Created by: Ruolan Jiang
Number of Blossarys: 1
English (EN) The risk of loss of principal or loss of a financial reward stemming from a borrower's failure to repay a loan or otherwise meet a contractual obligation. Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. Investors are compensated for assuming credit risk by way of interest payments from the borrower or issuer of a debt obligation.
亦称“违约风险”。银行由于借款人不能或不愿偿还贷款而遭受损失的可能性。它来自借款人，是在信用关系中产生的，通常与借款人的收入水平、年龄、和家庭状况有关。为避免信用风险，银行在决定贷款时要切实弄清企业的风险状况来确定具体的贷款政策。
The amount of money available to be borrowed by an individual or a company is referred to as credit because it must be paid back to the lender at some point in the future. For example, when you make a purchase at your local mall with your VISA card it is considered a form of credit because you are buying goods with the understanding that you'll need to pay for them later.
以偿还和付息为条件所形成的货币（或商品）借贷关系或债权债务关系。在商品货币关系基础上产生的信用，不是一般的借贷，而是货币或商品有条件——偿还和付息——的让渡这种价值运动的特殊形式。在现代市场经济中，信用形式繁多，不胜枚举。从信用主体的角度区分，主要有银行信用、商业信用、合作信用、私人信用、国家信用、国际信用等。
The charge for the privilege of borrowing money, typically expressed as an annual percentage rate.
是货币所有者（债权人）因贷出货币或货币资本而从借款人（债务人）处获得的报酬。从债务人的角度来看，利息则是借入货币或货币资本所付出的代价。利息在本源上是剩余价值或利润的一部分。
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.
能作为银行业的坚强后盾、并为其信贷活动提供最后支持的金融机构。美国的最后贷款人是联邦储备银行。联邦储备银行通过贴现窗口为会员银行提供信贷支持。这种信贷支持的方式是多种多样的，包括向银行提供短期调整信贷以满足银行的法定准备金需求，或长期的季节信贷和展期信贷以满足银行长期资金的需求。有时联邦储备银行还要向有困难的银行或储蓄机构提供贷款，以恢复公众对银行系统的信任，维持银行业的稳定与发展。根据《1980年货币控制法案》，联邦储备银行有权通过贴现窗口向储蓄贷款协会和其他非银行金融机构直接贷款。但这些机构必须是在无其他借贷渠道的情况下（包括联邦住宅贷款银行的预付款），方可向联邦储备银行借款。尽管《联邦储备法》授权联邦储备银行可以向非银行金融机构直接贷款，但自30年代以来，这种直接贷款从没有发生过。在欧洲国家，最后贷款人一般是财政部而不是中央银行。而欧洲债券市场则无最后贷款人。
A balance sheet item representing funds set aside by a company to pay for losses that are anticipated to occur in the future. The actual losses for the earmarked funds have not yet occured, but the general provisions account is counted as an asset on the balance sheet. For banks, a general provision is considered to be supplementary capital under the first Basel Accord.
亦称“支付准备金”。广义的支付准备金，包括库存现金和在中央银行的存款，前者叫现金准备，后者叫存款准备，其中存款准备金是主体。中国统称的支付准备金，即备付金，是狭义上的存款准备，即专业银行和其他金融机构存入中央银行的存款。中国专业银行和其他金融机构按规定比例缴存中央银行的存款准备金，除了在客户存款下降可以调减退回之外，是不能支取或动用的，实际上不能充当支付准备。从1989年开始，中央银行按照各专业银行和其他金融机构的不同情况，分别核定支付准备金占客户存款的比率。除有特殊的情况，在中央银行的存款不得低于这个比率。
Capital reserves held by a bank or financial institution in excess of what is required by regulators, creditors or internal controls. For commercial banks, excess reserves are measured against standard reserve requirement amounts set by central banking authorities. These required reserve ratios set the minimum liquid deposits (such as cash) that must be in reserve at a bank; more is considered excess.
