国际金融(第二版)参考答案
奚君羊《国际金融学》(第2版)笔记和课后习题详解
第一章国际收支1.1 复习笔记一、国际收支的基本含义1．国际借贷和国际收支（1）国际借贷和国际收支的含义①国际借贷是指一国在一定时期对外债权债务的综合情况。
②国际收支是指国际间的债权债务关系在一定时期内清算、结算或支付的情况。
（2）国际借贷和国际收支的差异①国际收支在某种程度上反映了一国在一定时期内的对外收入和支付的情况；国际借贷是产生国际收支的原因。
②国际收支表示的是一定时段；国际借贷表示的是某个时点。
③国际借贷表示一国对外债权债务的余额，是一种存量；国际收支是指一国对外收付的累计结果，是一种流量。
④国际收支的范围要比国际借贷的范围更加宽泛。
2．国际收支的重要性由于国际经济的一体化趋势日趋增强，国际收支状况对国内经济的影响愈益显现。
同时，随着凯恩斯主义的流行，西方国家加强了政府对宏观经济的管理，国际收支成为宏观经济管理的主要目标之一。
二、国际收支平衡表及其主要内容1．国际收支平衡表（1）国际收支平衡表的含义国际收支平衡表是反映一个经济实体在一定时期内（年度、半年度或季度）以货币单位表示的全部对外经济往来的一种统计表。
它是国际收支的外在表现形式。
（2）国际收支平衡表的编制原理国际收支平衡表是按照复式记账的原理编制的。
一切收入项目或负债增加、资产减少的项目都列为贷方，以“+”号表示；一切支出项目或资产增加、负债减少的项目都列为借方，以“-”号表示。
当收入大于支出时差额为正，称之为顺差；当支出大于收入时，差额为负，称之为逆差。
2．国际收支平衡表的主要内容（1）经常项目经常项目是主要记载表现为货物和服务的国际交易。
该项目又可细分为贸易收支、服务收支、收益和转移收支四个项目。
①贸易收支。
贸易收支（或称有形贸易收支）指货物的进出口。
按国际收支的记账原理，出口记入贷方，进口记入借方。
②服务收支。
服务收支（或称无形贸易收支）主要包括：a．运输；b．旅游；c．银行和保险业务收支；d．军事支出；e．政府往来；f．其他服务收支。
金融学第二版课后复习思考题参考答案
⾦融学第⼆版课后复习思考题参考答案⾦融学第⼆版课后复习思考题参考答案Document serial number【KKGB-LBS98YT-BS8CB-BSUT-BST108】第⼀章货币与货币制度⼀、单项选择题⼆、多项选择题三、简答题1. 货币的职能有哪些价值尺度；流通⼿段；⽀付⼿段；贮藏⼿段；世界货币2. ⼈民币制度包括哪些内容（1）⼈民币是我国的法定货币；（2）⼈民币是我国唯⼀的合法通货；（3）⼈民币的发⾏权集中于中央银⾏；（4）⼈民币以商品物资作为发⾏的⾸要保证，也以⼤量的政府政府债券、商业票据、商业银⾏票据等为发⾏的信⽤保证，还有黄⾦、外汇储备等也是⼈民币发⾏的现⾦保证；（5）⼈民币实⾏有管理的货币制度；（6）⼈民币称为可兑换货币。
3. 货币制度的构成要素是什么货币材料；货币单位；各种通货的铸造、发⾏和流通程序；准备制度4. 不兑现的信⽤货币制度有哪些特点（1）不兑现信⽤货币⼀般由中央银⾏发⾏，并由国家赋予其⽆限法偿能⼒，这是不兑现信⽤货币制度最基本的特点；（2）信⽤货币不与任何⾦属保持等价关系，也不能兑换黄⾦；（3）货币通过信⽤程序投⼊流通领域；（4）信⽤货币制度是⼀种管理货币制度；5. 钱、货币、通货、现⾦是⼀回事吗银⾏卡是货币吗不⼀样。
（1）钱的概念在不同场景下有很多不同的意思。
可以是个收⼊的概念、也可以是个财富的概念，也可以特指现⾦货币；（2）货币是在商品劳务交换与债券债务清偿时，被社会公众所普遍接受的东西。
（3）通货是流通中的货币，指流通与银⾏体系之外的货币。
范围⼩于货币。
（4）现⾦就是现钞，包括纸币、硬币。
现⾦是货币的⼀部分，流动性很强，对⼈们的⽇常消费影响很⼤。
（5）银⾏卡本⾝也称为“塑料货币”，包括信⽤卡、⽀票卡，记账卡、⾃动出纳机卡等。
银⾏卡可以⽤于存取款和转账⽀付。
在发达西⽅国家，各种银⾏卡正在取代现钞和⽀票，称为经济⽣活中⼴泛的⽀付⼯具，因此现代社会银⾏卡也是货币6.社会经济⽣活中为什么离不开货币为什么⾃古⾄今，⼈们⼜往往把⾦钱看做说万恶之源（1）社会经济⽣活离不开货币，货币的产⽣和发展都有其客观必然性。
国际金融第二版习题答案
国际金融第二版习题答案国际金融第二版习题答案国际金融是一个重要的经济领域，涉及到国际货币体系、国际投资、外汇市场等多个方面。
对于学习者来说，习题是巩固知识、提高理解能力的重要方式。
本文将为读者提供《国际金融第二版》的习题答案。
第一章：国际金融概述1. 国际金融的定义是什么？国际金融是指跨越国家边界的金融活动，包括国际货币体系、国际投资、外汇市场等。
2. 为什么国际金融重要？国际金融对于国家经济发展和全球经济稳定至关重要。
它促进了跨国贸易和投资，促进了资源的有效配置和经济增长。
3. 国际金融市场的分类有哪些？国际金融市场可以分为外汇市场、国际资本市场和国际货币市场。
第二章：国际金融体系1. 什么是国际货币体系？国际货币体系是指一系列国际货币安排和机构，用于处理国际支付和调整国际收支。
2. 国际货币体系的发展历程有哪些？国际货币体系经历了金本位制、布雷顿森林体系和现代浮动汇率制等阶段。
3. 什么是国际清算？国际清算是指国际支付的结算过程，包括国际收支的核算和调整。
第三章：国际金融市场1. 外汇市场的功能是什么？外汇市场提供货币兑换、风险管理和国际支付等功能。
2. 什么是外汇市场的汇率？外汇市场的汇率是一种货币兑换另一种货币的比率。
3. 国际资本市场的分类有哪些？国际资本市场可以分为股票市场、债券市场和衍生品市场。
第四章：国际金融风险管理1. 什么是汇率风险？汇率风险是指由于汇率波动而导致的资产和负债的价值变动。
2. 如何管理汇率风险？汇率风险可以通过使用外汇期权、外汇远期合约和货币互换等工具进行管理。
3. 什么是信用风险？信用风险是指债务人无法按时偿还债务的风险。
第五章：国际金融机构1. 世界银行的主要任务是什么？世界银行的主要任务是为发展中国家提供贷款和技术援助，促进经济发展和减少贫困。
2. 国际货币基金组织的主要职责是什么？国际货币基金组织的主要职责是促进全球经济稳定，提供贷款和政策建议。
3. 什么是国际清算银行？国际清算银行是一个国际金融机构，负责处理国际支付和促进国际金融合作。
金融学第二版课后答案英文版中国人民大学Bodie2-IM-Ch01
