国际金融Chapter 2
第二章 国际收支 《国际金融》PPT课件
2.4.1 弹性分析法
（1）弹性分析法的前提假设 （2）弹性分析法的主要内容 （3）对弹性分析法的评价 （4）贬值效应的时滞问题——J曲线效应
弹性分析法产生于20世纪30年代，由英国经济学 家琼·罗宾逊最先提出，后经美国经济学家勒纳等的 发展形成的。
该理论建立在马歇尔微观经济学和局部均衡的基 础上，把汇率水平的调整作为调节国际收支不平衡的 基本手段，围绕进出口商品的供求弹性来探讨货币贬 值改善国际收支的条件。
（3）直接管制 包括外汇管制和贸易管制
当一国国际收支不平衡时，须针对形成的原 因采取相应的政策措施
财政和货币政策：往往同国内经济目标发生 冲突
直接管制：为国际经济组织所反对，又会引 起他国的报复
2.4 国际收支调节理论
2.4.1 弹性分析法 2.4.2 吸收分析法 2.4.3 货币分析法 2.4.4 几种主要国际收支调节理论的比较
3） 对货币分析法的评价
主要贡献：
◆突破了将国际收支等同于贸易收支的局限，因
此对国际收支的分析比较全面，也比较符合经济 运行的实际情况
1）弹性分析法的前提假设
◆假定其它一切条件（利率、国民收入等）不变， 只考虑汇率变化对进出口商品的影响
◆假定存在非充分就业，贸易商品的供给具有完全 弹性
◆假定没有劳务进出口和资本流动，国际收支完全 等同于贸易收支
（2）弹性分析法的主要内容
著名的“马歇尔—勒纳条件”： 假定出口需求弹性为DX，进口需求弹性为DM， 当 DX DM ＞1时 货币贬值有利于改善贸易收支
3）对弹性分析法的评价
弹性分析法纠正了货币贬值一定有改善贸易收 支作用的片面看法。但是该理论也有很大的局限：
◆弹性分析法将国际收支局限于贸易收支 ◆弹性分析法以小于“充分就业” 为条件 ◆它是一种局部的均衡分析说 ◆弹性分析法是一种静态分析说 ◆技术上的困难
国际金融英文版课后答案
International Finance 国际金融Notes to the ans wers:1、All the terms can be found in the text.2、The discussions can be attained by reading the original text.Chapter 1Answers:II. T T F F F T TIII. 1. reserve currency 2. appreciate 3. was pegged to 4. deficit 5. fixed exchange rates 6. floating exchange rates 7. depreciate 8. market forcesIV. 1. Confidence in the ability of the U.S. to redeem dollars for gold began to fall as potential claims against the dollar increased and U.S. gold reserves fell.2.Under the fixed exchange rate system, the value of the dollar was tied to gold through itsconvertibility in to gold at the U.S. Treasury, and other nations’ currencies were tied to the dollar by the maintenance of a fixed rate of exchange.3.IMF has adjusted its role in the exchange rate system in view of the development of thesituation.4.After the collapse of the Bretton Woods System, the task of ―rigorous monitoring‖theexchange rate policy of member countries fell on the shoulder of IMF.5.Under normal conditions the stabilizing operations were sufficient to contain short-runfluctuations in a currency’s price within the required bounds of 1% of par value and thereby maintain a system of fixed exchange rates.Chapter 2Answers:I. liquid, turnover, due to, hedge, cross trading, electronic broking, outright forwards,Over-the-counter, futures and options, derivatives, remainder.II.. 1. The fundamental changes occurred in post-war world economy. The international flow of commodities, capital and labor is intensifying, thus leading to integration of international markets.1.Often referred to as ―financial institutions with a soul‖, credit unions are member-ownedcooperatives that offer checking accounts, savings accounts, credit cards, and consumer loans.2.If you think the price of gold will rise, you can buy a most simple kind of financial derivativewhich is called ―futures‖. If by that time the price really goes up, then you make a gain. But if you make a wrong guess and the price declines, then you suffer a loss.3.Financial derivatives are financial commodities deriving from such spot market products asinterest rate or bond, foreign exchange or foreign exchange rate and sto ck or stock indexes.There are mainly three types of derivatives: futures, options and swaps, each of which involves a mix of financial contracts.panies and investment funds are using basic currency futures and currency options, onesthat are regarded as traditional hedging products for investors who want to protect their international assets from sharp gains and declines in currency prices.Chapter 3Answers：II. 1. deposit accounts 2. securitization 3. Deregulation 4. consolidation 5. portfolio 6. thrift institutions 7. listing 8. liquidity 9. banking supervision 10. Credit riskIII. 1. Depository institutions 2. commercial banks 3. credit analysis 4. working capital 5. consolidation 6. financing 7. moral hazard 8. Bank supervision and regulation 9. Credit risk 10. Liquidity riskIV. 1. If a bank’s base rate was below money market rates, a customer could borrow from a bank and lend these funds to the money market, thus making a profit on the deal.2.Financing of international trade is one of the basic functions of a commercial bank. Not onlydoes it father deposits (demand, time and savings accounts), but it also grants loans.3.If you have a credit card, you buy a car, eat a dinner, take a trip,a nd even get a haircut bycharging the cost to your account.4.As the central bank and under the leadership of the State Council, the People’s Bank ofChina will formulate and implement monetary policies, execute supervision and control power over the banking industry.5.One of major function of the central bank is the supervision of the clearing mechanis m. Areliable clearing mechanis m which can settle inter-bank transaction with high efficiency is crucial to a well-operated financial system.Chapter 4 Ans wers:II. 1．integrity 2. pretext 3. released 4. produce 5. facilities 6. obliged 7. alleging 8. Claims 9. cleared 10. deliveryIII. 1. in favor of 2. consignment 3. undertaking, terms and conditions 4. cleared 5. regardless of 6. obliged to 7. undervalue arrangement 8. on the pretext of 9. refrain from 10. hinges onIV. 1. The objective of documentary credits is to facilitate international payment by making use of the financial expertise and credit worthiness of one or more banks.2.In compliance with your request, we have effected insurance on your behalf and debited youraccount with the premium in the amount of $1000.3.When an exporter is trading regularly with an importer, he will offer open account terms.4.Exporters usually insist on payment by cash in advance when they are trading with oldcustomers.5.Cash in advance means that the exporter is paid either when the importer places his order orwhen the goods are ready for shipment.Chapter 5.II．1. b 2. c 3. c 4. a 5. b 6. b 7. a 8. cIII. 1. guaranteed 2. without recourse 3. defaults 4. on the buyer’s account 5. is equivalent to 6. in question 7. devaluation 8. validity 9. discrepancy 10. inconsistent withChapter 6Answers:II. 1. open account, creditworthiness 2. demand 3. draw on, creditor 4. protest 5. schedule, discrepancies 6. acceptance 7. drawee 8. guranteedIII. 1. collecting bank 2. tenor 3. the proceeds 4. protest 5. deferred payment 6. presentation 7. the maturity date 8. a document of title 9. the shipping documents 10. transshipmentIV. 1. Documentary collection is a method by which the exporter authorizes the bank to collect money from the importer.2.When a draft is duly presented for acceptance or payment but the acceptance or paymentis refused, the draft is said to be dishonored.3.In the international money market, draft is a circulative and transferable instrument.Endorsement serves to transfer the title of a draft to the transferee.4.A clean bill of lading is favored by the buyer and the banks for financial settlementpurposes.5.Parcel post receipt is issued by the post office for goods sent by parcel post. It is both areceipt and evidence of dispatch and also the basis for claim and adjustment if there is any damage to or loss of parcels.Chapter 7II. financing, discounting, factoring, forfaiting, without recourse, accounts receivable, factor, trade obligations, promissory notes, trade receivables, specialized.III. 1. a cash flow disadvantage 2. without recourse 3. negotiable instruments 4. promissory notes 5. profit margin 6. at a discount, maturity, credit risk 7. A bill of exchange, A promissory noteIV. 1. When a bill is dishonored by non-acceptance or by non-payment, the holder then has an immediate right of recourse against the drawer and the endorsers.2.If a bill of lading is made out to bearer, it can be legally transferred without endorsement.3.The presenting bank should endeavor to ascertain the reasons non-payment ornon-acceptance and advise accordingly to the collecting bank.4.Any charges and expenses incurred by banks in connection with any action for protection o fthe goods will be for the account of the principal.5.Anyone who has a current account at a bank can use a cheque.Chapter EightStructure of the Foreign Exchange Market外汇市场的构成1. Key Terms1）foreign exchange：―Foreign exchange‖ refers t o money denominated in the currency of another nation or group of nations.2）payment“payment”is the transmission of an instruction to transfer value that results from a transaction in the economy.3）settlement―settlement‖ is the final and uncondit ional transfer of the value specified in a payment instruction.2. True or False1) true 2) true 3) true 4) true1)Tell the reasons why the dollar is the market's most widely tradedcurrency?key points: U.S.A economic background; the leadership of USD in the world economy ; the role it plays in investment , trade, etc.2)What kind of market is the foreign exchange market?Make reference to the following parts:（8.7 The Market Is Made Up of An International Network of Dealers）Chapter 9Instruments交易工具1. Key Terms1) spot transactionA spot transaction is a straightforward (or ―outright‖) exchange of one currency for another. The spot rate is the current market price, the benchmark price.Spot transactions do not require immediate settlement, or payment ―on the spot.