北外1603-国际金融 参考答案
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)。
北外1603-远程教育--证券投资(经管专科选修)--参考答案
第一单元选择题1 投资者持有证券是为了取得收益，但持有证券也要冒得不到收益甚至损失的风险。
所以，收益是对风险的补偿，风险与收益成（）关系。
A. 正比B. 反比C. 不相关D. 线性2 很多情况下人们往往把能够带来报酬的支出行为称为（）。
A. 支出B. 储蓄C. 投资D. 消费3 证券按其性质不同，可以分为（）A. 凭证证券和有价证券B. 资本证券和货券C. 商品证券和无价证券D. 虚拟证券和有价证券4 证券投资通过投资于证券将资金转移到企业部门，因此通常又被称为（）。
A. 间接投资B. 直接投资C. 实物投资D. 以上都不正确5 直接投融资的中介机构是（）A. 商业银行B. 信托投资公司C. 投资咨询公司D. 证券经营机构6 由于（）的作用，投资者不再满足投资品种的单一性，而希望建立多样化的资产组合。
A. 边际收入递减规律B. 边际风险递增规律C. 边际效用递减规律D. 边际成本递减规律7 广义的有价证券包括（）、货币证券和资本证券。
A. 商品证券B. 凭证证券C. 权益证券D. 债务证券8 有价证券是（）的一种形式。
A. 商品证券B. 权益资本C. 虚拟资本D. 债务资本9 证券按发行主体不同，可分为公司证券、（）、政府证券和国际证券。
A. 银行证券B. 保险公司证券C. 投资公司证券D. 金融机构证券1 0证券持有者可以获得一定数额的收益，这是投资者转让资金使用权的报酬。
此收益的最终源泉是（）B. 利息或红利C. 生产经营过程中的价值增值D. 虚拟资本价值第一单元是非题1 证券的最基本特征是法律特征和书面特征。
√2 有价证券是指无票面金额，证明持券人有权按期取得一定收入并可自由转让和买卖的所有权或债权证券货币证券是指本身能使持券人或第三者取得货币索取权的有价证券。
有价证券是虚拟资本的一种形式，能给持有者带来收益。
有价证券本身没有价值，所以没有价格。
×3 √4 √5 ×6 持有有价证券可以获得一定数额的收益，这种收益只有通过转让有价证券才能获得。
国际金融学试题及参考答案(免费)
《国际金融学》试卷 A 题号一二三四五六七总分得分一、单项选择题（每题1分，共15分）得分评卷人1、特别提款权是一种（）。
A．实物资产B．黄金C．账面资产D．外汇2、在国际货币市场上经常交易的短期金融工具是（）。
A．股票B．政府贷款C．欧洲债券D．国库券3、外汇管制法规生效的范围一般以（）为界限。
A．外国领土B．本国领土C．世界各国D．发达国家4、如果一种货币的远期汇率低于即期汇率，称之为（）。
A．升值B．升水C．贬值D．贴水5、商品进出口记录在国际收支平衡表的（）。
A．经常项目B．资本项目C．统计误差项目D．储备资产项目6、货币性黄金记录在国际收支平衡表的（）。
A．经常项目B．资本项目C．统计误差项目D．储备资产项目7、套利者在进行套利交易的同时进行外汇抛补以防汇率风险的行为叫（）。
A．套期保值B．掉期交易C．投机D．抛补套利8、衡量一国外债期限结构是否合理的指标是（）。
A．偿债率B．负债率C．外债余额与GDP之比D．短期债务比率9、当一国利率水平低于其他国家时，外汇市场上本、外币资金供求的变化则会导致本国货币汇率的（）。
A．上升B．下降C．不升不降D．升降无常10、是金本位时期决定汇率的基础是（）。
A．铸币平价B．黄金输入点C．黄金输出点D．黄金输送点11、以一定单位的外币为标准折算若干单位本币的标价方法是（）。
A．直接标价法B．间接标价法C．美元标价法D．标准标价法12、外债余额与国内生产总值的比率，称为（）。
A．负债率B．债务率C．偿债率D．外债结构指针13、国际储备结构管理的首要原则是（）。
A ．流动性B ．盈利性C ．可得性D ．安全性14、布雷顿森林体系的致命弱点是（ ）。
A ．美元双挂钩B ．特里芬难题C ．权利与义务的不对称D ．汇率波动缺乏弹性15、某日纽约的银行报出的英镑买卖价为￡1＝$1.6783/93，3个月远期贴水为80/70，那么3个月远期汇率为（ ）。
A ．1.6703/23 B ．1.6713/1.6723 C ．1.6783/93 D ．1.6863/63二、多项选择题（每题2分，共10分） 1、记入国际收支平衡表借方的交易有（ ）A ．进口B ．出口C ． 资本流入D ．资本流出2、下列属于直接投资的是（ ）。
国际金融作业答案共36页文档
23、一切节省，归根到底都归结为时间的节省。——马克思 24、意志命运往往背道而驰，决心到最后会全部推倒。——莎士比亚
1、不要轻言放弃，否则对不起自己。
2、要冒一次险!整个生命就是一场冒险。走得最远的人，常是愿意 去做，并愿意去冒险的人。“稳妥”之船，从未能从岸边走远。-戴尔．卡耐基。
梦 境
3、人生就像一杯没有加糖的咖啡，喝起来是苦涩的，回味起来却有 久久不会退去的余香。
国际金融作业答案4、守业的最好办法就是不断的发展。 5、当爱不能完美，我宁愿选择无悔，不管来生多么美丽，我不愿失 去今生对你的记忆，我不求天长地久的美景，我只要生生世世的轮 回里有你。
25、学习是劳动，是充满思想的劳动。——乌申斯基
谢谢！
