国际金融学08-09试卷(答案)
第2章国际金融 练习答案
2.比较各种调节BOP失衡的政策手段的优势与不足。
（一）外汇政策 1、外汇缓冲政策 外汇缓冲政策是指一国运用所持有的一定数量的国际储备，主要 是黄金和外汇，作为外汇稳定或平准基金，来抵消市场超额外汇供给 或需求，从而改善其国际收支状况。它是解决一次性或季节性、临时 性国际收支不平衡简便而有利的政策措施。 BOP逆差(本币有贬值趋 势)----央行在外汇市场上卖外汇---外汇供给增加----维持汇率稳定。 但是动用国际储备，实施外汇缓冲政策不能用于解决持续性的长期国 际收支逆差。 2、汇率政策 汇率政策是指通过调整汇率来调节国际收支的不平衡。国际收支 出现逆差----货币贬值---增加出口----改善国际收支。 汇率调整政策同财政政策、货币政策相比较而言，对国际收支的 调节无论是表现在经常项目、资本项目或是储备项目上都更为直接、 更为迅速。 同时，汇率调整对一国经济发展也会带来多方面的副作 用。比如说，贬值容易给一国带来通货膨胀压力；它还可能导致其它 国家采取报复性措施，从而不利于国际关系的发展等等。因此，一般 只有当财政、货币政策不能调节国际收支不平衡时，才使用汇率手段。
二、判断分析题
1.一国的“储备资产项目”中数字为“+50亿美元”，表明该国的 储备增加了50亿美元。（×）
分析：储备资产国际收支相关联的国际投资头寸表示某一时期一国的对外资 产和负债情况.(×)
分析：国际投资头寸是存量概念，反映某一时点一国对外资产和负 债情况。
借：货物进口 100万美元 贷：直接投资 100万美元
3.甲国居民到D国旅游，花掉其10万美元的存款该笔费用从该国 居民的国外存款帐户扣除。
借：服务进口 10万美元 贷：其他投资 10万美元
4.甲国政府动用外汇储备40万美元向E国提供无偿援助，另提供 相当于60万美元的药品援助。
国际金融 International Finance Test Bank_09
Chapter 9—Forecasting Exchange Rates1. Which of the following forecasting techniques would best represent the use of today's forwardexchange rate to forecast the future exchange rate?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: B PTS: 12. Which of the following forecasting techniques would best represent sole use of today's spot exchangerate of the euro to forecast the euro's future exchange rate?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: B PTS: 13. Which of the following forecasting techniques would best represent the use of relationships betweeneconomic factors and exchange rate movements to forecast the future exchange rate?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: A PTS: 14. Which of the following forecasting techniques would best represent the sole use of the pattern ofhistorical currency values of the euro to predict the euro's future currency value?a. fundamental forecasting.b. market-based forecasting.c. technical forecasting.d. mixed forecasting.ANS: C PTS: 15. If a particular currency is consistently declining substantially over time, then a market-based forecastwill usually have:a. underestimated the future exchange rates over time.b. overestimated the future exchange rates over time.c. forecasted future exchange rates accurately.d. forecasted future exchange rates inaccurately but without any bias toward consistentunderestimating or overestimating.ANS: B PTS: 16. According to the text, the analysis of currencies forecasted with use of the forward rate suggests that:a. currencies exhibited about the same mean forecast errors as a percent of the realized value.b. the Canadian dollar can be forecasted by U.S. firms with greater accuracy than othercurrencies.c. the Swiss franc can be forecasted by U.S. firms with greater accuracy than othercurrencies.d. none of the aboveANS: B PTS: 17. Assume the following information:Predicted Value of Realized Value ofPeriod New Zealand Dollar New Zealand Dollar1 $.52 $.502 .54 .603 .44 .404 .51 .50Given this information, the mean absolute forecast error as a percentage of the realized value is about:a. 1.5%.b. 26%.c. 6%.d. 6.5%.e. none of the aboveANS: DSOLUTION: [|$.52 - $.50|/$.50 + |$.54 - $.60|/$.60 + |$.44 - $.40|/$.40 + |$.51 -$.50|/$.50)]/4= [.04 + .10 + .10 + .02]/4= .065 = 6.50%PTS: 18. If it was determined that the movement of exchange rates was not related to previous exchange ratevalues, this implies that a ____ is not valuable for speculating on expected exchange rate movements.a. technical forecast techniqueb. fundamental forecast techniquec. all of the aboved. none of the aboveANS: A PTS: 19. Which of the following is true?a. Forecast errors cannot be negative.b. Forecast errors are negative when the forecasted rate exceeds the realized rate.c. Absolute forecast errors are negative when the forecasted rate exceeds the realized rate.d. None of the above.ANS: D PTS: 110. Which of the following is true according to the text?a. Forecasts in recent years have been very accurate.b. Use of the absolute forecast error as a percent of the realized value is a good measure touse in detecting a forecast bias.c. Forecasting errors are smaller when focused on longer term periods.d. None of the above.ANS: D PTS: 111. A fundamental forecast that uses multiple values of the influential factors is an example of:a. sensitivity analysis.b. discriminant analysis.c. technical analysis.d. factor analysis.ANS: A PTS: 112. When the value from the prior period of an influential factor affects the forecast in the future period,this is