金融学第二版课后答案英文版中国人民大学Bodie2_IM_Ch01CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buyis a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless sublettingis a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.T he head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. Andbecause there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to becomefinancially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode Pros ConsWalking ?Takes you directly where you wantto goNo out of pocket costsConvenient ?Takes a long time ?Destination may be too far Bicycle ?Takes you directly to where youwant to goNo out of pocket marginal costsConvenient ?Requires physical strength and endurance ?Destination may be too farBus ?InexpensiveReaches more distant destinations ?May not take you directly where you want to go ?Inconvenient schedules to go ?Many stops, not efficientSubway ?InexpensiveFast ?May not take you directly where you want to goLocal destinations only on limited networkTrain ?Reaches distant destinations ?Moderately expensiveMay not take you directly whereyou want to goAirplane ?Reaches distant destinationsFast ?Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?F inance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments? ?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxesand/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advice and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase.Forms of Business Organization8. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrow any money.A ny business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives?Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:C hurch group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s int erests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question:Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not avalue maximizer. Perhaps he enjoys making fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less continues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workload of the controller’s office.Objectivesy Define finance.y Explain why finance is worth studying.y Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions theymake. The other main players, financial intermediaries and government, are introduced in chapter 2.Contents1.1Defining Finance1.2Why Study Finance?1.3Financial Decisions of Households1.4Financial Decisions of Firms1.5Forms of Business Organization1.6Separation of Ownership and Management1.7The Goal of Management1.8Market Discipline: Takeovers1.9The Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:y To manage your personal resources.y To deal with the world of business.y To pursue interesting and rewarding career opportunities.y To make informed public choices as a citizen.y To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:y Saving decisions: How much of their current income should they save for the future?y Investment decisions: How should they invest the money they have saved?y Financing decisions: When and how should they use other people’s money to sa tisfy their wants and needs?y Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise: y Professional managers may be found who have a superior ability to run the business.y To achieve the efficient scale of a business the resources of many households may have to be pooled.y In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation ofownership and management.y To achieve savings in the costs of gathering information.y The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。