国际金融中英文版答案解析)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1.A country’s balance of payments records:一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from thatcountry for a period of time.b.All flows of value between that c ountry’s residentsand residents of the rest of the world during a periodof 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c.All flows of financial assets that cross thatcountry’s borders during a period of time.d.All flows of goods into that country during a periodof time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid. 一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to aforeigner.3.Every international exchange of value is entered into thebalance-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 Ba.1b.2c.3d.44.A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay. 一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of the followingitems 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a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.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 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors andomissions.7.Which of the following capital transactions are entered asdebits 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.A U.S. resident transfers $100 from his account atCredit Suisse in Basel (Switzerland) to his account ata San Francisco branch of Wells Fargo Bank.b.A French resident transfers $100 from his account atWells Fargo Bank in San Francisco to his Credit Suisseaccount 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c.A U.S. resident sells his IBM stock to a Frenchresident.d.A U.S. resident sells his Credit Suisse stock to aFrench resident.8.An increase in a nation's financial liabilities to foreignresidents is a: 一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.9.___A_______ are money-like assets that are held bygovernments 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.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets10.Which of the following is considered a capital inflow?下列哪项被视为资本流入 Aa.A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家b.A loan from a U.S. bank to a foreign borrower.c.A purchase of foreign financial assets by a U.S. buyer.d.A U.S. citizen’s repayment of a loan from a foreignbank.11.In a country’s balance of payments, which of thefollowing transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ Aa.Domestic bank balances owned by foreigners aredecreased. 