北外 北京外国语大学 国际金融 作业02(第5-10单元)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)。
1403批次之前的,北外《国际金融》第1-10单元自测
答案与解析单选题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. 进行公开市场操作你的答案 A本题考察的知识点是国际收支的调节措施。
出口退税属于税收与补贴政策，属于财政政策的一种，而不是货币政策。
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你的答案 B本题考察的知识点是国际收支理论的弹性论，只有在出口商品的需求弹性和进口商品的需求弹性之和大于1的情况下货币贬值能改善贸易收支。
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你的答案 A 更多试题及答案+扣二九七九一三九六八四$本题考察的知识点是有关国际收支的内外部综合平衡理论，蒙代尔分配法则认为货币政策应该用来稳定国际收支，财政政策则用于稳定国内经济。
因此，在国内经济出现通货膨胀时，应实行紧缩性的财政政策；在国际收支出现顺差时，则应该实行扩张性的货币政策。
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. 交易双方的居住地你的答案 D本题考察的知识点是对国际收支所反映的经济交易特征的理解，即这些交易应该是发生在居民与非居民之间的，而居民是以居住地为标准的。
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. 金融项目你的答案 C本题考察的知识点是对国际收支平衡表主要内容的了解。
国际金融网上作业及答案
题号:1 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5 内容:在货币期权交易中：A、卖方的最大损失是与其所收取的期权价格相当B、买方的最大收益与其所支付的期权价格相当C、卖方的最大收益低于其所收取的期权价格D、买方的最大损失是所支付的期权价格标准答案:D学员答案:D本题得分:5题号:2 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5 内容:外汇期权即为在约定时间、按约定条件：A、买卖外汇的权利B、买卖外汇期货的权利C、买进外汇的权利D、卖出外汇的权利标准答案:B学员答案:B本题得分:5题号:3 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5 内容:（）必须进行外汇即期交易。
A、对外汇款B、对外投资C、出口收汇D、进口付汇标准答案:A学员答案:A本题得分:5题号:4 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5 内容:假定其他条件不变，通胀率与货币汇率的关系为：A、高通胀国家货币对低通胀国家货币升值B、低通胀国家货币对无通胀国家货币升值C、高通胀国家货币对低通胀国家货币贬值D、低通胀国家货币对高通胀国家货币贬值标准答案:C学员答案:C本题得分:5题号:5 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5 内容:对本币具有升值推动效应的经济政策是：A、财政扩张B、货币扩张C、货币紧缩D、提高关税标准答案:C学员答案:C本题得分:5题号:6 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5 内容:欧洲资金市场也称为：A、欧洲美元市场B、短期借贷市场C、欧洲货币市场D、银行拆借市场标准答案:C学员答案:C本题得分:5题号:7 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5 内容:纸币制度下影响汇率长期趋势的主导因素是：A、国际收支B、相对通胀率C、政府干预措施D、心理因素标准答案:B学员答案:B本题得分:5题号:8 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5内容:国际资本市场业务包括：A、长期信贷B、银团信贷C、国际债券发行D、国际股票发行标准答案:C学员答案:C本题得分:5题号:9 题型:单选题（请在以下几个选项中选择唯一正确答案）本题分数:5内容:在任何时间一种外汇的现钞卖出价总是（）其现汇卖出价。
北语20秋《国际金融》作业1【标准答案】
北语20秋《国际金融》作业1【标准答案】
(单选题)1: 福费廷与一般贴现的区别中错误的是：
A: 贴现票据遭拒付时银行可行使出票人行使追索权而福费廷不可以
B: 贴现的票据可以是国内和国际贸易中的票据，福费廷多为与进出口设备相联系的有关票据C: 贴现不需银行担保，福费廷也不需要D: 贴现的办理手续较简单而福费廷较复杂
正确答案: C
(单选题)2: 某公司因业务需要，在瑞士法郎和美元之间做掉期买卖。
该公司卖出即期瑞士法郎，买进（）；买回远期瑞士法郎，卖出（）。
A: 远期美元，即期美元
B: 即期美元，远期美元
C: 即期美元，即期美元
D: 远期美元，远期美元
正确答案: B
(单选题)3: 商业银行等金融机构之间相互买卖外汇，应用的是：
A: 金融汇率
B: 中间汇率
C: 电汇汇率
D: 信汇汇率
正确答案: B
(单选题)4: 择期外汇业务的购买者在（）有权要求银行按购买汇实行交割。
A: 合约到期日当天
B: 合约有效期内任何一天
C: 合约到期日以后
D: 以上均不对
正确答案: B
(单选题)5: 政府利用公开市场业务调节国际收支逆差所需的条件是：
A: 政府有充足的外汇储备
B: 国内物价稳定，不存在通货膨胀现象
C: 政府有较强的宏观调控能力
D: 该国实行的是自由市场经济
正确答案: A
(单选题)6: 增加外汇储备的途径有（）。
A: 中央银行抛售本币收购其他储备货币
B: 中央银行对外借款
C: 国际收支顺差
D: A+B+C
正确答案: D
(单选题)7: 金本位制下，汇率的波动的原因是：。
国际金融习题参考答案
国际金融习题参考答案国际金融参考答案第一章某年日本国际收支平衡表(单位:10亿美元)请回答:商品输出 101.11 1.日本该年国际收支差额是顺差,还是逆差?具体金额是多少? 商品输入 --99.36 答：国际收支为逆差，具体金额为-131.3亿美元。
劳务收入 25.142.该平衡表所表示的国际收支情况是否平衡? 劳务支出--34.53 答：该国自主性交易不平衡，因而其国际收支处于不平衡私人单方面转移 --0.25 状态。
政府单方面转移 --0.85 3.该表所列外汇储备变化数为+12.87(10亿)美元,是指该国直接投资 --2.66 外汇储备增加了,还是减少了?--1.25 答：外汇储备减少了，减少数额是131.3-2.6=128.7亿美证券投资元其它长期投资 --8.7其它短期投资 5.84 4.该年的国际收支情况对日元汇率有何影响?答：单从国际收支角度看，该国货币有贬值趋势。
错误和遗漏 2.38对外国官方债务 0.26 第二章1.已知USD、HKD、RMB的基本汇率为:USD1=HKD7.7268 外汇储备变化+12.87 USD1=RMB8.3261 求港元与人民币的汇率?答：港元兑人民币的汇率为：HKD1=8.3261/7.7268= RMB 1.07762.某日电讯行市:GBP1=USD1.5541 USD1=Can1.1976 求英镑对加元的套算汇率为多少?答：因为GBP1=USD1.5541 USD1=Can1.1976所以，英镑兑加元的套算汇率为GPB1= 1.5541×1.1976=Can1.86123.已知在纽约外汇市场上三个月美元利率4%，瑞士法朗利率6%，即期汇率USD1=SF1.5，求三个月期美元远期汇率升(贴)水?答：因为三个月美元利率所以三个月美元远期汇率升水，升水点数=1.5×（6%-4%）×3/12=SF0.00754.已知在纽约外汇市场上美元六个月期利率10%，港元六个月期利率6%，即期汇率USD1= HKD7.7120，求港元六个月远期汇率?[升(贴)水=即期汇率x两国利差x期限]答：因为美元六个月期利率>港元六个月期利率（10%>6%）所以港元六个月远期汇率升水，升水点数=7.7120×（10%-6%）×6/12=HKD0.1542 因为在纽约外汇市场用间接标价法，所以港元六个月远期汇率为：USD1= 7.7120-0.1542=HKD7.55781第三章1、英国三个月期利率为9%,美国为6%,外汇市场汇率USD1=GBP0.6525,若美国投资者用1532567.25美元进行投资,在两地分别获得利息收入多少?假定到期汇率不变,可获净利多少美元?如果到期美元对英镑升值3.5%,汇率变动为USD1=GBP0.6753,将亏损多少美元? 