商业银行或存款机构在货币当局规定必须缴纳的法定准备金之外，保留的一部分准备金。商业银行保留超额准备金主要是解决意外的大额提现、结清存款或更好的投资机会。超额准备金的变动将影响到货币乘数大小。在基础货币供应量不变的情况下，它制约着银行体系创造货币的能力。1986年12月，中国人民银行对各类存款金融机构，实行了支付准备金制度，在中国人民银行的备付金存款和库存现金之和，占其存款比例要保持在5% - 7% 的幅度以内。
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.
商业银行为应付客户提取存款而设置的准备金。它由两部分组成：一部分是自存准备，即库存现金；另一部分是法定准备，即根据银行法，商业银行将其存款按中央银行规定的比率转存中央银行部分。在西方国家，存款准备金普遍实行“二级准备金制度”，即存款准备金分为第一准备金和第二准备金。所谓第一准备金是银行为应付客户提取现款随时可以兑现的资产，主要包括库存现金及存放在中央银行的法定准备金，其流动性较高，一般称为“现金准备”，也称为“主要准备”。所谓第二准备金，是指银行最容易变现而又不致遭受重大损失的资产，如有价证券及其他流动性资产，也叫“保证准备”。中央银行为了控制信贷，在必要时除要求商业银行维持第一比率的“第一准备”外，还要维持一定比率的“第二准备”。
The act of discounting a short-term negotiable debt instrument for a second time. Banks may rediscount these short-term debt securities to assist the movement of a market that has a high demand for loans. When there is low liquidity in the market, banks can generate cash by rediscounting short-term securities.
中央银行对商业银行放款的形式之一。商业银行将已贴现的未到期票据，向中央银行再行贴现，以筹措资金的行为。再贴现的利率称为再贴现率，由中央银行公布。再贴现原来主要作为商业银行弥补短期资金不足，应付客户提存需要，确保银行安全性的一种措施，后来逐渐发展成为中央银行货币政策的工具，中央银行通过变更贴现率控制商业银行的放款规模，从而调控货币供应量。
The rate at which money is exchanged from one transaction to another, and how much a unit of currency is used in a given period of time. Velocity of money is usually measured as a ratio of GNP to a country's total supply of money.
同一单位的货币在一定时期内充当流通的次数。是决定商品流通过程中所需要货币量的重要因素之一，能在一定程度上弥补流通中货币数量的不足。但在确定货币流通速度时，应该是处于流通中不断运动的货币，不包括暂时停止或长期沉淀的部分。因此，现实中，无法确定有多少正处于流通过程中，有多少停滞不动。所以，对货币流通速度测定，主要根据不同层次货币与相应商品的流通，确定各层次货币的流通速度，如以商品零售额与现金余额的比值，测定这时期现金的流通速度；以国民生产总值与M1或M2的比值，测定M1或M2的流通速度。但无论得出的比值如何，与严格意义上的货币流通速度会有所差异。
A category of money supply that includes all physical money like coins and currency along with demand deposits and other liquid assets held by the central bank. In the United States narrow money is classified as M1 (M0 + demand accounts), while in the U.K. M0 is referenced as narrow money.
“广义货币”的对称。流通中现金与商业银行活期存款的总和。构成狭义货币的现金，是法定通货的存在形式；商业银行的活期存款，存款人随时可签发支票进行转让或者流通，具有支付手段和流通手段两种职能，是狭义货币中的存款通货。狭义货币一般用字母M1来表示：M1=M0（流通中货币）+企业活期存款+机关团体部队存款+农村存款狭义货币的供应量是中央银行制定及执行货币政策的主要观测依据。
In economics, broad money refers to the most inclusive definition of the money supply. Since cash can be exchanged for many different financial instruments and placed in various restricted accounts, it is not a simple task for economists to define how much money is currently in the economy. Therefore, the money supply is measured in many different ways. Broad money is used colloquially to refer to a broad definition of the money supply.
