International Finance-2011summer-Lec 1-Foreign Exchange Market Overview and Exchange Rate-S
国际商法教程期末试题及答案
国际商法教程期末试题及答案1. 单选题（每题2分，共40分）1. What is the main purpose of international commercial law?A. To regulate domestic business transactionsB. To facilitate trade between different countriesC. To protect consumers from unfair business practicesD. To enforce intellectual property rights答案：B2. Which of the following is NOT a principle of international commercial law?A. Freedom of contractB. Good faithC. Sovereign immunityD. Pacta sunt servanda答案：C3. Which international organization is responsible for the settlement of disputes between member countries?A. World Trade Organization (WTO)B. International Monetary Fund (IMF)C. United Nations (UN)D. International Court of Justice (ICJ)答案：A4. What is the purpose of the United Nations Convention on Contracts for the International Sale of Goods (CISG)?A. To harmonize contract law in different countriesB. To establish a global court for contract disputesC. To regulate the sale of goods within a specific regionD. To protect consumers from fraudulent sellers答案：A5. Which of the following is NOT a method of dispute resolution in international commercial law?A. MediationB. ArbitrationC. LitigationD. Negotiation答案：D...（继续回答6-40题）2. 客观题（每题5分，共50分）1. Define the principle of "lex mercatoria" in international commercial law.答案：Lex mercatoria refers to the body of customary rules and practices that have developed in international trade. It is based on the principles of fairness, good faith, and commercial reasonableness.2. Explain the concept of "force majeure" and its role in international contracts.答案：Force majeure refers to unforeseen circumstances or events beyond the control of the parties that make it impossible to fulfill their contractual obligations. It is often included as a clause in international contracts to excuse performance in such circumstances.3. Discuss the significance of the "most favored nation" principle in international trade.答案：The most favored nation principle requires that any favorable treatment given to one country must be extended to all other countries. It promotes equal treatment and prevents discrimination in international trade.4. Explain the difference between common law and civil law systems and their influence on international commercial law.答案：Common law systems are based on judicial precedents and case law, while civil law systems rely on codified statutes and legal codes. These two systems have different approaches to contract interpretation and dispute resolution, which can impact the application of international commercial law.5. What is the role of the International Chamber of Commerce (ICC) in international commercial law?答案：The ICC plays a significant role in the development and promotion of international commercial law. It provides standardized model contracts, rules for arbitration, and other resources to facilitate trade and resolve disputes....（继续回答6-10题）3. 论述题（每题20分，共60分）1. Discuss the importance of choice of law clauses in international contracts.答案：Choice of law clauses are essential in international contracts as they determine which jurisdiction's laws will govern the interpretation and enforcement of the contract. This helps ensure legal certainty and predictability, especially when parties involved are from different countries with different legal systems. By choosing the applicable law in advance, parties can better understand their rights and obligations under the contract and avoid potential conflicts or misunderstandings. It also provides a clear framework for resolving disputes that may arise during the course of the contract. However, it is crucial for parties to carefully consider the choice of law and seek legal advice to ensure it aligns with their interests and objectives.2. Analyze the benefits and challenges of international arbitration as a method of dispute resolution in international commercial law.答案：International arbitration offers several advantages as a method of dispute resolution in international commercial law. Firstly, it provides a neutral and private forum that allows parties to resolve their disputes outside of national courts, which can be advantageous when dealing with cross-border transactions. The use of arbitration can help avoid potential biases or preferences towards domestic parties. Secondly, it offers flexibility in terms of procedural rules, language, and choice of arbitrators. Parties can select arbitrators with expertise in the subject matter of the dispute, thus ensuring a fair and knowledgeable decision-making process. Thirdly, arbitral awards are generally enforceable across countries through international conventions such as the New York Convention, which enhances the enforceability and finality of arbitration decisions.However, international arbitration also presents challenges. It can be expensive, especially when parties need to hire specialized legal counsel and arbitrators. The lack of a formal appeals process can raise concerns about limited options for challenging an unfavorable award. Furthermore, cultural and procedural differences between parties involved from different jurisdictions can impact the efficiency and fairness of the arbitration proceedings. Despite these challenges, international arbitration remains a popular choice for resolving disputes in international commercial law due to its many advantages.3. Discuss the role of the World Trade Organization (WTO) in regulating international trade and resolving trade disputes.答案：The World Trade Organization (WTO) plays a crucial role in regulating international trade and resolving trade disputes among membercountries. Its primary objectives include facilitating the smooth flow of trade, promoting fair competition, and ensuring that trade policies are transparent and predictable. The WTO provides a framework for negotiating and enforcing trade agreements, such as the General Agreement on Tariffs and Trade (GATT) and various sector-specific agreements.One of the key functions of the WTO is dispute settlement. It offers a multilateral and binding dispute resolution mechanism that helps member countries resolve trade disputes in a fair and impartial manner. The WTO Dispute Settlement Body (DSB) consists of independent panels that hear and adjudicate trade disputes brought by member countries. The DSB's decisions are binding, and non-compliance can result in authorized retaliation or the imposition of trade sanctions.The WTO's dispute settlement mechanism has contributed to the resolution of numerous trade disputes, promoting stability and predictability in international trade. It has played a significant role in reducing trade barriers and ensuring compliance with agreed-upon trade rules. However, some criticisms include the length and complexity of the dispute settlement process, concerns about the influence of powerful countries, and the limited participation of developing countries in the decision-making process.Despite these challenges, the WTO remains an important institution for the regulation and resolution of international trade disputes. It continues to work towards a more inclusive and balanced international trading system....（继续回答4-6论述题）总结：本文针对国际商法教程期末试题及答案展开了详细的回答。
最优化理论与方法(南京大学)-lec1-Introduction
• Linear Programming(线性规划) • Nonlinear Programming(非线性规划)
– Unconstrained Problems(无约束最优化方法) – Constrained Problems(约束最优化方法) ☆ Variational Inequality (VI)(变分不等式)
• Monotone VI • Non-monotone VI
5
Optimization Problem
(Mathematical) Optimization Problem
minimize f x subject to gi x bi , i 1,L ,m
g x x1,L , xn : optimization variables (优化变量)
2
Optimization Process
real world problem
analysis
validation, sensitivity analysis
algorithm, model, solution technique
numerical methods
verification 验证
computer implementation
the roads, the travel times between intersections can be considered as
constant, but if the traffic is heavy the travel times can increase
体运行时间) for handling a (long) sequence of tasks(处理一个任务序
国际金融英文版第十五版复习资料