答：美国投资者在美国获得的利息收入为：1532567.25×6%×3/12=22988.51美元在英国获得的利息收入为：1532567.25×0.6525×9%×3/12=22500.00英镑如果到期汇率不变，则可获净利为（1532567.25×0.6525×9%×3/12）/0.6525=33482.76美元如果汇率变动为USD1=GBP0.6753，则将亏损：（1532567.25+22988.51）―[1532567.25×0.6525×(1+9%×3/12)]/0.6753=4141 3.702、某日,在N.Y市场上USD1=FF5.1，在Paris市场上GBP1=FF8.51在London市场上GBP1=USD1.69，问可否套汇?现有1000万美元,如何套? 答：①统一标价N.Y市场和London市场都是间接标价法，所以只需转换Paris市场标价：FF1=GBP0.1175②将三个标价相乘的结果与1比较 5.1×1.69×0.1175=1.0127>1 所以可以套汇套汇途径:用1000万美元在N.Y市场可换得5100万法国法郎,然后在Paris市场可换得599.2949万英镑(5100×0.1175=599.295),最后在London市场可换得1012.7325万美元（599.25×1.69=1012.7325）3、设伦敦市场上的美元即期汇率为:GBP1=USD1.6125/30,美国和英国存款年利率分别为6%和10%,求一年期远期汇率?求美元升(贴)水额?答：因为美国存款年利率升水额=1.6125×（10%―6%）～1.6130×（10%―6%）=USD0.06450/0.06452 因为在伦敦市场是间接标价法，所以美元一年期远期汇率为：GBP=1.6125―0.06450/1.6130―0.06452=USD1.54800/1.54848练习题1、港某商行于1999年9月17日拟向印度出口一批印刷机，原以港元向其报价，每台单价为90000港元，印商要该商行改用美元向其报价。
（新英文）“国际金融”课后计算题答案
（新英文）“国际金融”课后计算题答案Chapter 1：9. Net debtor nation of the amount $25 billion.10. a. Merchandise trade balance, $75 billion deficit. Services balance, $60 billion surplus. Goods and services balance, $15 billion deficit. Investment income balance, $5 billion surplus. Unilateral transfers balance, $20 billion deficit. Current account balance, $30 billion deficit.b. Current account. The current account deficit implies that the United States is anet-demander of funds from the rest of the world.11. a-debit; b-credit; c-credit; d-debit; e-debit; f-debit; g-credit; h-debit; i-debit.Chapter 2：1. An arbitrager could purchase 3 francs with $1, purchase 6 schilling with 3 francs, and sell 6schilling for $1.50. Ignoring transaction costs, the arbitrager realizes a $0.50 profit on the transactions.2. a. The U.S. speculator should sell francs today for delivery in 3 months at today'sforward rate of the franc, which equals $0.50.b. After 3 months, if the franc's spot rate is $0.40, the speculator can purchase francsat the price of $0.40 each and deliver them for the previously contracted rate of$0.50 per franc; the speculator realizes a profit of $0.10 on each franc which theforward contract specifies. If the franc's spot rate after 3 months is $0.60, thespeculator must purchase francs at a price of $0.60 per franc and resell them at aprice of $0.50 per franc; the speculator would suffer losses of $0.10 on each francspecified in the forward contract. If the franc's spot rate after 3 months is $0.50,the speculator realizes neither a profit nor a loss on the transaction.3. a. The U.S. importer can cover her foreign exchange risk by purchasing 20,000 poundsfor three-month delivery at today's three-month forward rate of $1.75 per pound.The importer is willing to pay 5 cents more per pound than today's spot rate toguard against the possibility that the spot rate in three months will exceed $1.70 perpound. In three months, when her payments are due, the importer will pay$35,000 and get the 20,000 pounds needed for payment, irrespective of what thepound's spot rate is at that time.b. If the spot rate of the pound in three months is $1.80 per pound, and the U.S.importer does not obtain forward cover, she must pay $36,000 for the 20,000pounds; this amount exceeds by $1000 the cost of the pounds she incurs byhedging.4. a. 1.7090, 1.7105, 1.7084, 1.7099, 1.7081, 1.7096, 1.7090, 1.7103.b. $0.5851 per franc, $1.7090 francs per dollar.c. Depreciated, appreciated.d. $58.51, 170.9 francs.e. The 30-day forward franc was at a premium of $.0002 which equals 0.4 percent onan annual basis. The 90-day forward franc was at a premium of $.0003 whichequals 0.2 percent on an annual basis.5. Arbitragers will buy pounds in New York, at $1.69 per pound, and sell pounds in London, at$1.71 per pound, thus making a profit of 2 cents on each pound. As pounds are bought in New York, their prices rises; as pounds are sold in London, their price falls. When the dollar price of the pound equalizes in the financial centers, the profitability of arbitrage ceases and the practice stops.6. a. The U.S. investor would purchase pounds on the spot market at $2 per pound, anduse the pounds to buy U.K. treasury bills in London; he would earn 4 percentannually more than he would if he had purchased U.S. treasury bills in New York.b. Yes, by 0.5 percent.7. a. $1.50 per pound. 