(完整word版)国际金融
第二章 国际收支 《国际金融》PPT课件
2.4.1 弹性分析法
（1）弹性分析法的前提假设 （2）弹性分析法的主要内容 （3）对弹性分析法的评价 （4）贬值效应的时滞问题——J曲线效应
弹性分析法产生于20世纪30年代，由英国经济学 家琼·罗宾逊最先提出，后经美国经济学家勒纳等的 发展形成的。
该理论建立在马歇尔微观经济学和局部均衡的基 础上，把汇率水平的调整作为调节国际收支不平衡的 基本手段，围绕进出口商品的供求弹性来探讨货币贬 值改善国际收支的条件。
（3）直接管制 包括外汇管制和贸易管制
当一国国际收支不平衡时，须针对形成的原 因采取相应的政策措施
财政和货币政策：往往同国内经济目标发生 冲突
直接管制：为国际经济组织所反对，又会引 起他国的报复
2.4 国际收支调节理论
2.4.1 弹性分析法 2.4.2 吸收分析法 2.4.3 货币分析法 2.4.4 几种主要国际收支调节理论的比较
3） 对货币分析法的评价
主要贡献：
◆突破了将国际收支等同于贸易收支的局限，因
此对国际收支的分析比较全面，也比较符合经济 运行的实际情况
1）弹性分析法的前提假设
◆假定其它一切条件（利率、国民收入等）不变， 只考虑汇率变化对进出口商品的影响
◆假定存在非充分就业，贸易商品的供给具有完全 弹性
◆假定没有劳务进出口和资本流动，国际收支完全 等同于贸易收支
（2）弹性分析法的主要内容
著名的“马歇尔—勒纳条件”： 假定出口需求弹性为DX，进口需求弹性为DM， 当 DX DM ＞1时 货币贬值有利于改善贸易收支
3）对弹性分析法的评价
弹性分析法纠正了货币贬值一定有改善贸易收 支作用的片面看法。但是该理论也有很大的局限：
◆弹性分析法将国际收支局限于贸易收支 ◆弹性分析法以小于“充分就业” 为条件 ◆它是一种局部的均衡分析说 ◆弹性分析法是一种静态分析说 ◆技术上的困难
国际金融英语International Finance 课件
Price stability is desirable because a rising price level (inflation) creates uncertainty in the economy, and it may hamper economic growth. If there is a tendency of the rise of price level, the central bank will decrease money supply to slow down the economy to curb inflation.
B. Budget Deficits & surpluses（预算赤字和盈余）
A budget deficit is present when total government spending exceeds total government revenue from all sources. When a budget deficit is present, the government must borrow funds to finance the excess of its spending relative to revenue. It borrows by issuing interest-bearing bonds that become part of what we call national debt, the total amount of outstanding(未偿付的） government bonds.
国际金融中英文版答案解析)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1.A country’s balance of payments records:一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from thatcountry for a period of time.b.All flows of value between that c ountry’s residentsand residents of the rest of the world during a periodof time. 在一定时间段里, 一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross thatcountry’s borders during a period of time.d.All flows of goods into that country during a periodof time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid. 一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to aforeigner.3.Every international exchange of value is entered into thebalance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次 Ba.1b.2c.3d.44.A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay. 一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of the followingitems is always recorded as a positive entry? D 在国际收支中, 下列哪个项目总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.The sum of all of the debit items in the balance of payments:在收支平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors andomissions.7.Which of the following capital transactions are entered asdebits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？Ba.A U.S. resident transfers $100 from his account atCredit Suisse in Basel (Switzerland) to his account ata San Francisco branch of Wells Fargo Bank.b.A French resident transfers $100 from his account atWells Fargo Bank in San Francisco to his Credit Suisseaccount in Basel. 一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c.A U.S. resident sells his IBM stock to a Frenchresident.d.A U.S. resident sells his Credit Suisse stock to aFrench resident.8.An increase in a nation's financial liabilities to foreignresidents is a: 一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.9.___A_______ are money-like assets that are held bygovernments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets10.Which of the following is considered a capital inflow?下列哪项被视为资本流入 Aa.A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家b.A loan from a U.S. bank to a foreign borrower.c.A purchase of foreign financial assets by a U.S. buyer.d.A U.S. citizen’s repayment of a loan from a foreignbank.11.In a country’s balance of payments, which of thefollowing transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ Aa.Domestic bank balances owned by foreigners aredecreased. 外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents aredecreased.c.Assets owned by domestic residents are sold tononresidents.d.Securities are sold by domestic residents tononresidents.12.The role of ___D_______ is to direct one nation’ssavings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows 资金流13.The net value of flows of goods, services, income, andunilateral transfers is called the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba.Capital account.b.Current account.经常账目（户）c.Trade balance.d.Official reserve balance.14.The net value of flows of financial assets and similarclaims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫 Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of paymentsincludes: 美国国家收支表中的金融帐包括： Ba.Everything in the current account.b.U.S. government payments to other countries for the useof military bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.Ａ U.S. resident increasing her holdings of a foreignfinancial asset causes a: 一个美国居民增持一外国金融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account. 美国资本帐的借帐17. A foreign resident increasing her holdings of a U.S.financial asset causes a: 一个美国居民增持本国一金融资产会引起 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18. A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasingimports.19.In September, 2005, exports of goods from the U.S.decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. Thisincreased the deficit in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.The balance of payments.b.The financial account.c.The current account. 经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. currentaccount surplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reductionon imported goods.b.The United States cuts back on American militarypersonnel stationed in Japan.美国削减在日本的军事人员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in theUnited States.21.Which of the following transactions is recorded in thefinancial account?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b.A Chinese businessman imports Ford automobiles from theUnited States.c.A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chineseto play an exhibition game in Beijing, China.22.If a British business buys U.S. government securities,how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increasein U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decreasein U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancyor error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 Aa.Ensure that the sum of all debits matches the sum ofall credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-paymentsdeficit.d.Obtain an accurate account of a balance-of-paymentssurplus.24.Official reserve assets are: 官方储备资产是Ba.The gold holdings in the nation’s central bank.b.Money like assets that are held by governments and thatare recognized by governments as fully acceptable forpayments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可ernment T-bills and T-bonds.ernment holdings of SDR’s25.Which of the following constitutes the largest componentof the world’s international reserve assets?下列哪项构成了世界国际储备资产的大部份？ Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies. 外汇（币）26.The net accumulation of foreign assets minus foreignliabilities is: 海外净资产的积累减去外债等于C official reserves. domestic investment. foreign investment. 国外投资净值 foreign deficit.27. A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能力向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise and servicetrade, international income payments and receipts andinternational transfers.28.The ___C_______ measures the sum of the current accountbalance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is anaccumulation of official reserve assets by the country ora decrease in foreign official reserve holdings of thecountry's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balance NOTequal to? 