悬殊的意思-barony
第一章
Macroeconomics 宏观经济学
The study
of the overall aspects and workings of a national
economy, such as income, output, and the
interrelationship among
diverse economic
sectors.
研究国民收入的各方面。
Microeconomics 微观经济学
The study of the operations of the components
of a national economy, such as individual firms,
households, and consumers.
研究经济中单个因素行为的分析。
GDP 国内生产总值 (Gross Domestic Product)
The
total market value of all final goods and services
produced within the borders of a nation during a
specified period.
一国国民在各行业中一年内生产的最终产品和最终服务价值总和。It is often seen
as an indicator of the standard of living in
a
Domestic Product＝consumption + investment goods +
government purchases + net exports
Economic
Growth 经济增长
steady growth in the productive
capacity of the economy (and so a growth of
national income)
Real Economic Growth Rate
实际经济增长率
A measure of economic growth from one
period to another expressed as a percentage and
adjusted for inflation (i.e. expressed in
real
as opposed to nominal terms). The real economic
growth rate is a measure of the rate of change
that a nation's gross
domestic product (GDP)
experiences from one year to another. Gross
national product (GNP) can also be used if a
nation's
economy is heavily dependent on
foreign earnings. The real economic growth rate
builds onto the economic growth rate by
taking
into account the effect that inflation has on the
economy. The real economic growth rate is a
dollarand
therefore a more accurate look at
the rate of economic growth because the real rate
is not distorted by the effects of extreme
inflation or deflation.
GDP deflator
GDP指数
In economics the GDP deflator (implicit
price deflator for GDP) is a measure of the change
in prices of all new, domestically
produced,
final goods and services in an economy. GDP stands
for gross domestic product the total value of all
goods and
services produced within that
economy during a specified period.
Nominal
GDP 名义GDP
A gross domestic product (GDP)
figure that has not been adjusted for inflation.
Real GDP 实际GDP
This inflation-adjusted
measure that reflects the value of all goods and
services produced in a given year, expressed in
base-year
prices. Often referred to as GDP or
dollar GDPnominal GDP, real
GDP can account
for changes in the price level, and provide a more
accurate figure.
Potential output 潜在产量潜在GDP
In economics, potential output (also refered
to as
Domestic Product output that can be
sustained over the long term.
GDP Gap
GDP缺口
The forfeited output of an country's
economy resulting from the failure to create
sufficient jobs for all those willing to work. A
GDP gap denotes the amount of production that
is irretrievably lost. The potential for higher
production levels is wasted
because there
aren't enough jobs supplied.
（与书异）
Net
Exports 净出口
The value of a country's total
exports minus the value of its total imports. It
is used to calculate a country's aggregate
expenditures, or GDP, in an open economy. In
other words, net exports is the amount by which
foreign spending on a home
country's goods and
services exceeds the home country's spending on
foreign goods and services.
Recession 经济衰退
A significant decline in activity spread
across the economy, lasting longer than a few
months. It is visible in industrial
production, employment, real income, and
wholesale-retail trade. The technical indicator of
a recession is two consecutive
quarters of
negative economic growth as measured by a
country's GDP.
Notes: Recession is a normal
(albeit unpleasant) part of the business cycle. A
recession generally lasts from six to eighteen
months. Interest rates usually fall in
recessionary times to stimulate the economy by
offering cheap rates at which to borrow
1
money.
Depression 经济萧条
A severe
and prolonged recession characterized by
inefficient economic productivity, high
unemployment, and falling price
levels. In
times of depression, consumer's confidence and
investments decrease, causing the economy to
shutdown.
Value Added 附加值
The enhancement
a company gives its product or service before
offering the product to customers. This can either
increase the
products price or value.
（与书异）
Gross National Product – GNP 国民生产总值
An
economic statistic that includes GDP, plus any
income earned by residents from overseas
investments, minus income earned
within the
domestic economy by overseas residents. GNP is a
measure of a country's economic performance, or
what its citizens
produced (i.e. goods and
services) and whether they produced these items
within its borders.
Disposable Income 可支配收入
The amount of after-tax income that is
available to divide between spending and personal
savings. This also known as your take
home
pay.
Unemployment Rate 失业率
The
percentage of the total labor force that is
unemployed but actively seeking employment and
willing to work.
Labor force 劳动力
the
group of people who have a potential for being
employed.
Frictional Unemployment 摩擦性事业
Unemployment that is always present in the
economy, resulting from temporary transitions made
by workers and employers or
from workers and
employers having inconsistent or incomplete
information.
Structural Unemployment 结构性失业
Unemployment resulting from changes in the
basic composition of the economy. These changes
simultaneously open new
positions for trained
workers.
Cyclical Unemployment 周期性失业
Unemployment resulting from changes in the
business cycle.
Natural Unemployment
自然失业率（与书异）
The lowest rate of unemployment
that an economy can sustain over the long run.
Keynesians believe that a government can
lower
the rate of unemployment (i.e. employ more people)
if it were willing to accept a higher level of
inflation (the idea behind
the Phillips
Curve). However, critics of this say that the
effect is temporary and that unemployment would
bounce back up but
inflation would stay high.
Thus, the natural, or equilibrium, rate is the
lowest level of unemployment at which inflation
remains
stable. Also known as the
Notes:
When the economy is said to be at full
employment, it is at its natural rate of
unemployment. Economists debate how
the
natural rate might change. For example, some
economists think that increasing labor-market
flexibility will reduce the
natural rate.
Other economists dispute the existence of a
natural rate altogether!
Frictional
unemployment — This reflects the fact that it
takes time for people to find and settle into new
jobs. If 12 individuals
each take one month
before they start a new job, the aggregate
unemployment statistics will record this as a
single unemployed
worker. Technological change
often reduces frictional unemployment, for
example: the internet made job searches cheaper
and
more comprehensive.
Structural
unemployment — This reflects a mismatch between
the skills and other attributes of the labour
force and those
demanded by employers. If 4
workers each take six months off to re-train
before they start a new job, the aggregate
unemployment statistics will record this as
two unemployed workers. Technological change often
increases structural
unemployment, for
example: technological change might require
workers to re-train.
Natural rate of
unemployment — This is the summation of frictional
and structural unemployment. It is the lowest rate
of
unemployment that a stable economy can
expect to achieve, seeing as some frictional and
structural unemployment is inevitable.
Economists do not agree on the natural rate,
with estimates ranging from 1% to 5%, or on its
meaning — some associate it with
Demand
deficient unemployment — In Keynesian economics,
any level of unemployment beyond the natural rate
is most likely
2
due to
insufficient demand in the overall economy. During
a recession, aggregate expenditure is deficient
causing the
underutilization of inputs
(including labour). Aggregate expenditure (AE) can
be increased, according to Keynes, by increasing
consumption spending (C), increasing
investment spending (I), increasing government
spending (G), or increasing the net of
exports
minus imports (X?M).
{AE = C + I + G + (X?M)}
Okun's Law 奥昆法则
A relationship between an
economy's GDP gap and the actual unemployment
rate. The relationship is represented by a ratio
of 1
to 2.5. Thus, for every 1% excess of the
natural unemployment rate, a 2.5% GDP gap is
predicted.
