International Monetary System

记帐:Bookkeeping Service对帐:Auditing Service联行:Associated Banks Service 或Affiliated Banks Service(我还是不明白这与5有何区别,但Associated和Affiliated不是动词原形,是形容词)代理业务: Agency Service银行卡接柜:Inter-Bank Bankcard Business Service现金审批:Cash Approval Service开销户: Account Opening/Closing Service开户的标牌还可以用:New Account/New Clientbig macs, big/large-cap stock, mega-issue 大盘股offering, list 上市bourse 证交所Shanghai Exchange 上海证交所pension fund 养老基金share 股票valuation 股价underwriter 保险商government bond 政府债券saving account 储蓄账户equity market 股市shareholder 股东delist 摘牌inventory 存货traded company, trading enterprise 上市公司market fundamentalist 市场经济基本规则damage-control machinery 安全顾问efficient market 有效市场opportunistic practice 投机行为entrepreneur 企业家cook the book 做假账regulatory system 监管体系portfolio 投资组合money-market 短期资本市场capital-market 长期资本市场volatility 波动diversification 多元化real estate 房地产option 期权call option 看涨期权put option 看跌期权merger 并购arbitrage 套利Securities and Exchange Commission 〈美〉证券交易委员会dollar standard 美元本位制budget 预算deficit 赤字bad debt 坏账macroeconomic 宏观经济fiscal stimulus 财政刺激a store of value 保值transaction currency 结算货币forward exchange 期货交易intervention currency 干预货币Treasury bond 财政部公债pickup in price 物价上涨Federal Reserve 美联储inflation 通货膨胀deflation 通货紧缩tighter credit 紧缩信贷monetary policy 货币政策foreign exchange 外汇spot transaction 即期交易forward transaction 远期交易quote 报价常见银行英语词汇account number 帐目编号depositor 存户pay-in slip 存款单a deposit form 存款单a banding machine 自动存取机to deposit 存款deposit receipt 存款收据private deposits 私人存款certificate of deposit 存单deposit book, passbook 存折credit card 信用卡principal 本金overdraft, overdraw 透支to endorse 背书endorser 背书人to cash 兑现to honor a cheque 兑付to dishonor a cheque 拒付to suspend payment 止付cheque,check 支票cheque book 支票本crossed cheque 横线支票blank cheque 空白支票rubber cheque 空头支票cheque stub, counterfoil 票根cash cheque 现金支票traveler's cheque 旅行支票cheque for transfer 转帐支票outstanding cheque 未付支票canceled cheque 已付支票forged cheque 伪支票Bandar's note 庄票，银票banker 银行家president 行长savings bank 储蓄银行Chase Bank 大通银行National City Bank of New York 花旗银行Hongkong Shanghai Banking Corporation 汇丰银行Chartered Bank of India, Australia and China 麦加利银行Banque de I'IndoChine 东方汇理银行central bank, national bank, banker's bank 中央银行bank of issue, bank of circulation 发行币银行commercial bank 商业银行，储蓄信贷银行member bank, credit bank 储蓄信贷银行discount bank 贴现银行exchange bank 汇兑银行requesting bank 委托开证银行issuing bank, opening bank 开证银行advising bank, notifying bank 通知银行negotiation bank 议付银行confirming bank 保兑银行paying bank 付款银行associate banker of collection 代收银行consigned banker of collection 委托银行clearing bank 清算银行local bank 本地银行domestic bank 国内银行overseas bank 国外银行unincorporated bank 钱庄branch bank 银行分行trustee savings bank 信托储蓄银行trust company 信托公司financial trust 金融信托公司unit trust 信托投资公司trust institution 银行的信托部credit department 银行的信用部commercial credit company(discount company) 商业信贷公司（贴现公司）neighborhood savings bank, bank of deposit 街道储蓄所credit union 合作银行credit bureau 商业兴信所self-service bank 无人银行land bank 土地银行construction bank 建设银行industrial and commercial bank 工商银行bank of communications 交通银行mutual savings bank 互助储蓄银行post office savings bank 邮局储蓄银行mortgage bank, building society 抵押银行industrial bank 实业银行home loan bank 家宅贷款银行reserve bank 准备银行chartered bank 特许银行corresponding bank 往来银行merchant bank, accepting bank 承兑银行investment bank 投资银行import and