金融学(第二版)试题和答案
金融学（第二版）试题和答案第6章商业银行业务与管理【编辑录入：system】（一）单选题1．当前，西方发达国家商业银行最主要的组织形式是（d）。
a、 1694年（a）的建立标志着现代西方商业银行体系的建立。
a、英国银行B.汉堡银行C.威尼斯银行D.阿姆斯特丹银行3。
商业银行的资产业务指（d）。
a.资金来源业务b.存款业务c.中间业务d.资金运用业务4．以下业务中属于商业银行的表外业务是（c）。
a、结算业务B.信托业务C.承诺业务D.代理业务5．目前，在商业银行的全部资金来源中占最大比例的是（b）。
a.负债b.存款c.自有资本d.借款6．从目前经营制度和业务范围看，（d）是实行分业银行制度的典型。
a.英国b.德国c.美国d.中国7.商业银行在无损状态下快速变现其资产的能力指（c）。
a.负债的流动性b.经营的安全性c.资产的流动性d.经营的盈利性8．资产管理理论是以商业银行资产的（c）为重点的经营管理理论。
a.盈利性与流动性b.流动性c、流动性和安全D.安全性和盈利能力9．对称原则是指商业银行在资产与负债的规模、结构和期限的搭配应相互协调平衡，要相互对称。
这是一种建立在合理经济增长基础上的（b）。
a、静态平衡B.动态平衡C.统一平衡D.绝对平衡10．反映商业银行某一时点上资产负债和其他业务（股东权益）的存量的财务报表是（c）。
a.现金流量表b.损益表c.资产负债表d.财务状况变动表11．从传统商业银行到现代商业银行之间不变之点在于（d）。
a、资金来源保持不变B.资金使用保持不变C.客户保持不变D.利润追求保持不变12。
商业银行的资本由（b）项组成。
a.实有资本和虚拟资本b.核心资本和附属资本c.金融资本和产业资本d.固定资本和流动资本13．信用风险就是由（c）引起的风险。
a、商业银行贷款条件的变化B.国家政策的变化C.债务人违约D.货币贬值14。
古代的货币兑换行业是（b）。
a、银行业b、商业c、金融业d、证券业15．商业银行的资产负债比例管理就是（b）管理。
杨胜刚《国际金融》(第2版)课后习题-国际金融机构及协调(圣才出品)
第九章国际金融机构及协调1．试比较IMF与世界银行的基本职能与业务活动。
答：（1）IMF的主要职能是：①为成员国提供国际货币合作与协商的场所；②确立成员国在汇率政策、与经常项目有关的支付以及货币的兑换性方面需要遵守的行为准则，并实施监督，从而保证有秩序的汇兑安排和汇率体系的稳定，消除不利于国际贸易发展的外汇管制，避免成员国操纵汇率或采取歧视性的汇率政策以谋求不公平的竞争利益；③向国际收支发生困难的成员国提供必要的临时性资金融通，以使其遵守上述行为准则，并避免采取不利于其他国家经济发展的经济政策。
IMF的业务活动围绕其宗旨服务，主要有：检查和监督各国和全球经济与金融发展，并向成员国提出经济政策建议；向成员国融通资金，以支持旨在纠正国际收支问题和促进可持续增长的调整和改革政策；在其专长领域内，向政府和中央银行官员提供广泛的技术援助和培训。
IMF主要负责国际货币事务方面，其主要任务是向成员国提供解决国际收支暂时不平衡所需的短期外汇资金，以消除外汇管制、促进汇率稳定和国际贸易的扩大。
（2）世界银行主要负责成员国的经济复兴与开发，致力于提高人们的生活水平，消除贫困，并向成员国（特别是发展中国家）提供发展经济的中、长期贷款。
世界银行虽然是营利性组织，但不是以利润最大化为经营目标。
根据1944年布雷顿森林会议通过的《国际复兴开发银行协议》第一条，世界银行的宗旨是：①对用于生产性目的的投资提供便利，以协助成员国的复兴与开发；②以担保或参加私人贷款和私人投资的方式，促进私人的对外投资；③用鼓励国际投资以开发成员国生产资源的方式，促进国际贸易的长期的均衡发展，并维持国际收支平衡；④与其他方面的国际贷款配合提供贷款担保。
世界银行的主要业务是贷款业务。
成立之初，贷款重点是帮助发达国家复兴经济。
1948年以后重点开始转向为发展中国家提供开发资金，其中主要是对中等收入国家提供贷款。
2．IMF、世界银行、国际开发协会、国际金融公司的贷款对象、贷款条件各有什么特点？答：参见下表9-1。
国际金融第二版课后答案(全)
国际金融习题答案第一章国际收支本章重要概念国际收支：国际收支是指一国或地区居民与非居民在一定时期内全部经济交易的货币价值之和。
它体现的是一国的对外经济交往，是货币的、流量的、事后的概念。
国际收支平衡表：国际收支平衡表是将国际收支根据复式记账原则和特定账户分类原则编制出来的会计报表。
它可分为经常项目、资本和金融项目以及错误和遗漏项目三大类。
国际收支平衡表:又称为国际收支帐户,是指将国际收支按照特定帐户分类,根据一定的原则用会计方法编制出来的报表。
具体地说，是指按照复式簿记原理，以某一特定货币为计量单位，运用简明的表格形式总括地反映一经济体（一般指一国家或地区）在特定时期内与世界其他经济体间发生的全部经济交易的统计报表。
自主性交易：亦称事前交易，是指交易当事人自主地为某项动机而进行的交易。
国际收支失衡：国际收支失衡是指自主性交易发生逆差或顺差，需要用补偿性交易来弥补。
它有不同的分类，根据时间标准进行分类，可分为静态失衡和动态失衡；根据国际收支的内容，可分为总量失衡和结构失衡；根据国际收支失衡时所采取的经济政策，可分为实际失衡和潜在失衡。
复习思考题1．一国国际收支平衡表的经常账户是赤字的同时，该国的国际收支是否可能盈余，为什么？答：可能，通常人们所讲的国际收支盈余或赤字就是指综合差额的盈余或赤字.这里综合差额的盈余或赤字不仅包括经常账户，还包括资本与金融账户，这里，资本与金融账户和经常账户之间具有融资关系。
但是，随着国际金融一体化的发展，资本和金融账户与经常账户之间的这种融资关系正逐渐发生深刻变化。
一方面，资本和金融账户为经常账户提供融资受到诸多因素的制约。
另一方面，资本和金融账户已经不再是被动地由经常账户决定，并为经常账户提供融资服务了。
而是有了自己独立的运动规律。
因此，在这种情况下，一国国际收支平衡表的经常账户是赤字的同时，该国的国际收支也可能是盈余。
2．怎样理解国际收支的均衡与失衡?答：由于一国的国际收支状况可以从不同的角度分析，因此，国际收支的均衡与失衡也由多种含义。
杨胜刚《国际金融》(第2版)课后习题-国际资本流动与国际金融危机(圣才出品)
第七章国际资本流动与国际金融危机1．如何理解国际资本流动的含义？答：国际资本流动是指资本从一个国家或地区转移到另一个国家和地区，国际资本流动与一陶国际收支有关，主要反映在一国国际收支平衡表的资本与金融账户中。
它包括资本流出和资本流入两个方面。
资本流出是指本国资本流向外国，它意味着外国在本国的资产减少、外国对本国的负债增加、本国对外国的负债减少、本国在外国的资产增加。
资本流入是指外国资本流入本国，它意味着外国对本国的负债减少、本国对外国的负债增加、外国在本国的资产增加和本国在外国的资产减少。
2．试述国际资本流动发展的特点。
答：（1）20世纪90年代以前国际资本流动的特点：①早在第一次世界大战前，当时的工业国家，就已有一定规模的资本输出。
英国是当时最大的资本输出国，法、德次之。
就资本的流向而言，资本输出多集中在北美洲、拉丁美洲和大洋洲（占一半以上）．对东亚、中东和非洲等殖民地附属国也有一定比例的输出，法、德在俄国、东欧、北欧等地区也有少量资本输出。
