查询词典 arbitrage of exchange

This paper described briefly about the methods in three scenarios: pure arbitrage , nsk arbitrage and inter - markets arbitrages .

本文就纯粹套利，风险套利和市场间套利三个方面简要讨论了价格偏差分析在对冲基金中的重要性。

Arbitrage pricing theory - APT An economic theory that determines prices of assets and the associated risk premia for each kind of pervasive risk assets face, on the assumption that the expected return of an arbitrage portfolio is zero.

套利定价理论一种经济理论，在假设套利资产组合的预期收益为零的条件下，确定资产价格及每种具有普遍性风险的资产所面临的相关风险溢价。

So called "likely is" is for under the seriously restricted condition of simple labor and commodity exchange in the early days, both sides know about the approximate labor amount needed for producing the article for exchanging, so it is relatively easy to realize the equate labor exchange; So called "likely not" is for in the process of developed and complicated commodity exchange, it is very difficult for the dealers to compute the labor amount that includes in the article of other side, so the principle of equate labor exchange actually does not inheres the meaning that prevalently use, the comparing interests principle can be the principle that prevalently use, but the equate labor exchange principle just is a kind of special example of comparing interests principle.

所谓&似是&是因为在初期简单劳动及其商品交换的严格限制条件下，双方都知道要生产所交换的商品需要的大致劳动量，等量劳动交换的实现比较容易；所谓&而非&，则是因为在发达复杂的商品交换中，交换者很难统一计量出对方商品所包含的劳动量，等量劳动交换原则事实上就不具有普遍适用的意义。商品交换的比较利益原则才是普遍适用的原则，等量劳动交换原则只是比较利益原则的一种特例。

As to domestic sector, the author discuss the influences of different exchange rate regime on growth, inflation, economic stability and financial deepening, and agues that:(1) the relatively fixed exhange rate regimes are more pro-growth for emerging economies;(2) the relatively fixed exchange rate regimes can be useful for control of inflation in developing countries, but it can also be replaced by other monetary rules like inflaiton-targeting;(3) fixed exchange rate regime woulde better to deal with nominal shocks when floating exchange rate regime better to deal with real shocks, but both of them can not entirely insulate the external shocks;(4) the improvement of financial deepening is faster under relative fixed exchange rate regimes.

从国内经济部门看，不同汇率制度对经济增长、通货膨胀、经济稳定、金融深化等关键变量具有不同影响：（1）对于新兴市场国家来说，相对固定的汇率制度更有利于促进经济增长；（2）相对固定的汇率制度有利于抑制通货膨胀，但也可以由其他货币规则替代；（3）固定汇率更适合应对名义经济冲击，浮动汇率更适合应对实际经济冲击，二者都不能隔离外部冲击；（4）在相对固定的汇率制度下，金融深化发展更快。

This paper includes several parts: first, some important concepts of the thesis have been defined, a theoretical overview of currency crisis has been finished; then, we have described the history of the international monetary system; later, three chapes have been arranged to discuss the mechanism of currency crisis under fixed and floating and intermediate exchange rate system respectively. The part of the fixed exchange rate system mainly includes the analysis of the collapse of the international gold standard system, the Bretton Woods system and the the European Monetary System; in the part of the floating exchange rate system, the volatility problem under freely floating exchange rate system has been studied; the part of the intermediate exchange rate system mainly includes the analysis of currency crises in regional dollar standard system and the currency board system. And finally, we have analysed the inevitability of the appearance of new type regional monetary cooperation patterns, and how these cooperations avoid currency crises.

本文主要包括这样几部分：首先，对论文中涉及到的重要概念给予界定，并对货币危机理论进行系统梳理；接着，按时间顺序从总体上回忆国际货币制度的历史演进；然后，用三个章节分别研究了固定汇率制度、浮动汇率制度以及中间汇率制度下货币危机的形成机理，其中，固定汇率制度下的货币危机主要包括国际金本位制度和布雷顿森林体系的崩溃，以及欧洲货币体系的瓦解；浮动汇率制度下的货币危机，则重点分析了自由浮动汇率制度下汇率的过度波动问题；中间汇率制度下的货币危机，分别分析了区域美元本位及货币局制度下货币危机的发生机理；最后，分析了目前新型区域货币合作模式出现的必然性，及各模式下如何规避货币危机。

Considered that china finance reality, implementing hard peg exchange rate regime isn" t favor to economic level effect, but at present there isn" t enough condition in implementing float exchange rate regime in china, so author argue that china should choose median exchange rate regime between hard peg exchange rate regime and float exchange rate regime.

