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1、2013.1国际金融名词解释1.Official settlements balance or Overall Balance 官方结算差额（综合账户差额或总差额） The overall balance(B) equals the sum of the current account balance(CA) plus the private capital account balance(FA). B=CA+FA. 综合账户差额或总差额，也称官方结算差额，等于经常账户差额(CA)加上私人资本账户余额(FA)。 It should indicate whether the overall pa
2、ttern of the countrys balance of payments has achieved a sustainable equilibrium.It indicates the extent of official intervention in the foreign exchange markets. The official settlements balance also equals the negative of the official reserves balance (OR). B+OR=0. 总差额旨在表明国家的国际收支总体状况是否已达到了可持续的均衡，反
3、应了官方干预外汇市场的程度。 由于综合差额必然导致官方储备的反方向变动，所以可用来衡量国际收支对一国储备造成的压力。2.Dirty Float or Managed Float 肮脏浮动（有管理的浮动） Governments often do not allow a clean float,but rather take actions like official intervention to manage or dirty the float.This policy approach-an exchange rate that is generally floating(or flexi
4、ble)but with the government willing to intervene to attempt to influence the market rate-is called a dirty float(or a managed float). 各国政府一般不允许汇率完全自由浮动，而是采取官方干预对汇率的浮动进行管理。汇率基本上是浮动的（或灵活的），但同时政府又通过干预试图影响市场汇率，这种政策被称为肮脏浮动（有管理的浮动）。3.Crawling peg 爬行钉住 The government decides to fix local currency to gold o
5、r a single other currency or a basket of other currencies, and decides the width of a band around the central fixed rate,the exchange rate has some flexibility around this par value but the flexibility is limited by the size of the band.If the government often changes the fixed rate,the approach is
6、called a crawling peg. 政府决定将本币与黄金或某种单独货币或一篮子货币挂钩，并确定中心固定汇率波动的区间宽度，汇率可围绕法定平价上下波动，波动受到波动区间宽度的限制。如果政府经常调整汇率，那么便是爬行钉住汇率。4.Sterilized Intervention 冲销式干预 It is the government makes transactions in the foreign exchange market and at the same time use other monetary policy tools (mainly is the open market o
7、peration in the national debt market ) to offset the effects of the former in the money supply, so that the money supply stay the same.The influence of the policy measures by offsetting foreign exchange market transactions in the money supply are called sterilized measures. And by just taking steril
8、ized measures in order to maintain a fixed exchange rate is called sterilized Intervention. 是指政府在外汇市场上进行交易的同时，通过其他货币政策工具（主要是在国债市场上的公开市场业务）来抵销前者对货币供应量的影响，从而使货币供应量维持不变的外汇市场干预行为。为抵销外汇市场交易对货币供应量的影响而采用的政策措施被称为冲销措施。仅仅靠采取冲销以维护固定汇率的行为称为冲销式干预。5.Official Intervention官方干预 The government often is not willing to
9、 let the rate go whenever private supply and demand drive it.It will use official intervention by monetary authorities entering the foreign exchange market to buy or sell foreign currency to give a direct impact on the rate.Through this intervention,the government hopes to alter the configuration of
10、 supply and demand,and thus influence the equilibrium value of the exchange rate-the rate that clears the market. 政府往往不愿意汇率完全由私人的供给与需求决定，会通过官方干预既由货币当局进入外汇市场买入或卖出外汇来直接影响汇率。政府希望通过这种干预改变外汇的供求状况，进而影响汇率的均衡水平，使市场出清。6.Foreign-Income Repercussions 外国收入的反作用 The change in a large nations demand for imports ha
11、ve noticeable effects on other countries,the changes in production and income in the other countries can then feed back into the first country.this is called foreign-income repercussions.These make the true spending multiplier larger than the simple formula 1/(s+m). Swings in the business cycle (rec
12、ession or expansion) are not only internationally contagious but also self-reinforcing. 大国的进口需求变化会对其他国家产生明显的影响，其他国家产出和收入的变化又会反作用到前一个国家，这叫做外国收入的反作用。这种效应使实际支出乘数大于简单计算公式1/(s + m)。商业周期（衰退或繁荣）的变换不仅具有国际扩散效应，而且具有自我加强效应。7.External Balance 外部均衡 We evaluate external balance against goals related to the countr
13、ys international transactions.External Balance achieves an overall balance of payments that is sustainable over time. 一国的外部平衡以国际贸易相关的目标来评价。外部均衡是指可持续地实现国际收支的总体均衡。8.The “locomotive theory” 火车头理论 Growth in one or more large economics in the world like the United States,Japan,Germany and China, can rais
14、e growth in other smaller countries that trade with these large countries. Growth in the largest economics reinforcing the higher growth of all countries. 指一个或多个经济大国（如美日德中）的经济增长能带动这些大国有贸易伙伴关系的其他效果的经济增长。这些大国的经济发展提高了进口量，进而拉动世界上其他国家的经济增长，同时这些国家的经济增长又会反过来促进大国的经济更快地增长。9.The J-Curve Effect J曲线效应（贬值与时滞效应）
15、J curve effect refers to the Marshall - lenard conditions established cases, because of the time lag effect of contracts in a short term, the value of the countrys current account balance deteriorates at first under devaluation, but improves slowly and returns to where it started after a moderate ti
16、me period(perhaps about 18 months),and thereafter moves above its initial value. J曲线效应是指在马歇尔-勒纳条件成立的情况下，短期内由于合同的时滞效应，贬值初期经常项目余额可能首先恶化，经过一段时间（通常18个月）调整后，才得到慢慢改善回到初始值，并从初始值向上移动。10.Assignment Rule 指派准则 The policymakers can follow the Assignment Rule.When policies are adjusted smoothly and take quick effect,internal and external balance can be reached by assigning the internal task to fiscal policy and the