“狭义货币”的对称。狭义货币（M1）加商业银行定期存款的总和。由于各种定期存款一般可以提前支取转化为现实购买力，把它算作货币，可以更全面地反映货币流通状况，便于分析和控制市场金融活动。依此类推，储蓄存款、可转让定期存单、易转手的短期债券等作为具有通货性质的准货币，也可按其流动性状况囊括进来，通常用M2、M3等作代号进行分类统计，依次递增的准货币在流动性上依次递减。各国中央银行对这些分类指标的规定有所不同，广义货币分类指标的多少在一国经济、金融发展的不同时期也不尽相同。中国中央银行目前采用的分类方法如下：M2=M1+城乡居民储蓄存款+企业存款中具有定期性质的存款+信托类存款+其他存款广义货币的供应量是中央银行的一项货币供应量统计指标。
The current price of any specific option contract that has yet to expire. For stock options, the premium is quoted as a dollar amount per share and most contracts represent the commitment of 100 shares.
亦称“期权保险费”。期权合约买方为取得期权合约所赋予的某种金融资产或商品的买卖选择权而付给期权合约卖方的费用。它是期权的价格。一般，签订的期权合约的平均期权费为合约交易的金融资产或商品价格的10% 左右。该笔费用通常在交易后两个营业日交付，它代表了买方最大的损失额，从而也代表了卖方最大的利润额。期权费在交易所内由交易双方委托经纪人通过公开竞价来确定，其大小主要取决于：①期权合约的有效期。有效期限越长，买主选择的余地越大，市场价格向买主所期望的方向变动的可能性越高，期权费越高；反之，有效期限越短，买主选择的余地越小，市场价格向买主期望的方向变动的可能性越低，期权费越低。②协定价格的高低。分购买看涨期权和看跌期权两种情况。购买看涨期权的期权费随协定价格上升而减少；购买看跌期权的期权费随协定价格上升而增加。③期货市场价格变动的趋势。当期货价格趋于上升时，购买看涨期权的期权费就增加；当期货价格趋于下跌时，购买看涨期权的期权费下降。④期权交易商品的价格波动程度。某种商品的市场价格波动越大，做期权意义越大，期权费也越高；反之，期权费越低。
Traditionally, the exchange of one security for another to change the maturity (bonds), quality of issues (stocks or bonds), or because investment objectives have changed. Recently, swaps have grown to include currency swaps and interest rate swaps.
将不同的债务、不同利率的债务或交割期不同的同种货币的债务，由交易双方按照市场行情签订预约，以事先约定的公式在约定期限内交换现金流的金融交易行为。互换可以被视为一系列的远期合约的组合。第一份互换合约产生于1981年。
A financial derivative that represents a contract sold by one party (option writer) to another party (option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date).
亦称“选择权”。交易的一方给予另一方在期权合约到期日或到期日之前的有效期限内，按协定价格选择是否买入或卖出一定数量的金融资产或商品的权利。期权的买卖双方各有其相对应的权利和义务。期权的买方有权利选择在到期日或到期日之前的有效期间的任何一天买入或卖出某种金融资产或商品，也有权利转让或放弃期权。期权的卖方在买方期权有效期内都必须履行合约的规定，不论行情怎样变化，均得卖给买方或从买方购进约定的金融资产或商品。买方的义务是支付一定的期权费，卖方则有权利接受买方付给的期权费。不论买方是否行使期权，期权费不能退还。交易双方这种权利与义务的法律关系一直要延续到合约有效期满之日后才告终止。期权最大的特点是：它买卖的对象不是实质性的金融资产或商品，而是一种权利。根据行使权利期限的不同，期权可分为欧式期权和美式期权；根据期权买卖行为的不同，期权可分为看涨期权（或称买方期权）和看跌期权（或称卖方期权）；根据期权交易对象不同，期权可分为股票期权、货币期权、利率期权和股票价格指数期权等。
A situation in which assets exceed liabilities, income exceeds expenditures, exports exceed imports, or profits exceed losses.
亦称“盈余”。“逆差”或“赤字”的对称。国际收支平衡表中反映出来的贷方余额，表中数字前冠以“ +”号，表明国家各项对外经济交易收入大于支出的部分。若一国国际收支中自主性交易汇总后收入大于支出，则称为一国国际收支顺差。顺差在记账作表时，通常用黑字表示，故亦称黑字。
Legal tender or coins that can be used in exchange goods, debt, or services. Sometimes also including the value of assets that can be converted into cash immediately, as reported by a company.
