(31)--8.2国际经济学双语讲稿.docx
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1、批注李1:使国际经济学成为一门独特学科的因素之 一是不同国家货币记账单位的存在。在美国,物价和货 币是用美元来衡量的,而人民币是中国的计价单位。Pl Among the factors that make international economics a distinct subject is the existence of different national monetary units of account. In the United States, prices and money are measured in terms of the dollar, whereas the
2、RMB represents Chinas unit of account.|Before China importers can purchase commodities from U.S. exporters, they must first purchase dollars to meet their international obligation. Some institutional arrangements are required that provide an efficient mechanism whereby monetary claims can be settled
3、 with a minimum of inconvenience to both parties. Such a mechanism exists in the form of the foreign exchange market. In this section, we will examine the nature and operation of this market.P2 The foreign exchange market refers to the organizational setting within which individuals, businesses, gov
4、ernments, and banks buy and sell foreign currencies and other debt instruments. Only a small fraction of daily transactions in foreign exchange actually involve the trading of currency. Most foreign exchange transactions involve the transfer of electronic balances between commercial banks or foreign
5、 exchange dealers.The foreign exchange market is by far the largest and most liquid market in the world.The foreign exchange market is dominated by four currencies: the U.S. dollar, the euro, the Japanese yen, and the British pound. Three of the largest foreign exchange markets in the world are loca
6、ted in London, New York, and Tokyo.P3 A typical foreign exchange market functions at three levels: first, in transactions between commercial banks and their commercial customers who are the ultimate demanders and suppliers of foreign exchange; second, in the domestic interbank market conducted throu
7、gh brokers; and the third, in active trading in foreign exchange with banks overseas.By far; most of currency trading is based on speculation in which traders purchase and sell for short-term gains based on minute-to-minute, hour-to-houi; and day-to-day price fluctuations. Estimates are that specula
8、tion accounts for about 90 percent of the daily trading activity in the foreign exchange market.P4 Most daily newspapers publish foreign exchange rates for major currencies. The exchange rate is the price of one currency in terms of another; for example, the number of RMB yuan required to purchase 1
9、 U.S. dollar ($). In short hand notation, ER equals to yuan per dollar; where ER is the exchange rate. If ER equals to 6, then Zpurchasing one dollar will require 6 yuan.An exchange rate determined by free market forces can and does change frequently. When the RMB price of dollar increases, for exam
10、ple, from 6 yuan a dollar to 7yuan a dollar, the RMB has depreciated relative to the U.S. dollar. Currency depreciation means that it takes more units of a nations currency to purchase a unit of some foreign currency.P5 Conversely, Currency appreciation means that it takes fewer units of a nations c
11、urrency to purchase a unit of some foreign currency.批注李2:中国进口商在向美国出口商购买商品之前, 必须首先购买美元,以履行其国际义务。所以我们需要 做出一些体制安排,提供一种有效的机制,使货币需求 能够在对双方造成最少不便的情况下得到满足。这种机 制是以外汇市场的形式存在的。在这一部分,我们将研 究这个市场的性质和运作。批注李3:外汇市场是指个人、企业、政府和银行买卖 外汇和其他债务工具的一种组织安排。在外汇的日常交 易中,实际上只有一小部分涉及现金交易。大多数外汇 交易涉及商业银行或外汇经纪人之间的电子余额交易。批注李4:外汇市场是目前
12、世界上最大、最具流动性的 市场。外汇市场中最主要的四种货币是:美元、欧元、 日元和英镑。世界上最大的三个外汇市场位于伦敦、纽 约和东京。批注李5: 一个典型的外汇市场可分为三个层次:一是 商业银行与其商业客户之间的交易,商业客户是外汇的 最终需求者和供应者二是在国内银行间市场通过经纪 人进行交易;三是与境外银行间的外汇交投活跃交易。批注李6:到目前为止,大多数的外汇交易都是基于投 机,即交易者根据每分钟、每小时和每天的价格波动进 行买卖以获取短期收益。据估计,投机活动约占外汇市 场每日交易活动的90%o批注李刀:大多数报刊都会刊登主要货币的汇率。汇率 是一种货币以另一种货币表示的价格,例如,购
13、买一美 元($)需要人民币的数量。简记为,ER=/$, ER表示 人民币兑美元的汇率。如果ER等于6,那么购买1美 元需要6元。批注李8:通常,汇率由自由市场力量决定且经常变动, 当美元的人民币价格上升时,例如,从6元人民币一美 元到7元人民币一美元,人民币相对于美元贬值。货币 贬值意味着一国需要更多的货币单位来购买某种外币。批注李9:相反,货币升值意味着一个国家用更少的货 币单位来购买某种外币。Most tables of exchange rate quotations express currency values relative to the U.S. dollar, regardl
14、ess of the country where the quote is provided. So, the exchangerate between any two currencies can be derived from the rates of some two currencies in terms of a third currency (for example the dollar). The resulting rate is called the cross exchange rate.P6 What determines the equilibrium exchange
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