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1.balanceofpayments(国际收支平衡表):thesetofaccountsrecordingallflowsofvaluebetweenanation'sresidentsandtheresidentsoftherestoftheworldduringaperiodoftime.2.credititem:(贷方项目)isanitemforwhichthecountrymustbepaid.3.debititem（借方项目）isanitemforwhichthecountrymustpay.4.Ifweaddupalltheitemsforexportsandimportsofgoodsandservices,wegetthegoodsandservicesbalance.5.thenetvalueofflowsofgoods,services,income,andunilateraltransfersisthecurrentaccountbalance.6.Thenetvalueofflowsoffinancialassetsandsimilarclaims(includingofficialinternationalreserveassetflows)istheprivatefinancialaccountbalance.7.Officialinternationalreserveassetsaremoney–likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.8.thecountry'scurrentaccountbalancemustequalnetforeigninvestment.9.Theoverallbalanceshouldindicatewhetheracountry'sbalanceofpaymentshasachievedanoverallpatternthatissustainableovertime.10.Theofficialsettlementsbalancemeasuresthesumofthecurrentaccountbalanceplusthe(nonofficial)financialaccountbalance.11.Complementingthebalanceofpaymentsaccounts(whichrecordflowsoftransactions)isabalancesheetcalledtheinternationalinvestmentposition,astatementofstocksofanation'sinternationalassetsandforeignliabilitiesatapointintime,usuallytheendofayear.12.foreignexchange:theactoftradingdifferentnations'moneys.13.exchangerate:thepriceofonenation’smoneyintermsofanothernation’smoney.14.spotexchangerate:thepriceforimmediateexchange.15.forwardexchangerate:thepricesetnowforanexchangethatwilltakeplacesomethinginfuture.16.Arbitrage:theprocessofbuyingandsellingtomakea(nearly)risklesspureprofitensuresthatratesindifferentlocationsareessentiallythesame,andthatrates,andcross-ratesarerelatesandconsistentamongthemselves.17.triangulararbitrage:anopportunitytomakearisklessprofitbyarbitragingthroughthethreerate—aprocesscalledtriangulararbitrage.18.exchange-raterisk:ifthevalueoftheperson’sincome,wealth,ornetworthchangeswhenexchangerateschangeunpredictablyinthefuture.19.Hedging:apositionexposedtoraterisk,hereexchange-ratingrisktheactofreducingaeliminatinganetassetoranetliabilitypositionintheforeigncurrency20.speculating:actoftakinganetassetposition(long)oranetliabilityposition(short)insomeassetclass.hereisaforeigncurrency.21.forwardforeignexchangecontract:anagreementtoexchangeonecurrencyforanotheronsomedateinthefutureatapriceset22.coveredinternationalinvestment:herpoundliabilityintheforwardcontractmatchesherpoundassetposition,soshehashedgedherexposuretoexchange-raterisk.23.uncoveredinternationalinvestment:shedoesnotknowforsurewhatthisfuturespotexchangeratewillbe,soherinvestmentisexposedtoexchange-raterisk24.coveredinterestdifferential(CD):CD=(1+iuk)*f/e－(1+ius)CD=F+(iuk－ius)F=(f－e)/eCD0国内投资CD＜0国外投资25.coveredinterestparity:theopportunitiestomakearbitrageprofitswouldbeself-eliminatingbecauserateswouldadjustsothatthecoveredinterestdifferentialweredriventozero.1.Acurrencyisataforwardpremium(discount)byasmuchasitsinterestrateislower(higher)thantheinterestrateintheothercountry2.Theoverallcoveredreturnonaforeign-currencyinvestmentequalsthereturnonacomparabledomestic-currencyinvestmentexpecteduncoveredinterestdifferential(EUD):EUD=(1+iuk)*e∧ex/e－(1+ius)26.uncoveredinterestparity:1.Acurrencyisexpectedtoappreciate(depreciate)byasmuchasitsinterestrateislower(higher)thantheinterestrateintheothercountry(forinstance,expectedappreciationofthepound=ius－iuk)2.Theexpectedoveralluncoveredreturnontheforeign-currencyinvestmentequalsthereturnonthedomestic-currencyinvestment(expectedappreciation+iuk=ius)27.Theassetmarketapproachtoexchangeratesemphasizestheroleofportfoliorepositioningbyinternationalfinancialinvestors.Asdemandforandsupplyoffinancialassetsdenominatedindifferentcurrenciesshiftaround,theseshiftsplacepressureontheexchangeratesamongthecurrencies.28.Theexchange-ratevalueofaforeigncurrency(e)israisedintheshortrunbythefollowingchanges:Ariseintheforeigninterestraterelativetoourinterestrate(;Ariseintheexpectedfuturespotexchangerate().29.Theconceptofpurchasingpowerparity(PPP)containsourcoreunderstandingoftherelationshipbetweenproductpricesandexchangeratesinthelongrun.30.Themonetaryapproachtoexchangeratesemphasizestheimportanceofmoneysuppliesanddemandsaskeytounderstandingthedeterminantsofexchangerates.31.Thelawofonepricepositsthataproductthatiseasilyandfreelytradeinaperfectlycompetitiveglobalmarketshouldhavethesamepriceeverywhere,oncethepricesatdifferentplacesareexpressedinthesamecurrency.(heavilytradedcommodities)32.Theabsolutepurchasingpowerparitypositsthatabasketorbundleoftradableproductswillhavethesamecostindifferentcountriesifthecostisstatedinthesamecurrency.33.Relativepurchasingpowerparitypositsthatthedifferencebetweenchangesovertimeinproduct-pricelevelsintwocountrieswillbeoffsetbythechangeintheexchangerateoverthistime.34.Thequantitytheoryequationsaysthatinanycountrythemoneysupplyisequatedwiththedemandformoney,whichisdirectlyproportionaltothemoneyvalueofgrossdomesticproduct.35.Overshooting:intheshortruntheactualexchangerateovershootsitslong-ru