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International Parity_CFA

International Parity Conditions

Eiteman et al.,Chapter6

Winter2004

Outline of the Chapter

How are exchange rates determined?Can we predict them??Prices and Exchange Rates

–Prices Indices

–In?ation Rates

?Interest Rates and Exchange Rates

–Absence of Arbitrage Opportunities

Prices and Exchange Rates

An exchange rate is the price of a currency in terms of another currency.

What do we usually do with our currencies?Buy goods and services.

Prices of G&S derived from supply and demand are equilibrium prices.

Prices and Exchange Rates

If G&S can freely be exchanged between countries,then identical goods should have the same price in every country.

G&S that sell for different prices in two different countries should then create some pressure on the exchange rate of these countries’currencies.

Equilibrium Prices?Equilibrium Exchange Rates?

Prices and Exchange Rates

In frictionless markets,

P$×S=P ,

where S in the exchange in /$,P$and P are prices in the U.S. and Japan,respectively.

Purchasing power parity(PPP)exchange rate:

S=P

Prices and Exchange Rates

In theory,the law of one price should hold for all goods and services.

Comparing identical goods in different markets should give us equilibrium exchange rates.

Absolute version of the PPP theory:Spot exchange rates are determined by the relative prices of similar baskets of goods.

Prices and Exchange Rates

The Hamburger Standard

Let’s apply the PPP theory to Big Mac prices.

Price of a Big Mac:C$3.33and US$2.49(April25,2002). PPP exchange rate:C$3.33/US$2.49=C$1.34/US$. Actual exchange rate:C$1.57/US$.

Undervaluation of the C$(on the spot market):

PPP Exchange Rate?Spot

Spot =

1.34

1.57

?1=?15%.

Prices and Exchange Rates

In a less extreme form,the PPP theory should hold for baskets of goods.

PI ≡price of a basket of goods in yen

PI$≡price in US$of the same basket

PPP exchange rate between Japan and US:

S=PI PI$

Prices and Exchange Rates

Relative Purchasing Power Parity

Relative changes in prices between two countries over a period of time is what determines the changes in exchange rates over the same period.

If the spot exchange rate between two countries starts in equilibrium,any change in the differential rate of in?ation between them tends to be offset over the long run by an equal but opposite change in the spot exchange rate.

Prices and Exchange Rates

Relative Purchasing Power Parity

PI i t≡Price index in Country i at time t,i= ,$

πi≡in?ation in Country i from time t to t+1

S t≡exchange rate at time t in /$

Assuming PPP theory holds at time t,

S t=PI t

PI$t

and S t+1=

PI t(1+π )

PI$t(1+π$)

=S t×

1+π

1+π$

Prices and Exchange Rates

Relative Purchasing Power Parity

Percent change in the value of the yen from t to t+1:

1/S t+1?1/S t

1/S t =

S t

S t+1

S t

S t×1+π

1+π$

1+π

π$?π

1+π

≈π$?π

Prices and Exchange Rates

Relative Purchasing Power Parity:An Example

Honda’s price per vehicle: 4,000,000

S= 125/$

Expected in?ation in Japan:1%

Expected in?ation in U.S.:3%

Assuming PPP,what is the expected spot exchange rate at the end of the year?

Prices and Exchange Rates Relative Purchasing Power Parity:An Example

S end=S×1+π 1+π$

= 125/$×1.01 1.03

= 122.57/$

Prices and Exchange Rates

PPP and Transaction Costs

Helliwell(1998)Canadian provinces are12times more likely to trade merchandises and40times more likely to trade services among themselves then with closer American states

The border matters

Prices and Exchange Rates

Tests of Purchasing Power Parity

PPP holds well over the very long run but poorly for shorter time periods

The theory holds better for countries with relatively high rates of in?ation and underdeveloped capital markets

Prices and Exchange Rates

Example

Businesses and consumers tend to abandon their currency in a hyperin?ationary economy.

Suppose a TV set is priced1,200pesos in Mexico,re?ecting a $400TV price and3peso/$.