an example of a(n):a. lagged input.b. instantaneous input.c. simultaneous input.d. B and CANS: A PTS: 113. Assume a forecasting model uses inflation differentials and interest rate differentials to forecast theexchange rate. Assume the regression coefficient of the interest rate differential variable is -.5, and the coefficient of the inflation differential variable is .4. Which of the following is true?a. The interest rate variable is inversely related to the exchange rate, and the inflationvariable is directly (positively) related to the interest rate variable.b. The interest rate variable is inversely related to the exchange rate, and the inflationvariable is directly related to the exchange rate.c. The interest rate variable is directly related to the exchange rate, and the inflation variableis directly related to the exchange rate.d. The interest rate variable is directly related to the exchange rate, and the inflation variableis directly related to the interest rate variable.ANS: B PTS: 114. Which of the following is not a limitation of fundamental forecasting?a. uncertain timing of impact.b. forecasts are needed for factors that have a lagged impact.c. omission of other relevant factors from the model.d. possible change in sensitivity of the forecasted variable to each factor over time.e. none of the aboveANS: B PTS: 115. Assume that interest rate parity holds. The U.S. five-year interest rate is 5% annualized, and theMexican five-year interest rate is 8% annualized. Today's spot rate of the Mexican peso is $.20. What is the approximate five-year forecast of the peso's spot rate if the five-year forward rate is used as a forecast?a. $.131.b. $.226.c. $.262.d. $.140.e. $.174.ANS: ESOLUTION: (1.05)5/(1.08)5- 1 = -13%; $.20[1 + (-13%)] = $.174PTS: 116. Assume that the forward rate is used to forecast the spot rate. The forward rate of the Canadian dollarcontains a 6% discount. Today's spot rate of the Canadian dollar is $.80. The spot rate forecasted for one year ahead is:a. $.860.b. $.848.c. $.740.d. $.752.e. none of the aboveANS: DSOLUTION: $.80 ⨯ [1 + (-6%)] = $.752PTS: 117. If today's exchange rate reflects all relevant public information about the euro's exchange rate, but notall relevant private information, then ____ would be refuted.a. weak-form efficiencyb. semistrong-form efficiencyc. strong-form efficiencyd. A and Be. B and CANS: D PTS: 118. According to the text, research generally supports ____ in foreign exchange markets.a. weak-form efficiencyb. semistrong-form efficiencyc. strong-form efficiencyd. A and Be. B and CANS: D PTS: 119. Assume that the U.S. interest rate is 11 percent, while Australia's one-year interest rate is 12 percent.Assume interest rate parity holds. If the one-year forward rate of the Australian dollar was used to forecast the future spot rate, the forecast would reflect an expectation of:a. depreciation in the Australian dollar's value over the next year.b. appreciation in the Australian dollar's value over the next year.c. no change in the Australian dollar's value over the next year.d. information on future interest rates is needed to answer this question.ANS: A PTS: 120. If the forward rate was expected to be an unbiased estimate of the future spot rate, and interest rateparity holds, then:a. covered interest arbitrage is feasible.b. the international Fisher effect (IFE) is supported.c. the international Fisher effect (IFE) is refuted.d. the average absolute error from forecasting would equal zero.ANS: B PTS: 121. Which of the following is not a forecasting technique mentioned in your text?a. accounting-based forecasting.b. technical forecasting.c. fundamental forecasting.d. market-based forecasting.ANS: A PTS: 122. The following regression model was estimated to forecast the value of the Malaysian ringgit (MYR):MYR t = a0 + a1INC t- 1 + a2INF t- 1 + μt,where MYR is the quarterly change in the ringgit, INF is the previous quarterly percentage change in the inflation differential, and INC is the previous quarterly percentage change in the income growth differential. Regression results indicate coefficients of a0 = .005; a1 = .4; and a2 = .7. The most recent quarterly percentage change in the inflation differential is -5%, while the most recent quarterlypercentage change in the income differential is 3%. Using this information, the forecast for thepercentage change in the ringgit is:a. 