国际金融Topic 3

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2023年国际金融形成性考核册作业简答题打印版

国际金融形成性考核册作业4一、名词解释1.回购协议：是在买卖证券时发售者向购置者承诺在一定期限后，按预定旳价格如数购回证券旳协议。

2.远期利率协议：是交易双方同意在未来某一确定期间，对一笔规定了期限旳象征性存款按协定利率支付利息旳交易协议。

3.打包放款：即出口商持进口商银行开立旳信用性，从银行获得用于货品装运出口旳周转性贷款。

4.出口信贷：指发达国家为了支持和扩大本国资本货品旳出口，通过提供信贷担保予以利息补助旳措施，鼓励本国银行对本国出口商或进口方银行提供利率较低旳中长期贸易融资。

5.卖方信贷：指出口方银行为资助资本货品旳出口，对出口商提供旳中长期融资。

6.买方信贷：指出口方银行为资助资本货品旳出口，向进口商或进口方银行提供旳中长期融资。

7.福费廷：又称包买远期票据，指包买商从出口商那里无追索权地购置通过出口商承兑和进口方银行担保旳远期票据，向出口商提供中期贸易融资。

8.出口押汇：指出口商在货品运出后，持银行规定旳单证向银行申请以此单证为抵押旳贷款，是短期贸易融资中使用最多旳融资方式。

9.国际债券：是一国政府、金融机构、工商企业或国家组织为筹措和融通资金，在国外金融市场上发行旳，以外国货币为面值旳债券。

10.外国债券：是市场所在地旳非居民在一国债券市场上以该国货币为面值发行旳国际债券。

11欧洲债券：与老式旳外国债券不一样，是市场所在地非居民在面值货币国家以外旳若干个市场同步发行旳国际债券。

六、问答题1.怎样计算实际贷款期限和有效利率？P247 P250答：实际贷款期限指使有平均年限计算措施求出旳借款人支配所有贷款金额旳时间。

由于贷款也许是逐渐提取和逐渐偿还旳，实际贷款期会不大于名义贷款期。

在计算实际贷期时，可以把它划分为三个阶段：用款期，即从签约到提完贷款旳时期；还款期，即从开始还款到还清贷款旳时期；用款期和还款期之间旳时期，只是在这一阶段借款人实际支配着所有贷款。