以下哪项不等同于现金帐 Da.The difference between domestic product and domesticexpenditure.b.The difference between national saving and domesticinvestment. foreign investment.d.The difference between government saving andgovernment investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows arecredits. 资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, andgifts is the current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims isthe private current account balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets arenow foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable ininternational transactions. (T) 大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35. A country's financial account balance equals thecountry's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资36. A country has a current account deficit if it is savingmore than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of thecapital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38. A nation's international investment position shows itsstock of international assets and liabilities at a moment in time. (T) 一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39. A nation is a borrower if its current account is indeficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40. A nation is a debtor if its net stock of foreign assetsis positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）41. A transaction leading to a foreign resident increasingher holdings of a U.S. financial asset will be recorded asa debit on the U.S. financial account. 如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42. A credit item is an item for which a country must pay.贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently often usedin official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the differencebetween domestic product and national expenditure.(T) 经常项目余额等于国民生产与国民支出的差额45.In 2007 U.S. households, businesses and government werebuying more goods and services than they were producing.(T)２００７年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.46。
(完整word版)2008年金融危机的根本原因
2008年金融危机的根本原因2008年美国爆发了金融危机，这场危机迅速从美国扩展到全球，美国、日本、欧盟等主要发达经济体都陷入了衰退，发展中国家经济增速减缓，世界经济正面临着20世纪30年代以来最严峻的挑战。
此次美国金融危机是由2007年8月美国爆发的次贷危机引起的。
美国金融危机产生的原因是多方面的、多层次的，从直接原因、深层原因和根源三个层面进行分析：（一）直接原因。
美国金融危机的直接原因是新自由主义政策下金融产品过度创新以及金融市场的过度投机引起的：1、放松管制的新自由主义政策。
美国解除对金融机构的管制，使得越来越多的金融机构被吸引从事投机性业务，缺乏监管的金融市场为金融泡沫的产生埋下了祸根；2、货币政策的操作不当。
20世纪80年代以来，美国货币政策长期坚持低利息率的取向，而长期的低利息率推动美国股票市场周期性地出现繁荣和泡沫；3、金融创新的过度滥用。
美国的金融政策为金融产品创新提供了外部条件，在利益最大化的驱动下，金融衍生品的种类和规模急剧膨胀；4、养老保障体制的市场化刺激了金融产品的需求。
20世纪80年代以来，发达国家普遍推行削减福利开支的养老金市场化改革。
家庭对增加避险和流动性金融衍生工具的需求，不仅推动了金融市场的过度繁荣，也进一步削弱了面向实体经济的投资。
（二）深层原因。
美国金融危机产生的深层原因是美国虚拟经济与实体经济长期失衡造成的结果。
美国的实体经济是指制造业、建筑业和交通运输业等，虚拟经济是指金融、保险服务业和房地产及租赁服务业。
战后至今，美国GDP的内部结构发生了重要变化，实体经济不断衰落，经济“虚拟化”程度不断加深，金融业的脆弱性带给了整个美国经济。
（三）根源。
20世纪80年代以来，以美国为代表的资本主义国家普遍推行的新自由主义经济政策以及以美元为主导的国际货币体系，构成了这场危机的赖以发生的制度环境。
从根源上来看，美国金融危机既不仅仅是金融市场问题，也不单纯是实体经济与虚拟经济的失衡问题，更不是资本家人性贪婪的问题，而是美国资本主义基本矛盾在新的历史条件下进一步发展的必然结果。
(完整word版)国际经济学(第四版)
国际经济学名词：1、国际经济学：是经济的一般理论在国际经济范围中的延伸和应用,是以经济学的一般理论为基础来研究国际经济活动与国际经济关系的经济学分支学科，是整个经济学体系的有机组成部分.主要研究对象有国际贸易理论与政策、国际收支、外汇理论、生产要素的国际流动、跨国公司、经济发展、经济一体化、开放经济的宏观调节、经济全球化与国际经济秩序研究等.2、绝对利益：在某一种商品上，一个经济在劳动生产率上占有绝对优势,或其生产所耗费的劳动成本绝对低于另一经济，若各个经济都从事自己占有绝对优势商品的生产，继而进行交换，那么双方都可以通过交换得到绝对的利益，从而整个世界也可以获得分工的好处.3、比较利益：甲国在生产任何产品时成本均低于乙国，劳动生产率均高于乙国，处于绝对优势，两个国家间进行贸易的可能性依然存在,因为两国劳动生产率之间的差距,并不是在任何产品上都一样。
这样，处于绝对优势的国家集中生产本国国内具有最大优势的产品,处于绝对劣势的国家停止生产在本国国内处于最大劣势的产品，通过自由交换，双方都可节约社会劳动，增加产品的消费。
世界也因而增加产量，提高劳动生产率。
4、国际分工：即各国之间的劳动分工,生产的国际专业化.它是国际贸易的基础,是社会分工从国内向国外延伸的结果。
各国对于分工方式的选择以及分工的变化，反映了彼此之间经济发展水平的差异及各国经济联系的程度。
主要有产业间、产业内、垂直、水平以及不同要素密集度之间的分工等类型.5、贸易乘数:在开放的条件下，对外贸易的增长可以使国民经济成倍增加，对外贸易乘数研究一国对外贸易与国民收入、就业之间的互相影响，描述了在开放经济体系内部出口促进经济增长的动态过程。
公式为：dY＝［l/（dM/dY)] dX。
（2003)6、一价定律：在完全竞争的市场上，相同的交易产品或金融资产经过汇率调整后，在世界范围内其交易成本一定是相等的。
这个定律在经济中是通过诸如购买力平价、利息平价、远期汇率等经济关系表现出来的.7、贸易创造与贸易转移:关税同盟成员国产品从生产成本较高的国内生产转向成本较低的关税同盟中贸易对象国生产，本国从贸易对象国进口的一种过程和现象。
(完整word版)《国际金融》期末考试试题
《国际金融》期末考试试题一．单项选择题（每题2分，共20分。
）1. 一国国际收支顺差会使（）。
①外国对该国货币需求增加，该国货币汇率上升②外国对该国货币需求减少，该国货币汇率下跌③外国对该国货币需求增加，该国货币汇率下跌④外国对该国货币需求减少，该国货币汇率上升2．根据"蒙代尔分配原则"，在通货膨胀与国际收支顺差同时存在的情况下，应采取的政策是（）。
①"双紧"的财政政策与货币政策②扩张性的货币政策与紧缩性的财政政策③"双松"的财政政策与货币政策④紧缩性的货币政策与扩张性的财政政策3．下述选项中不属于国际银团贷款的特点的是（）。
①贷款数额大②贷款期限短③贷款银行多④借用银团贷款的成本高4. 若一国货币汇率高估，往往会出现（）。
①外汇供给增加，外汇需求减少，国际收支顺差②外汇供给减少，外汇需求增加，国际收支逆差③外汇供给增加，外汇需求减少，国际收支逆差④外汇供给减少，外汇需求增加，国际收支顺差5.汇率采取直接标价法的国家有（）。
①美国和英国②美国和德国③英国和日本④德国和日本6．如果进出口商以延期付款方式签订商务合同，出口商为防止汇率下跌造成本币收入减少的经济损失，可以同银行签订（）。
①卖出远期外汇合同②买入远期外汇合同③卖出即期外汇合同④买入即期外汇合同7．如果一国（地区）经济开放程度高、经济规模小、进出口集中在某一些国家，则该国（地区）倾向于采取（）。
①浮动汇率制度②半浮动的汇率制度③半固定的汇率制度④固定汇率制度8．国际收支平衡表中，若储备资产项目为+300亿美元，则表示该国（）。
①增加了300亿美元的储备②减少了300亿美元的储备③人为的账面平衡，不说明问题④以上都不对9. 在下述选项中不符合掉期交易要求的是：（）。
①货币相同②金额相同③方向相反④交割期限相同10．SDRs 是（）。
①欧洲经济货币联盟创设的货币②欧洲货币体系的中心货币③IMF创设的储备资产和记账单位④世界银行创设的一种特别使用资金的权利二、判断题（每题2分，共20分。
(完整word版)世界经济概论重点
世界经济概论导论一、世界经济的定义世界经济是各国（地区）经济走向市场化、国际化和全球化过程中形成的、世界范围内进行生产、分配、交换、消费等经济活动的体系。
或者说，世界经济是世界各国和地区经济在国际分工、世界市场的基础上，通过商品和各种生产要素的国际流动而互相联结、相互依赖和相互渗透的有机整体，是超越于民族国家界限的全球经济体系。
二、当代世界经济的基本矛盾和基本特征基本矛盾：各国经济走向国际化、融合化和一体化的客观历史趋势与各国经济独立自主、维护民族权力和发展不平衡的客观现实之间的矛盾。
这个矛盾可以说是以市场经济制度为基础的资本主义生产方式基本矛盾，即生产社会化和私人占有之间的矛盾在世界经济领域的扩展和体现。
基本特征：多种经济体系并存；科技作用加强；发达资本主义国家占主导；发展不平衡性加剧；经济一体化进程加快，国际协调机制加强。
第一篇世界经济成长的基础和历程第一章世界经济形成的基础与历史沿革一、国际分工的含义及基本条件国际分工是社会分工发展到一定阶级的产物，是社会分工超越国界而形成的各国国民经济之间的劳动分工，是国内社会分工向国际领域扩展的结果。
国际分工是世界市场和世界经济赖以形成和发展的基础和先决条件。
决定因素：自然条件:自然条件是人类进行经济活动的基础，同时也对社会分工和国际分工产生重要影响，特别是对经济发展水平较低的国家和地区影响更大。
自然条件的差别会造成不同国家生产产品和生产领域的差别。
社会经济条件：特别是生产力和科学技术的发展，是产生国际分工的决定性因素。
联系：自然条件是国际分工产生的必要条件，但自然条件只有同发展到一定水平的社会生产力联系起来，才有可能形成生产的国际分工。
二、世界市场的含义从广义上说，是指国际流通领域包括商品、资本、技术、劳务等各种交换关系的总和。
三、世界市场的基本特征：统一性，这是指世界市场是一个相对统一的整体，包容世界上一切经济制度和发展层次国家的生产要素的相互流动；竞争性，世界市场为各国经济提供了全球性的竞争舞台；扩展性，世界市场的扩展性，源于工业社会生产力和商品经济的扩张性。
(完整word版)金融学简答题和论述题大全
简答题1、如何理解金融范畴。
答：在信用货币制度下，信用与货币不可分割地联系在一起，货币制度也建立在信用制度之上，没有不含货币因素的信用，也没有不含信用因素的货币，任何信用活动也同时都是货币的运动。
信用的扩张意味着货币供给的增加，信用的紧缩意味着货币供给的减少，信用资金的调剂则影响着货币的流通速度和货币供给的部门构成和地区构成。
当货币的运动与信用的活动不可分析地联系在一起时，就产生了由货币和信用相互渗透而形成地新范畴——金融。
因此，金融是货币运动和信用活动地融合体。
2、简述利率在经济中的作用、答：利率作为经济杠杆在宏观与微观经济活动中发挥着重要作用。
表现在1）在宏观经济方面：①利率能够调节货币供求；②利率可以调节社会总供求；③利率可以调节储蓄与投资；2在微观经济方面：①利率可以促使企业加强经济核算，提高经济效益；②利率可以影响个人的经济行为。
3、凯恩斯的货币需求理论。
、答：（1）第一次明确提出货币需求的三个动机，即交易动机、预防动机和投机动机；2）推出货币需求函数，即：Md＝M1+M2＝L1（y）+L2(r), 说明的是，由交易动机和预防动机决定的货币需求是收入水平Y 的函数，且与收入正相关；而由投机动机决定的货币需求则是利率水平R 的函数，且与利率负相关。
4、怎样运用宏观紧缩政策治理通货膨胀？答：（1）运用紧缩性货币政策治理通货膨胀，主要手段包括通过公开市场业务出售政府债券、提高再贴现率和提高商业银行的法定准备率；（2）运用紧缩性财政政策治理通货膨胀，主要手段包括削减政府支出和增加税收；（3）运用紧缩性的收入政策治理通货膨胀，主要手段包括确定工资—物价指导线、管制或冻结工资以及运用税收手段。
5、如何理解金融发展对经济发展的作用？、答：金融发展对经济的作用：（1）金融发展有助于实现资本积聚与集中，可以帮助实现现代化大规模生产经营，实现规模经济效益。
（2）金融发展有助于提高资源的使用效率，从而提高社会经济效率。
(完整word版)国际金融实务习题册及答案
《国际金融实务》练习册一、选择题(在每小题的四到五个答案中，选出正确的答案,并将其号码填在题干的括号内。
) 1．所谓外汇管制就是对外汇交易实行一定的限制，目的是（）A、防止资金外逃B、限制非法贸易C、奖出限入D、平衡国际收支、限制汇价2．在英国货币市场上，以( ）占有重要地位。
A．商业银行B．投资银行C．贴现行D．证券经纪商3．支出转换型政策主要包括（)。
A．汇率政策B．政府补贴C．关税政策D．直接管制4．根据蒙代尔-弗莱明模型，在固定汇率制下（）。
A．财政政策无效B．货币政策无效C．财政政策有效D．货币政策有效5．隐蔽的复汇率表现形式有（）。
A．不同的财政补贴B．不同的附加税C．影子汇率D．不同的外汇留成比例6．布雷顿森林体系是采纳了（）的结果。
A．怀特计划B．凯恩斯计划C．布雷迪计划D．贝克计划7．2003年6月底，欧洲经济货币联盟国家未参加欧元区接受统一货币欧元的国家有（)。
A．英国B．希腊C．瑞典D．丹麦E．奥地利8．我国利用外资的方式有（）.A．设立中外合资经营企业B．开展补偿贸易C．发行A股D．发行B股E．出口买方信贷9．投资收益在国际收支平衡表中应列入( ）.A．经常账户B．资本账户C．金融账户D．储备与相关项目10．我国目前对信用证抵押贷款的信贷条件规定是（)。
A．贷款货币为外币B．贷款金额为信用证金额的90％C．企业使用贷款不受发放银行监督D．贷款期限原则上不超过90天11、国际债券包括( ）A、固定利率债券和浮动利率债券B、外国债券和欧洲债券C、美元债券和日元债券D、欧洲美元债券和欧元债券12、二次世界大战前为了恢复国际货币秩序达成的（)，对战后国际货币体系的建立有启示作用。