4.60%.b. -1.80%.c. 5.2%.d. -4.60%.e. none of the aboveANS: BSOLUTION: MYR t = .005 + (.4)(.03) + (.7)(-.05) = -1.80%PTS: 123. The following regression model was estimated to forecast the value of the Indian rupee (INR):INR t = a0 + a1INT t + a2INF t- 1 + μt,where INR is the quarterly change in the rupee, INT is the real interest rate differential in period t between the U.S. and India, and INF is the inflation rate differential between the U.S. and India in the previous period. Regression results indicate coefficients of a0 = .003; a1 = -.5; and a2 = .8. Assume that INF t - 1 = 2%. However, the interest rate differential is not known at the beginning of period t and must be estimated. You have developed the following probability distribution:Probability Possible Outcome30% -2%40% -3%30% -4%The expected change in the Indian rupee in period t is:a. 3.40%.b. 0.40%.c. 3.10%.d. 1.70%.e. none of the aboveANS: ASOLUTION: E[INT t] = (-.02)(.3) + (-.03)(.4) + (-.04)(.3) = -3.00%INR t = .003 + (-.5)(-.03) + (.8)(.02) = 3.40%PTS: 124. Huge Corporation has just initiated a market-based forecast system using the forward rate as anestimate of the future spot rate of the Japanese yen (¥) and the Australian dollar (A$). Listed below are the forecasted and realized values for the last period:Currency Forecasted Value Realized ValueAustralian dollar $.60 $.55Japanese yen $.0067 $.0069According to this information and using the absolute forecast error as a percentage of the realized value, the forecast of the yen by Huge Corp. is ____ the forecast of the Australian dollar.a. more accurate thanb. less accurate thanc. more biased thand. the same asANS: ASOLUTION: Absolute forecast error for the Australian dollar = (|.60 - .55|)/.55 = 9.09%Absolute forecast error for the Japanese yen = (|.0067 - .0069|)/.0069 =2.90%Therefore, Huge Corp. has estimated the Japanese yen more accurately byapproximately 6.19%.PTS: 125. Gamma Corporation has incurred large losses over the last ten years due to exchange rate fluctuationsof the Egyptian pound (EGP), even though the company has used a market-based forecast based on the forward rate. Consequently, management believes its forecasts to be biased. The following regression model was estimated to determine if the forecasts over the last ten years were biased:S t = a0 + a1F t -1 + μt,where S t is the spot rate of the pound in year t and F t- 1 is the forward rate of the pound in year t -1.Regression results reveal coefficients of a0 = 0 and a1 = 1.3. Thus, Gamma has reason to believe that its past forecasts have ____ the realized spot rate.a. overestimatedb. underestimatedc. correctly estimatedd. none of the aboveANS: B PTS: 126. Which of the following is not a method of forecasting exchange rate volatility?a. using the absolute forecast error as a percentage of the realized value.b. using the volatility of historical exchange rate movements as a forecast for the future.c. using a time series of volatility patterns in previous periods.d. deriving the exchange rate's implied standard deviation from the currency option pricingmodel.ANS: A PTS: 127. If a foreign currency is expected to ____ substantially against the parent's currency, the parent mayprefer to ____ the remittance of subsidiary earnings.a. weaken; delayb. weaken; expeditec. appreciate; expedited. none of the aboveANS: B PTS: 128. If an MNC invests excess cash in a foreign county, it would like the foreign currency to ____; if anMNC issues bonds denominated in a foreign currency, it would like the foreign currency to ____.a. appreciate; depreciateb. appreciate; appreciatec. depreciate; depreciated. depreciate; appreciateANS: A PTS: 129. Severus Co. has to pay 5 million Canadian dollars for supplies it recently received from Canada.Today, the Canadian dollar has appreciated by 2 percent against the U.S. dollar. Severus hasdetermined that whenever the Canadian dollar appreciates against the U.S. dollar by more than 1percent, it experiences a reversal of 40 percent on the following day. Based on this information, the Canadian dollar is expected to ____ tomorrow, and Severus would prefer to make payment ____.a. depreciate by .8%; todayb. depreciate by .8%; tomorrowc. appreciate by .8%; todayd. appreciate by .8%; tomorrowANS: BSOLUTION: e t +1 = (2%) ⨯ (-40%) = -0.8%PTS: 130. Corporations tend to make only limited use of technical forecasting because it typically focuses