30 pounds are purchased at a cost of $45.b. Excess supply, 20 pounds. Dollar price of the pound decreases, decrease, increase.c. E xcess demand, 20 pounds. Dollar price of the pound increases, increase, decrease.Chapter 3：1. a. - 2 percent in the U.S., 2 percent in the U.K.b. Investment would flow from the U.S. to the U.K.c. T he dollar would depreciate against the pound.2. The dollar's exchange rate will:a. Depreciateb. Appreciatec. Appreciated. Appreciatee. Depreciatef. Depreciateg. Appreciate3. a. Dollar depreciates by 10 percent, to approximately $0.55 per franc.b. Dollar appreciates by 10 percent, to approximately $0.45 per franc.c. Dollar appreciates by 15 percent, to approximately $0.43 per franc.d. Dollar depreciates by 5 percent, to approximately $0.53 per franc.4. In the short run, changes in exchange rates are caused by relative interest rates and expectedchanges in exchange rates.5.More expensive, less expensive, increased, decreased7. a. Falseb. Truec. TrueChapter 5：1. a. Export quantity 1000Export price $3000Export receipts $3 millionImport quantity 150Import price $20,000Import payments $3 millionTrade balance $0b. The dollar depreciation improves (worsens) the U.S. trade balance when the sum ofthe export-demand elasticity and the import-demand elasticity are greater (less)than 1.0.c. Because the sum of the export-demand elasticity and the import-demand elasticityare less than 1.0, the U.S. trade balance will worsen.3. The 50 percent dollar appreciation results in a less-than 50 percent increase in the firm'sproduction cost in terms of the peso.7. The 50 percent dollar appreciation results in a 50 percent increase in the firm's production costin terms of the peso.。
(新英文)“国际金融”课后计算题答案
Chapter 1：9. Net debtor nation of the amount $25 billion.10. a. Merchandise trade balance, $75 billion deficit. Services balance, $60 billion surplus. Goods and services balance, $15 billion deficit. Investment income balance, $5 billion surplus. Unilateral transfers balance, $20 billion deficit. Current account balance, $30 billion deficit.b. Current account. The current account deficit implies that the United States is anet-demander of funds from the rest of the world.11. a-debit; b-credit; c-credit; d-debit; e-debit; f-debit; g-credit; h-debit; i-debit.Chapter 2：1. An arbitrager could purchase 3 francs with $1, purchase 6 schilling with 3 francs, and sell 6schilling for $1.50. Ignoring transaction costs, the arbitrager realizes a $0.50 profit on the transactions.2. a. The U.S. speculator should sell francs today for delivery in 3 months at today'sforward rate of the franc, which equals $0.50.b. After 3 months, if the franc's spot rate is $0.40, the speculator can purchase francsat the price of $0.40 each and deliver them for the previously contracted rate of$0.50 per franc; the speculator realizes a profit of $0.10 on each franc which theforward contract specifies. If the franc's spot rate after 3 months is $0.60, thespeculator must purchase francs at a price of $0.60 per franc and resell them at aprice of $0.50 per franc; the speculator would suffer losses of $0.10 on each francspecified in the forward contract. If the franc's spot rate after 3 months is $0.50,the speculator realizes neither a profit nor a loss on the transaction.3. a. The U.S. importer can cover her foreign exchange risk by purchasing 20,000 poundsfor three-month delivery at today's three-month forward rate of $1.75 per pound.The importer