export bank (EXIMBANK) 进出口银行joint venture bank 合资银行money shop, native bank 钱庄credit cooperatives 信用社clearing house 票据交换所public accounting 公共会计business accounting 商业会计cost accounting 成本会计depreciation accounting 折旧会计computerized accounting 电脑化会计general ledger 总帐subsidiary ledger 分户帐cash book 现金出纳帐cash account 现金帐journal, day-book 日记帐，流水帐bad debts 坏帐investment 投资surplus 结余idle capital 游资economic cycle 经济周期economic boom 经济繁荣economic recession 经济衰退economic depression 经济萧条economic crisis 经济危机economic recovery 经济复苏inflation 通货膨胀deflation 通货收缩devaluation 货币贬值revaluation 货币增值international balance of payment 国际收支favourable balance 顺差adverse balance 逆差hard currency 硬通货soft currency 软通货international monetary system 国际货币制度the purchasing power of money 货币购买力money in circulation 货币流通量note issue 纸币发行量national budget 国家预算national gross product 国民生产总值public bond 公债stock, share 股票debenture 债券treasury bill 国库券debt chain 债务链direct exchange 直接（对角）套汇indirect exchange 间接（三角）套汇cross rate, arbitrage rate 套汇汇率foreign currency (exchange) reserve 外汇储备foreign exchange fluctuation 外汇波动foreign exchange crisis 外汇危机discount 贴现discount rate, bank rate 贴现率gold reserve 黄金储备money (financial) market 金融市场stock exchange 股票交易所broker 经纪人commission 佣金bookkeeping 簿记bookkeeper 簿记员an application form 申请单bank statement 对帐单letter of credit 信用证strong room, vault 保险库equitable tax system 等价税则specimen signature 签字式样banking hours, business hours 营业时间(Consumer Price Index) 消费者物价指数business 企业商业业务financial risk 财务风险sole proprietorship 私人业主制企业partnership 合伙制企业limited partner 有限责任合伙人general partner 一般合伙人separation of ownership and control 所有权与经营权分离claim 要求主张要求权management buyout 管理层收购tender offer 要约收购financial standards 财务准则initial public offering 首次公开发行股票private corporation 私募公司未上市公司closely held corporation 控股公司board of directors 董事会executove director 执行董事non- executove director 非执行董事chairperson 主席controller 主计长treasurer 司库revenue 收入profit 利润earnings per share 每股盈余return 回报market share 市场份额social good 社会福利financial distress 财务困境stakeholder theory 利益相关者理论value (wealth) maximization 价值（财富）最大化common stockholder 普通股股东preferred stockholder 优先股股东debt holder 债权人well-being 福利diversity 多样化going concern 持续的agency problem 代理问题free-riding problem 搭便车问题information asymmetry 信息不对称retail investor 散户投资者institutional investor 机构投资者agency relationship 代理关系net present value 净现值creative accounting 创造性会计stock option 股票期权agency cost 代理成本bonding cost 契约成本monitoring costs 监督成本takeover 接管corporate annual reports 公司年报balance sheet 资产负债表income statement 利润表statement of cash flows 现金流量表statement of retained earnings 留存收益表fair market value 公允市场价值marketable securities 油价证券check 支票money order 拨款但、汇款单withdrawal 提款accounts receivable 应收账款credit sale 赊销inventory 存货property,plant,and equipment 土地、厂房与设备depreciation 折旧accumulated depreciation 累计折旧liability 负债current liability 流动负债long-term liability 长期负债accounts payout 应付账款note payout 应付票据accrued espense 应计费用deferred tax 递延税款preferred stock 优先股common stock 普通股book value 账面价值capital surplus 资本盈余accumulated retained earnings 累计留存收益hybrid 混合金融工具treasury stock 库藏股historic cost 历史成本current market value 现行市场价值real estate 房地产outstanding 发行在外的a profit and loss statement 损益表net income 净利润operating income 经营收益earnings per share 每股收益simple capital structure 简单资本结构dilutive 冲减每股收益的basic earnings per share 基本每股收益complex