求实际贷款期限，首先要计算用款期和还款期旳平均年限，然后根据用款期和还款期旳平均年限计算实际贷款期限。

克鲁格曼第八版-国际金融下答案Chap16

Chapter 16Output and the Exchange Ratein the Short RunChapter OrganizationDeterminants of Aggregate Demand in an Open EconomyDeterminants of Consumption DemandDeterminants of the Current AccountHow Real Exchange Rate Changes Affect the Current AccountHow Disposable Income Changes Affect the Current AccountThe Equation of Aggregate DemandThe Real Exchange Rate and Aggregate DemandReal Income and Aggregate DemandHow Output is Determined in the Short RunOutput Market Equilibrium in the Short Run: The DD ScheduleOutput, the Exchange Rate, and Output Market EquilibriumDeriving the DD ScheduleFactors that Shift the DD ScheduleAsset Market Equilibrium in the Short Run: The AA ScheduleOutput, the Exchange Rate, and Asset Market EquilibriumDeriving the AA ScheduleFactors that Shift the AA ScheduleShort-Run Equilibrium for the Economy: Putting the DD and AA Schedules Together Temporary Changes in Monetary and Fiscal PolicyChapter 16 Output and the Exchange Rate in the Short Run 77Monetary PolicyFiscal PolicyPolicies to Maintain Full EmploymentInflation Bias and Other Problems of Policy FormulationPermanent Shifts in Monetary and Fiscal PolicyA Permanent Increase in the Money SupplyAdjustment to a Permanent Increase in the Money SupplyA Permanent Fiscal Expansion78 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionMacroeconomic Policies and the Current AccountGradual Trade Adjustment and Current Account DynamicsThe J-CurveExchange-Rate Pass-Through and InflationBox: Exchange Rates and the Current AccountSummaryAppendix I: Intertemporal Trade and Consumption DemandAppendix II: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities Online Appendix: The IS-LM and the DD-AA ModelChapter OverviewThis chapter integrates the previous analysis of exchange rate determination with a model of short-run output determination in an open economy. The model presented is similar in spirit to the classic Mundell-Fleming model, but the discussion goes beyond the standard presentation in its contrast of the effects of temporary versus permanent policies. The distinction between temporary and permanent policies allows for an analysis of dynamic paths of adjustment rather than just comparative statics. This dynamic analysis brings in the possibility of a J-curve response of the current account to currency depreciation. The chapter concludes with a discussion of exchange-rate pass-through, that is, the response of import prices to exchange rate movements.The chapter begins with the development of an open-economy fixed-price model (an online Appendix discusses the relationship between the IS-LM model and the analysis in this chapter). An aggregate demand function is derived using a Keynesian-cross diagram in which the real exchange rate serves as a shift parameter. A nominal currency depreciation increases output by stimulating exports and reducing imports, given foreign and domestic prices, fiscal policy, and investment levels. This yields a positively sloped output-market equilibrium (DD) schedule in exchange rate-output space. A negatively sloped asset-market equilibrium (AA) schedule completes the model. The derivation of this schedule follows from the analysis of previous chapters. For students who have already taken intermediate macroeconomics, you may want to point out that the intuition behind the slope of the AA curve is identical to that of the LM curve, with theChapter 16 Output and the Exchange Rate in the Short Run 79additional relationship of interest parity providing the link between the closed-economy LM curve and the open-economy AA curve. As with the LM curve, higher income increases money demand and raises the home-currency interest rate (given real balances). In an open economy, higher interest rates require currency appreciation to satisfy interest parity (for a given future expected exchange rate).The effects of temporary policies as well as the short-run and long-run effects of permanent policies can be studied in the context of the DD-AA model if we identify the expected future exchange rate with the long-run exchange rate examined in Chapters 14 and 15. In line with this interpretation, temporary policies are defined to be those which leave the expected exchange rate unchanged, while permanent policies are those which move the expected exchange rate to its new long-run level. As in the analysis in earlier chapters, in the long-run, prices change to clear markets (if necessary). While the assumptions concerning the expectational effects of temporary and permanent policies are unrealistic as an exact description of an economy, they are pedagogically useful because they allow students to grasp how differing market expectations about the duration of policies can alter their qualitative effects. Students may find the distinction between temporary and permanent, on the one hand, and between short run and long run, on the other, a bit confusing at first. It is probably worthwhile to spend a few minutes discussing this topic.80 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionBoth temporary and permanent increases in money supply expand output in the short run through exchange rate depreciation. The long-run analysis of a permanent monetary change once again shows how the well-known Dornbusch overshooting result can occur. Temporary expansionary fiscal policy raises output in the short run and causes the exchange rate to appreciate. Permanent fiscal expansion, however, has no effect on output even in the short run. The reason for this is that, given the assumptions of the model, the currency appreciation in response to permanent fiscal expansion completely “crowds out” exports. This is a consequence of the effect of a permanent fiscal expansion on the expected long-run exchange rate which shifts inward the asset-market equilibrium curve. This model can be used to explain the consequences of U.S. fiscal and monetary policy between 1979 and 1984. The model explains the recession of 1982 and the appreciation of the dollar as a result of tight monetary and loose fiscal policy.The chapter concludes with some discussion of real-world modifications of the basic model. Recent experience casts doubt on a tight, unvarying relationship between movements in the nominal exchange rate and shifts in competitiveness and thus between nominal exchange rate movements and movements in the trade balance as depicted in the DD-AA model. Exchange-rate pass-through is less than complete and thus nominal exchange rate movements are not translated one-for-one into changes in the real exchange rate. Also, the current account may worsen immediately after currency depreciation. This J-curve effect occurs because of time lags in deliveries and because of low elasticities of demand in the short run as compared to the long run. The chapter contains a discussion of the way in which the analysis of the model would be affected by the inclusion of incomplete exchange-rate pass-through and time-varying elasticities. Appendix II provides further information on trade elasticities with a presentation of the Marshall-Lerner conditions and a reporting of estimates of the impact, short-run and long-run elasticities of demand for international trade in manufactured goods for a number of countries.Answers to Textbook Problems1. A decline in investment demand decreases the level of aggregate demand for anylevel of the exchange rate. Thus, a decline in investment demand causes the DDcurve to shift to the left.2. A tariff is a tax on the consumption of imports. The demand for domestic goods, andthus the levelof aggregate demand, will be higher for any level of the exchange rate. This isdepicted in Figure 16.1 as a rightward shift in the output market schedule from DD to D'D'. If the tariff is temporary, thisis the only effect, and output will rise even though the exchange rate appreciates as the economymoves from Points 0 to 1. If the tariff is permanent, however, the long-run expected exchange rate appreciates, so the asset market schedule shifts to A'A'. Theappreciation of the currency is sharperin this case. If output is initially at full employment, then there is no change in output due to a permanent tariff.Chapter 16 Output and the Exchange Rate in the Short Run 81Figure 16.182 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition3. A temporary fiscal policy shift affects employment and output, even if thegovernment maintains a balanced budget. An intuitive explanation for this reliesupon the different propensities to consumeof the government and of taxpayers. If the government spends $1 more and finances this spendingby taxing the public $1 more, aggregate demand will have risen because thegovernment spends the entire $1, while the public reduces its spending by less than $1 (choosing to reduce its saving as well as its consumption). The ultimate effect on aggregate demand is even larger than this first round difference betweengovernment and public spending propensities, since the first round generatessubsequent spending. (Of course, currency appreciation still prevents permanent fiscal shifts from affecting output in our model.)4. A permanent fall in private aggregate demand causes the DD curve to shift inwardand to the left and, because the expected future exchange rate depreciates, the AA curve shifts outward and to the right. These two shifts result in no effect on output, however, for the same reason that a permanent fiscal expansion has no effect on output. The net effect is a depreciation in the nominal exchange rate and, because prices will not change, a corresponding real exchange rate depreciation. Amacroeconomic policy response to this event would not be warranted.5. Figure 16.2 can be used to show that any permanent fiscal expansion worsens thecurrent account.In this diagram, the schedule XX represents combinations of the exchange rate and income for which the current account is in balance. Points above and to the left of XX represent current account surplus, and points below and to the right representcurrent account deficit. A permanent fiscal expansion shifts the DD curve to D'D' and, because of the effect on the long-run exchange rate, the AA curve shifts to A'A'. The equilibrium point moves from 0, where the current account is in balance, to 1, where there is a current account deficit. If, instead, there was a temporary fiscal expansion of the same size, the AA curve would not shift and the new equilibrium would be at Point 2 where there is a current account deficit, although it is smaller than thecurrent account deficit at Point 1. Thus, a temporary increase