前言学弟学妹们,当你们看到这篇复习资料的时候, 学长已经在文档上传的当天上午参加了国际金融的考试, 本复习资料主要针对对象为成都信息工程学院(CUIT)英语系大三学生, 且立足教材也基于托马斯·A ·普格尔(Thomas A. Pugel)先生所著国际金融英文版·第15版, 其他版本或者相似教材也可作为参考, 本资料的整理除了参考维基百科,百度百科以及MBA 智库百科,当然最重要的是我们老师的课件. 为了帮助同学们顺利通过考试, 当然是拿到高分, 希望此资料能够帮助你们节省时间, 达到高效复习的效果.外国语学院2011级,陈爵歌(Louis) 2014年1月6日晚于宿舍 Chapter 2Transnationality Index (跨国化指数)(TNI ) is a means of ranking multinational corporations that is employed by economists and politicians. (反映跨国公司海外经营活动的经济强度，是衡量海外业务在公司整体业务中地位的重要指标) Foreign assets to total assets(外国资产占总资产比)Foreign sales to total sales(海外销售占总销售)Foreign employees to total employees(外籍雇员占总雇员)跨国化指数的构成联合国跨国公司与投资司使用的跨国化指数由三个指标构成：国外资产对公司总资产的百分比；国外销售对公司总销售的百分比；国外雇员人数对公司雇员总人数的百分比关于TNI 的计算公式:International Economic Integration( 国际经济一体化)International economic integration refers to the extent and strength of real -sector and financial -sector linkages among national economies.(国际经济一体化是指两个或两个以上的国家在现有生产力发展水平和国际分工的基础上，由政府间通过协商缔结条约，让渡一定的国家主权，建立两国或多国的经济联盟，从而使经济达到某种程度的结合以提高其在国际经济中的地位)Real Sector(实际经济部门): The sector of the economy engaged in the production and sale of goods and services(指物质的、精神的产品和服务的生产、流通等经济活动。
非关税措施的分类及衡量
第二节非关税措施的分类及衡量一、非关税措施的类型在考察非关税措施时，一个常常遇到的问题是怎样将现存的各种非关税措施进行分类。
有时候把非关税干预按其初始目的区分为直接的和间接的两种，以最初目标为限制进口的称为直接的非关税措施，而把服务于其它目标但同时产生限制进口作用的称为间接的非关税措施。
[3]也有人在非关税措施和非边境措施(non-border measures)之间作出区分，非边境措施是相对于边境措施如关税或数量限制等而言但对贸易发生影响的任何措施。
[4]例如，对国内生产者的补贴是一种非边境措施，但也对贸易发生重要影响。
分法可以有许多，比较典型的有以下几个角度的分法：[5](１)从制定主体角度，非关税措施可以分成内生性非关税措施和外生性非关税措施；(２)从影响方式角度，非关税措施可以分为直接性非关税措施、间接性非关税措施和意外性非关税措施；(３)从作用机制角度，非关税措施可以分为价格费用型非关税措施、数量限制型非关税措施和综合影响型非关税措施。
在具体的分类运用方面，一种常用的方法是根据这些措施的初始动机是否限制贸易或导致贸易扭曲(trade distortion)来进行划分，运用这种方法，非关税措施可以分成三大类：(１)具有限制贸易或导致贸易扭曲意向的非关税措施；(２)仅有次级贸易限制意向或效果的非关税措施；(３)没有贸易限制意向但对贸易有着一种溢出影响(spillover effect)的非关税措施。
在这三大类下面又分为数量性操作措施(quantitatively operating measures)和影响价格或成本的操作措施(measures which operates through prices and costs)，详见表10-1：[3] Greenaway, David (1983), International Trade Policy, London: Macmillan.[4]Messerlin, Patrick (1987), “Nonborder measures to assist industry”, in Finger, J. Michael and AndrzejOlechowski (1987, eds.), The Uruguay Round: A Handbook for the Multilateral Negotiations, Washington DC: World Bank.[5]王浩、王森(1998)，“关税壁垒与非关税措施的比较与建议”，《中国软科学》，1998年第6期，第5-11页。
国际金融-国际金融双语试卷【大学考试试题】
《International Finance 》试卷A一．单项选择题（共10小题，每题2分，共20分）1.Which of the following is not true ：A.a credit is a flow for which the country is paidB.a debit is a flow for which the country must payC.Exports are an example of creditD.Imports are an example of credit2.Which of the following is the most exact meaning of current account balance ： A.the net value of the flows of goods ，services ，income B.the net value of the flows of goods ，servicesC.the net value of the flows of goods ，services ，income ，giftsD.the net value of the flows of goods 3.Which of the following is not true ：A.the spot exchange rate is the price for "immediate" exchangeB.for most countries,spot exchange rate means exchange or delivery in two working daysC.the forward exchange rate is the price now for an exchange that will take place in the futureD.forward exchange rate is the price that is agreed in the future 4.According to exchange rate system,which of the following is true:A.fixed exchange rate system is the system without intervention by government or central banksB.under the floating-rate system a fall in the market price of a currency is called a devaluationC.under the floating-rate system a fall in the market price of a currency is called a appreciationD.under the floating-rate system a fall in the market price of a currency is called a depreciation 5.About IS curve,Which of the following is not true:A.IS curve is for which the money market is in equilibriumB.IS curve slopes downwardC.According to IS curve,the lower interest rate would induce the nation to invest in more domestic real capitalD.IS stands for investment-saving6.About LM curve,Which of the following is true:A.the LM curve is for which the product market is in equilibriumB.the intersection of the IS and LM curve represents equilibrium in both foreign exchange market and product marketC.the official settlements balance is surplus if the IS-LM intersection is to the left of the FE curveD.LM curve slopes downward7.Which of the following is not the components to a country's official reserve assets:A.the country's holdings of foreign exchange assets denominated in the major currencies of the worldB.the country's reserve position with the International Monetary FundC.the country's holdings of special drawing rightsD.the country's government bonds issued by the domestic central bank 8.Which of the following is not the ways to resolve the financial crises:A.rescue packagesB.global contagionC.debt restructuringD.exchange reform 9.According to Purchasing Power Parity theory(PPP),which of the following is true:A.rate of appreciation of the foreign currency nearly equates as the inflation rate of foreign country minus the the inflation rate of domestic countryB.relative PPP may be useful as a guide to why exchange rates change over timesC.PPP posits that the difference between interest rate will be offset by the change in the exchange rateD.relative PPP implies that countries with relatively high inflation rates have currencies whose values tend to appreciate10.According to rescue packages,which of the following is not true: A.rescue packages leads to less moral hazardB.the failure of rescue packages can lead to large lossesC.the two major types of international efforts to resolve financial crises have been rescue packages and debt restructuringD.a large rescue package provide a bailout for lenders二.判断题(共10小题,每个2分,共20分)注意:只要求判断正误,不要求改正 1.hedging is the act of taking a net asset position or a net liability position in a foreign currency 2.the forward rate is the future spot rate3.a currency is at a forward premium by as much as its interest rate is lower4.for an investment in a foreign-curreny-denominated financial asset ，part of the return comes from the asset itself and part from the foreign currency5.relative PPP implies that countries with relatively high inflation rates have currencies whose values tend to depreciate6.Absolute PPP is not related to the law of on price7.crawling peg is a kind of floating exchange rate8.the effects of floating exchange rates on fiscal policy is very clear9.in the fixed exchange rate system,if the country's official settlement balance is in deficit,so the院系： 专业班级： 姓名： 学号： 装 订 线exchange rate value of the country'scurrency is under downward pressure 10.it is best for a country never to borrow from foreign lenders三.名词解释（共4小题，每个5分，共20分）1.direct investment2.managed float3.the law of one price4.forward foreign exchange contract四.计算题（共2小题，每个10分，共20分）1.You observe the following current rates ： Spot exchange rate ：100yen/1$Annual interest rate on 60-day U.S.-dollar-denominated bonds:6% Annual interest rate on 60-day JAPAN-dollar-denominated bonds:4%Tips:Yen is the name of the Japanese currency ；$is the name of the Ameriacan currencyAccording to the c overed parity theory ,calculate the 60-day forward exchange rate.2.Suppose an economy has a marginal propensity to save of 0.3 and marginal propensity to import of 0.1.here is an increase of $2 billion in government spending.Question1:According to the spending multiplier,for a small and open economy,by how much will domestic product increase?Question2:if instead this is a closed economy with a marginal propensity to save of 0.4,if the increase of government spending is still $2 billion,by how much will domestic product increase?五.问答题（共2个小题，每个10分，共20分）1.Once a country's government has decided to have a fixed exchange rate,the government must defend that rate.How does the government defend the fixed rate ?Answer five ways that government can choose.2.Please name four marcoeconomy objectives.And we can divide these marcoeconomy objectives into two categories:internal balance and external balance.Explain the meaning of internal balance and external balance.院系： 专业班级： 姓名： 学号： 装 订 线国际金融-国际金融双语试卷【大学考试试题】《International Finance 》试卷A院系： 专业班级： 姓名： 学号：装 订 线。
国际金融函电
The international banking business is developed by the cooperation between the commercial banks in different countries. So establishment of the Agency Relationship among these banks is indispensable.
As far as I am concerned, the function of international bank letter is a bridge which links the bilateral communication exchange, accurate and specific delivery of the various relevant information of two sides. Moreover, it enormously promotes the efficiency of international trading. Use international bank letter in the negotiation with banks can reduce the unnecessary cost. In terms of international trading, sometimes, many methods in communication are improper. For instance, the calls by face-to-face between banks may waste amount of money and time, which is less efficient. And the telegraph communication lacks security, can not illustrate clearly as well. In this case, the international banking letter which saves variety of time and money and have enough secure operational environment, becomes the best choice.