外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents aredecreased.c.Assets owned by domestic residents are sold tononresidents.d.Securities are sold by domestic residents tononresidents.12.The role of ___D_______ is to direct one nation’ssavings 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a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows 资金流13.The net value of flows of goods, services, income, andunilateral transfers is called the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba.Capital account.b.Current account.经常账目（户）c.Trade balance.d.Official reserve balance.14.The net value of flows of financial assets and similarclaims (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 Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of paymentsincludes: 美国国家收支表中的金融帐包括： Ba.Everything in the current account.b.U.S. government payments to other countries for the useof military bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.Ａ U.S. resident increasing her holdings of a foreignfinancial asset causes a: 一个美国居民增持一外国金融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account. 美国资本帐的借帐17. 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 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18. A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasingimports.19.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. Thisincreased the deficit in:2005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？Ca.The balance of payments.b.The financial account.c.The current account. 经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. currentaccount surplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reductionon imported goods.b.The United States cuts back on American militarypersonnel stationed in Japan.美国削减在日本的军事人员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in theUnited States.21.Which of the following transactions is recorded in thefinancial account?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b.A Chinese businessman imports Ford automobiles from theUnited States.c.A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chineseto play an exhibition game in Beijing, China.22.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？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increasein U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decreasein U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancyor 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 Aa.Ensure that the sum of all debits matches the sum ofall credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-paymentsdeficit.d.Obtain an accurate account of a balance-of-paymentssurplus.24.Official reserve assets are: 官方储备资产是Ba.The gold holdings in the nation’s central bank.b.Money like assets that are held by governments and thatare recognized by governments as fully acceptable forpayments 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ernment T-bills and T-bonds.ernment holdings of SDR’s25.Which of the following constitutes the largest componentof the world’s international reserve assets?下列哪项构成了世界国际储备资产的大部份？ Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies. 外汇（币）26.The net accumulation of foreign assets minus foreignliabilities is: 海外净资产的积累减去外债等于C official reserves. domestic investment. foreign investment. 国外投资净值 foreign deficit.27. A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能力向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise and servicetrade, international income payments and receipts andinternational transfers.28.The ___C_______ measures the sum of the current accountbalance 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）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is anaccumulation of official reserve assets by the country ora decrease in foreign official reserve holdings of thecountry'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）a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balance NOTequal to? 以下哪项不等同于现金帐 Da.The difference between domestic product and domesticexpenditure.b.The difference between national saving and domesticinvestment. foreign investment.d.The difference between government saving andgovernment investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows arecredits. 