reduction in the value of monetary against the other countrys monetary due in changes in exchange rates .汇率的变动导致的相对于其他国家货币价值,该国货币价值的降低。Exchange rate : 汇率The value of one currency for the purpose of conversion to another.一种货币转换为另一货币的比值。Foreign exchange market : 外汇交易市场The market in which international currency trades take place .国际货币的交易场所。Forward exchange rate : 远期汇率The exchange rates quoted in foreign exchange which deals sometimes specify a future taransation date , are called forward exchange rates .在指定未来一个时间上交割的外汇交易中所报的汇价,称为远期汇率。Spot exchange rate : 即期汇率The exchange rates governing trading of bank deposits and execute the deal immediately ,are called spot exchange rate .在立即交换银行存款交易中的汇率,叫做即期汇率。Interest parity condition : 利率平价条件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 .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,被称为利率平价条件。Chapter 14Deflation : 通货紧缩An economy experiences deflation when its price level is falling .一个国家总体价格水平的下降。Inflation : 通货膨胀An economy experiences inflation when its price level is rising .一个国家总体价格水平的上升。Exchange rate overshooting : 汇率超调The exchange rate is said to overshoot when its immediate response to a disturbance is greater than its long-run response.当汇率对于货币波动的即刻反应超过了长期反应时,我们称之为汇率超调。Chapter 16 :AA schedule : AA曲线（资产）The schedule of exchange rate and output combinations that are consistern with equilibrium in the domestic money market and the foreign exchange market .国内货币市场和外汇市场均衡条件下的汇率和产出水平的组合叫做AA曲线。DD schedule : DD曲线（产出）The schedule of exchange rate and output combinations that are consistern with equality of aggregate demand and supply .总供给和总需求相等条件下的汇率和产出水平的组合叫做DD曲线。Fiscal policy : 财务政策The policy works through changes in government spending or texes . 通过改变政府开支或税收发挥作用的政策。Monetary policy : 货币政策The policy works through changes in money supply .通过改变货币供给发挥作用的政策。J-curve : J曲线The time lag with which real currency depreciation improves the current account. The current account is measured in terms of domestic output, and can drop quickly right after real currency depreciation because most import and export orders are placed several months in advance. In the first few months after the depreciation, export and import volumes therefore may reflect buying decisions that were made on the basis of the old real exchange rate.(chapter 16 -39题)Chapter 15 :Fisher effect : 费雪效应All else equal ,a rise in a countrys expected inflation rate will eventually cause an equal rise in the interest rate that deposits of its currency offer . And vice versa .This long-run relationship between inflation and interest rates is called the Fisher effect .在其他条件不变的情况下,若一国的预期通货膨胀率上升,最终会导致该国货币存款利率的同比例上升,反之亦然。通货膨胀与利率之间的这种长期关系被称为费雪效应。Law of one price : 一价定律It states that in competitive markets free of transportation costs and official barriers to trade , identical goods sold in different countries must sell for the same price when their prices are expressed in terms of the same currency.在没有运输费用和官方贸易壁垒的自由竞争市场上,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。Purchasing power parity : 购买力平价The theory of PPP states that the exchange rate between two countries currencies equals the ratio of the countires price levels .两国货币的汇率等于两国价格水平之比。Nominal exchange rate : 名义汇率The relative price of two currencies .两种货币的相对价格。Real appreciation : 实际升值A fall in the real exchange rate of a countrys currency against the others.一国货币对另一国货币的实际汇率下降。Real depreciation : 实际贬值A rise in the real exchange rate of a countrys currency against the others.一国货币对另一国货币的实际汇率上升。Real exchange rate : 实际汇率It is a relative price of one countrys goods and services relative to the others .实际汇率是一国商品和劳务相对于另一国商品和劳务的相对价格。Chaper 17 Balance of payments crisis : 国际收支危机A sharp change in official foreign reserves sparked by a change in expectations about the future exchange rate . 对未来汇率预期的变化会导致官方外汇储备的急剧变化。Sterilized foreign exchange intervention : 有管理的浮动汇率A system in which governments may attempt to moderate exchange rate movements without keeping exchange rates rigidly fixed .政府试图缓和汇率的波动,但不会使汇率完全固定。Capital flight : 资本抽逃The reserve loss accompanying a devaluation scare is often labeled capital flight .基于贬值恐慌的储备流失常常被称为资本抽逃。 Reserve currency : 储备货币The currency central banks hold in their international reserves , and each nations central bank fixes its currencys exchange rate against the reserve currency by standing ready to trade domestic money for reserve assets at the rate. 