in governmentspending causes the current account to decline by less than a permanent increase because there is no change in expectations with a temporary shock and thus the AA curve does not move.Chapter 16 Output and the Exchange Rate in the Short Run 83Figure 16.284 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition6. A temporary tax cut shifts the DD curve to the right and, in the absence ofmonetization, has no effect on the AA curve. In Figure 16.3, this is depicted as a shift in the DD curve to D'D', with the equilibrium moving from Points 0 to 1. If the deficit is financed by future monetization, the resulting expectedlong-run nominal depreciation of the currency causes the AA curve to shift to the right to A'A' which gives us the equilibrium Point 2. The net effect on the exchange rate is ambiguous, but output certainly increases more than in the case of a pure fiscal shift.Figure 16.37. A currency depreciation accompanied by a deterioration in the current accountbalance could be caused by factors other than a J-curve. For example, a fall inforeign demand for domestic products worsens the current account and also lowers aggregate demand, depreciating the currency. In termsof Figure 16.4, DD and XX undergo equal vertical shifts, to D'D' and X'X', respectively, resulting ina current account deficit as the equilibrium moves from Points 0 to 1. To detect a J-curve, one might check whether the prices of imports in terms of domestic goods rise when the currency is depreciating, offsetting a decline in import volume and a rise in export volume.Figure 16.48. The expansionary money supply announcement causes a depreciation in theexpected long-run exchange rate and shifts the AA curve to the right. This leads to an immediate increase in outputChapter 16 Output and the Exchange Rate in the Short Run 85and a currency depreciation. The effects of the anticipated policy action thus precede the policy’s actual implementation.9. The DD curve might be negatively sloped in the very short run if there is a J-curve,though the absolute value of its slope would probably exceed that of AA. This isdepicted in Figure 16.5. The effects of a temporary fiscal expansion, depicted as a shift in the output market curve to D'D', would not be altered since it would still expand output and appreciate the currency in this case (the equilibrium points moves from 0 to 1).Figure 16.5Monetary expansion, however, while depreciating the currency, would reduce output in the veryshort run. This is shown by a shift in the AA curve to A'A' and a movement in theequilibriumpoint from 0 to 2. Only after some time would the expansionary effect of monetary policy takehold (assuming the domestic price level did not react too quickly).10. The derivation of the Marshall-Lerner condition uses the assumption of a balancedcurrent account to substitute EX for (q⨯EX*). We cannot make this substitution when the current account is not initially zero. Instead, we define the variable z (q⨯EX*)/EX. This variable is the ratio of imports to exports, denominated in common units.When there is a current account surplus, z will be less than 1, and when there is acurrent account deficit, z will exceed 1. It is possible to take total derivatives of each side of the equation CA EX q EX * and derive a general Marshall-Lernercondition as n z n *z, where n and n* are as defined in the appendix. Thebalanced current account (z 1) Marshall-Lerner condition is a special case of this general condition. A depreciation is less likely to improve the current account thelarger its initial deficit when n* is less than 1. Conversely, a depreciation is more likely to cause an improvement in the current account the larger its initial surplus, again for values of n* less than 1.Figure 16.611. If imports constitute part of the CPI, then a fall in import prices due to anappreciation of the currency will cause the overall price level to decline. The fall in the price level raises real balances. As shown in Figure 16.6, the shift in the output market curve from DD to D'D' is matched by an inward shift of the asset marketequilibrium curve. If import prices are not in the CPI and the currency appreciation does not affect the price level, the asset market curve shifts to A"A" and there is no effect on output, even in the short run. If, however, the overall price level falls due to the appreciation, the shift in the asset market curve is smaller, to A'A', and the initial equilibrium point, Point 1, has higher output than the original equilibrium at Point 0.Over time, prices rise when output exceeds its long-run level, causing a shift in the asset market equilibrium curve from A'A' to A"A", which returns output to its long-run level.12. An increase in the risk premium shifts the asset market curve out and to the right, allelse equal.A permanent increase in government spending shifts the asset market curve in andto the right sinceit causes the expected future exchange rate to appreciate. A permanent rise ingovernment spending also causes the goods market curve to shift down and to the right since it raises aggregate demand. In the case where there is no risk premium, the new intersection of the DD and AA curves after a permanent increase ingovernment spending is at the full-employment level of output, since this is the only level consistent with no change in the long-run price level. In the case discussed in this question, however, the nominal interest rate rises with the increase in the risk premium. Therefore, output must also be higher than the original level of full-employment output; as compared to the case in the text, theAA curve does not shift by as much, so output rises.13. Suppose output is initially at full employment. A permanent change in fiscal policywill cause both the AA and DD curves to shift such that there is no effect on output.Now consider the case where the economy is not initially at full employment. Apermanent change in fiscal policy shifts the AA curve because of its effect on thelong-run exchange rate and shifts the DD curve because of its effect on expenditures.There is no reason, however, for output to remain constant in this case since its initial value is not equal to its long-run level, and thus an argument like the one in the text that shows the neutrality of permanent fiscal policy on output does not carrythrough. In fact, we might expect that an economy that begins in a recession (below Y f) would be stimulated back towards Y f by a positive permanent fiscal shock. If Y does rise permanently, we would expect a permanent drop in the price level (since Mis constant). This fall in P in the long run would move AA and DD both out. We could also consider the fact that in the case where we begin at full employment and there is no impact on Y, AA was shifting back due to the real appreciation necessitated by the increase in demand for home products (as a result of the increase in G). If there isa permanent increase in Y, there has also been a relative supply increase which canoffset the relative demand increase and weaken the need for a real appreciation.Because of this, AA would shift back by less. We do not know the exact effectwithout knowing how far the lines originally move (the size of the shock), but we do know that without the restriction that Y is unchanged in the long run, the argument in the text collapses, and we can have both short run and long run effects on Y.14. If some of the currency appreciation is temporary due to the current account effects,we will see a slightly different process after a permanent fiscal expansion. We would not necessarily still jump from Points 0 to 2 in Figure 16.2 above. We know that over time, the shift in consumption preferences away from the home good (due to the transfer of wealth to foreign consumers) will bring the DD curve back in some, this will cause a small depreciation in the future. Thus, the AA curve may not move in as far, leaving us with less appreciation immediately, but also with a small increase in GDP immediately. Eventually, the DD curve will move back a bit, bringing us back to full employment and with an appreciated currency (though less appreciated than inFigure 16.2).15. The text shows output cannot rise following a permanent fiscal expansion if output isinitially at its long-run level. Using a similar argument, we can show that outputcannot fall from its initial long-run level following a permanent fiscal expansion. A permanent fiscal expansion cannot have an effect on the long-run price level since there is no effect on the money supply or the long-run values of the domesticinterest rate and output. When output is initially at its long-run level, R equals R*, Y equals Y f and real balances are unchanged in the short run. If output did fall, there would be excess money supply and the domestic interest rate would have to fall, but this would imply an expected appreciation of the currency since the interestdifferential (R R *) would then be negative. This, however, could only occur if the currency appreciates in real terms as output rises and the economy returns to long-run equilibrium. This appreciation, however, would cause further unemployment, and output would not rise and return back to Y f. As with the example in the text, this contradiction is only resolved if output remains at Y f.16. It is difficult to see how government spending can rise permanently withoutincreasing taxes or how taxes can be cut permanently without cutting spending.Thus, a truly permanent fiscal expansion is difficult to envision. The one possiblescenario is if the government realized it was on a path to permanent surpluses and it could cut taxes without risking long-run imbalances. Because rational agents are aware the government has a long-run budget constraint, they may assume that any fiscal policy is actually temporary. This would mean that a “permanent” shockwould look just like a temporary one. This is quite similar to the discussion ofProblem 14 in this chapter.17. High inflation economies should have higher pass-through as price setters are used tomaking adjustments faster (menu costs fall over time as people learn how to change prices faster). Thus, a depreciation in a high inflation economy may see a rapidresponse of changing prices, but firms in a low inflation environment may be loathe to increase prices for fear of losing business given that their customersare not accustomed to price changes. In addition, a depreciation by a high inflation economy maybe more likely to have been caused by an increase in the money supply which would lead to price increases on its own anyway, so the pass-through would appear higher.。