capital structures 复杂的每股收益diluted earnings per share 稀释的每股收益convertible securities 可转换证券warrant 认股权证accrual accounting 应计制会计amortization 摊销accelerated methods 加速折旧法straight-line depreciation 直线折旧法statement of changes in shareholders’equity 股东权益变动表source of cash 现金来源use of cash 现金运用operating cash flows 经营现金流cash flow from operations 经营活动现金流direct method 直接法indirect method 间接法bottom-up approach 倒推法investing cash flows 投资现金流cash flow from investing 投资活动现金流joint venture 合资企业affiliate 分支机构financing cash flows 筹资现金流cash flows from financing 筹资活动现金流time value of money 货币时间价值simple interest 单利debt instrument 债务工具annuity 年金future value 终至present value 现值compound interest 复利compounding 复利计算pricipal 本金mortgage 抵押credit card 信用卡terminal value 终值discounting 折现计算discount rate 折现率opportunity cost 机会成本required rate of return 要求的报酬率cost of capital 资本成本ordinary annuity普通年金annuity due 先付年金financial ratio 财务比率deferred annuity 递延年金restrictive covenants 限制性条款perpetuity 永续年金bond indenture 债券契约face value 面值financial analyst 财务分析师coupon rate 息票利率liquidity ratio 流动性比率nominal interest rate 名义利率current ratio 流动比率effective interest rate 有效利率window dressing 账面粉饰going-concern value 持续经营价值marketable securities 短期证券liquidation value 清算价值quick ratio 速动比率book value 账面价值cash ratio 现金比率marker value 市场价值debt management ratios 债务管理比率intrinsic value 内在价值debt ratio 债务比率mispricing 给……错定价格debt-to-equity ratio 债务与权益比率valuation approach 估价方法equity multiplier 权益乘discounted cash flow valuation 折现现金流量模型long-term ratio 长期比率undervaluation 低估debt-to-total-capital 债务与全部资本比率overvaluation 高估leverage ratios 杠杆比率option-pricing model 期权定价模型interest coverage ratio 利息保障比率contingent claim valuation 或有要求权估价earnings before interest and taxes 息税前利润promissory note 本票cash flow coverage ratio 现金流量保障比率contractual provision 契约条款asset management ratios 资产管理比率par value 票面价值accounts receivable turnover ratio 应收账款周转率maturity value 到期价值inventory turnover ratio 存货周转率coupon 息票利息inventory processing period 存货周转期coupon payment 息票利息支付accounts payable turnover ratio 应付账款周转率coupon interest rate 息票利率cash conversion cycle 现金周转期maturity 到期日asset turnover ratio 资产周转率term to maturity 到期时间profitability ratio 盈利比率call provision赎回条款gross profit margin 毛利润call price 赎回价格operating profit margin 经营利润sinking fund provision 偿债基金条款net profit margin 净利润conversion right 转换权return on asset 资产收益率put provision 卖出条款return on total equity ratio 全部权益报酬率indenture 债务契约return on common equity 普通权益报酬率covenant 条款market-to-book value ratio 市场价值与账面价值比率trustee 托管人market value ratios 市场价值比率protective covenant 保护性条款dividend yield 股利收益率negative covenant 消极条款dividend payout 股利支付率positive covenant 积极条款financial statement财务报表secured deht担保借款profitability 盈利能力unsecured deht信用借款viability 生存能力creditworthiness 信誉solvency 偿付能力collateral 抵押品collateral trust bonds 抵押信托契约debenture 信用债券bond rating 债券评级current yield 现行收益yield to maturity 到期收益率default risk 违约风险interest rate risk 利息率风险authorized shares 授权股outstanding shares 发行股treasury share 库藏股repurchase 回购right to proxy 代理权right to vote 投票权independent auditor 独立审计师straight or majority voting 多数投票制cumulative voting 积累投票制liquidation 清算right to transfer ownership 所有权转移权preemptive right 优先认股权dividend discount model 股利折现模型capital asset pricing model 资本资产定价模型constant growth model 固定增长率模型growth perpetuity 增长年金mortgage bonds 抵押债券。