‖ By convention, the settlement date, or ―value date,‖is the second business day after the ―deal date‖ (or ―trade date‖) on which the transaction is agreed to by the two traders. The two-day period provides ample time for the two parties to confirm the agreement and arrange the clearing and necessary debiting and crediting of bank accounts in various international locations.2) American termsThe phrase ―American terms‖means a direct quote from the point of view of someone located in the United States. For the dollar, that means that the rate is quoted in variable amounts of U.S. dollars and cents per one unit of foreign currency (e.g., $1.2270 per Euro).3) outright forward transactionAn outright forward transaction, like a spot transaction, is a straightforward single purchase/ sale of one currency for another. The only difference is that spot is settled, or delivered, on a value date no later than two business days after the deal date, while outright forward is settled on any pre-agreed date three or more business days after the deal date. Dealers use the term ―outright forward‖ to make clear that it is a single purchase or sale on a future date, and not part of an ―FX swap‖.4) FX swapAn FX swap has two separate legs settling on two different value dates, even though it is arranged as a single transaction and is recorded in the turnover statistics as a single transaction. The two counterparties agree to exchange two currencies at a particular rate on one date (the ―near date‖) and to reverse payments, almost always at a different rate, on a specified sub sequent date (the ―far date‖). Effectively, it is a spot transaction and an outright forward transaction going in opposite directions, or else two outright forwards with different settlement dates, and going in opposite directions. If both dates are less than one month from the deal date, it is a ―short-dated swap‖; if one or both dates are one month or more from the deal date, it is a ―forward swap.‖5) put-call parity―Put-call parity‖says that the price of a European put (or call) option can be deduced from the price of a European call (or put) option on the same currency, with the same strike price and expiration. When the strike price is the same as the forward rate (an ―at-the-money‖forward), the put and the call will be equal in value. When the strike price is not the same as the forward price, the difference between the value of the put and the value of the call will equal the difference in the present values of the two currencies.2. True or False1) true 2) true 3) true3. Cloze1) Traders in the market thus know that for any currency pair, if the basecurrency earns a higher interest rate than the terms currency, the currency will trade at a forward discount, or below the spot rate; and if the base currency earns a lower interest rate than the terms currency, the base currency will trade at a forward premium, or above the spot rate. Whichever side of the transaction the trader is on, the trader won't gain (or lose) from both the interest rate differential and the forward premium/discount. A trader who loses on the interest rate will earn the forward premium, and vice versa.2) A call option is the right, but not the obligation, to buy the underlyingcurrency, and a put option is the right, but not the obligation, to sellthe underlying currency. All currency option trades involve two sides—the purchase of one currency and the sale of another—so that a put to sell pounds sterling for dollars at a certain price is also a call to buy dollars for pounds sterling at that price. The purchased currency is the call side of the trade, and the sold currency is the put side of the trade. The party who purchases the option is the holder or buyer, and the party who creates the option is the seller or writer. The price at which the underlying currency may be bought or sold is the exercise , or strike, price. The option premium is the price of the option that the buyer pays to the writer. In exchange for paying the option premium up front, the buyer gains insurance against adverse movements in the underlying spot exchange rate while retaining the opportunity to benefit from favorable movements. The option writer, on the other hand, is exposed to unbounded risk—although the writer can (and typically does) seek to protect himself through hedging or offsetting transactions.4. Discussions1)What is a derivate financial instrument? Why is traded?2)Discuss the differences between forward and futures markets in foreigncurrency.3)What advantages do foreign currency futures have over foreigncurrency options?4)What is meant if an option is ―in the money‖, ―out of the money‖,or ―atthe money‖?5)What major international contracts are traded on the ChicagoMercantile Exchange ? Philadelphia Stock Exchange?Chapter 10Managing Risk in Foreign Exchange Trading外汇市场交易的风险管理1. Key Terms1) Market riskMarket risk, in simplest terms, is price risk, or ―exposure to (adverse)price change.‖ For a dealer in foreign exchange, two major elements of market risk are exchange rate risk and interest rate risk—that is, risks of adverse change in a currency rate or in an interest rate.2) VARVAR estimates the potential loss from market risk across an entire portfolio, using probability concepts. It seeks to identify the fundamental risks that the portfolio contains, so that the portfolio can be decomposed into underlying risk factors that can be quantified and managed. Employing standard statistical techniques widely used in other fields, and based in part on past experience, VAR can be used to estimate the daily statistical variance, or standard deviation, or volatility, of the entire portfolio. On the basis of that estimate of variance, it is possible to estimate the expected loss from adverse price movements with a specified probability over a particular period of time (usually a day).3) credit riskCredit risk, inherent in all banking activities, arises from the possibility that the counterparty to a contract cannot or will not make the agreed payment at maturity. When an institution provides credit, whatever the form, it expects to be repaid. When a bank or other dealing institution enters a foreign exchange contract, it faces a risk that the counterparty will not perform according to the provisions of the contract. Between the time of the deal and the time of thesettlement, be it a matter of hours, days, or months, there is an extension of credit by both parties and an acceptance of credit risk by the banks or other financial institutions involved. As in the case of market risk, credit risk is one of the fundamental risks to be monitored and controlled in foreign exchange trading.4) legal risksThere are legal risks, or the risk of loss that a contract cannot be enforced, which may occur, for example, because the counterparty is not legally capable of making the binding agreement, or because of insufficient documentation or a contract in conflict with statutes or regulatory policy.2. True or False1)True 2) true3. Translation1) Broadly speaking, the risks in trading foreign exchange are the same asthose in marketing other financial products. These risks can be categorized and subdivided in any number of ways, depending on the particular focus desired and the degree of detail sought. Here, the focus is on two of the basic categories of risk—market risk and credit risk (including settlement risk and sovereign risk)—as they apply to foreign exchange trading. Note is also taken of some other important risks in foreign exchange trading—liquidity risk, legal risk, and operational risk2) It was noted that foreign exchange trading is subject to a particular form ofcredit risk known as settlement risk or Herstatt risk, which stems in part from the fact that the two legs of a foreign exchange transaction are often settled in two different time zones, with different business hours. Also noted was the fact that market participants and central banks have undertaken considerable initiatives in recent years to reduce Herstatt risk.4. Discussions2)Discuss the way how V AR works in measuring and managing marketrisk?3)Why are banks so interested in political or country risk?4)Discuss other forms of risks which you know in foreign exchange. Chapter 11The Determination of Exchange Rates汇率的决定1. Key Terms1) PPPPurchasing Power Parity (PPP) theory holds that in the long run, exchange rates will adjust to equalize the relative purchasing power of currencies. This concept follows from the law of one price, which holds that in competitive markets, identical goods will sell for identical prices when valued in the same currency.2) the law of one priceThe law of one price relates to an individual product. A generalization of that law is the absolute version of PPP, the proposition that exchange rates will equate nations' overall price levels.3) FEER―fundamental equilibrium exchange rate,‖ or FEER,envisaged as the equilibrium exchange rate that would reconcile a nation's internal and external balance. In that system, each country would commit itself to a macroeconomicstrategy