国际金融试题Word版
国际金融 期末试题及答案
国际金融期末试题及答案一、选择题（每题2分，共40分）1. 国际金融指的是：A. 国内金融市场的交易活动B. 跨国公司的财务管理C. 跨国金融机构的运作D. 国际贸易中的货币流通2. 外汇市场是指：A. 各国货币的交易场所B. 各国商品的交易场所C. 跨国公司的财务管理D. 国际金融机构的运作3. 货币供应量的增加对外汇市场的影响是：A. 市场利率上升B. 市场利率下降C. 市场汇率上升D. 市场汇率下降4. 国际金融市场的参与者有：A. 政府机构B. 大型跨国公司C. 银行和金融机构D. 所有选项都对5. 外汇保证金制度是指：A. 投资者只需支付一部分资金即可进行外汇交易B. 外汇交易必须使用保证金进行C. 外汇交易双方需要提供保证金D. 外汇交易不需要支付保证金……二、填空题（每题2分，共20分）1. ______是国际金融市场中主导地位的货币。
2. 跨国公司通常使用______来进行跨国业务的资金结算。
3. 金融衍生品市场中最常见的产品是______。
4. 国际金融市场上的外汇交易以______计价。
5. 外汇交易的实际买卖价格由______决定。
……三、简答题（每题10分，共40分）1. 请解释国际金融中的汇率风险是什么？2. 描述一下国际金融市场的三个主要市场。
3. 解释国际金融中的资本流动性是什么概念？4. 列举并解释国际金融市场中常见的金融衍生品。
5. 解释国际金融市场的强制性市场准入条件。
……四、案例分析题（每题20分，共40分）案例一：某公司计划在国际市场中进行融资，以支持其扩大业务的需求。
请分析该公司应该选择何种融资方式，并阐述其优缺点。
案例二：某国政府将出台新的外汇管制政策，限制居民购买外汇。
请分析这一措施对该国经济和国际金融市场的影响。
……答案：一、选择题1. C2. A3. D4. D5. A二、填空题1. 美元2. 外汇3. 期权（或衍生品）4. 美元5. 外汇市场供需三、简答题1. 汇率风险是指由于汇率波动导致国际金融交易中的货币价值损失的风险。
国际金融中英文版答案解析)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1.A country’s balance of payments records:一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from thatcountry for a period of time.b.All flows of value between that c ountry’s residentsand residents of the rest of the world during a periodof time. 在一定时间段里, 一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross thatcountry’s borders during a period of time.d.All flows of goods into that country during a periodof time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid. 一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to aforeigner.3.Every international exchange of value is entered into thebalance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次 Ba.1b.2c.3d.44.A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay. 一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of the followingitems is always recorded as a positive entry? D 在国际收支中, 下列哪个项目总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.The sum of all of the debit items in the balance of payments:在收支平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors andomissions.7.Which of the following capital transactions are entered asdebits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？Ba.A U.S. resident transfers $100 from his account atCredit Suisse in Basel (Switzerland) to his account ata San Francisco branch of Wells Fargo Bank.b.A French resident transfers $100 from his account atWells Fargo Bank in San Francisco to his Credit Suisseaccount in Basel. 一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c.A U.S. resident sells his IBM stock to a Frenchresident.d.A U.S. resident sells his Credit Suisse stock to aFrench resident.8.An increase in a nation's financial liabilities to foreignresidents is a: 一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.9.___A_______ are money-like assets that are held bygovernments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets10.Which of the following is considered a capital inflow?下列哪项被视为资本流入 Aa.A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家b.A loan from a U.S. bank to a foreign borrower.c.A purchase of foreign financial assets by a U.S. buyer.d.A U.S. citizen’s repayment of a loan from a foreignbank.11.In a country’s balance of payments, which of thefollowing transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ Aa.Domestic bank balances owned by foreigners aredecreased. 外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents aredecreased.c.Assets owned by domestic residents are sold tononresidents.d.Securities are sold by domestic residents tononresidents.12.The role of ___D_______ is to direct one nation’ssavings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows 资金流13.The net value of flows of goods, services, income, andunilateral transfers is called the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba.Capital account.b.Current account.经常账目（户）c.Trade balance.d.Official reserve balance.14.The net value of flows of financial assets and similarclaims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫 Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of paymentsincludes: 美国国家收支表中的金融帐包括： Ba.Everything in the current account.b.U.S. government payments to other countries for the useof military bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.Ａ U.S. resident increasing her holdings of a foreignfinancial asset causes a: 一个美国居民增持一外国金融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account. 美国资本帐的借帐17. A foreign resident increasing her holdings of a U.S.financial asset causes a: 一个美国居民增持本国一金融资产会引起 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18. A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasingimports.19.In September, 2005, exports of goods from the U.S.decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. Thisincreased the deficit in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.The balance of payments.b.The financial account.c.The current account. 经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. currentaccount surplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reductionon imported goods.b.The United States cuts back on American militarypersonnel stationed in Japan.美国削减在日本的军事人员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in theUnited States.21.Which of the following transactions is recorded in thefinancial account?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b.A Chinese businessman imports Ford automobiles from theUnited States.c.A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chineseto play an exhibition game in Beijing, China.22.If a British business buys U.S. government securities,how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increasein U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decreasein U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancyor error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 Aa.Ensure that the sum of all debits matches the sum ofall credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-paymentsdeficit.d.Obtain an accurate account of a balance-of-paymentssurplus.24.Official reserve assets are: 官方储备资产是Ba.The gold holdings in the nation’s central bank.b.Money like assets that are held by governments and thatare recognized by governments as fully acceptable forpayments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可ernment T-bills and T-bonds.ernment holdings of SDR’s25.Which of the following constitutes the largest componentof the world’s international reserve assets?下列哪项构成了世界国际储备资产的大部份？ Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies. 外汇（币）26.The net accumulation of foreign assets minus foreignliabilities is: 海外净资产的积累减去外债等于C official reserves. domestic investment. foreign investment. 国外投资净值 foreign deficit.27. A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能力向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise and servicetrade, international income payments and receipts andinternational transfers.28.The ___C_______ measures the sum of the current accountbalance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is anaccumulation of official reserve assets by the country ora decrease in foreign official reserve holdings of thecountry's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balance NOTequal to? 以下哪项不等同于现金帐 Da.The difference between domestic product and domesticexpenditure.b.The difference between national saving and domesticinvestment. foreign investment.d.The difference between government saving andgovernment investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows arecredits. 