国际金融学(第二版)课后题参考介绍
奚君羊《国际金融学》(第2版)笔记和课后习题详解
第一章国际收支1.1 复习笔记一、国际收支的基本含义1．国际借贷和国际收支（1）国际借贷和国际收支的含义①国际借贷是指一国在一定时期对外债权债务的综合情况。
②国际收支是指国际间的债权债务关系在一定时期内清算、结算或支付的情况。
（2）国际借贷和国际收支的差异①国际收支在某种程度上反映了一国在一定时期内的对外收入和支付的情况；国际借贷是产生国际收支的原因。
②国际收支表示的是一定时段；国际借贷表示的是某个时点。
③国际借贷表示一国对外债权债务的余额，是一种存量；国际收支是指一国对外收付的累计结果，是一种流量。
④国际收支的范围要比国际借贷的范围更加宽泛。
2．国际收支的重要性由于国际经济的一体化趋势日趋增强，国际收支状况对国内经济的影响愈益显现。
同时，随着凯恩斯主义的流行，西方国家加强了政府对宏观经济的管理，国际收支成为宏观经济管理的主要目标之一。
二、国际收支平衡表及其主要内容1．国际收支平衡表（1）国际收支平衡表的含义国际收支平衡表是反映一个经济实体在一定时期内（年度、半年度或季度）以货币单位表示的全部对外经济往来的一种统计表。
它是国际收支的外在表现形式。
（2）国际收支平衡表的编制原理国际收支平衡表是按照复式记账的原理编制的。
一切收入项目或负债增加、资产减少的项目都列为贷方，以“+”号表示；一切支出项目或资产增加、负债减少的项目都列为借方，以“-”号表示。
当收入大于支出时差额为正，称之为顺差；当支出大于收入时，差额为负，称之为逆差。
2．国际收支平衡表的主要内容（1）经常项目经常项目是主要记载表现为货物和服务的国际交易。
该项目又可细分为贸易收支、服务收支、收益和转移收支四个项目。
①贸易收支。
贸易收支（或称有形贸易收支）指货物的进出口。
按国际收支的记账原理，出口记入贷方，进口记入借方。
②服务收支。
服务收支（或称无形贸易收支）主要包括：a．运输；b．旅游；c．银行和保险业务收支；d．军事支出；e．政府往来；f．其他服务收支。
金融学第二版讲义大纲及课后习题答案详解第八章
CHAPTER 8VALUATION OF KNOWN CASH FLOWS: BONDSObjectives«To show how to value con tracts and securities that promise a stream of cash flows that areknown with certa inty.«To un dersta nd the shape of the yield curve .«To un dersta nd how bond prices and yields cha nge over time.Outline8.1 Us ing Prese nt Value Formulas to Value Known Cash Flows8.2 The Basic Build ing Blocks: Pure Discou nt Bonds8.3 Coupon Bo nds, Curre nt Yield, and Yield to Maturity8.4 Readi ng Bond Listi ngs8.5 Why Yields for the Same Maturity Differ8.6 The Behavior of Bond Prices over TimeSummary* A cha nge in market in terest rates causes a cha nge in the opposite directi on in the market values of all exist ing con tracts promisi ng fixed payme nts in the future.* The market prices of $1 to be received at every possible date in the future are the basic building blocks for valuing all other streams of known cash flows. These prices are inferred from the observed market prices of traded bonds and the n applied to other streams of known cash flows to value them.* An equivale nt valuati on can be carried out by appl ying a discou nted cash flow formula with a differe nt discou nt rate for each future time period.* Differe nces in the prices of fixed-i ncome securities of a give n maturity arise from differe nces in coup on rates, default risk, tax treatme nt, callability, con vertibility, and other features.* Over time the prices of bonds con verge towards their face value. Before maturity, however, bond prices can fluctuatea great deal as a result of cha nges in market in terest rates.Solutions to Problems at End of ChapterBond Valuation with a Flat Term Structure1. Suppose you want to know the price of a 10-year 7% coupon Treasury bond that pays interest annually. a. You have been told that the yield to maturity is 8%. What is the price?b. What is the price if coupons are paid semiannually, and the yield to maturity is 8% per year?c. Now you have been told that the yield to maturity is 7% per year. What is the price? Could you have guessedthe answer without calculating it? What if coupons are paid semiannually?c. Price = 100. When the coup on rate and yield to maturity are the same, the bond sells at par value (i.e. the price equalsthe face value of the bon d).2. Assume six months ago the US Treasury yield curve was flat at a rate of 4% per year (with annualcompounding) and you bought a 30-year US Treasury bond. Today it is flat at a rate of 5% per year. What rate of return did you earn on your initial investment: a. If the bond was a 4% coupon bond? b. If the bond was a zero coupon bond?c. How do your answer change if compounding is semiannual? SOLUTION: a and b.Coupon = 4% 30 4 ? 100 4 PV =100 Zero coupon30 4 ? 100 0 PV =30.83Step 2: Find prices of the bonds today: Coupon = 4% 29.5 5?100 4 84.74 Zero coupon29.5 5 ? 100 0 23.71Step 3: Find rates of retur n:Rate of retur n = (coup on + cha nge in price)/in itial price4% coupon bond: r = (4 + 84.74 —100)/100 = -0.1126 or —11.26%Zero-coupon bon d: r = (0 + 23.71 —30.83)/30.83 = -0.2309 or -23.09%. Note that the zero-coupon bo nd is more sen sitive to yield cha nges tha n the 4% coup on bond. c.Step 1: Find prices of the bonds six mon ths ago:Coup on=4% 60 2 ?100 2 PV =100 Zero coupon 60 2 ? 100 0 PV =30.48 Step 2: Find prices of the bonds today:Coup on=4% 59 2.5? 100 2 84.66 Zero coupon59 2.5 ?10023.30SOLUTION:a. With coup ons paid once a year:Price = 93.29b. With coup ons paid twice a year:Price = 93.20Step 3: Find rates of retur n:Rate of return = (coupon + change in price) / initial price4% coupon bond: r = (2 + 84.66 -100)/100 = -0.1334 or -13.34%Zero coupon bond: r = (0 + 23.30 - 30.48)/30.48 = -0.2356 or -23.56%. Note that the zero-coupon bond is more sen sitive to yield cha nges tha n the 4% coup on bond.Bond Valuatio n With a Non-Flat Term Structure3. Suppose you observe the following prices for zero-coupon bonds (pure discount bonds) that have no risk of default:a. What should be the price of a 2-year coupon bond that pays a 6% coupon rate, assuming coupon paymentsare made once a year starting one year from now?b. Find the missing entry in the table.c. What should be the yield to maturity of the 2-year coupon bond in Part a?d. Why are your answers to parts b and c of this question different?SOLUTION:a. Present value of first year's cash flow = 6 x .97 = 5.82Prese nt value of sec ond year's cash flow = 106 x .90 = 95.4Total prese nt value = 101.22 b^Th^y^^tomaturityon^^^^arzerocoupo^bon^wrt^pr^eof9^an^facevalu^of1^3i^5^^^^^^^^2 I ? I -90 I 100 I 0 1 i = 5.41%c. The yield to maturity on a 2-year 6% coup on bond with price of 101.22 isd. The two bonds are differe nt because they have differe nt coup on rates. Thus they have differe nt yields to maturity.Coupon Stripping4. You would like to create a 2-year synthetic zero-coupon bond. Assume you are aware of the following information: 1-year zero- coupon bonds are trading for $0.93 per dollar of face value and 2-year 7% coupon bonds (annual payments) are selling at $985.30 (Face value = $1,000).a. What are the two cash flows from the 2-year coupon bond?b. Assume you can purchase the 2-year coupon bond and unbundle the two cash flows and sell them.i. How much will you receive from the sale of the first payment?ii. How much do you need to receive from the sale of the 2-year Treasury strip to break even?SOLUTION:a. $70 at the end of the first year and $1070 at the end of year 2.b. i. I would receive .93 x $70 = $65.10 from the sale of the first payment.ii. To break even, I would need to receive $985.30- $65.10 = $920.20 from the sale of the 2-year strip.The Law of One price and Bond Pricing5. Assume that all of the bonds listed in the following table are the same except for their pattern of promised cash flows over time. Prices are quoted per $1 of face value. Use the information in the table and the Law of One Price to infer the values of the missing entries. Assume that coupon payments are annual.6% 2 years 5.5%0 2 years7% 2 years0 1 year $0.95From Bond 1 and Bond 4, we can get the miss ing en tries for the 2-year zero-coup on bond. We know from bond 1 that:2 21.0092 = 0.06/1.055 +1.06/(1.055) . This is also equal to 0.06/(1+z 1) + 1.06/(1+z 2) where z 1 and Z2 are the yields to maturity on on e-year zero-coup on and two-year zero-coup on bonds respectively. From bond 4 , we have z 1, we can find z2.1.0092 -0.06/1.0526 = 1.06/(1+z 2)2, hence z = 5.51%.To get the price P per $1 face value of the 2-year zero-coup on bond, using the same reasoning:1.0092 -0.06x0.95 = 1.06xP, he nee P = 0.8983To find the entries for bond 3: first find the price, then the yield to maturity. To find the price, we can use z 1 and Z2 found earlier: PV of coupon payment in year 1: 0.07 x 0.95 = 0.0665PV of coupon + pri ncipal payme nts in year 2: 1.07 x 0.8983 =0.9612「otal prese nt value of bond 3 二 1.02772 ? 0.07 -1.0277 1 i = 5.50%Hence the table becomes:6% 2 years $1.0092 5.5%0 2 years $0.8983 5.51%SOLUTION:Bond 1:Bond 4:Bond Features and Bond Valuation6. What effect would adding the following features have on the market price of a similar bond which does not have this feature?a. 10-year bond is callable by the company after 5 years (compare to a 10-year non-callable bond);b. bond is convertible into 10 shares of common stock at any time (compare to a non-convertible bond);c. 10-year bond can be “ put back ” to the company after 3 years at par (puttable boiumipare to a 10year non-puttablebond)d. 25-year bond has tax-exempt coupon paymentsSOLUTION:a. The callable bond would have a lower price tha n the non-callable bond to compe nsate the bon dholders for gra nti ng theissuer the right to call the bon ds.b. The con vertible bond would have a higher price because it gives the bon dholders the right to con vert their bonds intoshares of stock.c. The puttable bond would have a higher price because it gives the bondholders the right to sell their bonds back to the issuerat par.d. The bond with the tax-exempt coup on has a higher price because the bon dholder is exempted from pay ing taxes on thecoup ons. (Coup ons are usually con sidered and taxed as pers onal in come).Inferring the Value of a Bond Guarantee7. Suppose that the yield curve on dollar bonds that are free of the risk of default is flat at 6% per year. A 2-year 10% coupon bond (with annual coupons and $1,000 face value) issued by Dafolto Corporation is rates B, and it is currently trading at a market price of $918. Aside from its risk of default, the Dafolto bond has no other financially significant features. How much should an investor be willing to pay for a guarantee against Dafolto ' s defaulting on this bond?The difference between the price of the bond if it were free of default and its actual price (with risk of default) is the value of a guarantee against default: 1073.3-918 = $155.3The implied Value of a Call Provision and Convertibility8. Suppose that the yield curve on bonds that are free of the risk of default is flat at 5% per year. A 20-year default-free coupon bond (with annual coupons and $1,000 face value) that becomes callable after 10 years is trading at par and has a coupon rate of 5.5%.a. What is the implied value of the call provision?b. A Safeco Corporation bond which is otherwise identical to the callable 5.5% coupon bond describedabove, is also convertible into 10 shares of Safeco stock at any time up to the bond ' s maturity. If its yield to maturity is currently 3.5% per year, what is the implied value of the conversion feature?SOLUTION:a. We have to find the price of the bond if it were only free of the risk of default.The bond is traded at par value, hence the differe nee betwee n the value calculated above and the actual traded value is the implied value of the call provisio n: 1062.3 T000 = $62.3Note that the call provisi on decreases the value of the bond.b. We have to find the price of the Safeco Corporati on:This bond has the same features as the 5.5% default free callable bond described above, plus an additional feature: it is con vertible into stocks. Hence the implied value of the con versi on feature is the differe nee betwee n the values of both bonds: 1284.2-1000 = $284.25. Note that the con version feature in creases the value of the bond.Changes in Interest Rates and Bond Prices9. All else being equal, if interest rates rise along the entire yield curve, you should expect that:i. Bond prices will fallii. Bond prices will riseiii. Prices on long-term bonds will fall more than prices on short-term bonds.iv. Prices on long-term bonds will rise more than prices on short-term bondsa. ii and iv are correctb. We can ' t be certain that prices will changec. Only i is correctd. Only ii is correcte. i and iii are correctSOLUTION:The correct an swer is e.Bond prices are in versely proporti onal to yields hence whe n yields in crease, bond prices fall. Lon g-term bonds are more sen sitive to yield cha nges tha n short-term bon ds.。