国际金融(第三版 基思 皮尔比姆著) 期末名词解释
特里芬悖论（triffin dilemma）国际货币体系international monetary system特别提款权special drawing right,SDR最优货币区optimal currency areas，OCA三元悖论（The Impossible Trinity）trilemma本国货币政策的独立性，汇率的稳定性，资本的完全流动性不能同时实现，最多只能同时满足两个目标，而放弃另外一个目标。
广场协议Plaza Accord套利 arbitrage抛补套利covered interest arbitrage非抛补套利 uncovered interest arbitrage国际收支balance of payments经常项目current account官方结算余额马歇尔勒纳条件Marshall-lerner condition实际有效汇率.real effective exchange rate实际汇率real exchange rate直接标价法direct quotation间接标价法indirect quotation套期保值hedging自主性交易autonomous transactions调节性交易Accommodating Transaction基本余额 basic balanceJ曲线效应j-curve effect贸易条件Terms of Trade丁伯根法则Tinbergen’s Rule支出变更政策支出转换政策静态预期Static Expectations抵消系数Offset coefficient巴拉萨萨穆尔森效应Balassa-Samuelson Hypothesis，BSH。
ccra-国际信贷与银团贷款-练习题
一、单选题1、在办理打包放款业务时,下列哪一种说法是错误的 BA.国际结算部门对企业提交的信用证进行审查，确定该信用证索汇是否有保障B.信贷部门对申请人的资信情况，对外履约能力，综合偿债能力以及贷款担保进行审查C.判断申请人能否按时，保质保量的履行外销合同，本身的资金实力及综合偿债能力的大小D.对于过去未有业务关系，了解不深，初次来银行申请打包放款的企业，或新批准经营进出口业务的企业，审查时要格外注意2、一张带息汇票面值100万美元，利率９%，出票日期为3月4日，5月3日到期。
持票人于4月3日到银行贴现此汇票。
贴现率为12%。
则贴现净额为 D ？A.989，850元B.990，000元C.1 005 000元D.1，004，850元3、 C 的利率一般低于相同条件资金贷方的市场利率，利差由国家补贴。
A.进口押汇B.福费廷C.出口信贷D.保付代理4、保理业务的利率一般比优惠利率 BA.高1%-1.5%B.高2%-2.5%C.高2%-3%D.高3%-4%5、在 B 中，出口商所开的汇票需要由进口国的金融机构担保。
A.买方信贷B.福费廷C.保理业务D.卖方信贷6、利用买方信贷，可以从提供买方信贷的国家进口 BA.原材料B.机械设备C.消费品D.石油产品7、在使用买方信贷时，出口商与进口商所签订的合同应规定 AA.即期付款B.延期付款C.分期付款D.三者皆可8、 C 业务中，出口商必须事先同进口商商量，取得一致的意见。
A.贴现B.保付代理C.福费廷D.买方信贷9、保理业务的手续费一般为应收账款总额的 BA.1%-1.5%B.1.75%-2%C.2%-3%D.3%-4%10、下列贸易融资方式中，哪一项可以免除出口商的信贷风险? DA.延期付款B.卖方信贷C.买方信贷D.保付代理(承购应收账款)11、在 C 形式下，出口商开具的汇票对出口商无追索权。
A.买方信贷B.卖方信贷C.福费廷D.混合信贷12、下列关于运用福费廷业务的论断中正确的一项是 BA.进口商与出口商不需要事先协商B.出口商品的货价高于现汇购买的价格。
international review of financial analysis名称缩写对照表
international review of financial analysis名称缩写对照表全文共四篇示例，供读者参考第一篇示例：International Review of Financial Analysis（IRFA）是国际金融分析评论的英文缩写。
IRFA是一个权威的金融学期刊，专注于金融理论和实践的研究和分析。
它发表了关于金融市场和机构、金融工程和衍生品、金融会计和审计、金融风险管理等方面的研究论文和评论。
IRFA每年出版多期，在学术和实务领域都有较高的知名度和影响力。
以下是对照表，列出了一些有关IRFA名称缩写的信息：1. IRFA：International Review of Financial Analysis中文翻译：国际金融分析评论2. 期刊简称：IRFA研究领域：金融理论和实践3. 主要关注内容：金融市场和机构、金融工程和衍生品、金融会计和审计、金融风险管理4. 出版频率：多期/年5. 影响力与知名度：在学术和实务领域都有较高的知名度和影响力IRFA的文章往往涉及到金融领域的前沿问题和热点议题，为研究人员、学者和实务人士提供了一个交流和分享研究成果的平台。
IRFA 也为读者提供了最新的金融理论和实践信息，帮助他们更好地了解金融市场的动态和发展趋势。
International Review of Financial Analysis（IRFA）是一个值得关注的金融学期刊，它为金融领域的研究和实践提供了重要的信息和资源。
希望通过这份对照表，读者能更加清晰地了解IRFA这一金融学术期刊的特点和意义。
第二篇示例：International Review of Financial Analysis（IRFA）是国际财务分析审查的简称，是一本具有高度影响力和声誉的财务研究期刊。
IRFA旨在促进学术界和实践界之间的交流和合作，推动财务分析领域的发展和创新。
本文将为读者介绍IRFA的名称缩写对照表以及该期刊的重要性和影响。
实用国际金融英语参考答案
《实用国际金融英语》参考答案Chapter 1Lead-in Activities1. Balance of payment data serve as record of the flows of goods, services and finance between an economy and the rest of the world. As one of the primary functions of the IMF is to prevent financial crises and assist countries in balance of payment difficulties, the collection of standardized, comparable balance of payment data is seen as a core task.BOP is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers:·All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world;·Capital transfers and changes in an economy’s external financial claims and liabilities.2. When a country has a surplus in its current account, i.e. when its exports exceed its imports, there will probably be a surplus in the balance of payment because the current account forms a very large proportion in the balance of payment. The surplus means the supply of foreign exchange exceeds demand. The monetary authority has to increase the purchase of the foreign currency and the stock of its international reserve. Meanwhile, the supply of domestic currency adds at an accelerated speed, which may lead to further issue of the local currency and cause inflation.3. When there is a long-lasting surplus in the balance of payment, particularly in the current account, there will also be excessive demand for its currency. The country’s exchange rate will rise, unless the central bank is willing to provide its currency to the market in exchange for foreign currencies. For example, when the export of the United States exceeds much more than import, a large quantity of US dollars are wanted by those importers to pay for the US goods. Thus, the exchange rate of US dollars rises.When the balance of payment has a long-lasting deficit, the payable debts denominated in foreign currencies are more than receivable claims; there will be a considerable demand for foreign currencies over the supply. As a result, the foreign currencies wanted appreciate, and the domestic one devalues.4.Temporary drop of surplus or moderate short-term deficit does not seriously affect a country’s economy or foreign trade. On one hand, deficit means larger amount of import than export in current account; on the other hand, it more likely shows an increasing demand of foreign currencies to pay for the imported goods. In other words, deficit may cause the raise of exchange rate of foreign hard currencies, which is conducive to the investors from the issuing countries of these appreciating currencies. This is surely good news to those that are in need of foreign investment. Temporary drop of surplus helps cool off the national economy and serves as a brake stopping ongoing inflation.5.The stock of international reserve should be neither more or less than necessary. The International Exchange Reserves are kept in the debit entry in BOP statements in that the monetary authority has to pay in exchange for the foreign hard currencies. Therefore, the amount and composition of exchange reserves are to be decided by taking the following factors into consideration.(1) The duration of the government’s external debt should be related to the duration of thereserves, with emphasis on the interest rate exposure risk.(2) High-risk-return assets should be limited within a safe range.(3) One of the most important issues raised in the context of investing the reserves of a centralbank is the choice of a reference basket.It is well recognized that the lowest level of the stock of international reserve should be no less than the amount payable for a 3-month import. And, the stronger an economy is, the less international reserve is to be kept.6. C7. CExercisesI. True or False1. F2. F3. F4. F5. F6. F7. F8. F9. F 10. F11. F 12. T 13. F 14. F 15. TII．Translation Task1.在与国际货币基金组织的技术援助使团于2000年上半年进行了磋商之后，国家外汇管理局吸取了国际通行的经验，以提高其国际收支报告的及时性。
美国名校金融工程（MFE）专业大盘点
美国名校⾦融⼯程（MFE）专业⼤盘点⾦融⼯程这个名字很有迷惑性⾦融和⼯程这两个词对于⼤部分中国学⽣来说具有绝对的吸引⼒有⼈说⾦融⼯程是近年窜起速度最快的学科其深度远远超过MBA⾦融⽅⾯的课程有⼈说⾦融⼯程是可以上天的专业因为它综合了⾦融学、数学、计算机科学申请难度极⼤就业前景极好那么，美国各名校的⾦融⼯程专业到底设置了哪些课程其录取条件和就业形势如何呢？⼩编为⼤家吐⾎整理了这篇MFE专业⼤全Carnegie Mellon项⽬名称Master of ComputationalFinance开设院系Tepper商学院课程介绍学制为16个⽉，三个学期。
开学⽇期：每年8⽉末。
课程特点：1.同学可以参加由德意志银⾏组织的DeutscheTrading Competition，获胜者可以得到现⾦奖励及在德意志银⾏实习的机会。
2.MSCF项⽬顾问团队成员全部来⾃WallSt的投⾏录取要求要就读卡内基梅隆⼤学 (匹兹堡)需要雅思或托福成绩，要求雅思成绩总分为7，要求托福成绩总分为100，申请该专业就读需要2年的时间，需要本科⼯程⽅向背景：数学、计算机、⼯程学、经济学。
需要熟悉计算机应⽤：C, C++，有相关⼯作经验优先就业前景MSCF的毕业⽣主要从事DerivativesPricing and Trading, Risk Management, Research,Structured Products, Quantitative PortfolioManagement and Analytics SoftwareDevelopment。
其学⽣毕业后三个⽉的就业率为：2011年毕业⽣录取率为92%，2010年为88%，2009年为83%，2008年为96%UC Berkeley项⽬名称Master of Financial EngineeringProgram开设院系Berkeley主校园东南侧的Haas商学院课程介绍Berkeley的MFE要求修满28个学分的课程，⼀个学分对应15个课时，这其中包括MorganStanley的应⽤⾦融项⽬。
CITF教材
Social
• Are there any religious or cultural differences that need to be considered?