designed to lead, in the medium term, to ―internal balance‖—defined as unemployment at the natural rate and minimal inflation—and to ―external balance‖—defined as achieving the targeted current account balance. Each country would be committed to holding its exchange rate within a band or target zone around the FEER, or the level needed to reconcile internal and external balance during the intervening adjustment period.4) monetary approachThe monetary approach to exchange rate determination is based on the proposition that exchange rates are established through the process of balancing the total supply of, and the total demand for, the national money in each nation. The premise is that the supply of money can be controlled by the nation's monetary authorities, and that the demand for money has a stable and predictable linkage to a few key variables, including an inverse relationship to the interest rate—that is, the higher the interest rate, the smaller the demand for money.5) portfolio balance approachThe portfolio balance approach takes a shorter-term view of exchange rates and broadens the focus from the demand and supply conditions for money to take account of the demand and supply conditions for other financial assets as well. Unlike the monetary approach, the portfolio balance approach assumes that domestic and foreign bonds are not perfect substitutes. According to the portfolio balance theory in its simplest form, firms and individuals balance their portfolios among domestic money, domestic bonds, and foreign currency bonds, and they modify their portfolios as conditions change. It is the process of equilibrating the total demand for, and supply of, financial assets in each country that determines the exchange rate.2. True or False1) true 2) true3. Cloze1）PPP is based in part on some unrealistic assumptions: that goods are identical; that all goods are tradable; that there are no transportationcosts, information gaps, taxes, tariffs, or restrictions of trade; and—implicitly and importantly—that exchange rates are influenced only byrelative inflation rates. But contrary to the implicit PPP assumption,exchange rates also can change for reasons other than differences ininflation rates. Real exchange rates can and do change significantly overtime, because of such things as major shifts in productivitygrowth, advances in technology, shifts in factor supplies, changes inmarket structure, commodity shocks, shortage, and booms.2）Each individual and firm chooses a portfolio to suit its needs, based on a variety of considerations—the holder's wealth and tastes, the level ofdomestic and foreign interest rates, expectations of future inflation,interest rates, and so on. Any significant change in the underlying factorswill cause the holder to adjust his portfolio and seek a new equilibrium.These actions to balance portfolios will influence exchange rates.4. Discussions1）How does the purchasing power parity work?2）Describe and discuss one model for forecasting foreign exchange rates.3）Make commends on how good are the various approaches mentioned in the chapter.4）Central banks occasionally intervene in foreign exchange markets. Discuss the purpose of such intervention. How effective is intervention?Chapter 12The Financial Markets金融市场1. Key Terms1）money marketThe money market is really a market for short-term credit, or the option to use someone else's money for a period of time in return for the payment of interest. The money market helps the participants in the economic process cope with routine financial uncertainties. It assists in bridging the differences in the timing of payments and receipts that arise in a market economy.2）capital marketMarkets dealing in instruments with maturities that exceed one year are often referred to as capital markets.3）primary marketThe term ―primary market‖ applies to the original issuance of a credit market instrument. There are a variety of techniques for such sales, including auctions, posting of rates, direct placement, and active customer contacts by a salesperson specializing in the instrument4） secondary marketOnce a debt instrument has been issued, the purchaser may be able to resell it before maturity in a ―secondary market.‖ Again, a number of techniques are available for bringing together potential buyers and sellers of existing debt instruments. They include various types of formal exchanges, informal telephone dealer markets, and electronic trading through bids and offers on computer screens. Often, the same firms that provide primary marketing services help to create or ―make‖ secondary markets.5）RPsIn addition to making outright purchases and sales in the secondary market, entities with money to invest for a brief period can acquire a security temporarily, and holders of debt instruments can borrow short term by selling securities temporarily. These two types of transactions are repurchase agree-ments (RPs) and reverse RPs,respectively. In the wholesale market, banks and government securities dealers offer RPs at competitive rates of return by selling securities under contracts providing for their repurchase from one day to several months later6）BAs 7）CDs (reference to 13.1)8） EurodollarEurodollars are U.S. dollar deposits at banking offices in a country other than the United States.9） EurobankEurobanks—banks dealing in Eurodollar or some other nonlocal currency deposits, including foreign branches of U.S. banks— originally held deposits almost exclusively in Europe, primarily London. While most such deposits are still held in Europe, they are also held in such places as the Bahamas, Bahrain, Canada, the Cayman Islands, Hong Kong, Singapore, and Tokyo, as well as other parts of the world.10）LIBOR (reference to 13.2.2 Certificates of Deposit)London inter-bank offer rate11）mortgage-backed securities12）Eurobond market (details make reference to13.3.3 )The Eurobond market, centered in London, is an offshore market in intermediate- and long-term debt issues. It serves as a source of capital for multinational corporations and for foreign governments. It developed after the United States instituted the interest equalization tax in 1963 to stem capital outflows inspired by relatively low U.S. interest rates.2. True or False1) true 2) true 3) true3. Discussions1) Describe the characteristics of Interest Rate Swap and the role of it in thebank-related financial market.2) What risks are encountered in the swaps markets?3) Discuss one or two specific examples of derivative products and their use.4. Translations1) Markets dealing in instruments with maturities that exceed one year are often referred to as capital markets, since credit to finance investments in new capital would generally be needed for more than one year. The time division is arbitrary. A long-term project can be started with short-term credit, with additional instruments may need to be renewed before a project is completed. Debt instruments that differ in maturity share other characteristics. Hence, the term ―capital market‖ could be –and occasionally is applied to some shorter maturity transactions.2) The secondary market for Treasure securities consists of a network of dealers, brokers, and investors who effect transactions either by telephone or electronically. Telephone trades are generally between dealers and their customers. Electronics trading is arranged through screen-based systems provided by some of the dealers to their customers. It allows selected trades to take place without a conversation. When dealers trade with each other, they generally use brokers. Brokers provide information on screen, but the final trades are made bytelephone.Chapter 13Concepts of Financial Assets Value金融资产价值的概念1. Key Terms1) absolute measure of valueAn absolute measure of value is used when one must compare it to a nominal amount: purchase price, amount to invest, target sum of money to raise2) relative measure of valueA relative measure of rate of return is more convenient to use when one wishes to compare one financial asset to a set of numerous alternative assets. A rate of return is the most commonly used relative measure of value.3) discountingFuture benefits must be discounted (or converted) to their present (or today's) value, before they are summed. Discounting is part of the study of time value of money, or actuarial mathematics, and a complete treatment of it can be found in specialized textbook.4) time value of moneyTime value of money studies how amounts of money are made equivalent over time. Converting amounts today into their future equivalent consists in adding interest to principal, i.e. compounding. Converting amounts in the future into today's equivalent consists of charging an interest, i.e. discounting. Thus, discounting is the exact inverse of compounding.5) FV 6) PV 7) annuity8) short term securitiesShort term securities (i.e. securities with maturity less than one year) are sold at a discount (i.e. nominal value less the interest to be earned over the remaining number of days to maturity). There is no coupon, and no additional benefits such as conversion right, but there may be a penalty for early redemption in the case of some bank certificates of deposit.9) P/E ratio (make reference to 15.5.3 --Earnings Multiple or P/E Ratio)Another approach which is used as a short-cut by a large number of investors, is the earnings multiple. It is sometimes referred to as earningsmultiplier, and it is most commonly known as price-to-earnings or P/E ratio. In many instances, the approach, rather than being an oversimplification, can be an improvement over the previous format. In its most common presentation, the idea is that the price P of a share should be a multiple m of its earnings per share E. The multiple m is an industry average because it is assumed that all companies in an industry face similar marketing, technological and resource challenges, and thus, should have similar organizational and production patterns.10) intrinsic valueintrinsic value, or difference between market price of the underlying stock and strike price (which is also known as exercise price because it is the price at which an option holder can buy from or sell to the option writer the underlying stock through the options exchange)。
