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掉期安排：不同的衍生品合约组合，其中不同资产和相关现金流在不同交易对手间置换。
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Glossary
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Balance of payments-A statistical statement that summarises, for a specified time period, the economic transactions between an economy and the rest of the world. Economic transactions include financial claims on, and liabilities owed to, the rest of the world, as well as the transfer of goods, services, income and other transfers（e.g.remittances and foreign aid）.
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Basis point-One-hundredth of one percentage point, commonly used to denote small changes in the valuation of financial instruments.
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Capital account-One of two components that make up the balance of payments（the other is the current account），comprised of the net total value of financial claims on, and liabilities owed to, the rest of the world. These include net foreign direct investment, net portfolio investment, net short-term speculative flows and net central-bank transactions.
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Capital-account liberalisation-The removal of regulatory barriers to international financial flows in order to achieve capital-account convertibility（the ability to freely convert local financial assets into foreign ones and vice versa）.
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Current account-One of two components that make up the balance of payments（the other is the capital account），derived by adding net exports, net income from abroad and net transfers.
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Deflationary policy-Macroeconomic policies that seek to reduce the level of aggregate demand or to stem the rate of inflation in an economy. The latter can also be referred to as“disinflationary policy”.
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Expansionary monetary policy-Macroeconomic policies that increase the money supply in an economy in order to increase the rate of economic growth, and in some cases to increase the rate of inflation or reduce the rate of deflation/disinflation. This can also be referred to as“loosening monetary policy”.
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Hedging-The use of financial instruments to offset potential losses associated with adverse price movements in an existing asset.
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Run on a currency-When investors sell a country’s currency en masse after losing confidence in the country’s economic prospects and/or over the government’s ability to repay its debt.
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Quantitative easing-An unusual monetary policy device by which a central bank purchases large quantities of government or other securities to increase the money supply and lower interest rates.
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Swap arrangement-A large variety of derivative contracts in which various assets or their associated cash-flow streams are exchanged between counterparties.
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大国货币：国际化货币与货币国际化 绪论
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魏伦
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Introduction
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By Alan Wheatley
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在货币国际化的讨论中，地缘政治几乎无人提及。地缘政治如同八百磅重的大猩猩那样显而易见，但所有人却都选择了视而不见。
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本杰明·科恩
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2001年美国军队入侵阿富汗前夜，中央情报局的官员忙着用成捆的簇新百元大钞收买当地的军阀，美元为美军的长驱直入铺平了道路。当时的美国情报官员动辄掷出数十万美元，让部族武装站在美军一方。“我们几乎是付钱来请他们推翻塔利班的”，一位美国高官曾如此表示。在塔利班政权被推翻之后，美国依然用美元让阿富汗人继续为其卖命。1
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货币意味着统治力和影响力，这句话对于美国而言绝对是真理。全世界人人爱美元，当今世界需求量最大的货币依然是美元。本书所要讨论的就是美国通过美元获得的大国之力，以及其他货币挑战美元霸权时的地缘政治含义。
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众所周知，货币是货物、服务或金融证券的计价单位，交易清算中介和价值储藏手段。世界上大部分货币只是在本国境内发挥上述作用，但某些货币却超越了国境而成为国际通行记账单位。美元就是全球贸易中使用最为广泛的货币。全球各国的中央银行都要借助美元或欧元等硬通货来管理其本国货币的汇率：有时是直接将本国货币汇率与硬通货挂钩；有时是通过包含硬通货在内的一揽子货币来确定汇率。
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企业会使用国际化货币对贸易和金融交易进行结算。此外主要货币发行国周边地区的贩夫走卒也往往乐于接受这些货币，越是靠近边境就越是如此。
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