就资本输出的方式来看，占主导地位的是私人股票、债券的证券投资，且主要投资受款国的公用事业部门。
②两次世界大战之间，美国也加入了资本输出国的行列。
由原来的债务国跃升为净债务国，资本流向以拉美、加拿大和西欧等地区为主，资本输出方式则主要是政府借贷取代了私人资本借贷。
截至二战前，大体上讲，世界长期资本输出的规模不大，地区流向、部门结构和资金流动方式等均较单一。
③二战后至20世纪90年代，从量上看，国际资本流动的规模空前膨胀，国际直接投资规模急剧扩大，国际直接投资的增长速度不仅超过了国民生产总值和工业生产的增长速度，也超过了国际贸易的增长速度，取代国际贸易成为推动世界经济发展的主要力量；从质上看，资本流向、资本输出方式、资本结构等方面也发生了深刻的变化。
（2）20世纪90年代以来国际资本流动的特点：①发达国家资金需求上升。
主要发达国家（欧盟、美国、日本）资金需求的上升，使得发达国家既是对外投资的大国，也是引进外资最多的国家，特别是跨国公司已经成为经济全球化的重要力量。
国际金融(第二版)参考答案
参考答案第一章一、选择题1．ABD 2．ABCD 3．ABD 4．BD 5．A 6．D 7．B 8．AC 二、判断题1．√ 2．×3．×4．×5．√ 6．√7．×8．√三、填空题1．货币的、流量的、事后的，以交易为基础，一国居民与非居民2．复式，会计报表，借方，贷方3．自主性交易，补偿性交易4．货物，服务，收入，经常转移5．直接投资，证券投资，其他投资，储备资产6．实际资源流动，资产所有权流动7．国际收支的自动调节，国际收支的政策调节第二章一、选择题1．A2．B3．BCD 4．D5．C6．C7．A 8．A9．B10．ABCDE11．C12．ABCDE13．B二、判断题1．×2．√ 3．×4．×5．×6．√ 7．√ 8．√ 9．√三、填空题1．买入价，卖出价2．中间3．含金量4．即期汇率，远期汇率5．货币的购买力6．升水，贴水，平价四、计算题(1)GBP/HKD＝13.4046/13.4132(2)GBP/ EUR＝1.4497/1.4517注：其他类型题答案略去，请参见教材。
第三章一、选择题1．AB 2．BC 3．D 4．ABC二、判断题1．×2．√ 3．√ 4．√三、填空题1．严格型外汇管制的国家和地区，非严格型外汇管制的国家和地区，松散型外汇管制的国家和地区2．完全自由兑换，部分自由兑换3．国内自由兑换，国际性自由兑换第四章一、选择题1.C2.D3. D4.B5.D6.B7.C8.C9.B 10.D二、判断题1.×2.√3. ×4. ×5. ×6. √7. √8. √9. ×10. ×三、填空题1. 升水，贴水2. 做空，做多3. 完整汇率报价方式，掉期率报价方式4. 外汇期货，利率期货，股价指数期货，黄金期货5.看涨期权，看跌期权，双向期权6. 利率互换，货币互换四、计算题1. 1.476 4＋0.002 0＝1.478 4 1.478 4＋0.004 0＝1.482 4USD/CAD3个月远期汇率为1.478 4/1.482 42. 1.565 7－0.003 0＝1.562 7 1.565 9－0.002 0＝1.563 9GBP/USD3个月远期汇率为1.562 7/1.563 93.欧元年利率为9%＞美元年利率为6%，所以欧元远期贴水，美元远期升水。
国际金融蒋先玲第二版答案
国际金融蒋先玲第二版答案n型电动机的外风扇或风扇罩损坏需要更换或修理,其要求与隔爆型电动机相同。
正确答案：√高、焦、转三种煤气中，高煤中CO含量最多。
（)正确答案：×交接班必须符合交接班规定，并经过（)同意，在交接班记录簿上签字，方为有效。
A.领导B.接班人C.交接班正确答案：C空压机各项维护时间不可随意更改，以保证各备件的更换周期。
正确答案：√一般来说，在合成纤维中，涤纶耳朵耐酸性差，耐碱性好。
（）正确答案：×主要运输线路轨距：直线段和加宽后的曲线段允许偏差为（)mm。
参考答案：-2～5《煤矿安全规程》规定，煤矿发生事故后，煤矿企业主要负责人和技术负责人必须立即采取措施组织抢救，正确答案：√对威胁生命安全和有毒有害的工作地点，未经允许工人有权停止工作。
（)正确答案：√及时地进行维修的目的，在于以最低的费用，保证机器设备具有充分的使用可靠性和人身安全。
正确答案：√钢丝绳一个捻距内切断线不超过12%。
（)正确答案：×矿山企业必须对（)进行安全培训。
A.所有从业人员B.部分作业人员C.部分管理人员D.部分特种作业人员正确答案：A皮带运输机机尾必须上护罩。
（)参考答案：正确《煤矿安全规程》规定，井下空气中一氧化碳浓度不得超过24ppm。
正确答案：√对于瓦斯涌出量较大，回风隅角长期超限的工作面，不易采用（)处理积聚瓦斯。
A 挂风障引流法B答案:A煤矿井下架线电机车使用的直流电压不得超过（）A.400VB.600VC.800V正确答案：B掘进机开机前必须发出报警信号，合上隔离开关，按机器技术操作规定顺序启动。
一般启动顺序是：（)。
A参考答案：B在金属矿山,一般被称为岩爆的是（)。
A.冲击地压B.散体地压C.变形地压正确答案：A固定输送机平行托辊一般用于支承（)段输送带。
A.回空B.满载C.空载正确答案：A机采工作面顶板管理要检查（)。
A.顶底板移近量是否小于100mmB.工作面是否出现台阶下沉C.是否进参考答案：ABC中等稳定岩石坚固系数f是（)。
杨胜刚《国际金融》(第2版)课后习题-国际金融风险管理(圣才出品)
第六章国际金融风险管理1．什么是国际金融风险，国际金融活动中通常会遇到哪些风险？答：（1）国际金融风险，是指在国际贸易和国际投融资过程中，由于各种事先无法预料的不确定因素带来的影响，使参与主体的实际收益与预期收益发生一定的偏差，从而有蒙受损失和获得额外收益的机会或可能性。
可见，国际金融风险与一般意义上的金融风险有所不同。
因此对国际金融风险概念作以下几点说明：①国际金融风险研究主要研究在国际贸易和国际投融资活动中存在或发生的风险，并分析此类风险对贸易行为、投资行为和资金运用的影响。
②国际金融风险的研究将国际金融风险作为在开放经济条件下，社会经济运行的一种宏观经济机制来看待。
③国际金融风险的研究把国际金融对资金筹集者和资金经营者的影响看成是双重的，既有蒙受经济损失的可能，又有获得超额利润的可能。
（2）在国际金融活动中经常遇到的风险通常有：外汇风险，交易风险，会计风险，经济风险，利率风险，国家风险，操作风险等等。
①外汇风险，即汇率风险或汇兑风险，是指经济实体以外币定值或衡量的资产与负债、收入与支出，以及未来的经营活动可望产生现金流量的本币价值因货币汇率的变动而产生损失的可能性。
外汇风险可分为：交易风险，会计风险，经济风险。
②利率风险是指在一定时期内因外币利率的相对变化，导致涉外经济主体的实际收益与预期收益或实际成本与预期成本发生背离，从而导致损失的可能性。
③国家风险是指一个主权国家由于与常规融资风险不同的原因，不愿或无力偿还外国资金提供者的便利，而给资金提供者造成的风险。
国家风险主要体现为主权风险和转移风险④操作风险主要是指因金融机构的交易系统不完善、管理失误、控制缺失或其他一些人为的错误而导致损失的可能性，尤其是因管理失误和控制缺失带来的损失。