Inflation 通货膨胀
The rate at
which the general level of prices for goods and
services is rising, and, subsequently, purchasing
power is falling.
Deflation 通货紧缩
steadily falling prices
A general
decline in prices, often caused by a reduction in
the supply of money or credit. Deflation can be
caused also by a
decrease in government,
personal or investment spending. The opposite of
inflation, deflation has the side effect of
increased
unemployment since there is a lower
level of demand in the economy, which can lead to
an economic depression.
Hyperinflation 超级通货膨胀
Extremely rapid or out of control inflation.
Inflation rate 通货膨胀率
In economics, the
inflation rate is the rate of increase of the
average price level (a measure of inflation). If
one likes analogies,
the size of a balloon is
like the price level, while the inflation rate is
how quickly it grows in size. Alternatively, the
inflation
rate is the rate of decrease in the
purchasing power of money.
Consumer Price
Index (CPI) 消费价格指数
The CPI, as it is called,
measures the prices of consumer goods and services
and is a measure of the pace of US inflation. The
US Department of Labor publishes the CPI every
month.
Demand－pull inflation 需求拉动型通货膨胀
inflation due to high demand for GDP and low
unemployment, also known as Phillips Curve
inflation.
Cost－push inflation 成本推动型通货膨胀
nowadays termed
Built-in inflation -
induced by adaptive expectations, often linked to
the
to keep their wages up with prices and
then employers passing higher costs on to
consumers as higher prices as part of a
Indexing 指数化
The adjustment of the
weights of assets in an investment portfolio so
that its performance matches that of an index.
Linking movements of rates to the performance
of an index.
Notes:
1.
Indexing is a
passive investment strategy. An investor can
achieve the same risk and return of an index also
by investing in an
index fund.
2.
Types of rates that could be linked to the
performance of an index are wage or tax rates.
Phillips Curve 菲利普斯曲线
An economic
concept developed by A. W. Phillips stating that
inflation and unemployment have a stable and
inverse
relationship. The theory states that
with economic growth comes inflation, which in
turn should lead to more jobs and less
unemployment. The concept has been proven
empirically and some government policies are
directly influenced by it.
第二章
Aggregate Demand 总需求
The total amount of
goods and services demanded in the economy at a
given overall price level and in a given time
period. It is
represented by the aggregate-
demand curve, which describes the relationship
between price levels and the quantity of output
that firms are willing to provide. Normally
there is a negative relationship between aggregate
demand and the price level. Also
3
known as
Notes:
Aggregate
demand is the demand for the gross domestic
product (GDP) of a country, and is represented by
this formula:
Aggregate Demand (AD) = C + I +
G (X-M)
C = Consumers' expenditures on goods
and services.
I = Investment spending by
companies on capital goods.
G = Government
expenditures on publicly provided goods and
services.
X = Exports of goods and services.
M = Imports of goods and services.
Aggregate Supply 总供给
The total supply of
goods and services produced within an economy at a
given overall price level in a given time period.
It is
represented by the aggregate-supply
curve, which describes the relationship between
price levels and the quantity of output that
firms are willing to provide. Normally, there
is a positive relationship between aggregate
supply and the price level. Rising
prices are
usually signals for businesses to expand
production to meet a higher level of aggregate
demand. Also known as
output
Notes:
A
shift in aggregate supply can be attributed to a
number of variables. These include changes in the
size and quality of labor,
technological
innovations, increase in wages, increase in
production costs, changes in producer taxes and
subsidies, and changes
in inflation. In the
short run, aggregate supply responds to higher
demand (and prices) by bringing more inputs into
the
production process and increasing
utilization of current inputs. In the long run,
however, aggregate supply is not affected by the
price level and is driven only by improvements
in productivity and efficiency.
Exogenous
Variable 外生变量
A variable whose value is
determined outside the model in which it is used.
An economic variable that is related to other
economic variables and determines their
equilibrium levels. For example, rainfall
is
exogenous to the causal system constituting the
process of farming and crop output. An exogenous
variable by definition is
one whose value is
wholly causally independent from other variables
in the system.
Endogenous Variable 内生变量
A
value determined within the context of a model.
An economic variable which is independent of
the relationships determining the equilibrium
levels, but nonetheless affects the
equilibrium.
Consumption 消费
in
economics, direct utilization of goods and
services by consumers, not including the use of
means of production, such as
machinery and
factories (see capital). Consumption can be
divided into public and private sectors.
Investment 投资
An asset or item that is
purchased with the hope that it will generate
income or appreciate in the future. In an economic
sense,
an investment is the purchase of goods
that are not consumed today but are used in the
future to create wealth. In finance, an
investment is a monetary asset purchased with
the idea that the asset will provide income in the
future or appreciate and be sold
at a higher
price. In the financial sense investments include
the purchase of bonds, stocks or real estate
property.
Government Purchases 政府购买
Expenditures made in the private sector by all
levels of government, such as when a government
entity contracts a construction
company to
build office space or pave highways. A component
of Keynesian expenditures, government purchases
can be used
as a tool for a government to
influence the business cycle and provide economic
stimulation when it is deemed necessary.
Keynesian Economics 凯恩斯经济
An economic
theory stating that active government intervention
in the marketplace and monetary policy is the best
method of
ensuring economic growth and
stability. A supporter of Keynesian economics
believes it is the government's job to smooth out
the bumps in business cycles. Intervention
would come in the form of government spending and
tax breaks in order to stimulate
the economy,
and government spending cuts and tax hikes in good
times, in order to curb inflation.
Classical
Economics 古典经济学
4
Classical
Economics refers to work done by a group of
economists in the 18th and 19th centuries. They
developed theories
about the way markets and
market economies work. The study was primarily
concerned with the dynamics of economic growth.
It stressed economic freedom and promoted
ideas such as laissez-faire and free competition.
Famous economists of this thinking
include
Adam Smith, David Ricardo, Thomas Malthus, and
John Stuart Mill.
Equilibrium of AD and AS
总供给和总需求的均衡
supply and demand result in an
equilibrium price (the interest rate)
Stagflation 滞胀
A condition of slow
economic growth and relatively high unemployment -
a time of stagnation - accompanied by a rise in
prices,
or inflation.
第三章
Fiscal
Policy 财政政策
Government spending policies that
influence macroeconomic conditions. These policies
affect tax rates, interest rates, and
government spending, in an effort to control
the economy.
Government spending 政府支出
consists of government purchases, including
transfer payments, which can be financed by
seigniorage (the creation of money
for
government funding), taxes, or government
borrowing It is considered to be one of the major
components of gross domestic
product.
Multiplier Effect 乘数效应
The expansion of a
country's money supply that results from banks
being able to lend. The size of the multiplier
effect depends
on the percentage of deposits
that banks are required to hold on reserves. In
other words, it is money used to create more money
and calculated by dividing total bank deposits
by the reserve requirement.
The multiplier
effect depends on the set reserve requirement. The
higher the reserve requirement, the tighter the
money supply,
which results in a lower
multiplier effect for every dollar deposited. The
lower the reserve requirement, the larger the
money
supply, which means more money is being
created for every dollar deposited.
Crowding Out Effect 挤出效应
An economic
theory explaining an increase in interest rates
due to rising government borrowing in the money
market.
