本书的编写体例含关键词、正文、小结和问答题,*后附有试卷范例。本书在编写过程中力图脉络清晰、结构完整地勾勒国际金融这一学科的发展轨迹和现状,突出逻辑性、前沿性和国际性并举的特点,既有基础知识的详尽介绍,又有金融理论的**评述,还有相关法规的必要解读。思维连贯一致、语言练达通畅、内容详略有致、**突出鲜明是本教材追求的编写目标。本书适用于高等院校经贸、金融、财务和商务英语等专业的学生、经贸金融界专业人士及相关从业人员学习使用。

1 Balance of Payments
1.1 International transactions: the balance of payments
1.2 Balance of payments surplus and deficit
1.3 Economic forces and the balance of payments

2 Theories of Balance of Payments
2.1 The elasticity approach to the balance of payments
2.2 The absorption approach to the balance of payments
2.3 The monetary approach to the balance of payments

3 Macroeconomic Policy in an Open Economy
3.1 The problem of internal and external balance
3.2 The Mundell-Fleming model
3.3 Conclusions

4 Fixed, Floating and Managed Exchange Rates
4.1 Definitions and types of the exchange rate
4.2 The case for fixed exchange rates
4.3 The case for floating exchange rates
4.4 Managed floating
4.5 Conclusions

5 Models of Exchange-rate Determination
5.1 Purchasing power parity
5.2 Covered interest parity
5.3 Market efficiency, uncovered interest parity and real interest parity
5.4 Foreign exchange risk management

6 The Foreign Exchange Market
6.1 The basics of the foreign exchange market
6.2 Mechanics of the foreign exchange market

7 Currency Futures, Options and Swaps
7.1 Introduction
7.2 Currency futures
7.3 Currency options
7.4 Currency and interest swaps

8 International Lending and Financial Crises
8.1 International lending to developing countries
8.2 Financial crises: What can and does go wrong
8.3 Resolving financial crises
8.4 The frequency of f'mancial crises

9 The International Monetary System
9.1 The Bretton Woods system
9.2 The post-Bretton Woods era
9.3 The Jamaica conference of 1976
9.4 The present exchange-rate system

10 The Eurocurrency and Eurobond Markets
10.1 Participants in the Eurocurrency and Eurobond markets
10.2 The Eurocurrency markets
10.3 The Eurobond markets

11 Foreign Direct Investment and International Capital Budgeting
11.1 Background
11.2 Approaches to international business ~
11.3 Theories of FDI
11.4 More about taxation
11.5 Foreign direct investment and country risk
11.6 Transfer pricing

Test One
Key to Test One
Test Two
Key to Test Two
References
……

1.1 International transactions: the balance of payments
The balance of payments is the record of the economic and financial flows that take placeover a specified time period between residents and non-residents of a given country. The timeperiod is arbitrary, but it is common practice to supply balance of payments data on amonthly, quarterly and yearly basis. The residents of a country comprise the centralgovernment, individuals, private non-profit bodies serving individuals, and enterprises, alldefined in terms of their residential relationship to the territory of that economy. Flows referto income and expenditure or changes at levels of outstanding assets and liabilities. They arerecorded in a double entry system of credits and debits or sources and uses.
The best way to understand this definition is via some simple examples, but first wehave to have some general idea of what the balance of payments includes. Table 1.1 shows ashorthand presentation of how the International Monetary Fund (IMF) portrays the balance ofpayments. It is divided into two major accounts, the current account and the capital account.Each general account is then subdivided into categories such as exports, imports, directinvestment and portfolio investment. When necessary, more details are available.
In order to make comparisons between different economies, a standardized method forcompiling the accounts is necessary. The accepted practice is that the dements of bothaccounts should be recorded at market prices where possible. Market prices mean the amountof money that a willing buyer pays to acquire something from a willing seller, when thebuyer and the seller are independent and when such an exchange is motivated only bycommercial considerations. In this context, each transaction is priced individually accordingto the contract terms specific to that transaction. It is therefore conceivable that separatetransactions, though identical in every way, could have different mar
…… 国际金融是一门研究国际间货币和资本运动与交换关系的学科。随着世界经济一体化进程的不断加快,国际金融正日益成为世界经济中*活跃的因素。进入21世纪以来,国际金融市场发生了巨大变化:金融产品的创新层出不穷,金融体系的结构重新整合,金融组织的功能迅速加强,金融监管的**不断调整。所有这一切正在深刻地改变着世界经济发展的进程和**间的利益格局。
如何培养既精通国际金融专业知识又熟练外语技能的复合型人才,如何使学生既掌握国际金融学科所要求的基础理论和基本技能,又具备紧跟国际金融领域发展前沿的综合素质,已成为当今中国学界相关学科和跨学科建设与教学的一大课题。“金融+外语”的双语教学方式正是实现上述教学目标的重要手段和途径。
本《国际金融(英文版)》教材的编写,试图帮助读者在英语语境中系统学习、感悟和掌握当今国际金融学科的要义,增强直接使用英语从事国际金融市场实际操作的能力和把握国际金融理论精髓的水平。在我国学界,不同风格、类型的《国际金融》教材俯拾即是,但它们大都是用中文编写的,既无法充分满足培养专业加外语的复合型人才模式的需要,也无法完全实现该模式的培养目标。因此,本英文版《国际金融》教材的编写正是这一时代浪潮催生而成的产物,相信广大读者会从中体会其所被赋予的使命。