资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, andgifts is the current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims isthe private current account balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets arenow foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable ininternational transactions. (T) 大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35. A country's financial account balance equals thecountry's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资36. A country has a current account deficit if it is savingmore than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of thecapital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38. A nation's international investment position shows itsstock of international assets and liabilities at a moment in time. (T) 一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39. A nation is a borrower if its current account is indeficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40. A nation is a debtor if its net stock of foreign assetsis positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）41. A transaction leading to a foreign resident increasingher holdings of a U.S. financial asset will be recorded asa debit on the U.S. financial account. 如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42. A credit item is an item for which a country must pay.贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently often usedin official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the differencebetween domestic product and national expenditure.(T) 经常项目余额等于国民生产与国民支出的差额45.In 2007 U.S. households, businesses and government werebuying more goods and services than they were producing.(T)２００７年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.46。
完整word版托马斯国际金融课后习题答案解析word文档良心出品
Suggested an swers to questio ns and p roblems(in the textbook)Disagree, at least as a general statement. One meaning of a current account surplus is that thecountry is exporting more goods and services than itis importing. One might easily judge that this is not good — the country isp roduci ng goods and services that are exp orted, but the country is not at the same time getting the imports of goods and services that would allowdo more consump tio n and domestic inv estme nt. I n this way a curre nt acco unt deficit mightbe con sidered good — the extra imp orts allow the country to con sume and in vest domesticallymore tha n the value of its curre nt production. Another meaning of a current account surplus isthat the country is en gag ing in foreig n finan cial inv estme nt — it is buildi ng up its claimson foreig ners, and this adds to n ati onal wealth. This sounds good, but as no ted above it comesat the cost of forego ing curre nt domestic pu rchases of goods and services. A curre nt acco untdeficit is the country running dow n its claims on foreigners or increasing its indebtedness toforeigners. Thissounds bad, but it comeswith the ben efit of higher levels of curre nt domestic expen diture.Differe nt coun tries at differe nt times may weigh the bala nee of these costs and ben efitsdiffere ntly, so that we cannot simply say that a curre nt acco unt surplus is better tha n a current acco unt deficit.Disagree. If the country has a surplus (a p ositive value) for its official settleme nts bala nee, then the value for its official reserves bala nee must be a negative value of the sameamount (so that the two add to zero). A negative value for this asset item means that funds are flow ing out in order for the country to acquire more of these kinds of assets. Thus, the country is in creas ing its hold ings of official reserve assets.Item e is a tran sacti on in which foreig n official hold ings of U.S. assets in crease. This is a po sitive (credit) item for official reserve assets and a negative (debit) item for private capital flowsas the U.S. bank acquires pound bank depo sits. The debit item con tributes to a U.S. deficit in theofficial settleme nts bala nee (while the credit item is recorded "below the lin e," p ermitti ng the official settleme nts bala nee to be in deficit). All other transactions invoIve debit and credit items both of which are includedin the official settleme nts bala nee, so that they do not directly con tribute to a deficit (orsurpi us) in the official settleme nts bala nee.Chap ter 22. it 4. 6.8. a. Mercha ndise trade bala nee: $330 - 198 = $132Goods and services bala nee: $330 - 198 + 196 - 204 = $124Curre nt account bala nee: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settleme nts bala nee: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b. Change in official reserve assets (net) = - officialsettlements balanee=-$23. The country is in creas ing its net hold ings of official reserve assets.10. a. In ternatio nal in vestme nt p ositio n (billio ns): $30 + 20 + 15 - 40 - 25 =$0.The country is n either an intern ati onal creditor nor a debtor. Its hold ing of intern ati onalassets equals its liabilities to foreig ners.b. A curre nt acco unt surplus p ermits the country to add to its net claims on foreig ners. For thisreas on the coun try's intern atio nal inv estme nt po siti on will becomea p ositive value. Theflow in crease in net foreig n assets results in the stock of net foreig n assets beco ming positive.Exports of merchandise and services result in supply of foreign currency in the foreig n exchange market. Domestic sellers ofte n want to be p aid using domestic curre ncy, while the foreign buyers want to pay in their curre ncy.In the p rocess of paying for these exp orts, foreig n curre ncy is excha nged for domestic currency, creat ing supply of foreig n curre ncy. Intern ati onalcap ital in flows result in a supply of foreig n curre ncy in the foreig n excha nge market. I nmaki ng inv estme nts in domestic finan cial assets, foreig ninvestors often start with foreign currency and must exchange it for domestic curre ncy before theycan buy the domestic assets. The excha nge creates a supply of foreig n curre ncy. Sales of foreign finan cial assets that the country's residents had previously acquired, and borrowing fromforeignersby this coun try's reside nts are other forms of cap ital in flow that can create supply of foreign curre ncy.The U.S. firm obta ins a quotatio n from its bank on the spot excha nge rate for buying yen withdollars. If the rate is acce ptable, the firm in structs its bank that it wants to use dollars fromits dollar check ing acco unt to buy 1 millio n yen at this spot excha nge rate. It also in structsits bank to send the yen to the bank acco unt of the Japan ese firm. To carry out thisChap ter 32. 4.instruction, the U.S. bank instructs its correspondent bank in Japan to take1 milli on yen from its acco unt at the corres pondent bank and tran sfer the yen to the bank account of the Japan ese firm. (The U.S. bank could also use yen at its own branch if it has a branchin Japan.)The trader would seek out the best quoted spot rate for buying euros with dollars, either throughdirect con tact with traders at other banks or by using the services of a foreign exchange broker.The trader would use the best rate to buy euro spot. Sometime in the n ext hour or so (or, typically at least by the end of the day), the trader will en ter the in terba nk market aga in, toobtain the best quoted spot rate for selling euros for dollars. The trader will use the best spot rate to sell her p reviously acquired euros. If the spot value of the eurohas rise n duri ng this short time, the trader makes a p rofit.The cross rate betwee n the yen and the krone is too high (the yen value of the krone is toohigh) relative to the dollar-foreig n curre ncy excha nge rates. Thus, in a p rofitable tria ngulararbitrage, you want to sell kroner at the high cross rate. The arbitrage will be: Use dollars to buykroner at $0.20/kr one, use these kroner to buy yen at 25 yen/krone, and use the yen to buy dollarsat $0.01/ye n. For each dollar that you sell in itially, you can obta in 5 kroner, these 5 kronercan obta in 125 yen, and the 125 yen can obta in $1.25. The arbitrage p rofit for