《金融学(第二版)》讲义大纲及课后习题答案详解 第16章
CHAPTER 16CAPITAL STRUCTUREObjectives•To understand how a firm can create value through its financing decisions. •To show how to take account of a firm’s financing mix in evaluating investment decisions.Outline16.1 Internal versus External Financing16.2 Equity Financing16.3 Debt Financing16.4 The Irrelevance of Capital Structure in a Frictionless Environment16.5 Creating Value through Financing Decisions16.6 Reducing Costs16.7 Dealing with Conflicts of Interest16.8 Creating New Opportunities for Stakeholders16.9 Financing Decisions in Practice16.10 How to Evaluate Levered InvestmentsSummary•External financing subjects a corporation’s investment plans more directly to the discipline of the capital market than internal financing does.•Debt financing in its broadest sense includes loans and debt securities, such as bonds and mortgages, as well as other promises of future payment by the corporation, such as accounts payable, leases, and pensions.•In a frictionless financial environment, where there are no taxes or transaction costs, and contracts are costless to make and enforce, the wealth of shareholders is the same no matter what capital structure the firm adopts.•In the real world there are a number of frictions that can cause capital structure policy to have an effect on the wealth of shareholders. These include taxes, regulations, and conflicts of interest between the stakeholders of the firm. A firm’s management might therefore be able to create shareholder val ue through its capital structure decisions in one of three ways:•By reducing tax costs or the costs of burdensome regulations.•By reducing potential conflicts of interest among various stakeholders in the firm.•By providing stakeholders with financial assets not otherwise available tothem.•There are three alternative methods used in estimating the net present value of an investment project to take account of financial leverage: the adjusted present value method, the flows to equity method, and the weighted average cost of capital methodSolutions to Problems at End of ChapterDebt-Equity Mix1. Divido Corporation is an all-equity financed firm with a total market value of $100 million.The company holds $10 million in cash-equivalents and has $90 million in other assets.There are 1,000,000 shares of Divido common stock outstanding, each with a market price of $100.Divido Corporation has decided to issue $20 million of bonds and to repurchase $20 million worth of its stock.a.What will be the impact on the price of its shares and on the wealth of itsshareholders?Why?b.Assume that Divido’s EBIT has an equal probability of being $20 million,or $12 million, or $4million.Show the impact of the financial restructuring on the probability distribution of earnings per share in the absence oftaxes.Why does the fact that the equity becomes riskier not necessarily affect shareholder wealth?SOLUTION:a.In an M&M frictionless environment, where there are no taxes and contractsare costless to make and enforce, the wealth of shareholders is the same no matter what capital structure the firm adopts. In such an environment, neither the stock price nor shareholders’ wealth would be affected. In the real world Divido’s management might be ab le to create shareholder value by issuing debt and repurchasing shares in two ways:By reducing tax costsBy reducing the free cash flow available to management and exposing itself to greater market discipline.b.The formula for EPS without debt is:EPS all equity =EBIT1,000,000 sharesThe interest payments will be $1.2 million per year (.06 x $20 million)regardless of the realized value of EBIT. The number of shares outstanding after exchanging debt for equity will be 800,000. EPS with debt is therefore: EPS with debt = Net Earnings= EBIT – $1.2 million800,000 shares 800,000 sharesAlthough the shares of stock become riskier with debt financing, the expected earnings per share go up. In a frictionless financial environment, the net effect is to leave the price of the stock unaffected.Leasing2. Plentilease and Nolease are virtually identical corporations.The only difference between them is that Plentilease leases most of its plant and equipment whereas Nolease buys its plant and equipment and finances it by pare and contrast their market-value balance sheets.SOLUTION:Market-Value Balance Sheets of Nolease and Plentilease CorporationsThe main difference between the bonds and the lease as a form of debtfinancing is who bears the risk associated with the residual market value of the leased asset at the end of the term of the lease. Since Nolease Corporation has bought its equipment, it bears this risk. In Plentilease’s case, however, it is the lessor that bears this residual-value risk.Pension Liabilities3. Europens and Asiapens are virtually identical corporations.The only difference between them is that Europens has a completely unfunded pension plan, and Asiapens has a fully funded pension pare and contrast their market-value balance sheets.What difference does the funding status of the pension plan make to the stakeholders of these two corporations?SOLUTION:Balance Sheets of Asiapens and Europens CorporationsAsiapens has funded its pension plan by issuing bonds and investing the funds raised in a segregated pool of pension fund assets. These pension assets take the form of a diversified portfolio of stocks and bonds issued by othercompanies and serve as collateral for the pension benefits promised byAsiapens to its employees. In the case of Europens, there is no segregated poolof pension assets. The pension promises of Europens are backed by the assets of the company itself. Therefore, the employees of Asiapens are more secure about receiving their promised pension benefits, since the benefits arecollateralized by a more diversified portfolio of assets. In the case of bothcompanies, however, any unfunded pension