国际金融试题

国际⾦融试题Fundamentals of Multinational Finance, 4e (Moffett)Chapter 6 The Foreign Exchange MarketMultiple Choice and True/False Questions6.1 Geographical Extent of the Foreign Exchange Market1) Which of the following is NOT true regarding the market for foreign exchange?A) The market provides the physical and institutional structure through which the money of one country is exchanged for another.B) The rate of exchange is determined in the market.C) Foreign exchange transactions are physically completed in the foreign exchange market.D) All of the above are true.Answer: DDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition2) A/An ________ is an agreement between a buyer and seller that a fixed amount of one currency will be delivered at a specified rate for some other currency.A) Eurodollar transactionB) import/export exchangeC) foreign exchange transactionD) interbank market transactionAnswer: CDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition3) While trading in foreign exchange takes place worldwide, the major currency trading centers are located inA) London, New York, and Tokyo.B) New York, Zurich, and Bahrain.C) Paris, Frankfurt, and London.D) Los Angeles, New York, and London.Answer: ADiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition4) Because the market for foreign exchange is worldwide, the volume of foreign exchange currency transactions is level throughout the 24-hour day.Answer: FALSEDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition5) Which of the following is NOT a motivation identified by the authors as a function of the foreign exchange market?A) The transfer of purchasing power between countries.B) Obtaining or providing credit for international trade transactions.C) Minimizing the risks of exchange rate changes.D) All of the above were identified as functions of the foreign exchange market.Answer: DDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition6) The greatest amount of foreign exchange trading takes place in the following three cities:A) New York, London, and Tokyo.B) New York, Singapore, and Zurich.C) London, Frankfurt, and Paris.D) London, Tokyo, and Zurich.Answer: ADiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition6.2 Market Participants1) The authors identify two tiers of foreign exchange markets:A) bank and nonbank foreign exchange.B) commercial and investment transactions.C) interbank and client markets.D) client and retail market.Answer: CDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition2) The foreign exchange market is NOT efficient becauseA) market participants do not compete with one another due to the fact that trading takes place around the world and not in a single centralized location.B) dealers have ask prices that are higher than bid prices.C) central governments dominate the foreign exchange market and everybody knows that by definition, central governments are inefficient.D) none of the reasons listed are accurate because the foreign exchange market is efficient. Answer: DDiff: 1Topic: 6.2 Market ParticipantsSkill: Conceptual3) Dealers in foreign exchange departments at large international banks act as market makers and maintain inventories of the securities in which they specialize.Answer: TRUEDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition4) Currency trading lacks profitability for large commercial and investment banks but is maintained as a service for corporate and institutional customers.Answer: FALSEDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition5) It is characteristic of foreign exchange dealers toA) bring buyers and sellers of currencies together but never to buy and hold an inventory of currency for resale.B) act as market makers, willing to buy and sell the currencies in which they specialize.C) trade only with clients in the retail market and never operate in the wholesale market for foreign exchange.D) All of the above are characteristics of foreign exchange dealers.Answer: BDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition6) Which of the following may be participants in the foreign exchange markets?A) bank and nonbank foreign exchange dealersB) central banks and treasuriesC) speculators and arbitragersD) All of the above.Answer: DDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition7) ________ seek to profit from trading in the market itself rather than having the foreign exchange transaction beingincidental to the execution of a commercial or investment transaction.A) Speculators and arbitragersB) Foreign exchange brokersC) Central banksD) TreasuriesAnswer: ADiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition8) In the foreign exchange market, ________ seek all of their profit from exchange rate changes while ________ seek to profit from simultaneous exchange rate differences in different markets.A) wholesalers; retailersB) central banks; treasuriesC) speculators; arbitragersD) dealers; brokersAnswer: CDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition9) Foreign exchange ________ earn a profit by a bid-ask spread on currencies they purchase and sell. Foreign exchange ________, on the other hand, earn a profit by bringing together buyers and sellers of foreign currencies and earning a commission on each sale and purchase.A) central banks; treasuriesB) dealers; brokersC) brokers; dealersD) speculators; arbitragersAnswer: BDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition10) The primary motive of foreign exchange activities by most central banks is profit.Answer: FALSEDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition11) Dealers sometimes use brokers in the foreign exchange market because the dealers desireA) speed.B) accuracy.C) to remain anonymous.D) all of the above.Answer: DDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition6.3 Transactions in the Interbank Market1) The ________ is a derivative forward contract that was created in the 1990s. It has the same characteristics and documentation requirements as traditional forward contracts except that they are only settled in U.S. dollars and the foreign currency involved in the transaction is not delivered.A) nondeliverable forwardB) dollar only forwardC) virtual forwardD) internet forwardAnswer: ADiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition2) Which of the following is NOT true regarding nondeliverable forward (NDF) contracts?A) NDFs are used primarily for emerging market currencies.B) Pricing of NDFs reflects basic interest rate differentials plus an additional premium charged for dollar settlement.C) NDFs can only be traded by central banks.D) All of the above are true.Answer: CDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Conceptual3) A foreign exchange ________ is the price of one currency expressed in terms of another currency. A foreign exchange ________ is a willingness to buy or sell at the announced rate.A) quote; rateB) quote; quoteC) rate; quoteD) rate; rateAnswer: CDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition4) A ________ transaction in the foreign exchange market requires an almost immediate delivery of foreign exchange.A) spotB) forwardC) futuresD) none of the aboveAnswer: ADiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition5) A ________ transaction in the foreign exchange market requires delivery of foreign exchange at some future date.A) spotB) forwardC) swapD) currencyAnswer: BDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition6) A spot transaction in the interbank market for foreign exchange would typically involve a two-day delay in the actual delivery of the currencies, while such a transaction between a bank and its commercial customer would not necessarily involve a two-day wait.Answer: TRUEDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition7) NDFs are traded and settled outside the country of the subject currency, and therefore are beyond the control of the country’s government.Answer: TRUEDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition6.4 Size of the Foreign Exchange Market1) Daily trading volume in the foreign exchange market was about ________ per ________ in 2007.A) $3,200 billion; monthB) $1,000 billion; monthC) $3,200 billion; dayD) $1,000 billion; dayAnswer: CDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition2) Daily trading volume of foreign exchange had actually decreased in 2010 from the levels reported in 2007. Answer: FALSEDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition3) ________ are NOT one of the three categories reported for foreign exchange.A) Spot transactionsB) Swap transactionsC) Strip transactionsD) Futures transactionsAnswer: CDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition4) New York City has the greatest volume of foreign exchange activity in the world.Answer: FALSEDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition5) Although the "big three" (dollar, euro, and yen) continue to dominate global trades, it will probably not be long before a fourth, not yet on the map—the Chinese renminbi—will move into greater prominence.Answer: TRUEDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Conceptual6.5 Foreign Exchange Rates and Quotations1) The three currencies that dominate foreign exchange trading are ________.A) U.K pound, Chinese yuan, and Japanese yenB) U.S. dollar, Chinese yuan, and U.K. poundC) U.S. dollar, Japanese yen, and the euroD) U.S. dollar, U.K. pound, and Japanese yenAnswer: CDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition2) A forward contract to deliver British pounds for U.S. dollars could be described either as ________ or ________.A) buying dollars forward; buying pounds forwardB) selling pounds forward; selling dollars forwardC) selling pounds forward; buying dollars forwardD) selling dollars forward; buying pounds forwardAnswer: CDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition3) A common type of swap transaction in the foreign exchange market is the ________ where the dealer buys the currency in the spot market and sells the same amount back to the same bank in the forward market.A) "forward against spot"B) "forspot"C) "repurchase agreement"D) "spot against forward"Answer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition4) Swap and forward transactions account for an insignificant portion of the foreign exchange market. Answer: FALSE Diff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition5) Most foreign exchange transactions are through the U.S. dollar. If the transaction is expressed as the foreign currency per dollar this is known as ________ whereas ________ are expressed as dollars per foreign unit.A) European terms; indirectB) American terms; directC) American terms; European termsD) European terms; American termsAnswer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition6) The following is an example of an American term foreign exchange quote:A) $20/￡.B) 0.85 euro/$.C) 100￥/euro.D) None of the above.Answer: ADiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition7) The European and American terms for foreign currency exchange are square roots of one another. Answer: FALSE Diff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition8) With several exceptions, most interbank quotes are stated in European terms (meaning foreign currency unit per U.S. dollar).Answer: TRUEDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition9) American and British meanings differ for the word billion. Therefore, when traders refer to an American billion, they call it a/an ________.A) KiwiB) LoonyC) Uncle SamD) YardAnswer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition10) Major exceptions to using European terms in foreign exchange includeA) trading yen and euros.B) pounds and euros.C) Mexican pesos and euros.D) all of the above.Answer: BDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition11) From the viewpoint of a British investor, which of the following would be a direct quote in the foreign exchange market?A) SF2.40/￡B) $1.50/￡C) ￡0.55/euroD) $0.90/euroAnswer: CDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition12) A/an ________ quote in the United States would be foreign units per dollar, while a/an ________ quote would be in dollars per foreign currency unit.A) direct; directB) direct; indirectC) indirect; indirectD) indirect; directAnswer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and Quotations13) If the direct quote for a U.S. investor for British pounds is $1.43/￡, then the indirect quote for the U.S. investor would be ________ and the direct quote for the British investor would be ________.A) ￡0.699/$; ￡0.699/$B) $0.699/￡; ￡0.699/$C) ￡1.43/￡; ￡0.699/$D) ￡0.699/$; $1.43/￡Answer: ADiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical14) ________ make money on currency exchanges by the difference between the ________ price, or the price they offer to pay, and the ________ price, or the price at which they offer to sell the currency.A) Dealers; ask; bidB) Dealers; bid; askC) Brokers; ask; bidD) Brokers; bid; askSkill: RecognitionTABLE 6.1Use the table to answer the following question(s).15) Refer to Table 6.1. The current spot rate of dollars per pound as quoted in a newspaper is ________ or ________.A) ￡1.4484/$; $0.6904/￡B) $1.4481/￡; ￡0.6906/$C) $1.4484/￡; ￡0.6904/$D) ￡1.4487/$; $0.6903/￡Answer: CDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical16) Refer to Table 6.1. The one-month forward bid price for dollars as denominated in Japanese yen isA) -￥20B) -￥18C) ￥129.74/$D) ￥129.62/$Answer: DDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical17) Refer to Table 6.1. The ask price for the two-year swap for a British pound is ________.A) $1.4250/￡B) $1.4257/￡C) -$230D) -$238Skill: Analytical18) Refer to Table 6.1. According to the information provided in the table, the 6-month yen is selling ata forward premium;_______ of approximately ________ per annum. (Use the mid rates to make your calculations.)A) discount; 2.09%B) discount; 2.06%C) premium; 2.09%D) premium; 2.06%Answer: CDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical19) Refer to Table 6.1. Cross ratesA) are often reported in the form of a matrix in the financial newspapers.B) can be used to check on opportunities for intermarket arbitrage.C) for the spot market in the table are "188.10" (using the mid rates).D) are all of the above.Answer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition20) Given the following exchange rates, which of the following choices represents a potentially profitable intermarket arbitrage opportunity?￥129.87/$euro 1.1226/$euro 0.00864/￥A) ￥115.69/euroB) ￥114.96/euroC) $0.8908/euroD) $0.0077/￥Answer: BDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical21) For arbitrage opportunities to be practical,A) participants must have instant access to quotes.B) participants must have instant access to executions.C) bank traders must be able to execute the arbitrage trades without an initial sum of money relying on their bank's credit standing.D) all of the above must be true.Answer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Conceptual22) The U.S. dollar suddenly changes in value against the euro moving from an exchange rate of $0.8909/euro to$0.08709/euro. Thus, the dollar has ________ by ________.A) appreciated; 2.30%B) depreciated; 2.30%C) appreciated; 2.24%D) depreciated; 2.24%Answer: ADiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical23) When the cross rate for currencies offered by two banks differs from the exchange rate offered by a third bank, a triangular arbitrage opportunity exists.Answer: TRUEDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: RecognitionEssay Questions6.1 Geographical Extent of the Foreign Exchange Market1) Identify and explain the three functions of the foreign exchange market.Answer: From the authors:Transfer of purchasing power is necessary because international trade and capital transactions normally involve parties living in countries with different national currencies. Usually each party, wants to deal in its own currency, but the trade or capital transaction can be invoiced in only one currency. Hence, one party must deal in a foreign currency.Because the movement of goods between countries takes time, inventory in transit must be financed. The foreign exchange market provides a source of credit.The foreign exchange market provides "hedging" facilities for transferring foreign exchange risk to someone else more willing to carry risk.Diff: 3Topic: 6.1 Geographical Extent of the Foreign Exchange Market6.2 Market Participants1) What are some of the reasons central banks and treasuries enter the foreign exchange markets, and in what important ways are they different from other foreign exchange participants?Answer: Central banks and treasuries enter the foreign exchange market to acquire/spend their own foreign exchange reserves and to influence the price at which their own currency is traded. Unlike other market participants, they are not profit oriented. Instead, they may willingly take a loss if they think it is in their best national interest.Diff: 3Topic: 6.2 Market Participants6.3 Transactions in the Interbank Market1) Define spot, forward, and swap transactions in the foreign exchange market and give an example of how each could be used.Answer: Spot transactions are exchanging one currency for another right now. Spot transactions are typically entered into because the parties need to exchange foreign currencies that they have received into their domestic currency, or because they have an obligation that requires them to obtain foreign currency.Forward foreign exchange transactions are agreements entered into today to exchange currencies at a particular price at some point in the future. Forwards may be speculative or a hedge against unexpected changes in the price of the other currency.Swaps are the simultaneous purchase and sale of a given amount of a foreign exchange for two different dates. Both transactions are conducted with the same counterparty. A swap may be considered a technique for borrowing another currency on a fully collateralized basis.Diff: 3Topic: 6.3 Transactions in the Interbank Market6.4 Size of the Foreign Exchange Market1) The foreign exchange market has expanded significantly in the last 20 years. What is the volume of swap, forward, and spot transactions in the market as of the most recent survey data (April 2010)? Answer: The total market has grown from approximately $500 billion per day in 1989 to over $3.7 trillion in 2010. Daily spot transactions ($1.5 trillion) are now exceeded by daily Swap transactions ($1.76 trillion). Forward transactions are comparatively small at .475 trillion. However, that is a 30% increase from the previous survey and this market is growing faster than foreign exchange transactions as a whole (21%)Diff: 3Topic: 6.4 Size of the Foreign Exchange Market6.5 Foreign Exchange Rates and Quotations1) Foreign exchange quotes are often confusing. Define these terms and then identify the types of quotes that follow. Direct quote, indirect quote, American terms, European termsEUR0.686 = USD1, this quote found in Frankfurt, GermanyUSD1.4577 = EUR1.0, this quote found in San Francisco, CaliforniaAnswer: Think of direct quotes as "per dollar" in the US or , more broadly as foreign units per domestic unit. The second sample quote is a direct quote in the US. (American terms)Indirect quotes may be thought of as "dollars per" or domestic currents per one unit of the foreign currency. , The first sample quote is an indirect quote in Germany where the euro is the domestic currency. (European terms)American terms are quoted in "dollars per" and european terms are quoted as "per dollar".Diff: 3Topic: 6.5 Foreign Exchange Rates and Quotations100 x days 360 x Foward Foward -Spot f FCCitibank $1.2223/€Barclays Bank $1.8410/￡Dresdner Bank €1.5100/￡。