Classroom Exercises 国际金融 课堂练习
Chapter 1 International Balance of PaymentsI. Answer the following questions.1.Does the balance of payments record stocks or flows?2.In U.S., are transactions giving rise to the demand for thedollar recorded as debits or credits in the balance of payments?3.What are “invisibles” in the balance of payments?4.McGraw-Hill Inc. has earnings of royalties on books. Howdoes this transaction be recorded in the U.S. balance of payments?5.Since gold is a part of official reserves, how would thebalance of payments statistics show the sale of domestically mined gold to the country’s central bank? What happens if the mining company sells the gold to foreign private buyers?II. Record the following transactions in the US balance of payments in T-accounts.1.U.S. exports $10,000 grain to Japan. It is paid by check indollars.2.U.S. tourists spend Swiss francs which is equivalent to$2,000 in Geneva.3.A U.S. investor buys a 2-year Canadian treasury note of$3,000, pays by check.4.U.S. ship is leased to carry beef from Australia to Britain.Payment for freight charges is $50,000.5.Federal Reserve sells $1 million gold to support the value ofthe dollar.6.U.S. Red-Cross Association donated 1,000 tents to thedisaster area in China. Those tents worth $10,000.III. Which of the following transactions would contribute toa U.S. current account surplus?1.Boeing barters a $100 million plane to Mexico in exchangefor $100 million worth of hotel services on the Mexican coast.2.The United States borrows $100 million long term fromSaudi Arabia to buy $100 million of Saudi oil this year.3.The United States sells a $100 million jet to Turkey for $100million in bank deposits.4.The U.S. government makes a gift of $100 million to thegovernment of Greece, in the form of New York bank deposits, to pay for injuries caused by Turkish jet attacks. 5.The British central bank buys $100 million in U.S. dollarbank deposits from a New York bank, paying by providing pound bank deposits to the New York bank.IV. What are the effects of each of the following on the U.S. international investment position?1.Foreign central banks increase their official holdings of U.S.government securities.2.U.S. residents increase their holdings of stocks issued byJapanese companies.3.A British pension fund sells some of its holdings of the stocksof U.S. companies in order to buy U.S. corporate bonds.Chapter 2 Foreign Exchange Market1.The inflation rate in Country A is expected to be 4 percent peryear, and the inflation rate in Country B is expected to be 6 percent per year. If the current spot rate is S B/A = 12.50, what is the expected spot rate in two years?2.Assume the pound sterling is worth Ffr8.3347 in London andSfr2.0556 in Zurich. If Swiss franc is worth Ffr4.0156 in Paris, can British arbitrageurs make profits on these exchange rates? If so, show how. What would be the eventual outcome on exchange rates in Paris and Zurich given such arbitrage?How would any transaction cost affect French franc prices for Swiss francs in Paris?3.The French franc is quoted as Ffr/$ = 5.1524-30. The Germanmark is quoted as DM/$ = 1.5249-53. What is the implicit cross rate Ffr/DM quotation?Chapter 4 Foreign Exchange Risks and Foreign Exchange Transactions1. Given the following spot and forward quotes, calculate forward premiums on Japanese yen as (a) a basis point premium, and (b) an annualized percentage premium.Spot ($/￥) Forward ($/￥) Days Forward0.0091 0.0090 300.0091 0.0088 900.0091 0.0085 1800.0091 0.0079 3602. A foreign exchange dealer in Warsaw provides quotes for spot and 1-month, 3-month, and 6-month forward rates for the Polish zloty against the dollar:Bid (PZ/$) Ask (PZ/$) Spot rate 4.0040 4.02001-month forward 3.9920 4.00903-month forward 3.9690 3.98886-month forward 3.9360 3.9580 a. What would you receive in dollars if you sold PZ 5 million at the spot rate?b. What would it cost you in dollars to purchase PZ 20 million forward three months. When would you make payment?3. Indicate whether each of the following individuals uses technical or fundamental analysis in forecasting currency values.a. An investor uses charts of historical exchange rate movements to predict future exchange rate movements.b. A hedger uses a computer program called a neural network to identify patterns in exchange rate. The neutral network uses past price information to generate a signal indicating whether a particular currency exposure should be hedged.c. A speculator gathers the most recent balance of payments data from countries participating in European monetary union. She uses this data to make long-term forecasts of the value of the euro against the U.S. dollar.d. A currency has been trading in a narrow range during the last several months. The currency falls in value days after the government announces it has suspended payments on dollar-denominated loans. A hedge fund manager sells the currency after comparing the size of the dollar-denominated loans to the country’s foreign exchange reserves.e. In the above case, the hedge fund manager sells the currency after noticing that the currency has fallen in value for three successive days.。
英文国际金融练习卷Chapter-2
International FinanceAssignment Problems (2) Name: Student No.:I. Choose the correct answer for the following questions (only ONE correct answer) (5 credits for each question, total credits 4 x 15 = 60)1. According to the principle of the balanced balance of payments, if a country reduces its foreign exchange reserves by $20 million and the statistical discrepancy is in the credit entry of $5 million in a given period of time, the country runs __________ of its balance of payments during that period of time.A. $15 million deficitsB. $25 million deficitsC. $20 million deficitsD. $5 million deficits2. If a country’s domestic saving is greater than domestic investment, the country probably has __________.A. a current account surplusB. a net capital outflowC. a current account deficitD. Both A and B are possible.3. A debit entry in the balance-of-payments account represents a transaction that __________.A. a domestic resident receives a payment from abroadB. a domestic resident makes a payment to a foreign residentC. will improve the current account statusD. will have no affects on the nation’s foreign exchange reserves4. In terms of balance-of-payments account, which of the following would be recorded as a debit entry in the U.S. BOP?A. exports of merchandiseB. exports of servicesC. purchase of the U.S. Treasury bonds by non-residentsD. an increase of the deposit in a U.S. resident's account at a foreign bank5. A balance-of-payments deficit is defined as a situation in which __________.A. the value of payments made to the foreigners exceeds the value of receipts received from the foreigners in a given period of timeB. the government must borrow in order to meet its budget obligationsC. the value of manufactured good exports is less than the value of imported goodsD. a nation earns much in extra assets or reduced liabilities in its dealings with the rest of the world6. Which of the following would NOT be considered as a typical BOP transaction?A. Toyota USA is a US distributor of automobiles manufactured in Japan by its parent company.B. A U.S. subsidiary of European financial giant, Credit Suisse, pays dividends to its parent in Zurich.C. A US tourist purchases gifts at a museum in London.D. All are example of BOP transactions.7. The balance of payments is a statistical record which measures the total value of __________.A. a country’s foreign exchange reserves in a certain period of timeB. a country’s foreign trades between the residents of a country and its non-residents for a given period of timeC. all economic and financial transactions between the residents of a country and its non-residents for a given period of timeD. a country’s