2．国际金融风险管理的意义何在？答：国际金融风险管理是指各经济实体在跨国筹集和经营资产（主要指货币资金）的过程中，对国际金融风险进行识别、衡量和分析，并在此基础上有效地控制与处置金融风险，用最低成本即最经济合理的方法，实现最大安全保障的科学管理方法。
国际金融第二版习题答案
国际金融第二版习题答案第一章：国际金融市场概述1. 什么是国际金融市场？国际金融市场是指跨越国界的金融交易市场，包括外汇市场、国际债券市场、国际股票市场等。
这些市场允许各国投资者进行跨国投资和融资。
2. 国际金融市场的主要功能是什么？国际金融市场的主要功能包括资本的跨国流动、风险管理、信息提供以及价格发现。
第二章：外汇与汇率1. 外汇市场的主要参与者有哪些？外汇市场的参与者包括中央银行、商业银行、投资银行、对冲基金、跨国公司以及个人投资者。
2. 什么是汇率？汇率是指一国货币兑换成另一国货币的比率。
汇率的变动反映了两国货币的相对价值。
第三章：国际收支1. 国际收支平衡表包括哪些内容？国际收支平衡表包括经常账户、资本和金融账户以及官方储备资产账户。
经常账户记录了一国与其他国家之间的商品、服务和收入的流动；资本和金融账户记录了资本流动和金融资产的交易；官方储备资产账户记录了中央银行持有的外汇储备变动。
2. 什么是贸易平衡？贸易平衡是指一国出口总额与进口总额之间的差额。
如果出口总额大于进口总额，则贸易平衡为正，称为贸易顺差；反之，则为贸易逆差。
第四章：国际资本流动1. 国际资本流动的类型有哪些？国际资本流动包括直接投资、证券投资、其他投资和储备资产的流动。
2. 国际资本流动对经济有何影响？国际资本流动可以促进资源的有效配置，提高生产效率，但也可能导致金融市场的波动和经济的不稳定。
第五章：国际金融危机1. 国际金融危机的常见原因有哪些？国际金融危机的原因可能包括宏观经济政策失误、金融市场的过度投机、外部冲击以及国际收支失衡等。
2. 如何预防和应对国际金融危机？预防和应对国际金融危机的措施包括加强金融监管、提高金融市场透明度、建立有效的风险管理机制以及加强国际合作等。
结束语国际金融是一个复杂而多变的领域，理解其基本概念和原理对于从事国际贸易和投资至关重要。
通过本习题答案的学习，希望能够帮助学生更好地掌握国际金融的知识，并应用到实际的金融活动中。
杨胜刚《国际金融》(第2版)课后习题-国际金融市场(圣才出品)
第五章国际金融市场1．国际金融市场的构成及作用。
答：（1）国际金融市场的结构一般是按市场功能的不同来划分的，广义上包括国际货币市场、国际资本市场、国际外汇市场、国际黄金市场以及金融衍生工具市场等。
①国际货币市场是指居民与非居民之间或非居民与非居民之间，进行期限为1年或1年以下的短期资金融通与借贷的场所或网络。
国际货币市场可分为传统的国际货币市场和新型的国际货币市场：前者进行的是居民与非居民之间的市场所在国货币在国际间的短期借贷；后者进行的是非居民与非居民之间各种境外货币的短期借贷。
②国际资本市场是指在国际范围内进行各种期限在1年以上的长期资金交易活动的场所与网络，主要由国际银行中长期信贷市场、国际债券市场和国际股票市场构成。
③国际外汇市场是进行国际性货币兑换和外汇买卖的场所或交易网络，是国际金融市场的核心之一。
④国际黄金市场是世界各国集中进行黄金交易的场所，是国际金融市场的特殊组成部分。
目前世界上有五大国际性黄金市场：伦敦、苏黎世、纽约、芝加哥和香港。
⑤金融衍生工具市场也称派生市场，是进行金融衍生工具交易的市场，既包括标准化的交易所交易，也包括非标准化的柜台交易，即OTC交易。
主要由金融远期合约市场、金融期货市场、金融期权市场、互换市场等构成。
（2）国际金融市场的作用：积极作用：①有利于调节各国国际收支的不平衡；②有利于促进国际贸易的发展与国际资本的流动，推动的各国经济的发展；③有利于推动生产和资本国际化的发展；④促进了金融业务国际化的发展。
消极作用：国际金融市场在发挥诸多积极作用的同时，也产生了一些负面作用。
例如，国际金融市场为国际间的资本流动提供了便利，但同时也给国际间的投机活动提供了场所。
巨额的短期国际资本流动增大了国际金融市场的风险，甚至会引发国际金融危机。
另外，国际金融市场促进了经济国际化、金融一体化的发展，但也为国际间通货膨胀的传递打开了方便之门，使国际性的通货膨胀得以蔓延与发展。
2．国际金融市场的形成需要具备哪些条件?答：从国际金融市场的形成和发展过程来看，一般说来，国际金融市场的形成需要具备以下一些条件：（1）政局稳定。
国际金融第二版习题答案
第一章国际收支1．C2．C3．A4．B5．简述国际收支的概念。
答：国际收支的概念为一国（或地区）在一定时期内，居民与非居民之间的全部经济交易的系统记录。
6．简述国际收支与国际借贷的区别。
答：国际借贷与国际收支既相互联系又相互区别：一方面，这两个概念之间具有密切关系，国际借贷是产生国际收支的原因，国际借贷的发生，必然会形成国际收支。
各国之间的债权债务在一定时期内必须进行清算和结算，这个过程一定涉及到各国间的货币收支问题，这就属于国际收支问题。
因此，国际借贷是原因，国际收支是结果。
另一方面，这两个概念又是有区别的。
首先，国际收支是一个流量概念，描述在一定时期的发生额；而国际借贷则是一个存量概念，描述一国在一定时点上的对外债权、债务余额。
其次，除了国际借贷以外，单边转移行为也会导致国际收支（支付）现象，但并未发生债权债务关系，因而不包括在国际借贷范围之内。
因此，国际收支的范围要比国际借贷的范围更加宽泛。
7．简述国际收支平衡表编制原则、记账方法。
答：国际收支平衡表编制原则按照“有借必有贷，借贷必相等”的复式记账原则进行编制。
任何一笔交易发生，必然涉及借方和贷方两个方面。
每一笔经济交易都要以相等的金额，同时在相应的贷方科目和借方科目上进行登记，借贷双方方向相反。
记账方法为复式记账方法。
8．简述国际收支平衡表的主要项目。
答：国际收支平衡表的内容包括四大类：经常账户、资本和金融账户、净误差和遗漏和储备与相关项目。
9．如何理解国际收支均衡和失衡。
答：国际收支均衡包括内部经济均衡和外部国际收支平衡。
国际收支失衡就是国际收支基本平衡，不出现严重的国际收支逆差或顺差。
10．哪些因素会引起国际收支不平衡？答：季节性、偶然性失衡；结构性失衡；周期性失衡；货币性失衡；收入性失衡和不稳定投机和资本外逃造成的失衡。
11．简述国际收支不平衡对一国经济的影响。
答：国际收支顺差的影响如下：（1）国际收支顺差会对本国货币造成升值压力，导致一国出口商品的国际竞争能力下降。
国际贸易与国际金融(第二版)课后习题及参考答案
各章课后习题及参考答案第一章国际贸易概述一、名词解释对外贸易——是指一个国家（地区）与另一个国家（地区）之间的货物（商品）和服务的交换活动。
转口贸易——也称中转贸易，货物生产国和货物消费国不是直接买卖货物，而是通过第三国进行买卖，对第三国来说就是转口贸易。
现汇贸易——也称为自由结汇方式贸易（Free-Liquidation Trade），是指在国际贸易中以国际通用货币作为清偿工具的贸易。
贸易差额——是指一个国家或地区在一定时期内出口总额与进口总额之间的差额。
贸易条件——是出口商品价格与进口商品价格的对比关系，又称进出口交换比价。
它是反映一国进出口价格对该国是否有利的一项重要指标，也是衡量一国对外贸易经济效益的一项重要指标。