国内金融法国际金融法划分标准

国内金融法国际金融法划分标准下载提示：该文档是本店铺精心编制而成的，希望大家下载后，能够帮助大家解决实际问题。

文档下载后可定制修改，请根据实际需要进行调整和使用，谢谢！本店铺为大家提供各种类型的实用资料，如教育随笔、日记赏析、句子摘抄、古诗大全、经典美文、话题作文、工作总结、词语解析、文案摘录、其他资料等等，想了解不同资料格式和写法，敬请关注！Download tips: This document is carefully compiled by this editor. I hope that after you download it, it can help you solve practical problems. The document can be customized and modified after downloading, please adjust and use it according to actual needs, thank you! In addition, this shop provides you with various types of practical materials, such as educational essays, diary appreciation, sentence excerpts, ancient poems, classic articles, topic composition, work summary, word parsing, copy excerpts, other materials and so on, want to know different data formats and writing methods, please pay attention!国内金融法与国际金融法划分标准金融法是规范金融机构及金融行为的法律体系，其中包括国内金融法和国际金融法两个不同的领域。

2003-2010年专八口语真题及答案

April 2003)Directions: Please do not do interpreting when you listen to the speech this time.The Speech by a World Bank Group Official at the 2002 Western China International Economy and Trade FairGovernor Zhang, Distinguished Guests, Ladies and Gentlemen,1 am delighted to be here this morning to open the Western China International Economy and Trade Fair. I would like to thank the Peoples Government of Sichuan for inviting us to attend this important event where government leaders from Beijing and twe lve other provinces meet to discuss strategies for developing China’s Western Region.This event reflects the strong commitment of the Government and the people of China to develop its Western Regions. I am very impressed with the enthusiasm and determination demonstrated not only by the public sector but also by the increasing level of private sector interest in supporting the Western development goals set forth by the government.The purpose of my current visit to China is to assess recent economic developments in China and to discuss with senior leaders of the Government the World Bank Groups assistance strategy for China after its accession to the WTO. 1 started my visit two days ago in the western province of Yunnan and have now come to Sichuan. I have seen good examples of how the World Bank Grow up can offer assistance to the Government and the private sector to develop China’s West. There are 11 provinces, autonomous regions and one municipality in west China, with a total area of about 6.8 million square kilometers and a population of 364 million. The government’s desire to accelerate the development of the western provinces is vital to the success of achieving a sustained growth for China in the long run. There are also challenges, however, that should not be overlooked. These include continue efforts to create and improve the business environment. But 1 am confident that these challenges will be met.In closing，I would like to thank the Government of Sichuan for its support to the World Bank and IFC operations in Sichuan. We look forward to working with all of you to contribute to the development of China’s West and to improve people’s lives in this important part of the country.Thank you!Directions: Now listen again. Please begin interpreting when you hear a beep.1.The purpose of my current visit to China is to evaluate recent economic developments in China, and discuss with Chinese leaders the World Bank Group’s assistance strategy for China after its entry into the WTO.2.I started my visit two days ago in the western province of Yunnan and have now come to Sichuan. 1 have seen good examples of how the World Bank Group can offer assistance to the Government and the private sectors to develop China’s West.3.There are 11 provinces, autonomous regions and one municipality in west China, with a total area of about 6.8 million square kilometers and a population of 364 million.4.The Government's desire to accelerate the development of the western provincesis vital to the success of achieving a sustained growth for China in the long run.5.There are also challenges, however, that should not be overlooked These include continued efforts to create and improve the business environment. But I am confident that these challenges will be met.Task Two: Interpreting from Chinese into EnglishDirections: Please do not do interpreting when you listen to the speech this time.阳光国际展览中心副总经理在举办2002年中国（阳光）国际乐器展览新闻发布会上的讲话各位来宾、新闻界的朋友：下午好！首先，请允许我代表阳光国际展览中心有限公司向出席今天新闻发布会的各位来宾表示热烈的欢迎和衷心的感谢！国际乐器业界的盛人聚会一MUSIC CHINA中国(阳光)国际浓器展览会将于2002年10月16日-19日在阳光国际展览中心隆重开幕。

金融危机英语怎么说

金融危机英语怎么说金融危机指的是金融资产或金融机构或金融市场的危机，具体表现为金融资产价格大幅下跌或金融机构倒闭或濒临倒闭或某个金融市场如股市或债市暴跌等。

那么你知道金融危机用英语怎么说吗?下面来学习一下吧。

金融危机的英语说法1：financial crisis金融危机的英语说法2：The global financial crisis金融危机的相关短语：系统性金融危机 systemic financial crisis国际金融危机 international financial crisis金融危机传染 Financial Crisis Contagion有关全球金融危机 globle financial crisis全球金融危机延伸 Global Financial Contagion经济/金融危机 economic/financial crisis金融危机的英语例句：1. This financial crisis had a much greater impact on Main Street.这次金融危机对老百姓的影响更为深远。