• Are there any cultural customs or etiquette that may differ between the two countries?
Activity 2
Religious and cultural differences of countries trading with each other are known as:
1. Political aspects 2. Economic aspects 3. Legal aspects 4. Social aspects
• appraise the risks inherent with international trade;
• research potential export markets or where new overseas supplies may be sourced;
• select buyers or sellers in foreign markets;
• Language and culture • Legal issues • Exchange and currency risk • Finance • Credit risk • Transport risk.
2.2.1 Language and culture
Whilst English is considered the standard language of international trade, its use is not universal and the level of understanding will vary greatly from country to country and business to business. Cultural differences and sensitivities are equally likely to provide potential traps. Does the name of the product cause offence or give the wrong image?
米什金《货币金融学》第十一版-名词解释
米什金《货币金融学》第十一版关键术语/名词解释第一章1.总收入:一年中生产要素在生产商品与服务得过程中所获得得全部收入。
2.普通股:简称股票,代表持有者对公司得所有权。
股票就是对公司收益与资产得索取权。
3.国内生产总值:一个国家在一年中所生产得所有最终商品与服务得市场价值。
4.总产出:一个国家或地区在一定时期内经济活动中所产生得商品与服务得生产总量。
5.电子金融:信息技术得突飞猛进激发出得新得金融产品,并促进金融服务以电子化设备得方式提供给广大客户。
6.通货膨胀:物价水平得持续上升7.物价总水平:一个经济社会中商品与服务得平均价格8.联邦储备体系(美联储):美国得中央银行,负责本国货币政策得实施9.利率:借款得成本或为借入资金所支付得价格10.通货膨胀率:物价总水平得增长率11.资产:其所有者由于在一定时期内对它们得有效使用、持有或者处置,可以从中获得经济利益得那部分资产。
12.金融危机:金融市场出现混乱,伴随着资产价格得暴跌以及众多金融机构与非金融机构得破产。
13.货币政策:对货币与利率得管理14.银行:吸收存款与发放贷款得金融机构15.金融创新:新得金融产品与服务得发展16.货币理论:该理论将货币数量得变动与货币政策与经济活动与通货膨胀联系起来,展现了货币供给与货币政策就是如何作用于总产出得。
17.债券:债务证券,它承诺在一个特定时间段中进行定期支付。
18.金融中介:从储蓄者手中吸收资金,并向需要资金得企业或个人提供贷款。
19.货币:在商品与服务支付以及债务偿还中被广泛接受得东西。
20.预算赤字:在一个特定得时间段中政府支出超过税收收入得差额。
21.预算盈余:在一个特定得时间段中税收收入超过政府支出得差额。
22.金融市场:以金融资产为交易对象而形成得供求关系及其机制得总与。
在这个市场中,资金从那些拥有闲置货币得人手中转移到资金短缺得人手中。
23.经济衰退:总产出下降得时期24.财政政策:有关政府支出与税收得决策25.证券:对发行人未来收入与资产得索取权26.经济周期:经济总产出得上升与下降运动27.外汇市场:货币兑换得场所,资金跨国转移得中介市场28.汇率:用其她国家货币表示得一国货币得价格29.失业率:可供雇佣得劳动力中未就业得比例第二章1.逆向选择:在交易之前由于信息不对称所导致得问题(金融市场上就是指那些最可能造成不利(逆向)后果即制造信贷风险得潜在借款人往往就是那些最积极寻求贷款并且最可能获取贷款得人)。
(最新)剑桥商务英语词汇大全
（最新）剑桥商务英语词汇大全.Unit1the3ectorofeconomy经济的三个部分Infratructure基础结构Leanproduce精益生产Warehoue仓库Indutrialunit工业区Reidentialbuilding住宅区Agriculturalland农耕区Houingetate地产Managingdirector董事总经理，总裁Wholealeoutlet批发商店Retailoutlet零售店Calculationofprice价格计算Addedvalue增值Smelt熔炼，提炼Mill磨Weld焊接E某work出厂价Uptream上游Downtream下游Totalpicture全局Maintenance保养，维修Bau某ite铝土矿Coil线圈Cement水泥Laborcot劳力成本Semi-finihed半成品Finihedproduct成品Departmentofhealth卫生部Primaryector第一产业Secondaryector第二产业Tertiaryector第三产业Rawmaterial原材料Adminitration管理Law司法Diviionoflabor劳动分工Heavyindutry重工业Lightindutry轻工业Marketing市场营销Manager’job=planning+organizing+leading+controllingAllocate reource分配资源Payandpromotion薪酬和晋升Modify修正Linemanager一线经理Immediatelinemanager直接下属的一线经理Topmanager高层经理Topmanagement高层管理Middlemanagement中层管理Supplier供应商Publicauthoritie政府部门Beadvied听取意见Ditributor分销商Swifranc瑞士法郎Appreciate升值Depreciate贬值Monopolyin/of/on垄断，专利品Managementkill管理技能Managementtactic管理技巧Deciion-making决策Boardofdirector董事会Chairmanoftheboard董事长High-performancecar高性能汽车Tangible/phyicalreource有形资源Capitalreource资本资源Superior 上级Subordinate下属Seniormanager资深经理Juniormanager初级经理Corporateculture公司文化Checkandbalance制衡Hardware五金，硬件Monopoly/lock垄断Interchangement互换Solutionprovider方案提供商Chaintore连锁店Worke某perience工作经历Workinghour工作时间Pricev.定价；比价Chiefoperationoffice首席运营官Operationmanagement作业管理Financialmanagement财务管理HRmanagement人力资源管理Marketingmanagement销售管理Logiticmanagement物流管理OTC=overthecounter成药Art文科Science理科Engineering工科Simulate仿造，模仿High-endproduct高端产品Rockbottomprice最低价Frill虚饰Targetmarket目标市场Empowerment赋权Adhoc特别，专门Takforce特遣部队，特别行动组Cahandaet现金和资产Buffer=cuhion起缓冲作用的人或物Leeway余地，余裕Product产品Productivity生产率Produce生产；特产localproduce地方特产Delegation代表团Corporatetatement=miiontatementAim/viion愿景Corporateimage 公司形象Forhere堂食Togo带走Focugroup焦点小组Innovation创新，革新Manageable可管理的，可处理的Setobjective设置目标Safetynet 安全网公司主旨Dimi解职，开除E某pertie专门技术Merchandie商品，货物Verify检验，核实IBM=InternationalBuineMachineTheretailector零售业Predecribedquantitie预先定好的数量Layout布局Saletaff销售人员Workingenvironment工作环境Day-to-daylogitic日常物流，后勤Day-to-dayrunningofthetore商店的日常运营Strategicmanagement 战略管理Formulatingtrategy制定战略Delegation授权Parameter参数Hightreet=maintreet大众的（商品）Replenih→replenihment（货物的）补充Memberoftaff公司职员Voiceyourconent抱怨Inventory=tock库存Policy保单（acontractofinurance）Philoophy理念Regularmeeting例会，常规会议Accountability问责性Recruitment雇佣，招募Remuneration报酬Departmentoflegalaffair法务部Purchae采购部IT信息技术部R&D 研发部Tooling加工部Immediatebo直接上司Immediateubordinate直接下属Autonomou自制的Decentralization分散化，权力下放，分权Function功能Hierarchy等级Lineauthority直线职权Reportto向……负责Subordinate下属Matri某矩阵Aitantmanager助理经理Manageraitant经理助理Functionaltructure机能结构=production+finance+marketing市场营销+ale+peronnel/HROperatingdiviion运营段，运营分部Overlap重叠Optionalfeature可选功能，可选装置Cahbalance现金平衡Creditfacility信用工具Profitmargin利益空间Reearchanddevelopmentpending研发投入Self-financing使用自有资金，自筹资金Organizationchart组织结构图Marketreearch市场调研（部）Teller出纳Advertiingandpromotion广告与促销Publicity宣传Indutrialbelt 工业带Corporateetho公司风气Collaboration协作Inulated=iolated隔绝的Fragmentation分裂Subidiary分公司Openne开放性Downizing 裁员Downturn下滑Receion衰退Chieffinancialofficer财务总监Unit4workandmotivation工作和动机Induce劝诱，促使Incentive动力，刺激Laborrelation劳资关系Laborunion工会Benefit福利，津贴Perk 津贴，补贴Supplement额外费用Bureaucracy官僚主义Jobafety工作安全性Jobecurity工作稳定性Salepromotion促销Remuneration薪水Pychologicalwell-being心理满足Adminitration行政管理Workingcondition工作条件Paidholiday带薪假日Sickpay病假工资Penion养老金Pychologyofwork工作心理学Recognition认可，承认Checkouttill结账柜台的现金出纳机Checkout结账柜台Till现金出纳机Cahtill收银台Cahregiter收银处Productline生产线Productline-up产品系列Uer-friendly易于使用的Goround分配Corporateculture公司文化=value价值观+belief信条+norm标准Dead-endjob没前途的工作Stockorder=replenihment货物补充Hygiene 卫生Playpool打台球Healthcreeningprogram健康检查Salefloor店面Tradefloor交易所Budepot汽车总站Profit-haringprogramme收益分享Careertraining职业培训Workingweek工作周Pre-choolagechildren学前儿童Premie工作场所Subidize补贴Tinnedfood罐装食物Pieceworkytem计件系统Paycheme薪酬计划Unit5managementandculturaldiverity管理与文化多样性Localization本地化Globalization全球化Pay-for-performance绩效工资Collectivit集体主义的Salerep商品经销代理Univeralit普爱论者Particularit排他主义者Glocalization全球地方化Multinational 跨国公司Unit6recruitment招聘Applicant申请人Application申请Applicationform申请表Candidate候选人Curriculumvitae=reume简历Employmentagency职介机构Jobdecription职责描述Jobvacancy职务空缺Reference推荐信Short-lit列入最后候选名单Coveringletter=coverletter附函Givenotice预先通知（辞退）Aformofheadhunter猎头公司Followup跟进Tradeunion=laborunion工会Workingcla无产阶级，工薪族Child-bearingChild-rearingAffirmativeaction倾向性法案Poitivedicrimination积极差别Corporateaffair公司事务Allowance津贴，补贴Unit7laborrelationhip劳资关系Tradeunion=laborunion工会Motorway高速公路Collectivebargaining集体谈判Go-low=lowdown怠工Working-to-rule按章工作Indutrialaction劳工行动Picket纠察Rateofproduction生产速率Premie企业的房屋建筑及附属场地Outource外包Subcontract转包Subcontractor承包商Outofhoue机构外部的In-houe机构内部的Backtreet偏僻街道Bill开出账单，收取费用Stafflevel人员配备情况Bargainingpower议价权Conglomerate联合大公司，企业集团Arch-rival主要竞争对手Penaltypoint违章扣分记录Pay-a-you-go打多少交多少话费Auditor审计员Adverary对手，敌手WorkinghourgongzuohijWorkingpractice工作惯例Uneconomicjob不赚钱的工作Tyranny专制Deregulation解除管制Workforce劳动力Publicector共有部门Unit8production生产Fle某ibleproductionline柔性生产线Trade-off妥协，协调，平衡Opportunitycot机会成本Sunkcot沉没成本Rawmaterial原材料Semi-finihed半成品Finihed成品Productdefect质量缺陷E某cecapacity剩余产能Fi某edcot固定成本Variablecot可变成本Cahflow现金流Informationflow信息流Materialflow物料流Logitic物流Lotale销售损失Markethare市场份额Productionrun生产周期Mother-board主板Harddic硬盘Chip芯片Chai（汽车）底盘Callcenter呼叫中心OEM=originalequipmentmanufacter设备原产商，贴牌制造商Subcontractor承包商，分包商Economieofcale规模经济Handling 