is willing to pay 5 cents more per pound than today's spot rate toguard against the possibility that the spot rate in three months will exceed $1.70 perpound. In three months, when her payments are due, the importer will pay$35,000 and get the 20,000 pounds needed for payment, irrespective of what thepound's spot rate is at that time.b. If the spot rate of the pound in three months is $1.80 per pound, and the U.S.importer does not obtain forward cover, she must pay $36,000 for the 20,000pounds; this amount exceeds by $1000 the cost of the pounds she incurs byhedging.4. a. 1.7090, 1.7105, 1.7084, 1.7099, 1.7081, 1.7096, 1.7090, 1.7103.b. $0.5851 per franc, $1.7090 francs per dollar.c. Depreciated, appreciated.d. $58.51, 170.9 francs.e. The 30-day forward franc was at a premium of $.0002 which equals 0.4 percent onan annual basis. The 90-day forward franc was at a premium of $.0003 whichequals 0.2 percent on an annual basis.5. Arbitragers will buy pounds in New York, at $1.69 per pound, and sell pounds in London, at$1.71 per pound, thus making a profit of 2 cents on each pound. As pounds are bought in New York, their prices rises; as pounds are sold in London, their price falls. When the dollar price of the pound equalizes in the financial centers, the profitability of arbitrage ceases and the practice stops.6. a. The U.S. investor would purchase pounds on the spot market at $2 per pound, anduse the pounds to buy U.K. treasury bills in London; he would earn 4 percentannually more than he would if he had purchased U.S. treasury bills in New York.b. Yes, by 0.5 percent.7. a. $1.50 per pound. 30 pounds are purchased at a cost of $45.b. Excess supply, 20 pounds. Dollar price of the pound decreases, decrease, increase.c. E xcess demand, 20 pounds. Dollar price of the pound increases, increase, decrease.Chapter 3：1. a. - 2 percent in the U.S., 2 percent in the U.K.b. Investment would flow from the U.S. to the U.K.c. T he dollar would depreciate against the pound.2. The dollar's exchange rate will:a. Depreciateb. Appreciatec. Appreciated. Appreciatee. Depreciatef. Depreciateg. Appreciate3. a. Dollar depreciates by 10 percent, to approximately $0.55 per franc.b. Dollar appreciates by 10 percent, to approximately $0.45 per franc.c. Dollar appreciates by 15 percent, to approximately $0.43 per franc.d. Dollar depreciates by 5 percent, to approximately $0.53 per franc.4. In the short run, changes in exchange rates are caused by relative interest rates and expectedchanges in exchange rates.5.More expensive, less expensive, increased, decreased7. a. Falseb. Truec. TrueChapter 5：1. a. Export quantity 1000Export price $3000Export receipts $3 millionImport quantity 150Import price $20,000Import payments $3 millionTrade balance $0b. The dollar depreciation improves (worsens) the U.S. trade balance when the sum ofthe export-demand elasticity and the import-demand elasticity are greater (less)than 1.0.c. Because the sum of the export-demand elasticity and the import-demand elasticityare less than 1.0, the U.S. trade balance will worsen.3. The 50 percent dollar appreciation results in a less-than 50 percent increase in the firm'sproduction cost in terms of the peso.7. The 50 percent dollar appreciation results in a 50 percent increase in the firm's production costin terms of the peso.。
国际金融Chapter 5
Answer: D
12. A U.S. corporation has purchased currency call options to hedge a 70,000 pound payable. The premium is $.02 and the exercise price of the option is $.50. If the spot rate at the time of maturity is $.65, what is the total amount paid by the corporation if it acts rationally? A) $33,600. B) $46,900. C) $44,10 from selling Canadian dollars in the spot market = C$100,000 × $.85 = $85,000. Premium paid for options = C$100,000 × $.01 = $1,000. Amount of dollars received less premium = $84,000.