2. a financial crisis of mammoth proportions极其严重的金融危机3. During the monetary crisis, several European bankers rallied to the pound.在金融危机期间, 欧洲的几个银行家联合起来支持英镑.4. Urgent talks are going on to prevent the market going into financial meltdown during the summer.正在进行紧急会谈，以防止市场在夏季出现金融危机。

5. Korea plutocrat is the prime cause that causes financialcrisis to erupt.韩国财阀是导致金融危机爆发的根本原因。

FRM-中文NOTES(1)

前言FRM是全球金融风险管理领域的资格证书，由美国“全球风险协会”（GARP）设立。

GARP 是一个拥有来自超过150个国家的8万多名会员的世界最大的金融协会组织之一，主要由风险管理方面的专业人员、从业者和研究者组成。

其主要职能是通过信息交换，实施教育计划，提高金融风险管理领域的标准。

FRM考试始于1997年，在中国北京、上海，香港，台北设有考点。

FRM考试虽然设立时间不长，但发展极为迅速，已经得到华尔街和其他欧美著名金融机构与大型公司风险管理部门以及政府监管层的认同，并已经初步成为风险管理领域的最权威的认证。

FRM涵盖众多领域，包括数量分析、市场风险、信用风险、操作风险、基金投资风险、会计和法律等内容。

在今日错综复杂、瞬息万变的金融市场上，风险往往难以掌握。

在金融市场困境或有危机发生时，有效管理风险往往成为企业成功的关键。

而这一攸关企业组织及其投资人命运的重要决策，需要众多的金融风险管理专业人士(Financial Risk Professionals)的参与，故FRM 日益受到重视，全球报考人数以每年超过38%成长，已俨然成为全球瞩目的国际风险管理证照。

在国内正日益受到国家金融监管机构以及各家金融机构的重视，对金融风险专业人员的需求日益壮大。

秉承“服务社会，帮助他人，成就自己”的价值观，金程教育始终以“专业来自百分百的投入”全心全意地为客户持续创造价值。

我们拥有一支自主、强大的财务金融培训研发团队，经过九年的实践和积累，已经自主开发了一系列针对CFA FRM等课程的辅导书籍，如《固定收益证券定价理论》、《投资组合管理》、《金融衍生产品》、《权益类证券定价》，这些书籍汇聚专家视角，权威新颖、紧贴时事，为各类金融进修学员提供全新的金融视野，广受各界好评，并被许多高校选为专用教材。

本书是金程教育权威师资与研究团队在金程内部浩瀚的教材、国内外权威备考辅导资料、各类题目组成的资料库基础上，根据考试大纲指定内容编制的中文辅导教材，全面涵盖考试内容，可以让学员迅速掌握考试内容的知识要点，便于其后的英文教材的学习领悟和掌握，具有极高的参考价值。

经济类各专业课程英文名称

鲍小勇
22
必修
投资银行理论与实务
TheoryandPracticesof InvestmentBank
孙浩
23
必修
外汇业务与管理（I）
FOREXOperation& Management（I）
廖尧麟
24
必修
财务管理（I）
FinancialManagement（I）
严俊
25
限选
市场营销（II）
Marketing（Ⅱ）
阮建军
9
必修
经济法
EconomicLaws
王新周
10
必修
国际贸易（I）
International Trade（Ⅰ）
傅江景
11
必修
管理学（II）
Management（Ⅱ）
何苏华
12
必修
国际贸易实务（I）
Practices ofInternationalTrade（Ⅰ）
李军
13
必修
市场营销（II）
Marketing（Ⅱ）
Practices ofInternationalTrade（II）
郭影帆
31
任选
金融研究专题讲座
Special Topics on Finance Studies
尹祖宁
32
任选
国际经济与贸易前沿专题
SpecialTopicsonInternationalEconomy&Trade
罗良忠
33
任选
WTO（金融）专题
陆明祥
《会计学专业》课程英文名称
课程
类别
序号
课程性质
课程名称
课程英文名称

国际金融概论平时作业

国际金融概论平时作业在国际金融领域，平时作业是学生在课堂上和课外学习中完成的任务，旨在巩固学生对国际金融相关概念和知识的理解和运用能力。

本文将从国际金融的概念、国际金融市场、国际金融风险以及国际金融监管等方面进行探讨。

首先，我们先来了解一下国际金融的概念。

国际金融是指不同国家或地区之间进行的金融交流和合作。

它是国际贸易活动的重要组成部分，帮助促进了全球经济的发展和国家财富的增长。

国际金融涉及到货币兑换、外汇市场、国际投资、跨境资金流动等多个方面。

其次，我们来看一下国际金融市场。

国际金融市场是进行国际金融交易的场所，如外汇市场、国际债券市场、国际股票市场等。

这些市场的特点是交易规模庞大、资金流动迅速、参与主体众多。

国际金融市场的发展为国际信贷、国际投资和国际支付提供了便利，也为国际贸易的进行提供了支持。

然而，国际金融市场也伴随着一定的风险。

国际金融风险可以分为政治风险、货币风险、市场风险等多个方面。

其中，政治风险是国际投资中的重要风险之一，涉及到宏观经济政策、政治稳定性等方面。

货币风险指的是由于汇率波动导致的资产价格变动风险，投资者需要对汇率变动进行及时监控和分析。

市场风险则与市场交易的波动性有关，如果市场风险无法控制，可能会导致投资者的巨大损失。

为了维护国际金融的稳定和安全，各个国家都设立了相应的监管机构进行监管。

国际货币基金组织（IMF）、世界银行（WB）等国际性金融机构在国际金融体系中发挥着重要的监管和协调作用。

此外，各国也通过加强内部金融监管来确保国际金融市场的稳定运行，防范金融风险的发生。

最后，国际金融的发展对于全球经济的繁荣和国家的发展起到了至关重要的作用。

通过国际金融的桥梁，不同国家可以实现资本的自由流动，提高资源配置效率，推动国际贸易和国际投资的发展。

国际金融的稳定和健康发展对于全球经济的可持续增长具有重要意义。

综上所述，国际金融是指不同国家之间进行的金融交流和合作。

国际金融市场的发展为国际贸易和投资提供了便利，但也伴随着一定的风险。

CMA-中华会计网校第2章(2.5)-课件调整格式后(卫晓翠校对)

5.1 基本概念的理解
杠杆收购 (leveraged buyout， LBO) 是指，一种主要以债务融资的方式收购一家公司、子公司或投资者集团分部的所有资产或股票。
管理层收购 (management buyout， MBO) 是指，一种杠杆收购，其公司的管理者在收购以后拥有大量的股权。
5.2 预防接管策略
【答案】B 【解析】股权切离的定义：将完全由母公司所有的附属子公司进行部分或全部地IPO（首次公开发行）。
5.3 公司剥离（divestiture）
5.3.1 主要的剥离方法：股权切离、分拆和完全析产分股。
【例】一家公司将其一个分部的所有权转移给公司的现有股东，股东获得的新股票代表着该分部独立的所有权。这个过程指的是
2.若一小部分股东不愿出售股票，则目标企业无法被完全兼并，所以很多收购股票方式后来均以兼并方式告终
3.收购资产须经被收购方股东投票表决，收购完成后要求进行资产过户
5.1 基本概念的理解
【例】在法律上，商业合并可以被划分为兼并、合并或收购。下列哪项描述是指的是兼并？
A. 存续的公司是合并企业中的一家 B. 存续的公司不是合并企业中的任何一家 C. 建立的投资方与被投资方之间的关系 D. 建立的母公司与子公司之间的关系
股权切离
分拆(spin-offs)
(equity carve-outs)
完全析产分股（split-ups）
一般是将完全由母公司实施后另产生一个独立指将单一公司拆分为两
所有的附属子公司进行的法律实体，在公司分家或更多家公司独立运
部分或全部地IPO（首次拆后产生的新的普通股行的公司。原公司股东
公开发行），新公司股票拥有新的公司资产，持有的股票按比例换成