If the peso devalues to6peso/$,the price of a TV set becomes 2,400pesos

PPP holds immediately since merchants use PPP to calculate their prices

Prices and Exchange Rates

Real and Nominal Exchange Rates

Suppose PPP holds:

$1.50/￡=

$1,500/U.S.good ￡1,000/British good

and thus

$1.50/￡

$1,500/￡1,000

=1British good per U.S.good,

i.e.identical goods trade on a one-for-one basis.

Prices and Exchange Rates

Real and Nominal Exchange Rates

The units of the real exchange rate between U.S.and U.K.is

U.S.goods British goods or

British goods

U.S.goods

When exchange rates change by the same percentage as relative prices,real exchange is constant.

Prices and Exchange Rates Real and Nominal Exchange Rates

Real Exchange Rate=Nominal Exchange Rate PPP Exchange Rate

S r($/￡)=S n($/￡) PI$/PI￡

If S r($/￡)>1,US$is undervalued vis-à-vis the￡.

Prices and Exchange Rates

Real and Nominal Exchange Rates

Real Exchange Rate Index=Nominal Exchange Rate Index PPP Exchange Rate Index

E r(FC/$)=E n(FC/$) C FC/C$

If changes in exchange rates offset differential in?ation, E r=100.

Prices and Exchange Rates

Exchange Rate Pass-Through

Incomplete exchange rate pass-through could explain why an exchange rate can deviate from its PPP-equilibrium level.

This may depend on demand elasticities:

εp=?Q p ?p

Goods with inelastic demand,i.e.|εp|<1,should be associated with a higher degree of pass-through.

Prices and Exchange Rates

Exchange Rate Pass-Through:An Example

BMW produces automobiles in Germany and pays all production expenses in euros.When esporting to the US,the price should be

P$BMW=P BMW×S

If the euro appreciates by10%over the US$,then P$BMW should also increase by10%.

If,instead,P$BMW increases by less than10%,the pass-through is partial.BMW may want to limit the pass-through.

Prices and Exchange Rates

Exchange Rate Pass-Through:Example Continued Suppose exchange rate is$1/ .

P$BMW=P BMW

If the euro appreciates20%versus the dollar and

P BMW= 35,000,

P$BMW=1.2×35,000=$42,000.

Prices and Exchange Rates

Exchange Rate Pass-Through:Example Continued

If,instead,P$BMW=$40,000,the pass-through is

(P$

BMW,2?P$

BMW,1

)/P

BMW,1

(S2?S1)/S1=

(40?35)/35

.20

.14

.20

=70%

Prices and Exchange Rates

Exchange Rate Pass-Through:Another Example

Honda’s price per vehicle is 4,000,000,S b= 125/$ Expected in?ation in Japan:1%,Expected in?ation in U.S.:3%

Prices and Exchange Rates

Exchange Rate Pass-Through:Example Continued

(a)Assuming PPP and100%pass through,what is the expected

price of a Honda in US$at the end of the year(e≡end,b≡beginning)?

Letγ denote the precentage change in the value of the yen,

i.e.

γ =S b?S e

S e

?S e=

S b

1+γ

(note that we calculate the percentage change this way because the exchange rate is quoted in /$).

Prices and Exchange Rates

Exchange Rate Pass-Through:Example Continued (a)Assuming PPP,we have

×S b=P b?P$e×S e=P e

P$e×

S b

1+γ

1+π

P b

P$e=(1+γ )(1+π )P b S b

P$e=(1+γ )(1+π )P$

b That is,the increase in the US price is the compounding

effect of in?ation in Japan and the percentage appreciation of the yen.

Prices and Exchange Rates

Exchange Rate Pass-Through:Example Continued

(a)In the present case,we have

S b= 125/$,S e=1.01×125

1.03

= 122.57/$

and thus the Japanese yen appreciates by

1/S e?1/S b

1/S b =

S b?S e

S e

125?122.57

122.57

=1.98%

versus the dollar.

