国际金融双语复习
金融学(双语)复习资料第1章
TEST BANKThis part of the Instructor's Manual presents a test bank of true/false statements, multiple choice questions, and, where appropriate, additional problems. The problems are similarto those in the text and may be used for additional assignments or test questions.Chapter 1THE ROLE OF FINANCIAL MARKETSTRUE/FALSEF 1. The power to create money is given by the Constitution to the Federal Reserve.F 2. Since M-2 excludes time deposits, M-2 is a less comprehensive measure of the money supply than M-1.T 3. When individuals withdraw cash from checking accounts, the money supply is unaffected.F 4. The yield curve relates risk and interest rates.T 5. During most historical periods, the yield curve has been positively sloped.T 6. A negatively sloped yield curve is associated with the anticipation that interest rates will decline.F 7. Only paper can perform the function of money.T 8. Stocks and bonds are an alternative to money as astore of value.T 9. What serves for money in France may not be money in another country.F 10. The U.S. Treasury creates most of the nation's money supply.F 11. When individuals deposit cash in a demand deposit, the money supply is reduced.F 12. M-1 includes savings accounts in commercial banks.T 13. A positively-sloped yield curve forecasts the interest rates will rise.F 14. Since investors prefer short-term securities tolonger-term securities, the yield curve is always positively sloped.MULTIPLE CHOICEa 1. M-1 includes coins, currency, and .a. demand depositsb. savings accountsc. certificates of depositd. time depositsb 2. The power to create money is given by the Constitution toa. state governmentsb. Congressc. the Federal Reserved. commercial banksc 3. The term structure of interest rates relatesa. risk and yieldsb. yields and bond ratingsc. term and yieldsd. stock and bond yieldsb 4. The term structure of interest rates indicates thea. relationship between risk and yieldsb. relationship between the time and yieldsc. the difference between borrowing and lendingd. the difference between the yield (interest rate)on government and corporate debtc 5. Money serves asa. a substitute for equityb. a precaution against inflationc. a medium of exchanged. a risk-free liabilityc 6. An asset is liquid if it is easilya. converted into cashb. marketedc. converted into cash without lossd. soldd 7. M-2 includes1. demand deposits2. savings accounts3. small certificates of deposita. 1 and 2b. 2 and 3c. 1 and 3d. all three。
金融学双语考试复习资料
Chapter 1经济学关注的3个问题：⏹How scarce resources are allocated in the productionprocess among competing uses.⏹How income generated in the production and sale of goodsand services is distributed among members of society.⏹How people allocate their income through spending, saving,borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。
Depository institutions （储蓄机构）– Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。
5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries are institutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。
金融学(双语)复习资料第5章
Chapter 5错误！未指定书签。
THE FEDERAL RESERVETRUE/FALSEF 1. The power to create money is given by the Constitution to theFederal Reserve.创造货币的权力是宪法赋予美联储T 2. When corporations retire (pay off) loans from commercial banks, excess reserves are increased.当企业退休从商业银行（支付）的贷款，超额准备金增加。
F 3. When the general public uses money in checking accountsto purchase stock issued by corporations, the required reserves of banks are reduced.当一般公众使用的钱在支票账户购买公司发行的股票，所需要的银行的准备金就会减少F 4. Only large commercial banks are subject to the regulation ofthe Federal Reserve.只有大型商业银行受到美联储的监管F 5. When the Federal Reserve sells securities, the money supplyis increased.当美联储出售证券，货币供应量增加T 6. When the Federal Reserve buys securities, the reserves of banks are increased.当美联储购买证券，银行的准备金增加T 7. Open market operations is a more flexible tool of monetary policy than the reserve requirements.公开市场操作是货币政策的一个更灵活的工具，比准备金要求T 8. Reserve requirements are infrequently changed to affect commercial bank lending.准备金要求频繁改变会影响商业银行贷款T 9. The Open Market Committee has twelve members that include the Board of Governors.公开市场委员会有十二名成员，其中包括理事会F 10. The presidents of the District Banks elect the Board ofGovernors of the Federal Reserve.该地区银行的总统选举联邦储备理事会F 11. The federal funds rate is the interest rate the FederalReserve charges banks when they borrow reserves.联邦基金利率是利率联邦储备银行收费时，他们借入储备F 12. If the Treasury borrows from the Federal Reserve, thelending capacity of banks is reduced.如果财政部从美联储借，银行的放贷能力降低T 13. If the Treasury sells debt that is purchased by corporations and uses the funds to purchase military equipment, theexcess reserves of the banking system are not affected.如果财政部出售债券是由公司购买并使用的资金购买军事装备，多余的银行体系储备不受影响T 14. Deflation is a period of declining prices.通货紧缩是一个时期价格下跌F 15. During a period of recession, the Fed sells securities.在衰退期，美联储出售证券T 16. The Consumer Price Index (CPI) is a measure of inflation.居民消费价格指数（ CPI）是衡量通货膨胀的T 17. The Federal Reserve is independent of the U.S. Treasury and is owned by commercial banks.美联储是独立于美国财政部，由商业银行所拥有F 18. The President of the United States appoints the Federal OpenMarket Committee.美国总统任命的联邦公开市场委员会F 19. Since the reserves of commercial banks earn interest, thereis an incentive to hold excess reserves.由于商业银行的准备金赚取利息，还有持有超额准备金的奖励T 20. Open market operations is a more flexible tool of monetary policy than the discount rate.公开市场操作是货币政策的一个更灵活的工具比贴现率T 21. Commercial banks may buy and sell reserves in the federal funds market.商业银行可以在联邦基金市场上购买和出售储备T 22. If the Treasury issues new bonds that are purchased by the general public, the money supply is reduced if the Treasurydeposits the funds in the Federal Reserve.如果财政部发布了由广大市民购买新的债券，货币供应量减少，如果国库存款资金在美联储F 23. Recession is a period of falling prices.经济衰退是一个时期的价格下跌F 24. When commercial banks grant loans to the public, theirtotal reserves are reduced.当商业银行发放贷款的市民，他们的总储量减少MULTIPLE CHOICEa 1. Withdrawing cash from a checking account does not decrease 从支票帐户提取现金不减少a. the money supply货币供应量b. demand deposits活期存款c. total reserves总储量d. excess reserves超额准备金d 2. Excess reserves are affected by超额准备金受1. reserve requirements准备金要求2. the repayment of existing bank loans现有偿还银行贷款3. cash withdrawals现金提款d. 1, 2, and 3b 3. When commercial banks grant loans,当商业银行发放贷款a. the money supply is reduced货币供应量减少b. the money supply is increased货币供应量增加c. total reserves increase总储量增加d. total reserves decrease总储量减少b 4. If deposits are withdrawn from a commercial bank, it mayobtain reserves by如果存款从商业银行撤出，它可能是由获得储备a. acquiring an asset收购资产b. borrowing in the federal funds market在联邦基金市场借款c. lending funds in the federal funds market在联邦基金市场资金d. liquidating a liability清算负债a 5. When a commercial bank receives a cash deposit,当商业银行收到的现金存款1. its required reserves increase其所需的储备增加2. its required reserves decrease其所需的储备减少3. its total reserves increase其总储量增加4. its total reserves decrease其总储量减少a. 1 and 3b 6. Commercial banks lend excess reserves for one day in the商业银行放贷超额储备为一天中的a. stock market股市b. federal funds market联邦基金市场c. reserves market储备市场d. over-the-counter market过？的？