Notes: Governments often borrow money
(by issuing bonds) to fund additional spending.
The problem occurs when
government debt
'crowds out' private companies and individuals
from the lending market. Increased government
borrowing
tends to increase market interest
rates. The problem is that the government can
always pay the market interest rate, but there
comes a point when corporations and
individuals can no longer afford to borrow.
Marginal propensity to consume （MPC） 边际消费倾向
refers to the increase in personal consumer
spending (consumption) that occurs with an
increase in disposable income (income
after
taxes and transfers). For example, if a household
earns one extra dollar of disposable income, and
the marginal propensity
to consume is 0.65,
then of that dollar, the family will spend 65
cents and save 35 cents.
Mathematically, the
marginal propensity to consume (MPC) function is
expressed as the derivative of the consumption (C)
function with respect to disposable income
(Y).
In other words, the marginal
propensity to consume is measured as the ratio of
the change in consumption to the change in
income, thus giving us a figure between 0 and
1. One minus the MPC equals the marginal
propensity to save.
Marginal propensity to
save (MPS) 边际储蓄倾向
refers to the increase in
saving (non-purchase of current goods and
services) that results from an increase in income.
For
example, if a family earns one extra
dollar, and the marginal propensity to save is
0.35, then of that dollar, the family will spend
65 cents and save 35 cents. It can also go the
other way, referring to the decrease in saving
that results from a decrease in
income. It is
crucial to Keynesian economics and is the key
variable determining the value of the multiplier.
Mathematically, the marginal propensity to
save (MPS) function is expressed as the derivative
of the savings (S) function with
respect to
disposable income (Y).
5
In other words, the marginal propensity to
save is measured as the ratio of the change in
saving to the change in income, thus
giving us
a figure between 0 and 1. It is the opposite of
the marginal propensity to consume (MPC). In the
example above, the
marginal propensity to
consume would be 0.65. In general MPS = 1 - MPC.
Money Supply 货币供给 （与书异）
The entire
quantity of bills, coins, loans, credit, and other
liquid instruments in a country's economy. Money
supply is divided
into three categories--M1,
M2, and M3--according to the type and size of
account in which the instrument is kept. The money
supply is important to economists trying to
understand how policies will affect interest rates
and growth.
M1
The category of the money
supply that includes all physical money like coins
and currency. It also includes demand deposits,
which are checking accounts and NOW accounts.
M1 is the narrowest idea of
economists trying
to quantify the amount of money in circulation.
M2
A category within the money supply that
includes M1 in addition to all time-related
deposits, savings deposits, and
non-
institutional money-market funds. M2 is a broader
classification of money than M1. Economists use M2
when looking to
quantify the amount of money
in circulation and trying to explain different
economic monetary conditions.
M3
The
category of the money supply that includes M2 as
well as all large time deposits, institutional
money-market funds,
short-term repurchase
agreements, along with other larger liquid assets.
This is the broadest measure of money it is used
by
economists to estimate the entire supply of
money within an economy.
（书没有）
Fiat Money
【美】（根据政府法令发行的）不兑现纸币
Money that a government
has declared to be legal tender, despite the fact
that it has no intrinsic value and is not backed
by
reserves. Most of the world's paper money
is fiat money.
Legal tender
合法货币；偿付债务时债主必须接受的货币
is payment that cannot be
refused in settlement of a debt by virtue of law.
Transactions demand
交易性需求
is
the demand or foreign currency. It is used for
purposes of business transactions and personal
consumption. transactions
demand is one of the
determinants of demand for money (and credit).
Speculative demand 投机性需求
is the
demand for financial assets, such as securities,
money or foreign currency, or financing. It is one
of the determinants of
demand for money (and
credit).
Liquidity Preference Theory
流动性偏好理论
The hypothesis that forward rates
offer a premium over expected future spot rates.
Proponents of this theory believe that,
according to the term structure of interest
rates, investors are risk-averse and will demand a
premium for securities with longer
maturities.
A premium is offered by way of greater forward
rates in order to attract investors to longer-term
securities. The
premium received normally
increases at a decreasing rate due to downward
pressure from the decreasing volatility of
interest
rates as the term to maturity
increases. Also known as
Interest Rate 利率
The monthly effective rate paid (or received
if you are a creditor) on borrowed money.
Expressed as a percentage of the sum
borrowed.
Nominal Interest Ratethe money interest
rate名义利率
The interest rate unadjusted for
inflation. Not taking into account inflation gives
a less realistic number.
Real Interest Rate
实际利率
6
The amount by which the
nominal interest rate is higher than the inflation
rate. The real rate of interest is approximated by
taking the nominal interest rate and
subtracting inflation. The real interest rate is
the growth rate of purchasing power derived
from an investment.
Intermediate targets
中间目标
An intermediate target is a variable
(such as the money supply) that is not directly
under the control of the central bank, but that
does respond fairly quickly to policy actions,
is observable frequently and bears a predictable
relationship to the ultimate goals
of policy.
Open Market Operations 公开市场业务
The
buying and selling of government securities in the
open market in order to expand or contract the
amount of money in the
banking system.
Purchases inject money into the banking system and
stimulate growth while sales of securities do the
opposite.
Notes: Open market operations
are the principal tools of monetary policy. (The
discount rate and reserve requirements are also
used.) The U.S. Federal Reserve's goal in
using this technique is to adjust the federal
funds rate--the rate at which banks borrow
reserves from each other.
Discount
Rate 贴现率
The interest rate that an eligible
depository institution is charged to borrow short-
term funds directly from a Federal Reserve
Bank. This type of borrowing from the Fed is
fairly limited. Institutions will often seek other
means of meeting short-term
liquidity needs.
The Federal funds discount rate is one of two
interest rates the Fed sets, the other being the
overnight lending
rate, or the Fed funds rate.
Lender of Last Resort 最后的贷款者偿付者
An
institution, usually a country's central bank,
that offers loans to banks or other eligible
institutions that are experiencing
financial
difficulty or are considered highly risky or near
collapse. In the U.S. the Federal Reserve acts as
the lender of last
resort to institutions that
do not have any other means of borrowing and whose
failure to obtain credit would dramatically affect
the economy.
Notes: The lender of last
resort functions both to protect individuals who
have deposited funds, and to prevent panic
withdrawing from banks who have temporary
limited liquidity. Commercial banks usually try
not to borrow from the lender of
last resort
because such action indicates that the bank is
experiencing financial crisis. Critics of the
lender-of-last-resort
methodology suspect that
the safety it provides inadvertently tempts
qualifying institutions to acquire more risk than
necessary -
since they are more likely to
perceive the potential consequences of risky
actions to be less severe.
Reserve
Requirements 法定准备金
Requirements regarding the
amount of funds that banks must hold in reserve
against deposits made by their customers. This
money must be in the bank's vaults or at the
closest Federal Reserve Bank.
Notes: Set
by the Fed's Board of Governors, reserve
requirements are one of the three main tools of
monetary policy. The other
two tools are open
market operations and the discount rate. Also
known as required reserves.
第四章
Supply-side economics 供给经济学
A theory
of economics that reductions in tax rates will
stimulate investment and in turn will benefit the
entire society.