Prices and Exchange Rates

Exchange Rate Pass-Through:Example Continued

(a)If the exchange rate pass-through is100%,then the new

price of a Honda in the US is(the beginning price is

4,000,000/125=$32,000)

P$e=(1+100%×γ )(1+π )P$b=1.0198×1.01×32,000=$32,960.

Prices and Exchange Rates

Exchange Rate Pass-Through:Example Continued

(b)Assuming PPP and60%pass through,the new price of a

Honda in US$at the end of the year is

P$e=(1+60%×γ )(1+π )P$b=1.0119×1.01×32,000=$32,704.

Interest Rates and Exchange Rates The Fisher Effect

1+r=1+i

1+π

?i=r+π+rπ

r≡real exchange rate

i≡nominal exchange rate

π≡in?ation rate

31 The International Fisher Effect

i$≡nominal interest in the US

i ≡nominal interest rate in Japan

S1≡exchange rate(in /$)at the beginning of the period

S2≡exchange rate at the end of the period

Return should be the same in both markets

S1 S2(1+i )=1+i$?

1+i$

1+i

Subtracting one on both sides:

S1?S2 S2=

i$?i

1+i

The International Fisher Effect

Empirical tests provide some support to this thesis.

This model does not take into account foreign exchange risk. Speculation may also creates distorsions in currency markets.

The Forward Rate

The forward rate is an exchange rate quoted for settlement at some future date:30,60,90,180,270,360days

Invest$1in the U.S.a the rate i$and enter a forward contract that exchanges US$for Swiss Francs(SF)at the rate F SF/$.

Exchange US$for SF today at the spot rate S SF/$and invest it is Switzerland at the rate i SF.

The Forward Rate Should end up with the same number of SF:

1+i$

F SF/$=

1+i SF

S SF/$

35 The Forward Rate

F SF/$

≡90-day forward rate for the SF/$exchange rate

i c≡annual interest rate in(currency c)-denominated deposits

F SF/$ 90=S SF/$×

1+i SF×90

360

1+i$×90

360

Interest rate parity

Spot and forward rates are considered to be at interest rate parity

F SF/$

S SF/$=

1+i SF×n

360

1+i$×n

360

Interest rate parity Forward premium:

f SF/$

S SF/$?F

SF/$

i$?i SF

×n

360

1+i SF×n

360

Currency with a lower interest rate sells forward at a premium

Covered Interest Arbitrage(CIA)

If spot and forward rates are not at interest rate parity,this creates covered interest arbitrage opportunities.

These opportunities will continue until spot and forward rates reach interest rate parity.

Political risk:Application of capital controls

Uncovered Interest Arbitrage(UIA)

Money is borrowed from countries with low interest rates and invested in countries with high interest rates,without covering with a forward contract.

Expected pro?ts calculated using expected spot rates:foreign exchange risk.

International economics

International economics Target: understand the reasons of the economic phenomenon. Subject 1: 国际贸易理论的微观基础 Subject 2: 古典贸易理论重商主义 Mercantilism The government controls the trade to ensure the capital of the country will not go to the others countries. They will accumulate the gold and silver, give export subsidies, make a high tariff, maximizing the use of domestic resources. 依靠贸易顺差限制了贸易的发展 2.亚当·斯密的自由贸易思想Adam Smith The invisible hand: first coined by Adam Smith. It means that the self-regulating nature of the market. People all want to maximize their own gains, and it will benefits the whole society. Smith think: If one country has the absolute advantage of a production, it has less cost than other countries, this country should focus on this production, and gain profit from trade. e.g. the Needleman buy shoes from a shoe-maker, and the shoe-maker engages the Needleman to make cloth for him. （三）大卫李嘉图的比较优势理论Comparative Advantage The comparative advantage refers to the ability of a country to produce a particular good or service at a lower opportunity cost. Even if one country is more efficient in the production of all goods (absolute advantage) than the other, both countries will still gain by trading with each other, as long as they have different relative efficiencies. 评价： Adam Smith explained the base of the trade by the cost of production. And Ricardian demonstrated that the different of labor costs is the determinant of trade, and all countries will gain profit from the trade. Using labour as the only input. Subject 3: 要素禀赋理论要素禀赋The factor-proportions theory The theory states that a country’s comparative advantage is determined by its initial resource endowments. Capital intensive 资本密集型K/L 高 Labor intensive 劳动密集型K/L 低 Capital-to-labor ratio(k/l) 资本劳动比 Subject 4: 特定要素理论