capital inflows and outflows at a part icular date in a given year8. A British pension fund sells some of its holdings of the stocks of U.S. companies in order to buy U.S. corporate bonds. This transaction will affect __________.A. the U.S. international investment positionB. the British international investment positionC. both countries’ international investment positionD. None of the above. This is because both countries’ international investment position unchanged, only the composition of foreign investments in both U.S. and U.K. changes.9. Which of the following transactions is included in China’s balance-of-payments account?A. A U.S. embassy in Beijing pays salaries to its American staffs.B. The World Bank furnishes the Chinese government with a loan.C. A U.S. student pays tuition fees for his 4 year-study in Beijing University.D. The Chinese embassy in Washington buys telecommunication equipments from a Chinese company in Shanghai.10. If the U.S. runs current account deficits, we can expect that __________.A. it may act as a net debtor in the rest of the worldB. its domestic saving may less than its domestic investmentC. its domestic production is less than its domestic consumptionD. all of the above11. The trade deficit means that __________.A. residents are importing more goods than they are exportingB. residents are borrowing more funds than they are lendingC. residents are receiving more payments than they are makingD. residents are producing more goods than they are consuming12. Which of the following is an example of an exchange of financial assets?A. the exchange of butter for wheatB. the exchange of information technologyC. the exchange of a fixed-rate loan for a floating-rate loanD. the exchange of gold for jewelry13. For most countries, the subcategory that typically dominates the current account is__________.A. unilateral transfersB. goods tradeC. income tradeD. services trade14. When categorizing investments for the financial account component of the balance of payments the __________ is an investment where the investor has no incentive to control whereas the __________ is an investment where the investor wants to control over the assets.A. direct investment, portfolio investmentB. direct investment, indirect investmentC. portfolio investment, indirect investmentD. portfolio investment, direct investment15. If a country’s merchandise exports exceed its imports by $50 million, services trade balance is net $30 million and unilateral transfers made in excess of those received by $5 million, what is the country’s current account balance?A. $85 millionB. $75 millionC. $15 millionD. $25 millionII. Answer the following questions: (3 credits for each question, total credits 3 x 6 = 18) Questions 1 through 5 are based on the information of the selected items from country A’s balance of payments in 2010.Country A’s Balance of Payments, 2010 (millions of U.S. dollar)Goods export 719Goods import 1,145Service export 279Service import 210Income payments 269Income receipts 284Net unilateral transfers -49Errors and omissions 111. Country A’s BOT is __________.2. Country A’s current account balance is __________.3. Suppose the changes in country A’s official reserves are zero in 2010, its capital and financial account balance MUST be __________.4. If country A’s official reserves are recorded on the credit side by $10 million in 2010, its capitaland financial account balance should be __________.5. Based on the assumption of question 4, country A has BOP deficit or surplus in 2010? Explain.6. What is the current account balance of a nation with a government budget deficit of $128 billion, private saving of $806 billion, and domestic capital formation of $777 billion?III. Express the following operations in the Dutch balance of payments in T-accounts: (5 credits for each question, total credits 3 x 5 = 15)a. A Dutch company exports €100,000 goods to a London company for €100,000 in bankdeposits.b.An import billed for €150,000 paid with a check drawn on a London bank.c. A Dutch company based in Rotterdam uses €1 million that it was holding in a short-termdeposit with its Rotterdam bank to purchase 10-year bonds issued by German government. IV. True or false: (7 credits)A credit entry in the balance of payments represents a demand for local currency whereas a debit entry represents a supply of local currency. You MUST explain your answer.Answers to Assignment Problems (2)Part I1. C2. D3. B4. D5. A6. D7. C8. D9. B 10. D11. A 12. C 13. B 14. D 15. BPart II1. -4262. -3913. 3804. 3705. deficits. Because the official reserves reduced by $10 million.6. 806 -777-128 = -99Part IIIa.Export Short term claims(-) (+) (-) (+)€100,000 €100,000b. Import Short term liabilities(-) (+) (-) (+)€150,000 €150,000c. Portfolio investment Short term liabilities(-) (+) (-) (+)€1,000,000 €1,000,000Part IVTrue. Because the credit entry in BOP means domestic residents receiving foreign currencies. When they sell those foreign payments, they demand the local currency. The debit entry in BOP implies domestic residents need to buy foreign currencies with the local currency. Therefore, it represents a supply of local currency.。
国际金融FinanceTestBank2
Chapter 2—International Flow of Funds1. Recently, the U.S. experienced an annual balance of trade representing a ____.large surplus (exceeding $100 billion)a.small surplusb.clevel of zero.deficitd.ANS: D PTS: 12. A high home inflation rate relative to other countries would ____ the home country'scurrent account balance, other things equal. A high growth in the home income levelrelative to other countries would ____ the home country's current account balance, other things equal.aincrease; increase.increase; decreaseb.cdecrease; decrease.decrease; increased.ANS: C PTS: 13. If a country's government imposes a tariff on imported goods, that country's currentaccount balance will likely ____ (assuming no retaliation by other governments).decreasea.bincrease.cremain unaffected.deither A or C are possible.ANS: B PTS: 14. ____ purchases more U.S. exports than the other countries listed here.aItaly.Spainb.cMexico.Canadad.ANS: D PTS: 15. An increase in the current account deficit will place ____ pressure on the home currencyvalue, other things equal.upwarda.bdownward.noc.upward or downward (depending on the size of the deficit)d.ANS: B PTS: 16. If the home currency begins to appreciate against other currencies, this should ____ thecurrent account balance, other things equal (assume that substitutes are readily available in the countries, and that the prices charged by firms remain the same).increasea.bhave no impact on.reducec.dall of the above are equally possible.ANS: C PTS: 17. The International Financial Corporation was established to:a.enhance development solely in Asia through grants.b . enhance economic development through non-subsidized loans (at market interest rates).c . enhance economic development through low-interest rate loans (below-market rates).d . enhance economic development of the private sector through investment in stock of corporations.ANS: D PTS: 18. The World Bank was established to:a.enhance development solely in Asia through grants.b . enhance economic development through non-subsidized loans (at market interest rates).c . enhance economic development through low-interest rate loans (below-market rates).d . enhance economic development of the private sector through investment in stock of corporations.ANS: B PTS: 19. The International Development Association was established to:a.enhance development solely in Asia through grants.b . enhance economic development through non-subsidized loans (at market interest rates).c . enhance economic development through low-interest rate loans (below-market rates).d . enhance economic development of the private sector through investment in stock of corporations.ANS: C PTS: 110. Which of the following would likely have the least direct influence on a country's currentaccount?a.inflation.b.national income.c.exchange rates.d.tariffs.e.a tax on income earned from foreign stocks.ANS: E PTS: 111. The "J curve" effect describes:a . the continuous long-term inverse relationship between a country's current account balance and the country's growth in gross national product.b . the short-run tendency for a country's balance of trade to deteriorate even while its currency is depreciating.c . the tendency for exporters to initially reduce the price of goods when their own currency appreciates.d . the reaction of a country's currency to initially depreciate after the country's inflation rate declines.ANS: B PTS: 112. An increase in the use of quotas is expected to:a . reduce the country's current account balance, if other governments do not retaliate.b . increase the country's current account balance, if other governments do not retaliate.c . have no impact on the country's current account balance unless other governments retaliate.d.increase the volume of a country's trade with other countries.ANS: B PTS: 113. The U.S. typically has a balance-of-trade surplus in