Laffer Curve 拉弗尔曲线
Invented by Arthur Laffer, this curve shows
the relationship between tax rates and tax revenue
collected by governments. The
chart below
shows the Laffer Curve:
7
The curve suggests that, as taxes
increase from low levels, tax revenue collected by
the government also increases. It also shows
that tax rates increasing after a certain
point (T*) would cause people not to work as hard
or not at all, thereby reducing tax
revenue.
Eventually, if tax rates reached 100% (the far
right of the curve), then all people would choose
not to work because
everything they earned
would go to the government.
Notes:
Governments would like to be at point T*, because
it is the point at which the government collects
maximum amount of
tax revenue while people
continue to work hard.
Tax revenue税收
is the income that is gained by governments
because of taxation of the people
Budget
deficit 联邦预算赤字
The amount by which government
spending exceeds government revenues.
Unemployment benefits 失业救济
are sums of
money given to the unemployed by the government or
a compulsory para-governmental insurance system.
Depending on the jurisdiction and the status
of the person, those sums may be meager, covering
only basic needs (thus a form of
basic
welfare), or may compensate the lost pay somewhat
proportionally to the previous earned salary. They
often are part of a
larger social security
scheme. Unemployment benefits are generally given
only to those registering as unemployed, and often
on conditions ensuring that they seek work and
do not currently have a job.
Capital Stock
资本存量
The common and preferred stock a company
is authorized to issue, according to their
corporate charter.
Notes: Capital stock are
normally listed on a company's balance sheet. In
financial statement analysis, an increasing
capital
stock account tends to be a sign of
economic health since the company can use the
additional proceeds to invest in projects or
machinery that will increase corporate profits
andor efficiency.
i
ncomes policies
收入政策
are wage and price controls used to fight
inflation.
第五章
Mercantilism 重商主义
is the economic theory that a nation's
prosperity depends upon its supply of capital and
that the total volume of trade is
unchangeable. The amount of capital,
represented by bullion（金条）, is best increased
through a favourable balance of trade.
Mercantilism suggests that the government
should advance these goals by playing an active,
protectionist role in the economy
by
encouraging exports and discouraging imports,
especially through the use of tariffs. The
economic policy that flourished in
the early
modern period is often referred to as the
mercantile system.
Trade deficit or
surplus 贸易逆差或顺差
The difference in the value of
a nation's imports over exports (deficit) or
exports over imports (surplus).
Trade Surplus
贸易顺差 export surplus出口顺差
A nation's excess of
exports over imports during a given time frame.
Zero-Sum Game
8
A
situation in which one participant's gains result
only from another participant's equivalent losses.
The net change in total
wealth among
participants is zero the wealth is just shifted
from one to another.
Notes:
Options
and future contracts are examples of zero-sum
games (excluding costs). For every person who
gains on a
contract, there is a counter-party
who loses. Gambling is also an example of a zero-
sum game. A stock market, however, is not a
zero-sum game because wealth can be created in
a stock market.
The Wealth of Nations 《国富论》
An Inquiry into the Nature and Causes of the
Wealth of Nations is the magnum opus of Adam
Smith, published in 1776. It is a
clearly
written account of political economy at the dawn
of the industrial revolution, and is widely
considered to be the first
modern work in the
field of economics. It is broken down into five
books between two volumes.
Absolute
Advantage 绝对优势
The ability of a country,
individual, company, or region to produce a good
or service at a lower cost per unit than the cost
at
which any other entity produces that good
or service. Those entities with absolute
advantages can produce something using a
smaller number of inputs than another party
producing the same product.
Comparative
Advantage 比较优势
A situation in which a country,
individual, company or region can produce a good
at a lower opportunity cost than that of a
competitor.
labor-intensive 劳动密集型
Requiring or having a large expenditure of
labor in comparison to capital
Capital-
intensive 资本密集型
Used to describe industries
that require large investments in capital assets
to produce their goods, such as the automobile
industry. These firms require large profit
margins andor low costs of borrowing to
survive.
Leontief paradox 列昻惕夫悖论
Leontief's paradox in economics was the result
of an attempt to test the Heckscher-Ohlin theory
by Professor Wassily W.
Leontief in 1954.
Leontief found that the US (the most capital
abundant country in the world by any criteria)
exported
labor-intensive commodities and
imported capital-intensive commodities, in
contradiction with H-O theory.
For many
economists, Leontief's paradox undermined the
validity of the H-O theory, which predicted that
trade patterns would
be based off of
countries' comparative advantage in certain
factors of production (such as capital and labor).
Many economists
have dismissed the H-O theory
in favor of a more Ricardian model where
techological differences determine comparative
advantage. These economists argue that the US
has an advantage in highly skilled labor more so
than capital. Some explanations
for the
paradox dismiss the importance of comparative
advantage as a determinant of trade. For instance,
the Linder hypothesis
states that demand plays
a more important role than comparative advantage
as a determinant of trade. Countries with like
demand would be more likely to trade. For
instance, both the US and Germany are developed
countries with a significant
demand for cars,
so both have large automotive industries. Rather
than one country dominating the industry with a
comparative
advantage, both countries trade
different brands of cars between them.
Heckscher-Ohlin model (H-O model)
要素赋予学说HO理论
is a General equilibrium
mathematical model of the macroeconomy in
international trade, developed by Eli Heckscher
and
Bertil Ohlin at the Stockholm School of
Economics. It builds on David Ricardo's theory of
comparative advantage by predicting
the
patterns of trade in the types of good that
particular countries will specialize in exporting.
Economies of Scale 经济规模效应
The increase in
efficiency of production as the number of goods
being produced increases. Typically, a company
that achieves
economies of scale lowers the
average cost per unit through increased production
since fixed costs are shared over an increased
number of goods.
There are two types
of economies of scale:
External economies -
The cost per unit depends on the size of the
industry, not the firm.
Internal economies -
The cost per unit depends on size of the
individual firm.
Notes:
Economies of scale
gives large companies access to a larger market by
allowing them to operate with greater
geographical reach. But for the more
traditional (small to medium) companies, size does
have its limits, so after a point an
increase
in size (output) actually causes an increase in
production costs. This is called
9
Product cycle
The time it takes
to bring new andor improved products to market.
Neoclassical economics
r
efers to a
general approach (a
economic agent) operating
rationally, each seeking to maximize their
individual utility or profit by making choices
based on
available information. Mainstream
economics is largely neoclassical in its
assumptions. There have been many critiques of
neoclassical economics, both from within
orthodox economics, and from outside of it, and
often these critiques have been
incorporated
into new versions of neoclassical theory.
第六章
R&D 研发
(Research and Development)
Refers to the effort required to create a new
product. It includes the exploration phase that
determines the viability of the project and
methods for proceeding as well as all the design
and manufacturing stages required to
yield a
working product.
Tariff关税
A
taxation imposed on goods and services imported
into a country. Also known as a duty tax.
Governments generally impose
tariffs to raise
revenue and protect domestic industries from
foreign competition.
Import Quota 进口配额
Puts limits on the quantity of certain
products that can be legally imported into a
particular country during a particular time
frame. There is a Fixed quota, which is a
maximum quantity not to be exceeded, and tariff
rate surcharge, which permits
additional
quantities but at much higher duty.
