【正文】 ? 5注意各種理論適用的前提條件和范圍 五 主要參考書目 ? 《國際金融》 劉舒年 中國人民大學(xué)出版社 ? 《國際金融學(xué)》 姜波克 高等教育出版社 ? 《國際經(jīng)濟學(xué)》 保羅 .克魯格曼 中譯本 中國人民大學(xué)出版社 ? 《國際金融原理》 張?zhí)諅? 清華大學(xué)出版社 ? 《國際金融實務(wù)》 劉玉操 東北財經(jīng)大學(xué)出版社 返回 第一章 外匯與國際收支 第一節(jié) 外匯與國際收支的概念 第二節(jié) 國際收支平衡表 第三節(jié) 國際收支的調(diào)節(jié) 第四節(jié) 西方的國際收支理論 第一節(jié) 外匯與國際收支的概念 ? 1. 外匯 ? 動態(tài)外匯：指把一國貨幣兌換為另一國貨幣的金融活動 ? 靜態(tài)外匯（廣義。 ? （ 3）個人 ——國際金融市場的各種發(fā)展變化也直接或間接影響個人收入 .，消費 .投資 .就業(yè)等切身利益。 are offered for simultaneous placement in the United States,Europe, and the Far East by an international syndicate of banks active in the worldwide trading of . dollar bonds。The global business finance environment International finance Foreign direct investment Inventory of international Financial resources environment international moary system the balance of payment theories of foreign exchange rate determination exchange exposure financial institution financial resources financial markets derivatives exchangetraded traded derivatives Inventory of international financial resources ? Nonbank financial institutions in global finance ? International financial markets ? International derivatives exchangetraded ? International nonexchange traded derivatives Nonbank ? Public international financial institutions public global financial institutions regional public national public ? Private international financial institutions global private regional private national private International financial markets ? Eurocurrency markets ? International debts marketslongterm global bonds/foreign bonds/eurobonds/special types of bonds ? Shortand mediumterm debt markets Euromercial paper and euromediumterm notes/floating rate euronotes ? International equities International derivatives exchangetraded ? Users of derivatives/risks of derivatives ? Currency futures and options ? Interest rate futures and options International nonexchange traded derivatives ? Currency and interest rate swaps ? Interbank currency futures and options ? Exotic derivatives ? Eurocurrency markets ? International Debt Marketslongterm ? Shortand Mediumterm Debt Markets ? International Equities International financial markets ? Eurocurrency markets Eurocurrency market has been referred to as a stateless vat of money,essentially owing to no allegiance to any is a huge ,global interbank money and capital market that facilitates loans with maturities range from 90 days to 10 years or more and that is almost totally outside all government regulations. ? Eurocurrency markets cost of funds in this market is based on LIBOR,the London Interbank Offer Rate,the rate at which banks in the interbank system charge each other for funds of many different maturities of the market A number of reasons have been given for the origin of the Eurocurrency analysts go so far as to say that the Soviets initiated the process of trading Eurocurrencies before the western Europeans used foreign deposits. After World WAR II,the Soviets used dollars instead of rubles for foreign trade and had maintained a large inventory of hard currencies,especially the order to earn interest on these deposits,the soviets began to lend these deposits to Europeans or to American operating in Europe,thus creating Erocurrencies. ? International Debt Marketslongterm bondsThe domestic bond is issued locally by a domestic borrower and is usually denominated in the local currency bonds The foreign bonds Eurobonds ? Global bondsGlobal bonds were first issued in 1989 and 1990 when the World Bank borrowed in the international capital markets by floating global bonds denominated in . are the key features of global bonds: are large in size,usually $1 billion or more。 5… ? Foreign bondsforeign bonds are issued in local market by a foreign borrower,with the assistance of a large investment bankers,and are denominated in a local currency. ? Eurobondseurobonds are financed by longterm funds in the Eurocurrency are underwritten by a multinational syndicate of banks and placed in countries other than the one in whose currency they are denominated. ? Shortand Mediumterm Debt Markets ? Euromercial paper (ECP)and Euromediumterm notes(EMTN) ? Floating rate Euronotes(Floating rate notes(FRN)represent an early innovation in the eurobond is usually paid semiannually and they trade at a spread of the reference rate,., above LIBOR may amount to 25100 basis points or 6 months ,the rate is reset with the same margin. ? International REPO market(repurchase agreement ,or REPOS) ? International Equities ? Currency futures and options ? Interest rate futures and options 一 國際金融的概念 ﹑ 重要性及特點 ? ? 國際金融一般是指與國際間的貨幣流通和銀行信用有關(guān)的一切業(yè)務(wù)活動 ? ? （ 1）國際貨幣及借貸資本運動規(guī)律 ? （ 2）國際貨幣經(jīng)營和管理的各種業(yè)務(wù)及組織機構(gòu) ? （ 3）國際貨幣信用制度及政策措施 ? ? （ 1）宏觀 ——在開放條件下一國宏觀經(jīng)濟需要從全球視角進行考察。 一 國際金融的概念 ﹑ 重要性及特點 ? ? （ 1）是一種全球性的貨幣信用活動 ? （ 2）不僅是貨幣信用空間的相對簡單的擴大，其所涉及的范圍更廣，影響因素更為復(fù)雜。狹義） ? 廣義：指以外幣表示的可以用作國際清償?shù)闹Ц妒侄魏唾Y產(chǎn) ? 狹義：指一外幣表示的用于國際結(jié)算的支付手段 ? 廣義外匯：那些支付手段和資產(chǎn)可作為廣義外匯 ? 狹義外匯的特征： 第一節(jié) 外匯與國際收支的概念 ? 廣義外匯與狹義外匯的對比 廣義外匯 狹義外匯作用 國際清償 國際結(jié)算種類 外幣。與此對應(yīng)，國際投資是一個存量概念。 ? 本國外匯支出，借方，計為“ “號 ? 順差，逆差：收入大于支出，稱為順差或黑字 ? 收入小于支出，稱為逆差或赤字 第二節(jié) 國際收支平衡表 ? 借記 ?貸記與實際資產(chǎn)金融債券債務(wù)關(guān)系 本國實際資產(chǎn) （有形商品），對外資產(chǎn) （債權(quán)）持有額 （金融資產(chǎn)）對外負債 （債務(wù)）持有額，或外國對本國的債權(quán)減少增加增加減少貸記借記第二節(jié) 國際收支平衡表 ? ? (1)經(jīng)常帳戶。 ? (4)總差額。 ? (2)特征： ? ? ? 注：根據(jù)上述定義與特征，國際儲備應(yīng)包括自有儲備和借入儲備，即廣義的國際儲備，又稱國際清償能力。包括： ? a）認繳分額的 25%黃金與可