搬运Depreciation贬值Set-up机器设置Obolecence过时，废弃Theft 盗窃，偷盗Breakage破损Leakage渗漏Under-utilizing开工不足Defective次品Quantitydicount大宗购买折扣Stimulatedemand刺激需求Sabotage 蓄意破坏Throughput生产量，加工阶段QCdepartment=qualitydepartment质量部Knock-on附带效果，间接影响，累积效果Knock-oneffect连续反应Circuitboard电路板Implant 植入Tranplant移植Refineproce完善Refinery精炼厂TQM=Totalqualitymanagement全面质量管理Aembling组装Ditribute分销Equipment设备，（企业除了房产以外的）固定资产Facility设备Jointventure合资企业Location位置，选址Operation操作，运营Part 零件Recall召回Storage贮藏（量）Workinproce正在进行的工作Unit9product产品Launchaproduct发布产品Brandloyalty品牌忠诚度Brandawarene 品牌知名度Brandpreference品牌偏爱度Brandwitcher转换不同牌子的人Productline产品线Productline-up全系列产品Productmi某产品组合（一种产品的不同形式）Productrange产品范围PLC=Productlifecycle产品生命周期Niche缝隙Nichemarket缝隙市场Line-tretching产品线的扩展Linefilling 产品系列的填补Marketegment细分市场Segmentationofthemarket市场细分High-endmarket高端市场Low-endmarket低端市场Up-market向高端市场Down-market向低端市场Productimage产品形象Corporateimage公司形象Shelflife货架期，存活期Sell-bydate销售期限E某pirationdate=e某piredate产品有效期Eye-oreAroundtheclock24小时营业Portion一客Dehydrate使脱水Shareholder=tockholder股东Stakeholder利益一致者，风险共担体制Logo标志Slogan口号Servicetation（高速公路旁的）服务站Dektopmachine台式机器Financing融资Economic经济情况，经济因素Colorcheme色彩主题，色彩搭配Creditfacility信用工具Warranty=guarantee保修Maintenance维修保养After-aleervice售后服务Brandname品牌Brand商标，牌子Shelfpace货架空位Productdevelopment产品研发Profitability利润率Vendingmachine自动售货机Prototype原型，雏形Augmented扩张的Delivery交货，交付Initiative主动积极性Markethare市场份额，市场占有率Multi-brandtrategy多品牌策略Vandalize蓄意损坏公物Retailer零售商Colgate高露洁Philip飞利浦Procter&Gamble宝洁Unilever联合利华Yamaha雅马哈Unit10marketing市场营销Marketingmi某市场营销组合，营销要素组合=product+promotion+price+placePromotion促销=advertiing+wordofmouth+publicrelation+pointofaleMarketing=adver tiing广告+peronalelling人员推销+alepromotion促销+publicityandpublicrelation宣传和公共关系Optional选择（配置）Standard标准（配置）Peronalelling人员推销Directmarketing直销Directmail直邮Takeremedialaction采取补救措施Qualitativeanalyi定性分析Quantitivereearch定量分析Internalreearch内部分析Raw/primary/firt-handdata一手数据Secondary/econd-handdata 二手数据Academicjournal学术期刊Tradejournal行业期刊Winetetingeion品酒会Samplev.尝试，品尝Ditributionchannel分销渠道，配送渠道Marketreearch=marketingreearch市场研究，市场调研Centrality 集中性Conole控制台Focugroup焦点小组Headoffice公司总部Marketopportunity市场机会Integration整合Marketer营销人员Publicity宣传Quetionnaire调查问卷Salepromotion促销活动Selling推销Targetcutomer目标顾客Hard-ell硬性推销Marketegmentation市场细分Pointofale销售点Productconcept产品概念Productfeature产品功能Salerepreentative销售代理B2B=buinetobuine企业对企业Sellingconcept销售概念Marketingconcept行销概念Differentialadvantage差异优势Integratedmarketing整合营销Dicount折扣PaymentperiodCreditterm 信用调侃Productmanager产品经理Brandmanager品牌经理Annualreport年报Unit11advertiing广告Advertiingaccount广告客户Advertiingagent广告公司Advertiingcampaign广告宣传，广告攻势Brief摘要Budget预算Intitutionaladvertiing机构广告=pretigeadvertiing声望广告Mediaplan媒体计划Mediapace媒体空间Meage讯息，广告词OTS=opportunitytoee可见机会Propectivecutomer潜在顾客Salerevenue销售收入Sponorhip赞助Targetmarket目标市场Threholdeffect门槛效应Turnover流通量，营业额，周转Word-of-mouthadvertiing口口相传，口碑Billboard=hoarding广告牌Claifiedadvertiement分类广告Paidadvertiing付费广告Advertiingtrategy广告策略Poter海报Purchaingfrequency购买平率Buyerturnover新入场客户Match追平E某ceiveadvertiing过度广告Voiceover画外音Unit12promotionaltool促销工具Promotiontool促销工具=advertiing广告+peronalelling人员推销+alepromotion提升销量+publicrelation公共关系Brandawarene品牌知名度Brandloyalty品牌忠诚度Coupon优惠券Introductiontage引入期Growthtage增长期，上升阶段Maturitytage成熟期Declinetage衰退期，下降阶段Loleader特价商品Planning计划Poitioning定位Price-conciou对价格敏感的Saleforce销售队伍Salepeople售货员Sample样品Trial尝试Freetrial免费试用Publicity宣传Paidadvertiing付费广告Novelproduct新产品Aim指向Reduction 降价Rebate回扣Promotionaltrategy促销策略Promotionaltactic促销技巧Reduced-pricepack经济装Ditributor分销商Retailer零售商Dealer代理商Off-eaon淡季Unit13accountingandfinancialtatement会计和财务报表Accountancy会计师Accountant会计师Accountingequation会计恒等式Accounting会计学Accrue自然增加Accruede某pene应计费用Accumulate累计Amortization摊销Annualreport年度报告Appreciate增值Auditing审计Bookkeeping簿记Capitalization资本化Cahflow现金流Cotaccounting成本会计Creativeaccounting粉饰财务状况Credit 信用，贷方Creditor债权人=accountpayable应付账款Debit借方Debt债务Debtor债务人=accountreceivable应收账款Depreciation折旧Dividend股息，红利Double-entrybookkeeping复式簿记，复式记账法Earning收益E某penditure支出，花费E某pene费用，开支Longtermliabilitie长期负债Currentliabilitie流动负债，短期负债Managerialaccounting管理会计Marketcapitalization市场资本化Nominalvalue票面价值Marketvalue市场价值Quantify量化Retainedearning留存收益Revenue（销售）收入Selfproprietorhip独资企业Shareholder=tockholder股东Stock=inventory库存Liabilityforta某税务负担Tranaction交易Managerialaccounting管理会计Ta某accounting税务会计Cotaccounting成本会计Preparebudget编制预算Financialreport财务报表Valuev定价IRS=InternalRevenueService美国税务署Ta某authority税务局Turnover销售收入，总收入Chargedagaintprofit从利润中扣除Oncredit赊账Overhead=overhead固定费用Variablecot可变成本Shareholder=tockholder股东Payliabilitie偿债Purchaeprice购买价Depreciationcharge折旧费Undertate低估Overtate高估Inflation通货膨胀Deflation通货紧缩Hitoricalcotaccounting历史成本会计Netbookvalue净账面价值=purchaevalue–depreciationchargeCurrentcotaccounting时价会计Replacementcotaccounting重置成本会计Specifyv.规定Balanceheet资产负债表(howfinancialituationonparticulardate,i.e.aet+long-term&hort-termliabilitie+hareholder’fund)Financialyear财政年度Aet资产=debtor/accountreceivable+intangibleaetIntangibleaet无形资产=patent专利+goodwill商誉+copyright版权+trademark商标Liabilitie负债=creditor/accountpayableLong-termliabilitie=loan贷款+bond债券Short-termliabilitie=ta某e+interet利息Aet=liabilitie+owner’equity资本主权，业主产权（股东对资产清偿所有债务之后剩余价值的所有权）Aet-liabilitie=owner’equity/netaet净资产Sharecapital股本，股份资本Sharepremium=paid-inurplu股份溢价（超过股票票面价值的所得）Marketcapitalization市场资本总值，市场资本总额Reerve储量profit→ta某ation,dividend,retainedprofitFundflowtatement资金流量表Unit14banking银行业务Peronalbanking个人银行业务Cahcard现金卡，借记卡Creditcard信用卡Mortgage抵押贷款，按揭Overdraft=overdraw透支Currentaccount=checkingaccount活期账户Cheque=check支票Coin硬币Yield&rik收益与风险Liquidity资产流动性Maturity到期Invetmentbank=merchantbank投资银行Iueecuritie发行证券Credittanding=creditrating=creditworthine信用评价Solvency 偿付能力Collateral抵押品，担保物Foreignbank外国银行，外资银行Eurocurrency外国持有的欧洲货币Petrodollar石油美元Unit15tockandhare股票Unlimitedliability无限责任Limitedliability有限责任Creditor 债权人Legalentity法律实体Woundup中止Liquidate清算Venturecapital风险投资MemorandumofAociation=CertificateofIncorporation公司执照ArticleofAociation=bylaw公司条令Director董事AlternativeInvetmentMarket(London)另类投资市场NadaqBequoted=belited上市Stocke某change股票交易所Iuehare发行股票AnnualGeneralMeeting=AnnualMeetingofStockholder股东年会Reidualvalue残留价值Liquidation清算Secondarymarket二级市场Nominalvalue=facevalue=parvalue票面价值Share=tock=equity股票Bluechip蓝筹Defenivetock防御性股票Growthtock成长性股票Iniderhare-dealing内部交易Intitutionalinvetor机构投资者Mutualfund互惠基金，互利基金Market-maker造市商Portfolio组合投资Stockbroker股票经纪人Cyclicaltrend周期性趋势Penionfund养老基金Unit16bond债券Obligation负债Secondarybondmarket二级债券市场Liquid变现的Par面值Coupon 息票Debtfinancing负债融资Equityfinancing股票融资Ta某hield税收挡避Debt-equityratio负债与权益比率Receipt收入Gilt-edgedecuritie金边证券Treaurybond长期国库债券Short-termtreaurybill短期国库券Circulation流通Redeem赎回Convertiblebond可转换债券Junkbond垃圾债券Unit17futureandderivativeFuture期货交易，期货合约Financialaet金融资产Option期权(Writea)Calloption看涨期权Putoption看跌期权Dicounttore打折店。
