国际金融名词解释课后答案.doc

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 The overall balance(B) equals the sum of the current account balance(CA) plus the private capital account balance(FA). B=CA+FA. 综合账户差额等于经常账户(CA)加上私人资本账户余额(FA)。should indicate whether the overall pattern 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。 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 flexible)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 or 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 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 operation 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 m