经济学中一个非常重要而又颇多歧义的概念。就其定义而言，大致可归结为：①因货币供给过多而导致总物价或一般物价水平的持续上涨。②由财政赤字和主动的信用膨胀所引起的货币过多的经济过程。③价格水平持续上涨。
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. For example, the higher the exchange rate for one euro in terms of one yen, the lower the relative value of the yen.
亦称“汇价”、“外汇牌价”。外汇买卖的价格。它是两国货币的相对比价，或是一国货币以另一国货币表示的价格。折算两种货币的比率，首先要确定以哪一国货币为标准，即确定汇率的标价方法。在外汇市场上，有直接标价法和间接标价法两种不同的标价方法。不同货币制度下，汇率的决定机制各不相同。在金本位制度下，由于各国规定各自货币的含金量，两国货币含金量的对比，便成为决定两种货币比率的基础。在外汇市场上，汇率也会出现波动，但这种波动是有一定界限的，这个界限就是黄金输送点，就是黄金输出入的费用（包括运输、保险等费用）。如果超过黄金输送点（也就超出运送黄金的费用），那么宁可直接收付黄金而不收付外汇。在纸币流通条件下，由于各国货币发行量超出了兑换黄金的物质制约，汇率作为两国货币间的比价，便由两国货币在外汇市场上的供求状况决定。然而这只是表明，决定汇率走向的更深层因素在于：两国通货膨胀率差异；两国利率差异；两国经济增长差异；中央银行干预；市场预期。中国的人民币汇率诞生于1949年1月18日。目前，人民币对国外的22种货币订有汇率，实行直接标价法，并采取双向报价，买卖差价大致为5% 。在1994年以前，人民币汇率主要由官方制定，1994年外汇体制改革后，市场汇率逐渐形成。
Legal tender or coins that can be used in exchange goods, debt, or services. Sometimes also including the value of assets that can be converted into cash immediately, as reported by a company.
亦称“通货”。政府授权发行的不兑现的银行券和辅币。是一国的法偿货币。现金是中央银行提供基础货币的主要形式。
The actions of a central bank, currency board or other regulatory committee that determine the size and rate of growth of the money supply, which in turn affects interest rates. Monetary policy is maintained through actions such as increasing the interest rate, or changing the amount of money banks need to keep in the vault (bank reserves).
货币当局为实现一定的宏观经济目标而采取的各种控制和调节货币供应量或信用方针、政策和措施的总和。包括宏观经济目标、政策工具、操作目标、中介目标及货币政策操作技巧等内容。
Any interest rate that changes on a periodic basis. The change is usually tied to movement of an outside indicator, such as the prime interest rate. Movement above or below certain levels is often prevented by a predetermined floor and ceiling for a given rate. For example, you might see a rate set at "prime plus 2%". This means that the rate on the loan will always be 2% higher than the prime rate, which changes regularly to take into account changes in the inflation rate. For an individual taking out a loan when rates are low, a fixed rate loan would allow him or her to "lock in" the low rates and not be concerned with fluctuations. On the other hand, if interest rates were historically high at the time of the loan, he or she would benefit from a floating rate loan, because as the prime rate fell to historically normal levels, the rate on the loan would decrease. also called adjustable rate.
银行等金融机构规定的以基准利率为中心在一定幅度内上下浮动的利率。有利率上浮和利率下浮两种情况。高于基准利率而低于最高幅度（含最高幅度）为利率上浮，低于基准利率而高于最低幅度（含最低幅度）为利率下浮。在中国，中国人民银行授权某一级行、处或专业银行在法定利率水平上和规定的幅度内根据不同情况上下浮动，以充分发挥利率的调节作用，并与“区别对待，择优扶持”的信贷原则结合起来考虑。浮动利率已成为中国利率体系的重要组成部分。