each dollar istherefore 25 cen ts.Selli ng kroner to buy yen p uts dow nward p ressure on the cross rate (the yen price ofkrone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to elimi nate theopportunity for tria ngular arbitrage, assu ming that the dollar excha nge rates are un cha nged.The in crease in supply of Swiss francs puts dow nward p ressure on the excha nge-rate value($/SFr) of the franc. The mon etary authorities must intervene to defend the fixed exchange rate bybuying SFr and sellingb. The in crease in supply of francs puts dow nward p ressure on the excha nge-rate value ($/SFr) ofthe franc. The mon etary authorities must intervene to defend the fixed exchange rate by buying SFrand sellingc. The in crease in supply of francs puts dow nward p ressure on the excha nge-rate value($/SFr) of the franc. The mon etary authorities must intervene to defend the fixedexchange rate by buying SFr and selling6.8. a. b.10. a.dollars. dollars. dollars.d. The decrease in dema nd for francs puts dow nward p ressure on the excha nge-rate value ($/SFr) ofthe franc. The mon etary authorities must intervene to defend the fixed exchange rate by buying SFrand selling You will need data on four market rates: The current interest rate on bonds issued by the U.S. government that mature in one year, the interest rate (or yield) on bonds issued by the British government that maturein one year, the curre nt spot excha nge rate betwee n the dollar and pound, and the current one-year forward exchange rate between the dollar and pound. Do these rates result in a coveredinterestdifferential that is very closeto zero?Relative to your exp ected spot value of the euro in 90 days ($1.22/euro), the current forward rate ofthe 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 sp eculate by en teri ng into a forward con tract now to buy euros at$1.18/euro. If you are be able to immediately of $0.04 for each euro this way, then massivedollars.Chap ter 42.(or yield) curre nt 4. a. The U.S. firm has an asset p ositi on in yen — it has a long p ositi on in yen. To hedge its exp osure to excha nge rate risk, the firm should en ter into a forward exchange con tract now in which the firm commits to sell yen and receive dollars at the curre ntforward rate. The con tract amounts are to 1 millio n yen and receive $9,000, both in 60days.sell b. The stude nt has an asset po siti on in yen — a long p ositi on in yen. Tohedge the exp osure to excha nge rate risk, the stude nt should en ter into a forward exchange con tract now in which the stude nt commits to sell yen and receive dollars at the current forward rate. The con tract amounts are to 10 millio n yen and receive $90,000, both in 60 days.sellc. The U.S. firm has an liability position in yen — a short position in To hedge its exp osure to excha nge rate risk, the firm should en ter into a forward exchange con tract now in which the firm commits to sell dollars receive yen at the curre ntforward rate. The con tract amounts are to sell $900,000 and receive 100 millio n yen, bothin 60 days.yen.and 6. correct in your expectation, then in 90 days you will resell those euros for $1.22/euro, pocketing a profit that you boughtforward. If many people sp eculate in pu rchases now of euros forward(in creas ing the dema ndfor euros forward) will tend to drive up the forward value of the euro, toward a curre nt forwardrate of $1.22/euro.The Swiss franc is at a forward prem ium. Its curre nt forward value($0.505/SFr) is greater than its current sp ot value ($0.500/SFr).The covered in terest differe ntial "i n favor of Switzerla nd" is ((1 + 0.005) (0.505) / 0.500) - (1 + 0.01) = 0.005. (Note that the interest rate used must match the time p eriod of the in vestment.) There is a covered interest differential of 0.5% for 30 days (6 percent at an annual rate). TheU.S. investor can make a higher return, covered against exchange rate risk, by inv esti ng in SFr-de nomin ated bon ds, so p resumably the inv estor should makethis covered investment. Although the interest rate on SFr-denominated bonds is lower tha n the in terest rate on dollar-de nomin ated bon ds, the forward p remium on the franc is larger tha n this differe nee, so that the covered inv estme nt is a good idea.The lack of demandfor dollar-denominated bonds (or the supply of thesebonds as in vestors sell them in order to shift into SFr-de nomin ated bon ds) puts dow nward p ressure on the p rices of U.S. bon ds —up ward p ressure on U.S. in terest rates. The extra dema nd for the franc in the spot excha nge market (as in vestors buy SFr in order to buy SFr-de nomin ated bon ds)puts up ward p ressure on the spot excha nge rate. The extra dema nd for SFr-de nomin ated bonds puts up ward p ressure on the p rices of Swiss bonds — dow nward p ressureon Swiss in terest rates. The extra supply of francs in the forward market (as U.S. i nv estors cover their SFr in vestme nts back into dollars) p uts downwardpressure 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. Withthis forward rate and the other in itial rates, the covered in terest differe ntial is close to zero. In test ing covered in terest p arity, all of the in terest rates and excha nge rates that are n eeded to calculate the covered in terest differe ntial are rates that can observed in the bond and foreignexchange markets. Determining whether the covered in terest differe ntial is about zero (covered interest parity) is then straightforward (although somemore subtle issues regardingtim ing of tran sact ions may also n eed to be addressed). I n order to test uncovered interestparity, we need to know not only three rates — two interest rates and the current spot exchangerate — that can be observed in the market, but also one rate— the exp ected future spot exchange rate — that is notobserved in any market. The tester the n n eeds a way to find out aboutinv estors' exp ectati ons. One way is to ask them, using a survey, but they may not say exactlywhat they really think. Ano ther way is to exam ine the actual un covered in terest differe ntialafter we know what the future spot excha nge rate actually turns out to be, and see whether thestatistical characteristics of the actual uncovered differential are consistentwith an expected uncovered differential of about zero (uncovered interest parity). 8. a.b.c.10.Cha pter 52. a. The euro is expected to appreciate at an annual rate of approximately ((1.005 -1.000)/1.000) (360/180)100 = 1%. The exp ected un covered in terestdifferential is approximately 3%+ 1%- 4%= 0, so uncovered interest parityholds (app roximately).b. If the in terest rate on 180-day dollar-de nomin ated bonds decli nes to3%, the n the spot excha nge rate is likely to in crease —the euro willappreciate, the dollar depreciate. At the initial current spot exchange rate,the initial expected future spot exchange rate, and the initial euro interestrate, the exp ected un covered in terest differe ntial shifts in favor of investing in euro-denominated bonds (the expected uncovered differential is now p ositive, 3% + 1% - 3% = 1%, favori ng un covered inv estme nt in euro-de nomin ated bon ds.The in creased dema ndfor euros in the spot excha nge market tends to app reciate the euro. If the euro in terest rate and the exp ected future spot excha nge rate rema in un cha nged, the n thecurre nt spot rate must cha nge immediately to be $1.005/euro, to reestablish un covered interest parity. Whenthe current spot rate jumps to this value, the euro'sexcha nge rate value is not exp ected to cha nge in value subseque ntly duri ng the next 180 days.The dollar has depreciated immediately, and the uncovered differe ntial then again is zero (3% + 0% - 3% = 0).4. a. For uncovered interest parity to hold, investors must expect that the rateof 