international economics

NEW SOUTH WALES TECHNICAL AND FURTHER EDUCATION COMMISSION _________________________ International Economics _________________________ NSW Module Number: 17135A Implementation Date: 01-Jan-2006 National Module Code: BUSINESS ARTS AND INFO TECH ADVERT MARKETING & PUBLIC RELS PROGRAM AREA

1. MODULE DETAILS: 1.1 Module Name: International Economics 1.2 Nominal Student Hours: 30 hours The length of time taken to complete this module will vary depending on factors such as teaching methods, target group and learners' entry level knowledge and skills. 1.3 Module Codes: NSW Module Number: 17135A National Module Code: 1.4 Field of Education Code: 091901 Economics 1.5 Copyright Information: Material in this course is State of NSW, Department of Education and Training, NSW TAFE Commission, Business, Arts and Information Technology Curriculum Centre copyright, and subject to the provisions of the Copyright Act 1968. 1.6 Licensing and Franchise Arrangements: A licence is required to: - use this material for training delivery - reproduce in part or whole - incorporate a significant part of the material into a derivative such as an Enhancement, Contextualisation, Supplementary or Compilation - on-sell or license, in part or whole to a third party. Licensing and franchising arrangements should be negotiated with the copyright owner. For information related to the licensing of State of NSW, Department of Education and Training copyright material contact VETAB on(02)9244 5335. 2. MODULE PURPOSE

常用国际法词汇

常用国际法词汇 Jus gentium 万民法 Law of nations 万国法 Public International law国际公法 Oppenheim奥本海 Hugo Grotius胡果·格劳秀斯 Universal// general// special international law 普遍/一般/特殊国际法 Features of international law 国际法的特征 Natures of international law 国际法的性质 International comity 国际礼让 codification of international law国际法的编纂 International Law Commission（the ILC）（联合国）国际法委员会 Effects of IL 国际法的效力 The basis of international law 国际法的效力根据

Naturalists 自然法学派 Positivists 实在法学派 Gratians 格老秀斯派（Compromise school“折中”学派）social solidarity school社会连带法学派 normalism 规范法学派 theory of power politics权力政治说 theory of policy-oriented政策定向说 Congress of Westphalia 威斯特伐利亚公会 Martin 丁韪良 sources of international law国际法的渊源 International custom国际习惯 material element “物质因素” psychological element “心理因素” general practice通例 Usage惯例

_International_Trade_国际贸易实务

International Trade 国际贸易课文及翻译 Text A An Introduction to International Trade The Concept of International Trade International trade is the exchange of goods and services across international boundaries or territories. While international trade has been present throughout much of history, its economic, social, and political importance has been on the rise in recent centuries. Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are all having a major impact. International trade represents a significant share of GDP in most of the countries. Most of the countries are engaging in international trade to overcome the various deficiencies in the resources not abundant in their home country and sourcing those resources from the neighboring or other countries to produce the goods and services for their needs and wants. In a modern business world due to globalization international business ventures are rapidly eyeing to establish their reputation firmly. International trade is also a branch of economics, which, together with international finance, forms the larger branch of international economics. Increasing international trade is basic to globalization. Economic Globalization Globalization of the economy depends on the role of human migration, international trade, movement of capital, and integration of financial markets. The International Monetary Fund notes the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions, free international capital flows, and move rapid and widespread diffusion of technology. The rise of technology has allowed the environment to be characterized as a global one. The global economy gave business the ability to market products and services all over the globe. It has also allowed them to develop partnerships and alliances throughout the world, which has become essential for success in today’s business. Regulation of International Trade Traditionally trade was regulated through bilateral treaties between tow nations. For centuries under the belief in mercantilism most nations had tariffs and many restrictions on international trade. In the 19th century, especially in Britain, a belief in free trade became paramount. This belief become the dominant thought among western nations since then despite the acknowledgement that adoption of the policy coincided with the general decline of Great Britain. In the years since the Second World War, controversial multilateral treaties like the General Agreement on Tariffs and Trade (GATT) and World Trade Organization have attempted to create a globally regulated trade structure. These trade agreements have often resulted in protest and discontent with claims of unfair trade that is not mutually beneficial.