论文重点分析了在中国金融进一步开放中，实施固定汇率制不利于发挥汇率的经济杠杆作用，而实施浮动汇率制的条件又不具备，只能选择介于固定与浮动两极之间的&中间汇率安排&。

When the pH value of the solution contained in Cd~(2+) is near 5, the amount of Cd~(2+) exchange in analcime reaches to a summit; when the temperature increases, the amount of Cd~(2+) exchange in unit mass analcime also increases; when initial Cd~(2+) concentration decreases, the remove rate of Cd~(2+) increases while the amount of Cd~(2+) exchange in unit mass analcime also decreases; when other cations coexist in solution, there must be some influences to the Cd~(2+) exchange in analcime.

实验表明：当交换液的pH值为5左右时，方沸石对Cd~(2+)交换量较大：反应温度升高时，单位质量方沸石对Cd~(2+)交换量增大；随着溶液中Cd~(2+)初始浓度减小，方沸石对Cd~(2+)的去除率升高，但单位质量方沸石对Cd~(2+)的交换量逐渐减小；当溶液中有其他阳离子共存时，对方沸石与Cd~(2+)的交换也有一定的影响。

Today, Blackfriars Priory School and Yangjian High School of Jiangsu Province will establish sister school relationship . Our two schools will communicate and cooperate with each other in many aspects. According to the agreement, we will develop an all round partnership of cooperation on education programs and exchanges, such as school visits and exchange , international students exchange, teachers exchange and training, education and culture research and exchange.

今天，江苏省羊尖高级中学与黑修士中学缔结为友好学校，我们将与贵校进行多方面的合作与交流，根据"协议"，我们将"建立两校之间的互访机制"、"开展两校学生的相互访问及交流"、"建立两校教师的互访交流机制，开展相关的培训项目"、"共同合作开展教育相关研究课题及文化交流活动"等方面的合作与交流。

Firstly,the paper introduces some related concepts of employment and exchange rate,focused on the difference between the nominal and real exchange rates,price index that impacts the calculation of real effective exchange rate,characteristics of the labor market and the present situation and major issues of labor-intensive industries in China,and reviews the academic study of the relationship between the change of exchange rate and employment and explains the research characteristics of this paper.

本文首先对与汇率和就业的相关概念进行解析，重点讨论了名义汇率与实际汇率的区别、影响实际有效汇率计算的价格指数、劳动力市场的特征及劳动密集型产业在我国存在的现状及主要问题，回顾了学术界研究汇率变动与就业关系的相关成果，阐述了本文的研究特色。

Chapter four uses Autoregressive Distributed Lagapproach to examine the extent to which changes in exchange rates result in changes in CPI , which is the proxy of Chinese domestic inflation. It also analyzes the impact of food price on exchange rate pass-through effect. Then, chapter four uses Vector Autoregression model to examine the short term and dynamic effect of exchange rate pass-through. The above empirical results reveal that the exchange rate pass-through effect to domestic prices is incomplete and time-lagged.

然后，本文运用自回归分布滞后模型研究人民币汇率变动对以消费者价格指数衡量的国内通货膨胀的传递效应，并结合中国实际考察了食品价格冲击对汇率传递效应的影响；本文通过将名义有效汇率和价格等宏观经济因素纳入同一个VAR系统中，利用脉冲响应函数与方差分解技术来考察名义有效汇率变动冲击对国内价格水平的短期动态影响。

But this is impossible, as long as it is engaging in a market economy, there are risks in any operation.

但是，这是不可能的，只要是搞市场经济，是有风险的任何行动。

We're on the same wavelength.

我们是同道中人。