中央银行通过持有储备货币以保持国际储备,确定本币与储备货币之间的固定汇率,并愿意按此汇率来进行外汇交易。Gold standard : 金本位制 Central banks peg the prices of their currencies in terms of gold and hold gold as official internationalreserves .中央银行用黄金来固定其货币的价值,将黄金作为官方储备。Bimetallic standard ： 复本位制The currency was based on both silver and gold .货币同时以金和银为基础。Devaluation : 币值下调A fall in the market price of a floating currency浮动汇率制度下的市场价格下降。Revaluation : 币值上调 A rise in the market price of a floating currency浮动汇率制度下的市场价格上升。Chapter 18 Expenditure-switching policy : 支出-转换政策The fiscal policy which appropriate adjusts to bring about internal and external balance .适当调整从而实现内外部均衡的财政政策。Bretton woods agreement : 布雷顿森林契约 The system set by the Bretton Woods agreement called for fixed exchange rates against the U.S.dollar and unvarying dollar price of gold$35 an ounce . 在布雷顿森林契约下所建立的国际货币体系要求各国货币对美元保持固定汇率,并把美元和黄金的比价固定为每盎司黄金35美元。Convertible currency : 可兑换货币 It is one that may be freely exchanged for foreign currencies .可以自由与外币进行兑换的货币。Expenditure-changing policy : 支出-变动政策The exchange rate which appropriate adjusts to bring about internal and external balance .适当调整从而实现内外部均衡的汇率政策。External balance : 外部平衡A countrys 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 . 一国经常账务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陷入这种境地。International monetary fund (IMF) ： 国际货币基金组织In july 1944 representatives of 44 countries meeting in Bretton Woods ,New Hampshire , drafted and signed the Articles of Agreement of the International monetary fund (IMF) , hope to design an international monetary system that would foster full employment and price stability while allowing individual countries to attain external balance without imposing restrictions on international trade .1944年7月44个,国家的代表在美国新罕布什尔州的布雷顿森林举行会议,起草并签署了国际货币基金组织,希望建立一种国际货币体系以实现国内的充分就业和价格稳定,并使各国在不限制国际贸易的条件下实现外部均衡。Price-specile-flow mechanism : 物价-硬币-流动机制Chapter 19Stagflation : 滞涨A combination of stagnating output and high inflation . 生产停滞与高通货膨胀的组合。Chapter 20Economic stability loss : 经济稳定性损失When output market change , the extra instability caused by the fixed exchange rate is the economic stability loss .产出市场改变时,固定汇率引起的额外的不稳定性就是经济稳定性损失。Monetary efficiency gain : 货币效益收益Optimum currency areas : 最优货币区It predicts that fixed exchange rates are most appropriate for areas closely integrated through international trade and factor movements . 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国家。Stability and growth pact : 稳定与增长契约It negotiated by European leaders in1997 tightens the fiscal straitjacket further .欧盟领导热1997年谈判达成的,具有紧随财政意义的协定。Chapter 22 Contagion : 传染The vulnerability of even seemingly healthy economies to crises of confidence generated by events elsewhere in the world .那些即使看起来很健康的经济体在世界其他地区发生的事件所导致的信心危机中也会想当脆弱。Default : 拖欠A loan is said to be in default when the borrower fails to repay on schedule according to the loan contract ,without the agreement of the lender . 当借款人在未经贷款人允许的情况下不按照贷款合约如期支付时,就称为贷款的拖欠。Original sin : 原罪It describe developing countries inability to borrow in their own currencies . 发展中国家没有能力用本货币借款。Seigniorage : 铸币税Its the name economists give to the real resources a government earns when it prints money that it spends on goods and services . 经济学家对政府用印刷钞票来购买商品和服务时所获得的实际资源的称呼。Chapter 21 Eurobank : 欧洲银行Banks that accept deposits denominated in Eurocurrencies . 接受欧洲货币的银行。Eurocurrencies : 欧洲货币A form of money held or traded outside the country in whose currency its value is stated在货币本国之外持有或交易的货币。Eurodollar : 欧洲美元The dollar deposits located outside the united States.存在于美国之外的美元存款。International capital market : 国际资本市场The market in which residents of different countries trade assets .不同国家居民进行资产交易的市场。Offshore banking : 离岸银行业It is used to describe the business that bankss foreign offices conduct outside of their home countries . 银行的外国办事处在本国之外所从事的业务。Offshore currency trading : 离岸货币交易It is used to describe the trade by offshore currency Portfolio diversification : 资产组合多样化Both of parties of trade to divide their wealth among a wider spectrum of assets and thus reduce the amount of money they have riding on each individual asset . It can reduce the riskiness of its wealth .交易双方把财富分配在更大范围内的资产上,减少他们投放在每一笔投资上的金额数量。Risk aversion : 风险规避The property of peoples preferences that they dislike risk when other things equal are called risk aversion .人们在其他条件相同时,不喜欢有风险的那种资产的偏好叫做风险规避。知识改变命运5 / 5
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