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 valueis the same as the curre nt spot value, $0.01/ye n.b. If inv estors exp ect that the excha nge rate will be $0.0095/ye n, the nthey expect the yen to depreciate from its initial spot value during the next 90 days. Give n theother rates, i nv estors tend to shift their inv estme nts toward dollar-de nomin ated inv estments. The extra supply of yen (and dema ndfor 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 dollarappreciate) sometime during the next 90 days tends to cause the yen to dep reciate (the dollar toapp reciate) immediately in the curre nt spot market.The law of one p rice will hold better for gold. Gold can be traded easilyso that any price differences would lead to arbitrage that would tend to push gold p rices (stated in a com mon curre ncy by converting p rices using market excha nge rates) back close to equality. Big Macs cannot be arbitraged. If p rice differe nces exist, there is no arbitrage p ressure, so the p ricedifferences can persist. The prices of Big Macs(stated in a commoncurrency) vary widely around the world.According to PPP, the exchange rate value of the DM(relative to the dollar) has rise n since the early 1970s because Germa ny has exp erie need less inflation than has the United States ——the productprice level has risen lessin Germa ny since the early 1970s tha n it has rise n in the Un ited States.According to the monetary approach, the Germanprice level has not risen as muchbecause the Germa nmon eys upply has in creased less tha n the has in creased in the Un ited States,relative to the growth rates of real domestic production case —more in flati ongrowth in Brita in.rate ofthe domestic moneysupply (M s ) is two percentage points higher tha n it was previously, the mon etary app roach in dicates that the excha nge rate value (e) of the foreig n curre ncy will be higher tha n it otherwise would be — that is, the excha nge rate value of the coun try's curre ncy will be lower. Sp ecifically, the foreig n curre ncy will app reciate by two percentagepoints more per year, or depreciate by two percentage less. That is, the domestic currency will depreciate by two percentage more per year, or app reciate by two p erce ntage points less.b. The faster growth of the coun try's money supply eve ntually leads to afaster rate of inflation of the domestic price level (P). Specifically, inflation rate will be two percentage points higher than it otherwise be. Accord ing torelative PPP, a faster rate of in crease in the domestic level (P) leads to a higher rate of app reciatio n of the foreig n curre ncy.12. a. For the Un ited States in 1975, 20,000 = k 6.8. mon eys upply the opposite higher money in the two countries. The British pound is in Britain than in the United States, and 10. a. Because the growth pointspointsthewould price■100 800, or k = 0.25.For P ugelovia in 1975, 10,000 = k b. For the Un ited States, the qua ntity theory of money with a con sta nt kmeansthat the quantity equation with k = 0.25 should hold in 2002: 65,000=0.25 2601,000. It does. Because the quantity equation holds for both years with the samek, thechange in the price level from 1975 to 2002 is consistent with the quantity theory of moneywith aconstant k. Similarly, for Pugelovia, the quantity equation with k = 0.5 should hold for 2002, and it does (58,500 =0.5 390 300).14. a. The tighte ning typ ically leads to an immediate in crease in the coun try'sin terest rates. In additi on, the tighte ning p robably also results ininvestors' expecting that the exchange-rate value of the country's currencyis likely to be higher in the future. The higher expected exchange-rate value for the currency isbased on the expectation that the country's price level will be lower in the future, and PPP indicates that the curre ncy will the n be stro nger. For both of these reas ons, intern ati onal investors will shift toward inv est ing in this coun try's bon ds. The in crease in dema nd for the coun try's curre ncy in the spot excha nge market causes the curre ntexcha nge-rate value of the curre ncy to in crease. The curre ncy maya pp reciate a lot because thecurrent exchange rate must "overshoot" its expected future spot value. Un covered in terest p arityis reestablished with a higher in terest rate and a subseque nt exp ected dep reciati on of the curre ncy.b. If everyth ing else is rather steady, the excha nge rate (the domesticcurrency price of foreign currency) is likely to decrease quickly by a large amount. After this jump, the excha nge rate maythe n in crease gradually toward its long-run value — the value con siste ntwith PPP in the long run.Weoften use the term pegged exchange rate to refer to a fixed exchange rate, because fixed ratesgen erally are not fixed forever. An adjustable peg isan exchange rate policy in which the "fixed" exchange rate value of a currency can be cha nged fromtime to time, but usually it is cha nged rather seldom(for in sta nee, not more tha n once every several years). A crawli ng peg isan exchange rate policy in which the "fixed" exchange rate value of a currency is cha nged ofte n(for in sta nee, weekly or mon thly), sometimes accordi ng to in dicators such as the differe nee inin flati on rates.Disagree. If a country is expected to impose exchange controls,which usually make it more difficult to move funds out of the country in the future,investors are likely to try to shift funds out of the country now before the100 200, or k = 0.5.Chap ter 62. 4.con trols are imp osed. The in crease in supply of domestic curre ncy into the foreig n excha ngemarket (or in crease in dema nd for foreig n curre ncy) p utsdownward pressure on the exchange rate value of the country's currency —the curre ncy tends to dep reciate.6. a. The market is atte mpting to dep reciate the pn ut (app reciate the dollar) toward a value of 3.5 pnutsper dollar, which is outside of the top of the allowable band (3.06 pnuts per dollar). In order todefend the pegged exchange rate, the Pu gelovia n mon etary authorities could use official in terve ntio nto buy pnuts (in exchange for dollars). Buying pnuts prevents the pnut ' s value from declining (selling dollars prevents the dollar ' s value fromrisin g). The in terve nti on satisfies the excess p rivate dema nd for dollarsat the curre nt p egged excha nge rate.b. In order to defend the pegged exchange rate, the Pugelovian governmentcould impose excha nge con trols in which some p rivate in dividuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without gover nment p ermission, and not all requests are approved by the government). By artificially restricting the supply of pnuts (and the dema nd for dollars), the Pu gelovia n gover nment can force the remai ning p rivate supply and dema nd to "clear" within the allowable band.The exchange controls attempt to stifle the excess private demandfor dollars at the curre nt p egged excha nge rate.c. In order to defend the pegged exchange rate, the Pugelovian governmentcould in crease domestic in terest rates (p erha ps by a lot). The higher domestic interest ratesshift the incentives for international capital flows toward inv estme nts in Pu gelovia n bon ds. The in creased flow of intern ati onal finan cial cap ital into Pu gelovia in creases the dema nd forpnuts on the foreig n excha nge market. (Also, the decreased flow of intern ati onal financialcapital out of Pugelovia reduces the supply of pnuts on the foreignexcha nge market.) By in creas ing the dema nd for pnuts (and decreas ing the suppl y), the Pugelovia n gover nment can in duce the p rivate market to clear within the allowable band. The increased domestic in terest rates attem pt toshift the private supply and demandcurves so that there is no excess private dema nd