Answer: C
3. Thornton, Inc. needs to invest five million Nepalese rupees in its Nepalese subsidiary to support local operations. Thornton would like its subsidiary to repay the rupees in one year. Thornton would like to engage in a swap transaction. Thus, Thornton would: A) convert the rupees to dollars in the spot market today and convert rupees to dollars in one year at today’s forward rate. B) convert the dollars to rupees in the spot market today and convert dollars to rupees in one year at the prevailing spot rate. C) convert the dollars to rupees in the spot market today and convert rupees to dollars in one year at today’s forward rate. D) convert the dollars to rupees in the spot market today and convert rupees to dollars in one year at the prevailing spot rate.
北语15春《金融英语》作业2 答案
北语15春《金融英语》作业2 答案一、单选题（共 20 道试题，共 100 分。
）1. All these factors ___ their lower rate.A. bring aboutB. bring inC. bring outD. bring up正确答案：A2. Forward rate is for ___ later.A. submissionB. sendingC. presentationD. delivery正确答案：D3. An exchange dealer always quotes two rates, ___ one of which, he will buy and ___ the otherof which he will sell the foreign currency.A. at, onB. on, onC. with, withD. at, at正确答案：D4. The returns of common stocks for the investment depend on the ___ of the corporation.A. payoff ratioB. payment ratioC. pay ratioD. payout ratio正确答案：D5. The entity issuing the bond promises to pay the bondholder the amount borrowed(called ___ )at a designated future date.A. principalB. principleC. bondsD. dividends正确答案：A6. Some bonds pay the interest at designated ___(i.e., on a specific date each year).A. dateB. dayC. periodD. intervals正确答案：D7. ___ represent a partial ownership of the company.A. SharesB. DividendsC. BondsD. Futures正确答案：A8. Spot rate is for ___ delivery.A. spotB. right nowC. immediateD. at once正确答案：C9. Bond prices and interest rates are ___ related to each other.A. diverselyB. adverselyC. downD. inversely正确答案：D10. Dividends are usually sent to investors once every ___.A. yearB. two monthsC. half a yearD. three months正确答案：D11. Selling stocks is advantageous for a company to ___ for tax reasons.A. go publicB. go to publicC. go to the publicD. go publicly正确答案：A12. ___ are simply IOUs issued by firms and governmentsA. SharesB. DividendsC. BondsD. Futures正确答案：C13. All people who buy stocks are actually investing money in a company or business. They arecalled ___.A. customersB. investorsC. bankersD. dealers正确答案：B14. Exchange rate includes ___ and forward rate.A. spotB. occasionalC. immediateD. flexible正确答案：A15. Banks should keep enough currency and reserves to meet the requirement ___ on them byregulation.A. forcedB. imposedC. prohibitedD. forbidden正确答案：B16. The entity issuing the bond promises to pay the bondholder principal plus a fixed amount of___.A. profitsB. interestC. bondsD. dividends正确答案：B17. The most important dealers in foreign exchange transactions are large ___ banks;A. commodity banksB. commerce banksC. national banksD. commercial banks正确答案：D18. ——Do you know anything about the stock market?——___ the name itself. Stock marketis new in China.A. No more thanB. Not more thanC. No less thanD. Not less than正确答案：B19. The things exchanged at the stock market are shares or ___ in business or。
国际金融课后习题答案
You are given the following information about a country s international transactions during a year: a.Calculate the values of the country s goods and services balance,current account balance,and official settlements balance？a.Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124 Current account balance: $330 - 198 + 196 - 204 +3 - 8 = $119 Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b.What are the value of the change in official reserve assets(net)？Is the country increasing or decreasing its net holdings of official reserve assets？b.Change in official reserve assets (net) = - official settlements balance = -$23 The country is increasing its net holdings of official reserve assets.What are the major types of transactions or activities that result in supply of foreign currency in the spct foreign exchange market？Exports of merchandise and services result in supply of foreign currency in the foreign exchange market. Domestic sellers often want to be paid using domestic currency, while the foreign buyers want to pay in their currency. In the process of paying for these exports, foreign currency is exchanged for domestic currency, creating supply of foreign currency. International capital inflows result in a supply of foreign currency in the foreign exchange market. In making investments in domestic financial assets, foreign investors often start with foreign currency and must exchange it for domestic currency before they can buy the domestic assets. The exchange creates a supply of foreign currency. Sales of foreign financial assets that the country's residents had previously acquired, and borrowing from foreigners by this country's residents are other forms of capital inflow that can create supply of foreign currency.You have access to the following three spot exchange rates: $ 0.01/YEN $ 0.20/KRONE 25YEN/KRONEYou strat with dollars and want to end up with dollarsa.hoe would you engage in arbitrage to profit from these three rates？