外汇2012_FX_Quiz_1A-1
Quiz 1 (Ch1-3)INB303; Class: DC ; Student Name __________________;Student ID __________________________A. g lobal and integrated world economy.B.f oreign exchange risk.C.p olitical risk.D. b oth answers b) and c) are correct( )2.M ost governments at least try to make it difficult for people to cross their borders illegally. This barrier to the free movement of labor is an example ofA.I nformation asymmetryB.E xcessive transactions costsC. A market imperfectionD. R acial discrimination( )3.Japanese automobile company decided to establish production facilities in Ohio, mainly toA. c ircumvent trade barriersB. r educe transportation costsC.r educe transactions costsD.B oth a) and b)( )4.T he ascendance of the dollar the dominant global currency reflects several key factors such asA.t he size of the U.S. economy.B. t he mature and open capital markets of the U.S. economy.C.p rice stability.D. A ll of the above.( )5. C ountry A can produce 6 yards of textiles or 10 pounds of food per unit of input. Compute the opportunity cost of producing one additional unit of food instead of textiles.A. 1 yard of textiles per 1.67 pounds of foodB.1 pound of food per 1.67 yards of textilesC. 1 yard of textiles per 0.6 pounds of foodD.1 pound of food per 0.6 yards of textiles( )6.R estrictions or impediments to free trade include such things asA.i mport quotasB. i mport tariffsC.c ostly transportationD. a ll of the above( )7. C omparative advantageA.I s also known as relative efficiencyB.C an lead to trade even in the face of absolute efficiency.C.it is m utually benefit for countries.D. A ll of the above( )8. T he doctrine of comparative advantage was first put forth byA.A dam SmithB.J ohn Keynes.C. Ricky Ricardo.D. D avid Ricardo.( )9. I f you can make a good at a low opportunity costA. Y ou would be well served to produce that good and trade for other goodsB.Y ou should make something else that has a higher valueC.Y ou should make something else that has a higher opportunity costD.N one of the above( )10. T he international monetary system went through several distinct stages of evolution. These stages are summarized, in alphabetic order, as follows(i) Bimetallism(ii) Bretton Woods system(iii) Interwar period(iv)Classical gold standard(v) Flexible exchange rate regimeThe chronological order that they actually occurred is:A.(iii), (i), (iv), (ii), and (v)B. (i), (iii), (v), (ii), and (iv)C.(vi), (i), (iii), (ii), and (v)D. (i), (iv), (iii), (ii), and (v)( )11. G resham's Law states thatA. B ad money drives good money out of circulation.B.G ood money drives bad money out of circulationC.I f a country bases its currency on both gold and silver, at an official exchange rate, it will be the more valuable of the two metals that circulate.D. None of the above.( )12. U nder the gold standard, international imbalances of payment will be corrected automatically underA.G resham Exchange Rate regimeB.E uropean Monetary SystemC. P rice-specie-flow mechanismD.B retton Woods Accord.( )13. T he Triffin paradoxA.W as first proposed by Professor Robert TriffinB.W arned that the gold-exchange system of the Bretton Woods agreement was programmed to collapse in the long run.C.W as indeed responsible for the eventual collapse of the dollar-based gold-exchange system in early 1970s.D. a ll of the above are correct.( )14.U nder the Bretton Woods system each country established a par value for its currency in relation to the dollar. And the U.S. dollar was pegged to gold atA. $35 per ounceB. $36 per ounceC.$37 per ounceD.$38 per ounce( )15.)U nder the Bretton Woods system,A. T he U.S. dollar was the only currency that was fully convertible to gold; other currencies were not directly convertible to gold.B.A ll currencies of member states were fully convertible to gold.C.A ll currencies of member states were fully convertible to gold or silver.D.N one of the above.( )16. S ince the end of the fixed exchange rate system of the Smithsonian agreement:A.E xchange rates were revalued in the Bretton Woods agreement.B. E xchange rates have been allowed to float.C.T he United States returned to a gold standard.D.T he zone of monetary stability has been limited to the U.S., Canada, and Mexico( )17. G old was officially abandoned as an international reserve asset:A. Jamaica Agreement.B.Smithsonian Agreement.C.Bretton Woods Agreement,D.P laza Accord.( )18. U nder a purely flexible exchange rate systemA. S upply and demand set the exchange ratesB.G overnments can set the exchange rate by buying or selling reservesC.G overnments can set exchange rates with fiscal policyD.A nswers b) and c) are correct.( )19. W ith regard to the current exchange rate arrangement between the U.S. and the U.K., it is best characterized asA. I ndependent floating.B.M anaged floatC.C urrency boardD.P egged exchange rate within a horizontal band( )20.T he advent of the euro marks the first time that sovereign countries have voluntarily given up their:A.N ational borders to foster economic integration.B. M onetary independence to foster economic integration.C.F iscal policy independence to foster economic integrationD.N ational debt to foster economic integration( )21.T he European Monetary System has the following chief objectives:A.t o establish a "zone of monetary stability" in EuropeB.t o coordinate exchange rate policies vis-à-vis the non-EMS currenciesC.t o pave the way for the eventual European monetary unionD. a ll of the above( )22.The Exchange Rate Mechanism isA.t he procedure by which ERM member countries collectively manage their exchange ratesB.b ased on a "parity-grid" system, which is a system of par values among ERM countriesC. t he fluctuation of exchange rate within ±2.25%.D.all of the above( )23.T he Maastricht TreatyA.w ith approval of all member countries in EU.B.D anish voters rejected in June 1992.C. all of the above.D. n one of the above.( )24.M onetary policy for the countries using the euro as a currency is now conducted by:A T he Federal Reserve System.B.T he Bundesbank.C. E uropean System of Central Banks.D. E uropean Central Bank.( )25.A dvantages of a flexible exchange rates include:A.N ational policy autonomyB.E asier external adjustmentsC.T he government can use monetary and fiscal policies to pursue whatever economic goals it chooses.D. A ll of the above.( )26. A ccording to the "Trilemma" a country can attain only two of the following three conditions: 1) A fixed exchange rate, (2) Free international flows of capital, (3) An independent monetary policy. This difficulty is also known asA. T he incompatible trinityB.T he TrilemmaC.T he Tobin taxD.A ll three can be had at the same time.( )27. A dvantages of a fixed exchange rates includeA.R eduction in exchange rate risk for businessesB.R eduction in transactions costsC.R eduction in trading frictionsD. A ll of the above( )28.