its trade with ____.a.Chinab.Japanc.A and Bd none of the aboveANS: D PTS: 114. The North American Free Trade Agreement (NAFTA) increased restrictions on:a.trade between Canada and Mexico.b.trade between Canada and the U.S.c.direct foreign investment in Mexico by U.S. firms.d.none of the above.ANS: D PTS: 115. According to the text, international trade (exports plus imports combined) as a percentageof GDP is:a.higher in the U.S. than in European countries.b.lower in the U.S. than in European countries.c . higher in the U.S. than in about half the European countries, and lower in the U.S. than the others.d.about the same in the U.S. as in European countries.ANS: B PTS: 116. The direct foreign investment positions by U.S. firms have generally ____ over time; thedirect foreign investment positions in the U.S. by non-U.S. firms have generally ____ over time.a.increased; increasedb.increased; decreasedc.decreased; decreasedd.decreased; increasedANS: A PTS: 117. Which of the following is the biggest target of direct foreign investment by U.S. firms?Mexico.a.Japan.b.cUnited Kingdom..Germany.d.ANS: C PTS: 118. The primary component of the current account is the:balance of trade.a.bbalance of money market flows..balance of capital market flows.c.dunilateral transfers..ANS: A PTS: 119. As a result of the European Union, restrictions on exports between ____ were reduced oreliminated.amember countries and the U.S..member countriesb.cmember countries and European non-members.none of the aboved.ANS: B PTS: 120. Over the last several years, international trade (exports plus imports) as a percentage ofGDP has generally:aincreased for most major countries..decreased for most major countries.b.cstayed about constant for most major countries..increased for about half the major countries and decreased for the others.d.ANS: A PTS: 121. Which is not a concern about the North American Free Trade Agreement (NAFTA)?its impact on U.S. inflation.a.bits impact on U.S. unemployment..lower environmental standards in Mexico.c.different health laws for workers in Mexico.d.ANS: A PTS: 122. A General Agreement on Tariffs and Trade (GATT) accord in 1993 called for:aincreased trade restrictions outside of North America..lower trade restrictions around the world.b.uniform environmental standards around the world.c.uniform worker health laws.d.ANS: B PTS: 123. Which of the following is mentioned in the text as a possible means by which thegovernment may attempt to improve its balance of trade position (increase its exports or reduce its imports).It could attempt to strengthen its local currency value.a.b . Firms based in a country receive subsidies from their government, produce products, and then export those products at a cheap price.c . Firms based in one country are allowed by their government to offer bribes to large customers when pursuing business deals in a particular industry.d.All of the above are mentioned.ANS: A PTS: 124. The demand for U.S. exports tends to increase when:a.economic growth in foreign countries decreases.b.the currencies of foreign countries strengthen against the dollar.c.U.S. inflation rises.d.none of the above.ANS: B PTS: 125. "Dumping" is used in the text to represent the:a.exporting of goods that do not meet quality standards.b.sales of junk bonds to foreign countries.c.removal of foreign subsidiaries by the host government.d.exporting of goods at prices below cost.ANS: D PTS: 126. ____ is (are) income received by investors on foreign investments in financial assets(securities).a.Portfolio incomeb.Direct foreign incomec.Unilateral transfersd.Factor incomeANS: D PTS: 127. A weak home currency may not be a perfect solution to correct a balance of trade deficitbecause:a.it reduces the prices of imports paid by local companies.b.it increases the prices of exports by local companies.c.it prevents international trade transactions from being prearranged.d . foreign companies may reduce the prices of their products to stay competitive.ANS: D PTS: 128. Intracompany trade makes up approximately ____ percent of all international trade.a.50b.70c.25d.13e.5ANS: A PTS: 129. Like the International Monetary Fund (IMF), the ____ is composed of a collection ofnations as members. However, unlike the IMF, it uses the private rather than thegovernment sector to achieve its objectives.a.World Bankb.International Financial Corporation (IFC)c.World Trade Organization (WTO)dInternational Development Association (IDA).Bank for International Settlements (BIS)e.ANS: B PTS: 130. The World Bank's Multilateral Investment Guarantee Agency (MIGA):aoffers various forms of export insurance..offers various forms of import insurance.b.coffers various forms of exchange rate risk insurance..provides loans to developing countries.d.offers various forms of political risk insurance.e.ANS: E PTS: 131. Also known as the "central banks' central bank," the ____ attempts to facilitatecooperation among countries with regard to international transactions and provides assistance to countries experiencing a financial crisis.World Banka.bInternational Financial Corporation (IFC).World Trade Organizationc.dInternational Development Association (IDA).Bank for International Settlements (BIS)e.ANS: E PTS: 132. Direct foreign investment into the U.S. represents a ____.capital inflowa.b trade inflow.ccapital outflow.trade outflowd.ANS: A PTS: 147. A country's net outflow of funds ____ affect its interest rates, and ____ affect itseconomic conditions.does; doesa.bdoes; does not.does not; does notc.does not; doesd.ANS: A PTS: 151. In recent years, the U.S. has had a relatively (compared to other countries) ____ balanceof trade ____ with China.small; surplusa.blarge; surplus.small; deficitc.large; deficitd.ANS: D PTS: 155. Assume the U.S. has a balance of trade surplus with the Country of Thor. Whenindividuals in Thor manufacture CDs and DVDs that look almost exactly like the original product produced in the U.S. and other countries, they ____ the U.S. balance of trade surplus with Thor. This activity is called ____.areduce; flipping.breduce; pirating.increase; piratingc.dincrease; flipping.ANS: B PTS: 156. Japan's annual interest rate has been relatively ____ compared to other countries forseveral years, because the supply of funds in its credit market has been very ____.alow; small.high; smallb.clow; large.high; larged.ANS: C PTS: 157. Without the international capital flows, there would be ____ funding available in the U.S.across all risk levels, and the cost of funding would be ____ regardless of the firm's risk level.more; lowera.bmore; higher.less; lowerc.less; higherd.ANS: D PTS: 166. The ____ is the difference between exports and imports.abalance of trade.b balance on goods and services.cbalance of payments.current accountd.ecapital account.ANS: A PTS: 167. Which of the following will probably not result in an increase in a country's currentaccount balance (assuming everything else constant)?aA decrease in the country's rate of inflation.A decrease in the country's national income levelb.cAn increase in government restrictions in the form of tariffs or quotas .An appreciation of the country's currencyd.eAll of the above will result in an increased current account balance..ANS: D PTS: 168. Which of the following factors probably does not directly affect a country's capitalaccount and its components?Inflationa.Interest ratesb.cWithholding taxes on foreign income.Exchange rate movementsd.eAll of the above will directly affect a country's capital account..ANS: A PTS: 169. The ____, an accord among 117 nations, called for lower tariffs around the world.a.General Agreement on Tariffs and Trade (GATT)b.North American Free Trade Agreement (NAFTA)c.Single European Act of 1987d.European Union Accorde.None of the aboveANS: A PTS: 170. Which of the following is not a "subtle" trade restriction Country X may use againstCountry Y?a.The government of Country X eliminates environmental restrictions.b . The government of Country X subsidizes firms in its country to facilitate dumping.c . The government of Country X provides tax breaks to firms in specific industries.d . The government of Country X imposes a tariff on goods imported from Country Y.e . The government of Country X allows its firms to offer bribes to large customers when pursuing business deals.ANS: D PTS: 171. Which of the following statements is not true?a . Exporters may complain that they are being mistreated because the currency of their country is too weak.b . Outsourcing affects the balance of trade because it means that a service is purchased in another country.c.Sometimes, trade policies are used to punish countries for various actions.d . Tariffs imposed by the EU have caused some friction between EU countries that commonly import products and other EU countries.e.All of the above are true. ANS: A PTS: 172. Which of the following would increase the current account of Country X? Country Y isCountry X's sole trading partner.a.Inflation increases in countries X and Y by comparable amounts.b.Country X's and Country Y's currencies depreciate by the same amount.c . Country X imposes tariffs on imports from Country Y, and Country Y retaliates by imposing an identical tax on X's exports.d . The central banks of Country X and Country Y reduce the money supply to increase interest rates.e . Country X imposes a quota on imports, and Country Y retaliates by imposing an identical quota on X's exports.ANS: D PTS: 173. ____ represent aid, grants, and gifts from one country to another.a.Transfer paymentsb.Factor incomec.The balance of traded.The balance of paymentse.The capital accountANS: A PTS: 174. Which of the following is not a goal of the International Monetary Fund (IMF)?a.To promote cooperation among countries on international monetary issuesb.To promote stability in exchange ratesc . To enhance a country's long-term economic growth via the extension of structural adjustment loansd.To promote free tradee.To promote free mobility of capital funds across countriesANS: C PTS: 175. According to the "J curve effect," a weakening of the U.S. dollar relative to its tradingpartners' currencies would result in an initial ____ in the current account balance,followed by a subsequent ____ in the current account balance.decrease; increasea.increase; decreaseb.cdecrease; decrease.increase; increased.ANS: A PTS: 1。