国际经济法概论的名词解释国际经济法，作为一门重要的法学分支，涵盖了许多专业术语和概念，对于了解和研究国际经济关系具有深远的意义。

本文将对一些国际经济法的关键术语进行解释，以期能够让读者对该领域有一个初步的认识。

一、跨国公司（Transnational Corporation，TNC）跨国公司是指在多个国家开展经营活动的企业，其实质是国界内外有明确分界的企业群体。

这些公司通常在不同国家设立子公司或办事处，通过在全球范围内的生产、销售和投资来实现利润最大化。

跨国公司具有诸多特点，如资源整合能力强、市场分割性低、技术创新驱动等。

二、国际投资仲裁（International Investment Arbitration）国际投资仲裁是一种解决投资纠纷的国际机制。

当投资者与承诺给予其法律保护的国家之间发生争议时，投资者可以向国际仲裁机构提起诉讼，通过仲裁解决纠纷。

国际投资仲裁机构由政府间的投资协定或双边/多边投资协定（BITs/MITs）确认，其判决一般具有强制性。

三、自由贸易区（Free Trade Zone，FTZ）自由贸易区是一种通过取消或降低关税、减少贸易壁垒而建立起来的区域经济合作机制。

自由贸易区的成员国通过减少贸易壁垒，促进贸易和投资自由化，实现贸易和经济的互利共赢。

自由贸易区的建立有助于提升成员国的经济竞争力，促进区域一体化的发展。

四、最惠国待遇（Most Favored Nation Treatment，MFN）最惠国待遇原则是国际经济合作中的一个重要原则，它规定国家对待一国的产品或服务应当对待其他国家的产品或服务，即所有成员国享有平等的待遇。

这一原则的目的是避免国家之间的歧视性待遇，促进公平的国际贸易关系。

最惠国待遇通常通过双边或多边贸易协议来实现。

五、国际金融机构（International Financial Institution，IFI）国际金融机构是由多个国家共同组建的、致力于促进国际金融稳定和经济发展的组织。

中美贸易争端Trade disputes between China and the United States1.最惠国待遇 MFN / most-favored-nation-treatment2. 触发贸易战 Spark a Trade War3. 国际贸易条约 International Trade Treaty4. 国际经济关系 International Economic Relations5. 国际货币体系 International Currency System / International Monetary System6. 自由兑换 Convertibility7. 贸易协定 Trade Agreement8. 反倾销 Anti-Dumping9. 离岸价 FOB / Free on Board10. 到岸价 DES / Delivered Ex Ship9. 关税及贸易总协定 GATT / General Agreement on Tariffs and Trade10. 国际贸易组织 ITO / International Trade Organization11. 世界贸易组织 WTO / World Trade Organization12. 国际货币基金组织 IMF / International Monetary Fund13. 世界银行 /国际复兴开发银行World Bank / International Bank for Reconstruction and Development14. 国际商会 ICC / International Chamber of Commerce15. 中国国际贸易促进委员会CCPIT / China Council for the Promotion of International Trade16. 进口许可证 Import License17. 出口许可证 Export License18. 多边贸易谈判 MTN / Multilateral Trade Negotiations19. 多边贸易体制 Multilateral Trade System20. 自由贸易区 Free Trade Area21. 贸易壁垒 Trade barriers22. 贸易保护主义 Trade Protectionism23. 非关税措施 NTMs / Non-tariff Measures24. 外汇管制 Foreign Exchange Control25. 国际结算 International Settlements26. 外汇交易 Foreign Exchange Transactions27. 反补贴 Countervailing28. 国际收支 International Balance of Payment29. 汇率 Exchange Rate30. 外汇市场 Foreign Exchange Market。