for dollars at the curre nt p egged excha nge rate value.8. a. The gold sta ndard was a fixed rate system. The gover nment of each countryp artici pati ng in the system agreed to buy or sell gold in excha nge for itsown currency at a fixed price of gold (in terms of its own currency). Becauseeach currency was fixed to gold, the exchange rates between currencies also ten ded to be fixed, because in dividuals could arbitrage betwee n gold and curre ncies if the curre ncy excha nge rates deviated from those imp lied by the fixed gold p rices.Britai n was central to the system, because the British economy was the leader in in dustrializatio n and world trade, and because Brita in was con sidered finan cially secure and p rude nt. Brita in was able and willi ng to run p ayme nts deficits that p ermitted many other coun tries to run p ayme ntssurpi uses. The other coun tries used their surpi uses to build up their holdi ngs of gold reserves (and of intern ati onal reserves in the form of sterling-denominated assets). These other countries were satisfied with therate of growth of their holdings of liquid reserve assets, and most countries were able to avoid the crisis of running low on intern ati onal reserves.Duri ng the height of the gold stan dard, from about 1870 to 1914, theeconomic shocks to the system were mild. A major shock —World War I — caused many coun tries to sus pend the gold sta ndard.Sp eculati on was gen erally stabiliz ing, both for the excha nge rates between the currencies of countries that were adhering to the gold standard, and for the excha nge rates of coun tries that temp orarily allowed their curre ncies to float.10. a. The Brett on Woods system was an adjustable p egged excha nge rate system.Coun tries committed to set and defe nd fixed excha nge rates, financing temporary p ayme nts imbala nces out of their official reserve holdi ngs. If a "fun dame ntal disequilibrium "in a coun try's intern ati onal p ayme ntsdeveloped, the country could change the value of its fixed exchange rate to a new value.b. The Un ited States was cen tral to the system. As the Brett on Woodssystemevolved, it became esse ntially a gold-excha nge sta ndard. The mon etaryauthorities of other countries committed to peg the exchange rate values of their curre ncies to the U.S. dollar. The U.S. mon etary authority committedto buy and sell gold in exchange for dollars with other countries'monetaryauthorities at a fixed dollar p rice of gold. c. To a large extent speculation was stabilizing, both for the fixed ratesfollowed by most countries, and for the exchange rate value of the Canadian dollar, which floated duri ng 1950-62. However, the p egged excha nge rateb. c.d.values of curre ncies sometimes did come un der sp eculative p ressure.Intern ati onal inv estors and sp eculators sometimes believed that they had a on e-way sp eculativebet aga inst curre ncies that were con sidered to be "in trouble. ” If the country did managetodefend the pegged exchange rate value of its curre ncy, the inv estors bett ing aga inst the currency would lose little. They stood to gain a lot of p rofit if the curre ncy was devalued.Furthermore, the large speculative flows against the currency required large interventions to defendthe currency's pegged value, so that thewas more likely to run so low on official reserves that it was forced to devalue.12. a. The dollar bloc a nd the euro bloc. A nu mber of co un tries peg their to the U.S.dollar. A nu mber of European coun tries use the euro, and, in additi on, a nu mberof other coun tries peg their curre ncies to the euro.(as of the beg inning of 2002)the Japan ese yen, the Britishpound, the Can adia n dollar, and the Swiss franc. c. The exchange rates between the U.S. dollar and the other major currencieshave been floating since the early 1970s. The movementsin these rates exhibittrends in the long run — over the en tire p eriod since the early 1970s. The rates also showsubstantial variability or volatility in the short and medium runs — p eriods of less tha n oneyear to p eriods of several years. The long run trends app ear to be reas on ably con siste nt withthe econo mic fun dame ntals emp hasized by pu rchas ing po wer p arity ——differe nces in n ational in flati onrates. The variability or volatility in the short or medium run iscon troversial. It may simply rep rese nt rati onal res pon ses to the continuingflow of economic and political news that has implications for exchange rate values. The effects onrates can be large and rap id, because overshooti ng occurs as rates res pond to imp orta nt n ews.However, some part of the large volatility mayalso reflect speculative bandwagonsthat lead to bubbles that subseque ntly burst.Cha pter 72. Disagree. In a sense a n ati onal gover nment cannot go bankrupt, because it can print its own currency. But a n ati onal gover nment can refuse to honor its obligati ons, eve n if it might be able top ay. If the ben efit from not paying exceeds the cost of not paying, the gover nment may rati onally to p ay. And, a n ati onal gover nment can run short of foreig n curre ncy togover nment curre ncies The other major curre ncies that float independen tly in elude b.refusepay。
国际金融习题10
I MULTIPLE CHOICEIdentify the letter of the choice that best completes the statement or answers the question.Each question is worth 2 points.1. Any central bank sale of assets automatically causes ( ).A higher money demandB the money supply to declineC current account surplusD the foreign exchange market equilibrium2. The central bank can negate the money supply effect of intervention though ( )A sterilizationB devaluationC fiscal policyD revaluation3.If exports and imports adjust gradually to real exchange rate changes, the current account may follow a ( ) pattern after a real currency depreciation.A XX scheduleB AA scheduleC J-curveD IS-LM4. Expansionary fiscal policy ( ) the CA balance.A maintainsB reducesC improvesD is not relevant to5. The Fisher effect states that a rise (fall) in a country’s expected inflation rate will eventually cause an equal rise (fall) in the ( )A exchange rateB interest rateC outputD money demand6. In ( ) the owner has the right to buy or sell a specified amount of foreign currency at a specified price at any time up to a specified expiration date.A futureB forwardC swapD option7. BOP=( )A CA+FA+KAB G+C+I+CAC EX-IMD Y-T8. Which of the following is not right in the interest parity condition( )A The expected returns on deposits of any two currencies are equal when measured in the same currency.B It implies that potential holders of foreign currency deposits view them all as equally desirable assets.C The expected rates of return are equal when R=R*+(E e-E)/ED It makes the risk an essential factor for interest rate determination9. If the central bank intends to mollify the impact of the increased foreign assets on the domestic money supply, it need ( )A sell out domestic assetsB devaluate currencyC offer higher interest rateD issue more money10. DD schedule stands for the equilibrium of ( )A output marketB foreign exchange marketC domestic money marketD whole economyII TRUE-FALSE QUESTIONIndicate whether the statement or sentence is true or false. Put T if you think it is true, F for false. Each question is worth 2 point.1.An economy’s long-run equilibrium is reached if prices were perfectly flexible and alwaysadjusted immediately to preserve full employment. ( )2.The theory of PPP explains movements in exchange rates between two countries’ currenciesby changes in the countries’ price level.( )3.Fisher Effect shows the long run relationship between inflation and exchange rate.( )4.The real exchange q is an explanation for the deviation from PPP.( )5.The AA schedule has a negative slope.