A、自由贸易协定B、三国货币协定C、布雷顿森林协定D、君子协定13、外汇远期交易的特点是（)A、它是一个有组织的市场,在交易所以公开叫价方式进行B、业务范围广泛，合约具是非标准化的特点C、合约规格标准化D、交易只限于交易所会员之间14、金融汇率是为了限制（)A、资本流入B、资本流出C、套汇D、套利15、汇率定值偏高等于对非贸易生产给予补贴，这样（）A、对资源配置不利B、对进口不利C、对出口不利D、对本国经济发展不利16、国际储备运营管理有三个基本原则是（)A、安全、流动、盈利B、安全、固定、保值C、安全、固定、盈利D、流动、保值、增值17、一国国际收支顺差会使( ）A、外国对该国货币需求增加，该国货币汇率上升B、外国对该国货币需求减少,该国货币汇率下跌C、外国对该国货币需求增加,该国货币汇率下跌D、外国对该国货币需求减少,该国货币汇率上升18、金本位的特点是黄金可以（）A、自由买卖、自由铸造、自由兑换B、自由铸造、自由兑换、自由输出入C、自由买卖、自由铸造、自由输出入D、自由流通、自由兑换、自由输出入19、布雷顿森林体系规定会员国汇率波动幅度为（）A、±10%B、±2。
(完整word版)金融学1-15章测试题及其答案
搜索时不要带括号1。
采取独资、合资或合作等方式在国外建立新企业的“绿地投资”属于（ B ）投资.、A。
国际间接投资B。
国际直接投资C. 国际金融投资 D. 国际结算2。
现代金融体系建立的基础是( D. A和B ）。
3。
各经济部门的金融活动及其彼此间的平衡关系可以通过( C资金流量表）来反映。
4. 在市场经济条件下，发行（ A. 政府债券）是财政最常用、最普遍的筹措资金方式.5.（A信用证）属于贸易融资的行为。
1。
发行股票属于（A）融资。
：A。
外源融资B。
内源融资C。
债务融资D。
债权融资2.居民的赤字可以通过以下哪种方式弥补( B. 消费贷款)。
3。
居民进行储蓄与投资的前提是( C。
货币盈余)。
4.现代社会中，不同的经济部门之间有的总体是盈余的，有的总体是赤字的，他们之间主要通过( A金融）活动来实现平衡。
5.从整体上看，（ D ）是最大的金融盈余部门。
： A. 企业B. 金融机构资C。
政府 D. 居民汇率变化常给交易人带来损失或盈利,下列（D。
黑客入侵外汇交易系统导致损失）不属于汇率风险.目前人民币汇率实行的是( B. 以市场供求为基础的、参考一篮子货币进行调节、有管理的浮动汇率制）。
国际借贷说认为本币贬值的原因是（D。
流动债务大于流动债权 )。
汇率自动稳定机制存在于( B。
国际金本位制下的 )汇率制度。
在现行结售汇制度下，我国外管局每个交易日公布的汇率是（D。
中间汇率）。
汇率作为重要的金融价格,其变动会影响( ）。
或多项:A. 进出口B. 物价C。
资本流动属于早期汇率决定理论的是（）。
或多项:A. 国际借贷理论C. 利率平价理论D. 汇兑心理说E. 购买力平价理论银行以不同方式卖出外汇时，下列正确的选项是（）。
或多项：A. 电汇汇率是外汇市场的基准汇率B。
信汇汇率低于电汇汇率D. 票汇汇率低于电汇汇率下列说法正确的是( ）。
或多项：A。
直接标价法下，外币的数额固定不变，本币的数额随币值变化B. 直接标价法下，汇率越高,本币价值越低E. 间接标价法下，汇率越高，本币价值越高根据利率平价理论，下列说法正确的是（）。
完整word版托马斯国际金融课后习题答案解析word文档良心出品
完美WORD 格式 专业整理知识分享Suggested an swers to questio ns and p roblems(in the textbook)Chap ter 2Disagree, at least as a general statement. One meaning of a current account surplus is that the country is exporting more goods and services than it isbe con sidered good the extra imp orts allow the country to con sume and in vest domestically more tha n thevalue of its curre nt production. Another meaning of a current account surplus is that the country is en gaging in foreig n finan cial inv estme nt it is buildi ng up its claimson foreig ners, and this adds to n ati onal wea 1th. This sounds good, but as no ted above it comes at thecost of forego ing curre nt domestic pu rchases of goods and services ・ A curre nt acco unt deficit is thecountry running dow n its claims on foreigners or increasing its indebtedness toforeigners ・ Thissounds bad, but it comeswith the ben efit of higher levels of curre nt domestic expen diture.Differe nt coun tries at differe nt times may weigh the bala nee of these costs and ben efitsdiffere ntly, so that we cannot simply say that a curre nt acco unt surplus is better tha n a curre nt account deficit.4. Disagree ・ If the country has a surplus (a p ositive value) for its official settleme nts bala nee, the n the valuefor its official reserves bala nee must be a negative value of the sameamount (so that the two add to zero)・A negative value for this asset item means that funds are flow ing out in order for the country to acquire moreof these kinds of assets ・ Thus, the country is in creas ing its hold ings of official reserve assets ・Item e is a tran sacti on in which foreig n official hold ings of U.S. assets in crease ・ This is a po sitive(credit) item for official reserve assets and a negative (debit) item for private capital flows as the U ・S ・bank acquires pound bank depo sits ・ The debit item con tributes to a U.S. deficit in the official settleme ntsbala nee (while the credit item is recorded "below the lin e, " p ermitti ng the official settleme nts bala neeto be in deficit)・ All other transactions involve debit and credit items both of which are includedin the official settleme nts bala nee, so that they do not directly con tribute to a deficit (or surpi us)in the official settleme nts bala nee ・8. a. Mercha ndise trade bala nee: $330 - 198 二 $132Goods and services bala nee: $330 - 198 + 196 - 204 = $1242.importing.Onemightgood the count ry isCurre nt account bala nee: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settleme nts bala nee: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b・ Change in official reserve assets (net) = - official settlements balanee =-$23.The country is in creas ing its net hold ings of official reserve assets.10. 8. In ternatio nal in vestme nt p ositio n (billio ns) : $30 + 20 + 15 一40 一25 二so.The country is n either an intern ati onal creditor nor a debtor・ Its hold ing of intern ati onal assets equals its liabilities to foreig ners.b. A curre nt acco unt surplus p ermits the country to add to its net claims on foreig ners・ For this reas onthe coun try，s intern atio nal inv estme nt po siti on will becomea p ositive value・ The flow in crease in net foreig n assets results in the stock of net foreig n assets beco ming po sitive.Chap ter 32. Exports of merchandise and services result in supply of foreign currency in the foreig n exchange market・ Domestic sellers ofte n want to be p aid using domestic curre ncy, while the foreig n buyers want to pay in their curre ncy・In the p rocess of paying for these exp orts, foreig n curre ncy is excha nged for domestic curre ncy, creat ing supply of foreig n curre ncy・Intern ati onalcap ital in flows result in a supply of foreig n curre ncy in the foreig n excha nge market・ I n maki ng inv estme nts in domestic finan cial assets, foreig ninvestors often start with foreign currency and must exchange it for domestic curre ncy before they can buy the domestic assets・The excha nge creates a supply of foreig n curre ncy. Sales of foreig n finan cial assets that the country's residents had previously acquired, and borrowing from foreignersby this coun try's reside nts are other forms of cap ital in flow that can create supply of foreig n curre ncy・4. The U. S. firm obta ins a quotatio n from its bank on the spot excha nge rate for buying yen with dollars・ If therate is acce ptable, the firm in struets its bank that it wants to use dollars from its dollar check ing acco unt to buy 1 millio n yen at this spot excha nge rate・ It also in struets its bank to send the yen to the bank acco unt of the Japan ese firm. To carry out thisinstruction, the U.S. bank instructs its correspondent bank in Japan to take1 milli on yen from its acco unt at the corres pondent bank and tran sfer the yen to the bank acco unt of theJapan ese firm. (The U.S. bank could also use yen at its own branch if it has a branch in Japan.)5 The trader would seek out the best quoted spot rate for buying euros with dollars, either throughdirect con tact with traders at other banks or by using the services of a foreign exchange broker・ The trader would use the best :rate to buy euro spot. Sometime in the n ext hour or so (or, typ ically at least by the end of the day), the trader will en ter the in terba nk market aga in, to obtain the best quoted spot rate for selling euros for dollars・The traderwill use the best spot rate to sell her p reviously acquired euros・ If the spot value of the euro has rise n duri ng this short time, the trader makes a p rofit・The cross rate betwee n the yen and the krone is too high (the yen value of the krone is too high) relative to the dollar-foreig n curre ncy excha nge rates・ Thus, in a p :rofitable tria ngular3 a arbitrage, you want to sell kroner at the high cross rate・ The arbitrage will be: Use dollars to buy kroner at$0. 20/kr one, use these kroner to buy yen at 25 yen/krone, and use the yen to buy dollars at $0. 