资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, andgifts is the current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims isthe private current account balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets arenow foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable ininternational 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.35. A country's financial account balance equals thecountry'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36. A country has a current account deficit if it is savingmore 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37.The official settlements balance measures the sum of thecapital 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38. A nation's international investment position shows itsstock 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.39. A nation is a borrower if its current account is indeficit 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.40. A nation is a debtor if its net stock of foreign assetsis 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）41. A transaction leading to a foreign resident increasingher holdings of a U.S. financial asset will be recorded asa 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42. 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43.Gold is a major reserve asset that is currently often usedin 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.44.The current account balance is equal to the differencebetween 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45.In 2007 U.S. households, businesses and government werebuying more goods and services than they were producing.(T)２００７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.46。
国际金融习题以及答案.doc
《国际金融学》作业题第一章开放经济下的国民收入账户和国际收支账户一、判断题1.国际收支是一国在一定时期内对外债权、债务的余额，因此，它表示一种存量的概念。
（ F ）2.资本流出是指本国资本流到外国，它表示外国在本国的资产减少、外国对本国的负债增加、本国对外国的负债减少、本国在外国的资产增加。
（T）3.国际收支是流量的概念。
（T ）4.对外长期投资的利润汇回，应计入资本和金融账户内。
（F）5．投资收益属于国际收支平衡表中的服务项目。
（F）二、单项选择题1.国际借贷所产生的利息，应列入国际收支平衡表中的（A）账户。
A.经常B.资本C.直接投资D.证券投资2.投资收益在国际收支平衡表中应列入（A）。
A.经常账户B.资本账户C.金融账户D.储备与相关项目3.国际收支平衡表中人为设立的项目是（D）。
A.经常项目B.资本和金融项目 C.综合项目 D.错误与遗漏项目4.根据国际收支平衡表的记账原则，属于借方项目的是（D）。
A.出口商品B.官方储备的减少C.本国居民收到国外的单方向转移 D.本国居民偿还非居民债务。
5.根据国际收入平衡表的记账原则，属于贷方项目的是（B）。
A.进口劳务B.本国居民获得 xx 资产C.官方储备增加D.非居民偿还本国居民债务三、多项选择题1.属于我国居民的机构是（ABC）。
A.在我国建立的外商独资企业B.我国的国有企业C.我国驻外使领馆D. IMF等驻华机构2.国际收支平衡表中的经常账户包括（ ABCD ）子项目。
A.货物 B.服务C.收益 D.经常转移3.国际收支平衡表中的资本与金融账户包括（AB）子项目。
A.资本账户B.金融账户C.服务D.收益4.下列（AD）交易应记入国际收支平衡表的贷方。
A.出口B.进口C.本国对外国的直接投资D.本国居民收到外国侨民汇款5.下列属于直接投资的是（BCD ）。
A.美国一家公司拥有一日本企业8%的股权B.青岛海尔在海外设立子公司C.天津摩托罗拉将在中国进行再投资D.麦当劳在中国开连锁店四、名词解释国内吸收、国际投资头寸、国际收支、经常账户、资本与金融账户五、论述题试根据本章的基本原理，对2010 年中国国际收支账户进行简要分析。