on thenear future, which is not very helpful for developing corporate policies.a. Trueb. FalseANS: T PTS: 131. Sulsa Inc. uses fundamental forecasting. Using regression analysis, it has determined the followingequation for the euro:euro t = b0 + b1INF t- 1 + b2INC t- 1= .005 + .9INF t- 1 + 1.1INC t- 1The most recent quarterly percentage change in the inflation differential between the U.S. and Europe was 2 percent, while the most recent quarterly percentage change in the income growth differential between the U.S. and Europe was -1 percent. Based on this information, the forecast for the euro is a(n) ____ of ____%.a. appreciation; 3.4b. depreciation; 3.4c. appreciation; 0.7d. appreciation; 1.2ANS: DSOLUTION: euro t = .005 + .9(.02) + 1.1(-.01) = 1.2%PTS: 132. The U.S. inflation rate is expected to be 4 percent over the next year, while the European inflation rateis expected to be 3 percent. The current spot rate of the euro is $1.03. Using purchasing power parity, the expected spot rate at the end of one year is $____.a. 1.02b. 1.03c. 1.04d. none of the aboveANS: CSOLUTION:E(S t + 1) = $1.03(1.0097) = $1.04PTS: 133. If the one-year forward rate for the euro is $1.07, while the current spot rate is $1.05, the expectedpercentage change in the euro is ____%.a. 1.90b. 2.00c. -1.87d. none of the aboveANS: ASOLUTION: E(e) = 1.07/1.05 - 1 = 1.90%PTS: 134. If both interest rate parity and the international Fisher effect hold, then between the forward rate andthe spot rate, the ____ rate should provide more accurate forecasts for currencies in ____-inflation countries.a. spot; highb. spot; lowc. forward; highd. forward; lowANS: C PTS: 135. If a foreign country's interest rate is similar to the U.S. rate, the forward rate premium or discount willbe ____, meaning that the forward rate and spot rate will provide ____ forecasts.a. substantial; similarb. substantial; very differentc. close to zero; similard. close to zero; very differentANS: C PTS: 136. Factors such as economic growth, inflation, and interest rates are an integral part of ____ forecasting.a. technicalb. fundamentalc. market-basedd. none of the aboveANS: B PTS: 137. Silicon Co. has forecasted the Canadian dollar for the most recent period to be $0.73. The realizedvalue of the Canadian dollar in the most recent period was $0.80. Thus, the absolute forecast error as a percentage of the realized value was ____%.a. 9.6b. -9.6c. 8.8d. -8.8ANS: CSOLUTION:PTS: 138. The absolute forecast error of a currency is ____, on average, in periods when the currency is more____.a. lower; volatileb. higher; stablec. lower; stabled. none of the aboveANS: C PTS: 139. If the foreign exchange market is ____ efficient, then historical and current exchange rate informationis not useful for forecasting exchange rate movements.a. weak-formb. semistrong-formc. strong formd. all of the aboveANS: D PTS: 140. Foreign exchange markets are generally found to be at least ____ efficient.a. weak-formb. semistrong-formc. strong formd. none of the aboveANS: B PTS: 141. MNCs can forecast exchange rate volatility to determine the potential range surrounding theirexchange rate forecast.a. Trueb. FalseANS: T PTS: 142. If the pattern of currency values over time appears random, then technical forecasting is appropriate.a. Trueb. FalseANS: F PTS: 143. Inflation and interest rate differentials between the U.S. and foreign countries are examples ofvariables that could be used in fundamental forecasting.a. Trueb. FalseANS: T PTS: 144. A regression analysis of the Australian dollar value on the inflation differential between the U.S. andAustralia produced a coefficient of .8. Thus, for every 1% increase in the inflation differential, the Australian dollar is expected to depreciate by .8%.a. Trueb. FalseANS: F PTS: 145. The most sophisticated forecasting techniques provide consistently accurate forecasts.a. Trueb. FalseANS: F PTS: 146. If the forward rate is used as an indicator of the future spot rate, the spot rate is expected to appreciateor depreciate by the same amount as the forward premium or discount, respectively.a. Trueb. FalseANS: T PTS: 147. Research indicates that currency forecasting services almost always outperform forecasts based on theforward rate.a. Trueb. FalseANS: F PTS: 148. When measuring forecast performance of different currencies, it is often useful to adjust for theirrelative sizes. Thus, percentages, rather