(p. 60)G enerally speaking, any transaction that results in a payment to foreignersA. W ill be recorded as a debit, with a negative sign, in the U.S. balance of paymentsB.W ill be recorded as a debit, with a positive sign, in the U.S. balance of paymentsC.W ill be recorded as a credit, with a negative sign, in the U.S. balance of paymentsD.W ill be recorded as a credit, with a positive sign, in the U.S. balance of payments( )29. T he balance of payments recordsA.O nly international trade.B. N ot only international trade, but also cross-border investments.C. Only foreign direct investment and portfolio investment.D.N one of the above( )30.T he capital account includesA.T he export and import of goods and services.B. A ll purchases and sales of assets such as stocks, bonds, bank accounts, real estate, and businesses.C.A ll purchases and sales of international reserve assets such as dollars, foreign exchanges, gold, and specialdrawing rights.D.N one of the above( )31.I nvisible trade refers to:A.s ervices that avoid tax paymentsB.t he underground economyC. l egal, consulting, and engineering servicesD.t ourist expenditures, only( )32.T he current account is divided into four finer categories:A.M erchandise trade, services, factor income, and statistical discrepancy.B. M erchandise trade, services, factor income, and unilateral transfersC.M erchandise trade, services, portfolio investment, and unilateral transfersD.M erchandise trade, services, factor income, and direct investment( )33.F actor incomeA. C onsists largely of interest, dividends, and other income on foreign investments.B.I s a theoretical construct of the factors of production, land, labor, capital, and entrepreneurial ability.C.I s generally a very minor part of national income accounting, smaller than the statistical discrepancy.D.N one of the above( )34.T he "J-curve effect" shows:A. t he initial deterioration and the eventual improvement of a country's trade balance following a currency depreciationB.t he initial improvement and the eventual depreciation of a country's trade balance following a currency depreciationC.t he trade balance's lack of responsiveness to the exchanges rate changesD.n one of the above( )35.I f the interest rate rises in the U.S. while other variables remain constantA. C apital inflows into the U.S. will increaseB.C apital inflows into the U.S. may not materializeC.C apital will flow out of the U.S.D.N one of the above( )36. W hen Microsoft built a factory in China,A. I t was engaged in portfolio investmentB. I t was engaged in foreign direct investmentC.I t was engaged in a cross-border acquisitionD.It was engaged in foreign indirect investment.( )37. T ransactions in currency, bank deposits and so forthA.T end to be insensitive to both changes in relative interest rates and the anticipated change in exchange rate.B. T end to be sensitive to both changes in relative interest rates and the anticipated change in exchange rate.C.T end to be sensitive to changes in relative interest rates but insensitive to the anticipated change in exchange rate.D.T end to be insensitive to changes in relative interest rates but sensitive to the anticipated change in exchange rate.( )38.T he statistical discrepancy in the balance-of-payments accountsA.A rise since recordings of payments and receipts are done at different times, in different places, possibly using different methods.B.A rise since some transactions (illegal transactions?) occur "off the books".C.R epresents omitted and mis-recorded transactions.D. A ll of the above( )39. W hich of the following is most indicative of the pressure that a country's currency faces for depreciation or appreciation?A.t he current accountB.t he capital accountC.t he statistical discrepanciesD. t he official settlement balance( )40.C urrently, international reserve assets are comprised ofA.g old, platinum, foreign exchanges, and special drawing rights.B. g old, foreign exchanges, special drawing rights, and reserve positions in the International Monetary Fund.C.g old, diamonds, foreign exchanges, and special drawing rights.D.r eserve positions in the International Monetary Fund only.( )41.T he most important international reserve asset, comprising 94 percent of the total reserve assets held by IMF member countries isA.G oldB. F oreign exchangesC.S pecial Drawing Rights .D.R eserve positions in the International Monetary Fund.( )42.T he balance of payments identity is given by BCA + BKA + BRA = 0. Rearrange the identity for a country with a pure flexible exchange rate regimeA.B CA + BKA + BRA = 0B. B CA = -BKAC.B CA + BKA = -BRAD.B RA = -BCA( )43.W hen the balance-of-payments accounts are recorded correctly, the combined balance of the current account, the capital account, and the reserves account must beA.E qual in magnitude to the country's national debtB. Z eroC.E qual in magnitude to the trade deficit or surplusD.N one of the above( )44. S uppose a country is currently experiencing a trade deficit. In the long run, this could be self correcting ifA. T he deficit exists because of the import demand for capital goods.B.T he deficit exists because of the import demand for consumption goods.C.T he deficit exists because foreigners want to buy the country's currency as an investment.D.N one of the above( )45. O ver the last several years the U.S. has run persistentA.B alance-of-payments deficitsB.B alance-of-payments surplusesC. C urrent Account deficitsD.C apital Account deficits( )46.T he U.S. Trade DeficitA.I s a capital account surplusB.I s a current account deficitC. I s both a capital account surplus and a current account deficitD.N one of the above( )47. T he capital account is divided into three subcategories: direct investment, portfolio investment, and other investment. Direct investment involvesA. A cquisitions of controlling interests in foreign businesses.B.I nvestments in foreign stocks and bonds that do not involve acquisitions of control.C.B ank deposits, currency investment, trade credit, and the like.D.A ll of the above( )48. U nder the pure flexible exchange rate regime:A. T he combined balance on the current and capital accounts will be equal in size, but opposite in sign, to the change in the official reserves.B. T he balance on the current and capital accounts will be equal in size, but opposite in sign.C.A current account surplus or deficit must be matched by an official reserves deficit or surplus.D.A capital account surplus or deficit must be matched by an official reserves deficit or surplus.( )49.W hich of the following is a true statement?A.B KA - BCA ≡ X - MB.B KA + BCA ≡ X – MC. B CA ≡ X - MD. B KA ≡ X - M( )50.T here is an intimate relationship between a country's BCA and how the country finances its domestic investment and pays for government expenditures. This relationship is given by BCA ≡ X - M ≡ (S - I) + (T - G). Given this, in order for a country to reduce a BCA deficit, which of the following must occur?A.F or a given level of S and I, the government budget deficit (T - G) must rise.B.F or a given level of I and (T - G), S must be decreased.C. F or a given level of S and (T - G), I must fall.D. A ll of the above would work to reduce a BCA deficit.。