International communication

G20 Finance Ministers and Central Bank Governors Meeting G20财长和央行行长会议 G20 Finance Ministers and Central Bank Governors in Cairns today have delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. Ministers further agreed that we can and will do more. 今天在凯恩斯20国的财长和央行行长发布了一个战略。这个战略将给全球经济带来1.8%的额外增长。财长还认为我们有能力并将会做得更多。 The world economy is gaining some momentum [m??'ment?m], though it is uneven and risks remain. We must avoid being complacent.世界经济发展势头良好，尽管还不平稳并且危机仍旧存在。我们绝对不能自满。 The G20 recognises that many of the decisions and actions to get the world economy moving are difficult. But we are determined to lift growth, and countries are willing to use all our macroeconomic levers手段–monetary [?m?n?t(?)ri], fiscal and structural policies –to meet this challenge.20国集团认识到，许多旨在推动世界经济进步的决定和行动还难以实现。但是我们坚定地促增长，并且各国愿意充分运用宏观调控手段-货币、财政、结构性政策-去迎接挑战。 Australia, as G20 President, set a practical agenda at its Sydney meeting to strengthen international cooperation to deliver on its ambition to boost global growth and create millions of new jobs.作为20国集团的主席国，澳大利亚在悉尼会议上制定了一个实践性的日程。旨在加强国际合作促进全球经济发展并且创造数百万个工作机会。 We have never under-estimated the challenge, particularly given the high levels of unemployment and subdued被抑制的international confidence.我们从未低估过挑战，尤其是在高失业率和国际信心低迷的情况下。 Genuine measures have been put forward by all G20 economies. Around 80 per cent of these 1,000 measures are new.20国集团已经提出了具体措施。这1000条措施中的80%都是新的。 We will now redouble efforts and hold each other to account on meeting this target as we go forward.我们现在将加倍努力，在前进的路上彼此监督促进以实现这个目标。 We agreed to shift from government-led growth towards private sector-led growth. We have delivered on our core commitments to build a stronger financial system to make the economy and the financial system more resilient能迅速恢复的. 我们都赞成由政府主导型增长改变为私营部门主导型增长。我们决心致力于建立起更强大的财政系统，使我们的经济和金融系统具有迅速恢复能力。 We are also focused on developing international tax rules for the 21st century. 我们还关注发展21实际的国际税务规则。

