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一、名词解释1.Exchangerate.(P49)Theexchangerateissimplythepriceofonecurrencyintermsofanother,andtherearetwomethodsofexpressingit:1Domesticcurrencyunitsperunitofforeigncurrency--forexample,takingthepoundsterlingasthedomesticcurrency,on16August1997approximately￡0.625wasrequiredtopurchaseoneUSdollar.2Foreigncurrencyunitsperunitofthedomesticcurrency--againtakingthepoundsterlingasthedomesticcurrency,on16August1997approximately$1.60wasrequiredtoobtainonepound.2.TheBalanceofPayment.(P2)Thebalanceofpaymentsistherecordoftheeconomicandfinancialflowsthattakeoveraspecifiedbetweenresidentsandnon-residentsofagivencountry.Theresidentsofacountrycomprisethecentralgovernment,individuals,privatenon-profitbodiesservingindividuals,andenterprises,alldefinedintermsoftheirresidentialrelationshiptotheterritoryofthateconomy.Flowsrefertoincomeandexpenditureorchangesatlevelsofoutstandingassetsandliabilities.Theyarerecordedinadoubleentrysystemofcreditsanddebitsorsourcesanduses.Itisdividedintotwomajoraccounts,thecurrentaccountandthecapitalaccount.Eachgeneralaccountisthensubdividedintocategoriessuchasexports,imports,directinvestmentandportfolioinvestment.Whennecessary,moredetailsareavailable.3.ForeignDirectInvestment(FDI).(P198)Foreigndirectinvestmentimpliestheacquisitionandexertionofasignificantcontroloverafirm.TheInternationalMonetaryFund’sBalanceofPaymentsManualdefinesdirectinvestmentas“aninvestmentthatismadetoacquirealastinginterestinanenterpriseoperationinaneconomyotherthanthatoftheinvestor,theinvestor’spurposebeingtohaveaneffectivevoiceinthemanagementoftheenterprise”.Thedirectinvestmententerpriseisabranchorasubsidiaryinwhichdirectinvestmentismade.4.CurrencySwaps.(P135)Acurrencyswapisatransactioninwhichtwocounterpartiesexchangespecificamountsoftwodifferentcurrenciesattheoutsetandrepayovertimeinaccordancewithapredeterminedrulethatreflectsbothinterestpaymentsandtheamortizationoftheprincipal.Normally,fixedinterestratesareusedforeachcurrency.Insomecases,thereisnoexchangeofprincipalamount