对外贸易依存度——又称对外贸易系数,是指一国对外贸易额占其国内生产总值（GDP）或国民生产总值（GNP）的比例。
是衡量一国经济外向程度的一个基本指标。
二、不定项选择1. 剔除了价格变动的影响，单纯反映对外贸易规模的指标是( B )A. 对外贸易额B. 对外贸易量C. 贸易差额D. 对外贸易依存度2. 2015年某国进口总额为12 000亿美元，出口总额为10 500亿美元，则该国当年贸易差额是( A )。
A. 逆差1 500亿美元B. 逆差22 500亿美元C. 顺差1 500亿美元D. 顺差22 500亿美元3. 下列各项中，反映各国或地区在国际贸易中的地位的是( D )。
A. 对外贸易依存度B. 国际贸易商品结构C. 对外贸易地理方向D. 国际贸易地区分布4. 关于对外贸易差额，下列说法正确的有( BCE )。
A. 贸易平衡是指货物贸易额等于服务贸易额B. 进口贸易总额超过出口贸易总额称为贸易逆差C. 出口贸易总额超过进口贸易总额称为贸易顺差D. 对外贸易差额是指一国货物贸易额与服务贸易额的差额E. 对外贸易差额是指一定时期内一国出口总额与进口总额的差额5. 以2010年为基期，2015年某国进口价格指数为150，出口价格指数为130，则该国2015年的贸易条件指数是( B )。
国际金融第二版答案 (3)[5页]
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C HAPTER 4E XCHANGE RATE DETERMINATION AND RELATED ISSUES1. The following exchange rates are quoted in Sydney and London at the same time:Sydney (AUD/GBP) 2.56London (GBP/AUD) 0.35(a) Is there a possibility for two-point arbitrage?(b) If so, what will arbitragers do?(c) What is the profit earned from arbitrage?Solution(a) To find out whether there is a possibility for two-point arbitrage, we check if the equilibrium condition is violated and for that we need to invert one of the rates. The AUD/GBP rate in London is 2.8571 (calculated as 1/0.35), which is different from the rate in Sydney. Hence, the equilibrium condition is violated.(b) Since the AUD/GBP exchange rate is higher in London than it is in Sydney, it follows that the pound is more expensive in London. Hence, arbitragers will buy the pound in Sydney and sell it in London. As a result, the exchange rate will rise in Sydney and fall in London until the rates are equal in both financial centres, at which time arbitrage will come to an end.(c) Profit is measured as the difference between the selling rate and the buying rate. Hence, the profit (measured in Australian dollars per pound bought and sold) is.2=-857156002971.0.22. The following exchange rates are quoted simultaneously in Sydney, Frankfurt and Zurich:AUD/EUR 1.6400CHF/AUD 0.8700CHF/EUR 1.4600(a) Is there a possibility for two-point arbitrage?(b) Is there a possibility for three-point arbitrage?(c) If so, what is the profitable sequence?(d) What is the profit earned from arbitrage?(e) How do the three exchange rates change as a result of arbitrage?(f) What is the value of the CHF/EUR exchange rate that eliminates the possibility for profitable arbitrage?Solution(a) There is no possibility for two-point arbitrage since the exchange rates are equal across financial centres.(b) A possibility for three-point arbitrage exists if the equilibrium condition of the consistency of cross exchange rates is violated. The equilibrium condition is given by Equation (4.6) as4268.16400.18700.0)/()/()/()/()/(=⨯=⨯==EUR AUD S AUD CHF S AUD EUR S AUD CHF S EUR CHF S Since the calculated CHF/AUD rate is different from the rate that is actually quoted (1.4600), it follows that there is a possibility for three-point arbitrage.(c) Suppose that we start with one Australian dollar. Selling the Australian dollar against the euro produces (1/1.6400) or 0.6098 euros. This amount of euros is sold against the Swiss franc to obtain ()4600.16098.0⨯ or 0.8903 francs. The Swiss franc amount is sold against the Australian dollar to obtain ()8700.0/8903.0 or 1.0233 Australian dollars. Hence, the profitable sequence is AUD →EUR →CHF →AUD.