国际机构组织缩写大全

世界机构组织联盟协会缩写全称 UN（the United Nations）联合国 UNCTAD（United Nations Conference on Trade and Development）联合国贸易发展会议UNICEF（United Nations International Children's Emergency Fund）联合国儿童基金会UNIDO（United Nations Industrial Development Organization）联合国工业发展组织UNDP（The United Nations Development Programme）联合国开发计划署 UNEP（United Nations Environment Programme）联合国环境规划署 UNFPA（United Nations Population Fund）联合国人口基金 UNECA（United Nations Economic Commission for Africa）联合国非洲经济委员会 EU（the European Union）欧洲联盟 ECB（European Central Bank）欧洲中央银行 EFTA（European Free Trade Association）欧洲自由贸易联盟 ERRI（European Rail Research Institute）欧洲铁道研究所 OEEC（Organization of European Economic Cooperation）欧洲经济合作组织 OSCE（Organization of Security and Cooperation in Europe）欧洲安全与合作组织 EEC（European Economic Communities）欧洲经济共同体 IFC（International Finance Centre）国际金融中心 IPU（Inter-Parliamentary Union）各国议会联盟 UPU（Universal Postal Union）万国邮政联盟 INTELSAT（International Telecommunications Satellites）国际通信卫星机构 IAEA（International Atomic Energy Agency）国际原子能机构 IISS（International Institute for Strategic Studies）国际战略研究所 NATO（North Atlantic Treaty Organization）北大西洋公约组织 ICRC（International Committee of the Red Cross）国际红十字委员会 IOC（International Olympic Committee）国际奥林匹克委员会 ASEAN（Association of Southeast Asian Nations）东南亚国家联盟 ITU（International Telecommunication Union）国际电信联盟 WTA（World Technoplis Association）世界科技城市联盟 IRTO（International Radio and Television Organization）国际广播电视组织 OAU（Organization of African Unity）非洲统一组织） OPEC（Organization of Petroleum Exporting Countries）石油输出国组织 IDA（International Development Association）国际开发组织 ICAO（International Civil Aviation Organization）国际民用航空组织 IMO（International Maritime Organization）国际海事组织 WTO（World Trade Organization）世界贸易组织 OPCW（Organization for the Prohibition of Chemical Weapons）禁止化学武器组织WBG（World Bank）世界银行 ADB（Asian Development Bank）亚洲开发银行 ISO（International Standard Organization）国际标准化组织 APSCO（Asia-Pacific Space Cooperation Organization）亚太空间合作组织 ILO（International Labour Organization）国际劳工组织 ICPO（International Criminal Police Organization）国际刑警组织 IEA（International Energy Agency）国际能源组织 OIE（Office International Des Epizooties）世界动物卫生组织

International trading

FOB FOB（Free on Board---named port of shipment）---装运港船上交货价（---指定装运港），该术语规定卖方必须在合同规定的装运期内在指定的装运港将货物交至买方指定的船上，并负担货物越过船舷以前为止的一切费用和货物灭失或损坏的风险。 CIF CIF（Cost、Insurance and Freight---named port of destination）---成本加保险费、运费（---指定目的港），是指卖方必须在合同规定的装运期内在装运港将货物交至运往指定目的港的船上，负担货物越过船舷以前为止的一切费用和货物灭失或损坏的风险并办理货运保险，支付保险费，以及负责租船订舱，支付从装运港到目的港的正常运费。 CFR CFR (Cost and Freight---named port of destination)---成本加运费（---指定目的港），是指卖方必须自阿合同规定的装运期内，在装运港将货物交至运往指定目的港的船上，负担货物越过船舷以前为止的一切费用和货物灭失或损坏的风险，并负责租船订舱，支付至目的港的正常运费。 FCA FCA（FREE https://www.wendangku.net/doc/b617048982.html,d place)，即货交承运人(……指定地点)。此术语是指卖方必须在合同规定的交货期内在指定地点将货物交给买方指定的承运人监管，并负担货物交由承运人监管前的一切费用和货物灭失或损坏的风险。需要说明的是，交货地点选择对于在该地点装货和卸货的义务会产生影响。若卖方在其所在地交货，则卖方应负责装货；若卖方在任何其他地点交货，卖方不负责卸货，即使货物在卖方的运输工具上，尚未卸货，卖方只要将货物交给买方指定的承运人或其他人或由卖方选定的承运人或其他人处置时，交货即算完成。当卖方将货物交给承运人照管，并办理了出口结关手续，就算履行了其交货义务。FCA术语适用于各种运输方式，包括多式联运。 (一)买卖双方基本义务的划分 1．卖方义务 (1)自负风险和费用，取得出口许可证或其他官方批准证件，在需要办理海关手续时，办理货物出口所需的一切海关手续。 (2)在合同规定的时间、地点，将符合合同规定的货物置于买方指定的承运人控制下，并及时通知买方。 (3)承担将货物交给承运人之前的一切费用和风险。 (4)自负费用向买方提供交货的通常单据，如买卖双方约定采用电子通讯，则所有单据均可被具有同等效力的电子数据交换(EDI)信息所代替。