01/ye n.For each dollar that you sell in itially, you can obta in 5 kroner, these 5 kroner can obta in 125 yen, and the 125 yen can obta in $1.25. The arbitrage p :rofit for each dollar is therefore 25 cen ts.Selli ng kroner to buy yen p uts dow nward p ressure on the cross rate (the yen price of krone)・The value of the cross :rate must fall to 20 (=0.20/0.01) yen/krone to elimi nate the opportunity for tria ngular arbitrage, assu ming that the dollar excha nge rates are un cha nged・b.The in crease in supply of Swiss francs puts dow nward p ressure on the excha nge~rate value ($/SFr) of the franc・The mon etary authorities must intervene to defend the fixed exchange :rate bybuying SFr and sellingb. The in crease in supply of francs puts dow nward p ressure on the excha nge-rate value ($/SFr) of10. 8・the franc・The mon etary authorities must intervene to defend the fixed exchange rate by buying SFr and sellingdollars・c.The in crease in supply of francs puts dow nward p ressure on the excha nge^rate value($/SFr) of the franc・ The mon etary authorities must intervene to defend the fixed exchange rate by buying SFr and sellingdollars・dollars.完美WORD 格式 专业整理知识分享d. The decrease in dema nd for francs puts dow nward p ressure on the excha nge-rate value ($/SFr) ofthe franc ・ The mon etary authorities must intervene to defend the fixed exchange rate by buyingSFr and sellingChap ter 4on bonds issued by the U ・ S ・ government that mature in one year, the interestrate (or yield) on bonds issued by the British government that maturein one year, the curre nt spot excha nge rate betwee n the dollar and pound, and the year forwardexchange rate between the dollar and pound. Do these :rates result in a covered4. a The U. S. firm has an asset p ositi on in yen 一 it has a long p ositi on in yen.To hedge its exp osure to excha nge rate risk, the firm should en ter into a forward excha nge con tract nowin which the firm commits to sell yen and receive dollars at the curre nt forward rate. The con tract amountsare to 1 millio n yen and receive $9,000, both in 60 sell days ・b. The stude nt has an asset po siti on in yen 一 a long p ositi on in yen. Tohedge the exp osure to excha nge rate risk, the stude nt should en ter into a forward excha nge con tractnow in which the stude nt commits to sell yen and receive dollars at the current forward rate ・ The con tract amounts are to 10 millio n yen and receive $90,000, both in 60 sell days.c. The U. S. firm has an liability position in yen 一 a short position in y en-To hedge its exp osure to excha nge rate risk, the firm should en ter into a forward exchange con tract now in which the firm commits to sell dollars receive yen at the curre nt an jforward rate ・ The con tract amounts are to sell $900,000 and receive 100 millio n yen, both in 60 days ・6. Relative to your exp ected spot value of the euro in 90 days ($1.22/euro), the current forward rate of the euro($1・ 18/euro) is low the forward value of the euro is relatively low ・ Using the principle of "buy low, sell high," you can sp eculate by en teri ng into a forward con tract now to buy euros at $1.18/euro. If you are be ableto immediately of $0. 04 for each euro this way, then massive(in creas ing the dema nddollars.2.You will need data on four market rates: The current interest rate (or yield)curre nt curre ntinter est differential that is very close correct inyour then in 90 days you will pocketing a profit that you bought完美WORD 格式 专业整理知识分享for euros forward) will t end to drive up the forward value of the euro, to ward a curre nt forward rate of $1.22/euro. The Swiss franc is at a forward prem ium. Its curre nt forward value($0・505/SFr) is greater than its current sp ot value (SO ・500/SFr)・ The covered in terest differe ntial "i n favor of Switzerla nd" is ((1 + 0.005) (0.505) / 0. 500) 一 (1+0. 01)二 0. 005・(Note that the interest rate used must match the time p eriod of the in vestme nt.) There is a covered interest differential of 0. 5% for 30 days (6 percent at an annual rate)・ The U ・S. investor can make a higher return, covered against exchange rate risk, by inv esti ng in SFr-de nomin ated bon ds, so p resumably the inv estor should makethis covered investment ・ Although the interest :rate on SFr-denominated bondsis lower tha n the in terest rate on dollar-de nomin ated bon ds, the forward p remium on the franc is larger tha n this differe nee, so that the covered inv estme nt is a good idea ・The lack of demandfor dollar-denominated bonds (or the supply of thesebonds as in vestors sell them in order to shift into SFr-de nomin ated bon ds) puts dow nward p ressure on the p rices of U ・ S ・ bon ds up ward p ressure on U ・ S ・ in terest rates ・ The extra dema nd for the franc in the spot excha nge market (as in vestors buy SFr in order to buy SFr~de nomin ated bon ds) puts up ward p ressure on the spot excha nge rate ・ The extra dema nd for SFr~de nomin ated bonds puts up ward p ressure on the p rices of Swiss bondsdow nward p ressureon Swiss in terest rates ・ The extra supply of francs in the forward market (as U ・ S ・ i nv estors cover their SFr in vestme nts back into dollars) p uts downwardpressure on the forward exchange rate. If the only :rate that changes is the forward exchange rate, this rate must fall to about $0. 5025/SFr ・ With this forward rate and the other in itial rates, the covered in terest differe ntial is close to zero.In test ing covered in terest p arity, all of the in terest rates and excha nge :rates that are n eeded to calculatethe covered in terest differe ntial are rates that can observed in the bond and foreign exchange markets ・ Determining whether the covered in terest differe ntial is about zero (covered in terest parity) is then straightforward (although somemore subtle issues regarding tim ing of tran sact ions may also n eed to be addressed)・ I n order to test uncovered interest parity, we need to know not only three rates two interest rates and the current spot exchange rate that can be observed in the market, but also one ratethe exp ected future spot exchange rate that is notobserved in any market ・ The tester the n n eeds a way to find out about inv estors ， exp ectati ons ・ One way is to ask them, using a survey, but they may not say exactly what theyreally think ・ Ano ther way is to exam ine the actual un covered in terest differe ntial after we know whatthe future spot excha nge rate actually turns out to be, and see whether the statistical characteristics ofthe actual uncovered differential are consistentwith an expected uncovered differential of about zero (uncovered interest parity).8. a. 10.Cha pter 52. a. The euro is expected to appreciate at an annual rate of approximately ((1.005 一1・000)/1.000) (360/180)100 = 1%. The exp ected un covered in terestdifferential is approximately 3%+ 1%- 4%= 0, so uncovered interest parityholds (app roximately)・If the in terest rate on 180-day dollar-de nomin ated bonds decli nes tonow p ositive, 3% + 1% - 3% 二 1%, favori ng un covered inv estme nt in euro^de nomin ated bon The in creased dema ndfor euros in the spot excha nge market tends to app reciate the euro ・ If the euroin terest rate and the exp ected future spot excha nge rate rema in un cha nged, the n the curre nt spot :ratemust cha nge immediately to be $1.005/euro, to reestablish un covered interest parity ・ Whenthe current spotrate jumps to this value, the euro^ s excha nge rate value is not exp ected to cha nge in value subseque ntlyduri ng the next 180 days ・The dollar has depreciated immediately ， and the uncovered differe ntial then again is zero (3% + 0% 一 3% 二0).4. a. For uncovered interest parity to hold, investors must expect that the rateof change in the spot exchange-rate value of the yen equals the interest rate differential, which is zero. Investorsmust expect that the future spot valueis the same as the curre nt spot value, $0.01/ye n.b ・ If inv estors exp ect that the excha nge rate will be $0. 