than nominal amounts, are often used to compute forecast errors.a. Trueb. FalseANS: T PTS: 149. The closer graphical points are to the perfect forecast line, the better is the forecast.a. Trueb. FalseANS: T PTS: 150. Foreign exchange markets appear to be strong-form efficient.a. Trueb. FalseANS: F PTS: 151. A motivation for forecasting exchange rate volatility is to obtain a range surrounding the forecast.a. Trueb. FalseANS: T PTS: 152. Two methods to assess exchange rate volatility are the volatility of historical exchange ratemovements and the exchange rate's implied standard deviation from the currency option pricingmodel.a. Trueb. FalseANS: T PTS: 153. Market-based forecasting involves the use of historical exchange rate data to predict future values.a. Trueb. FalseANS: F PTS: 154. Fundamental models examine moving averages over time and thus allow the development of aforecasting rule.a. Trueb. FalseANS: F PTS: 155. A forecasting technique based on fundamental relationships between economic variables and exchangerates, such as inflation, is referred to as technical forecasting.a. Trueb. FalseANS: F PTS: 156. Usually, fundamental forecasting is used for short-term forecasts, while technical forecasting is usedfor longer-term forecasts.a. Trueb. FalseANS: F PTS: 157. If points are scattered evenly on both sides of the perfect forecast line, then the forecast appears to bevery accurate.a. Trueb. FalseANS: F PTS: 158. If foreign exchange markets are strong-form efficient, then all relevant public and private informationis already reflected in today's exchange rates.a. Trueb. FalseANS: T PTS: 159. Exchange rates one year in advance are typically forecasted with almost perfect accuracy for the majorcurrencies, but not for currencies of smaller countries.a. Trueb. FalseANS: F PTS: 160. The potential forecast error is larger for currencies that are more volatile.a. Trueb. FalseANS: T PTS: 161. A forecast of a currency one year in advance is typically more accurate than a forecast one week inadvance since the currency reverts to equilibrium over a longer term period.a. Trueb. FalseANS: F PTS: 162. In general, any key managerial decision that is based on forecasted exchange rates should relycompletely on one forecast rather than alternative exchange rate scenarios.a. Trueb. FalseANS: F PTS: 163. Monson Co., based in the U.S., exports products to Japan denominated in yen. If the forecasted valueof the yen is substantially ____ than the forward rate, Monson Co. will likely decide ____ thepayments.a. higher; to hedgeb. lower; not to hedgec. higher; not to hedged. none of the aboveANS: C PTS: 164. When a U.S.-based MNC wants to determine whether to establish a subsidiary in a foreign country, itwill always accept that project if the foreign currency is expected to appreciate.a. Trueb. FalseANS: F PTS: 165. The following is not a limitation of technical forecasting:a. It's not suitable for long-term forecasts of exchange rates.b. It doesn't provide point estimates or a range of possible future values.c. It cannot be applied to currencies that exhibit random movements.d. It cannot be applied to currencies that exhibit a continuous trend for short-term forecast.ANS: D PTS: 166. The following regression model was estimated to forecast the percentage change in the AustralianDollar (AUD):AUD t = a0 + a1INT t + a2INF t- 1 + μt,where AUD is the quarterly change in the Australian Dollar, INT is the real interest rate differential in period t between the U.S. and Australia, and INF is the inflation rate differential between the U.S. and Australia in the previous period. Regression results indicate coefficients of a0 = .001; a1 = -.8; and a2 = .5. Assume that INF t- 1 = 4%. However, the interest rate differential is not known at the beginning of period t and must be estimated. You have developed the following probability distribution:Probability Possible Outcome20% -3%80% -4%There is a 20% probability that the Australian dollar will change by ____, and an 80% probability it will change by ____.a. 4.5%; 6.1%;b. 6.1%; 4.5%c. 4.5%; 5.3%d. None of the aboveANS: CSOLUTION: Probability 20% = .001 + (-.8)(-.03) + (.5)(.04) = 4.5%Probability 80% = .001 + (-.8)(-.04) + (.5)(.04) = 5.3%PTS: 167. Purchasing power parity is used in:a. technical forecasting.b. fundamental forecasting.c. market-based accounting.d. all of the above.ANS: B PTS: 168. If