中国国际金融有限公司各部门面经.doc

中国国际金融各部门面经您需要后才可以 |IBDSTCICC Sales trainee 面经你怎样设计career path，这三五年内有什么打算，怎样一步步地提升，还有打算从中金的工作中获得什么。

也有面IBD里问的经典问题：最大挫折是什么和最大成就/满足感是什么?专业方面问了对07年的股市疯狂有什么看法，认为是什么造成的?面sales的话，很注意你和别人打交道的能力，迅速翻开话题的能力。

金融知识和比拟全面的社会知识，面的过程就是persuade他们的过程一面的考试方式是open discussion和辩论会，讨论过的Topic有：投资股市好还是投资房市好;辩论的题目是：是否开放港股直通车。

面试的过程是给每个人30分钟，看一篇行业报告，大概有几十页，看完后做5分钟presentation，然后答复下列问题。

我记得那篇报告是中金研究员写的07年中国房地产市场报告。

30分钟肯定是不能细看，所以只能大概浏览了一下大的题目，然后根据不同的小标题写一些quick notes。

我是最后一个做presentation的，感觉评委都很疲倦。

结束后所有的人还被召集在一起做“杀人游戏由三个人进行面试，两个是销售部的领导，一个HR。

根本上重复了二面的为难，问了我好多金融问题，能记得的是如何给股票定价什么的，但我都不会。

而后就是讨论一下我过去的工作经历，还有我过去的公司和我们主要竞争对手的分别。

老实说，这局部以前没准备过，说的也不怎么全面，面试结束的时候我心理也知道面砸了。

WHAT IS THE MOST IMPORTANT CHARACTER FOR A LEADER?然后是4对4的辩论。

题目是投资股市好，还是投资房市好。

先是双方轮流派人阐述，每人1分半钟，也掐表大家对中国现在经济增长方式怎么看?中国应该采取什么样的宏观手段来调控?有人从集约和粗放型经济讲，有的从民族企业反正来讲，有人从有形市场和无形市场讲。

我只能用把原来课上学的swot 模型拿出来，将中国市场作为一个企业来进行分析。

1997年与2008年两次国际金融危机比较分析解析

1997年与2008年两次国际金融危机成因、特征和影响比较分析及对中国企业的影响摘要近几十年来，随着人类经济发展的速度加快，随之而来的问题也日益凸现，随着全球化的发展，金融危机也开始向全球蔓延.1997年爆发于泰国、后迅速扩散到整个东南业井波及世界的东南亚金融危机，使许多东南亚国家和地区的汇市、股市轮番暴跌，金融系统乃至整个社会经济受到严重创伤.2008年由美国华尔街引爆的世界金融危机有如巨风海啸，迅速波及全球。

不管是同属发达国家的欧洲联盟国家,还是经济尚未开放的非洲，以及是坐享石油美元的中东，或者说是新兴崛起的一系列国家，都在感受着这场金融巨风带来的狂扫与震撼。

从1997年泰铢引发的亚洲金融危机到2008年美国次贷危机引发的全球金融危机的全面爆发，我国面临外部需求萎缩带来的经济下滑的风险。

本课题通过比较1997年与2008年国际金融危机成因、特征和影响，旨在透过近十几年来两次金融危机的表象，把握经济运行的规律。

通过分析比较这两次金融危机的成因，总结出其内在的相同点，再分析我国现阶段经济运行的形式，找出我国经济发展中存在的问题，提出相应的合理化的建议。

以及通过比较两次经济危机的特征和影响，总结出金融危机爆发后对中国企业的的影响，并提出合理化的防措施，有利于提早做准备，防患于未然。

In recent decades, with the development of the economic , a series of questions is coming up .with the development of globalization, the financial crisis are spreading across the world .Southeast Asian financial crisis, which broke out in Thailand, quickly spread throughout the entire southeast of the world, made the stock market tumbling in many southeast Asian countries , , repeatedly trading financial system and even the entire social economy suffered serious wounds. the world financial crisis in 2008 detonated by Wall Street like giant wind tsunami, quickly spread around the world. Whether the countries of the European Union, or African ,in which economy have not been open, or the countries of Middle East, or rather, a series of new countries all felt this financial giant wind brings the crazy esau and shock.from world financial crisis caused by the Thai baht in1997 to the subprime mortgage crisis triggered in Amercia in2008, China faces the risk of economic downturn atrophy due to the external demand withered . This topic compared the causes , characteristics and influence of the international financial crisis in 1997 and 2008,through the study on the appearance of the financial crisis past dozens of years, grasp the economic operation of the law. Analysize andcomparied the causes of the financial crisis, the author sums up their inner similarities, then analyzes the current form of economic operation of the economic development of our country, find out the problems existed in the developing of our economic. propose corresponding rationalization suggestion. And through comparing the two economic crisis, summarized the characteristics and effects of the financial crisis after the outbreak of the influence of Chinese enterprises, and puts forward some precautionary measures, which is helpful for the rationalization of preparing early.正文一、两次金融危机演变过程比较分析（一）1997年亚洲金融危机的演变过程分析1997年6月，一场金融危机在亚洲爆发，这场危机的发展过程十分复杂。

关于经济的英语演讲稿

transformation of mode of development of economy in an innovative waygood afternoon, ladies and gentlemen. i’m the contestant no.4. it’s my honorto speak here today. i feel really excited now, this moment. my name is zhang xiaoli,majoring in international economy and trade class 1. today, my topic is——transformation of mode of development of economy in aninnovative way.to avoid the tragedy, i really urge not only our government, enterprises, butalso we, the ordinary folks, need to pay attention to transform the mode of economicdevelopment in an innovative way. i dream that, one day economic development is notin the price of our health and safety any more, one day people has no need to battlewith disease caused by pollution, and one day when i look into the sky, birds, stars,and the moon can smile to me.thank you for listening!篇二：亚太经济演讲稿中英文中国的发展对世界有重大影响。

《金融英语阅读教程第三版》课后答案

《金融英语阅读教程第三版》课后答案
《金融英语阅读教程第三版》课后答案
第一部分参考译文
TopicOne：Introduction
引言
1.政治与经济
2.金融部门的经济角色
3.金融危机
TopicTwo：FinancialSystem
金融体系
4.金融体系
5.国际货币体系和国际收支
6.世界银行
7.国际货币基金组织
8.中国的银行业
9.银团贷款的历史与发展
TopicThree：MoneyandEconomies
货币与经济
10.货币
11.国际货币的宏观经济学
12.布雷顿森林协议与金汇兑本位制
13.洗钱
14.世界经济全球化
TopicFour：InvestmentSystem
投资体系
15.投资系统评估
16.期货与期权
17.为什么进行全球投资TopicFive：Accounting
会计
18.金融工具会计
19.应收款项估值会计
20.公司融资策略概观
TopicSix：Insurance
保险
21.面向家庭的保单
22.保险商提供的`投资产品与服务TopicSeven：Law
法律
23.招标广告
24.合同法
25.宾夕法尼亚公平银行
26.为什么税务法规影响投资决策
TopicEight：OptionalReading 补充阅读
27.微观经济学
28.国际收支平衡
29.为什么财务管理如此重要
30.统计学的基本概念
31.管理会计的整体性。