0095/ye n, the nthey expect the yen to depreciate from its initial spot value during the next 90 days ・ Give n the other rates,i nv estors tend to shift their inv estme nts toward dollar-de nomin ated inv estme nts. The extra supply ofyen (and dema ndb.3%,spot excha nge rate is likely to in crease the euro will appreciate, the dollar depreciate. At the initial current spot exchange rate, the initial expected future spot exchange rate, and the initial euro interestected un covered in terest differe ntial shifts in favor of investing rate, thein is ds.app reciate) immediately in the curre nt spot market. 6. The law of one p rice will hold better for gold ・ Gold can be traded easilyso that any price differences would lead to arbitrage that would tend to push gold p rices (stated in a com moncurre ncy by converting p rices using market excha nge rates) back close to equality. Big Macs cannot be arbitraged・ If p rice differe nces exist, there is no arbitrage p ressure, so the p rice differences can persist ・ Theprices of Big Macs(stated in a commoncurrency)vary widely around the world ・8. According to PPP, the exchange rate value of the DM(relative to the dollar) has rise n since the early1970s because Germa ny has exp erie need less inflation than has the United States -------- the productprice level has risen less in Germa ny since the early 1970s tha n it has rise n in the Un ited States.According to the monetary approach, the Germanprice level has not risen as muchbecause the Germa nmoneys upply has in creased less tha n the has in creased in the Un ited States, relative to the growth rates of real domestic production case more in flati on growth in Brita in.in the two countries. The British pound is in Britain than in the United States, and10. a. Because the growth rate °fthe domestic moneysupply (M s ) is two percentage points higher tha n it was previously, the mon etary app roach in dicates that the excha nge rate value (e) of the foreig n curre ncy willbe higher tha n it otherwise would be that is, the excha nge rate value of the coun try ，scurre ncy will be lower ・ Sp ecifically, the foreig n curre ncy will app reciate by two percentage points moreper year, or depreciate by two percentage less ・ That is, the domestic currencypoints will depreciate by two percentage more per year, or app reciate by two p erce ntage pointspoints less.b. The faster growth of the coun try's money supply eve ntually leads to afaster rate of inflation of the domestic price level (P)・ Specifically, theinflation rate will be two percentage points higher than it otherwise be. Accord ing towould relative PPP, a faster rate of in crease in the domestic level (P) leads to a higher rate of price app reciation of the foreig n curre ncy ・12. a. For the Un ited States in 1975, 20,000 = kFor P ugelovia in 1975, 10, 000 = k 100 200, or k = 0. 5.b. For the Un ited States, the qua ntity theory of money with a con sta nt kfor dollars) in the spot exchange market resuIts in a decre ase value of (thedollathe yen dollar appreciate) sometime during the next 90 days tends to cause the (the dollar to moneys■ 100 800, or k = 0. 25.means that the quantity equa tion with k 二0. 25 should hold in 2002: 65, 000二0. 25 2601, 000. It does. Because the quantity equation holds for both years with the samek, the change in the price level from 1975 to 2002 is consistent with the quantity theory of moneywith a constant k・ Similarly, for Pugelovia, the quantity equation with k 二0. 5 should hold for 2002, and it does (58, 500 =0. 5 390 300).14・ a. The tighte ning typ ically leads to an immediate in crease in the coun try'sin terest rates・ In additi on, the tighte ning p robably also results ininvestors" expecting that the exchange-rate value of the country，s currencyis likely to be higher in the future・ The higher expected exchange-rate value for the currency is based on the expectation that the country，s price level will be lower in the future, and PPP in dicates that the curre ncy will the n be stro nger・ For both of these reas ons, intern ati onal inv estors will shift toward inv est ing in this coun try's bon ds. The in crease in dema nd for the coun try"s curre ncy in the spot excha nge market causes the curre ntexcha nge-rate value of the curre ncy to in crease・The curre ncy maya pp reciate a lot because thecurrent exchange rate must "overshoot" its expected future spot value・Un covered in terest p arityis reestablished with a higher in terest rate and a subseque nt exp ected dep reciati on of the curre ncy.b・If everyth ing else is rather steady, the excha nge rate (the domesticcurrency price of foreign currency) is likely to decrease quickly by a large amount・ After this jump, the excha nge rate maythe n in crease gradually toward its long-run value the value con siste nt with PPP in the long run.Chap ter 62. Weoften use the term pegged exchange rate to refer to a fixed exchange rate, because fixed ratesgen erally are not fixed forever・ An adjustable peg isan exchange rate policy in which the "fixed" exchange rate value of a currency can be cha nged from time to time, but usually it is cha nged rather seldom(for in sta nee, not mote tha n once every several years)・ A crawli ng peg isan exchange rate policy in which the "fixed" exchange rate value of a currency is cha nged ofte n(for in sta nee, weekly or mon thly), sometimes accordi ng to in dicators such as the differe nee inin flati on :rates.4. Disagree・ If a country is expected to impose exchange controls, which usuallymake it more difficult to move funds out of the country in the future,investors are likely to try to shift funds out of the country now before the con trols are imp osed. The in crease in supply of domestic curre ncy into the foreig n excha nge market (or in crease in dema nd for foreig n curre ncy) p utsdownward pressure on the exchange rate value of the country's currency the curre ncy tends to dep reciate.6. a. The market is atte mpting to dep reciate the pn ut (app reciate the dollar) toward a value of 3. 5 pnuts per dollar,which is outside of the top of the allowable band (3・06 pnuts per dollar). In order to defend the pegged exchange rate, the Pu gelovia n mon etary authorities could use official in terve ntio nto buy pnuts (in exchange for dollars)・ Buying pnuts prevents the pnut ' svalue from declining (selling dollars prevents the dollar ， s value fromrisin g)・ The in terve nti on satisfies the excess p rivate dema nd for dollarsat the curre nt p egged excha nge rate・b. In order to defend the pegged exchange rate, the Pugelovian governmentcould impose excha nge con trols in which some p rivate in dividuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without gover nment p ermissi on, and not all requests are approved by the government)・ By artificially restricting the supply of pnuts (and the dema nd for dollars), the Pu gelovia n gover nment can force the remai ning p rivate supply and dema nd to ''clear'7within the allowable band.The exchange controls attempt to stifle the excess private demandfor dollars at the curre nt p egged excha nge rate・c・In order to defend the pegged exchange rate, the Pugelovian governmentcould in crease domestic in terest rates (p erha ps by a lot)・ The higher domestic interest rates shift the incentives for international capital flows toward inv estme nts in Pu gelovia n bon ds. The in creased flow of intern ati onal finan cial cap ital into Pu gelovia in creases the dema nd for pnuts on the foreig n excha nge market・(Also, the decreased flow of intern ati onal financial capital out of Pugelovia reduces the supply of pnuts on the foreignexcha nge market・)By in creas ing the