( )6.If the economy starts at long-run equilibrium, a permanent change in fiscal policy increasesoutput. ( )7.Any central bank purchase of assets results in an increase in the domestic money supply( )8.Under fixed exchange rate, fiscal policy is fruitless. ( )9.Expansionary fiscal policy makes domestic currency appreciate.( )10.The risk premium depends positively on the stock of domestic government debt. ( )III MATCHINGMatch the proper word or words with the statements by writing the appropriate letter in the space provided next to the statement. Please note that there may be more words than statements, so be careful and choose the best statement. Each question is worth 2 point.B Transfers to abroadC Imports of goods and servicesD Increases in external liabilitiesE Decreases in external assetsF Income payable abroad2. What will an individual consider if he decides to hold his wealth as cash?( )A risk of holding moneyB interest rateC education backgroundD the average daily value of transactions3. According to the fundamental equation of the monetary approach the government is able to depreciate the domestic currency by( )A issuing more moneyB offering higher interest rateC selling out foreign reservesD increase output4. The Fisher Effect ( )A shows a rise in a country’s expected inflation rate, π, will eventually cause an equal rise in the exchange rate, E.B shows that purely monetary developments should have no effect on an economy’s relative pricesC is consistent with Neutrality of MoneyD shows a rise in a country’s expected inflation rate, π, will eventually cause an equal rise in the interest rate, R, that deposits of its currency offer.5. The aggregate demand for a country’s output is the sum of ( )A consumption demandB investment demandC government demandD current account6. Factors that push DD schedule rightwards are( )A increased government expenditureB increased investmentC increased demand for domestic goodsD increased foreign price level7. AA schedule shifts upwards if ( )A increase money supplyB domestic currency depreciateC price level is higherD foreign central bank offers higher interest rate8. The major participants in the foreign exchange market are( )A Commercial banksB International corporationsC Nonbank financial institutionsD Central banks9. At the fixed exchange rate, the central bank must be willing to ( )A buy any amount of domestic currency with its foreign exchange reserves the market wishes to sell.B buy any amount of foreign currency with domestic currency the market wishes to sell.C sell foreign reservesD sell domestic assets10. ( ) are correct for Exchange Rate OvershootingA The exchange rate is said to overshoot when its immediate response to a disturbance is greater than its long-run response.B Exchange Rate Overshooting helps explain why exchange rates move so sharply form day to day.C Exchange Rate Overshooting is a direct result of sluggish short-run price level adjustment and the interest parity condition.D Exchange Rate Overshooting is the case for long-runIV NUMERICAL EXERCISESolve the following quantitative problems. Between the first and second question, you may choose one. The third is a must. You must neatly show all work.1. If people expect relative PPP to hold, explain how the ongoing domestic inflation impact the domestic interest rate giving other things fixed. (hint: interest parity)(10points)2. Under what condition should a country improve the current account by depreciating its currency? Show your idea with Mashal-Lerner Condition. (10points)3. Suppose that 1USD=XCNY. Should one basket of goods sells for Y USD in America, while in china it sells for Z RMB, what is the real exchange rate?(10points)V SMALL ESSAY1. Explain how an increase of foreign interest rate affect on current exchange rate?(10points)2. When analysis the impact interest rate brings on exchange rate, why the monetary approach and the interest parity gives different prediction? (10points)。
(完整word版)国际经济学测试题答案
国际经济学测试题1答案一、单项选择（1’×10=10’）1.D2.C3.B4.A5.C6.C7.B8.D9.D 10.A二、多项选择（将答案填在下面的表格内，1’×10=10’）1. ABCD2. ABCDE3.ABD4.ABCDE5.ABDE6.ABD7.BCE8.ABE9.ABCD 10.ABD三、判断分析（分析不正确本题不得分。
2’×10=20’）1. 正确2. 错误。
跟大国比较接近。
3. 错误。
小国可以完全分工。
4. 正确5. 错误。
前者增加，后者下降。
6. 错误。
介于零关税和禁止性关税之间7. 错误。
国际生产折中理论8. 正确9. 错误。
动态效应更大更重要10. 正确四、名词解释（3’×4=12’）1．特定要素：只能被用来生产某些特定产品、不能在部门间自由流动的生产要素。
2．最优货币区：是指成员国相互之间的货币实行自由兑换，汇率保持长期固定不变，而对非成员国货币的汇率则实行联合浮动，通过商品和服务贸易以及要素的流动使多国经济紧密地联系在一起的地区。
3．出口替代战略：出口替代发展战略也是实现出口替代工业化的过程。
它是指一国将经济发展重点放在出口工业上，通过扩大出口本国工业制成品和半制成品来代替传统的初级产品出口，以增加外汇收入，带动工业体系的建立和推动整个国民经济的持续发展。
4．需求管理政策: 需求管理政策是通过改变国内总需求来校正国际收支失衡，它是以吸收理论为基础提出的，所以又称支出变化政策，主要政策工具包括财政政策和货币政策。
五、比较分析题（要求借助图形，每题9’，共18’）1. 比较小国利用关税和利用进口替代补贴进行贸易保护的不同效果。
征收关税之后，该国的总福利水平下降了：消费者剩余损失了(a+b+c+d)，其中a被生产者所得，c为政府财政收入所得，但尚有b和d的损失，国内没有任何人能得到相应的补偿。
这是由于关税使本国的生产资源从效率较高的部门转移到了效率较低的部门，即一国的生产资源向没有比较优势的进口竞争部门集中，因此造成了国民福利净损失。
(完整word版)金融学简答题和论述题大全
简答题1、如何理解金融范畴。
答：在信用货币制度下，信用与货币不可分割地联系在一起，货币制度也建立在信用制度之上，没有不含货币因素的信用，也没有不含信用因素的货币，任何信用活动也同时都是货币的运动。
信用的扩张意味着货币供给的增加，信用的紧缩意味着货币供给的减少，信用资金的调剂则影响着货币的流通速度和货币供给的部门构成和地区构成。
当货币的运动与信用的活动不可分析地联系在一起时，就产生了由货币和信用相互渗透而形成地新范畴——金融。
因此，金融是货币运动和信用活动地融合体。
2、简述利率在经济中的作用、答：利率作为经济杠杆在宏观与微观经济活动中发挥着重要作用。
表现在1）在宏观经济方面：①利率能够调节货币供求；②利率可以调节社会总供求；③利率可以调节储蓄与投资；2在微观经济方面：①利率可以促使企业加强经济核算，提高经济效益；②利率可以影响个人的经济行为。
3、凯恩斯的货币需求理论。
、答：（1）第一次明确提出货币需求的三个动机，即交易动机、预防动机和投机动机；2）推出货币需求函数，即：Md＝M1+M2＝L1（y）+L2(r), 说明的是，由交易动机和预防动机决定的货币需求是收入水平Y 的函数，且与收入正相关；而由投机动机决定的货币需求则是利率水平R 的函数，且与利率负相关。
4、怎样运用宏观紧缩政策治理通货膨胀？答：（1）运用紧缩性货币政策治理通货膨胀，主要手段包括通过公开市场业务出售政府债券、提高再贴现率和提高商业银行的法定准备率；（2）运用紧缩性财政政策治理通货膨胀，主要手段包括削减政府支出和增加税收；（3）运用紧缩性的收入政策治理通货膨胀，主要手段包括确定工资—物价指导线、管制或冻结工资以及运用税收手段。
5、如何理解金融发展对经济发展的作用？、答：金融发展对经济的作用：（1）金融发展有助于实现资本积聚与集中，可以帮助实现现代化大规模生产经营，实现规模经济效益。
（2）金融发展有助于提高资源的使用效率，从而提高社会经济效率。
(完整word版)国际金融实务习题册及答案
《国际金融实务》练习册一、选择题(在每小题的四到五个答案中，选出正确的答案,并将其号码填在题干的括号内。
) 1．所谓外汇管制就是对外汇交易实行一定的限制，目的是（）A、防止资金外逃B、限制非法贸易C、奖出限入D、平衡国际收支、限制汇价2．在英国货币市场上，以( ）占有重要地位。
A．商业银行B．投资银行C．贴现行D．证券经纪商3．支出转换型政策主要包括（)。
A．汇率政策B．政府补贴C．关税政策D．直接管制4．根据蒙代尔-弗莱明模型，在固定汇率制下（）。
A．财政政策无效B．货币政策无效C．财政政策有效D．货币政策有效5．隐蔽的复汇率表现形式有（）。
A．不同的财政补贴B．不同的附加税C．影子汇率D．不同的外汇留成比例6．布雷顿森林体系是采纳了（）的结果。
A．怀特计划B．凯恩斯计划C．布雷迪计划D．贝克计划7．2003年6月底，欧洲经济货币联盟国家未参加欧元区接受统一货币欧元的国家有（)。
A．英国B．希腊C．瑞典D．丹麦E．奥地利8．我国利用外资的方式有（）.A．设立中外合资经营企业B．开展补偿贸易C．发行A股D．发行B股E．出口买方信贷9．投资收益在国际收支平衡表中应列入( ）.A．经常账户B．资本账户C．金融账户D．储备与相关项目10．我国目前对信用证抵押贷款的信贷条件规定是（)。
A．贷款货币为外币B．贷款金额为信用证金额的90％C．企业使用贷款不受发放银行监督D．贷款期限原则上不超过90天11、国际债券包括( ）A、固定利率债券和浮动利率债券B、外国债券和欧洲债券C、美元债券和日元债券D、欧洲美元债券和欧元债券12、二次世界大战前为了恢复国际货币秩序达成的（)，对战后国际货币体系的建立有启示作用。
A、自由贸易协定B、三国货币协定C、布雷顿森林协定D、君子协定13、外汇远期交易的特点是（)A、它是一个有组织的市场,在交易所以公开叫价方式进行B、业务范围广泛，合约具是非标准化的特点C、合约规格标准化D、交易只限于交易所会员之间14、金融汇率是为了限制（)A、资本流入B、资本流出C、套汇D、套利15、汇率定值偏高等于对非贸易生产给予补贴，这样（）A、对资源配置不利B、对进口不利C、对出口不利D、对本国经济发展不利16、国际储备运营管理有三个基本原则是（)A、安全、流动、盈利B、安全、固定、保值C、安全、固定、盈利D、流动、保值、增值17、一国国际收支顺差会使( ）A、外国对该国货币需求增加，该国货币汇率上升B、外国对该国货币需求减少,该国货币汇率下跌C、外国对该国货币需求增加,该国货币汇率下跌D、外国对该国货币需求减少,该国货币汇率上升18、金本位的特点是黄金可以（）A、自由买卖、自由铸造、自由兑换B、自由铸造、自由兑换、自由输出入C、自由买卖、自由铸造、自由输出入D、自由流通、自由兑换、自由输出入19、布雷顿森林体系规定会员国汇率波动幅度为（）A、±10%B、±2。
(完整word版)金融学1-15章测试题及其答案
搜索时不要带括号1。
采取独资、合资或合作等方式在国外建立新企业的“绿地投资”属于（ B ）投资.、A。
国际间接投资B。
国际直接投资C. 国际金融投资 D. 国际结算2。
现代金融体系建立的基础是( D. A和B ）。
3。
各经济部门的金融活动及其彼此间的平衡关系可以通过( C资金流量表）来反映。
4. 在市场经济条件下，发行（ A. 政府债券）是财政最常用、最普遍的筹措资金方式.5.（A信用证）属于贸易融资的行为。
1。
发行股票属于（A）融资。
：A。
外源融资B。
内源融资C。
债务融资D。
债权融资2.居民的赤字可以通过以下哪种方式弥补( B. 消费贷款)。
3。
居民进行储蓄与投资的前提是( C。
货币盈余)。
4.现代社会中，不同的经济部门之间有的总体是盈余的，有的总体是赤字的，他们之间主要通过( A金融）活动来实现平衡。
5.从整体上看，（ D ）是最大的金融盈余部门。
： A. 企业B. 金融机构资C。
政府 D. 居民汇率变化常给交易人带来损失或盈利,下列（D。
黑客入侵外汇交易系统导致损失）不属于汇率风险.目前人民币汇率实行的是( B. 以市场供求为基础的、参考一篮子货币进行调节、有管理的浮动汇率制）。
国际借贷说认为本币贬值的原因是（D。
流动债务大于流动债权 )。
汇率自动稳定机制存在于( B。
国际金本位制下的 )汇率制度。
在现行结售汇制度下，我国外管局每个交易日公布的汇率是（D。
中间汇率）。
汇率作为重要的金融价格,其变动会影响( ）。
或多项:A. 进出口B. 物价C。
资本流动属于早期汇率决定理论的是（）。
或多项:A. 国际借贷理论C. 利率平价理论D. 汇兑心理说E. 购买力平价理论银行以不同方式卖出外汇时，下列正确的选项是（）。
或多项：A. 电汇汇率是外汇市场的基准汇率B。
信汇汇率低于电汇汇率D. 票汇汇率低于电汇汇率下列说法正确的是( ）。
或多项：A。
直接标价法下，外币的数额固定不变，本币的数额随币值变化B. 直接标价法下，汇率越高,本币价值越低E. 间接标价法下，汇率越高，本币价值越高根据利率平价理论，下列说法正确的是（）。