柜台市场b 7. The Federal Reserve increases reserves by美国联邦储备局增加储备a. selling securities出售证券b. buying securities买证券c. raising reserve requirements提高存款准备金率d. raising the discount rate提高贴现率b 8. The Federal Reserve美国联邦储备委员会a. is part of the U.S. Treasury是美国财政部的一部分b. is owned by member banks由成员银行拥有c. is the nation's largest commercial bank是全国最大的商业银行d. lends funds to corporations借出资金的公司b 9. By lowering the discount rate, the Federal Reserve通过降低贴现率，美联储a. discourages commercial banks from lending鼓励商业银行从贷款b. encourages commercial banks to borrow reserves鼓励商业银行借入储备c. discourages depositors from withdrawing funds鼓励存户提款d. contracts the money supply收缩货币供应量d 10. The purpose of the Federal Reserve is to美联储的目的是a. finance government operations金融政府运作b. protect investors from bank failures保护投资者免受银行倒闭c. protect deposits from bank failures保护存款银行倒闭d. control the supply of money and credit控制货币信贷总量c 11. The structure of the Federal Reserve includes美联储的结构包括1. all commercial banks各商业银行2. the twelve district banks在12家地方银行3. the Board of Governors 理事会c. 2 and 3c 12. The members of the Board of Governors area. elected by the member banksb. appointed by the Senatec. appointed by the President of the United Statesd. elected by the Federal Open Market Committeec 13. During a period of recession, a federal government surplusshould retire debt oweda. the Federal Reserveb. commercial banksc. the general publicd. the Federal Deposit Insurance Corporationa 14. The Federal Reserve may contract the money supply by1. selling securities2. buying securities3. raising reserve requirements4. lowering reserve requirementsa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4理事会的成员是由成员银行推选由参议院任命由美国总统任命联邦公开市场委员会选举产生在衰退期，联邦政府的盈余应该退休欠下的债美联储商业银行广大市民美国联邦存款保险公司美联储可能通过收缩货币供应量出售证券买证券提高存款准备金率降低准备金要求如果联邦政府经营赤字，并从商业银行借入，总存款不受影响总存款增加超额准备金减少超额准备金均有所下降d 15. If the federal government runs a deficit and borrows fromcommercial banks,1. total deposits are not affected2. total deposits are increased3. excess reserves are reduced4. excess reserves are decreaseda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4c 16. If the federal government runs a deficit and finances thedeficit by borrowing from the Federal Reserve,1. the reserves of commercial banks are reduced2. the reserves of commercial banks are increased3. the required reserves of commercial banks areincreased4. the required reserves of commercial banks arereduceda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4b 17. Anticipation of inflation discourages1. saving2. borrowing3. lending4. purchasing goodsa. 1 and 2b. 1 and 3c. 2 and 3d. 3 and 4b 18. If the federal government runs a surplus,a. expenditures exceed taxesb. receipts exceed disbursementsc. debt must be issuedd. the Federal Reserve buys bondsb 19. Recession is a period ofa. declining pricesb. declining employmentc. declining unemploymentd. rising interest ratesb 20. The Board of Governorsa. manages the nation's stock of goldb. has the substantive control over the money supplyc. controls the U. S. Treasuryd. is appointed by the U. S. Treasurera 21. If commercial banks grant loans,a. the money supply is increasedb. total reserves are increasedc. excess reserves are increasedd. the money supply is reducedd 22. Commercial banks may borrow reserves from each other in thea. reserves marketb. stock marketc. bank marketd. federal funds marketa 23. By selling securities to the general public, the FEDa. reduces the money supplyb. raises commercial banks' depositsc. increases the money supplyd. increases banks' excess reservesa 24. The tools of monetary policy includea. open market operationsb. the purchase of corporate stockc. the federal government deficitd. taxationb 25. If the federal government runs a deficit,a. taxes exceed expendituresb. expenditures exceed taxesc. receipts exceed taxesd. taxes exceed revenuesb 26. Anticipation of inflation encouragesa. lendingb. borrowingc. retiring debtd. savingc 27. During a period of recession the Federal Reserve1. increases the federal funds rate2. buys government securities3. sells government securities4. lowers the federal funds area. 1 and 2b. 1 and 3c. 2 and 4d. 3 and 4SUPPLEMENTARY QUESTIONS1. If the reserve requirement for demand deposits is 10 percent,what is the maximum change in the money supply that thebanking system can create ifa. the Federal Reserve puts $1,000,000 of new reserves inthe banking systemb. $1,000,000 in cash is deposited in checking accountsc. General Motors borrows $1,000,000 from an insurancecompany?Answers:a. new excess reserves: $1,000,000maximum possible expansion in the money supply:$1,000,000/.1 = $10,000,000b. new excess reserves: $1,000,000 - 100,000 = $900,000maximum possible expansion in the money supply:$900,000/.1 = $9,000,000c. new excess reserves: $0maximum possible expansion in the money supply:$0/.1 = $0(Borrowing from the non-bank public does not affect thebanking system's ability to create new money.)2. What is the effect on (1) demand deposits, (2) requiredreserves, and (3) excess reserves of banks given thefollowing transactions?a. The general public builds up its holdings of cash bywithdrawing funds in checking accounts.b. After Christmas the general public deposits cash in checkingaccounts in commercial banks. (How may seasonal changes in the public's need for cash alter banks' ability to lend?)c. Corporations borrow from commercial banks.d. State and local governments issue debt securities that arepurchased by commercial banks.e. Homeowners borrow from commercial banks to finance homeimprovements. (Are there any differences on the expansion ofthe money supply in questions (c), (d), and (e)?)f. A bank in California with excess reserves lends these fundsthrough the federal funds market to a bank in Maine that hasinsufficient reserves.g. Corporations issue short-term securities that are purchased bythe general public.h. Corporations retire (i.e., pay off) loans from commercial banks.i. The Federal Reserve buys Treasury bills that are sold by thegeneral public.j. The Federal Reserve raises the discount rate, and banks retire debt owed the Federal Reserve.k. The Federal Reserve raises the reserve requirement on demand deposits.l. The Treasury borrows from the banks to finance payments.m. The federal government runs a deficit and borrows the funds from the general public.n. The federal government runs a deficit and borrows the funds from the Federal Reserve.Answers:a. Demand deposits - lowerRequired reserves - lowerExcess reserves - lowerb. Demand deposits - higherRequired reserves - higherExcess reserves - higherThese two questions illustrate that a seasonal flow of deposits into or out of the banking system will affect the reserves of the banking system. Unless the banks are able to find liquidity elsewhere (e.g., the Federal Reserve), such seasonal changes in reserves may produce fluctuations in the supply of credit.c. Demand deposits - higherRequired reserves - higherExcess reserves - lowerd. Demand deposits - higherRequired reserves - higherExcess reserves - lowere. Demand deposits - higherRequired reserves - higherExcess reserves - lowerThese three questions illustrate that from the viewpoint of the banking system, it does not matter if the banks acquire debt issued by firms, governments, or households. To acquire the debt, the banks must have excess reserves. After they have used their excess reserves, the money supply is expanded, and the excess reserves become required reserves.f. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeUnlike in the previous questions, the lending of excess reserves from one bank to another does not in the aggregate increase or decrease the reserves of the banking system.g. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeLoans between members of the non-bank general public do not affect banks' reserves and thus do not affect their capacity to lend.h. Demand deposits - lowerRequired reserves - lowerExcess reserves - higherWhile the creation of new loans uses the banks' excess reserves and creates new money, the retiring of loans from commercial banks reduces demand deposits and restores excess reserves (i.e., increases excess reserves).i. Demand deposits - higherRequired reserves - higherExcess reserves - higherj. Demand deposits - no changeRequired reserves - no changeExcess reserves - lowerk. Demand deposits - no changeRequired reserves - higherExcess reserves - lowerQuestions j and k illustrate two major monetary tools, the reserve requirement and the discount rate. Notice that changing the discount rate and the reserve requirements do not in themselves change demand deposits. Their impact is on reserves, and theeffect of this impact may lead to a change in the supply of money. l. Demand deposits - higherRequired reserves - higherExcess reserves - lowerm. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changen. Demand deposits - increaseRequired reserves - increaseExcess reserves - increaseDuring a period of inflation, a policy that contracts the money supply and the capacity of banks to lend is desirable. Theopposite situation would apply during a recession. If there were a deficit during a period of recession, it is desirable to increase the money supply and the capacity of the banks to lend. Hence n is better than m.。
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。
金融学(双语)复习资料第4章
