《国际经济学》名词解释(第二篇).docVIP

国际收支（Balance of payment） Balance of payment is a record of the economic transactions between the residents of one country and the rest of the world. 经常项目（Current account） Current account refers to the monetary value of international flows associated transactions in goods and services, investment income, and unilateral transfers. 即期交易Spot transaction） Spot transaction is an outright purchase and sale of foreign currency. A spot deal will settle （in other words, the physical exchange of currencies takes place） two working days after the deal is struck. The two-day period is known as immediate delivery远期交易（Forward transactions） Forward transactions differ from spot transactions in that their maturity date is more than two business days in the future. A forward-exchange contract’s maturity date can be a few months or even years in the future. The exchange rate is fixed when the contract is initially made. No money necessarily changes hands until the transaction actually takes place, although dealers may require some customers to provide collateral in advance. 汇率（Exchange rate） The exchange rate is the price of one currency in terms of another. 货币贬值（Currency depreciation） Currency depreciation means that it takes more units of a nation’s currency to purchase a unit of some foreign currency. 货币升值（Currency appreciation） Currency appreciation means that it takes fewer units of a nation’s currency to purchase a unit of some foreign currency. 升水（Premium） When a foreign currency is worth more in the forward market than in the spot market, it is said to be at a premium 贴水（Discount） When a foreign currency is worth less in the forward market than in the spot market, it is said to be at a discount 套汇（Exchange arbitrage） Exchange arbitrage refers to the simultaneous purchase and sale of a currency in different foreign-exchange markets in order to profit from exchange-rate differentials in the two locations. This process brings about an identical price for the same currency i