(完整word版)金融学计算题(word文档良心出品)
计算题1、关于贴现贴现付款额（贴现净额）=到期票据金额—贴现利息如果票据是有息，则到期票据金额是本利和，如果票据是贴现发行的，则到期票据金额就是票据面额。
贴现利息则是申请贴现人因提前获得资金而出让的部分，也是银行因这一笔贴现而获利的部分。
贴现利息=到期票据金额×贴现率×贴现期限。
其中，贴现期限须注意换算，如给定期限为“×月”，则贴现率除以12再乘以贴现月数，如给定期限为“×天”，则贴现率除以360再乘以贴现天数。
例1：现有一张10000元的商业汇票，期限为6个月，在持有整4个月后，到银行申请贴现，在贴现率为10%的情况下，计算贴息和贴现净额各为多少元？本题中，到期票据金额是10000，贴现期限是2月，贴现率是10%，因而，贴息=10000×10%×2÷12=166.7元贴现净额=10000－166.7=9833.3元某人因急需用款，凭该期票于6月27日到银行办理贴现，银行规定的贴现率为6%，该期票8月14日，票据面额为1208元，试算该人可从银行获得多少贴现付款。
（一年按360天算）解：从6月27日到8月14日，一共48天。
P＝1208*（1－6%*48/360）＝1208*0．992＝1198．34元2、关于收益率这里，我们一般只讨论持有期收益率，即收益与本金之比，再将它化为年收益率即可。
如例1中，如果再追加一个问，银行在此次交易中获得的收益率是多少？考虑银行的收益与成本，收益是多少？就是贴息166.7元，成本是多少？就是付给贴现人的9833.3元。
则，银行收益率=（166.7÷9833.3）×（12÷2）×100%=10.17%例2：某人于2008年1月1日以102元的价格购买了一张面值为100元、利率为10%（单利）、每年1月1日支付一次利息的2004年发行5年期国库券，并持有到2009年1月1日到期。
(完整word版)国际金融理论与实务A卷
中山大学南方学院期末考试试卷 （ 2010 级 专业2012 ～2012 学年度 第 二 学期） 课程名称 国际金融理论与实务 A 卷 考试形式 闭卷 考核类型 考试 本试卷共四大题，卷面满分100分，答题时间120分钟。
一、选择题：（本大题共20小题，每小题 2 分，共40 分），答案请填写在答题纸上。
1、在国际金融市场进行外汇交易时，习惯上使用的标价法是【 B 】 A. 直接标价法 B. 美元标价法 C. 间接标价法 D. 一揽子货币标价法 2. 德国某公司购买了美国的一套机械设备，此项交易应记入美国国际收支平衡表中的【 A 】 A 、贸易收支的贷方 B 、经常项目借方 C 、投资收益的贷方 D 、短期资本的借方 3．下列各项中，不属于直接投资【 B 】 A 、在国外开办独资公司 B 、外国投资者拥有美国企业3%的投票权 C 、在国外开办合资公司 D 、收购或合并国外企业 4. 特别提款权是【 D 】。
A ．欧洲经济货币联盟创设的货币 B. 欧洲货币体系的中心货币 C. 国际货币基金组织创设的储备资产和记帐单位 D. 世界银行创设的一种特别使用资金的权利 5. 非居民相互之间以银行为中介在某种货币发行国国境之外从事该种货币存贷业务的国际金融市场是【 C 】金融市场。
A 、美洲国家 B 、对岸 C 、离岸 D 、国际 6. 我国在美国发行的以美元计价债券属于【 B 】。
A ．欧洲债券 B. 外国债券C ．武士债券 D. 阿里郎债券7.以下哪一点不是国际储备的功能【 B 】。
A.可以维持一国的国际支付能力，调节临时性的国际收支不平衡B.可以从根本上解决国际收支逆差C. 调节本币汇率D. 充当信用保证8．某日欧洲货币市场某银行报EUR/CHF=1.2327-1.2397,EUR/JPY=136.98-137.64，瑞士法郎对日元的汇率为【 B 】。
A.110.49-111.66B.168.85-170.63C.150.88-152.12D.125.67-127.589. 资金融资期限在1年以内（含1年）的资金交易场所的总称，其中包括有形和无形市场，这种市场是【 D 】市场。
国际金融考试题
国际金融考试题一、选择题1. 在国际金融中，下列哪个因素对汇率起到重要影响？A. 财政政策调整B. 进出口贸易差额C. 国内通货膨胀率D. 金融市场波动2. 下列哪种利率一般不会影响外汇市场？A. 中央银行基准利率B. 银行间同业拆借利率C. 国库券利率D. 公司债券利率3. 以下哪种因素不会导致汇率实际波动？A. 政府外汇干预B. 经济周期波动C. 股市走势D. 外国资本流动4. 贸易顺差意味着以下哪种情况发生？A. 进口大于出口B. 出口大于进口C. 出口和进口持平D. 进口和出口无关5. 下列哪种货币不属于主要的国际储备货币？A. 美元B. 欧元C. 英镑D. 人民币二、简答题1. 请解释什么是利率平价理论。
答：利率平价理论指的是在没有套利机会的情况下，两个国家利率之间的差异应该等于两国货币之间的汇率的预期变动差异。
根据该理论可以预测汇率的变动趋势。
2. 请简要说明汇率和外汇市场的基本原理。
答：汇率是指一种货币的相对价值与另一种货币的比值。
外汇市场是指货币交易的市场，涉及不同国家货币之间的买卖。
外汇市场的汇率在大部分时间内是由供求关系所决定的，即买方和卖方之间的需求与供应。
3. 简要解释金融市场的导致汇率波动的原因。
答：金融市场的波动可以对汇率产生重大影响。
市场参与者对经济和政策的变化反应敏感，这可以导致资本从一个国家转移到另一个国家，进而影响汇率。
例如，金融危机、利率调整、政府外汇干预等因素都可能引起市场的波动，进而导致汇率的变动。
三、论述题国际金融市场的波动对经济产生了广泛的影响。
请以货币政策和经济增长为例，讨论国际金融市场波动对一个国家的影响。
国际金融市场的波动对一个国家的货币政策产生了重大影响。
市场的波动可以导致资本流动的增加或减少，这对中央银行的货币政策决策产生了挑战。
例如，如果外国投资者对该国的金融市场失去信心，他们可能会抛售该国的货币，导致货币贬值，进而导致通货膨胀。
对此，中央银行可能需要采取相应的货币政策措施，如加息或干预外汇市场，以维护国内的货币稳定和经济发展。
(完整word版)英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分, 答错不扣分1.I.perfec.market.existed.resource.woul.b.mor.mobil.an.coul.therefor.b.transferre.t.thos.countrie.mor.willin.t.pa..hig.pric.fo.them.. .. .2.Th.forwar.contrac.ca.hedg.futur.receivable.o.payable.i.foreig.currencie.t.insulat.th.fir.agains.exchang.rat.risk ... . )3.Th.primar.objectiv.o.th.multinationa.corporatio.i.stil.th.sam.primar.objectiv.o.an.firm.i.e..t.maximiz.sharehol de.wealth.. .. )4..lo.inflatio.rat.tend.t.increas.import.an.decreas.exports.thereb.decreasin.th.curren.accoun.deficit.othe.thing.e qual......5..capita.accoun.defici.reflect..ne.sal.o.th.hom.currenc.i.exchang.fo.othe.currencies.Thi.place.upwar.pressur.o.tha.hom.currency’.value.. .. )parativ.advantag.implie.tha.countrie.shoul.specializ.i.production.thereb.relyin.o.othe.countrie .fo.som.products.. .. .7.Covere.interes.arbitrag.i.plausibl.whe.th.forwar.premiu.reflec.th.interes.rat.differentia.betwee.tw.countrie.sp ecifie.b.th.interes.rat.parit.formula. .. . )8.Th.tota.impac.o.transactio.exposur.i.o.th.overal.valu.o.th.firm.. .. .9. .pu.optio.i.a.optio.t.sell-b.th.buye.o.th.option-.state.numbe.o.unit.o.th.underlyin.instrumen.a..specifie.pric.pe.uni.durin..specifie.period... . )10.Future.mus.b.marked-to-market.Option.ar.not.....)PartⅡ:Cloze (20%)每题2分, 答错不扣分1.I.inflatio.i..foreig.countr.differ.fro.inflatio.i.th.hom.country.th.exchang.rat.wil.adjus.t.maintai.equal.. purchasin.powe... ）2.Speculator.wh.expec..currenc.t..appreciat..... .coul.purchas.currenc.future.contract.fo.tha.currency.3.Covere.interes.arbitrag.involve.th.short-ter.investmen.i..foreig.currenc.tha.i.covere.b.....forwar.contrac...... .t. sel.tha.currenc.whe.th.investmen.matures.4.. Appreciation.Revalu....）petitio.i.increased.5.....PP... .suggest..relationshi.betwee.th.inflatio.differentia.o.tw.countrie.an.th.percentag.chang.i.th.spo.exchang.ra t.ove.time.6.IF.i.base.o.nomina.interes.rat....differential....).whic.ar.influence.b.expecte.inflation.7.Transactio.exposur.i..subse.o.economi.exposure.Economi.exposur.include.an.for.b.whic.th.firm’... valu... .wil.b.affected.modit.a..state.pric.i..... pu..optio..i.exercised9.Ther.ar.thre.type.o.long-ter.internationa.bonds.The.ar.Globa.bond. .. eurobond.....an....foreig.bond...).10.An.goo.secondar.marke.fo.financ.instrument.mus.hav.a.efficien.clearin.system.Mos.Eurobond.ar.cleare.thr oug.eithe...Euroclea... ..o.Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分rmation:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800rmation.i.locationa.arbitrag.possible?put.t h.profi.fro.thi.arbitrag.i.yo.ha.$1,000,e.(5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2.Assum.tha.th.spo.exchang.rat.o.th.Britis.poun.i.$1.90..Ho.wil.thi.spo.rat.adjus.i.tw.year.i.th.Unite.Kingdo.experience.a.inflatio.rat.o..percen.pe.yea.whil.th.Unite.State.experience.a.inflatio.rat.o..perc en. pe.year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforth.exchang.rat.o.th.poun.wil.depreciat.b.4..percent.Therefore.th.spo.rat.woul.adjus.t.$1.9..[..(–.047)..$1.81073.Assum.tha.th.spo.exchang.rat.o.th.Singapor.dolla.i.$0.70..Th.one-yea.interes.rat.i.1.percen.i.th.Unite.State.a n..percen.i.Singapore..Wha.wil.th.spo.rat.b.i.on.yea.accordin.t.th.IFE?.(5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284.Assum.tha.XY.Co.ha.ne.receivable.o.100,00.Singapor.dollar.i.9.days..Th.spo.rat.o.th.S.i.$0.50.an.th.Singap or.interes.rat.i.2.ove.9.days..Sugges.ho.th.U.S.fir.coul.implemen..mone.marke.hedge..B.precis. .(10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.pan.ordere..Jagua.sedan.I..month..i.wil.pa.£30,00.fo.th.car.I.worrie.tha.poun.ster1in.migh.ris.sharpl.fro.th.curren.rate($1.90)pan.bough...mont.poun.cal.(suppose.contrac.siz..£35,000.wit..strik.pric.o.$1.9.fo..premiu.o.2..cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)I.th..ros.t.$pan.woul. exercis.th.poun.cal.option.Th.su.o.th.strik.pric.an.premiu..i.$1.90 + $0.023 = $1.9230/£Thi.i.bigge.tha.$1.92.So hedging in the options market is not better.(2.whe.w.sa.th. compan.ca.brea.even.w.mea.tha.hedgin.o.no.hedgin.doesn’. matter.An.onl.whe.(strik.pric..premiu.).th.exchang.rat.,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6.Discus.th.advantage.an.disadvantage.o.fixe.exchang.rat.system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)Th.strik.pric.fo..cal.i.$1.67/£.Th.premiu.quote.a.th.Exchang.i.$0.022.pe.Britis.pound.Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴa) b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?Yo.ar.expectin.revenue.o.Y100,00.i.on.mont.tha.yo.wil.nee.t.cover.t.dollars.Yo.coul.hedg.thi.i.forwar.market.b.takin.lon.position.i.U.dollar.(shor.position.i.Japanes.Yen).B.lockin.i.you.pric.a.$..Y105.you.dolla.revenue.ar.guarantee.t.b.Y100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。
国际金融试题及答案
国际金融试题及答案国际金融练一一、单项选择题1.国际收支平衡表的借方总额()贷方总额。
A.小于B.大于C.等于D.可能大于、小于或等于2.根据购买力平价理论，一国国内的通货膨胀将会导致该国货币汇率()。
A.上涨B.下跌C.平价D.无法判定3.()主要指由于汇率变化而引起资产负债表中某些外汇项目金额变动的风险。
A.交易风险B.经营风险C.经济风险D.会计风险4.()是指在同一时期内，创造一个与存在风险相同货币、相同金额、相同期限的资金反方向流动。
A.组对法B.平衡法C.多种货币组合D.BSI法5.“马歇尔——勒纳条件”指当一国的出口需求弹性与进口需求弹性之和()时，该国货币贬值才有利于改善贸易收支。
A.大于B.小于C.大于1D.小于16.国际收支不平衡是指()不平衡。