Part I Bilingual key wordsPart II Terms and Concepts You Need to KnowPart I Bilingual key words1，货币与货币制度monetary system货币 money法定货币fiat money铸币 coin银行券banknote纸币 Paper currency，paper money 货币总量monetary aggregates交易媒介medium of exchange计算单位unit of account价值贮藏store of value通货currency支票check电子货币electronic money支付系统payment system准货币 Quasi-money电子资金划拨EFT Electronic Funds Transfer 借记卡debit card信用卡credit card销售终端point-of-sale存款货币deposit money本位制 standard本位币standard money辅币 fractional money货币法偿能力 legal tender powers复本位制bimetallic standard银本位 silver standard金币本位gold specie standard金汇兑本位gold exchange standard金本位制gold standard金平价gold parity金块本位制 gold bullion standard国际货币制度international monetary system布雷顿森林体系 Bretton Woods Monetary System 牙买加体系Jamaica system美元化dollarization欧元EURO欧洲货币联盟Europe Monetary Union ,EMU最优通货区理论theory of optimum currency area2,信用credit债权 claim债务 debt, debt ，obligation, indebtedness借入 borrowing贷出lending高利贷usury实物信用 physical credit货币信用monetary credit金融finance国际信用international credit银行信用bank credit直接融资direct finance间接融资indirect finance信用风险credit risk泡沫经济bubble economy信用制度credit system信用形式form of credit商业信用commercial credit赊销sale on account，account sales，sale on credit，credit sales 商业票据commercial paper ，commercial bill背书endorsement银行信用bank credit政府信用sovereign credit公债public debts国库券treasury消费信用consumer credit消费贷款consumer loans，loan for consumption 出口信贷export credit买方信贷buyer's credit卖方信贷seller's credit银团贷款consortium loan直接投资direct investment3, 利息与利率利息interest利率interest rate回报率、报酬率return rate of return资本化capitalization本金principal单利simple interest复利 compound interest年利率annual interest rate月利率monthly interest rate日利率daily interest rate官定利率，官方利率 official interest rate 市场利率 market interest rate固定利率fixed interest rate浮动利率floating rate基准利率 benchmark interest rate差别利率 differential interest rate长期利率long-term interest rate短期利率 short-term interest rate名义利率 nominal interest rate实际利率real interest rate即期利率spot rate of interest远期利率forward rate of interest到期收益率yield to maturity利率的风险结构risk structure of interest rate利率的期限结构term structure of interest rate违约风险default risk风险溢价risk premium流动性风险liquidity risk税收风险tax risk预期假说expectation theory expectation hypothesis分割市场理论 market segmentation theory segmented markets theory 流动性升水理论liquidity premium theory利率对储蓄的弹性interest elasticity of saving利率对投资的弹性interest elasticity of investment利率管制interest rate control利率市场化改革 market oriented reform of interest rate4，金融市场金融市场financial market货币市场money market资本市场capital market外汇市场foreign exchange market，exchange market现货市场spot market期货市场futures market金融工具financial instruments直接融资direct finance间接融资indirect finance原生金融工具underlying financial instruments 衍生金融工具derivative financial instruments 流动性liquidity商业票据commercial paper, commercial bill股票stock certificate, stocks, shares普通股股票common stock优先股股票preferred stock债券bond企业债券enterprise bond政府债券government bond金融债券financial bond投资基金investment funds公司型基金corporate type investment fund契约型基金contractual type investment fund 开放型基金open-end fund封闭型基金close-end fund现货交易physicals transaction期货交易futures transaction期货合约future contract金融期货合约financial futures contract外汇期货foreign exchange futures利率期货interest rate futures股票价格指数期货stock index futures contract 期权options期权合约option contract金融期权合约financial option contract看涨期权call, call option看跌期权put, put option欧式期权European type option美式期权 American type option金融互换swaps利率互换interest rate swap货币互换currency swap直接发行direct issue平价发行at par, emission, par issue溢价发行issue at a premium折价发行issue at a discount间接发行indirect issue承销价格 underwriting price认购价格subscription price证券行市 