国际经济学课件第二章比较优势
做软件工作可以得到1万美元×2个小时=2万美元
女工：
在快餐店工作可以得到：30美元×4个小时=120美 元
结论：女工剪草，比尔去做软件
现实中比较优势下的国际分工形式：
美国：制鞋、造飞机
越南：制鞋、不会造飞机
专业化分工
比较优势：越南制鞋的本钱 低，美国造飞机的才能更强
专业化分工
越南专业消费鞋
2.3 比较优势理论
1 比较优势理论的根本内容 2 比较优势理论的现代分析
2.3 比较优势理论的根本内容
英国古典经济学家大卫·李嘉图在1817年出版?政治经济学及 赋税原理?一书中提出。
国际贸易的根底并不限于劳动消费率的绝对差异。只要 两国之间存在着劳动消费率的相对差异，就会出现消费本钱和 产品价格的相对差异，从而使两国在不同的产品上具有比较优 势，使互利的国际分工和国际贸易成为可能。
● 分工可以进步劳动消费率，因此可以增加国家财富。
● 国际分工的根底即国际贸易产生的原因是有利的自然禀赋或后天有利的消费条件形 成的绝对优势。
● 政府不要干预对外贸易。在自由贸易的条件下，假如每个国家都按照自己绝对有 利的消费条件进展分工，以绝对低于他国消费本钱的商品进展交换，国际贸易会 使各国劳动消费率大大进步并使物质财富不断增加并从贸易中获益。
李嘉图比较优势学说的数学说明 单位：单位产品所消耗的时间天数
分工前： XY
A64
B12
分工后：
X
Y
1交换 单位：产品数
X
Y
A1
1.5
B2
1
比较优势的例证：比尔·盖茨与女佣 的故事
比尔和女佣相当于两个国家 两种工作：做软件和剪草坪 假设：比尔在这两个工作上面都比女佣强！ 假如比尔可以用1个小时消费一套1万美
实用国际金融英语参考答案
《实用国际金融英语》参考答案Chapter 1Lead-in Activities1. Balance of payment data serve as record of the flows of goods, services and finance between an economy and the rest of the world. As one of the primary functions of the IMF is to prevent financial crises and assist countries in balance of payment difficulties, the collection of standardized, comparable balance of payment data is seen as a core task.BOP is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers:·All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world;·Capital transfers and changes in an economy’s external financial claims and liabilities.2. When a country has a surplus in its current account, i.e. when its exports exceed its imports, there will probably be a surplus in the balance of payment because the current account forms a very large proportion in the balance of payment. The surplus means the supply of foreign exchange exceeds demand. The monetary authority has to increase the purchase of the foreign currency and the stock of its international reserve. Meanwhile, the supply of domestic currency adds at an accelerated speed, which may lead to further issue of the local currency and cause inflation.3. When there is a long-lasting surplus in the balance of payment, particularly in the current account, there will also be excessive demand for its currency. The country’s exchange rate will rise, unless the central bank is willing to provide its currency to the market in exchange for foreign currencies. For example, when the export of the United States exceeds much more than import, a large quantity of US dollars are wanted by those importers to pay for the US goods. Thus, the exchange rate of US dollars rises.When the balance of payment has a long-lasting deficit, the payable debts denominated in foreign currencies are more than receivable claims; there will be a considerable demand for foreign currencies over the supply. As a result, the foreign currencies wanted appreciate, and the domestic one devalues.4.Temporary drop of surplus or moderate short-term deficit does not seriously affect a country’s economy or foreign trade. On one hand, deficit means larger amount of import than export in current account; on the other hand, it more likely shows an increasing demand of foreign currencies to pay for the imported goods. In other words, deficit may cause the raise of exchange rate of foreign hard currencies, which is conducive to the investors from the issuing countries of these appreciating currencies. This is surely good news to those that are in need of foreign investment. Temporary drop of surplus helps cool off the national economy and serves as a brake stopping ongoing inflation.5.The stock of international reserve should be neither more or less than necessary. The International Exchange Reserves are kept in the debit entry in BOP statements in that the monetary authority has to pay in exchange for the foreign hard currencies. Therefore, the amount and composition of exchange reserves are to be decided by taking the following factors into consideration.(1) The duration of the government’s external debt should be related to the duration of thereserves, with emphasis on the interest rate exposure risk.(2) High-risk-return assets should be limited within a safe range.(3) One of the most important issues raised in the context of investing the reserves of a centralbank is the choice of a reference basket.It is well recognized that the lowest level of the stock of international reserve should be no less than the amount payable for a 3-month import. And, the stronger an economy is, the less international reserve is to be kept.6. C7. CExercisesI. True or False1. F2. F3. F4. F5. F6. F7. F8. F9. F 10. F11. F 12. T 13. F 14. F 15. TII．Translation Task1.在与国际货币基金组织的技术援助使团于2000年上半年进行了磋商之后，国家外汇管理局吸取了国际通行的经验，以提高其国际收支报告的及时性。
国际金融中英文版答案)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice QuestionsA country’s balance of payments records: 一个国家的国际收支平衡记录了 BThe value of all exports of goods and services from that country for a period of time.All flows of value between that country’s residents and residents of the rest of the world during a period of time.在一定时间段里,一个国家居民的资产和其它世界居民资产的流动All flows of financial assets that cross that country’s borders during a perio d of time.All flows of goods into that country during a period of time.A credit item in the balance of payments is: 在国际收支平衡里的贷项是AAn item for which the country must be paid.一个国家必须收取的条款An item for which the country must pay.Any imported item.An item that creates a monetary claim owed to a foreigner.Every international exchange of value is entered into the balance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次B1234A debit item in the balance of payments is: 在国际收支平衡中的借项是BAn item for which the country must be paid.An item for which the country must pay.一个国家必须支付的条款Any exported item.An item that creates a monetary claim on a foreigner.In a nation's balance of payments, which one of the following items is always recorded as a positive entry? D在国际收支中,下列哪个项目总被视为有利条项Changes in foreign currency reserves.Imports of goods and services.Military foreign aid supplied to allied nations.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 BEquals the overall balance.Equals the sum of all credit items.等于所有借项的总和Equals the sum of credit items minus errors and omissions.Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？ BA U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口A U.S. resident sells his IBM stock to a French resident.A U.S. resident sells his Credit Suisse stock to a French resident.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种CReserve inflow.Reserve outflow.Capital inflow.资本流入Capital outflow.___A_______ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.Official international reserve assets 官方国际储备资产Unofficial international reserve assetsOfficial domestic reserve assetsUnofficial domestic reserve assetsWhich of the following is considered a capital inflow? 下列哪项被视为资本流入 AA sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家A loan from a U.S. bank to a foreign borrower.A purchase of foreign financial assets by a U.S. buyer.A U.S. citizen’s repayment of a loan from a foreign bank.In a country’s balance of payments, which of the following transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ ADomestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降Foreign bank balances owned by domestic residents are decreased.Assets owned by domestic residents are sold to nonresidents.Securities are sold by domestic residents to nonresidents.The role of ___D_______ is to direct one nat ion’s savings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资Merchandise trade flowsServices flowsCurrent account flowsCapital flows资金流Capital account.Current account.经常账目（户）Trade balance.Official reserve balance.The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫AFinancial account.金融帐Current account.Trade balance.Official reserve balance.