International Negotiation

2013—2014学年第一学期海口经济学院外国语学院2010级英语专业本科《国际商务谈判》课程（开卷）考查试卷 2013年12月10—12日姓名周军班级 2班成绩考查要求：以“概述国际商务谈判”为题，写一篇2000字以上的文章，综合归纳本学期学习该课程的心得体会。 The Art of International Negotiation Time always flies. This semester is going to be end. To be honest, I really got a lot more than the textbook from Professor Yao in the course of International Negotiation. Professor Yao is not only a teacher with abundant knowledge but also a successful negotiator with ample experience. I think my knowledge and ability of international negotiation got promoted obviously. International business negotiations are the archetype of the zero-sum game. One side’s gains are directly offset by the other side’s losses. Our counterpart is attempting to achieve the maximum concessions while leaving you just enough to keep you interested in the deal. Some business gurus may attempt to interpret this as a win-win situation, but experienced global specialists are a hardened lot. Behind all of the smiles, handshakes, and banquets lurks the reality that both sides are trying to “best”each other. It’s an accepted, if unspoken, fact. But how to “best” your counterpart in a negotiation? We need a lot of knowledge and experience of international negotiation; We need know what qualities are demanded for international business negotiation. Besides, how to cultivate these characteristics is also demanded. International Negotiation as a course offers the basic concept, processes, and strategies of negotiation in the context of international business, as well as some other related concepts and rationales in business and cultures. In this course, why to negotiate, what is negotiation, who negotiates and how to negotiate are demonstrated and discussed. As negotiation is an activity in human communication in social life, some cases of successful and unsuccessful negotiations are presented and analyzed, through which the important principles and tactics are proved to be significant and necessary. This course given by Profession Yao basically followed the textbook, but didn’t

注册国际贸易公司

注册国际贸易公司国际贸易公司International Trade Company是指从事不同国家和/或地区之间的商品和劳务的交换活动的公司。国际贸易公司名称后缀有“某某对外贸易有限公司”、“某某贸易有限公司”、“某某外贸有限公司”、“某某进出口有限公司”、“某某工贸有限公司”、以及离岸公司等。国际贸易公司注册条件办理营业执照材料 1.法人和股东身份证复印件各1张 2.户口簿复印件2张户主和本人那一页各复印1张 3.法人和股东各5张1寸照片. 以上海为例的情况说明如下： 1.法人和股东身份证复印件各1张 2.注册上海公司名称一到三个. 3.法人和股东各4张1寸照片. 办理注册公司收费 1.注册资本50万元营业执照收费标准 1、查询名称---------------------------当天 2、材料受理---------------------------1天 3、领取执照---------------------------10天 4、领取税务登记证---------------------10天经营范围国际贸易公司经营范围都有哪些 1.五金交电、电子产品、电讯器材、电线电缆、电动工具、家用电器、机电设备;

2.通讯器材、照相器材、健身器材、音响设备、酒店设备、汽摩配件、工量刃具; 3.仪器仪表、医疗器械、建筑材料、装璜材料、陶瓷制品、卫生洁具、橡塑制品; 4.化工原料及产品除危险品、电脑及配件、印刷机械、办公设备、文体用品、日用百货; 5.包装材料、工艺礼品除金银、玩具、金属材料、钢丝绳、阀门、管道配件、轴承、制冷设备、压缩机及配件; 6.服装鞋帽、服装服饰、纺机配件、纺织原料除棉花、针纺织品、皮件制品、化妆品。备注：经营项目未列入的，客户只需描述清楚经营项目由工商部门规范即可。商贸公司经营范围可以跨几个行业只要不涉及特许经营和禁止经营的项目就可以。的条件有哪些? 现在的条件放宽很多。任何企业在设立登记时只要在经营范围里加入“从事货物及技术的进出口业务”这一条，就可以申请进出口备案，从而拥有自营进出权。国际贸易公司注册资本要求现在对国际贸易公司注册资本没什么要求，最低3万元也可以申请。国际贸易公司在注册登记完成后需去外经贸局外贸科进行备案。企业到外经贸局备案，需要提交材料如下： 1网上提交打印的《对外贸易经营者备案登记表》; 2变更后的营业执照复印件; 3组织机构代码证书复印件个体工商户可免交; 4个体工商户须提交合法公证机构出具的财产公证证明原件; 5外资企业先变更营业执照及批准证书，再提交经合法公证机构出具的资金信用证明文件原件。取得《对外贸易经营者备案登记表》后，在正常开展外贸业务前，企业还需办理手续如下： 1到所在地海关注册登记; 2到所在地外汇局，取得核销号码; 3省海关金关中心IC卡录入; 4省技监局网上认定盖章;