what is the profit for each dollar used initially？a.The cross rate between the yen and the krone is too high (the yen value of the krone is too high) relative to the dollar-foreign currency exchange rates. Thus, in a profitabletriangular arbitrage, you want to sell kroner at the high cross rate. The arbitrage will be:Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone, anduse the yen to buy dollars at $0.01/yen. For each dollar that you sell initially, you canobtain 5 kroner, these 5 kroner can obtain 125 yen, and the 125 yen can obtain $1.25. Thearbitrage profit for each dollar is therefore 25 cents.b.As a result of this arbitrage,what is the pressure on the cross-rate between yen and krone？what must the value of the cross-rate be to eliminate the opportunity for triangular arbitrage？b.Selling kroner to buy yen puts downward pressure on the cross rate (the yen price of krone). The value of the cross rate must fall to20 (=0.20/0.01) yen/krone to eliminate the opportunity for triangular arbitrage, assuming that the dollar exchange rates are unchanged.Explain the nature of the exchange rate risk for each of the following,from the perspective of the U.S frim or person.in your answer,include whether each is a long or short position in foreign currency.a. a small U.S firm sold experimental computer computer compoments to a Japanese firm,and it will receive payment of 1 million yen in 60 days.a.The U.S. firm has an asset position in yen — it has a long position in yen. To hedge its exposure to exchange rate risk, the firm should enter into a forward exchange contract now in which the firm commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell 1 million yen and receive $9,000, both in 60 days.The current spot exchange rate is $ 1.20/euro.the current 90-day forward exchange rate is $ 1.18/euro.you expect the spot rate to be $ 1.22/euro in 90 days.how would you speculate using a forward contract？if many people speculate in this way,what pressure is placed on the walue of the current forward exchange rate？Relative to your expected spot value of the euro in 90 days ($1.22/euro), the current forward rate of the euro ($1.18/euro) is low — the forward value of the euro is relatively low. Using the principle of "buy low, sell high," you can speculate by entering into a forward contract now to buy euros at $1.18/euro. If you are correct in your expectation, then in 90 days you will be able to immediately resell those euros for $1.22/euro, pocketing a profit of $0.04 for each euro that you bought forward. If many people speculate in this way, then massive purchases now of euros forward (increasing the demand for euros forward) will tend to drive up the forward value of the euro, toward a current forward rate of $1.22/euro.The following rates are available in the markets:Current spot exchange rate: $ 0.500/SFrCurrent 30-day forward exchange rate: $ 0.505/SFrAnnualized interest rate on 30-day dollar-denominated bonds:12%(1.0% for 30 days)Annualized interest rate on 30-day Swiss franc-denominated bonds:6%(0.5% for 30 days) a.Is the swiss franc at a forward premium or discount？a.The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) is greater than its current spot value ($0.500/SFr).b.should a U.S-based investor make a covered investment in swiss franc-denominated 30-day bonds,rather than investing 30-day dollar-denominated bonds？Explain.b.The covered interest differential "in favor of Switzerland" is ((1 + 0.005) (0.505) / 0.500)-(1 + 0.01) = 0.005. (Note that the interest rate used must match the time period of the investment.) There is a covered interest differential of 0.5% for 30 days (6 percent at an annual rate). The U.S. investor can make a higher return, covered against exchange rate risk, by investing in SFr-denominated bonds, so presumably the investor should make this covered investment. Although the interest rate on SFr-denominated bonds is lower than the interest rate on dollar-denominated bonds, the forward premium on the franc is larger than this difference, so that the covered investment is a good idea.c.Because of covered interest arbitrage,what pressures are placed on the various rates？if the only rate that actually changes is forward exchange rate,to what value will it bu driven？