speculators expect the spot rate of the yen in 60 days to be ____ than the 60-day forward rate on theyen, they will ____ the yen forward and put ____ pressure on the yen's forward rate.a. higher; buy; upwardb. higher; sell; downwardc. higher; sell; upwardd. lower; buy; upwardANS: A PTS: 169. If speculators expect the spot rate of the Canadian dollar in 30 days to be ____ than the 30-day forwardrate on Canadian dollars, they will ____ Canadian dollars forward and put ____ pressure on theCanadian dollar forward rate.a. lower; sell; upwardb. lower; sell; downwardc. higher; sell; upwardd. higher; sell; downwardANS: B PTS: 170. Assume that U.S. annual inflation equals 8%, while Japanese annual inflation equals 5%. If purchasingpower parity is used to forecast the future spot rate, the forecast would reflect an expectation of:a. appreciation of yen's value over the next year.b. depreciation of yen's value over the next year.c. no change in yen's value over the next year.d. information about interest rates is needed to answer this question.ANS: A PTS: 171. Assume that U.S. interest rates are 6%, while British interest rates are 7%. If the international Fishereffect holds and is used to determine the future spot rate, the forecast would reflect an expectation of:a. appreciation of pound's value over the next year.b. depreciation of pound's value over the next year.c. no change in pound's value over the next year.d. not enough information to answer this question.ANS: B PTS: 172. If the foreign exchange market is ____ efficient, then technical analysis is not useful in forecastingexchange rate movements.a. weak-formb. semistrong-formc. strong formd. all of the aboveANS: D PTS: 173. If today's exchange rate reflects any historical trends in Canadian dollar exchange rate movements, butnot all relevant public information, then the Canadian dollar market is:a. weak-form efficient.b. semistrong-form efficient.c. strong-form efficient.d. all of the above.ANS: A PTS: 174. Leila Corporation used the following regression model to determine if the forecasts over the last tenyears were biased:S t = a0 + a1F t- 1 + μt,where S t is the spot rate of the yen in year t and F t- 1 is the forward rate of the yen in year t -1.Regression results reveal coefficients of a0 = 0 and a1 = .30. Thus, Leila Corporation has reason to believe that its past forecasts have ____ the realized spot rate.a. overestimatedb. underestimatedc. correctly estimatedd. none of the aboveANS: A PTS: 175. Assume that U.S. interest rate for the next three years is 5%, 6%, and 7% respectively. Also assumethat Canadian interest rates for the next three years are 3%, 6%, 9%. The current Canadian spot rate is $.840. What is the approximate three-year forecast of Canadian dollar spot rate if the three-yearforward rate is used as a forecast?a. $.840b. $.890c. $.856d. $.854ANS: CSOLUTION: {[(1.05)(1.06)(1.07)]/[(1.03)(1.05)(1.08)]} ⨯ $.84 = $.856PTS: 176. Which of the following is not one of the major reasons for MNCs to forecast exchange rates?a. to decide in which foreign market to invest the excess cash.b. to decide where to borrow at the lowest cost.c. to determine whether to require the subsidiary to remit the funds or invest them locally.d. to speculate on the exchange rate movements.ANS: D PTS: 177. Sensitivity analysis allows for all of the following except:a. accountability for uncertainty.b. focus on a single point estimate of future exchange rates.c. development of a range of possible future values.d. consideration of alternative scenarios.ANS: B PTS: 178. If graphical points lie above the perfect forecast line, than the forecast overestimated the future value.a. Trueb. FalseANS: F PTS: 179. A regression model was applied to explain movements in the Canadian dollar's value over time. Thecoefficient for the inflation differential between the U.S. and Canada was -0.2. The coefficient of the interest rate differential between the U.S. and Canada produced a coefficient of 0.8. Thus, theCanadian dollar depreciates when the inflation differential ____ and the interest rate differential ____.a. increases; increasesb. decreases; increasesc. increases; decreasesd. increases; decreasesANS: C PTS: 180. If the pattern of currency values over time appears random, then technical forecasting is appropriate.a. Trueb. FalseANS: F PTS: 181. Market-based forecasting is based on fundamental relationships between economic variables andexchange rates.。