1997年与2008年两次国际金融危机比较分析解析

从1997年泰铢引发的亚洲金融危机到2008年美国次贷危机引发的全球金融危机的全面爆发，我国面临外部需求萎缩带来的经济下滑的风险。

本课题通过比较1997年与2008年国际金融危机成因、特征和影响，旨在透过近十几年来两次金融危机的表象，把握经济运行的规律。

以及通过比较两次经济危机的特征和影响，总结出金融危机爆发后对中国企业的的影响，并提出合理化的防措施，有利于提早做准备，防患于未然。

CATTI 09年口译&笔译真题解析(翻译内部)

2009年11月二级笔译实务汉译英真题C-E TranslationCompulsory Translation （20 points）中国将构建一个以生态建设为基础，以生态安全为保障，以生态文明为最终目的的生态社会。

建设生态社会是一个符合科学发展观的人文理想。

China plans to build an eco-friendly society, with ecological improvement as the foundation, ecological security the guarantee and an ecologically minded civilization the ultimate goal. Building an eco-friendly society is a humanist concept compatible with the Scientific Outlook on Development.生态文明的核心是建立人与人之间，人与自然之间和人与社会之间的和谐关系，实现协调发展。

The key to an ecologically minded civilization is to build harmonious relationships among individual s, between man and nature and between people and society and achieve coordinated development.为了发展生态文化和生态文明，中国将依据其环保目标，努力改变当前的经济发展模式，进一步完善和贯彻各项生态环境保护政策和法规。

In order to develop an ecologically oriented culture and civilization, China will strive to change its current pattern of economic development in line with its environment protection objectives and further improve and implement its ecological protection policies and statutes.Part B Optional Translation (二选一题) （20 points）Topic 1 （选择题一）大力发展林业是缓解全球的重要途径。

CMA-第2章(2.3)

浩物股份；亚通股份；西藏旅游。
3.2 资本筹集中需考虑的其他问题
3.2.2 股利政策现金股利发的越多越好吗？ • “用友分红现象”。用友软件（600588）在2001年上市后，分别在 2002、2003、2004连续高派发现金股利，其第一大股东王文京仅在 2002年的分红方案中，就可分得现金股利3321万元。 • 根据2001年4月19日用友公布的招股说明书，4月23日在沪市上网发行，首度发行2500万Ａ股，发行价格定为36.68元。 • 按照这个比例测算，第一大股东两年就可全部收回其投资本金，而流通股东通过分红利收回其投资则需要133年。
3.2.2 股利政策（4）股利支付的流程
宣告日(declaration date) 是指，董事会宣布下一次股息发放的日期与发放的金额除权日 (ex-dividend date) 是指，股票购买者不再享有取得最近一期所宣告股息的第一天。登记日 (record date) 是指，董事会宣告股息时所确定的，投资者进行股东身份登记并有权取得即将发放股息的日期。支付日 (payment date) 是指，公司实际支付所宣告股息的日期。
3.2 资本筹集中需考虑的其他问题
【例】中石油的故事
3.2 资本筹集中需考虑的其他问题
3.2.1 资本市场（2）信用评级机构三大评级机构：标准普尔、穆迪、惠誉。【例】穆迪和标普的债券评级取决于 A.违约的机率 B.公司的规模 C.债券发行的规模和类型 D.企业所在的行业
3.2 资本筹集中需考虑的其他问题
Enert的管理层正在计划建造价值$7500万的设施，并
以上述的资金结构进行融资。目前有$1500万的现金
可用于资本扩张。在$7500万的投资中，普通股融资

金融英语词汇(银行业)文档

Banking Industry1 The Banking industry in China1 Words and expressionsBanking 银行业银行业务 China banking historyJoint –equity commercial banks 股份制商业银行Business domains 业务领域商业领域Subordinate establishments 下级机构从属机构（immediate 直接的）All-in-one monopolistic bangking system 一体化的垄断银行系统Macroeconomic management 宏观经济管理State Council 国务院Financial sector 金融产业经溶界财政部门Formulate monetary policy 制定货币政策Currency 通货货币Exercise supervision over the financial institutions对金融机构进行监管Financial system 金融系统Issue renminbi and regulate its circulation发行人民币并控制人民币流通The state foreign exchange reserve国家外汇储备Fiscal agent 财务代理Credit information 征信信息Compile Statistics and statements 编制数据和报表Payment and settlement 支付与清算Monetary base =monetary supplyAggregate credit 信贷总量Benchmark interest rate 基准利率Fiscal deficit 财政赤字State treasury 国库Currency distribution 现金调拨Break even 不赚不赔收支相抵Lending facility 信贷机构Interest subsidy 贴息Fixed-asset 固定资产Policy-related credit 政策性贷款Policy-based projects 政策工程Line of business 业务范围Indicator 指标Complete plant 成套设备Financial supervisory regime 金融监管体制Trust 信托Business scope 营业范围On-site off-site 现场非现场的Deposit taking institution 吸收存款的机构Functional department职能部门Interest rate exchange rate 利率汇率Real estate 不动产License their establishment许可特许给发许可证Security and insurance 证券和保险International capital flowReal-time 实时的Plenary session 全会A provision of this agreement 条款Subsidiary 子公司Surveillance 监管监督Optimize 使最优化Amount to 总计达到Money laundering 洗钱Macro-adjustment 宏观调控Credit insurance 信用保险2 AbbreviationsPBC People’s Bank of ChinaADBC Agricultural Development Bank of China NPC National People’s CongressCBRC the China Banking Regulatory Commission2 The World Bank1 Words and expressionsCreditworthy 有信誉的Low-interest interest-free低息免息无息Grant、拨款、补助金津贴Bilateral 双方的双边的Arbitration 公断仲裁Expropriation 征收没收Currency inconvertibility 货币不可兑换Signatory 签署国签约人 be signatory to an agreement Hard loan 硬贷款条件苛刻的贷款Proceeds 收益收入Default 拖欠Liquidity 流动资本In default 违约Tender 投标 bid 投标出价Furnish 提供供应装备per capita income 人均收入Exclusively 专门的专有的Joint venture 合资企业合营企业Security underwriting activity 证券承销业务Stock exchange 证券交易所Emerging market 新兴市场Write off investments 核销处理（勾销、报废）Turnover 营业额交易额/人员更替数、人员更换率Privatization 私有化Public sector 公共部门公共成分Soft loan 软贷款低息贷款Maturity 到期 they have 40 maturities。

会计干货之更新后USGAAP与IFRS 9金融工具差异

【tips】本文由梁志飞老师精心编辑整理，学知识，要抓紧！会计实务-更新后USGAAP与IFRS 9金融工具差异
摘要
当2016年美国通用会计准则第一号及第十三号修订公告分别生效后，美国通用会计准则（USGAAP）将从2018年开始在分类与计量及预期损失模型方面与国际财务报告准则第9号（IFRS 9）间出现更多显著差异；其中第一号修订公告总体仍维持金融资产四分类，而第十三号修订公告所采用的预期信用损失模型不需按信用风险三阶段预估损失。

有全球运营及融资活动的会计主体应全面审阅其是否需要分别按照IFRS及USGAAP进行内外部报告，密切关注各方要求是否发生变化，并且做出相应变革。

背景介绍
尽管国际会计准则理事会（IASB）与美国财务会计准则委员会（FASB）曾经共同致力于制定一套全球通用金融工具财务会计准则，但由于双方未能就美国通用会计准则（USGAAP）和国际财务报告准则第9号（IFRS 9）一些重大条款达成一致，二者将在2018年后出现重大差异。

通过研读相关美国会计准则更新公告（ASU, Accounting Standard Update）可以发现FASB修订其准则时比IASB更加保守谨慎。

颁布于2016年1月的第一号公告（ASU 2016-1, Financial InstrumentsOverall (Subtopic 825-10)）总结了金融工具计量和分类标准的多处修改。

颁布于2016年7月的第十三号公告（ASU 2016-13, Financial InstrumentsCredit Losses (Topic 326)）对金融工具的减值损失与准备做出重大修改，以。

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