international(国际经济学)课后习题及答案

international（国际经济学）课后习题及答案----------------------- Page 1----------------------- Review Questions and Condensed Answers for International Trade Theories Chapter 1 World Trade and the National Economy Review Questions:: :: 1( What features distinguish international from domestic transactions? 2( What can you say about the growth of world trade in both nominal and real terms? Was it faster than the growth of output? 3( Evaluate the statement,” the United States is a closed economy, hence foreign trade is of no consequence to it.” 4( Distinguish between export industries, import-competing industries and nontraded goods. Give examples of each. 5( Using the figure in table 1-3, what can you say about the trade structure of the USA and Japan. Condensed Answers to Review Questions:: ::

国际组织英文International organizations

英辩术语| 国际组织知多少 An international organization is an organization with an international membership, scope, or presence. There are two main types: international nongovernmental organizations(INGOs) and intergovernmental organizations(IGOs). 2 The International Committee of the Red Cross (ICRC) ICRA is an impartial, neutral, and independent organization whose independently humanitarian mission is to protect the lives and dignity of victims of war and internal violence and to provide them with assistance.

It also conducts and coordinates international relief and works to promote and strengthen humanitarian law and universal humanitarian principles. 例句：ICRC is a humanitarian institution based in Geneva, Switzerland and a three-time Nobel Prize Laureate. 3 MédecinsSansFrontières (MSF) Médecins Sans Frontières (MSF) (i.e.Doctors Without Borders), is an international humanitarian non-governmental organization best known for its projects in war-torn(adj. 遭受战争破坏的) regions and developing countries affected by endemic(adj. 地方性的；风土的) diseases. 例句：The Campaign for Access to Essential Medicines was created in late 1999, providing MSF with a new voice with which to bring awareness to the lack of effective treatments and vaccines available in developing countries.

International Finance 国际金融术语

国际金融术语 A Affiliated company 关联公司；联营公司 After market 后市 Allotment 配股 Alternative investment 另类投资 American Stock Exchange 美国证券交易所American Commodities Exchange 美国商品交易所American style option 美式期权 Amex 美国证券交易所 Annual General Meeting 周年大会 APEC 亚太区经济合作组织(亚太经合组织) ASEAN 东南亚国家联盟(东盟) Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券 Asset Allocation 资产配置 Asset Management 资产管理 Asset swap 资产掉期 B Bank, Banker, Banking 银行，银行家，银行业Bank for International Settlements 国际结算银行Basis swap 基准掉期 Benchmark 比较基准 BIS 国际结算银行 Bona fide buyer 真诚买家 Bond market 债券市场，债市 Bonds 债券，债票 Bonus issue 派送红股Bonus share 红股 Book runner 投资意愿建档人; 帐簿管理人Bounced cheque 空头支票 BP (Basis Point) 基点 Break-up valuation 破产清理价值评估Breakeven point 收支平衡点 Broker, Broking, Brokerage House 经纪，证券买卖，证券交易，证券行，经纪行 Build, Operate and Transfer 建造、经营、转让Build, Own, Operate and Transfer 建造、拥有、经营、转让 Build/Supply-Service/Maintain 建造/设备供应-服务/维修 Bullish 看涨; 看好行情 Buyer's credit 买方信贷（进口） C Call option 认购期权/看涨期权 Call protection/provision 赎回保障/条款 Call warrant 认购认股权证 Callable bond 可赎回债券 Cap 上限 CAPEX 资本支出 Capital base 资本金 Capital expenditure 资本支出 Capitalization 资本值 Capital markets 资本市场，资金市场 Capital raising 融资，筹集资金 Cash-settled warrant 现金认股权证 Cash earnings per share 每股现金盈利