(整理)国际金融试题及参考答案
国际金融试题（1）第一部分选择题一、单项选择题1．广义的国际收支建立的基础是( B)A．收付实现制B．权责发生制C．实地盘存制D．永续盘存制2．一国的国际收支出现逆差，一般会导致( A)A．本币汇率下浮B．本币汇率上浮C．利率水平上升D．外汇储备增加3．在共同体内取消成员国之间商品的关税和限额，使商品得以自由流通，而对成员国之外的第三国实行共同关税税率，称为( C)A．自由贸易区B．共同市场C．关税同盟D．经济和货币联盟4．以一定整数单位的外国货币作为标准，折算为若干数量的本国货币的汇率标价方法是( A) A．直接标价法B．间接标价法本文来源:考试大网C．欧式标价法D．美元标价法5．一国货币当局实施外汇管制一般要达到的目的是( C)A．控制资本的国际流动B．加强黄金外汇储备C．稳定汇率D．增加币信6．人民币现行汇率制度的特征是( C)A．固定汇率制B．自由的浮动汇率制C．有管理的浮动汇率制D．钉住汇率制度7．IMF最基本的资金来源是( A)A．会员国缴纳的份额B．在国际金融市场筹资借款C．IMF的债权有偿转让D．会员国的捐赠8．下列属于欧洲货币市场经营的货币的是(B )A．纽约市场的美元B．新加坡市场的美元C．东京市场的日元D．伦敦市场的英镑9．欧洲货币的存款利率一般利率。
( A)A．高于同币种国内市场存款B．低于同币种国内市场存款C．高于同币种国内市场贷款D．低于同币种国内市场贷款10. -项10年期的贷款，宽限期为3年，宽限期满后，每半年平均还款一次，该项贷款的实际年限是( D)A．10年B．13年C．7年D．6.5年11.根据证券的发行对象不同，可以把证券发行分为(B )A．直接发行和间接发行B．公募发行和私募发行C．出售发行和投标发行D．募集发行和投标发行12.外汇市场上最传统、最基本的外汇业务是( A)A．即期外汇业务B．远期外汇业务C．外汇期货业务D．外汇期权业务13.假设伦敦外汇市场上的即期汇率为l英镑=1.4571美元，3个月的远期外汇升水为0.41美分，则远期外汇汇率为(B )A．1. 0471 B．1.4530C．1. 4622 D．1.867114.下列关于黄金的说法不正确的是(D )A．黄金是财富的象征B．金银天然不是货币，货币天然是金银C．黄金具有价值相对稳定性D．黄金不易于分割15. IS曲线右上方任意一点代表(A ) 来源：考试大A．产品市场供过于求B．产品市场供不应求C．货币市场供过于求D．货币市场供不应求16.特里芬在《黄金与美元危机》一书中指出：一国的国际储备额应同其进口额保持一定的比例关系，这个比例关系的最高限与最低限应该分别是(A )A．40%和20% B.．30%和25% C．25%和30% D．20%和40%二、多项选择题17.资本与金融账户记录的项目有( ABCE)A．资本转移B．直接投资C．证券投资D．投资收入E．国际商业银行贷款18. -国货币满足以下哪些条件，即为可自由兑换货币？( ABEA．是全面可兑换货币B．在国际支付中被广泛采用C．是各个国家必持有的储备资产D．资本项目下可兑换的货币E．是世界外汇市场上的主要交易对象19.下列实行单独浮动汇率的货币是(ABDF )A．美元B．欧元C．港元D．日元E．英镑20.下列属于国际货币市场的是( ACD)A．短期信贷市场B．国际债券市场C．短期票据市场D．贴现市场E．国际股票市场21.外汇市场的交易主体有( ABCDE)A．一般工商客户B．外汇银行C．外汇经纪人D．中央银行E．个人客户三、名词解释题（本大题共3小题，每小题2分，共6分）22．期货交易: 在有形的交易所内，通过结算所的下属成员清算公司或经纪人，根据成交单位、交割时间等标准化的原则，按固定价格购买与卖出各种期货合约的一种交易。
北京外国语大学1603-远程教育(经管)--战略管理--参考答案
北京外国语大学1603-远程教育（经管）--战略管理--参考答案第一单元单选题1 “商场如战场”这句话表明（）A. 企业战略与军事战略有很大区别B. 企业战略与军事战略有相通之处C. 军事战略与企业战略的目的相同D. 军事战略与企业战略的内容和形式相同 2 下面哪一个不是企业战略管理的特征？A. 全局性B. 长远性C. 系统性D. 相对变化性3 企业战略管理的“全局性”指的是（）A. 它指导整个企业一切活动的总谋划B. 它对企业未来较长时期内如何生存和发展进行规划C. 企业积极履行企业社会责任D. 它指导企业在激烈的市场竞争中提升自己的实力 4 战略制定时，一般不需要进行以下哪个方面的分析？ A. 外部环境分析B. 企业内部环境分析C. 机会、威胁、优势与劣势分析D. 机会、风险、组织与企业目标分析5 “战略”一词最早用于（）A. 军事B. 文学C. 商业D. 法律6 企业管理过程包括（）A. 战略制定和战略评估B. 战略制定和战略实施 C. 提出问题和分析问题 D. 战略的实施与监控7 外部环境分析是指（）A. 宏观环境分析B. 行业环境分析C. 竞争者分析D. 以上全部8 企业内部环境分析包括（）A. 企业的资源和能力分析B. 竞争者分析C. 行业环境分析D. 宏观环境分析9 战略实施阶段的主要任务是（）A. 建立实施战略的组织结构B. 明确组织使命C. 如何贯彻执行设计的战略D. 确定企业的经营范围1 0 战略管理的基本类型包括（）A. 发展型战略B. 稳定型战略C. 紧缩型战略D. 以上全部第一单元判断题1 战略的有效性不仅取决于战略的制定，而且还取决于战略的有效执行√2 明确了企业制定战略所面临的主要问题之后，就进入战略实施阶段×3 战略的制定和实施主要是企业高层管理者的责任×4 战略制定一般先由企业总部的高层管理人员制定企业的总体战略，然后各部门再根据自己的实际情况以及总部的战略要求来充实和完善这一战略。