dema nd for pnuts (and decreas ing the suppl y), the Pu gelovia n gover nment can in duce the p rivate market to clear within the allowable band・ The in creased domestic in terestrates attem pt to shift the private supply and demandcurves so that there is no excess private dema nd for dollars at the curre nt p egged excha nge rate value・8. a. The gold sta ndard was a fixed rate system. The gover nment of each countryp artici pati ng in the system agreed to buy or sell gold in excha nge for itsown currency at a fixed price of gold (in terms of its own currency)・Because eachcurrency was fixed to gold, the exchange rates between currencies also ten ded to be fixed, because in dividuals could arbitrage betwee n gold and curre ncies if the curre ncy excha nge rates deviated from those imp lied by the fixed gold p rices・Britai n was central to the system, because the British economy was the leader in in dustrializatio n and world trade, and because Brita in was con sidered finan cially secure and p rude nt. Brita in was b. able and willi ng to run p ayme nts deficits that p ermitted many other coun tries to run p ayme nts surpi uses. The other coun tries used their surpi uses to build up their holdi ngs of gold reserves (and of intern ati onal reserves in the form of sterling-denominated assets). These other countries were satisfied with therate of growth of their holdings of liquid reserve assets, and most countries were able to avoid the crisis of running low on intern ati onal reserves.Duri ng the height of the gold stan dard, from about 1870 to 1914, theeconomic shocks to the system were mild・ A major shock World War I caused many coun tries to sus pend the gold sta ndard・C・Sp ecula ti on was gen erally stabiliz ing, both for the excha nge rates bet ween the currencies of countries that were adhering to the gold standard, and for the excha nge rates of coun tries that temp orarily allowed their curre ncies to float・d.10. a. The Brett on Woods system was an adjustable p egged excha nge rate system.Coun tries comm it ted to set and defe nd fixed excha nge rat es, financing temporary p ayme nts imbala nces out of their official reserve holdi ngs・ If a "fun dame ntal disequilibrium "in a coun try's intern ati onal p ayme ntsdeveloped, the country could change the value of its fixed exchange rate to a new value・b. The Un ited States was cen tral to the system・ As the Brett on Woodssystemevolved, it became esse ntially a gold-excha nge sta ndard・ The mon etaryauthorities of other countries committed to peg the exchange rate values of their curre ncies to theU. S. dollar・ The U. S・ mon etary authority committedto buy and sell gold in exchange for dollars with other countries' monetaryauthorities at a fixed dollar p rice of gold・c・To a large extent speculation was stabilizing, both for the fixed ratesfollowed by most countries, and for the exchange rate value of the Canadian dollar, which floated duri ng 1950-62・ However, the p egged excha nge rateobligations denominated in foreign currency, because it cannot print foreignmon ey.The debt crisis in 1982 was precip itated by (a) in creased cost of servici ng4.debt, because of a rise in in terest :rates in the Un ited States and other devel oped coun tries astighter mon etary p olicies were used to fight in flati on, (b) decreased export earnings in the debtor coun tries, because of decreased dema nd and lower commodity p rices as the tighter mon etary p olicies resulted in a world recessi on, and (c) an inv estor shift to curtaili ng new lending and trying to get old loa ns rep aid quickly, once it became clear that (a) and (b) would lead to some defaults・With free in ternatio nal le nding Japan lends 1, 800 (二6, 000 - 4, 200) to America, at point T・If Japan and America专业整理知识分享完美WORD格式each impose a 2 p erce nt tax on intern atio nal le nding, the total tax is 4 p erce nt. The gap WZ restores equilibrium, and the amount lent in ternatio nally decli nes to 600 (= 6, 000 -65, 400)・ The in terest rate in Japan (and the one received net of taxes by Japan s international lenders) is3 percent and the interest(and the one paid including taxes by AmeFca，s international 7 p erce nt. (The differe nee is the 4 p erce nt of taxes・)Japan collects intern ati on al-le nding tax reve nues equal to area r, but this is . .rate in America effectively p aid by Japan ese len ders who see their earnings on the 600 ofborrowers) is foreign lending that continues decline by this amount. The net effect on Japan ,s government is a loss of area n because the taxes p reve nt some p reviously p :rofitablelending from occurring・ America ' s government collects tax revenues equal to area k, but this is effectively p aid by America n borrowers who must pay a higher interest rate on their foreign borrowing・ The net effect on America is a loss of area j because of the decli ne in intern atio nal borrow ing・8. a. The in crease in the in terest :rate rotates the li ne show ing the debt service due, which is also the ben efitfrom not repaying, up ward to (1 + i ')D from(1 + i)D・ The threshold amount of debt beyond which the country ， s government should defaultCapital = Wealth。
(完整word版)国际金融理论与实务A卷
中山大学南方学院期末考试试卷 （ 2010 级 专业2012 ～2012 学年度 第 二 学期） 课程名称 国际金融理论与实务 A 卷 考试形式 闭卷 考核类型 考试 本试卷共四大题，卷面满分100分，答题时间120分钟。
一、选择题：（本大题共20小题，每小题 2 分，共40 分），答案请填写在答题纸上。
1、在国际金融市场进行外汇交易时，习惯上使用的标价法是【 B 】 A. 直接标价法 B. 美元标价法 C. 间接标价法 D. 一揽子货币标价法 2. 德国某公司购买了美国的一套机械设备，此项交易应记入美国国际收支平衡表中的【 A 】 A 、贸易收支的贷方 B 、经常项目借方 C 、投资收益的贷方 D 、短期资本的借方 3．下列各项中，不属于直接投资【 B 】 A 、在国外开办独资公司 B 、外国投资者拥有美国企业3%的投票权 C 、在国外开办合资公司 D 、收购或合并国外企业 4. 特别提款权是【 D 】。
A ．欧洲经济货币联盟创设的货币 B. 欧洲货币体系的中心货币 C. 国际货币基金组织创设的储备资产和记帐单位 D. 世界银行创设的一种特别使用资金的权利 5. 非居民相互之间以银行为中介在某种货币发行国国境之外从事该种货币存贷业务的国际金融市场是【 C 】金融市场。
A 、美洲国家 B 、对岸 C 、离岸 D 、国际 6. 我国在美国发行的以美元计价债券属于【 B 】。
A ．欧洲债券 B. 外国债券C ．武士债券 D. 阿里郎债券7.以下哪一点不是国际储备的功能【 B 】。
A.可以维持一国的国际支付能力，调节临时性的国际收支不平衡B.可以从根本上解决国际收支逆差C. 调节本币汇率D. 充当信用保证8．某日欧洲货币市场某银行报EUR/CHF=1.2327-1.2397,EUR/JPY=136.98-137.64，瑞士法郎对日元的汇率为【 B 】。
A.110.49-111.66B.168.85-170.63C.150.88-152.12D.125.67-127.589. 资金融资期限在1年以内（含1年）的资金交易场所的总称，其中包括有形和无形市场，这种市场是【 D 】市场。
(完整word版)英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分, 答错不扣分1.I.perfec.market.existed.resource.woul.b.mor.mobil.an.coul.therefor.b.transferre.t.thos.countrie.mor.willin.t.pa..hig.pric.fo.them.. .. .2.Th.forwar.contrac.ca.hedg.futur.receivable.o.payable.i.foreig.currencie.t.insulat.th.fir.agains.exchang.rat.risk ... . )3.Th.primar.objectiv.o.th.multinationa.corporatio.i.stil.th.sam.primar.objectiv.o.an.firm.i.e..t.maximiz.sharehol de.wealth.. .. )4..lo.inflatio.rat.tend.t.increas.import.an.decreas.exports.thereb.decreasin.th.curren.accoun.deficit.othe.thing.e qual......5..capita.accoun.defici.reflect..ne.sal.o.th.hom.currenc.i.exchang.fo.othe.currencies.Thi.place.upwar.pressur.o.tha.hom.currency’.value.. .. )parativ.advantag.implie.tha.countrie.shoul.specializ.i.production.thereb.relyin.o.othe.countrie .fo.som.products.. .. .7.Covere.interes.arbitrag.i.plausibl.whe.th.forwar.premiu.reflec.th.interes.rat.differentia.betwee.tw.countrie.sp ecifie.b.th.interes.rat.parit.formula. .. . )8.Th.tota.impac.o.transactio.exposur.i.o.th.overal.valu.o.th.firm.. .. .9. .pu.optio.i.a.optio.t.sell-b.th.buye.o.th.option-.state.numbe.o.unit.o.th.underlyin.instrumen.a..specifie.pric.pe.uni.durin..specifie.period... . )10.Future.mus.b.marked-to-market.Option.ar.not.....)PartⅡ:Cloze (20%)每题2分, 答错不扣分1.I.inflatio.i..foreig.countr.differ.fro.inflatio.i.th.hom.country.th.exchang.rat.wil.adjus.t.maintai.equal.. purchasin.powe... ）2.Speculator.wh.expec..currenc.t..appreciat..... .coul.purchas.currenc.future.contract.fo.tha.currency.3.Covere.interes.arbitrag.involve.th.short-ter.investmen.i..foreig.currenc.tha.i.covere.b.....forwar.contrac...... .t. sel.tha.currenc.whe.th.investmen.matures.4.. Appreciation.Revalu....）petitio.i.increased.5.....PP... .suggest..relationshi.betwee.th.inflatio.differentia.o.tw.countrie.an.th.percentag.chang.i.th.spo.exchang.ra t.ove.time.6.IF.i.base.o.nomina.interes.rat....differential....).whic.ar.influence.b.expecte.inflation.7.Transactio.exposur.i..subse.o.economi.exposure.Economi.exposur.include.an.for.b.whic.th.firm’... valu... .wil.b.affected.modit.a..state.pric.i..... pu..optio..i.exercised9.Ther.ar.thre.type.o.long-ter.internationa.bonds.The.ar.Globa.bond. .. eurobond.....an....foreig.bond...).10.An.goo.secondar.marke.fo.financ.instrument.mus.hav.a.efficien.clearin.system.Mos.Eurobond.ar.cleare.thr oug.eithe...Euroclea... ..o.Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分rmation:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800rmation.i.locationa.arbitrag.possible?put.t h.profi.fro.thi.arbitrag.i.yo.ha.$1,000,e.(5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2.Assum.tha.th.spo.exchang.rat.o.th.Britis.poun.i.$1.90..Ho.wil.thi.spo.rat.adjus.i.tw.year.i.th.Unite.Kingdo.experience.a.inflatio.rat.o..percen.pe.yea.whil.th.Unite.State.experience.a.inflatio.rat.o..perc en. pe.year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforth.exchang.rat.o.th.poun.wil.depreciat.b.4..percent.Therefore.th.spo.rat.woul.adjus.t.$1.9..[..(–.047)..$1.81073.Assum.tha.th.spo.exchang.rat.o.th.Singapor.dolla.i.$0.70..Th.one-yea.interes.rat.i.1.percen.i.th.Unite.State.a n..percen.i.Singapore..Wha.wil.th.spo.rat.b.i.on.yea.accordin.t.th.IFE?.(5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284.Assum.tha.XY.Co.ha.ne.receivable.o.100,00.Singapor.dollar.i.9.days..Th.spo.rat.o.th.S.i.$0.50.an.th.Singap or.interes.rat.i.2.ove.9.days..Sugges.ho.th.U.S.fir.coul.implemen..mone.marke.hedge..B.precis. .(10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.pan.ordere..Jagua.sedan.I..month..i.wil.pa.£30,00.fo.th.car.I.worrie.tha.poun.ster1in.migh.ris.sharpl.fro.th.curren.rate($1.90)pan.bough...mont.poun.cal.(suppose.contrac.siz..£35,000.wit..strik.pric.o.$1.9.fo..premiu.o.2..cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)I.th..ros.t.$pan.woul. exercis.th.poun.cal.option.Th.su.o.th.strik.pric.an.premiu..i.$1.90 + $0.023 = $1.9230/£Thi.i.bigge.tha.$1.92.So hedging in the options market is not better.(2.whe.w.sa.th. compan.ca.brea.even.w.mea.tha.hedgin.o.no.hedgin.doesn’. matter.An.onl.whe.(strik.pric..premiu.).th.exchang.rat.,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6.Discus.th.advantage.an.disadvantage.o.fixe.exchang.rat.system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)Th.strik.pric.fo..cal.i.$1.67/£.Th.premiu.quote.a.th.Exchang.i.$0.022.pe.Britis.pound.Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴa) b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?Yo.ar.expectin.revenue.o.Y100,00.i.on.mont.tha.yo.wil.nee.t.cover.t.dollars.Yo.coul.hedg.thi.i.forwar.market.b.takin.lon.position.i.U.dollar.(shor.position.i.Japanes.Yen).B.lockin.i.you.pric.a.$..Y105.you.dolla.revenue.ar.guarantee.t.b.Y100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。
(完整word版)国际金融计算题及方法技巧
练习题1.如果你向中国银行询问英镑兑美元的汇价，银行告知你为：￡1=US$1.9682/87。
问：（1）如果你要卖给银行美元，应该使用哪个价格？（2）如果你要卖出英镑，又应该使用哪个价格？（3）如果你要从银行买进5000英镑，你应该准备多少美元？2.假设汇率：￡1=US$1.9680/90，US$1=SKr1.5540/60，试计算英镑兑瑞典克朗的汇率。
3.假设汇率：US$1=￥JP125.50/70，US$1=HK$7.8090/00，试计算日元兑港币的汇率。
4.已知去年同一时期美元兑日元的中间汇率为US$1=JP￥133.85，而今年的汇率则为US$1=JP￥121.90，求这一期间美元对日元的变化率和日元对美元的变化率。
5.如果你是银行的报价员，你向另一家银行报出美元兑加元的汇率为1.5025/35，客户想要从你这里买300万美元。
问：（1）你应该给客户什么价格？（2）你相对卖出去的300万美元进行平仓，先后询问了4家银行，他们的报价分别为：①A银行 1.5028/40②B银行 1.5026/37③C银行 1.5020/30④D银行 1.5022/33，问：这4家银行的报价哪一个对你最合适？具体的汇价是多少？6.假设汇率如下:纽约￡1=US$1.9650 伦敦￡1=JP￥240 东京 US$1= JP￥120 请进行三角套汇。
7.某日伦敦外汇市场的汇率为￡1=US$1.9650/70，US$1=HK$7.8020/40。
请套算出英镑兑港元的汇率。
如果某一个出口商手中持有100万英镑，可以兑换多少港元？8.已知东京外汇市场上的汇率如下：￡1=US$1.9450/80，US$1=JP￥133.70/90。
请问某公司以英镑买进日元的汇率应该是多少？如果公司需要对外支付100万英镑，又需要支付多少日元呢？9.已知美元/加元1.2350/70，美元/挪威克朗5.7635/55。
某公司要以加元买进挪威克朗，汇率是多少？如果持有500万加元，可以兑换多少挪威克朗？如果持有1000万挪威克朗，又可以兑换多少加元呢？10. US$1=JP￥121.30/50这个汇率中，美元的买价和卖价分别是哪个，而日元的买价和卖价又分别是哪个？参考答案1.(1) 1.9687 (2) 1.9682 (3) 1.9687×5000=9843.5(＄)2.￡1=SKr(1.9680×1.5540)/(1.9690×1.5560)=SKr3.0583/3.09493.￥JP1=HK$(7.8090/125.70)～(7.8100/125.50)= HK$0.0621～0.06224.美元对日元的变化率= (121.90 / 133.85－1)×100% =－8.93%日元对美元的变化率= (133.85 / 121.90－1)×100% = 9.80%5.(1) 1.5035 (2) C ; 1.50306. 1.9650×1/ 240× 120 =0.9825＜1，可以套利。
(完整word版)自考国际金融考试重点
自考国际金融考试重点广义国际收支与狭义国际收支的区别：在于国际收支核算所包括的范围不同，一个已经发生的外汇收入，一个是已经发生的各种国际经济交易。
但绝大多数情况下，发生的国际经济交易迟早会产生外汇收支.从这一点上看两者没有根本区别。
造成这一差异的原因在于：在这两个时期的会计核算制度不同。
广义国际收支是建立在权责发生制上，狭义国际收支是建立在收付实现制上。
国际收支平衡表中人为设立净差错与遗漏账户的原因：除了国际收支平衡表的编制原理与实际会计核算之间存在差异外更主要的是统计的原因：一是国际收支所涉及的内容繁多,统计的资料与数据来源于不同的部门，所搜集到的资源与数据不可能完全匹配。
二是人为因素。
一些交易主体所进行的违反国家政策和法律许可的经济活动,当事人主体不可能主动申报，相关统计部门也难以收集和统计到准确数据。
三是存在统计误差。
国际收支平衡表的基本结构与主要内容1.经常账户：货物与服务、收益和单方面转移2.资本和金融账户：直接投资、证券投资、其他投资3.储备资产：黄金、外汇、普通提款权、特别提款权4.净差错与遗漏国际收支问题的变化影响汇率的基本原理：国际收支的变化，直接反映着本国外汇市场的外汇供求的变化,进而影响到外汇价格的变化。
当一国为贸易顺差时,外汇供给会增加，要需求不变的情况下，会使外汇供过于求，外汇汇率下降，本币对外币升值。
通常来讲，一国国际收支顺差减少时，不考虑其他因素，对本国的货币影响是促使本国货币贬值,反之一国国际收支逆差减少时，不考虑其他因素,对本国的货币影响是促使本国币对外币会升值.汇率变化对国际贸易和国际投资的影响:在国际贸易方面，当外汇汇率上升，本币贬值时，可使出口商口以外币表示的价格较本币贬值前下降，有利于提高出口商品的价格竞争力.此外,对于已经成口的出口商而言，一定数额的外币可以换更多的本币，所以对出口商有利,反之，对进口商不利。
在国际投资方面：如果东道国的货币贬值，对于已在该国的外国投资人而言,为了收回原有的投资和获得既定的投资回报率，就需要赚更多的东道国的货币，从而给其经营带来了风险.国际货币体系的基本内容1.国际储备资产的选择与确定.核心问题是采用什么作为国际支付的手段（黄金、白银、某一国信用货币）.2。
国际金融试题及答案
国际金融试题及答案国际金融练一一、单项选择题1.国际收支平衡表的借方总额()贷方总额。
A.小于B.大于C.等于D.可能大于、小于或等于2.根据购买力平价理论，一国国内的通货膨胀将会导致该国货币汇率()。
A.上涨B.下跌C.平价D.无法判定3.()主要指由于汇率变化而引起资产负债表中某些外汇项目金额变动的风险。
A.交易风险B.经营风险C.经济风险D.会计风险4.()是指在同一时期内，创造一个与存在风险相同货币、相同金额、相同期限的资金反方向流动。
A.组对法B.平衡法C.多种货币组合D.BSI法5.“马歇尔——勒纳条件”指当一国的出口需求弹性与进口需求弹性之和()时，该国货币贬值才有利于改善贸易收支。
A.大于B.小于C.大于1D.小于16.国际收支不平衡是指()不平衡。
A.自主性交易B.调节性交易C.常常账户生意业务D.本钱金融帐户生意业务7.欧洲货币市场是指()。
A.伦敦货币市场B.欧洲国家货币市场C.欧元市场D.境外货币市场8.卖方信贷的直接结果是()。
A.卖方能高价出售商品B.买方能低价买进商品C.卖方能以延期付款方式售出设备D.买方能以现汇支付货款9.处于战后国际货币体系中央位置的国际组织是()。
A.国际货币基金组织B.世界银行C.国际开发协议D.国际金融公司10.布雷顿森林体系下的汇率制度属于()。
A.浮动汇率制B.可调整的浮动汇率制C.联合浮动汇率制D.可调整的固定汇率制六、简答题1.简述一国国际收支顺差的主要影响。
2.简述亚洲金融危机爆发的内因。
七、论述题1.试述我国1994年外汇体制改革的主要内容与意义。
2.试述国际金融市场发展的新趋势。
国际金融试题参考答案一、单项选择题(每小题1分，共10分)1.C2.B3.C4.D5.C6.A7.D8.C9.A10.Dword文档可自由复制编辑五、计算题1.求德国马克/美圆的买入价，应以1除以美圆/德国马克的卖出价，即1除以2.0200，即求德国马克/美圆的卖出价，应以1除以美圆/德国马克的买入价，即1除以2.0100，即0.0140-0.0135；S为1.7030-1.7040；F为1..7040-)0.0140-)0.01351..6905六、简答题1.一国的国际收支出现顺差，可以增大其外汇储备，加强其对外支付能力。
(完整word版)托马斯国际金融课后习题答案解析
Suggested answers to questions and problems（in the textbook）Chapter 22. Disagree, at least as a general statement。
One meaning of a current accountsurplus is that the country is exporting more goods and services than it isimporting. One might easily judge that this is not good-the country is producing goods and services that are exported, but the country is not at the same timegetting the imports of goods and services that would allow it do moreconsumption and domestic investment. In this way a current account deficitmight be considered good—the extra imports allow the country to consume and invest domestically more than the value of its current production。
Anothermeaning of a current account surplus is that the country is engaging in foreign financial investment—it is building up its claims on foreigners, and this adds to national wealth。
国际金融课件4 国际金融市场
The international community funds are absorbed.Prompted the international financing channels open.Enhance the vitality of capital. Promote the re-distribution of the world's resources. Increasing operational efficiencyof resources are in the international community.