A Chapter 4F 1. A financial intermediary transfers funds from borrowersto lenders by creating claims on itself.金融中介机构通过建立自身债权转让从借款人的资金贷款T 2. When cash is deposited in a checking account, thereserves of commercial banks are increased.当现金存入支票帐户时，商业银行的准备金增加F 3. When funds are deposited in a savings account, the excess reserves of banks are unaffected.当资金存入储蓄账户中，银行的超额准备金不受影响F 4. Large certificates of deposit in units of $500,000 are insured by FDIC.存款50万元的单位大证由美国联邦存款保险公司的保险保障T 5. In general, banks prefer loans that stress liquidityand safety.一般情况下，银行更喜欢强调流动资金贷款和安全性T 6. Savings and loan associations are a major source of mortgage funds.储蓄和贷款协会是抵押贷款资金的主要来源F 7. Insurance companies are a major source of loans to individuals.保险公司是个人贷款的主要来源T 8. Money market mutual funds invest in short-term securities like U.S. Treasury bills.货币市场共同基金投资于如美国国库券的短期证券F 9. An increase in interest rates tends to reduce theearnings of money market mutual funds.在利率上升往往会降低货币市场共同基金的收益T 10. A pension plan that invests in the stock of IBM orVerizon does not perform the function of a financial intermediary.投资于IBM或Verizon公司的股票的退休金计划不执行金融中介的功能F 11. Investments in money market mutual funds are insured up to $100,000 by the federal government.在货币市场共同基金投资是投保高达10万美元的联邦政府T 12. A financial intermediary creates claims on itself, when it accepts depositors' funds.金融中介机构建立自身债权，当它接受存款人的资金F 13. If a firm issues securities that are sold to a commercial bank, individuals' savings are directly transferred to the firm. 。
国际金融双语PPT课件-总复习
14-10
买入价和卖出价的判定
• 从银行买卖外汇的角度，划分为买入汇率和 卖出汇率 • 买入汇率（Buying Rate）又称买入价，是指 报价银行从同业或客户那里买入外汇时所使 用的汇率。 • 卖出汇率（Selling Rate）又称卖出价，是指 报价银行向同业或客户卖出外汇时所使用的 汇率。 • USD1=CNY7.7764-7.7900 • 买价卖价？ 判断原则？
• 询价者不会透露交易意图，因此报价银 行必须报出买入价和卖出价。
McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
14-14
新型与传统国际金融市场的区别
国内金融市场
国内投资者 传统 国际 金融 市场
McGraw-Hill/Irwin © 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
14-4
货 物 服 务 经常项目 收 入
经常转移
资本项目 国际收支账户 资本和金融项目
金融项目
储备资产 错误与遗漏
McGraw-Hill/Irwin
McGraw-Hill/Irwin
© 2004 The McGraw-Hill Companies, Inc., All Rights Reserved.
14-12
• ①地点在中国，是直接标价法，买价在前，卖 价在后； • ②地点在美国，是间接标价法，卖价在前，买 价在后； • • • • 判断原则： ①从银行自身角度出发，赚取买卖差价； ②银行持有本币，看其对外汇是买还是卖； ③如不属于直接、间接、美元标价法的一种， 则视银行目前持有币种为本币，判断买卖价。
国际金融(双语)复习大纲
（一）论述、简答、计算题：1、What is the current account balance of France when the French budget surplus is 348million Euros, private saving is 256 million Euros, domestic capital formation is 134 million Euros?解答：National saving = private saving + government saving = 256+348=604 millionCurrent account balance = national saving – domestic real investment = 604-134=470 million附：Current account balance(CA)=net foreign investment(If)National saving(S)=domestic real investment(Id)+net foreign investment(If)If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total expenditures on goods and services)2、Which of the following transactions could contribute to a British current account surplus? Explain whya French firm sells defense equipment to the British government for 250 million pounds in bank depositsb Great Britain makes a gift of $500 million to the Iraqi government to aid in reconstruction.c The United States borrows 200 million pounds on a short-term basis from the British government to buy 200 million pounds in textiles from Great Britain.C：merchandise exports——current account surplusA：merchandise imports——current account deficitB：unilateral transfer——current account deficit3、You are provided with the following information about a country’s international transactions during a given year:Service exports $346Service imports $354Merchandise exports $480Merchandise imports $348Income flows, net $153Unilateral transfers, net $142Increase in the country’s holding of foreign assets, net(excluding official reserves assets) $352Increase in forei gn holdings of the country’s assets, net(excluding official reserve assets) $252Statistical discrepancy, net $154a.Calculate the official settlements balance and the current account balance.b.Is the country increasing or decreasing its net holdings of official reserve assets?Why?A: Current account balance=net credits – net debits on(the flow of goods ,services ,income and unilateral transfer)=（346—354）+（480—348）+153—142 = 135Financial account balance= foreign holdings of the country’s assets – the country’s holdingof foreign assets =—352 + 252 = —100So, official settlement balance(B)=CA balance + financial account balance= 135 —100=35B: Current account balance = 132—8+153—142=135B = CA + FA = 135 + （—100）= 35B + OR + Statistical discrepancy = 0OR = —1894、For each case below, state whether the euro has appreciated or depreciated and give an exampleof an event that could cause the change in the exchange rate.a.The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican peso.b.The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.c.The spot rate goes from 1.48 euros/British pound to 1.51 euros/British pound.d.The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.A: indirect quotation, euro appreciatedB: direct quotation, euro depreciatedC: indirect quotation, euro depreciatedD: direct quotation, euro appreciated5、What are the two forms of interbank foreign exchange trading? Compare and contrasthe similarities and differences of the two forms.Form 1 Interbank trading is conducted directly between the traders at different banksForm 2 Interbank trading are conducted through foreign exchange brokerSimilarities: Both are making the foreign exchange trades.Differences:①Form1,the traders know to whom they are quoting exchange rates for possible。
大学国际经济法学(双语)期末考试复习资料
国际经济法学（双语）FX212006——在线考试复习资料2021版一、单选题1.国际项目融资中,产品销售协议是由()订立的。
A.主办人与贷款人B.主办人与项目公司C.项目公司与贷款人D.项目公司与产品购买人答案：D2.不属于国际金融法上的资金融通方式是()。
A.国际贷款B.国际间接投资C.国际直接投资D.国际融资租赁答案：C3.关于国际投资法的调整对象,下列说法正确的是()。
A.国际投资法的调整对象包括国际直接投资关系和国际间接投资关系B.国际间接投资主要是跨国购买股票、债券等C.国际直接投资不以取得东道国企业的控制权和经营权为模式D.国际直接投资法要调整政府之间的投资关系答案：B4.国际项目融资中,产品销售协议是由()订立的。
A.主办人与贷款人B.主办人与项目公司C.项目公司与贷款人D.项目公司与产品购买人答案：D5.关于BOT,下列说法错误的是()。
A.BOT是建设-经营-转让B.BOT涉及一系列合同安排C.BOT的合同安排中最基础的是特许协议D.BOT是主要是私人之间的协议答案：D6.国际货币制度历史发展进程是()。
A.布雷顿森林体系—金本位制度——牙买加体制B.牙买加体制—布雷顿森林体系—金本位制度C.金本位制度—布雷顿森林体系—牙买加制度D.金本位制度—牙买加制度—布雷顿森林体系答案：C7.对知识产权保护水平最高的国际公约是()。
A.《建立世界知识产权组织公约》B.《保护工业产权巴黎公约》C.《世界版权公约》D.《与贸易有关的知识产权协议》答案：D8.属于银行信用的支付方式是()。
A.买方直接汇付B.托收C.信用证D.支票答案：C9.《2010年国际贸易术语解释通则》中,卖方承担义务最小的术语是()。
A.CIFB.CIPC.DDPD.EXW答案：D10.关于BOT,下列说法错误的是()。
A.BOT是建设-经营-转让B.BOT涉及一系列合同安排C.BOT的合同安排中最基础的是特许协议D.BOT是主要是私人之间的协议答案：D11.《汉堡规则》规定的诉讼时效为()。
国际金融-期末复习-中英文
国际金融-期末复习-中英文【名词解释】【The Special Drawing Right (SDR) 特别提款权】p 30The Special Drawing Right (SDR) is an international reserve asset created by the IMF to supplement existing foreign exchange reserves. (It serves as a unit of account for the IMF and is also the base against which some countries peg the exchange rate for their currencies.【LIBOR 伦敦同业银行拆解率】p 33Eurocurrency Interest Rates: LIBORLIBOR（London Interbank Offered Rate）is the reference rate of interest in the Eurocurrency market, and is now the most widely accepted rate of interest used in standardized quotations, loan agreements or financial derivatives valuations.LIBOR is officially defined by the British Bankers Association. 【Dollarization美元化】Dollarization – the use of the US dollar as the official currency of the country.只将美元用作官方通货。
【Eurodollar 欧洲美元】Eurodollar is one of the European currency types，which refers to the dollar deposits in banks outside theunited states是指存放在美国以外的银行中的美元存款，欧洲美元是欧洲货币的一种类型。
国际金融复习版
单选6*1=6 对错15*1=15 概念4*4=16简答4*6=24计算3*7=21 论述3选2= 18Chapter 1 foreign exchange and market1.foreign exchange definition外汇定义narrow : foreign exchange(外汇) refers to the way of payment（支付手段）and assets used to the international settlement(国际结算), which is denominated（计价）in foreign currency(外币). 2.Foreign exchange market refers to large commercial banks（商行）in financial centers（金融中心）that trade foreign-currency-denominated（计价）deposits（存款）with each other. Classification:（外汇市场的分类）（1）Retail market(零售市场) & interbank market(批发市场)--retail market (small amounts): trade in individuals, nonfinancial companies, financial institution （机构）and other organizations--interbank market (wholesale market): trade between banks,60% of the total。