security market股票价格指数share price index，stock index道 --琼斯股价指数 Dow Jones Stock Price Index标准 --普尔股票价格指数Standard & Pool's Composite Index《金融时报》股票价格指数 Financial Times Stock Exchange 100 Index 日经股票价格指数 Tokyo Stock Price Index恒生股票价格指数Hong Kong Heng Sheng Stock Index上证综合指数Shanghai Stock Exchange Composite Index深圳成份股指数ShenZhen Stock Exchange Component Index上证 180指数Shanghai Stock Exchange 180 Index上证 50指数 Shanghai Stock Exchange 50 Index资本资产定价模型capital asset pricing model, CAPM套利定价理论arbitrage pricing theory, APT期权定价理论option pricing theory, OPT收益，收益率yield名义收益率nominal yield实际收益率real yield持有期收益率yield through the whole period到期收益率yield to maturity买卖差价bid-ask spread到期日due date5，金融机构融资交易成本the cost of financing金融风险financial risk金融中介机构financial intermediation跨国金融中介multinational financial intermediation管理性金融机构managerial financial institution商业性金融机构commercial financial institution政策性金融机构policy financial institution中国人民银行People's Bank of China国际金融机构international financial institution国际货币基金组织(IMF) International Monetary Fund世界银行The World Bank国际金融公司 (IFC) International Financial Corporation国际开发协会 (IDA) International Development Association多边投资担保机构 (MIGA) Multi-Investment Guarantee Agency国际清算银行（ BIS）Bank for International Settlements区域性金融机构regional financial institution亚洲开发银行 (ADB)Asian Development Bank非洲开发银行 (AFDB) African Development Bank泛美开发银行 (IADB) Inter-American Development Bank欧洲中央银行European Central Bank商业银行commercial bank专业性银行specialized bank投资银行investment bank不动产抵押银行fixed asset mortgage bank开发银行development bank储蓄银行saving bank进出口银行export-import bank政策性银行policy bank跨国银行multinational bank总分行制 branch banking system单一银行制unit banking system控股公司制share holding banking system连锁银行制chains banking system职能分工型银行functional division commercial bank 全能型银行multi-function commercial bank《巴塞尔协议》“Basle Agreement”银行资产业务asset business贷款loan证券投资portfolio investment贴现discount银行负债业务liability business活期存款demand deposit定期存款time deposit储蓄存款saving银行同业拆借inter-bank offered credit发行金融债券financial bond表外业务off-balance sheet business中间业务middleman business汇兑remittance信用证letter of credit代收业务business of collection代客买卖trading agency信贷承诺credit commitment金融创新 financial innovation网络银行internet bank不良贷款bad loan存款保险制度deposit insurance system资产管理assets management负债管理liability management资产负债综合管理comprehensive management of assets and liability 风险管理risk management信用合作机构credit cooperation农村信用合作社rural credit cooperatives城市信用合作社urban credit cooperatives保险公司insurance company保险费insurance premium保险基金insurance funds再保险re-insurance证券公司securities company投资基金investment funds信托机构trust company代理业务agency business租赁leasing融资租赁机构 financing leasing institution转租赁sub-lease回租租赁sale and lease财务公司financial company金融资产管理公司financial assets management company邮政储蓄机构postal savings institution7，中央银行central bank一元式中央银行unit central bank system二元式中央银行dual central bank system复合中央银行制度compound central bank system跨国中央银行制度multinational central bank system准中央银行制度quasi central bank system欧洲中央银行European System of Central Bank ， ESCB发行的银行bank of issue银行的银行bank of bank最后贷款人lender of last resort再抵押re-mortgage ，re-collateralize国家的银行the state bank支付清算系统 payment and clearing system支付系统payment system票据交换所 clearing house8，货币需求货币需求demand for money货币数量论quantity theory of money货币必要量volume of money needed货币流通速度velocity of money交易方程式equation of exchange剑桥方程式equation of Cambridge现金交易说cash transaction approach现金余额说cash balance theory货币需求动机motive of the demand for money 交易动机transaction motive预防动机precautionary motive投机动机speculative motive流动性偏好liquidity preference流动性陷阱liquidity trap平方根法则square-root rule货币主义monetarism恒久性收入permanent