A.自主性交易B.调节性交易C.常常账户生意业务D.本钱金融帐户生意业务7.欧洲货币市场是指()。
A.伦敦货币市场B.欧洲国家货币市场C.欧元市场D.境外货币市场8.卖方信贷的直接结果是()。
A.卖方能高价出售商品B.买方能低价买进商品C.卖方能以延期付款方式售出设备D.买方能以现汇支付货款9.处于战后国际货币体系中央位置的国际组织是()。
A.国际货币基金组织B.世界银行C.国际开发协议D.国际金融公司10.布雷顿森林体系下的汇率制度属于()。
A.浮动汇率制B.可调整的浮动汇率制C.联合浮动汇率制D.可调整的固定汇率制六、简答题1.简述一国国际收支顺差的主要影响。
2.简述亚洲金融危机爆发的内因。
七、论述题1.试述我国1994年外汇体制改革的主要内容与意义。
2.试述国际金融市场发展的新趋势。
国际金融试题参考答案一、单项选择题(每小题1分，共10分)1.C2.B3.C4.D5.C6.A7.D8.C9.A10.Dword文档可自由复制编辑五、计算题1.求德国马克/美圆的买入价，应以1除以美圆/德国马克的卖出价，即1除以2.0200，即求德国马克/美圆的卖出价，应以1除以美圆/德国马克的买入价，即1除以2.0100，即0.0140-0.0135；S为1.7030-1.7040；F为1..7040-)0.0140-)0.01351..6905六、简答题1.一国的国际收支出现顺差，可以增大其外汇储备，加强其对外支付能力。
国际金融习题练习题
国际金融习题练习题1. 汇率计算题假设当前汇率为1美元兑换6.5人民币，请计算以下汇率转换：a) 150美元兑换成人民币的金额是多少？b) 8000人民币兑换成美元的金额是多少？解答：a) 150美元 * 6.5 = 975人民币b) 8000人民币 / 6.5 = 1230.77美元2. 货币风险管理题某公司将在3个月后向美国公司支付100,000美元的货款。
当前的国际汇率为1美元兑换6.5人民币。
为降低汇率波动带来的风险，该公司希望进行合适的风险管理操作。
以下提供两种操作方式，请分析其利弊并给出建议：操作方式一：购买期权合约，以锁定未来3个月内的汇率为1美元兑换6.5人民币。
操作方式二：购买外汇远期合约，以锁定未来3个月内的汇率为1美元兑换6.7人民币。
解答：操作方式一的利弊分析：- 优势：通过购买期权合约锁定汇率，确保3个月后能够按照当前汇率支付货款，避免汇率波动带来的风险。
- 劣势：购买期权合约涉及到合约费用，并且如果未来汇率低于锁定汇率，公司将不能获得更有利的汇率。
操作方式二的利弊分析：- 优势：购买外汇远期合约锁定了一个稍微更保守的汇率，这种操作可以保证公司在未来3个月内按照这个汇率支付货款。
- 劣势：如果未来汇率高于锁定汇率，公司将错失更有利的汇率，这可能会导致额外成本。
建议：综合考虑两种操作方式的利弊，建议选择操作方式二：购买外汇远期合约。
虽然这种方式稍微保守一些，但它能够确保公司在未来3个月内按照锁定汇率支付货款，避免汇率波动带来的风险。
此外，操作期限较短，对公司的资金流动性影响较小。
3. 利差计算题假设美国的无风险利率为2.5%，中国的无风险利率为3.0%，当前的汇率为1美元兑换6.5人民币。
请计算美元与人民币之间的未套利可能性：解答：根据利差计算公式，未套利可能性 = （1 + 美国利率）/ 汇率 - （1 + 中国利率）= （1 + 2.5%） / 6.5 - （1 + 3.0%）= 0.025 / 6.5 - 0.03= 0.003846 - 0.03= -0.026154根据计算结果可知，未套利可能性为-0.026154，表示未进行套利操作的情况下，存在利差亏损的风险。
完整word版,1042国际经济法
试卷代号：1042国际经济法试题一、单项选择题1．《联合国国际货物销售合同公约》规定，一方当事人违反合同的结果，如使另一方当事人蒙受损害，以至于实际上剥夺了他根据合同规定有权期待得到的东西，即为( B．根本违反合同 )。
2．在CFR术语下，卖方承担货物灭失或损毁的风险直至( D．货物在装运港越过船舷时 )。
3．甲公司（卖方）与乙公司（买方）订立一单货物买卖合同。
乙公司申请开出的不可撤销信用证规定装船时间为2007年5月10日前。
甲公司由于货源上的原因，最早要到2007年5月15日才能备齐货物并装船付运。
甲公司应采取的正确处理方法是( C．征得乙公司同意，由乙公司请求开证行修改信用证 )。
4．已装船提单日期应理解为( C．货物装船完毕的日期 )。
5．中国鸿运公司与日本阪井公司于2001年5月签订了购买3500吨钢材的合同，由中国远洋公司的“青远”号将该批货物从日本神户运至宁波，“青远”号在途中遇小雨，因舱盖不严使部分货物生锈。
关于货物责任的选项正确的是( D．承运人应赔偿货物锈损的损失 )。
6．有一批货物，投保了平安险，由货轮装运，驶往目的港。
在航行过程中发生的下述几种情况中，保险公司无需承担赔偿责任的是( A.货轮遭遇暴风雨的袭击，因船身倾覆进水导致该批货物发生的部分损失 )。
7．中国甲厂、乙厂和丙厂代表中国新闻纸产业向主管部门提出了对原产于．A国、B国和C国的新闻纸进行反倾销调查的申请，经审查终局裁定确定倾销成立并对国内产业造成了损害，决定征收反倾销税。
反倾销税的纳税人应是( B．新闻纸的进口经营者 )。
8．在国际许可合同中，如果规定在合同约定的范围和期限内，只允许被许可人使用该技术，许可人不得在该地域内使用该技术，也不得将此项技术向第三方转让。
这种许可合同属于( A．独占许可合同 )9．下列关于《华盛顿公约>规定的表述中，正确的是( D．有关投资争议必须是关于法律问题的争议 )。
10．下述有关ADR的说法，正确的是( A．ADR体现了当事人的自愿性 )。
(完整word版)国际金融论述题(含答案)
论述题109、在国际资金流动问题非常突出的情况下，你认为各国应如何进行协调以有效对之进行管理?110试分析直接管制政策对经济的影响。
111、请结合中国对货币兑换管制的实践说明进一步取消直接管制政策是经济发展的趋势。
112、对布雷顿森林体系的评价是什么?113、从东南亚金融危机中得到了怎样的启示?114、试运用收益成本分析法来说明一国怎样决定加入通货区?115、国际金融机构当前面临的问题及挑战。
116、国际货币基金组织建立的作用。
117、进行国际金融合作的主要内容是什118、试述国际租赁业务的主要特点119、试式述金融租赁的程序和主要形120、试述影响汇率变动的因素。
121、试述汇率变动对经济的影响。
122、试述国际收支平衡表的主要内容123、试述国际收支的自动调节机制124、国际收支调节政策的分类和政策搭配的核心精神是什么?125、试述资本与金额账户为经常账户提供融资的机制126、试评析西方国际收支调节理论的优缺点．127、试述外汇市场的作用?128、试比较外汇期货交易与远期外汇交易。
129、试述为避免交易风险，如何选择好合同货币。
130、试述94年初我国外汇体制改革的主要内容。
131、试述托收方式下，出口商面临的风险。
132、试述信和证结算方式的一般程序。
133、试述信用证结算方式的优点及特点。
134、欧洲货币市场的影响及其作用。
135、欧洲货币市场的构成。
136、欧洲货币市场信用扩张的形式137、结合我国实际，试述如何加强国际储备资产管理。
138、分析多种货币储备体系的利弊。
139、试述国际资本流动的经济影响。
140、试述国际中长期资金流动对宏观经济的影响。
141、试述国际资金流动的影响。
142、试述80年代债务危机的特点和原因。
143、试述外债管理的原则和内容。
144、试述国际银行信贷和银团信贷的货币选择。
145、试述政府混合贷款的方式(同外国政府贷款以及其它商业贷款比较论述)。
146、试述世界银行贷款的方向。
(完整word版)金融学各章习题
第一第二章（一）单项选择题1．实物货币是指（D)A．没有内在价值的货币 B.不易携带C. 专指贵金属货币 D.有货币与商品双重身份2．支付税金是货币是货币在发挥（D ）A.流通手段B。
价值尺度C. 世界货币D。
支付手段3．狭义货币指（C ）A. M0B. M2C. M1 D．M34．劣币是指实际价值（D ）的货币。
A。
等于零 B. 等于名义价值C。
高于名义价值 D. 低于名义价值5．本位货币是（A ）A. 是一个国家货币制度规定的标准货币B. 本国货币当局发行的货币C。
有限法偿 D. 可以与黄金兑换的货币6．纸币本位制是以（D ）的货币制度。
A。
银行券为本位货币B。
可以自由兑换黄金的本位货币C。
信用货币为本位货币 D. 纸币为本位货币7．典型的金本位制是（D ）A。
金块本位制 B. 金汇兑本位制 C. 虚金本位制D。
金币本位制8．本位货币在商品流通和债务支付中具有（A )的特点.A。
无限法偿 B. 有限法偿C。
债权人可以选择是否接受 D. 债务人必须支付9．欧元具有以下特点（B）A. 欧元是欧洲某一主权国家发行的货币；B。
欧元仍然是一种信用货币;C。
欧元是可以和黄金自由兑换的货币；D。
欧元是一种虚拟货币，它背后所代表的是欧盟国家各国的货币.10．活期存款由如下特点：（D）A. 活期存款与定期存款流动性是完全相同的；B. 活期存款在支付时需要先转化为现金;C。
每个家庭和企事业单位都可以持有活期存款；D. 活期存款是通过支票进行支付和流通的。
（二)多项选择题1．货币的支付手段职能（ABCD ）.A. 使商品交易双方价值的相向运动有一个时间间隔B。
加剧了商品流通过程中爆发危机的可能性C。
使进入流通的商品增加时，流通所需的货币可能不会增加D。
克服了现款交易对商品生产和流通的限制E. 货币运动伴随商品运动3．世界货币是指在世界范围内发挥(ACDE )的货币。
A. 价值尺度B。
外汇储备C。
支付手段 D. 价值储藏 E. 流通手段4．现代信用货币可以是（ABCDE )等形式.A. 钞票B. 定期存款C. 信用卡D. 支票存款E. 电子货币5．金本位制包括(BCE )。
(完整word版)国际金融学作业题(学生用)
(完整word版)国际金融学作业题(学生用)《国际金融学》作业题第一章开放经济下的国民收入账户和国际收支账户一、判断1.国际收支是一国在一定时期内对外债权、债务的余额，因此，它表示一种存量的概念。
（F）2.资本流出是指本国资本流到外国，它表示外国在本国的资产减少、外国对本国的负债增加、本国对外国的负债减少、本国在外国的资产增加。
（T）3.国际收支是流量的概念。
（T）4.对外长期投资的利润汇回，应计入资本和金融账户内。
（F）5.投资收益属于国际收支平衡表中的服务项目。
（F）二、单项选择1.国际借贷所产生的利息，应列入国际收支平衡表中的（A）账户。
A.经常B.资本C.直接投资D.证券投资2.投资收益在国际收支平衡表中应列入（A）。
A.经常账户B.资本账户C.金融账户D.储备与相关项目3.国际收支平衡表中人为设立的项目是（D）。
A.经常项目B.资本和金融项目C.综合项目D.错误与遗漏项目4.根据国际收支平衡表的记账原则，属于借方项目的是（D）。
A.出口商品B.官方储备的减少C.本国居民收到国外的单方向转移D.本国居民偿还非居民债务。
5.根据国际收入平衡表的记账原则，属于贷方项目的是（D）。
A.进口劳务B.本国居民获得外国资产C.官方储备增加D.非居民偿还本国居民债务三、多项选择1.属于我国居民的机构是（ABC）。
A.在我国建立的外商独资企业B.我国的国有企业C.我国驻外使领馆D.IMF等驻华机构2.国际收支平衡表中的经常账户包括（ABCD）子项目。
A.货物B.服务C.收益D.经常转移3.国际收支平衡表中的资本与金融账户包括（AB）子项目。
A.资本账户B.金融账户C.服务D.收益4.下列（AD）交易应记入国际收支平衡表的贷方。
A.出口B.进口C.本国对外国的直接投资D.本国居民收到外国侨民汇款5.下列属于直接投资的是（BCD）。
A.美国一家公司拥有一日本企业8%的股权B.青岛海尔在海外设立子公司C.天津摩托罗拉将在中国进行再投资D.麦当劳在中国开连锁店四、名词解释国内吸收、国际收支、经常账户、资本与金融账户、贸易账户余额五、论述试根据本章的基本原理，对2022年中国国际收支账户进行简要分析。
(完整word版)自考国际金融考试重点
自考国际金融考试重点广义国际收支与狭义国际收支的区别：在于国际收支核算所包括的范围不同，一个已经发生的外汇收入，一个是已经发生的各种国际经济交易。
但绝大多数情况下，发生的国际经济交易迟早会产生外汇收支.从这一点上看两者没有根本区别。
造成这一差异的原因在于：在这两个时期的会计核算制度不同。
广义国际收支是建立在权责发生制上，狭义国际收支是建立在收付实现制上。
国际收支平衡表中人为设立净差错与遗漏账户的原因：除了国际收支平衡表的编制原理与实际会计核算之间存在差异外更主要的是统计的原因：一是国际收支所涉及的内容繁多,统计的资料与数据来源于不同的部门，所搜集到的资源与数据不可能完全匹配。
二是人为因素。
一些交易主体所进行的违反国家政策和法律许可的经济活动,当事人主体不可能主动申报，相关统计部门也难以收集和统计到准确数据。
三是存在统计误差。
国际收支平衡表的基本结构与主要内容1.经常账户：货物与服务、收益和单方面转移2.资本和金融账户：直接投资、证券投资、其他投资3.储备资产：黄金、外汇、普通提款权、特别提款权4.净差错与遗漏国际收支问题的变化影响汇率的基本原理：国际收支的变化，直接反映着本国外汇市场的外汇供求的变化,进而影响到外汇价格的变化。
当一国为贸易顺差时,外汇供给会增加，要需求不变的情况下，会使外汇供过于求，外汇汇率下降，本币对外币升值。
通常来讲，一国国际收支顺差减少时，不考虑其他因素，对本国的货币影响是促使本国货币贬值,反之一国国际收支逆差减少时，不考虑其他因素,对本国的货币影响是促使本国币对外币会升值.汇率变化对国际贸易和国际投资的影响:在国际贸易方面，当外汇汇率上升，本币贬值时，可使出口商口以外币表示的价格较本币贬值前下降，有利于提高出口商品的价格竞争力.此外,对于已经成口的出口商而言，一定数额的外币可以换更多的本币，所以对出口商有利,反之，对进口商不利。
在国际投资方面：如果东道国的货币贬值，对于已在该国的外国投资人而言,为了收回原有的投资和获得既定的投资回报率，就需要赚更多的东道国的货币，从而给其经营带来了风险.国际货币体系的基本内容1.国际储备资产的选择与确定.核心问题是采用什么作为国际支付的手段（黄金、白银、某一国信用货币）.2。
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1、案例分析题：为什么当美国对中国的贸易为持续逆差时，美国政府要求中国政府提高人民币对美元的汇率？
答：汇率变动对一国的贸易收支会产生较大的影响。
如果本币贬值，外币升值，会扩大该国的出口，减少进口，增加外汇收入，因为本币贬值会降低本国产品在国际市场上的价格，诱发国外居民增加对本国产品的需求，减少本国居民对外国产品的需求。
人民币升值，相对而言，美元即贬值，这样以美元表示的进口商品价格提高，美国进口中国的商品可能减少，以人民币表示的出口商品价格降低，美国向中国出口的商品可能增加，从而减少国际收支逆差。
2、某日纽约外汇市场行情为：GBP1=USD1.8035/40，伦敦外汇市场行情为：1GBP=USD1.8050/55，假设投资者用1000000美元进行套汇交易，请问：
（1）如何进行套汇交易？
（2）套汇利润是多少？
☐解：（1）纽约，买入英镑卖出美元：1000000÷1.8040=554323.72（英镑）
☐伦敦，卖出英镑买入美元：554323.72×1.8050=1000554.3（美元）
☐（2）利润：1000554.3-1000000=554.3（美元
3、已知：纽约市场汇价：USD1=HKD7.7202—7.7355
香港市场汇价:USD1=HKD7.6857—7.7011
问:有人以HKD9000万进行套汇,将能获得多少毛利?
4、某公司1个月后将有一笔100万英镑应收款，同时在3个月后将对外支付100万英镑。
现时外汇市场行情是：
☐美元兑英镑的即期汇率
GBP/USD =1.4655/76
☐1个月远期15/32
☐3个月远期42/50
☐该公司如何进行掉期交易，试计算结果.
解：由1个月和3个月的远期差价可知，市场上1个月的远期汇率为英镑/美元=1.4670-1.4708，3个月的远期汇率英镑/美元=1.4697-1.4726。
英国公司按1英镑=1.4670美元的价格卖出1个月后的期汇，然后按1英镑=1.4726美元的价格买入期汇，前者收入146.7万美元，后者支出147.26万美元，因此公司的掉期成本为5600美元。
5、我某公司向英国出口某种商品，原报价为即期付款每箱1000英镑，已知伦敦外汇市场汇价为：
即期汇率三个月远期差价
1.5790--1.5806 200--230points
问：（1）三个月远期美元的实际汇率是多少？
（2）现英国进口商要求改为美元报价并即期付款，请我方应报每箱多少美元？
（3）如英国进口商要求改为美元报价同时要求延期3个月付款，我方应报每箱多少美元？
（4）如我方业务人员不懂折算规律，会造成多少损失？
☐（1）三个月远期差价：200~230（小到大加）
3个月远期汇率1英镑=（1.5790+0.0200）/(1.5806+0.0230)
=1.5990~1.6036美元
（2)设应报X美元，在伦敦外汇市场，为间接标价法。
视美元为外币，英镑为本币，根据本币折算外币为买入价的原则可得
1英镑/1.5806美元=1000英镑/X
x=1000*1.5806
x=1580.6美元
答：我方应报每箱1580.6美元。
☐（3）远期汇率1英镑=1.5990~1.6036美元
☐设应报Y美元，在伦敦外汇市场，为间接标价法。
视英镑为本币，美元为外币，根据本币折算外币用买入价的原则可得
☐1英镑/1.6036美元=1000英镑/Y
Y=1000*1.6036 Y=1603.6美元
答：我方应报每箱1603.6美元。
(4)若业务人员不懂折算规律，颠倒买入价与卖出价
则即期付款时x=1000*1.5790=1579美元
1580.6-1579=1.6美元
延期付款时Y=1000*1.5990=1599美元
1603.6-1599=4.6美元
答：若业务人员不懂折算规律，颠倒买入价与卖出价，即期付款时，每箱损失1.6美元；延期付款时，每箱损失4.6美元。