（2）The timing of the actual exchange of money：--spot market(即期市场): is the market where trading of foreign exchange is delivered on the spot. --forward market(远期市场): where trading of foreign exchange will be delivered in the future.3.Exchange rate Definition: exchange rate is the price of one kind of money in terms of another.4.Quotation(标价法)Direct quotation（直接标价）: domestic（国内）currency is expressed by unit foreign currency. Indirect quotation（间接标价）: foreign currency is expressed by unit domestic currency. (e.g. USA, U.K.)本币为标价货币，外币伟标准货币。
国际金融复习资料英文版
国际金融复习资料英文版International Finance Revision Material - English VersionInternational finance is a field of study that deals with money management and economic activities that take place between nations. It is a crucial component of global trade, as it enables businesses and individuals to conduct transactions across borders and make decisions that impact the world economy. This revision material aims to provide an overview of the fundamental concepts and principles of international finance.1. Exchange RatesExchange rates refer to the value of one currency expressed in terms of another currency. Exchange rates play a significant role in international finance because they affect the competitiveness of a country's exports and also the cost of imports. There are different types of exchange rates, including the fixed exchange rate system, the floating exchange rate system, and the managed floating exchange rate system.2. Balance of PaymentsThe balance of payments is a record of all financial transactions between a country and the rest of the world. It comprises the current account, the capital account, and the financial account. The current account records transactionsrelated to trade in goods and services, while the capital account records transactions related to capital flows, such as foreign investment. The financial account records transactions related to the purchase and sale of financial assets.3. International Capital MarketsInternational capital markets are financial markets where individuals, institutions, and governments can buy and sell financial assets across national borders. Examples of international capital markets include the foreign exchange market, the bond market, and the stock market. These markets facilitate the flow of capital across borders, allowing investors to diversify their portfolios and businesses to access funding from global sources.4. International Monetary SystemThe international monetary system is the framework within which countries conduct transactions and manage their currencies. There are different international monetary systems in history, including the gold standard, the Bretton Woods system, and the floating exchange rate system. The current international monetary system is a managed floating exchange rate system, where exchange rates are determined by market forces but may be influenced by government intervention.5. International TradeInternational trade refers to the exchange of goods and services across borders. International trade is essential foreconomic growth and development because it allows countries to access resources and markets that they do not have domestically. However, international trade can also create imbalances in trade flows, leading to trade deficits or surpluses.6. International Negotiations and AgreementsInternational negotiations and agreements are crucial for maintaining stability and promoting cooperation in international finance. Examples of international negotiations and agreements include the World Trade Organization (WTO), the International Monetary Fund (IMF), and the European Union (EU). These organizations facilitate international trade, promote stable exchange rates, and provide financial assistance to countries in need.In conclusion, understanding the fundamental concepts and principles of international finance is crucial for anyone interested in global trade and economics. This revision material provides a broad overview of the topics covered in international finance and is a useful resource for students, researchers, and professionals in the field. By familiarizing themselves with these concepts, individuals can make informed decisions about international finance and contribute to the stability and growth of the global economy.。
国际金融双语PPT课件-总复习
保险公司
定义
保险公司是专门经营风险业务的金融机构。
主要业务
提供各类保险产品和服务，如人寿保险、财产保 险等。
例子
中国平安保险（Ping （AIG）。
An）、美国国际集团
基金公司
定义
基金公司是专门经营投资基 金的金融机构，通过集合投 资者的资金进行投资。
主பைடு நூலகம்业务
发行和管理投资基金，包括 股票基金、债券基金、混合 基金等。
06
国际金融市场的发展趋势与挑战
全球化趋势
01
资本流动自由化
随着全球化进程加速，资本流动 更加自由，跨国投资和融资活动 日益频繁。
02
贸易金融一体化
03
金融市场互联互通
国际贸易金融体系不断融合，各 国经济联系更加紧密，贸易和金 融相互促进。
各国金融市场逐渐开放，跨境金 融合作不断深化，金融市场互联 互通成为趋势。
01 债券交易是指买卖债券的行为，是一种债务 融资方式。
02
债券市场是发行和交易债券的场所，为企业 和政府提供了融资渠道。
03
债券交易可以通过证券交易所或场外交易市 场进行。
04
债券交易的风险包括信用风险和利率风险。
期货交易
期货交易是指买卖期货合 约的行为，是一种风险管 理工具。
期货交易可以通过交易所 进行，合约具有标准化特 征。
02
03
外汇交易可以通过即期交易、远 期交易和掉期交易等方式进行。
04
股票交易
股票交易是指买卖公司股票的行为，是投资 者对企业价值的认可。
股票交易可以通过证券交易所或场外交易市 场进行。
股票市场是资本市场的重要组成部分，为企 业提供了融资渠道。
国际金融 双语 -回复
国际金融双语 -回复
1.国际金融是指跨越国家界限的金融交易与流动。
2.国际金融包括国际贸易融资、外汇交易、国际投资等方面。
3.国际金融市场在全球范围内运作，如外汇市场、股票市场等。
4.国际金融的发展受到政治、经济和文化等因素的影响。
5.国际金融的重要机构包括国际货币基金组织、世界银行等。
6.国际金融有助于促进国家之间的经济合作与发展。
7.美元在国际金融中扮演着重要角色，被广泛用于国际贸易与投资。
8.国际金融学研究的内容包括外汇市场、国际支付与结算等。
9.国际金融风险管理是金融机构需要关注的重要问题。
10.国际金融市场的波动对全球经济有着深远影响。
11.国际金融合作是解决全球经济问题的重要途径。
12.金融全球化使国际金融联系更加紧密。
13.全球金融危机对国际金融带来了巨大冲击。
14.国际金融合作需要各国政府、金融机构和国际组织的共同努力。
15.国际金融工具包括证券、债券、衍生品等。
16.国际金融法律体系是保障国际金融秩序的重要基础。
17.国际金融中的利率和汇率波动对各国经济产生影响。
18.国际金融市场的开放有助于促进资源配置和经济增长。
19.中国在国际金融中的地位日益提升。
20.国际金融合作的目标是实现经济的可持续增长。
21.国际金融市场的稳定是全球经济发展的重要保障。
国际金融知识点总结 英文
国际金融知识点总结英文International finance is a branch of economics that deals with the management of an individual's or a company's assets in an international financial setting. It involves the study of how various international entities, such as governments, corporations, and individuals, interact and conduct business in the world of finance. Understanding the key concepts and knowledge points of international finance is crucial for making sound financial decisions in the global economy. In this article, we will discuss some of the essential knowledge points in international finance.Foreign Exchange MarketThe foreign exchange market, also known as the forex market, is the global marketplace for trading currencies. It is the largest and most liquid financial market in the world, with an average daily trading volume of over $6 trillion. The forex market facilitates the exchange of one currency for another and plays a vital role in the international trade and investment. Understanding the foreign exchange market is essential for businesses and investors to manage currency risk and make informed decisions on foreign exchange transactions.Exchange RatesExchange rates are the prices at which one currency can be exchanged for another. They are determined by the forces of supply and demand in the foreign exchange market and are influenced by various factors, such as interest rates, inflation, and geopolitical events. Exchange rates can have a significant impact on international trade, investment, and economic growth. It is crucial for businesses and investors to monitor and analyze exchange rate movements to mitigate currency risk and maximize their profits in the global marketplace.Foreign Direct Investment (FDI)Foreign direct investment is a form of cross-border investment in which a company invests in a foreign country by establishing a subsidiary, acquiring a stake in a foreign company, or starting a joint venture with a local partner. FDI plays a vital role in the global economy by promoting economic growth, creating jobs, and transferring technology and know-how. Understanding the benefits and risks of FDI is crucial for both multinational corporations and host countries to make informed investment decisions and maximize the mutual benefits of foreign investment.International Trade FinanceInternational trade finance refers to the financial instruments and services that facilitate international trade, such as letters of credit, trade finance loans, and export credit insurance. It plays a crucial role in supporting cross-border trade by providing the necessary financing and risk mitigation tools for exporters and importers. Understanding the various trade finance instruments and services is essential for businesses to manage the financial aspectsof their international trade transactions and mitigate the risks associated with cross-border trade.International Monetary SystemThe international