liability reduces shareholdersequity.4. Comfort Shoe Company of England has decided to spin off its Tango Dance Shoe Division as a separate corporation in the United States.The assets of the Tango Dance Shoe Division have the same operating risk characteristics as those of Comfort.The capital structure of Comfort has been 40% debt and 60% equity in terms of marketing values, and is considered by management to be optimal.The required return on Comfort’s assets (if unlevered) is 16% per year, and the interest rate that the firm (and the division) must currently pay on their debt is 10% per year.Sales revenue for the Tango Shoe Division is expected to remain indefinitely at last year’s level of $10 million.Variable costs are 55% of sales.Annual depreciation is $1 million, which is exactly matched each year by new investments.The corporate tax rate is 40%.a.How much is the Tango Shoe Division worth in unlevered form?b.If the Tango Shoe Division is spun off with $5 million in debt, how muchwould it be worth?c.What rate of return will the shareholders of the Tango Shoe Divisionrequire?d.Show that the market value of the equity of the new firm would be justifiedby the earnings to the shareholders.SOLUTION:a.The unlevered free cash flow for the Tango Shoe Division would be (in$millions):Sales: $10.0Var. Cost: -5.5Depreciation - 1.0Taxable Income $ 3.5Taxes (@40%) -1.4After-Tax Income $2.1Depreciation 1.0Investment -1.0Free Cash Flow $2.1 millionUnlevered, Tango is worth: $2.1 million / 0.16 = $13.125 millionb.If Tango had $5 million of debt, its total value would be:Market Value with Debt = Market Value without Debt + PV of Interest Tax ShieldV L = V U + T x B= $13.125 + (.4 x 5) = $15.125 millionTango Equity = $15.125 - $5 = $10.125 millionc.Tango’s cost of equity capital would be .1778k e = k + (1-T)(k - r)D/E = .16 + (1-.4)(.16-.10)x 5/10.125 = .1778d.The value of the equity should be the present value of the expected net incomediscounted at the required rate of return on equity. The expected net income will be the unlevered cash flow less the after-tax cost of the interest of the debt: $2.1 - (.6) (.1 x $5) = $2.1 - $.3 = $1.8 million per yearS = $1.8 million / .1778 = $10.125 million5. Based on the above problem, Suppose that Foxtrot Dance Shoes makes custom designed dance shoes and is a competitor of Tango Dance Shoes. Foxtrot has similar risks and characteristics as Tango except that it is completely unlevered.Fearful that Tango Dance Shoes may try to take over Foxtrot in order to control their niche in the market, Foxtrot decides to lever the firm to buy back stock.a.If there are currently 500,000 shares outstanding, what is the value ofFoxtrot’s stock?b.How many shares can Foxtrot buy back and at what value if it is willing toborrow 30% of the value of the firm?c.What if it is willing to borrow 40% of the value of the firm?d.Should Foxtrot borrow more?SOLUTION:a.Current price per share: $13.125 million /.5 million shares = $26.25 per shareb.@30% debtAmount to borrow: 30% of 13.125 million = $3.9375 millionPV of Tax Shield = .4 x $3.9375 million = $1.575 millionValue of levered firm = $13.125 + $1.575 = $14.7 millionValue of equity in levered firm = $14.7 million $3.9375 million = $10.7625 millionTo compute the number of shares Foxtrot can repurchase, we need to know the price per share.If Foxtrot can repurchase shares at the existing price of $26.25 then the number of shares retired will be$3.9375 million/$26.25 per share = .15 million shares. This will leave .35million shares outstanding, and the price of each share will be $10.7625million/.35 million = $30.75.If the PV of the tax shield gets incorporated in the price of the shares before the repurchase, then the price of the shares will increase by $1.575 million/.5million = $3.15. So the price of the repurchased shares will be$26.25 + $3.15 = $29.40.Then the number of shares retired will be $3.9375 million/$29.40 per share = 133,929 shares. This will leave 366,071 shares outstanding each with a price of $29.40.c.@40% debtAmount to borrow: 40% of $13.125 million = $5.25 millionPV of Tax Shield = .4 x $5.25 million = $2.1 millionValue of levered firm = $13.125 + $2.1 = $15.225 millionValue of equity in levered firm = $15.225 million $5.25 million = $9.975 millionIf Foxtrot can repurchase shares at the existing price of $26.25 then the number of shares retired will be$5.25 million/$26.25 per share = .2 million shares. This will leave .3 million shares outstanding, and the price of each share will be $9.975 million/.3 million = $33.25.If the PV of the tax shield gets incorporated in the price of the shares before the repurchase, then the price of the shares will increase by $2.1 million/.5 million = $4.20. So the price of the repurchased shares will be$26.25 + $4.20 = $30.45.Then the number of shares retired will be $5.25million/$30.45 per share =172,414 shares. This will leave 327,586 shares outstanding each with a price of $30.45.d. Foxtrot’s management must trade off the tax savings due to additional debtfinancing against the costs of financial distress that rise with the degree of debt financing.6. Hanna-Charles Company needs to add a new fleet of vehicles for their sales force.The purchasing manager has been working with a local car dealership to get the best value for the company dollar.After some negotiations, a local dealer has offered Hanna-Charles two options:1) a three year lease on the fleet of cars or 2) 15% off the top to purchase outright. Option 2 would cost Hanna-Charles company about 5% less than the lease option in terms of present value.a.What are the advantages and disadvantages of leasing?b.Which option should the purchasing manager at Hanna-Charles pursueand why?SOLUTION:a.Advantages:The lessor bears all the residual-value riskTax BenefitsNo disposal concerns (or resale) when life of equipment is expended.Disadvantages:No ownership while maintaining