income名义货币需求nominal demand for money实际货币需求real demand for money资产选择portfolio selection9货币供给货币供给money supply通货currency准货币quasi money名义货币供给 nominal money supply实际货币供给real money supply基础货币base money货币乘数money multiplier原始存款 primary deposit派生存款derivative deposit现金漏损loss of cashes提现率withdrawal rate公开市场操作open-market operation再贴现率rediscount rate法定准备率legal reserve rate超额准备率excess reserves rate外生变量exogenous variable内生变量endogenous variable ，货币供给通货膨胀均衡equilibrium通货膨胀inflation通货膨胀率inflation rate居民消费价格指数 Consume Price Index,CPI批发物价指数Wholesale Price Index,WPI国内生产总值平减指数GDP deflator需求拉上型通货膨胀demand-pull inflation成本推动型通货膨胀cost-push inflation结构型通货膨胀structural inflation爬行式通货膨胀creeping inflation温和式通货膨胀moderate inflation恶性通货膨胀rampant inflation，runaway inflation，galloping inflation，hyperinflation公开型通货膨胀open inflation隐蔽型通货膨胀hidden inflation指数化indexation通货紧缩deflation工资——价格螺旋wage-price spiralPart IITerms and Concepts You Need to KnowBusiness CycleShort run fluctuations in the level of economic activity as measured by output ofgoods and servicesCheckable DepositsDeposits that are subject to withdrawal by writing a checkDefaultWhen a borrower fails to repay a financial claimDepository InstitutionsFinancial intermediaries that issue checkable depositsDeregulationThe removing or phasing out of existing regulationsDirect FinanceWhen net lenders lend their funds directly to net borrowersEconomicsThe study of how society decides what gets produced, how it gets produced, and who gets whatExpansionThe phase of the business cycle where economic activity increases and unemployment falls Federal Reserve ("Fed")The central bank of the United States that regulates the banking system and determines monetary policyFinanceThe study of how the financial system coordinates and channels the flow of funds from lenders to borrowers (and vice versa) and how new funds get created by financial intermediaries in the borrowing processFinancial InstitutionsFirms that provide financial services to net lenders and net borrowers; the most important financial institutions are financial intermediariesFinancial IntermediariesFinancial institutions that borrow from net lenders for the purpose of lending to net borrowersFinancial MarketsMarkets in which financial claims are tradedFiscal PolicyGovernment spending and taxing decisions to speed up or slow down the level of economic activityIndirect FinanceWhen net borrowers borrow from financial intermediaries that have acquired the funds to lend from net lendersLaissez FaireThe view that government should pursue a “hands off” policy with regard to the economy LiquidityThe ease with which a financial claim can be converted to cash without loss of value MacroeconomicsThe branch of economics that studies the aggregate (total) behavior of households and firmsMicroeconomicsThe branch of economics that studies the behavior of individual decision-making units such as households and business firmsMonetary PolicyThe Fed's efforts to promote the overall health and stability of the economyMoneySomething that is generally used and accepted as payment for goods and servicesNet Borrow ersSpending units such as households and firms whose spending exceeds their incomeNet LendersSpending units such as households and firms whose income exceeds their spendingRecessionThe phase of the business cycle where economic activity declines over at least two consecutive quarters and unemployment risesSavingIncome not spent on consumptionTransactions CostsThe costs associated with borrowing and lending or making other exchanges。