monetary system is the framework of rules, institutions, and agreements that govern the exchange rate regimes, currency convertibility, and international monetary transactions. It has evolved over time from the gold standard to the Bretton Woods system and the current floating exchange rate system. Understanding the international monetary system is essential for policymakers, central banks, and businesses to navigate the complexities of the global financial system and manage the implications of international monetary developments on their operations and investments.Global Capital MarketsGlobal capital markets are the financial markets in which long-term debt and equity securities are issued and traded by companies, governments, and other financial institutions. They provide a crucial source of financing for businesses and governments, allowing them to raise capital for investment and growth. Understanding the global capital markets is essential for companies and investors to access the necessary funding, manage their investment portfolios, and make informed decisions on capital raising and investment opportunities in the global financial markets.International Financial InstitutionsInternational financial institutions, such as the International Monetary Fund (IMF), the World Bank, and regional development banks, play a vital role in promoting global financial stability, economic development, and poverty reduction. They provide financial assistance, policy advice, and technical assistance to their member countries to address balance of payments problems, support infrastructure development, and promote sustainable economic growth. Understanding the functions and activities of international financial institutions is crucial for governments, businesses, and civil society organizations to engage with them effectively and leverage their resources for development projects and initiatives. International Financial RegulationInternational financial regulation refers to the rules, standards, and guidelines that govern the activities of financial institutions and markets in the global economy. It aims to promote financial stability, protect investors, and prevent financial crises by setting prudential standards, conducting supervision and monitoring, and coordinating cross-border regulatory cooperation. Understanding international financial regulation is essential for policymakers, financial institutions, and investors to comply with the regulatory requirements, manage regulatory risks, and contribute to the stability and integrity of the global financial system.ConclusionIn conclusion, international finance encompasses a wide range of knowledge points that are essential for understanding the complexities of the global financial system and making informed financial decisions in the international marketplace. Foreign exchange market, exchange rates, foreign direct investment, international trade finance, international monetary system, global capital markets, international financial institutions, and international financial regulation are some of the key concepts and knowledge points in international finance. By understanding these concepts and knowledge points, businesses, investors, and policymakers can navigate the challenges and opportunities of the global economy and contribute to the growth and development of the international financial system.。
国际金融中英文版复习资料
国际金融中英文版国际金融中英文版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 that country for a period of time.b.All flows of value between that country‟s residents and residents of the rest of theworld during a period of 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 that country‟s borders during a period of time.d.All flows of goods into that country during a period of 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 a foreigner.3.Every international exchange of value is entered into the balance-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 following items 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.c. Military 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 and omissions.7.Which of the following capital transactions are entered as debits 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 at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.b. A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account 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 French resident.d. A U.S. resident sells his Credit Suisse stock to a French resident.8.An increase in a nation's financial liabilities to foreign residents 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 by governments 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 foreign bank.11.In a country‟s balance of payments, which of the following transactions aredebit?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 are decreased.外国人拥有的国内银行资产的下降b. Foreign bank balances owned by domestic residents are decreased.c. Assets owned by domestic residents are sold to nonresidents.d. Securities are sold by domestic residents to nonresidents.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, and unilateral 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 similar claims (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 payments includes: 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 use of 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.ＡU.S. resident increasing her holdings of a foreign financial 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 decreasing imports.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. This increased the deficitin: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. current account surplus? 以下哪项有助于美国现金帐的盈余？Ba.The United States makes a unilateral tariff reduction on imported goods.b.The United States cuts back on American military personnel 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 the United States.21.Which of the following transactions is recorded in the financial 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 the United States.c. A U.S. tourist spends money on a trip to China.d. The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.22.If a British business buys U.S. government securities, how will this be entered in the balanceof payments? 如果一英国商人购买了美国政府的债,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 increase in 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 decrease in U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancy or 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 of all credits.b. Ensure that imports equal the value of exports.c. Obtain an accurate account of a balance-of-payments deficit.d. Obtain an accurate account of a balance-of-payments surplus.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 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c. Government T-bills and T-bonds.d. Government holdings of SDR’s25. Which of the following constitutes the largest component of 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 foreign liabilities is: 海外净资产的积累减去外债等于Ca. Net official reserves.b. Net domestic investment.c. Net foreign investment.国外投资净值d. Net 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 service trade, international income payments and receipts and international transfers.28.The ___C_______ measures the sum of the current account balance 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 an accumulation of official reserve assetsby the country or a decrease in foreign official reserve holdings of the country'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=，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 NOT equal to? 以下哪项不等同于经常项目Da. The difference between domestic product and domestic expenditure.b. The difference between national saving and domestic investment.c. Net foreign investment.d. The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows are credits.