Dumping
倾销
1. In international trade, this occurs
when one country exports a significant amount of
goods to another country at prices much
lower
than in the domestic market.
2. A slang term
for selling a stock with little regard for price.
Notes:1. Dumping is fought through the use of
tariffs and quotas.
Countervailing duties
反补贴税
are a means to restrict international
trade in cases where imports are subsidized by a
foreign country and hurt domestic
producers.
According to WTO rules, a country can launch its
own investigation and decide to charge extra
duties. Since
countries can rule domestically
whether domestic industries are in danger and
whether foreign countries subsidize the products,
the institutional process surrounding the
investigation and determinations has significant
impacts beyond the countervailing
duties.
Externality 外部经济效果
A consequence of an
economic activity that is experienced by unrelated
third parties. An externality can be either
positive or
negative.
第七章
General Agreement on Tariffs and Trade (GATT)
关税及贸易总协定
A treaty adopted by the United
Nations aimed at elimination of international
trade barriers between member countries.
Quota 配额
In the context of
international trade, this is a limit put on the
amount of a specific good that can be imported.
Notes:Quotas are used to prevent other
countries from
Common market 共同市场
10
An agreement between two or more
countries that permits the free movement of
capital and labor as well as goods and
services.
Customs union 关税同盟
An
agreement by two or more countries to erect a
common external tariff and to abolish restrictions
on trade among members.
Trade creation
产生贸易
is an economic term related to
international economics in which trade is created
by the formation of a customs union.
Trade
diversion 转移贸易
is an economic term related to
international economics in which trade is
diverted
by the formation of a customs
union.
“free-rider” problem “免费搭车”问题
In
the analyses of economics and political science,
free riders are actors who take more than their
fair share of the benefits or
do not shoulder
their fair share of the costs of their use of a
resource, involvement in a project, etc.. The free
rider problem is
the question of how to
prevent free riding from taking place, or at least
limit its effects.
第八章
Newly
Industrialized Countries (NICs)
NIC's are
countries with high-growth industrial economies,
such as Hong Kong and Malaysia.
Per
annum
Yearly.
A
developed
country
发达国家
is a nation that enjoys a
relatively high standard of living through a
strong high-technology
diversified economy.
Most countries with a high per capita gross
domestic product (GDP) are considered developed
countries. Some countries, however, have
achieved a (usually temporarily) high GDP through
natural resource exploitation
(e.g., Nauru
through phosphorus extraction) without developing
the diverse industrial and service-based economy
necessary
for
A
developing
country发展中国家
is a country with a low income
average, a relatively backwards infrastructure and
a poor
human development index when compared
to the global norm. The term has tended to edge
out earlier ones, including the
Cold War-
defined
Deregulation 放松管制
The
reduction or elimination of government power in a
particular industry, usually enacted to create
more competition within
the industry.
Technology transfer 技术转让
is the process of
developing practical applications for the results
of scientific research.
第九章
Balance
of payments 国际收支平衡
A statistical compilation
formulated by a sovereign nation of all economic
transactions between residents of that nation and
residents of all other nations during a
stipulated period of time, usually a calendar
year.
Portfolio investments
represent
passive holdings of securities such as foreign
stocks, bonds, or other financial assets, none of
which
entails active management or control of
the securities' issuer by the investor.
Current Account
The difference between a
nation's total exports of goods, services, and
transfers, and its total imports of them. Current
account
balance calculations exclude
transactions in financial assets and liabilities.
The level of the current account is followed as an
indicator of trends in foreign trade.
11
Interest 利息
1. The
charge for the privilege of borrowing money,
typically expressed as an annual percentage rate.
2. The amount of ownership a stockholder has
in a company, usually expressed as a percentage.
Profit 利润
The same as net income:
total earnings less expenses. In other words,
profit is the money a business makes after
accounting for
all the expenses. Profit is the
goal of every company.
Dividend 股息
Distribution of a portion of a company's
earnings, decided by the board of directors, to a
class of its shareholders. The amount
of a
dividend is quoted in the amount each share
receives or in other words dividends per share.
Notes: Dividends may be in the form of cash,
stock, or property. Most secure and stable
companies offer dividends to their
stockholders. Their share prices might not
move much, but the dividend attempts to make up
for this. High-growth companies
don't offer
dividends because all their profits are reinvested
to help sustain higher-than-average growth.
Hot Money 热钱 游资
Money that flows
regularly between financial markets in search for
the highest short term interest rates possible.
Notes:
CDs are an example of hot
money. Should a borrower offer the lender a higher
rate of interest than that offered by the
current borrower, the current borrower stands
to lose their loan.
Certificate of Deposit -
CD
A savings certificate entitling the
bearer to receive interest. A CD bears a maturity
date, a specified interest rate and can be
issued in any denomination. CDs are generally
issued by commercial banks.
Notes:
Technically, a certificate of deposit is a
promissory note on which the maker is a bank. CDs
under $$100,000 are called
CDs, are
negotiable.
Exchange Rate
The price of
one country's currency expressed in another
country's currency. In other words, the rate at
which one currency can
be exchanged for
another.
Exchange rate regime
The
exchange rate regime is the way a country manages
its currency in respect to foreign currencies and
the foreign exchange
market.
The basic
types are a floating exchange rate, where the
market dictates the movements of the exchange
rate, a pegged
float, where the central bank
keeps the rate from deviating too far from a
target band or value, and the pegged exchange
rate,
which ties the currency to another
currency, mostly more widespread currencies such
as the U.S. dollar or the euro.
Float
Floating rates are the most common exchange
rate regime today. For example, the Dollar,
Euro,Yen, and British Pound all float.
However, since central banks frequently
intervene to avoid excessive
appreciationdepreciation, these regimes are often
called
managed float.
Pegged float
Here, the currency is pegged to some band or
value, either fixed or periodically adjusted.
Pegged floats are:
? Crawling bands: the
rate is allowed to fluctuate in a band around a
central value, which is adjusted periodically.
This is done at a preannounced rate or in a
controlled way following economic indicators.
Crawling pegs: Here, the
rate itself is fixed,
and adjusted as above.
? Pegged with
horizontal bands: The currency is allowed to
fluctuate in a fixed band (bigger than 1%) around
a
central rate.
12
Fixed
固定汇率
Fixed rates are those that have
direct convertibility towards another currency. In
case of a separate currency, also known as a
currency board arrangement, the domestic
currency is backed one to one by foreign reserves.
A pegged currency with very small
bands (< 1%)
and countries that have adopted another country's
currency and abandoned its own also fall under
this category.
Fixed Exchange Rate固定汇率
A
country's exchange rate regime under which the
government or central bank ties the official
exchange rate to another
country's currency
(or the price of gold). The purpose of a fixed
exchange rate system is to maintain a country's
currency value
within a very narrow band. Also
known as pegged exchange rate.
Notes:
Fixed rates provide greater certainty for
exporters and importers. This also helps the
government maintain low inflation,
which in
the long run should keep interest rates down and
stimulate increased trade and investment.
Floating Exchange Rate 浮动汇率
A country's
exchange rate regime where its currency is set by
the foreign-exchange market through supply and
demand for that
particular currency relative
to other currencies. Thus, floating exchange rates
change freely and are determined by trading in the
foreign-exchange market. Contrast to fixed
exchange rate regime.