maintenance responsibilityb.Lease or Buy:Hanna-Charles company should lease. Although they may spend more with the lease, they do not bear the residual-value risk.7. Havem and Needem companies are exactly the same differing only in their capital structures.Havem is an unlevered firm issuing only stocks whereas Needem issues stocks and bonds. Neither firm pays corporate taxes. Havem pays out all of its yearly earnings in the form of dividends and has 1 million shares outstanding.Its market capitalization rate is 11% and the firm is currently valued at$180 million.Needem is identical except that 40% of its value is in bonds and has 500,000 shares outstanding. Needem’s bonds are risk free and pay a coupon of 9% per year and are rolled over every year.a.What is the value of Needem’s shares?b.As an investor forecasting the upcoming year, you examine Havem andNeedem using three possible states of the economy that are all equallylikely: normal, bad, and exceptional.Assuming the earnings will be the same, one half, and one and a half respectively, produce a table that shows the earnings and the earnings per share for both Havem and Needem in all three scenarios.SOLUTION:a.Needem has $72 million in debt and $108 million in equity. Since there are500,000 shares, the value of each share is $216.b.Expected EBIT = $180 million x 11% = $19.8 million per yearInterest expense for Needem = $72 million x .09 = $6.48 million per yearb EBIT – Interest Expense8. Using the foregoing example, let us now assume that Havem and Needem must pay taxes at the rate of 40% annually.Given the same distribution of possible outcomes as previously:a.What are the possible after-tax cash flows for Havem and Needem?b.What are the values of the shares?c.If one was not risk averse, which company would that person invest in? SOLUTION:a.After-tax CF Havem = (1 -Tax Rate) EBIT = Net incomeNet income Needem = (1 -Tax Rate) (EBIT - Int. Pmt.)CF Needem = (1 -Tax Rate) (EBIT) + Tax Rate x Int. PmtCF Needem (bad) = (.60) $9.9 + (.40) x 6.48 = $8.532 millionCF Needem (normal) = (.60) $19.8 + (.40) x 6.48 = $14.472 millionCF Needem (except.) = (.60) $29.7 + (.40) x 6.48 = $20.412 millionb.The equity of Havem will be worth $11.88 million /.11 = $108 million or $108per shareThe total value of Needem’s debt + equity will be $108,000,000 + .4 x $72,000,000 = $136.8 million.Needem’s equity will be worth $136,800,000- $72,000,000 = $64.8 million.Since there are .5 million shares of Needem, each will be worth $129.60.c.Needem.9. The Griffey-Lang Food Company faces a difficult problem.In management’s effort to grow the business, they accrued a debt of $150 million while the value of the company is only $125 million.Management must come up with a plan to alleviate the situation in one year or face certain bankruptcy. Also upcoming are labor relations meetings with the union to discuss employee benefits and pension funds. Griffey-Lang at this time has three choices they can pursue: 1) Launch a new, relatively untested product that if successful (probability of .12) will allow G-L to increase the value of the company to $200 million, 2) Sell off two food production plants in an effort to reduce some of the debt and the value of the company thus making it even (.45 probability of success), or do nothing (probability of failure = 1.0).a.As a creditor, what would you like Griffey-Lang to do, and why?b.As an investor?c.As an employee?SOLUTION:a.As a Creditor:Option 2 best suits the creditor. Option 2 allows the creditor to regain some value through the sale of plant and equipment.b.As a shareholder:The shareholders have nothing to lose and everything to gain by taking a big chance with the new product.c.As an Employee:Selling off two production plants will eliminate jobs. Doing nothing means certain bankruptcy and may result in liquidation of the firm and the loss of all the jobs. For the employees, the best choice is option 1.。
(完整word版)金融学第二版课后复习思考题参考答案
第一章货币与货币制度一、单项选择题1.B2.C3.B4.C5.A6.B7.C二、多项选择题1.ACDE2.CDE3.CD4.ABCD5.ABCDE6.ABCD三、简答题1. 货币的职能有哪些？价值尺度；流通手段；支付手段；贮藏手段；世界货币2. 人民币制度包括哪些内容？（1）人民币是我国的法定货币；（2）人民币是我国唯一的合法通货；（3）人民币的发行权集中于中央银行；（4）人民币以商品物资作为发行的首要保证，也以大量的政府政府债券、商业票据、商业银行票据等为发行的信用保证，还有黄金、外汇储备等也是人民币发行的现金保证；（5）人民币实行有管理的货币制度；（6）人民币称为可兑换货币。
3. 货币制度的构成要素是什么？货币材料；货币单位；各种通货的铸造、发行和流通程序；准备制度4. 不兑现的信用货币制度有哪些特点？（1）不兑现信用货币一般由中央银行发行，并由国家赋予其无限法偿能力，这是不兑现信用货币制度最基本的特点；（2）信用货币不与任何金属保持等价关系，也不能兑换黄金；（3）货币通过信用程序投入流通领域；（4）信用货币制度是一种管理货币制度；5. 钱、货币、通货、现金是一回事吗?银行卡是货币吗?不一样。
（1）钱的概念在不同场景下有很多不同的意思。
可以是个收入的概念、也可以是个财富的概念，也可以特指现金货币；（2）货币是在商品劳务交换与债券债务清偿时，被社会公众所普遍接受的东西。
（3）通货是流通中的货币，指流通与银行体系之外的货币。
范围小于货币。
（4）现金就是现钞，包括纸币、硬币。
现金是货币的一部分，流动性很强，对人们的日常消费影响很大。
（5）银行卡本身也称为“塑料货币”，包括信用卡、支票卡，记账卡、自动出纳机卡等。
银行卡可以用于存取款和转账支付。
在发达西方国家，各种银行卡正在取代现钞和支票，称为经济生活中广泛的支付工具，因此现代社会银行卡也是货币6.社会经济生活中为什么离不开货币？为什么自古至今，人们又往往把金钱看做说万恶之源？（1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
杨胜刚《国际金融》(第2版)课后习题-国际金融机构及协调(圣才出品)
第九章国际金融机构及协调1．试比较IMF与世界银行的基本职能与业务活动。
答：（1）IMF的主要职能是：①为成员国提供国际货币合作与协商的场所；②确立成员国在汇率政策、与经常项目有关的支付以及货币的兑换性方面需要遵守的行为准则，并实施监督，从而保证有秩序的汇兑安排和汇率体系的稳定，消除不利于国际贸易发展的外汇管制，避免成员国操纵汇率或采取歧视性的汇率政策以谋求不公平的竞争利益；③向国际收支发生困难的成员国提供必要的临时性资金融通，以使其遵守上述行为准则，并避免采取不利于其他国家经济发展的经济政策。
IMF的业务活动围绕其宗旨服务，主要有：检查和监督各国和全球经济与金融发展，并向成员国提出经济政策建议；向成员国融通资金，以支持旨在纠正国际收支问题和促进可持续增长的调整和改革政策；在其专长领域内，向政府和中央银行官员提供广泛的技术援助和培训。
IMF主要负责国际货币事务方面，其主要任务是向成员国提供解决国际收支暂时不平衡所需的短期外汇资金，以消除外汇管制、促进汇率稳定和国际贸易的扩大。
（2）世界银行主要负责成员国的经济复兴与开发，致力于提高人们的生活水平，消除贫困，并向成员国（特别是发展中国家）提供发展经济的中、长期贷款。
世界银行虽然是营利性组织，但不是以利润最大化为经营目标。
根据1944年布雷顿森林会议通过的《国际复兴开发银行协议》第一条，世界银行的宗旨是：①对用于生产性目的的投资提供便利，以协助成员国的复兴与开发；②以担保或参加私人贷款和私人投资的方式，促进私人的对外投资；③用鼓励国际投资以开发成员国生产资源的方式，促进国际贸易的长期的均衡发展，并维持国际收支平衡；④与其他方面的国际贷款配合提供贷款担保。
世界银行的主要业务是贷款业务。
成立之初，贷款重点是帮助发达国家复兴经济。
1948年以后重点开始转向为发展中国家提供开发资金，其中主要是对中等收入国家提供贷款。
2．IMF、世界银行、国际开发协会、国际金融公司的贷款对象、贷款条件各有什么特点？答：参见下表9-1。
金融学第二版讲义大纲及课后习题答案详解第十章