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, and gifts 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 is the 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 are now foreign exchange assets, financialassets denominated in a foreign currency that is readily acceptable in international 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 the country'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 saving more 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 the capital 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 its stock 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 in deficit 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 assets is 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 increasing her holdings of a U.S. financial asset will be recorded as a 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 used in 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 difference between 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 were buying 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你是提供以下信息,一个国家的国际交易,在一个特定年份:Service exports $346Service imports $354Merchandise exports $480Merchandise imports $348Income flows, net $153Unilateral transfers, net $142Increase in the country holding of foreign assets, net (excluding official reserves assets) $352 Increase in foreign holdings of the country assets, net (excluding official reserve assets) $252 Statistical discrepancy, net $154CA 余额: $346-354+480-348+153+142=$419；官方结算余额: $346-354+480-348+153+142+252-352+154=$473；Change in official reserve assets (net) =官方结算余额=$473Chapter 3:The Foreign Exchange MarketSingle-Choice Questions1.Foreign exchange is: D外汇交易是a. The act of trading different nations‟ monies.不用国家货币的交易b. The holdings of foreign currency.对不同货币的持有c. The act of importing foreign goods and services.d. Both (a) and (b) are correct.2.If the price of British pounds in terms of U.S. dollars is $1.80 per pound, then the price of U.S. dollars in terms of British pounds is:B如果英磅对美元的汇率是1比1.8,那么美元对英磅的汇率是1比0.555a. 1.80£per dollar.b. 0.555£per dollar.c. 0.90£per dollar.d. 3.60£per dollar.3. Suppose the exchange rate between the Japanese yen and the U.S. dollar is 100 yen per dollar. AJapanese stereo with a price of 60,000 yen will cost:B假设日元对美元的汇率是100比1,那么一台日元为60000的音响要花多少美元a.$1,667b.$600c.$6,000d.$1004. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is:Awon per dollarb.0.75 won per dollarc.$1.50 per wond.$3 per won5.Th e ___D_______ exchange rate is the price for “immediate” currency exchange.即时汇率是指外汇的即时价格a. Currentb. Forwardc. Futured. Spot6.The ___B_______ exchange rate is the price set now for an exchange that will take place sometime in the future.远期汇率是指由协议双方预订的将来会发生的汇率a. Currentb. Forwardc. Future spotd. Spot7.The foreign exchange market is:C外汇市场是指a. A single gathering place where traders shout buy and sell orders at each other.b. Located in New York.c. A grouping, by electronic means, of banks and traders who work at banks thatconduct foreign exchange trades.银行和交易者以电子方式集聚于一起进行外汇的买卖d. Located in London.8.___D_______ foreign exchange trading involves currency exchanges done between individuals and banks. 小额外汇交易（散户外汇交易）包含私人与银行间的外汇交易a. Interbankb. Consumerc. Intra-bankd. Retail9.The U.S. dollar is called a ____A______ because it is often used as an intermediary to accomplish trading between two other currencies.美元被称为周转货币,因为经常被用来完成其它两种货币的交易a. Vehicle currency周转货币（交易通货）b Main currencyc. Common currencyd. Primary currency10. Suppose that the exchange value of the British pound is $2 per pound while the exchangevalue of the Swiss franc is 50 cents per franc. From this we can conclude that the exchange rate between the pound and the franc is: Da. 1 franc per poundb. 2 francs per poundc. 3 francs per poundd. 4 francs per pound11.Which of the following is NOT a function of the interbank operations of the foreign exchange market? D下列哪一个不是外汇交易市场中银行间操作方式的一种？a. Provides a bank with a continuous stream of information on conditions in the foreign exchange market.b. Provides a bank the means to readjust its own position quickly and at low cost.c. Permits a bank to take on a position in a foreign currency quickly.d. Provides a bank with technological resources for use in foreign exchange trading.提供技术资源给一间银行,用来进行外汇交易12. Under the managed float system of exchange rates, a fall in the market price of a currencyis called:B在管理浮动汇率制度下,一种货币价格的下降被称为a. Devaluation.b. Depreciation.贬值c. Appreciation.d. Both (a) and (b).13.Interbank trading is conducted directly between ___A_______ or through the use of _________ that provide anonymity until the trade is complete and reduce search costs.银行间的交易是在交易者之间进行的或者通过经纪人提供操作直到交易结束.a. Traders; brokersb. Brokers; tradersc. Individual consumers; the governmentd. Individual consumers; brokers14. A country’s demand for foreign currency is derived from:一个国家对外汇的需求来自于（表示外国货币需求增加，本国货币流出）a. International transactions entering the debit column of its balance of payments accounts.国际交易进入到其收款帐户的借方栏里b. International transactions entering the surplus column of its balance of payments accounts.c. The country’s demand for currency to finance exports and capital inflows.d. The country’s demand for currency to finance its government’s compensating transactions.15. U.S. exports of goods and services will create a ___B_______ foreign currency and a ______ U.S. dollars. 美国商品与服务的出口会创造出外汇的供给以及美元的需求a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of16. U.S. imports of goods and services will create a ___A_______ foreign currency and a _____ U.S. dollars. 美国商品与服务的进口会创造出外汇的需求以及美元的供给a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of17. U.S. capital inflows will create a ____B______ foreign currency and a __________ U.S. dollars.美国资本流入会创造出外汇的供给和美元的需求a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of18. In a ____C______ exchange rate system there is no intervention by the government or central bankers. 浮动汇率制度里,政府与中央银行不得进行干涉a. Fixedb. Peggedc. Floatingd. Managed float19.As the value of the yen falls relative to the U.S. dollar:C如果日元对美元的汇率下降了,那么对日元的需求会上升a. Japanese goods become more expensive to U.S. consumers.b. The supply of dollars will fall.c. The demand for yen will rise.d. U.S. goods become less expensive to Japanese consumers.20.The demand curve for foreign currency slopes downward because as the exchange rate___A_______ the quantity demanded __________.外汇的需求曲线会下降是因为随着汇率的上升,需求量就下降a. Increases; decreasesb. Increases; increasesc. Decreases; decreasesd. Decreases; stays fixed21.Shifts in demand away from French products and toward U.S. products (caused by forces other than changes in the exchange rate) would result in extra attempts to ___C_______euros and __________ dollars. 如果法国商品的需求下降并转稳到美国商品身上（由外力而是汇率引起），会引起欧元的额外卖与美元的购入a. Buy; buyb. Sell; sellc. Sell; buyd. Buy; sell22.Other things equal, if American exports to Japan increase and American imports from Japan decrease, then under a floating exchange rate system, we would expect the dollar to:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强。
国际金融复习资料大全英文版)
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Chapter 2: Careers in mercial Banking1.mercial banks are in the business of providing banking services to individuals, small businesses and large organizations.2.To be good in banking you need a broad understanding of business because your job will most likely involveinteracting with businesses.3.Banking is going through a period of tremendous consolidation with frequent mergers and layoffs.Chapter 5: Central Bank4.A central bank is responsible for the moary policy of a country or a group of member states.5.A central bank’s primary responsibility is to maintain the stability of the national currency and moarysupply, but more active duties include controlling loan interest rates.6.To enable open market operations,a central bank must hold foreign exchange reserves (usually in the form of government bonds) and official gold reserves.7.The central bank acts as an adviser to the government, particularly in the area of international finance.Chapter 6: The Foreign Exchange Market8.The foreign exchange market is a place to trade foreign exchange currency, or it is a place for the transaction of all foreign currency.9.A foreign exchange rate is the relative value between two currencies. In particular , it is the quantity of one currency required to buy or sell one unit of the other currency.10.An investor has to understand how to interpret currency quotes and other basic terminology of the Forex market before trading currencies with real money.Chapter 7: Business Financing11.Debt financing means borrowing money that is to be repaid over a period of time, usually with interest.12.Equity financing describes an exchange of money for a share of business ownership.13. A corporation is a separate legal entity that can be created only by pliance with state statutes.If you have too much debt, your business may be considered overextended and risky and 真的不掉线吗？？