c.The lack of demand for dollar-denominated bonds (or the supply of these bonds as investors sell them in order to shift into SFr-denominated bonds) puts downward pressure on the prices of U.S. bonds — upward pressure on U.S. interest rates. The extra demand for the franc in the spot exchange market (as investors buy SFr in order to buy SFr-denominated bonds) puts upward pressure on the spot exchange rate. The extra demand for SFr-denominated bonds puts upward pressure on the prices of Swiss bonds— downward pressure on Swiss interest rates. The extra supply of francs in the forward market (as U.S. investors cover their SFr investments back into dollars) puts downward pressure on the forward exchange rate. If the only rate that changes is the forward exchange rate, this rate must fall to about $0.5025/SFr. With this forward rate and the other initial rates, the covered interest differential is close to zero.Why is testing whether uncovered interest parity holds for actual rates more difficult than testing whether covered interest parity holds？In testing covered interest parity, all of the interest rates and exchange rates that are needed to calculate the covered interest differential are rates that can observed in the bond and foreign exchange markets. Determining whether the covered interest differential is about zero (covered interest parity) is then straightforward (although some more subtle issues regarding timing of transactions may also need to be addressed). In order to test uncovered interest parity, we need to know not only three rates — two interest rates and the current spot exchange rate— that can be observed in the market, but also one rate—the expected future spot exchange rate— that is not observed in any market. The tester then needs a way to find out about investors' expectations. One way is to ask them, using a survey, but they may not say exactly what they really think. Another way is to examine the actual uncovered interest differential after we know what the future spot exchange rate actually turns out to be, and see whether the statistical characteristics of the actual uncovered differential are consistent with an expected uncovered differential of about zero (uncovered interest parity)the following rates currently exist: spot exchange rate: $ 1.000/euro. Annual interest rate on 180-day euro-denominated bonds:3% Annual interest rate on 180-day U.S dollar-denominated bonds:4% Ibvestors currently expect the spot exchange rate to be about $ 1.005/euroin180 days. a.show that uncovered interest parity holds(approximately)at these ratesa.The euro is expected to appreciate at an annual rate of approximately ((1.005 - 1.000)/1.000) (360/180) 100 = 1%. The expected uncovered interest differential is approximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately).What is likely to be the effect on the spot eschange rate if the interest rate on 180-day dollar-denominated bonds declines to 3%？ If the euro interest rate and the expected future spot rate are unchanged,and if uncovered interest parity is reestablished,what will the new current spot exchange rate be？has the dollar appreciated or depreciated？b.If the interest rate on 180-day dollar-denominated bonds declines to 3%, then the spot exchange rate is likely to increase — the euro will appreciate, the dollar depreciate. At the initial current spot exchange rate, the initial expected future spot exchange rate, and the initial euro interest rate, the expected uncovered interest differential shifts in favor of investing in euro-denominated bonds (the expected uncovered differential is now positive, 3% + 1% - 3% = 1%, favoring uncovered investment in euro-denominated bonds. The increased demand for euros in the spot exchange market tends to appreciate the euro. If the euro interest rate and the expected future spot exchange rate remain unchanged, then the current spot rate must change immediately to be $1.005/euro, to reestablish uncovered interest parity. When the current spot rate jumps to this value, the euro's exchange rate value is not expected to change in value subsequently during the next 180 days. The dollar has depreciated immediately, and the uncovered differential then again is zero (3%+ 0% - 3% = 0)You observe the following current rates:Spot exchange rate: $ 0.01/yenAnnual interest rate on 90-day U.S dollar-denominated bonds:4%Annual interest rate on 90-day yen-denominated bonds:4%a.if uncovered interest parity holds,what spot exchange rate do investors expect to exist in 90 days？a.For uncovered interest parity to hold, investors must expect that the rate of change in the spot exchange-rate value of the yen equals the interest rate differential, which is zero.Investors must expect that the future spot value is the same as the current spot value, $0.01/yen.b. a close U.S presidential has just been decided.the candidate whom international investors view as the strongerand more probusiness person won.because of this,investors expect the exchange rate to be $ 0.0095/yen in 90 days.what will happen in the foreign exchange market？