Notes:
In some
instances, if a currency value moves in any one
direction at a rapid and sustained rate, central
banks intervene
by buying and selling its own
currency reserves (i.e. Federal Reserve in the
U.S.) in the foreign-exchange market in order to
stabilize the local currency. However, central
banks are reluctant to intervene, unless
absolutely necessary, in a floating regime.
Floating exchange rate system 浮动汇率制
Purchase or sale of the currencies of other
nations by a central bank for the purpose of
influencing foreign exchange rates or
maintaining orderly foreign exchange markets.
Also called foreign-exchange market intervention.
Currency 货币
Money circulated within an
economy, including coins and paper notes.
Also know as Moola, Bread, Dinero, and Cash.
Equilibrium exchange rate 均衡汇率
Exchange
rate at which demand for a currency is equal to
the supply of the currency in the economy.
Real exchange rates
Real exchange rate
that have been adjusted for the inflation
differential between two countries
Purchasing
power parity 购买力平价
The notion that the ratio
between domestic and foreign price levels should
equal the equilibrium exchange rate between
domestic and foreign currencies.
Crawling
peg 爬行汇率
An automatic system for revising the
exchange rate. It involves establishing a par
value around which the rate can vary up to a
given percent. The par value is revised
regularly according to a formula determined by the
authorities.
Par Value 平价
1) The face
value of a bond.
2) A dollar amount that is
assigned to a security when representing the value
contributed for each share in cash or goods.
Notes: 1) The par values for different fixed
income products will vary. Bonds generally have a
par value of $$1,000 while most
money market
instruments have higher par values. 2) Stocks will
typically have a par value of $$0.01 or none at
all.
Devaluation 官方降值
A deliberate
downward adjustment to a country's official
exchange rate relative to other currencies. In a
fixed exchange rate
regime, only a decision by
a country's government (i.e central bank) can
alter the official value of the currency. Contrast
to
Notes:
There are two implications
for a currency devaluation. First, devaluation
makes a country's exports relatively less
expensive for foreigners and second, it makes
foreign products relatively more expensive for
domestic consumers, discouraging
imports. As a
result, this may help to reduce a country's trade
deficit.
Revaluation 官方升值
13
A calculated adjustment to a country's
official exchange rate relative to a chosen
baseline. The baseline can be anything from
wage rates to the price of gold to a foreign
currency. In a fixed exchange rate regime, only a
decision by a country's government
(i.e.
central bank) can alter the official value of the
currency. Contrast to
Notes: For example,
suppose a government has set 10 units of its
currency equal to one U.S. dollar. To revalue, the
government
might change the rate to five units
per dollar. This would result in that currency
being twice as expensive to people buying that
currency with U.S. dollars than previously and
the U.S. dollar costing half as much to those
buying it with foreign currency.
Depreciation
贬值
1. An expense recorded to reduce the value
of a long-term tangible asset. Since it is a non-
cash expense, it increases free cash
flow
while decreasing reported earnings.
2. A
decrease in the value of a particular currency
relative to other currencies.
Notes:
1.
Depreciation is used in accounting to try and
match the expense of an asset to the income that
the asset helps the company
earn. For example,
if a company bought a piece of equipment for $$1
million and expected it would have a useful life
of 10 years,
it would be depreciated over the
10 years. Every accounting year the company would
expense $$100,000 (assuming straight line
depreciation), and this would be matched with
the money that the equipment helps to make each
year.
2. Examples of currency depreciation are
the infamous Russian rouble crisis, where the
rouble lost 25% of its value in one day.
Appreciation 升值
The increase in value of
an asset. Unless you are short selling,
appreciation is always a good thing!
Hedging
套期保值
A strategy designed to reduce investment
risk using call options, put options, short-
selling, or futures contracts. A hedge can
help lock in profits. Its purpose is to reduce
the volatility of a portfolio by reducing the risk
of loss.
Herd Instinct 群居本能
A mentality
characterized by a lack of individuality, causing
people to think and act like the general
population.
Notes: This term is used in the
investing world to refer to the forces that cause
unsubstantiated rallies or sell-offs
Dirty
Float 有管理的浮动
A system of floating exchange
rates in which the government occasionally
intervenes to change the direction of the value of
the
country's currency. Notes: This isn't
considered to be a true floating exchange rate.
第十一章
Official settlements balance
(overall balance)
An overall measurement of a
country's private financial and economic
transactions with the rest of the world.
Surplus Trade Surplus贸易顺差
A situation in
which assets exceed liabilities, income exceeds
expenditures, exports exceed imports, or profits
exceed losses.
Deficit 贸易逆差
A situation in
which liabilities exceed assets, expenditures
exceed income, imports exceed exports, or losses
exceed profits. A
deficit is the opposite of a
surplus. If a country imports more than it
exports, it is said to have a trade deficit. Many
scholars feel
that a trade deficit can not be
sustained in perpetuity.
Balance of trade
贸易平衡
Net flow of goods (exports minus imports)
between two countries.
Net
The gain or
loss on a security sale as measured by the selling
price of a security less the adjusted cost of
acquisition.
第十二章
International
monetary system 国际货币体系
The global network of
government and commercial institutions within
which currency exchange rates are determined.
Gold Standard 金本位
14
A monetary system in which a country's
currency unit is freely convertible into fixed
amounts of gold.
Parity
1. In general, a
situation of equality. Parity can occur in many
different contexts, but it always means that two
things are equal.
2. The official value.
3. In an exchange market, when all brokers
bidding for the same security have equal standing
due to identical bids.
Notes:
1. For
example, in the foreign-exchange market,
currencies are at parity when their exchange rate
is exactly 1 to 1.
2. In other words, the par
value.
3. When parity occurs, the market must
determine which bidding broker.
Bretton Woods
Agreement 布雷顿森林协议
An agreement made in Bretton
Woods, United States, in 1944. It set fixed
exchange rates for major currencies and
subsequently
established the IMF.
Notes:
This agreement governed currency relationships
until the early 1970s when a floating exchange
rate system was adopted.
International
Monetary Fund (IMF) 国际货币基金组织
An organization
founded in 1944 to oversee exchange arrangements
of member countries and to lend foreign currency
reserves
to members with short-term balance of
payment problems.
Swap arrangements
交换协定，互换货币协定
Short-term reciprocal lines of
credit between the Federal Reserve and 14 foreign
centeral banks as well as the Bank for
International Settlements. Through a swap
transactions, the Federal Reserve can, in effect,
borrow foreign currency in order to
purchase
dollars in the foreign exchange market. In doing
so, the demand for dollars and the dollar's
foreign exchange value are
increased.
Similarly, the Federal Reserve can temporarily
provide dollars to foreign central banks through
swap arrangments.
Smithsonian Agreement 史密森协议
A revision to the Bretton Woods international
monetary system that was signed at the Smithsonian
Institution in Washington,
D.C., in December
1971. Included were a new set of par values,
widened bands to +- 2.25% of par, and an increase
in the
official value of gold to US$$38.00 per
ounce.
Seigniorage 铸币
The difference
between the value of money and the cost to produce
it.
Notes: Seigniorage may be counted as
revenue for a government when the money that is
created is worth more than it costs to
produce
it. This revenue is often used by governments to
finance a portion of their expenditures without
having to collect taxes.