(d) An arbitrager starting with one Australian dollar will end up with 1.0233 dollars. Hence, the profit earned per Australian dollar is AUD0.0233, or 2.33 cents.(e) Selling the Australian dollar against the euro leads to a rise in the AUD/EUR rate. Selling the euro against the Swiss franc leads to a fall in the CHF/EUR rate. Selling the Swiss franc against the Australian dollar leads to a rise in the CHF/AUD rate.(f) The value of the CHF/EUR rate that eliminates the possibility for profitable arbitrage is calculated in (b) as 1.4268. It is easy to verify that there is no profitable sequence at this exchange rate. 3. The deal ers’ demand and supply functions are:Qd S b =-1025.Qs S a =+535.where Qd and Qs are the quantities supplied and demanded by dealers. The customers’ demand and supply functions are:Qd S a =-1223. Qs S b =+242.Calculate the bid-offer spread.SolutionThe bid rate is calculated from the dealers’ demand function and the customers’ supply function. By equating supply and demand we obtainb b S S 2.425.210+=-which can be solved to obtain1940.17.68==b S Similarly, the offer rate is calculated from the customers’ demand function and the dealers’ supply f unction. By equating supply and demand we obtaina a S S 5.353.212+=-which can be solved to obtain2069.18.57==a S Therefore, the bid-offer spread is0129.01940.12069.1=-, or 129 points4. The following exchange rates are quoted in Sydney and London at the same time: Sydney (AUD/GBP) 2.5575–2.5625London (GBP/AUD) 0.3475–0.3525(a) Is there a possibility for two-point arbitrage?(b) If so, what will arbitragers do?(c) What is the profit earned from arbitrage? (d) Compare the results with those obtained from Problem 1 above. Solution(a) Arbitrage is triggered by the violation of the equilibrium condition in the presence of bid-offer spreads. In order to check whether or not this condition holds, we must first calculate the bid AUD/GBP rate in London. The bid rate is calculated as8369.23525.01)/(1)/(===AUD GBP S GBP AUD S a bwhich is different from the offer rate in Sydney, implying the violation of the equilibrium condition and the presence of profitable arbitrage operation.(b) Arbitragers will buy the pound in Sydney at the offer rate of 2.5625 and sell it in London at the bid rate of 2.8369.(c) Profit earned per pound is.2-.2=83692744.05625(d) It is obvious from the comparison of the results that arbitrage is less profitable in the presence of the bid-offer spread (Problem 1).5. The following exchange rates were reported by Westpac Banking Corporation on 20 November 2002:JPY/AUD 67.16GBP/AUD 0.3484CHF/AUD 0.8012CAD/AUD 0.8711(a) Calculate all possible cross rates.(b) Using the calculated cross rates, show that there is no opportunity for three-point, four-point or five-point arbitrage.