CHAPTER 10AN OVERVIEW OF RISK MANAGEMENTObjectives« To explore how risk affects finan cial decisi on-mak ing.« To provide a con ceptual framework for the man ageme nt of risk.«To explain how the financial system facilitates the efficient allocation of risk-bearing.Outline10.1 What Is Risk?10.2 Risk and Econo mic Decisi ons10.3 The Risk Ma nageme nt Process10.4 The Three Dime nsions of Risk Tran sfer10.5 Risk Tran sfer and Econo mic Efficie ncy10.6 In stituti ons for Risk Man ageme nt10.7 Portfolio Theory: Quan titative An alysis for Optimal Risk Man ageme nt10.8 Probability Distributions of ReturnsSummary* Risk is defined as uncertainty that matters to people. Risk management is the process of formulating the benefit- cost trade-offs of risk-reduction and deciding on a course of action to take. Portfolio theory is the quantitative analysis of those trade-offs to find an optimal course of action.* All risks are ultimately borne by people in their capacity as consumers, stakeholders of firms and other econo mic orga ni zati ons, or taxpayers.* The risk in ess of an asset or a tra nsacti on cannot be assessed in isolati on or in the abstract; it depe nds on the specific frame of refere nee. In on e con text, the purchase or sale of a particular asset may add to one ' s risk exposure; in another, the same transaction may be risk-reducing.* Speculators are in vestors who take positi ons that in crease their exposure to certa in risks in the hope of in creas ing their wealth. In con trast, hedgers take positi ons to reduce their exposures. The same pers on can be a speculator on some exposures and a hedger on others.* Many resource-allocation decisions, such as saving, investment, and financing decisions, are significantly in flue need by the prese nee of risk and therefore are partly risk-ma nageme nt decisi ons.* We disti nguish among five major categories of risk exposures for households: sick ness, disability, and death job loss; consumer-durable asset risk ; liability risk ; and financial asset risk .* Firms face several categories of risks: production risk , price risk of outputs , and price risk of in puts .* There are five steps in the risk-management process: risk identification, risk assessment, selection of riskman ageme nt tech ni ques, impleme ntati on, review.* There are four techniques of risk management: r isk avoidanee, loss prevention and control, risk retention, risk tra nsfer.* There are three dimensions of risk transfer: hedging , insuring , and diversifying .* Diversificati on improves welfare by spread ing risks among many people, so that the existi ng un certa inty matters less. * From society ' s perspective-n^ageme nt in stituti ons con tribute to econo mic efficie ncy in two importa nt ways. First, they shift risk away from those who are least willing or able to bear it to those who are most willing to bear it. Second, they cause a reallocation of resources to production and consumption in accordance with the new distribution of risk-bearing.By allowing people to reduce their exposure to the risk of undertaking certain bus in ess ven tures, they may en courage en trepre neurial behavior that can have a ben efit to society.* Over the cen turies, various econo mic orga ni zati ons and con tractual arra ngeme nts have evolved to facilitate a more efficient allocation of risk-bearing by expanding the scope of diversification and the types of risk that are shifted.* Among the factors limit ing the efficie nt allocati on of risks are tra nsacti ons costs and problems of adverse selecti on and moral hazard.Solutions to Problems at End of ChapterOn the Nature of Risk and Risk Management1. Suppose that you and a friend have decided to go to a movie together next Saturday. You will select any movie for which tickets are available when you get to the theater. Is this a risky situation for you? Explain. Now suppose that your friend has already purchased a ticket for a movie that is going to be released this Saturday. Why is this a risky situation? How would you deal with the risk?SOLUTION:No, the uncertainty doesn ' t represienncteriysokusdo not care which movie you see. However, if your friend has a ticket already, and if you wait till Saturday to buy yours, the show may be sold out. To eliminate the risk that you may not be able to sit with your friend and see the same movie, you might buy your ticket in advance.2. Suppose you are aware of the following investment opportunity: You could open a coffee shop around the corner from your home for $25,000. If business is strong, you could net $15,000 in after-tax cash flows each year over the next 5 years.a. If you knew for certain the business would be a success, would this be a risky investment?b. Now assume this is a risky venture and that there is a 50% chance it is a success and a 50% chance you gobankrupt within 2 years. You decide to go ahead and invest. If the business subsequently goes bankrupt, did you make the wrong decision based on the information you had at the time? Why or why not?SOLUTION:a. No, this investment would not be risky.b. No, you did not make a “ wrong ” decision. When you made your decision, you did not know for certain that thecompany would go bankrupt. You decided to invest for many reasons, including the possibility of making a lot of money.Given your tolerance for risk and the fact that you based our decision on the information available at the time, your decision was not wrong and may have been optimal at the time.3. Suppose you are a pension fund manager and you know today that you need to make a $100,000 payment in 3 months.a. What would be a risk-free investment for you?b. If you had to make that payment in 20 years instead, what would be a risk free investment?c. What do you conclude from your answers to Parts a and b of this question?SOLUTION:a. A risk-free investment for you would be a Treasury Bill (default risk free) which matures in exactly 3 months.b. A risk-free investment would be a zero coupon U.S. Treasury security maturing in 20 years and which would have thesame single payment of $100,000.c. Because risk is dependent upon circumstances, what is risk-free for one individual may be risky for another too. There canbe any number of risk-free investments depending upon circumstances. Your investment time horizon is critical tochoosing the best risk-free investment (so payments in can exactly match payments out so that you are left with no risk).4. Is it riskier to make a loan denominated in dollars or in yen?SOLUTION:It depends on the context. For people whose income and expenses are denominated in dollars (perhaps because they live in the U.S), denominating a loan in yen would be riskier than denominating it in dollars. But for someone whose income and expenses are denominated in yen, denominating the loan in yen would be less risky than in dollars.5. Which risk management technique has been chosen in each of the following situations?