If, for example, it
costs the U.S. Government $$0.05 to produce a $$1
bill, the seigniorage is $$0.95, or the difference
between the
two amounts.
Fiat Money
Money that a government has declared to be
legal tender, despite the fact that it has no
intrinsic value and is not backed by
reserves.
Notes: Most of the world's paper money is fiat
money.
Hard Money
1. Government and
organizations refer to this as funding that is
repetitive, not a one time grant or gift.
2.
Describes goldsilverplatinum (bullion) coins.
Notes:Governments and organizations prefer
hard money because it is a predictable stream of
funds, rather than a one shot deal.
Soft Money
1. The
2. Paper currency, as opposed to
gold, silver, or some other coined metal.
Notes: A good example of soft money is the
campaign funding that politicians get during
election years. The money received is
not
recurring and it is to be used explicitly for
election related expenses.
Hard Currency
A
currency, usually from a highly industrialized
country, that is widely accepted around the world.
Notes: The U.S. Dollar and the British Pound
are good examples of a hard currency.
Soft
Currency
Another name for
15
Notes: Currencies from most developing
countries are considered to be soft currencies.
European Currency Unit (ECU) 欧洲货币单位
An
index of foreign exchange consisting of European
currencies, originally devised in 1979. Also see
Euro.
World Bank 世界银行
A multilateral
development finance agency created by the 1944
Bretton Woods, (New Hampshire) negotiations. It
makes loans
to developing countries for social
overhead capital projects that are guaranteed by
the recipient country. See: International Bank
for Reconstruction and Development.
第十三章
Globalization 全球化
The tendency of
investment funds and businesses to move beyond
domestic and national markets to other markets
around the
globe, thereby increasing the
interconnectedness of different markets.
Notes: The advantages and disadvantages of
globalization have been debated and scrutinized
heavily in recent years.
Proponents of
globalization say that it helps developing nations
increased employment and technological
advances. Critics of globalization say that it
weakens national sovereignty and allows
rich
nations to ship domestic jobs overseas where labor
is much cheaper.
Internationalization and
localization
are means of adapting products
such as publications or software for non-native
environments, especially other nations and
cultures.
Strategic Alliance 战略联合
An
arrangement between two companies who have decided
to share resources in a specific project.
Notes: A strategic alliance is less involved
than a joint venture where two companies typically
pool resources in creating a
separate entity.
Privatization 私有化
The transfer of
ownership from government owned to a privately
owned corporation.
Notes: One of the main
proponents behind the privitization of publicly
owned operations is the estimated increases in
efficiency
due to private ownership.
New
classical economics 新古典经济学
emerged as a school
in macroeconomics during the 1970s. As opposed to
Keynesian macroeconomics, it builds its analysis
on
an entirely neoclassical framework.
Specifically, new classical macroeconomics (NCM)
emphasises the importance of rigorous
microfoundations, in which the macroeconomic
model is built up from the actions of individual
agents, whose behaviour is
modelled by
microeconomics. New Keynesian economics was
developed partly in response to NCM – it strives
to provide
microfoundations for Keynesian
economic analysis.
Several assumptions are
common to most New Classical models. Primarily,
all agents are assumed to be rational
(utility-maximising) and possess rational
expectations. At any one time, the macroeconomy is
assumed to have a unique
equilibrium at full
employment or potential output and this
equilibrium is assumed to always have been
achieved via price and
wage adjustment (market
clearing).
New classical economics has
also pioneered the use of representative agent
models. Such models have recently received
severe neoclassical criticism, pointing to the
clear disjuncture between microeconomic behavior
and macroeconomic results, as
indicated by the
Sonnenschein-Mantel-Debreu theorem (Kirman, 1992)
and the fallacy of composition. In some ways, this
critique is akin to the Cambridge capital
controversy, which discredited the neoclassical
aggregate production function
The most
famous New Classical model is that of Real
Business Cycles, developed by Robert Lucas, Jr.,
Finn E. Kydland,
and Edward C. Prescott,
building upon the ideas of, among others, John
Muth.
Financial Instrument 金融工具
A real or
virtual document representing a legal agreement
involving some sort of monetary value. In today's
financial
marketplace, financial instruments
can be classified generally as equity based,
representing ownership of the asset, or debt
based,
representing a loan made by an investor
to the owner of the asset. Foreign exchange
instruments comprise a third, unique type
16
of instrument. Different
subcategories of each instrument type exist, such
as preferred share equity and common share equity,
for example.
Notes: Financial instruments
can be thought of as easily tradeable packages of
capital, each having their own unique
characteristics and structure. The wide array
of financial instruments in today's marketplace
allows for the efficient flow of
capital
amongst the world's investors.
Derivative
market （金融）衍生市场
A derivatives market is any
market for a financial derivative, that is a
contract which specifies the right or obligation
to
receive or deliver future cash flows based
on some future event such as the price of an
independent security or the
performance of an
index.
Derivatives markets can be
standardized (many users trading fungible
contracts, typically on an exchange)or
non-
standardized (where derivatives are customized for
the user by a trading desk - the over-the-counter
market). In
finance, fungibility Fungibility
is the degree to which all instances of a given
commodity are considered interchangeable.
refers to the ability of one security to be easily
converted into another related security. For
instance, stocks are often listed
on several
stock exchanges, and a fungible stock would allow
you to exchange the shares purchased on one
exchange for
shares on another. Not all
securities are fungible in this way, but those
that are somewhat more liquid and protected from
volatility on one particular exchange]One
derivatives market is for standardized stock
options A stock option is a specific
type of
option with a stock as the underlying instrument
(the security that the value of the option is
based on). Thus it is a
contract to buy (known
as a
predetermined or calculable (from a
formula in the contract) price., a market where
parties can buy or sell, call A call
option is
a financial contract between two parties, the
buyer and the seller of this type of option. Often
it is simply labeled
a right but not the
obligation to buy an agreed quantity of a
particular commodity or
financial instrument
(the underlying instrument) from the seller of the
option at a certain time for a certain price (the
strike
price). The seller (or
buyer pays
a fee (called a premium) for this right. or put A
put option (sometimes simply called a
contract between two parties, the buyer and
the seller of the option. The put allows the buyer
the right but not the
obligation to sell a
commodity or financial instrument (the underlying
instrument) to the seller of the option at a
certain time
for a certain price (the strike
price). The seller has the obligation to purchase
at that strike price, if the buyer does choose
to exercise the s on a secondary market The
secondary market (also called
market for
trading of securities that have already been
issued in its initial private or public offering.
Stock exchanges are
examples of secondary
markets. Alternatively, secondary market can refer
to the market for any kind of used goods..
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Non-standardized derivatives
instruments,such as naked warrants A warrant is
the right — but not the obligation — to
buy or
sell a certain quantity of an underlying
instrument at an agreed-upon price. The right to
buy the underlying
instrument is referred to
as a call warrant; the right to sell it is known
as a put warrant. issued directly by financial
institutions A financial institution acts as
an agent that provides financial services for its
clients. Financial institutions
generally fall
under financial supervision from a government
authority.