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第一单元单选题1 在国际收支失衡后一国可以采取一些政策措施来加以调节，以下哪一项不属于货币政策的调节方式。
A. 调整出口退税政策B. 改变准备金比率C. 调整再贴现率D. 进行公开市场操作2 国际收支的弹性理论分析中提出的马歇尔-勒纳条件是货币贬值改善贸易收支的必要条件，是指下列哪一组弹性之和大于1？A. 出口商品的供给弹性和进口商品的供给弹性B. 出口商品的需求弹性和进口商品的需求弹性C. 出口商品的需求弹性和进口商品的供给弹性D. 出口商品的供给弹性和进口商品的需求弹性3 根据“蒙代尔分配法则”，在国内经济出现通货膨胀、国际收支出现顺差时，应该采取的政策组合是A. 扩张性的货币政策和紧缩性的财政政策B. 紧缩性的货币政策和紧缩性的财政政策C. 扩张性的货币政策和扩张性的财政政策D. 紧缩性的货币政策和扩张性的财政政策4 判断一项交易是否应列入国际收支的依据指A. 交易双方的国籍B. 交易的币种C. 交易发生地D. 交易双方的居住地5 国际收支平衡表中的一个人为设立的项目是A. 经常项目B. 资本项目C. 净错误与遗漏D. 金融项目6 下面哪一项交易最有可能是调节性交易A. 日本一家公司从中国进口1000万日元的玩具B. 美国的高利率吸引了很多国家的资本流入C. 旅居英国的李小姐每年向留在中国的双亲汇去一笔赡养费D. 随着中国贸易顺差的不断增长，我国货币当局大幅度增加外汇储备7 在国际收支平衡表的金融项目中，通常最具稳定性的是A. 直接投资B. 证券投资C. 其他投资D. 以上都不是8 由于国民收入的增减变化而引起的国际收支不平衡被称为A. 周期性不平衡B. 收入性不平衡C. 结构性不平衡D. 货币性不平衡9 针对不同国家在相同时期内的国际收支平衡表进行分析，是国际收支平衡表的哪种分析方法A. 静态分析法B. 动态分析法C. 比较分析法D. 差额分析法1 0 国际收支顺差可能会带来的潜在不利后果是A. 外汇储备增加B. 本币坚挺，经济环境稳定C. 本国货币供应量增加，通货膨胀压力增大D. 贸易伙伴更加友好第一单元是非题1 国际收支是一个存量的概念。
×2 国际收支平衡表的记账规则是复试记账法，即有借必有贷，借贷必相等。
√3 在一国的国际收支统计中，如果商品进口大于商品出口，则其贸易差额为顺差。
×4 线上项目总差额为负数，则表示该国在这段时期内国际收支是逆差，官方储备就会增加。
国际投资头寸表是反映特定时点上一个国家或地区对世界其他国家或地区的金融资产和负债存量的统计报表。
经济结构和经济增长变化所引起的国际收支不平衡往往被称为暂时性不平衡，货币因素和偶发事件引起的国际收支不平衡往往被称为持久性不平衡。
英国经济学家大卫-休谟提出的物价现金流动机制理论是金本位制下国际收支的自动调节理论。
一个国家政府的政策目标有很多个，内部平衡目标包括经济增长和物价稳定，外部平衡目标包括充分就业和国际收支平衡。
新中国成立后，我国也一直编制国际收支平衡表。
×5 √6 ×7 √8 ×9 ×1 0 经常项目差额是判断一个国家国际收支地位的重要指标。
√第二单元单选题1 国际储备的主要功能不包括下列哪一点？A. 弥补国际收支赤字B. 维持本国汇率稳定C. 政府采购外国商品D. 提供对外信用保证2 目前，世界各国的国际储备中，最重要的组成部分是A. 黄金储备B. 外汇储备C. 在国际货币基金组织（IMF ）的储备头寸D. 特别提款权3 普通提款权是指国际储备中的A. 黄金储备B. 外汇储备C. 特别提款权D. 在国际货币基金组织的储备头寸4 以下哪一项不属于借入性储备？A. 特别提款权B. 备用信贷C. 借款总安排D. 互惠信贷协议5A. 经常项目收支顺差B. 资本项目收支顺差C. 长期资本项目收支顺差D. 短期资本项目收支顺差6 美国耶鲁大学教授特里芬在《黄金与美元危机》一书中指出：一国的国际储备额应同其年进口额保持一定的比例关系；对大多数国家来说，比较合理的储备额占年进口额的比重应该是A. 20%~30%B. 30%~40%C. 40%~50%D. 50%~60%7 第二次世界大战后，世界上最重要的储备货币是A. 美元B. 日元C. 欧元D. 英镑8 国际储备结构管理的基本原则——三性原则是指A. 安全性、固定性、保值性B. 安全性、固定性、收益性C. 流动性、安全性、收益性D. 流动性、保值性、增值性9 自改革开放以来，我国外汇储备数量的增长既迅猛又曲折，下列哪一个阶段是外汇储备的迅速巨额增长阶段？A. 1981-1993年间B. 1994-2000年间C. 2001-2007年间D. 以上所有时期1 0近年来我国外汇储备迅速增加带来了流动性过剩，中国人民银行除了利用传统的货币政策工具应对之外，还进行了创新性操作A. 公开市场操作B. 发行央行票据C. 提高准备金率D. 收缩再贷款和再贴现第二单元是非题1 一国国际储备的供给可以来自于特别提款权、黄金储备和外汇储备。
×2 持有国际储备有机会成本，因此不是越多越好。
√3 影响储备货币外汇资产收益率的主要因素是汇率和利息率。