国际金融学08-09试卷(答案)
2008-2009学年第一学期期末考试国际金融试卷A一、单项选择题（本题共10小题，每题1分，共10分）1、由非确定的或偶然的因素引起的国际收支不平衡是( )A、临时性不平衡B、收入性不平衡C、货币性不平衡D、周期性不平衡2、隔日交割，即在成交后的第一个营业日内进行交割的是（）A、即期外汇交易B、远期外汇交易C、中期外汇交易D、长期外汇交易3、在我国的国际收支平衡表中，各种实务和资产的往来均以（）作为计算单位，以便于统计比较。
A、人民币B、美元C、欧元D、英磅4、国际货币基金组织的主要资金来源是（）A、贷款B、信托基金C、会员国向基金组织交纳的份额D、捐资5 、当前国际债券发行最多的是（）。
A 、外国债券B 、美洲债券C 、非洲债券D 、欧洲债券6、非居民相互之间以银行为中介在某种货币发行国国境之外从事该种货币存贷业务的国际金融市场是（）金融市场。
A、美洲国家B、对岸C、离岸D、国际7、大额可转让存单的发行方式有直接发行和（）A、通过中央银行发行B、在海外发行C、通过承销商发行D、通过代理行发行8、目前，世界上规模最大的外汇市场是（）外汇市场，其交易额占世界外汇交易额的30%。
A、伦敦B、东京C、纽约D、上海市9、金融交易防险法是利用外汇市场与货币业务来消除汇率风险，其中不包括A、远期合同法B、投资法C、外汇期权合同法D、外汇保值条款10、在考察一国外债规模的指标中，（）是指一定时期偿债额占出口外汇收入的比重。
A、债务率B、负债率C、偿息率D、偿债率二、多选题（共5题，每题2分，共10分）11、股票发行市场又称为（）A、初级市场B、一级市场C、次级市场D、二级市场12、从一国汇率是否同他国配合来划分，浮动汇率可分为（）A、单独浮动B、联合浮动C、自由浮动D、管理浮动13、交易后在某一确定日期进行收付时因汇价变动而造成的外汇损失风险是A、外汇信用风险B、交易风险C、营业风险D、转换风险14、下列关于我国现行的外汇管理体制说法正确的有（）A、取消外汇留成和上缴B、实行银行结汇、售汇和人民币经常项目可兑换C、取消境内外币计价结算，禁止外币在境内的流通D、实行人民币金融项目的自由兑换15、网上支付工具应用十分广泛，下列属于网上支付工具的有（）A、电子信用卡B、电子支票C、电子现金D、数字货币三、判断题（共10小题，每题1分，共10分。
第2章国际金融 练习答案
5.甲国某企业在海外投资所得利润150万美元，其中75万美元用 于当地的再投资，50万美元购买当地商品运回国内，25万美 元调回国内结售给政府以换取本国货币。
借：直接投资 75万美元 货物进口 50万美元 储备资产 25万美元 贷：收入 150万美元
6.甲国居民动用在国外的存款40万美元，购买外国某公司的股 票。
借：货物进口 100万美元 贷：直接投资 100万美元
3.甲国居民到D国旅游，花掉其10万美元的存款该笔费用从该国 居民的国外存款帐户扣除。
借：服务进口 10万美元 贷：其他投资 10万美元
4.甲国政府动用外汇储备40万美元向E国提供无偿援助，另提供 相当于60万美元的药品援助。
借：经常转移 100万美元 贷：储备资产 40万美元 货物出口 60万美元
第二章 练习答案
一、选择题
1.最早的国际收支概念是＿＿。 A.狭义BOP B.广义BOP C.贸易收支 D.外汇收支 2.IMF《国际收支手册》判断居民与非居民的标准是＿＿。 A.国籍 B.地理位置 C.民族 3.居民在国外投资收益的汇回应记入＿＿。 A.经常账户 B.资本与金融账户 C.错误与遗漏账户 4.在记入BOP时，一般来说货物按＿＿计价。 A.CIF价 B.FOB价 C.CFR价 5.将BOP账户中官方储备账户剔除后的余额被称为＿＿。 A.贸易账户差额 B.综合账户差额 C.经常账户差额 6.能反应一国产业结构和产品在国际上的竞争力及在国际分工中的地位的 差额是＿＿。 A.贸易账户差额 B.综合账户差额 C.经常账户差额 7.对于一个经济体来说，它的居民单位主要包括＿＿。 A.企业 B.个人 C.社会团体 D.本国企业的海外子公司 8.BOP可能出现逆差的周期阶段是＿＿＿。 A.繁荣阶段 B.衰退阶段 9.对BOP定义比较全面的理论是＿＿＿。 A.弹性论 B.吸收论 C.货币分析法
国际经济学期末考试试题
国际经济学课程期末考试试卷（第 A 卷）考试专业班级国贸09级考试形式闭卷考试时间120 分钟考试学期 2011年上学期考试类型考试命题教师1.国际经济学理论体系发展阶段不包括（）。
A.重商主义B.古典的自由贸易理论C.现代国际经济理论D.重农主义2.微观经济学研究的是单个社会的资源配置问题，而国际贸易理论研究的是（）。
A.一国的资源配置问题B.两国范围内的资源配置问题C.地区范围内的资源配置问题D.世界范围内的资源配置问题3. 属于“贸易三角”构成部分的几何图形是（）。
Ａ国际比价线Ｂ提供曲线Ｃ生产可能性边界Ｄ相互需求曲线4.斯密在批判重商主义的同时还提出了 ( )。
A.自由贸易思想B.管理贸易思想C.保护贸易思想D.干预贸易思想5. 不改变贸易结构，只改变贸易规模的增长方式有( )。
A.偏向进口的生产要素增长B.偏向出口的生产要素增长C.生产要素等比例增长D.悲惨的增长6. 国际贸易中发生“悲惨的增长”的条件有（）。
A．产品需求弹性较高 B．产品需求弹性较低C．产品需求无弹性 D．产品需求弹性无穷大7. 根据要素禀赋论，一国出口的应该是密集地使用了本国比较（）要素的产品。
A. 丰裕B. 稀缺C. 密集D. 上述说法都不对8. 从国际贸易对生产要素分配的影响来看，国际贸易有利于（）。
A .生产进口竞争品中密集使用的生产要素收入的增加B.生产进口竞争品中密集使用的共同生产要素收入的增加C.生产出口品中密集使用的共同生产要素收入的增加D.生产出口品中密集使用的生产要素收入的增加9. 对于存在共同生产要素的两个生产部门而言，一个部门产品价格水平的上升将导致另一部门共同生产要素的流出。
同时，共同生产要素流出部门专门生产要素的收入水平将（）A．上升B．下降C．不变D．无法确定10. 如果X、Y商品的价格上升同样的幅度，则名义工资和劳动力在两部门之间的分配情况应当是( )。
A.名义工资上升，劳动力从X流向YB.名义工资上升，劳动力从Y流向XC.名义工资上升，劳动力的分配不变D.名义工资下降，劳动力的分配不变11. 重叠需求贸易理论从需求的角度对产业内贸易加以概括和解释，对国际贸易理论的发展作出了重要贡献。
国际金融学——考试题库及答案
08年.2月.27
08年.2月.29
08年.2月.28
08年.2月.26
答案：08年.2月.29
题目：中间汇率是指( )的平均数。
官方汇率和市场汇率
买入汇率和卖出汇率
即期汇率和远期汇率
贸易汇率和金融汇率
答案：买入汇率和卖出汇率
题目：以下哪项不是国际收支顺差的影响？
T＋1
T＋0
T＋N
T＋2
答案：T＋N
题目：下列哪项不属于我国的国际储备的主要特点
国际储备来源较为单一
国际储备来源多元化
稳定的黄金储备政策
储备资产规模不断增大
答案：国际储备来源较为单一
题目：下列哪一项不是远期外汇交易的原因
进出口商为了避免汇率波动风险
短期投资者规避风险
题目：具有“中央银行的银行”的职能的国际金融机构是
国际清算银行
世界银行
国际金融公司
国际货币基金组织
答案：国际清算银行
题目：记账实例：甲国企业出口价值100万美元的设备，所得收入存入银行，下列哪项是正确的
借：其他投资—银行存款 100万美元 贷：货物出口 100万美元
对外贸易成熟说
对外收支说
铸币-价格流动机制
答案：对外收支说
题目：外汇期货交易的产生的背景不包括
浮动汇率制度
汇率涨跌幅度增加
汇率风险减小
布雷顿森林体系崩溃
答案：汇率风险减小
题目：具有具体交易场所的外汇市场，早期的外汇市场多以这种形式存在，最早产生于欧洲大陆，这种外汇市场被称之为
本币供给量增加
通胀压力增加
(完整版)国际金融学试题及参考答案(免费)
《国际金融学》 试卷A一、单项选择题（每题1分，共15分）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（ ）。
09级国际经济学试卷(A)
1、
2、
3、
4、
5、
四．计算题（本大题共2小题，第一小题8 得分 评卷
分，第二小题7分，共15分）
人
1、
2、
五．论述说明题（本大题共3小题，每小题 得分 评卷
10分，共30分）四题中任选三题作答
人
1、
2、 3、
4、
用的问题
2．对于两国贸易模型来说，国际均衡价格一定处于两国贸易前(
)。
A．最低相对价格水平之下
B．最高相对价格水平之上
C．相对价格水平之间
D．根据具体情况而定
3．本国生产A、B、C、D四种产品的单位劳动投入分别为1、2、4、15，
外国生产这四种产品的单位劳动投入分别为12、18、24、30，根据李嘉
11、 12、 13、 14、 15、
16、 17、 18、 19、 20、
二．判断题（本大题共10小题，每题1 得分 评卷人 分，共10分）
1、 2、 3、 4、 5、
6、 7、 8、 9、 10、
C．两者相等
D．不确定
14．就国家整体而言，分配进口配额最好的方法是(
)
A．竞争性拍卖
B．固定受惠
C. 资源使用申请程序
D．政府适时分配
15．在大国情形下，出口补贴对国内经济的影响效应是：(
)。
A．贸易条件效应和出口扩大效应
B．竞争效应和规模
经济效应
C．竞争效应和扩大出口效应
D．贸易条件效应和
规模经济效应
）
7．小国实施配额的情况下，当进口商品的世界市场价格下降，进口国 价格也会下降，因为小国是世界市场价格的被动接受者。（ ） 8．在不完全竞争和规模经济的情况下，进口保护有可能使某一行业由 进口替代部门转变为出口部门。（ ） 9．在保护本国幼稚产业方面，进口关税保护优于生产补贴。 （ ） 10．研究开发实力较弱的企业更多地采用对外直接投资的方式在企业内 部转移和使用创新成果这种无形资产。（ ）