Financial Institutions provide
a service of moving funds from investors, those
with excess funds, to companies, those in
need
of funds. These financial institutions make it
easy and afordable for small investors to invest.
to a secondary market, also exist.
Other derivative markets include those for
interest rate swaps In the field of derivatives, a
popular form of swap is the
interest rate
swap, in which one party exchanges a stream of
interest for another stream. Interest rate swaps
are
normally fixed against floating, but can
also be fixed against fixed or floating against
floating rate swaps. Interest rate
swaps are
often used by companies to re-allocate their
exposure to interest-rate fluctuations, typically
by exchanging
fixed-rate obligations for
floating rate obligations., credit default swaps
The credit default swap (CDS) is the most
widely used credit derivative. It is an
agreement between a protection buyer and a
protection seller whereby the buyer
pays a
periodic fee in return for a contingent payment by
the seller upon a credit event (such as a certain
default)
happening in the reference entity.
and options and forwards on foreign exchange.
Bank for International Settlements (BIS)
国际清算银行
An international bank headquartered in
Basel, Switzerland, which serves as a forum for
monetary cooperation among several
European
central banks, the Bank of Japan, and the US
Federal Reserve System. Founded in 1930 to handle
the German
payment of World War I reparations,
it now monitors and collects data on international
banking activity and promulgates rules
concerning international bank regulation.
Multiplier Effect （增加投资产生的）收益增值效益
The
expansion of a country's money supply that results
from banks being able to lend. The size of the
multiplier effect depends
on the percentage of
deposits that banks are required to hold on
reserves. In other words, it is money used to
create more money
and calculated by dividing
total bank deposits by the reserve requirement.
Notes: The multiplier effect depends on the
set reserve requirement. So, to calculate the
impact of the multiplier effect on the
money
supply, we start with the amount banks initially
take in through deposits and divide by the reserve
ratio. If, for example,
the reserve
requirement is 20%, for every $$100 a customer
deposits into a bank, $$20 must be kept in reserve.
However, the
remaining $$80 can be loaned out
to other bank customers. This $$80 is then
deposited by these customers into another bank,
which in turn must also keep 20%, or $$16, in
reserve but can lend out the remaining $$64. This
cycle continues - as more people
deposit money
and more banks continue lending it - until finally
the $$100 initially deposited creates a total of
$$500 ($$100 0.2)
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in
deposits. This creation of deposits is the
multiplier effect. The higher the reserve
requirement, the tighter the money supply,
which results in a lower multiplier effect for
every dollar deposited. The lower the reserve
requirement, the larger the money
supply,
which means more money is being created for every
dollar deposited.
Engel's law 恩格尔法则
is an
observation in economics stating that, with a
given set of tastes and preferences, as income
rises, the proportion of income
spent on food
falls, even if actual expenditure on food rises.
In other words, the income elasticity of demand of
food is less than
1. The observation was made
by Ernst Engel, director of the Bureau of
Statistics in Prussia , in a paper published by
him in
1857.
Innovation 创新
is the
implementation of a new or significantly improved
idea, good, service, process or practice which is
intended to be useful.
Scholars who have
studied innovation generally differentiate among
four main types of innovation: product innovation,
process
innovation, organizational innovation,
and marketing innovation. Innovation is an
important topic in the study economics,
business, sociology, and other social
sciences. Since innovation is also considered a
major driver of the economy, the factors
that
lead to innovation are also considered to be
critical to policy makers.
Productivity 劳动生产率
A measure of the amount of output per unit of
input.
Notes: For example, productivity in
the auto industry might be measured by the number
of hours of labor used per automobile
produced.
weight function
A weight
function is a mathematical device used when
performing a sum, integral, or average in order to
give some elements
more of a
measure.
Weight functions can be constructed in both
discrete and continuous settings.
Total-factor
productivty (TFP)
addresses any effects in
total output not caused by inputs or productivity.
For example, a year with unusually good weather
will
tend to have higher output, because bad
weather hinders agricultural output. A variable
like weather does not directly relate to
unit
inputs or productivity, so weather is considered a
total-factor productivity variable.
Prerequisite 前提条件
A prerequisite is
something that is required before another thing
can happen.
第十五章
Entrepreneur 创业家
A person starting a new company who takes on
the risks associated with starting the enterprise,
which may require venture
capital to cover
start-up costs.
Diffusion 渗透
is the
process Process by which a new idea or new product
is accepted by the market . The rate of diffusion
is the speed that
the new idea spreads from
one consumer to the next. Adoption is similar to
diffusion except that it deals with the
psychological
processes an individual goes
through, rather than an aggregate market process.
Core competence 核心能力
Primary area of
expertise. Narrowly defined fields or tasks at
which a company or business excels. Primary areas
of specialty.
Barriers to Entry （市场）准入障碍
The existence of high start-up costs or other
obstacles that prevent new competitors from easily
entering an industry or area of
business.
Barriers to entry benefit existing companies
already operating in an industry, since barriers
will protect their revenues
and profits from
being whittled away by new competitors.
Notes: Barriers to entry can exist as a result
of government intervention (industry regulation,
legislative limitations on new
firms, special
tax benefits to existing firms in the industry,
etc.), or they can occur naturally within the
business world. Some
naturally occurring
barriers to entry could be technological patents
or patents on business processes, a strong brand
identity that
is difficult for new competitors
to effectively compete against, and strong
customer loyalty or high customer switching costs.
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第十六章
Slump 衰退，萧条
A temporary fall in performance, often
describing consistently falling security prices
for several weeks or months.
第十八章
Social stratification 社会阶层
is a
sociological term for the hierarchical arrangement
of social classes, castes, and strata within a
society. While these
hierarchies are not
universal to all societies, they are the norm
among state-level cultures (as distinguished from
hunter-gatherers or other social
arrangements).
Lifetime employment 终身雇佣制
refers not to a worker's lifetime but to the
time from school graduation until mandatory
retirement, at age sixty for most men.
Workers
are recruited directly out of school, and large
investments are made in training.
Cross-
cultural communication (it is also frequently
referred to as Intercultural communication)
looks at how people, from differing cultural
backgrounds, endeavour to communicate. Cross-
cultural communication tries to
bring together
such relatively unrelated areas as cultural
anthropology and established areas of
communication. Its core is to
establish and
understand how people from different cultures
communicate with each other. Its charge is to also
produce some
guidelines with which people from
different cultures can better communicate with
each other.
For example, how does a person
from China communicate with a person from America?
Furthermore, what underlying
mental constructs
appear from both parties that allows for
constructive communication?
Cross-cultural
communication, as many scholarly fields, is a
combination of many other fields. These fields
include
anthropology, cultural studies,
psychology and communication.
The main
theories for cross-cultural communication are
based on the work done looking at value
differences (or Cultural
dimensions) among
cultures, especially the works of Edward T. Hall,
Geert Hofstede, Harry C. Triandis, Fons
Trompenaars and
more recently Shalom Schwartz.
Clifford Geertz was also a major contributor to
this field.
These theories have been
applied to a variety of different communication
theories and settings, most notably general
business
and management (Fons Trompenaars and
Charles Hampden-Turner ) and marketing (Marieke de
Mooij, Stephan Dahl).
适用书籍《国际经济导论》（高教出版社）
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清一祝大家考研成功！
2005年12月17日整理
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