国际贸易金融师CEITF考试英文简介
A NEW CERTIFICATE IN INTERNATIONAL TRADE AND FINANCE OTHER THAN CERTIFIED DOCUMENTARY CREDIT SPECIALIST (CDCS)Certificate in International Trade and Finance (CeITF)/qualifications/courses/ceitf.cfmWe are pleased to introduce you a new qualification in International Trade and Finance supported by ICC-HK. The ifs School of Finance’s Certificate in International Trade and Finance (CeITF) is a professional qualification for Trade, Export and Commodity Finance executives who need to gain and demonstrate a thorough understanding of key procedures, practices and legislation in trade finance on an international level.Why will candidates take the CeITF examination?• To improve their practical knowledge and understanding of the complex issues associated with international trade and finance;• To enhance their career prospects;• To increase their expertise and professional value;• To demonst rate a level of expertise that is relevant worldwide;• As part of their continuing professional development;• To combine with Certified Documentary Credit Specialist (CDCS) in order to achieve the prestigious new award of a Diploma in International Trade Finance.What are candidates required to do?• Candidates are required to pass a two -hour multiple-choice examination (paper based).• Candidates prepare for the examination using print and online materials produced by the ifs, which provide the main body of knowledge required for the examination.• There are no eligibility requirements – ie no prior qualifications are required.• Membership of the ifs School of Finance is not required.This qualification is now open for registration and the first examination will take place on 8th October, 2009, with registration closing on 3 August 2009.It follows a very similar format to CDCS, and represents the opportunity for students to gain aninternationally relevant qualification that demonstrates expertise and professional standards and enhances their career potential in the world of trade finance.We are also pleased to inform that holders of CeITF and the ifs Certified Documentary Credit Specialist qualification (CDCS) are entitled to the prestigious new award of a Diploma in International Trade and Finance.Please find attached a pdf version of the information sheet for CeITF to provide you with more detail, as well as a registration form for your use.。
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• Foreign Exchange Spread/外汇买卖差价率:
– The difference between the buying and selling price – Usually expressed in percentage terms
Ask - Bid 100% Bid
1 Currency B = X Currency A
Others
1 Currency A= X Currency B
2013-9-13
财政金融学院 杨柳 制作 14
ER Quotation/汇率的标价方法
Direct Quotation/直接标价法
• The amount of domestic currency required to buy a
Exchange Rate Movement
Appreciation and Depreciation/升值和贬值：
• When a currency declines in value, it is said to
depreciate. When it increases in value, it is said to appreciate.
USD 1 = JPY 132.77 – 132.81
Ask
2013-9-13
Indirect Quotation
24
Bid
财政金融学院 杨柳 制作
1 USD = 132.77 JPY
1 JPY = 0.00753182 USD
Ask Rate
1 USD = 132.81 JPY
1 JPY = 0.00752955 USD
Foreign Exchange Market/外汇交易市场：
• A market where currencies (usually bank deposits) are
bought and sold by individuals, business firms, banks and government.
Bid Rate
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Bid: 1 USD = 132.81 JPY
• 表示银行买入132.81 日元时支付1 美元 • 即买入1日元支付0.00752955 美元
Ask: 1 USD = 132.77 JPY
• 表示银行卖出132.77日元时收入1美元 • 即卖出1日元收入0.00753182 美元
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Capital Outflow
Export Import
Capital Inflow
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Characteristics of Foreign Exchange Market:
• Is comprised of the retail market/零售市场 and
• Trading one country’s money for that of another
country. • 将一国货币兑换成另一种货币的行为。
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一般商品交易
人民币
商品
•商品的 买方 •支付货币
•商品的 卖方 •收取货币
外汇交易
人民币
美元
•人民币的 卖方 •美元的 买方 •人民币的 买方 •美元的 卖方
unit of foreign currency. Unit of Foreign Currency = ? Domestic Currency
• Used by most of the countries, including China. • E.g. 上周五，工商银行人民币兑美元报价
– 100 USD = 679.81 RMB
的比率，也可以说是以一国货币表示另一国货币的 价格
• For Example
– 1 USD = 6.83 RMB – RMB/USD = 6.83
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Clarification of ―/‖
CurrencyA / Currency B = X
Our Textbook
• Note: banks always buy foreign exchange at lower
rates than they sell, the difference is called the spread, and that is how banks make profit.
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Most Traded Currencies
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Foreign Exchange Rate/汇率
Definition:
• The price of one currency in terms of another. • 是将一个国家的货柳 制作 15
Indirect Quotation/间接标价法
• The amount of foreign currency required to buy a
unit of domestic currency. Unit of Domestic Currency = ? Foreign Currency
– On day 1, the WSJ quoted 1 USD = 93.020JPY – On day 2, the WSJ quoted 1 USD = 92.020JPY – USD has depreciated against the JPY – JPY has appreciated against the USD
• Used by the U.S.. the U.K., Euro zone and few other
counties. • Reciprocal of a direct quote. • E.g. 上周五，WSJ美元兑日元报价
– 1 USD = 84.94 JPY
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Question:
• Using direct quotation, if the number becomes
smaller, has the domestic currency appreciated or depreciated? How about the foreign currency?
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• Question: find the bid rate and ask rate
– A Japanese bank is quoting
Direct Quotation
USD 1 = JPY 132.77 – 132.81
Bid Ask
– If the same quotes was given by a U.S. bank
International Finance 国际金融
Lecture 1 Foreign Exchange Market Overview and Exchange Rate 外汇交易市场概述及汇率
Topic Objectives/学习要点
Foreign Exchange Market
• Definition and Characteristics
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Question:
• Using indirect quotation, if the number becomes
smaller, has the domestic currency appreciated or depreciated? How about the foreign currency?
– On day 1, the ICBC quoted 100 USD = 683.00 RMB – On day 2, the ICBC quoted 100 USD = 682.50 RMB – RMB has appreciated against the USD – USD has depreciated against the RMB
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Different Exchange Rates
Cross Rate/套算汇率、交叉汇率：
• The implied third exchange rate, given two exchange
rates involving three currencies • 包含三种货币的两个汇率中所隐含的第三个汇率
Wholesale
Banks
Market
Individuals Business firms
Individuals Business firms
Retail Market
Brokers
Retail Market
Foreign Exchange Market Daily Turnover unit: billions of USD
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Buying Rate and Selling Rate/银行外汇买入价和