« Installing a smoke detector in your home« Investing savings in T-bills rather than in stocks« Deciding not to purchase collision insurance on your car« Purchasing a life insurance policy for yourselfSOLUTION:« Loss preve nti on and con trol.・Risk avoida nee« Risk rete nti on・Risk tran sfer6. You are considering a choice between investing $1,000 in a conventional one-year T-Bill offering an interest rate of 8% and a one-year Index 丄inked Inflation Plus T-Bill offering 3% plus the rate of inflation.a. Which is the safer investment?b. Which offers the higher expected return?c. What is the real return on the Index 丄inked Bond?SOLUTION:a. The inflation-indexed T-Bill offers a fixed real rate of return of 3% over the life of the investment. The realreturn on the conventional T- Bill ' s real return depends upon the expected rate of inflation over the life of thein vestme nt. The safer in vestme nt is the In flati on Plus T-Bill.b. The real rate of return on the conventional T-Bill depends upon the expected rate of inflation over the life of thein vestme nt. You do not know which expected retur n is higher unl ess you know what in flati on is expected to be.c. The real retur n on the in dex-l in ked T-Bill is 3%.Hedging and Insurance7. Suppose you are interested in financing your new home purchase. You have your choice of a myriad financing options. You could enter into any one of the following agreements: 8% fixed rate for 7 years, 8.5% fixed rate for 15 years, 9% fixed for 30 years. In addition, you could finance with a 30-year variable rate that begins at 5% and increases and decreases with the prime rate, or you could finance with a 30year variable rate that begins at 6% with ceilings of 2% per year to a maximum of 12% and no minimum.a. Suppose you believe that interest rates are on the rise. If you want to completely eliminate your risk of risinginterest rates for the longest period of time, which option should you choose?b. Would you consider that hedging or insuring? Why?c. What does you r risk management decision “ cost ” you in terms of quoted interest rates during the firstyear?SOLUTION:a. You would choose the 30-year fixed rate at 9%.b. That would be a hedge because you have elim in ated both the upside (decli ning rates) or dow nside ( rising rates).c. This costs me at least 4% since I could get a variable rate loa n at 5%.8. Referring to the information in problem 7, answer the following:a. Suppose you believe interest rates are going to fall, which option should you choose?b. What risk do you face in that transaction?c. How might you insure against that risk? What does that cost you (in terms of quoted interest rates?). SOLUTION:a. You would want one of the variable rate options, in particular the variable loan tied to the prime rate, currently equal to5%.b. You face the risk of rising rates.c. You could in sure aga inst that risk by purchas ing the opti on to have a 12% ceil ing on the rate (2% in crease per year.This option cost you 1% (the difference between 6% and 5%).9. Suppose you are thinking of investing in real estate. How might you achieve a diversified real estate investment?SOLUTION:« You could own several differe nt build ings in the same gen eral area.« You could own several differe nt build ings in differe nt geographic areas.« You could sell some of your equity own ership to other owners to lower your own in dividual exposure to decli ning market values.10. Suppose the following represents the historical returns for Microsoft and Lotus Development Corporation:Historical ReturnsYear MSFT LOTS110%9%215%12%3-12%-7%420%18%57%5%a. What is the mean return for Microsoft? For Lotus?b. What is the standard deviation of returns for Microsoft? For Lotus?c. Suppose the returns for Microsoft and Lotus have normally distributed returns with means and standarddeviations calculated above. For each stock, determine the range of returns within one expected standard deviation of the mean and within two standard deviations of the mean.SOLUTION:a. Mea n return Microsoft: 8.0%; Lotus: 7.4%b. If you use the formula for the sta ndard deviati on based on a sample of size n:You find that the standard deviations are: MSFT: 10.94%; Lotus: 8.357%.However, if you use the formula for the population standard deviation:You find that the standard deviations are: MSFT 12.23% and LOTS 9.34%.c. Range of returns within 1 standard deviation Microsoft: -2.94% to +18.94% Range of returns within 1 standarddeviation Lotus: -0.957% to + 15.76% Range of returns within 2 standard deviations Microsoft: -13.88% to+29.88% Range of returns within 1 standard deviation Lotus: -9.31% to + 24.11%。
国际金融第二版课后答案(全)
国际金融习题答案第一章国际收支本章重要概念国际收支：国际收支是指一国或地区居民与非居民在一定时期内全部经济交易的货币价值之和。
它体现的是一国的对外经济交往，是货币的、流量的、事后的概念。
国际收支平衡表：国际收支平衡表是将国际收支根据复式记账原则和特定账户分类原则编制出来的会计报表。
它可分为经常项目、资本和金融项目以及错误和遗漏项目三大类。
丁伯根原则：1962年，荷兰经济学家丁伯根在其所著的《经济政策：原理与设计》一书中提出：要实现若干个独立的政策目标，至少需要相互独立的若干个有效的政策工具。
这一观点被称为“丁伯根原则”。
米德冲突：英国经济学家米德于1951年在其名著《国际收支》当中最早提出了固定汇率制度下内外均衡冲突问题。
米德指出，如果我们假定失业与通货膨胀是两种独立的情况，那么，单一的支出调整政策（包括财政、货币政策）无法实现内部均衡和外部均衡的目标。