(c) If the cross rates were 10 per cent higher than those obtained in (a) above, show that there are opportunities for profitable three-point, four-point or five-point arbitrage. Solution(a) The cross rates are as follows:JPY/GBP 192.77JPY/CHF 83.82JPY/CAD 77.10GBP/CHF 0.4348GBP/CAD 0.4000CHF/CAD 0.9198(b) Starting with one unit of any currency, if you end up with one unit of the same currency after going through two, three or four currencies, then there is no arbitrage opportunity. Consider three-point arbitrage involving AUD, JPY and GBP, starting with one AUD:• Selling one AUD against the JPY gives JPY67.16.• Selling JPY67.16 against the GBP gives GBP0.3484.• Selling GBP0.3484 against the AUD gives one AUD.Similarly, four-point arbitrage and five-point arbitrage starting with one AUD give the following:AUD1.00→JPY67.16→GBP0.3484→CAD0.8710→AUD1.00AUD1.00→JPY67.16→GBP0.3484→CAD0.8710→CHF0.8012→AUD1.00(c) If the JPY/GBP exchange rate were 10 per cent higher, it would be 212.05. At this rate three-point arbitrage would produce the following:AUD1.00→JPY67.16→GBP0.3167→AUD0.9091which is not the profitable sequence. Hence, the profitable sequence would beAUD1.00→GBP0.3484→JPY73.88→AUD1.10016. The spot exchange rate between the Australian dollar and the Swiss franc (CHF/AUD) is 0.8500–0.8580. A speculator believes that the Swiss franc will appreciate, and so buys CHF1,000,000. Two days later, the exchange rate turns out to be 0.8200–0.8280. Ignoring the interest rate factor, answer the following questions:(a) What will the speculator do?(b) How much profit will the speculator make?(c) Assuming that the speculator could buy and sell at the mid-rates, calculate the profit/loss in this case. Comment on your results.(a) The corresponding AUD/CHF exchange rates are 1.1655–1.1765 and 1.2077–1.2195, respectively. The speculator buys the Swiss franc at the offer rate of 1.1765. Two days later the speculator can sell at the bid rate of 1.2077. Assuming that the speculator wants to realise profit, the Swiss franc will be sold at 1.2077.(b) The profit realised by buying and selling CHF1,000,000 is,000.1(000-,1=⨯),20031AUD.117652077(c) The mid-buying and selling rates are 1.1710 and 1.2136. If the speculator can act on these rates, the profit realised will be,000000,1=⨯-.1(AUD,60042).117102136It is obvious that the profit realised is lower in the presence of the bid-offer spread.。
国际金融学(第二版)课后分析题参考资料
国际金融学（第二版）课后分析题参考资料By 尤聪第一章1、（1）结合影响汇率变动的主要因素来分析；（2）答人民币升值或贬值均可，但值得注意的是无论是升值还是贬值，其过程均应该是缓和的、小幅的，不会暴涨暴跌。
值得确定的是人民币汇率将会有更多的波动。
人民币将升值的理由：持续、较快的经济增长；外汇储备的持续增长；以美国为首的西方发达国家施压。
人民币将贬值的理由：中国经济增长的下行压力大于预测；美元兑其他货币持续升值，那么人民币可能对美元贬值。
2、以材料中1美元兑6.0539人民币为基准汇率最高汇率：1658.8%)5.01(0539.660=+⨯最低汇率：4815.4%)5.01(0539.660=-⨯ 3、人民币升值对中国企业的影响不利影响：（1）利润下降，中国产品在国际上的价格提高，价格优势丧失；（2）吸引外资能力下降，投资者投资成本上升，减少国内企业的资金来源，制约生产规模的扩大和生产能力的扩张。
有利影响：（1）有利于增强企业自主创新能力；（2）有利于优化引资结构；（3）有利于推动海外投资。
人民币贬值对中国企业的影响不利影响：（1）进口原料、商品成本提高；（2）有可能加大与贸易伙伴的贸易摩擦；（3）不利于企业进行海外投资。
有利影响：（1）有利于提高出口产品的价格优势，增强竞争力，扩大产品出口，一定程度上缓解国内的产能过剩。
（2）有利于吸引海外投资。
第二章结合衍生金融工具所客观具有的负面效应去谈。
如：中航油事件的爆发集中反映了我国企业在参与金融衍生品交易时，对金融衍生品和金融衍生品交易的特性与风险缺乏足够的认识，抗风险能力不强，对可能遇到的风险缺乏有效的对策，在企业内部缺乏有效的监督与管理，内部制度形同虚设等问题。
从对金融衍生品交易的投机性与风险性的认识不足中，可以总结出我国企业在参与金融衍生品交易时，面临着两方面问题：一是外部的法律监管不足；二是企业自身存在很大缺陷。
第三章1、（1）以巨无霸指数测算汇率是否合理，为什么？答：用汉堡包来判定汇率，具有相当大的局限性。