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括： BEverything in the current account.U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项Profits that Nissan of America sends back to Japan.New U.S. investments in foreign countries.ＡU.S. resident increasing her holdings of a foreign financial asset causes a:一个美国居民增持一外国金融资产会引起DCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.Debit in the U.S. capital account.美国资本帐的借帐A foreign resident increasing her holdings of a U.S. financial asset causes a:一个美国居民增持本国一金融资产会引起 CCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.美国资本帐的贷帐Debit in the U.S. capital account.A deficit in the current account: 经常帐户中的赤字 ATends to cause a surplus in the financial account.会导致金融帐中的盈余Tends to cause a deficit in the financial account.Has no relationship to the financial account.Is the result of increasing exports and decreasing imports.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:20xx年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？CThe balance of payments.The financial account.The current account.经常帐户Unilateral transfers.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？ BThe United States makes a unilateral tariff reduction on imported goods.The United States cuts back on American military personnel stationed in Japan.美国削减在日本的军事人员U.S. tourists travel in large numbers to Asia.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐AA Chinese businessman imports Ford automobiles from the United States.A U.S. tourist spends money on a trip to China.The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.If a British business buys U.S. government securities, how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ CIt will appear in the trade account as an import.It will appear in the trade account as an export.It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长It will appear in the financial account as a decrease in U.S. assets held by foreigners.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 AEnsure that the sum of all debits matches the sum of all credits.Ensure that imports equal the value of exports.Obtain an accurate account of a balance-of-payments deficit.Obtain an accurate account of a balance-of-payments surplus.Official reserve assets are: 官方储备资产是 BThe gold holdings in the nation’s central bank.Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可Government T-bills and T-bonds.Government holdings of SDR’sGold.Special Drawing Rights.IMF Reserve Positions.Foreign Currencies.外汇（币）The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于CNet official reserves.Net domestic investment.Net foreign investment.国外投资净值Net foreign deficit.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 BNeeds to borrow internationally.Is able to lend internationally.就有能力向外放贷Must also have had a surplus in its "overall" balance.The ___C_______ measures the sum of the current account balance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）Official capital balanceUnofficial capital balanceOfficial settlements balance官方结算差额Unofficial settlements balanceIf the overall balance is in __A________, there is an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）Surplus盈余DeficitBalanceForeign handsWhich of the following is the current account balance NOT equal to? 以下哪项不等同于现金帐 DThe difference between domestic product and domestic expenditure.The difference between national saving and domestic investment.Net foreign investment.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False QuestionsCapital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项The net flow of financial assets and similar claims is the private current account balance. 金融资产和类似的资产的净值叫经常帐目余额The majority of countries' official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.A country's financial account balance equals the country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资A country has a current account deficit if it is saving more than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字The official settlements balance measures the sum of the capital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额A nation's international investment position shows its stock of international assets and liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.A nation is a borrower if its current account is in deficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项Gold is a major reserve asset that is currently often used in official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.The current account balance is equal to the difference between domestic product and national expenditure.(T)经常项目余额等于国民生产与国民支出的差额In 2007 U.S. households, businesses and government were buying more goods and services than they were producing.(T)____年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.6。
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Answer: B
7. The “J curve” effect describes: A) the continuous long term inverse relationship between a country’s current account balance and the country’s growth in gross national product. B) the short-run tendency for a country’s balance of trade to deteriorate even while its currency is depreciating. C) the tendency for exporters to initially reduce the price of goods when their own currency appreciates. D) the reaction of a country’s currency to initially depreciate after the country’s inflation rate declines.
Answer: A
16. Which is not a concern about the North American Free Trade Agreement (NAFTA)? A) its impact on U.S. inflation. B) its impact on U.S. unemployment. C) lower environmental standards in Mexico. D) different health laws for workers in Mexico.
Answer: A
13. The primary component of the current account is the: A) balance of trade. B) balance of money market flows. C) balance of capital market flows. D) unilateral transfers.
Answer: C
12. Which of the following is the biggest target of direct foreign investment by U.S. firms? A) Mexico. B) Japan. C) United Kingdom. D) Germany.
Answer: D
3. _______ purchases more U.S. exports than any other country. A) Japan B) United Kingdom C) Mexico D) Canada
Answer: B
4. An increase in the current account deficit will place _______ pressure on the home currency value, other things equal. A) upward B) downward C) no D) upward or downward (depending on the size of the deficit)
Answer: C
5. If the home currency begins to appreciate against other currencies, this should _______ the current account balance, other things equal (assume that substitutes are readily available in the countries, and that the prices charged by firms remain the same). A) increase B) have no impact on C) reduce D) all of these are equally possible
Answer: B
8. An increase in the use of quotas is expected to: A) reduce the country’s current account balance, if other governments do not retaliate. B) increase the country’s current account balance, if other governments do not retaliate. C) have no impact on the country’s current account balance unless other governments retaliate. D) increase the volume of a country’s trade with other countries.
Chapter 2
Answer: C
1. A high home country inflation rate relative to other countries would _______ the home country’s current account balance, other things equal. A high growth in the home country income level relative to other countries would _______ the home country’s current account balance, other things equal. A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
Answer: B
2. If a country’s government imposes a tariff on imported goods, that country’s current account balance will likely _______ (assuming no retaliation by other governments). A) decrease B) increase C) remain unaffected D) either decrease or remain unaffected
Answer: D
9. The U.S. typically has a balance-oftrade surplus in its trade with: A) China. B) Japan. C) China and Japan. D) none of these.
Answer: D
10. The North American Free Trade Agreement (NAFTA) increased restrictions on: A) trade between Canada and Mexico. B) trade between Canada and the U.S. C) direct foreign investment in Mexico by U.S. firms. D) none of these.
Answer: A
15. Over time, international trade (exports plus imports) as a percentage of GDP has: A) increased for most major countries. B) decreased for most major countries. C) stayed about constant for most major countries. D) increased for about half the major countries and decreased f1. According to the text, international trade (exports plus imports combined) as a percentage of GDP is: A) higher in the U.S. than in European countries. B) lower in the U.S. than in European countries. C) higher in the U.S. than in about half the European countries, and lower in the U.S. than the others. D) about the same in the U.S. as in European countries.
Answer: B
14. As a result of the European Union, restrictions on exports between _______ were reduced or eliminated. A) member countries and the U.S. B) member countries C) member countries and European nonmembers D) none of these
Answer: E
6. Which of the following would likely have the least direct influence on a country’s current account? A) inflation. B) national income. C) exchange rates. D) tariffs. E) a tax on income earned from foreign stocks.