分派原则：这一原则由蒙代尔提出，它的含义是：每一目标应当指派给对这一目标有相对最大的影响力，因而在影响政策目标上有相对优势的工具。
自主性交易：亦称事前交易，是指交易当事人自主地为某项动机而进行的交易。
国际收支失衡：国际收支失衡是指自主性交易发生逆差或顺差，需要用补偿性交易来弥补。
它有不同的分类，根据时间标准进行分类，可分为静态失衡和动态失衡；根据国际收支的内容，可分为总量失衡和结构失衡；根据国际收支失衡时所采取的经济政策，可分为实际失衡和潜在失衡。
复习思考题1．一国国际收支平衡表的经常账户是赤字的同时，该国的国际收支是否可能盈余，为什么？答：可能，通常人们所讲的国际收支盈余或赤字就是指综合差额的盈余或赤字.这里综合差额的盈余或赤字不仅包括经常账户，还包括资本与金融账户，这里，资本与金融账户和经常账户之间具有融资关系。
但是，随着国际金融一体化的发展，资本和金融账户与经常账户之间的这种融资关系正逐渐发生深刻变化。
一方面，资本和金融账户为经常账户提供融资受到诸多因素的制约。
国际贸易与国际金融(第二版)课后习题及参考答案
各章课后习题及参考答案第一章国际贸易概述一、名词解释对外贸易——是指一个国家（地区）与另一个国家（地区）之间的货物（商品）和服务的交换活动。
转口贸易——也称中转贸易，货物生产国和货物消费国不是直接买卖货物，而是通过第三国进行买卖，对第三国来说就是转口贸易。
现汇贸易——也称为自由结汇方式贸易（Free-Liquidation Trade），是指在国际贸易中以国际通用货币作为清偿工具的贸易。
贸易差额——是指一个国家或地区在一定时期内出口总额与进口总额之间的差额。
贸易条件——是出口商品价格与进口商品价格的对比关系，又称进出口交换比价。
它是反映一国进出口价格对该国是否有利的一项重要指标，也是衡量一国对外贸易经济效益的一项重要指标。
对外贸易依存度——又称对外贸易系数,是指一国对外贸易额占其国内生产总值（GDP）或国民生产总值（GNP）的比例。
是衡量一国经济外向程度的一个基本指标。
二、不定项选择1. 剔除了价格变动的影响，单纯反映对外贸易规模的指标是( B )A. 对外贸易额B. 对外贸易量C. 贸易差额D. 对外贸易依存度2. 2015年某国进口总额为12 000亿美元，出口总额为10 500亿美元，则该国当年贸易差额是( A )。
A. 逆差1 500亿美元B. 逆差22 500亿美元C. 顺差1 500亿美元D. 顺差22 500亿美元3. 下列各项中，反映各国或地区在国际贸易中的地位的是( D )。
A. 对外贸易依存度B. 国际贸易商品结构C. 对外贸易地理方向D. 国际贸易地区分布4. 关于对外贸易差额，下列说法正确的有( BCE )。
A. 贸易平衡是指货物贸易额等于服务贸易额B. 进口贸易总额超过出口贸易总额称为贸易逆差C. 出口贸易总额超过进口贸易总额称为贸易顺差D. 对外贸易差额是指一国货物贸易额与服务贸易额的差额E. 对外贸易差额是指一定时期内一国出口总额与进口总额的差额5. 以2010年为基期，2015年某国进口价格指数为150，出口价格指数为130，则该国2015年的贸易条件指数是( B )。
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国际金融学（第二版）课后分析题参考资料By 尤聪第一章1、（1）结合影响汇率变动的主要因素来分析；（2）答人民币升值或贬值均可，但值得注意的是无论是升值还是贬值，其过程均应该是缓和的、小幅的，不会暴涨暴跌。
值得确定的是人民币汇率将会有更多的波动。
人民币将升值的理由：持续、较快的经济增长；外汇储备的持续增长；以美国为首的西方发达国家施压。
人民币将贬值的理由：中国经济增长的下行压力大于预测；美元兑其他货币持续升值，那么人民币可能对美元贬值。
2、以材料中1美元兑6.0539人民币为基准汇率最高汇率：1658.8%)5.01(0539.660=+⨯最低汇率：4815.4%)5.01(0539.660=-⨯ 3、人民币升值对中国企业的影响不利影响：（1）利润下降，中国产品在国际上的价格提高，价格优势丧失；（2）吸引外资能力下降，投资者投资成本上升，减少国内企业的资金来源，制约生产规模的扩大和生产能力的扩张。
有利影响：（1）有利于增强企业自主创新能力；（2）有利于优化引资结构；（3）有利于推动海外投资。
人民币贬值对中国企业的影响不利影响：（1）进口原料、商品成本提高；（2）有可能加大与贸易伙伴的贸易摩擦；（3）不利于企业进行海外投资。
有利影响：（1）有利于提高出口产品的价格优势，增强竞争力，扩大产品出口，一定程度上缓解国内的产能过剩。
（2）有利于吸引海外投资。
第二章结合衍生金融工具所客观具有的负面效应去谈。
如：中航油事件的爆发集中反映了我国企业在参与金融衍生品交易时，对金融衍生品和金融衍生品交易的特性与风险缺乏足够的认识，抗风险能力不强，对可能遇到的风险缺乏有效的对策，在企业内部缺乏有效的监督与管理，内部制度形同虚设等问题。
从对金融衍生品交易的投机性与风险性的认识不足中，可以总结出我国企业在参与金融衍生品交易时，面临着两方面问题：一是外部的法律监管不足；二是企业自身存在很大缺陷。
第三章1、（1）以巨无霸指数测算汇率是否合理，为什么？答：用汉堡包来判定汇率，具有相当大的局限性。
因为汉堡包是贸易商品(exchanged googds)。
比起非贸易商品而言（例如房子之类），在发展中国家贸易商品的发展要快得多。
所以用汉堡包来衡量发展中国家与发达国家之间的汇率水平，显然失之偏颇。
另外，即使不考虑发展中国家与发达国家的发展差异，由于不同国家之间消费者对待商品的偏好是不一致的，这也会导致价格的“虚假”。
对于非完全浮动汇率的国家，这种指数也是偏离实际均衡的。
（2）讨论购买力平价理论的适用性与局限。
答：适用性:1）在自由贸易的情况下，最适用；2）在外汇管制、运输成本限制的情况下，只要进出口限制程度对等，仍成立。
局限：1）给出的汇率，完全没有考虑资本项目；2）国际贸易不能影响非贸易品的价格，因此很难推导出均衡贸易的汇率；3）没有考虑运费以及自由国际贸易的障碍；4）要求两国选取的商品篮子构成必须相同，同时在物价指数的选择上很难确定。
（3）根据巨无霸指数，人民币被低估48%，而陷入债务危机的欧元却被高估16%。
谈谈你的看法。
答：“巨无霸指数”从它最初创造的原始层面来说是有一定合理性的，其最原始的概念就是“买同一样东西要花多少钱”。
但是，如果从一个国家汇率是否被“低估”的角度来说，按照这个指数评判就不准确了。
汉堡包在中国便宜并不意味着中国的流通货币被严重低估，在欧元区贵也并不意味着欧元被高估。
只是因为发展中国家劳动力价格较低导致物价普遍比发达国家要低。
2、（1）根据资产组合理论，说明美国第二轮量化宽松货币政策及推出的政策对美元汇率的影响。
答：美国QE2的推出使得欧元、英镑及日元等相对于美国出现了较大幅度的升值，严重影响了这些经济体的出口。
在这一过程也不排除有抑制其他经济体经济刺激政策的效果，让其他经济体分担美国经济刺激政策的成本，从而保持美国世界第一大经济体的地位目的。
（2）结合案例，谈谈你对资产组合理论的理解。
答：20世纪70年代以来，国际资金流动规模巨大，资金流动决定了汇率变动。
资产组合理论就是在这样的背景下成为汇率理论研究的主流。
资产组合理论侧重于从金融市场均衡这一角度来考虑汇率的决定。
美国的公开市场操作，就是通过调节货币流通量，影响金融市场均衡，从而影响汇率变动的。
第四章分析2010年以来美国经常项目逆差快速缩减对其他主要经济体的影响。
答：（1）快速缩减的美国经常帐户逆差，对应的就是全球美元资产或外汇储备资产的增速减慢。
依照全球货币数量论，意味着全球性的流动性过剩和通货膨胀压力减小，导致全球性资产价格下降（尤其是石油、黄金和其他矿产和贵金属价格暴跌）。
（2）不断缩减的美国经常帐户逆差及其对应的全球美元资产，有利减轻全球金融货币体系动荡。
（3）强势美元政策导致世界主要货币相对美元贬值，从而减轻人民币升值压力。
第六章分析进入21世纪以来我国外汇储备迅猛增长的原因及利弊。
答：原因：(一)国内原因1、长期以来政府的政策导向。
从根本上说是过去25年来的出口导向政策和外资优惠以及市场机制不完善等多方面原因造成的。
所以长期以来比较看重外汇储备的功能，认为国外储备越多越好，不到万不得已决不轻易动用。
在外汇政策上表现为实行强制性结售汇制。
同时由于我国自改革开放长期以来实行出口导向、外资导向和外汇政策“宽进严出”取向的结果，资金流入较为容易，而流出则需层层审批，导致经常项目大量顺差和FDI（Foreign Direct Investment）流入的不断增加。
2、经济快速发展与结构调整滞后之间的矛盾。
中国对外贸易的高顺差是中国内部经济不平衡的反映，是由高储蓄、高投资、低消费的结构性问题造成的。
经过多次利率调整而我国的居民储蓄仍然很高。
一国储蓄多，而有效投资和消费相对较少，其结果只能是过剩储蓄转移到境外，必然进一步扩大国际收支顺差，从而使外汇储备持续增加。
此外，贸易品部门的生产能力和增长速度，以及对外开放程度明显快于非贸易品部门，成为出口增长和贸易顺差、外汇储备持续扩大的基础。
3、国内汇率制度缺乏充分弹性。
由于我国长期以来外汇管制较严，与其他国家相比我国的汇率制度仍是缺乏弹性的，而国际收支出现双顺差的一个必要条件就是非弹性汇率制的存在，在非弹性汇率制下，为维护某一基本不变的汇率水平，政府必须买人超过需求的外汇供给，否则外汇汇率要下跌，本币汇率要上升，其结果贸易顺差和资本流人就转化为外汇储备。
(二)国际原因1、经济全球化以及全球产业转移和结构调整。
经济全球化以及全球产业转移和结构调整是中国国际收支持续顺差、外汇储备不断增加的重要原因。
大量贸易顺差使外汇储备逐年增加，以至目前处于高额状态。
2、人民币升值预期因素。
近些年来，美元持续大幅贬值，给钉住美元或货币篮子中美元比重过高的很多亚洲货币以巨大的升值压力，尤其是人民币，施压其升值会对亚洲货币升值产生“多米诺骨牌”效应。
近些年来人民币升值的幅度还在不断扩大，有鉴于此，巨额国际热钱通过各种渠道进入国内市场，掀起了一轮又一轮的人民币投机狂潮。
人民币升值预期与外汇储备的联系表现为：一方面，外汇储备的快速增长导致了人民币升值的预期；另一方面，人民币升值预期的形成又助长了外汇储备的增加。
3、不合理的国际金融体系。
现今的国际金融体系是在布雷顿森林体系崩溃后逐渐形成的，在当今国际货币体系下，由于没有真正的最后贷款人，因此，发展中国家为防范金融风险，不得不积累大量的外汇储备。
如果说这种格局可能会造成某种资源不合理配置问题的话，那么其根源正是现行的国际金融体系，是目前不合理的世界经济格局。
利弊：（一）积极作用1、提高本币地位2、弥补国际收支逆差3、支持本国货币汇率4、增强国际清偿力，提高向外借款的信用保证5、获取国际竞争优势（二）负面影响1、加大通货膨涨压力，增加人民币汇率升值压力，加剧我国与贸易伙伴之间的贸易摩擦2、延缓产业结构调整和国际竞争力的提高3、高额的外汇储备成本4、增加了储备资产管理的难度和风险第七章试分析超主权储备货币充当全球储备货币的益处及对美元本位的影响。
答：益处：避免主权信用货币作为储备货币的内在缺陷，有利于维持世界各国储备资产价值的稳定，有利于平衡各国经济和储蓄地位，避免主权货币通过其特殊地位转嫁危机，同时又有利于国家货币体系的稳定，避免会汇率的大幅波动。
对美元本位的影响：削弱美元在全球的影响，美元本位制将面临越来越严峻的挑战从而难以为继。
第八章试分析欧洲主权债务危机的成因、影响及后续发展。
答：成因：（1）次贷危机引起的银行危机传导引发了主权债务风险，欧洲新兴经济体主要严重依赖外国银行的国际贷款，在次贷危机下，中东欧国家外资银行的母银行受到冲击，母银行收缩资产业务，使得这些国家金融稳健性恶化。
（2）经济衰退引发主权债务风险，经济衰退引发的主权债务风险可以看成是引发主权债务危机的共同原因，经济衰退使得投资收益率下降，增加了该国无法按时偿还债务的可能性，同时导致的GDP下降也会导致财政赤字占GDP和总债务占GDP的上升，即主权债务风险上升。
（3）金融危机的救助引发主权债务危机。
（4）评级机构的评级下调强化主权债务风险。
（5）主权风险上升导致外部债务融资困难。
影响：（1）相关经济体将面临政策两难。
一方面，全球经济复苏基础不牢固，各个经济体的增长趋势刚刚确立，还需要持续的经济刺激政策来维系经济增长和就业；另一方面，由于财政赤字问题日益严峻，债务负担大幅增加，如果持续扩大财政支出，债务问题将更加严重，极大地影响各个经济体的信用和融资。
（2）金融市场动荡或将加剧。
汇率市场动荡进一步加剧，美元一度走强，而欧元则大幅走跌。
（3）国际资本流动将更加紊乱。
后续发展：（1）欧盟现阶段的首要任务就是建立相关的转移支付机制，缩小区域内经济发展水平的差距。
（2）一体化的深化要加快财政合作的步伐。
（3）建立相应的危机预警和救助机制。
（4）增强经济发展的灵活性。
（5）加强对金融衍生产品监管力度。
第九章试分析实现人民币国际化，为什么需要在汇率制度、实现资本项目可兑换等方面推进改革？答：人民币国际化是指人民币逐步走向国际社会，最终成为在世界范围内计价、结算、储备、支付的货币之一，即成为世界货币或关键货币。
可兑换是指本币兑换成外汇支付和转移手段的程度，而国际化是指本币充当国际支付和转移手段的能力。
国际化是强势货币实现可兑换后继续发展的目标，可兑换只是国际化的前提和基础。
所以实现人民币国际化，必须先推进人民币全面可兑换。
实现人民币的全面可兑换则必然要求在汇率制度，实现资本项目可兑换等方面推进改革。
第十章试分析美国量化宽松货币政策的逐步退出对全球国际资本流动的影响。
答：全球资本流动格局将发生改变，部分新兴市场国家金融风险加大。
随着美联储缩减购债逐渐推升利率，发达国家经济复苏动力趋强，新兴经济体增速滞缓，发达国家对国际资本的吸引力增强将吸引大量资本回流，廉价资本持续流入新兴市场的格局将发生改变。