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2008-2009学年第一学期期末考试国际金融试卷A一、单项选择题（本题共10小题，每题1分，共10分）1、由非确定的或偶然的因素引起的国际收支不平衡是( )A、临时性不平衡B、收入性不平衡C、货币性不平衡D、周期性不平衡2、隔日交割，即在成交后的第一个营业日内进行交割的是（）A、即期外汇交易B、远期外汇交易C、中期外汇交易D、长期外汇交易3、在我国的国际收支平衡表中，各种实务和资产的往来均以（）作为计算单位，以便于统计比较。
A、人民币B、美元C、欧元D、英磅4、国际货币基金组织的主要资金来源是（）A、贷款B、信托基金C、会员国向基金组织交纳的份额D、捐资5 、当前国际债券发行最多的是（）。
A 、外国债券B 、美洲债券C 、非洲债券D 、欧洲债券6、非居民相互之间以银行为中介在某种货币发行国国境之外从事该种货币存贷业务的国际金融市场是（）金融市场。
A、美洲国家B、对岸C、离岸D、国际7、大额可转让存单的发行方式有直接发行和（）A、通过中央银行发行B、在海外发行C、通过承销商发行D、通过代理行发行8、目前，世界上规模最大的外汇市场是（）外汇市场，其交易额占世界外汇交易额的30%。
A、伦敦B、东京C、纽约D、上海市9、金融交易防险法是利用外汇市场与货币业务来消除汇率风险，其中不包括A、远期合同法B、投资法C、外汇期权合同法D、外汇保值条款10、在考察一国外债规模的指标中，（）是指一定时期偿债额占出口外汇收入的比重。
A、债务率B、负债率C、偿息率D、偿债率二、多选题（共5题，每题2分，共10分）11、股票发行市场又称为（）A、初级市场B、一级市场C、次级市场D、二级市场12、从一国汇率是否同他国配合来划分，浮动汇率可分为（）A、单独浮动B、联合浮动C、自由浮动D、管理浮动13、交易后在某一确定日期进行收付时因汇价变动而造成的外汇损失风险是A、外汇信用风险B、交易风险C、营业风险D、转换风险14、下列关于我国现行的外汇管理体制说法正确的有（）A、取消外汇留成和上缴B、实行银行结汇、售汇和人民币经常项目可兑换C、取消境内外币计价结算，禁止外币在境内的流通D、实行人民币金融项目的自由兑换15、网上支付工具应用十分广泛，下列属于网上支付工具的有（）A、电子信用卡B、电子支票C、电子现金D、数字货币三、判断题（共10小题，每题1分，共10分。
对的标T，错的标F。
）16、广义的说，外汇包括外国货币、外国银行存款、外国汇票等（）17、债券的复利计息是指把债券未到期之前的所产生的利息加入本金，逐期滚存利息。
（）18、由于汇率变动而引起企业竞争能力变动的可能性是企业外汇风险的外汇买卖风险。
（）19、宽松的经济政策和严格的金融政策有利于国际金融市场的形成（）20、国际租赁的有利之处在于租赁费用较低（）21、一国国际收支有长期和大量的顺差可能会导致该国的货币升值（）22、外汇期权按行使期权的时间不同可分为美式期权和英式期权（）23、和国际金融组织相比，政府贷款的额度都很大（）24、国际收支平衡表不是按照复式簿记原理来编制的（）25、一国的国际储备应该与该国的经济发展规模成正比（）四、名词解释（共4小题，每题3分，共12分）26、贴现27、买入汇率28、地点套汇29、伦敦银行间同业拆放利率五、简答题（共4小题，每题5分，共20分）30、汇率变动对国内物价的影响31、即期外汇交易的一般程序32、国际储备的来源33、出口信贷在国际贸易中的作用六、计算题（共3小题， 34题6分， 35、36题各7分，共20分）34 、大森公司三个月后有100万英镑收入。
为避免英镑的贬值，这家公司决定通过期权交易来化解外汇风险。
现汇率1：15。
00 三个月期权汇率1：14。
80三个月后实际汇率1：14。
50 期权费0。
1人民币元/英镑请计算：（1）如不买期权，该公司的损失是多少？（2）买期权后，该公司的损失是多少？35 、纽约外汇市场1美元=2马克，法兰克福外汇市场1英镑=5马克，伦敦外汇市场1英镑=2美元。
（1）是否有套汇的机会。
请解释如何套汇。
（2）用电汇、票汇、还是信汇汇款？（3）若用1美元套汇能盈利多少。
36 、强生公司有一笔为期六个月，金额为100万英镑的应付账款。
为避免英镑升值。
请用BSI法来防范外汇风险。
英镑借款利息6% 人民币借款利息5%英镑存款利息3% 购买英镑债券收益率4%现汇率1：15。
00 六个月后汇率1：15。
80请问：该企业不用BSI法的损失是多少？该企业用BSI法的损失是多少？七、论述题（共2小题，每小题9分，共18分）37、外汇管制的方式38、国际金融市场的作用2008-2009学年第一学期期末考试国际金融试卷B一、单项选择题（本题共10小题，每题1分，共10分）1、把债券未到期之前的所产生的利息加入本金，逐期滚存利息的计息方法是A、复利计息B、单利计息C、流动计息D、多次计息2、在当今世界上，国际交易几乎全部都是通过（）账户上的外汇转移进行结算的。
A、商业银行B、中央银行C、证券机构D、交易所3、大额可转让存单的发行方式有通过承销商发行和（）A、通过中央银行发行B、在海外发行C、直接发行D、通过代理行发行4、股票市场分为发行市场和流通市场，其中发行市场又称为（）A、初级市场B、三级市场C、次级市场D、二级市场5、资金融资期限在1年以内（含1年）的资金交易场所的总称，其中包括有形和无形市场，这种市场是（）市场。
A、货币B、资本C、证券D、金融6、股票交易所分为公有交易所，私人交易所和（）交易所。
A、国家B、银行C、外资D、混合7、利用不同地点的外汇市场之间的汇率差异，同时在不同地点的外汇市场进行外汇买卖，以赚取价差的一种套汇交易是（）A、地点套汇B、国家套汇C、抵补套汇D、抵销套汇8、隔日交割，即在成交后的第一个营业日内进行交割的是（）A、即期外汇交易B、远期外汇交易C、中期外汇交易D、长期外汇交易9、在国际货币基金组织的贷款中，申请（）贷款是无条件的，不需批准，可以自由提用。
A、出口波动B、信托C、储备部分D、特别10、下列关于我国的国际储备管理说法不正确的是（）A、以安全性为主B、保持多元化的货币储备C、以盈利性为主、适当考虑安全性和流动性D、根据国际市场的形势，随时调整各种储备货币的比例二、多选题（共5题，每题2分，共10分）11、经常项目是国际经济交往中经常发生的国际收支项目，具体包括以下（）A、贸易收支B、劳务收支C、单方面转移收支D、各种对外投资，包括证券和实业投资12、外汇管制的方式有（）A、对贸易外汇的管理B、对非贸易外汇的管理C、对资本输入输出的管理D、对汇率的管理13、外汇期权按行使期权的时间不同可分为（）A、美式期权B、英式期权C、欧式期权D、中式期权14、国际储备的构成包括（）A、黄金储备B、外汇储备C、在IMF的储备头寸D、特别提款权15、影响黄金价格的因素有（）A、黄金的供求关系B、货币的利率和汇率C、国际政治和经济局势D、通货膨胀的大小三、判断题（共10小题，每题1分，共10分。
对的标T，错的标F。
）16、偿债率是指一定时期偿债额占出口外汇收入的比重。
（）17、从政府是否干预汇率来划分，浮动汇率可分为单独浮动、联合浮动、自由浮动和管理浮动（）18、贴现是指持票人以未到期票据向银行兑换现金，银行将扣除自买进票据日到票据到期日的利息后的款项付给持票人（）19、出口收汇要尽量选择硬币，进口付汇要尽量使用软币（）20、银行的中长期贷款一般都是浮动利率，而租赁的租金固定，因此企业容易计算成本，对投资有把握（）21、国际储备不能用于调节国际收支的不平衡，但可用于稳定本国货币的汇率和对外借款的资信保证和物质基础。
（）22、稳定的政局和完善金融市场机制有利于国际金融市场的形成（）23、期权保证金是由期权卖方事先存入交易所以保证其履行合约的资金。
24、目前，世界上规模最大的外汇市场是东京外汇市场，其交易额占世界外汇交易额的30%。
（）25、在伦敦金融市场上，银行间二年以下的短期资金借贷利率是伦敦银行间同业拆放利率。
（）四、名词解释（共4小题，每题3分，共12分）26、汇率27、离岸国际金融市场28、远期外汇交易29、买方信贷五、简答题（共4小题，每题5分，共20分）30、期货合约的主要内容31、简述电子货币的功能32、人民币汇率的特点33、企业外汇风险的类型六、计算题（共3小题， 34题6分， 35、36题各7分，共20分）34 、请计算下列外汇的远期汇率。
（1）、香港外汇市场币种即期汇率三个月升贴水数三个月远期汇率美元7。
8900 贴水100日元0。
1300 升水100澳元6。
2361 贴水61法郎4。
2360 贴水160（2）、纽约外汇市场币种即期汇率三个月升贴水数三个月远期汇率港元7。
7500 升水100加元4。
2500 升水100澳元1。
2361 贴水61法郎2。
2360 贴水16035 、大海公司从美国进口一批货物。
有一笔为期六个月，金额为100万英镑的应付账款。
请用BSI法来防范外汇风险。
英镑借款利息6% 人民币借款利息5%英镑存款利息3% 购买英镑债券收益率4%现汇率1：15。
00 六个月后汇率1：15。
80请问：该企业不用BSI法的损失是多少？该企业用BSI法的损失是多少？36 、广州某公司向英国出口一批货物。
三个月后有100万英镑收入。
为避免英镑的贬值，这家公司决定通过期权交易来化解外汇风险。
现汇率1：15。
00 三个月期权汇率1：14。
80三个月后实际汇率1：14。
50 期权费0。
1人民币元/英镑请计算：（1）如不买期权，该公司的损失是多少？（2）买期权后，该公司的损失是多少？七、论述题（共2小题，每小题9分，共18分）37、影响汇率变化的主要因素38、在浮动汇率下如何调节国际收支不平衡（答在背面）《国际金融》试卷A答案一、单项选择题（本题共10小题，每题1分，共10分）1、A2、A3、B4、C5、D6、C7、C8、A9、D 10、D二、多选题（共5题，每题2分，共10分）11、AB 12、AB 13、BC 14、ABC 15、ABCD三、判断题（共10小题，每题1分，共10分。
对的标T，错的标F。
）16、T 17、T 18、F 19、F 20、F21、T 22、F 23、F 24、F 25、T四、名词解释（共4小题，每题3分，共12分）26、贴现是指持票人以未到期票据向银行兑换现金，银行将扣除自买进票据日到票据到期日的利息后的款项付给持票人。
27 、商业银行向客户买入外汇适用的汇率称买入汇率。
28、地点套汇是指利用不同地点的外汇市场之间的汇率差异，同时在不同地点的外汇市场进行外汇买卖，以赚取价差的一种套汇交易。
29 、在伦敦金融市场上，银行间一年以下的短期资金借贷利率。