、？？？？？？？？？？？？14.unsafe investment.Chapter 8: Financial Statements15.Financial statements paint a picture of the transactions that flow through a business.16. A balance sheet, also known asa “statement of financial position” , reveals a pany’s assets, liabilities and owners’ equity ( worth).17.The ine statement (IS), also referred to as a profit and loss statement (P&L), shows a pany’s revenues and expenses for a given period of time.Chapter 9: Investments18.An investment can be defined as the mitment of funds to one or more assets that will be held over some future time period.19.Marketable securities are financial assets that are easily and cheaply tradable in organized markets.20.Underlying all investment decisions is the tradeoff between return and risk.Chapter 12: Stocks Basics21.Stock is a share in the ownership of a pany, so it represents a claim on the pany’s assets and earnings.22.An extremely important feature of stock is its limited liability, which means that, as an owner of a stock, you are not personally liable if the pany is not able to pay its debts.23.Taking on greater risk demandsa greater return on your investment.24.There are two main types of stocks: mon stock and preferred stock.25.Stock prices change every day as a result of market forces. Share prices change because of supply and demand.Term Translation 术语翻译要求：熟记下列术语，做到英汉互译。
国际金融与结算期末试题(双语)
湖南涉外经济学院2015—2016学年度第一学期《国际金融与结算》课程考核试题册学院：外国语学院专业年级：2012级商英本科考核方式：闭卷考试时量：100分钟试卷类型： BI. Multiple choices: Choose the best answer to each question, and write your answers on your answer sheet.（本大题共20小题，每小题1分，共20分）1. The term foreign exchange is best defined by the following statement; it is .A. the rate of exchange between two currenciesB. an instrument such as paper currency, note, and check used to make payments between countriesC. the place in which foreign currencies are exchangedD. synonymous with currency exchange2. The economics news on the television reports that the dollar has strengthened relative to the Japaneseyen. This means that .A. the dollar has depreciated relative to the yen.B. the US trade balance with the Japanese economy has improvedC. the yen can now purchase more dollarsD. the dollar can now purchase more yen3. A strong dollar encourages .A. travel to the United States by foreignersB. purchase of American goods by foreignersC. Americans to travel abroadD. Americans to save dollars4. If Canadian speculators believed the Swiss franc was going to appreciate against the U.S. dollar, they would .A. puchase Canadian dollarsB. purchase U.S. dollarsC. purchase Swiss francsD. sell Swiss francs5. In a standard spot exchange transaction, a Thursday deal is settled on if the day is a business day of banks.A. FridayB. SaturdayC. the following MondayD. the following Tuesday6. When a currency pair goes from a low price to a higher price, the quote currency is said to .A. have strengthenedB. have weakenedC. remain the same valueD. none of the above 7. The payment of a dividend by an American company to a foreign stockholder represents .A. a debit in the US capital accountB. a credit in the US capital accountC. a credit in the US current accountD. a debit in the US current account8. Exchange controls require the government .A. to ensure that the foreign-exchange market is perfectly competitiveB. to stop buying foreign exchangeC. to sell more foreign exchange than it buysD. to balance inflows and outflows of foreign exchange at the current exchange rate9. When one currency is traded against any currency other than the USD, the market rate for this currencypair is called a .A. forward rateB. discount rateC. real rateD. cross rate10. The difference between the bid and ask rates quoted by a bank is called the .A. coverB. premiumC. discountD. spread11. A U.S importer scheduled to make a payment of￡100 000 in three months can hedge his foreignexchange risk by .A. purchasing $ 100 000 in the forward market for delivery in three monthsB. selling￡100 000 in the spot market for delivery in three monthsC. purchasing ￡100 000 in the spot market for delivery in three monthsD. selling ￡100 000 in the forward market for delivery in three months12. A key advantage of futures contracts for contract participants is that they .A. are tax-exemptB. eliminate the risk of price fluctuationsC. serve as a primary source of funds for start-up companiesD. are adjusted for inflation13. If the exchange rate between French francs and British pounds is 5 francs per pound, then the numberof pounds that can be obtained for 200 francs equals:A.20 poundsB. 40 poundsC. 60 poundsD. 80 pounds14. Intervention in the foreign exchange market means the government .A. restricts individuals from buying and selling foreign exchangeB. restricts the importation of certain goodsC. or central bank buys or sells foreign exchangeD. devalues the currency in the foreign-exchange market15. Low real interest rates in the United States tend to .A. Decrease the demand for dollars, causing the dollar to depreciateB. Decrease the demand for dollars, causing the dollar to appreciateC. Increase the demand for dollars, causing the dollar to depreciateD. Increase the demand for dollars, causing the dollar to appreciate16. Which of the following is considered as capital inflow?A.A sale of US financial assets to a foreign buyer.B.A loan from a US bank to a foreign borrower.C.A purchase of foreign financial assets by a US buyer.D.A US citizen’s repayment of a loan from a foreign bank.17. A multinational firm can choose all of the following modes of entry for foreign direct investmentexcept .A.exporting products to a local firmB. a joint venture with a local partnerC.a 100%-owned Green-field subsidiaryD. a merger or acquisition of an existing local firm18. While trading in foreign exchange takes place worldwide, the major currency trading centers are located in .A. London, New York, and TokyoB. New York, Zurich, and BahrainC. Paris, Frankfurt, and LondonD. Los Angeles, New York and London19. A US resident increasing her holdings of a foreign financial asset causes a .A.credit in the US current accountB. debit in the US current accountC.credit in the US capital accountD. debit in the US capital account20. is the rate a bank sells foreign currency from foreign banks or its clients.A. spot rateB. forward rateC. offer rateD. bid rateII. Decide whether each of the following statements is true or false, and write T or F on your answer sheet. （本大题共15小题，每小题1分，共15分）1.Exchange rates are determined by the unregulated forces of supply and demand for foreign currenciesas long as central banks do not intervene in the foreign exchange markets.2. A country has a current account deficit if it is saving more than it is investing domestically.3.Capital and financial inflows are analogous to exports of goods and services becauses they result in thereceipt of funds from other nations.4.Arbitrage results in a riskless profit since a trader purchases a currency at a low price andsimulaneously resells it at a higher price.5.If the forward rate is higher than spot rate, it is at discount.6.Forward exchange contracts are used for hedging but not for speculating.7.Speculators who expect a currency to appreciate could purchase currency futures contracts for thatcurrency.8.Today, no country fixed its currency to gold.9. A depreciation of the dollar refers to a fall in the dollar price of foreign currency.10.An exchange rate represents the price of a currency, which is determined by the demand for thatcurrency relative to the supply for that currency.11.The 3-month forward exchange rate between two currencies is the spot rate given by the bank 3months later. 12.If the domestic inflation rate is lower than that in the foreign country, the domestic currency should bestronger than that of a foreign country.13.After World War Ⅰ, other countries based the value of their currencies on the US dollar.14.Every international exchange of value is entered into the balance-of-payments accounts 2 times.15.The US dollar is the most widely used currency as a central bank reserve asset.III. Find the correct term for each definition.