b.If investors expect that the exchange rate will be $0.0095/yen, then they expect the yen to depreciate from its initial spot value during the next 90 days. Given the other rates, investors tend to shift their investments toward dollar-denominated investments. The extra supply of yen (and demand for dollars) in the spot exchange market results in a decrease in the current spot value of the yen (the dollar appreciates). The shift to expecting that the yen will depreciate (the dollar appreciate) sometime during the next 90 days tends to cause the yen to depreciate (the dollar to appreciate) immediately in the current spot market.To aid in its efforts to get reelected,the current government of o country decides to increase the growth rate of the domestic money supply by two percentage points.the increased growth rate becomes permanene because once started it is difficult to reverse.a.according to the monetary approach,how will this affect the long-run trend for the exchange rate value of the country s currency？a.Because the growth rate of the domestic money supply (M s ) is two percentage points higher than it was previously, the monetary approach indicates that the exchange rate value (e) of the foreign currency will be higher than it otherwise would be — that is, the exchange rate value of the country's currency will be lower. Specifically, the foreign currency will appreciate by two percentage points more per year, or depreciate by two percentage points less. That is, the domestic currency will depreciate by two percentage points more per year, or appreciate by two percentage points less.b.explain why the nominal exchange rate trend is affected,referring to PPPb.The faster growth of the country's money supply eventually leads to a faster rate of inflation of the domestic price level (P). Specifically, the inflation rate will be twopercentage points higher than it otherwise would be. According to relative PPP, a faster rate of increase in the domestic price level (P) leads to a higher rate of appreciation of the foreign currency.A country has a marginal propensity to save of 0.15 and a marginal propensity to import of 0.4 real domesticspending now decreases by $ 2 billiona.according to the spending multiplier(for a small open economy),,by how much will domestic product and income change？a.The spending multiplier in this small open economy is about 1.82 (= 1/(0.15 + 0.4)). Ifreal spending initially declines by $2 billion, then domestic product and income willdecline by about $3.64 billion (= 1.82 $2 billion)b.what is the change in the country s iifiports？b.If domestic product and income decline by $3.64 billion, then the country's imports willdecline by about $1.46 billion (= $3.64 billion 0.4).c.if this country is large,what effect will this have on foreign product and income？explainc.The decrease in this country's imports reduces other countries' exports, so foreign productand income decline.d.will the change in foreign product and income tend to counteract or reinforce the change in the first country 's domestic product and income？explaind.The decline in foreign product and income reduce foreign imports, so the first country'sexports decrease. This reinforces the change (decline) in the first country's domesticproduct and income — an example of foreign-income repercussions.。
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管理学作业答题纸
国际金融 作业02（第6-10单元）答题纸
学籍号： 姓名： 分数：
学习中心： 专业： 电子商务
本次作业满分为100分。请将每道题的答案写在对应题目下方的横线上。
题目1 [50 分]
1、答：国际资本流动有：长期国际资本流动，包括国际直接投资、证券投资、
国际中长期贷款等：
短期国际资本流动：包括金融性、贸易型、保值星和投机性资本流动等。
2、答：短期国际资本流动的特征：
（1）规模达、速度快、快进快出；
（2）对市场内外的政治、经济、社会等信息极为敏感，并快速做出反应；
（3）投机决策以预期为基础，受心理因素影响很大；
（4）以套现、避险、投机为主要动力，冲击力十分强大。
短期国际资本流动的影响：一方面对于东南亚国家具有稳定和调节作用，
成为资金的有效来源；另一方面，可能极具破坏性，如果出现风吹草动，这些资
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金会迅速大规模逆转，使资金流入国陷入跟困难的境地，形成“破坏稳定性投机”。
3、答：从文化中对这次危机的描述可以看出，东南亚地区的主要金融领域都
出现了严重混乱，如货币危机、银行倒闭、股市崩溃、债务危机相继或同时发生，
全部或大部分金融指标急剧、快速恶化，发生了全面金融危机，因此这应该属于
系统性金融危机。
从文化中可以看出，为了应对这一危机：首先，可以从国际金融组织中获
得一定的救助，比如国际货币基金组织对印尼、世界银行对韩国的帮组，好像“输
血”一样；但是，还需要本国采取措施进行“止血”和“造血”。前者包括对汇率
的调整、央行提供流动性等；后者则包括对经济结构进行改革，对经济制度进行
完善等。前者是短期中要做的，后者则是长期中应该做的。
题目2 [50 分]
1、 答： 世界银行的宗旨是：通过组织和提供长期贷款和投资，为会员国提
供生产性资金，促进会员国的资源开发和经济发展。
2、答：世界银行主要活动是发放贷款，并通过这些贷款实现：
（1）对用于生产目的的投资提供便利，以协助会员国的复兴开发；鼓励较
不发达国家生产和资源的开发；
（2）利用担保或参与私人贷款及其他私人投资的方式，促进会员国的外
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国私人投资；
（3）鼓励国际投资，促进会员国国际贸易长期均衡增长；
（4）保证重要项目和实践上紧迫的项目的资金融通；适当照顾各会员国
境内工商业。
3、答：世界银行的投票权是根据各会员国持有的股份决定的。每个成员
国享有基本投票权250票，此外，每认缴股金10万美元增加1票。
一般来说，各国认缴股份的多少是根据该国的经济和财政力量，并参照它在
国际货币基金组织认缴份额的多少来决定的。
4、答：此次投票劝改革的背景是世界经济多年的发展，发展中国家的整体
经济实力在不断提高，不但形成了所谓的金砖四国，中国还超过日本成为世界上
第二大经济体。相应地，就需要管理国际金融事物的世界银行在投票权上有所反
映，以平衡各经济体利益。
世界银行在发言权和参与权的改革，将在一定程度上提高发展中国家在世界
银行中的地位。这次投票权改革的意义非常重大，它在增强世界银行治理结构公
平性和合理性上前进了实质性的一大步，可以说开了个好头，打下了一个良好基
础。