√4 目前，我国的外汇储备是由国家外汇库存和中国银行外汇结存两部分构成。
×5 中央汇金投资公司和中国投资公司都是我国在外汇储备管理上的探索和拓展。
√6 近年来由于频频发生美元的信用危机，目前它已经不是世界上最主要的储备货币了。
若一国的对外贸易条件良好，其出口产品具有较强的国际市场竞争力，则该国对国际储备的需求相对较少。
黄金储备是一国国际储备中的重要组成部分，可以直接用它进行对外支付。
×7 √8 ×9 特别提款权作为一种国际储备资产，其价值是由包括美元、欧元、日元和英镑的一篮子货币为基础来确定的。
√1 0 “国际清偿能力”与“国际储备”是同一个概念的不同称呼方法。
×第三单元单选题1 金本位制度包括不同的形式，以下哪一种形式不在其中A. 金币本位制B. 金条本位制C. 金块本位制D. 金汇兑本位制2 在纸币制度下，长期来看，影响一国货币对外比价的基本因素是A. 一国的财政经济状况B. 一国的国际收支状况C. 一国的利率水平D. 重大的国际政治因素3 一国货币对外升值通常会对其进出口贸易产生何种影响A. 出口增加，进口减少B. 出口减少，进口增加C. 出口增加，进口增加D. 出口减少，进口减少4 以两国物价水平为基础形成汇率属于哪一个汇率理论A. 国际借贷理论B. 利率平价理论C. 购买力平价理论D. 换汇成本理论5 根据利率平价理论，利率差会带来远期汇率的如下变化A. 高利率国家的货币远期汇率会下跌，低利率国家的货币远期汇率会上升B. 高利率国家的货币远期汇率会上升，低利率国家的货币远期汇率会下跌C. 高利率国家的货币远期汇率会上升，低利率国家的货币远期汇率会上升D. 高利率国家的货币远期汇率会下跌，低利率国家的货币远期汇率会下跌6 以下哪一项不属于广义的外汇A. 外国纸币和铸币B. 外币有价证券C. 外币支付凭证D. 外国的黄金和珠宝7 在直接标价法下，银行报出的某一外汇的几种汇率由小到大应该是A. 现汇买入价、现钞买入价、卖出价B. 现钞买入价、现汇买入价、卖出价C. 卖出价、现汇买入家、现钞买入价D. 现汇买入家、卖出价、现钞买入价8 你在国际金融市场上看到外汇报价，1美元=1.5080瑞士法郎，1美元=3.1020林吉特，那么你可以算出瑞士法郎与林吉特之间的比价是A. 1瑞士法郎=2.0570林吉特B. 1瑞士法郎=0.4861林吉特C. 1林吉特=4.6778瑞士法郎D. 以上都不对9 剔出掉通货膨胀对名义汇率的影响，得到A. 有效汇率B. 实际汇率C. 铸币平价D. 信汇汇率1 0 换汇成本理论也是利用两国商品价格对比来考察汇率决定，但不包括购买力平价理论中的A. 贸易商品B. 农产品C. 非贸易商品D. 以上都是第三单元是非题1 外汇就是指外国货币。
×2 国际借贷是指国际间各种经济往来所产生的债权债务关系。
√3 如果英国规定1英镑的含金量是113.0016格令，美国规定1美元的含金量是23.22格令，则美元与英镑之间的铸币平价是4.8665。
中国的GDP 国际排名可以基于用市场汇率折算的值，也可以基于用购买力平价（PPP ）折算的值，一般前者要高于后者。
外汇远期汇率就是指外汇远期交易的交割日的即期汇率。
×4 ×5 ×6 外汇倾销是指一国有意加大本币汇率下降的幅度，使其高于本国物价上涨的幅度，以便以低于世界市场的价格输出商品。
在直接标价法下，外汇汇率上升意味着外币升值、本币贬值。
√7 √8 一国货币对某一外币可能因性质与用途不同而存在两种或两种以上的汇率。
有效汇率是反映两国之间贸易状况的汇率。
√9×1 0汇率变动对商品生产多样化的国家影响较大，而对商品生产单一的国家影响较小。
×第四单元单选题1 1994年4月，全国统一的外汇市场——中国外汇交易的中心在（）正式运营。
A. 深圳B. 北京C. 上海D. 天津2 2005年7月21日，下面哪一项不属于中国人民银行的人民币汇率改革的内容？A. 由钉住单一美元转向钉住美元、欧元和日元三大货币B. 扩大汇率浮动幅度C. 发展完善外汇市场D. 改进人民币汇率形成机制3 在固定汇率制度下，各国央行维持汇率稳定的手段有A. 利率手段B. 外汇储备支持C. 外汇管制D. 以上都是4 尽管IMF将世界各国的汇率制度划分为八大类，但从本质上说，可以基本的分为固定和浮动，下面可以归类到浮动汇率制度的是A. 放弃独立法定货币B. 货币局制度C. 管理浮动D. 以上都是5 下列哪一项是固定汇率制度的优点A. 降低对外经济交往中的汇率风险B. 使汇率可以发挥调节国际收支的杠杆作用C. 有利于促进一国国内经济的平衡D. 有助于抑制货币投机6 我国经过了多年的改革开放、经济发展，目前在外汇管制上属于A. 名义上取消了外汇管制B. 实际上取消了外汇管制C. 实行严格的外汇管制D. 实行部分的外汇管制7 我国在（）正式宣布接受国际货币基金组织第8条款，实现人民币经常项目完全兑换。
A. 1994、1、1B. 1996、4、4C. 1996、7、1D. 1996、12、18 一国经济倾向于选择浮动汇率制度，如果A. 经济规模较小B. 经济结构较为多样C. 金融市场发展程度较低D. 对外开放程度较大9 克鲁格曼提出的“三元悖论”是三个不可兼得的目标，不包括A. 固定汇率B. 货币政策独立性C. 财政赤字减少D. 资本自由流动1 0 外汇管制有很多手段，下面属于价格管制的是A. 进口许可证制度B. 差别汇率制度C. 进口预交存款制D. 资本输出限制第四单元是非题1 我国已实行了资本项目下的自由兑换。