国际金融(并不是考试题)

Chapter 2 Payments among Nations
1）What is the current account balance of a nation with a government budget deficit of ＄128 billion, private saving of ＄806 billion, and domestic capital formation of ＄777 billion?
2) “A country is better off running a curr ent account surplus rather than a current account deficit.” Do you agree or disagree? Explain.
3). An annual statement of all the transactions between one country and the rest of the world, is called that country's:
a. dollar outpayments.
b. international transactions statement.
c. current capital campaign.
d. all of the above
4). In the international transactions statement, merchandise trade, exchange of services and transfers of capital are divided into those giving rise to
__________________ (plus or credit items) and those resulting in__________ (negative or debit items).
a. credit accounts and credit debits
b. dollars and capital
c. currents and accounts
d. dollar inpayments and dollar outpayments
5). The current account component of the statement includes transactions
in goods and services; while purchases and sales of assets make up the:
a. capital account.
b. current capital.
c. current purchases.
d. none of the above
6). In terms of the current account, if US merchandise exports total 900 million dollars and US merchandise imports total 1500 million dollars, then the balance of trade on US merchandise trade would be:
a. a 2100 million dollar credit.
b. 2100 million dollars.
c. a 600 million dollar deficit.
d. a 900 million dollar deficit.
Chapter 3 The Foreign Exchange Market
1）What are the major types of transactions or activities that result in demand for foreign currency in the spot foreign exchange market?
2）You have access to the following three spot exchange rates:
$0.01/Yen
$0.20/krone
25Yen/krone
You start with dollars and want to end up with dollars.
A）How would you engage in arbitrage to profit form these three rates? What is the profit for each dollar use initially?
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?
3). If the dollar-euro exchange rate moved from $1=0.5€ to $1=1€, then the dollar would have ___________ and the euro would have ______________.
a. depreciated; decreased
b. appreciated; depreciated
c. fluctuated; improved
d. supplied; demanded
4). Increases in U.S. interest rates raise the exchange value of the dollar by:
a. forcing other countries to get rid of dollars.
b. lowering demand for the dollar.
c. raising demand for the dollar.
d. none of the above
5). Increasing the money supply through monetary expansion causes inflation and price increases which, in turn, causes _________________ in interest rates, the exchange rate and demand for the dollar.
a. increases
b. decreases
c. triangular floats
d. long positions
Chapter 4 Forward Exchange and International Financial Investment
1）The following rates are available in the markets:
Current spot exchange rate : ＄0.500/SFr
Current 30-day forward exchange rate: ＄0.505/SFr
Annualized interest rate on 30-day dollar-denominated bonds:12%(1% 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?
B）Should a U.S.-based investor make a covered investment in Swiss
franc-denominated 30-day bonds, rather than investing in 30-day
dollar-denominated bonds? Explain.
C）Because of covered interest arbitrage, what pressures are placed on the various rates? If the only rate that actually changes is the forward exchange rate, to what value will it be driven?
Chapter 5 What Determines Exchange Rates?
1）According to PPP and the monetary approach, why did the nominal exchange rate value of the DM ( relative to the dollar) rise between the early 1970s and the late 1990s?Why did the nominal exchange rate value of the pound decline? 2）Will the law of one price apply better to gold or to Big Macs? Why?
Chapter 6 Government Policies toward the Foreign Exchange Market
1）What is the difference between a clean float and a managed float?
2）Why did the Britton Woods system of fixed exchange rates collapse? 3). During the period known as the gold standard (1870-1914), gold was the official reserve asset and the common denominator in terms of which all currencies as well as the exchange ratios between these currencies were:
a. unsterilized.
b. divided.
c. floate
d.
d. fixed.
4). After WWII, during the Bretton Woods period of 1944-1973 gold was replaced by ____________ as the common denominator fixing all currencies.
a. silver
b. the euro
c. the U.S. dollar
d. none of the above
Chapter 7 International Lending and Financial Crises
1）“It is best for a country never to borrow from foreign lenders.” Do you agree or disagree? Why?
2）How could each of the following cause or contribute to a financial crisis in a developing country?
A）A large amount of short-term debt denominated in dollars.
B）A financial crisis in another developing country in the region.
Chapter 8 How Does the Open Macro-economy Work?
1）How does the intersection of the IS and LM curves relate to the concept of internal balance?
2). Monetary policies influence the economy through control of
__________________, while fiscal policies affect _____________.
a. the money supply and government revenues/expenditures
b. wages and the printing of new money
c. the removal of useless coins and the interest rate
d. none of the above
3). In 1996, when the IMF loaned Russia $10 billion, the IMF required Russia to tighten its fiscal policy. This type of demand is called the IMF's:
a. investment guides.
b. loan rules.
c. price rate positionings.
d. conditionality policies.
4). To reinforce automatic adjustment mechanisms, countries pursue specific fiscal (raising/lowering taxes on governmental expenditures) and monetary (contracting/expanding the money supply) policies called________________.
a. conditionality
b. expenditure-changing policies
c. inflation reduction notes
d. deficit or surplus busting
Chapter 9 Internal and External Balance with Fixed Exchange Rates
1）A country with a fixed exchange rate has achieved external balance. Government spending then increases in an effort to reduce unemployment. What is the effect of this policy change on the country’s official settlements balance? If the central bank uses unspecialized intervention to defend the fixed rate, will intervention tend to reduce the expansionary effect of the fiscal policy?
Chapter 10 Floating Exchange Rates and Internal Balance
1）“A drop in the foreign demand for our exports has a larger effect on our domestic product and income under floating exchange rates than it would under fixed exchange rates.” Do you agree or disagree? Why?
Chapter 11 National and Global Choices: Floating Rates and the Alternatives 1）What is a good choice: Fixed exchange rate or Floating exchange rate?。