（本大题共10小题，每小题3分，共30分）single currency, to a basket of other currencies, or to another measure of value, such as gold.2.It is the account includes all debit and credit items that are exports and imports of goods and services,income receipts and income payments, and gifts.3.It refers to the organizational setting within which individuals, businesses, governments and banks buyand sell foreign currencies and other instruments.4.It is an international reserve asset, created by the IMF in 1969 to supplement its member countries’official reserves.5.This is a systematic account of all the exchanges of value between residents of that country and the restof the world during a given time period.6.This is a type of market in which private demanders and sellers of foreign exchange can buy or sellone currency to evade the exchange controls.7.It is a system in which a country tries to keep its exchange rate fixed for long periods of time and onlychanges the pegged rate when there is a substantial disequilibrium at that rate.8.It is an agreement to buy or sell a foreign currency for future delivery at a price set now.9.It is the quotation between two currencies for immediate delivery.10.This is a type of exchange rate regime wherein the value of one currency fluctuate from day to day, butcentral banks attempt to influence it by buying and selling currencies.IV. Calculate the following problems according to the information.（本大题共4小题，每小题5分，共20分）1.Suppose CNY1= JPY 19.2413, a Japanese retailer placed an order with a manufacturing firm based inChina to buy 10,000 pairs of shoes for CNY 330,000. How many yen does the Japanese retailer need to pay?2.In the New York foreign market, the spot rate of USD/FRF is7.2220～7.2240, the points of 6-monthFRF are 200/140. What is the forward rate of USD/FRF?3.In the Hong Kong foreign market, the spot rate of USD/HKD is 7.7800～7.8000, the points of1-month USD are 30/50. What is the forward rate of USD/HKD?4.If USD1 =CHF 0.9786, and USD1 = CNY 6.3549so what is the rate between CHF and CNY?V. Explain how each of the following transactions will be classified and recorded in the US balance of payments.（本大题共5小题，每小题3分，共15分）1. Japanese investors collect interest income on their holdings of US governement securietis.2. A German resident sends money to her relatives in the United States.3. A Swiss resident receives devidends on her IBM stock.4. A Japanese automobile firm builds an assembly plant in Los Angeles.5. A US professor receives his honorarium for giving a talk at a Canadian university.。
国际金融英文版考点
1.Hedging: a position exposed to rate risk, is the act of reducing or eliminating a net asset net liability position in the foreign currency.套期保值：一种风险暴露的位置，是减少或消除外币净资产或净负债状况的行为。
2.Speculating: is the act of takinga net asset position (long) or a net liability position (short)in some asset class, here a foreign currency.推测：在某些资产类别中，以净资产位置（长）或净负债位置（短）的行为，这是一种外币。
3.Hedging using forward foreign exchange4.Speculating using forward foreign exchange5.Relative PurchasingPower Parity: posits that the difference between c hanges over time inproduct-pri c e levels in t wo countries will be offset by the change in t he exchange rate over thistime.相对购买力平价：假定之间的变化在两个国家在产品价格水平的差异会抵消汇率的变化超过这个时间。
6.Relative PPPP provides some strong predictions about exchange-rate trends, especially inthe long term:相对购买力平价提供了一些强有力的预测有关汇率的趋势，尤其是在长期：7.Countries with relatively low inflation rates have currencies whose values tend to appreciatein the foreign exchange market.相对较低的通胀率国家的货币，其价值趋向于在外汇市场上升值。
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The balance of payments (BOP) is a summary cash flow statement of a country’s international transactions with all other countries for some period of time, typically one yearforward rate: is an exchange rate quoted for settlement at some future date., most commonly for 1month ,3 month,6months,9 months and 1 yearCapital account:The Capital/Financial Account of the balance of payments measures all international economic transactions of real and financial assetsInternational monetary system is the structure within which foreign exchange rates are determined, international trade and capital flows are accommodated, and the balance-of-payments adjustments made.Discount: The forward exchange rate is below the spot exchange rateEurocurrency markets :are defined as banking markets which involve short-term borrowing and lending conducted outside of the legal jurisdiction of the authorities of the currency that is used Fixed exchange rate:is a type of exchange rate regime where a currency’s value is matched to the value of another single currency ,to a basket of other currencies ,or to another measure of value ,such as gold.The Bretton woods system:was born in 1944, established a fixed-rate, a US-dollar-based international monetary system, created IMF and the World Bank. it collapsed in 1971 when the United States abolished the convertibility of the US dollar into gold.have a positive impact on trade balance, the sum of price elasticity of exports and imports (in absolute value) must be greater than 1.of timerates between currencies are in equilibrium when their purchasing power is the same in each of the two countries. This means that the exchange rate between two countries should equal the ratio of the two countries' price level ofa fixed basket of goods and services.(1)ppp: assumptions:The same commodities appear in the same proportions in each country’s consumption basket.the Law of One Price is imposed between baskets of consumer goods in two countries e= P/P*(2)RPPP:holds that the relative change in prices between two countries over a period of time determines the change in the exchange rate over that period流量理论：认为利率是影响国际资金流动的最主要因素，本国一次提高利率可以带来持续的资金流入。
1.流量理论中的BP曲线K=K( I , I *) ＢＰ＝ＣＡ＋Ｋ＝ＣＡ(ｑ，Ｙ)＋Ｋ(ｉ)＝0受资金流动性不同的影响，BP曲线的形状有三种：1、资金完全流动时，ＢＰ曲线表现为水平线。
2、资金不完全流动时，ＢＰ曲线表现为斜率为正的曲线。
3、资金完全不流动时，ＢＰ曲线表现为垂直线。
固定汇率制下利率机制对开放经济的自动调节：国际收支逆差-外汇储备下降-货币供给下降-本国利率上升-资金流入-国际收支改善在浮动汇率制下，利率机制对开放经济的自动调节过程国际收支逆差-本国货币贬值-出口需求上升-本国利率上升-资金流入-国际收支改善利率平价说（Interest-Rate Parity）：IRP provides the linkage between the foreign exchange markets and the money markets in different countries(1)Covered Interest-rate parity:When the forward and spot market rates are not in equilibrium according IRP, an opportunity for risk-free arbitrage exists ρ= I – I *(2)uncovered Interest-rate parity:When investors believe expected future spot rates and current spot rates are not in equilibrium according to the International Fisher Effect, an opportunity for risky arbitrage exists E ρ= I –I*开放与封闭经济条件下国民收入的区别：Closing economy:1.Expenditure：Ｙ≡Ｃ＋Ｉ＋Ｇ=A 2 .Income：Ｙ≡Ｃ＋Ｓp+Ｔbecause expenditure equals to income, so: 3. Ｃ＋Ｉ＋Ｇ≡Y ≡ Ｃ＋Ｓp+ＴOpening economy:Ｙ＝Ｃ＋Ｉ＋Ｇ＋Ｘ－Ｍ货币自由兑换：是指在外汇市场上，能自由地用本国货币购买某种外国货币，或用某种外国货币购买本国货币自由兑换条件：1、健康的宏观经济状况2、健全的微观经济主体3、合理的经济开放状态4、恰当的汇率制度和汇率水平自由兑换不良后果：1、资本逃避问题2、货币替代问题Freely Convertible Currency: Macro economy；Entrepreneur; Sensible economic composition ( BOP is included)Foreign exchange regime,Capital flight 、Currency substitution直接管制：直接管制是指政府直接对国际经济交易进行行政干预，以使国际收支达到平衡的政策措施采用原因：1、短期冲击因素2、宏观政策因素3、微观经济因素4、国际交往因素直接管制的形式：1、对价格的管制2、对金融市场的管制3、对进出口贸易的管制4、对外汇交易的管制Direct control policy: Price 、Financial market、International transaction 、Foreign exchange国际收支账户：是指根据一定原则用会计方法编制出来的反映国际收支状况的报表。
分类：经常账户（货物、服务、收入、经常转移）、资本与金融账户、错误和遗漏账户A statement , which systematically records the receipt and expenditure in all sorts of the international economical operations of a country in course of time（1）Current account：Goods trade、Services trade、Income、Current transfers（2）Capital and financial account：Capital account:Acquisition/disposal of nonproduced/nonfinancial assets、Transfer of fixed and financial assets financial account: Direct Investment 、Portfolio Investment、Other Investment（3）Errors and omissions account债务危机：债务危机原因：1、国际金融市场上利率的变化2、外在冲击进一步恶化发展中国家的国际收支状况3、发展中国家未能合理利用所借资金来促进进出口的快速增长4、商业银行没有采取能有效控制风险的措施债务危机解决方案：1、最初解决方案：核心是将债务危机视为发展中国家暂时出现的流动性困难，采取措施使它们克服这一资金紧缺2、贝克计划：通过安排对债务的新增贷款，将原有债务的期限延长等措施来促进债务国经济增长3、布雷迪计划：承认现有债务额大大超过债务国的偿还能力，因此要在资源的、市场导向的基础上，对原有债务采取各种形式的减免。