具有比较稳定的货币制度和作为国际支付手段的货币。（Relatively stable international monetary system and as an international means of payment currency ）
实行自由外汇制度，或者外汇金融管制较少，税率较低，外汇调拨、兑 换比较灵活，无歧视政策。（Free foreign exchange regime， or less exchange financial control，a lower tax rate, more flexibly foreign exchange allocation and convertible, non-discriminatory policy. ）
Most international financial transactions sooner or later involve an exchange of one currency for another. The foreign exchange market is considered the largest global financial market and, perhaps, the most effcient one.
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第一章1.英国某公司从德国进口一批医疗设备，双方商定以美元计价，总价值USD100万，3个月后付款。
签约时市场汇率为：GBP=USD1.7520，以此汇率计算，英国进口商需支付GBP57.08万（100万 1.7520=57.08万）。
但3个月后，英国某公司办理支付时，美元升值，汇率变为：GBP=USD1.6520。
问题1：在这一交易过程中，外汇风险是否存在？如果存在，存在于哪一方？2：在此情况下，属于哪一种类型的外汇风险？3：英国某公司需支付多少英镑？4：存在风险的一方，损失的金额是多少？从案情来看，英国进口商从医疗设备的进口到办理支付的时间是3个月，计价货币美元在此期间汇率上升，所以在付款时，英国进口商需用60.53万英镑（100万 1.6520=60.53万），比签订合同时多支付了3.45万英镑（60.53万-57.08万=3.45万）。
因此，在这一交易过程中，英国进口商蒙受了对外贸易结算中汇率升值的风险。
2.我国某金融机构在日本筹集一笔金额100亿日元的资金，以此向国内某企业发放10年期美元固定利率贷款，贷款利率为8%。
当时美元兑日元的汇率为：USD1=JPY200，该金融机构用100亿日元兑换5,000万美元。
但10年后美元兑日元的汇率为：USD1=JPY110，届时应偿还100亿日元。
问题1：在此情况下，属于哪一种类型的外汇风险？2：该金融机构需用多少美元才能偿还100亿日元的借款？3：该金融机构在筹资过程中承担的风险金额是多少分析：此案例中，属于债权债务的清偿风险。
由于我国某金融机构在日本筹资100亿日元，其形式是在国内向某企业发放美元贷款，按当时汇率计算，只需5 000万美元即可兑换100亿日元。
到期收回本金和利息共计9 000万美元（5 000万+5 000万8%10=9 000万）。
但是，10年以后，美元与日元的汇率发生较大变化，美元大幅度贬值，而该金融机构需要9 090.9万美元（100亿110=9 090.9万）仅能偿还100亿日元的本金，由此可见，该金融机构连借款的本金都难以弥补。
这就是该金融机构因日元汇率上浮所蒙受的损失。
3.我国某公司与银行签订购买3个月远期100万美元，用于支付进口货款，协定汇率为：USD1=CNY8.2760，3个月后，该公司需支付827.60万人民币元买入100万美元，以支付进口所需要的货款。
此时汇率已变为：USD1=CNY8.2820。
问题1：在这一交易过程中，外汇风险是否存在？如果存在，存在于哪一方？2：在此情况下，属于哪一种类型的外汇风险？3：蒙受损失的一方，损失的金额是多少？分析：从案例中，我们不难看出，美元汇率较三个月前上涨了。
由于该公司事先与银行签订了3个月远期外汇买卖合同，所以应按合同中的汇率交割，该公司支付827.6万元，可获100万美元。
而此时的汇率为：USD1=CNY8.2820，作为银行来说，少收人民币0.6万元，银行遭受了外汇买卖的风险。
4.某公司在美国的分公司于5月15日在当地购入一批价值20万美元的零部件，至今仍未出库使用。
购入时汇率USD1=CNY7.27。
由于人民币汇率改革，第三季度会计决算日汇率USD1＝CNY 7.09。
请计算母公司合并报表时该笔存货的折算风险。
分析：20万美元×(7.27－7.09)=3.6万CNY。
母公司合并报表时该笔存货账面上少了3.6万人民币。
第二章1.升水或贴水点数如何确定？英国伦敦市场的利息率为9.5%，美国纽约市场的利息率为7%，伦敦市场的美元即期汇率为1英镑=1.96美元，在其他条件不变的情况下，三个月美元的会发生什么变化？为什么？三个月远期的美元的升贴水具体数字是多少？具体汇率是多少？升贴水折年率是多少？升水1.96×（9.5%－7%）×3÷12=1.2美分1.9600 －0.012=1.94800.0120 ×12 ÷1.9600 ÷3=2.5%2.套汇两地同一时间香港：100美元=778.07港元纽约：100美元=775.07港元则，投机者将：在香港卖出100美元，买入778.07港元，并汇入纽约；在纽约卖出775.07港元，买回100美元。
盈利：3港元。
三地同一时间伦敦：100英镑=200美元法兰克福：100英镑=210欧元纽约：100美元=110欧元则投机者将：在纽约市场用200美元购进220欧元；然后在法兰克福卖出210欧元，买回100英镑；最后在伦敦卖出100英镑，买回200美元。
利润：10欧元。
假设某日：伦敦市场：GBP1 = USD1.4200纽约市场：USD1 = CAD1.5800 多伦多市场：GBP100 = CAD220.00 试问1）是否存在套汇机会（2）如果投入100万英镑或100万美元套汇，利润各为多少？3.套利A非抛补套利如果美国6个月期的美元存款利率为6%，英国6个月期的英镑存款利率为4%，英镑与美元的即期汇率为：GBP1=USD1.62，这时某英国投资者将50万英镑兑换成美元存入美国进行套利，试问：假设6个月后即期汇率（1）不变；（2）变为GBP1=USD1.64；（3）变为GBP1=USD1.625；其套利结果各如何（略去成本）？在英国存款本利和：50+50×4% ×1/2 = 51（万英镑）在美国存款本利和：1.62 ×50万= 81(万美元）81万+81万×6%×1/2=83.43(万美元）（1）83.43÷1.62 = 51.5 （万英镑）获利5000英镑；（2）83.43÷1.64 = 50.872 万英镑）亏损1280英镑；（3）83.43÷1.625 = 51.34 （万英镑）获利3400英镑；B抛补套利上例中其它条件不变，但投资者决定利用远期外汇交易来限制汇率风险，假设6个月期英镑与美元汇率为：GBP1=USD1.626，那么，6个月后，该投资者将83.43万美元存款调回英国时，可以得到83.43÷1.626 = 51.31万可以无风险地获利3100英镑。
4.掉期日本某公司现筹得资金100万美元，在美国定购价值100万美元的机械设备，3个月后付款。
当前国际金融市场的汇价为1美元=153日元，而3个月日元远期为1美元=150日元，问：如何利用掉期交易规避风险？掉期交易操作过程1卖出100万美元即期外汇2买入3个月的100万美元远期外汇计算：1、按照即期汇率以100万美元购买15300万日元2、按照远期汇率以15000万日元买入100万美元，则可有300万日元的盈利练习某日伦敦外汇市场英镑兑美元的汇率为即期 1.5547~1.5590一个月70 60两个月85 90三个月110 100问（1）各期的汇水情况如何（2）各期汇率是多少？（3）如果英国某公司有一笔三个月到期的应付贷款20万美元,该公司当即与银行签订购买三个月20万美元的远期合同，试求该公司应当支付的英镑成本是多少？2、某日香港即期汇率USD1=HKD7.7510/7.7525纽约外汇市场即期汇率USD1=HKD7.7400/7.7420问：若以100万美元进行套汇，可获利多少？5.外汇期货交易假设6月10日，美国通用公司从法国进口价值125 000欧元的货物，3个月后支付货款，市场即期汇率为EUR1=USD1.220 0。
为防止3个月后欧元升值，而使进口成本增加，该公司便买入1份9月份到期的欧元期货合约，面值为125 000欧元，约定价格为EUR1=USD 1.230 0。
3个月后，欧元升值为EUR1=USD1.240 0，期货价格已涨为EUR1=USD1.245 0。
则套期保值过程如表所示：假设6月12日，美国IBM公司向加拿大出口价值100万加元的货物，3个月后以加元结算货款。
市场即期汇率为CAD1=USD0.759 0。
为了防止3个月后加元贬值带来的损失，于是该公司便以CADl=USD0.758 0的价格卖出10份9月到期的加元期货合约(每份10万加元)避险。
3个月后，如果加元果然贬值，9月市场即期汇率为CADl=USD0.757 0，期货价格为CADl= USD0.756 0。
则套期保值过程如表所示:A.买入套期保值（多头套期保值）在期货市场上先买进后卖出。
例题：某英国公司1月20号进口15万美元的商品，6月20号支付货款，1月20号的即期汇率为GBP1=USD1.5，该公司担心支付货款时美元升值，假设6月20日的汇率为GBP1=USD1.45，每个标准化合同金额为3.75万元。
问该公司如何进行套期保值操作？1月1日美国某制造商A在瑞士有一工厂，该厂急需资金支付即期费用。
预计6月1日将可以偿还总公司。
A正好有闲置资金，于是便汇去30万瑞郎。
为避免将来SF下跌带来损失，A如何进行套期保值交易?假设1月1日现货（即期）汇率SF1=$0.4015期货汇率SF1 =$0.40206月1日现货（即期）汇率SF1 =$0.4000期货汇率SF1=$0.4005假定美国一进口商，4月1日从英国出口商那里购进价值375000英镑的货物，双方约定2个月后支付货款，当时的现汇汇率是GBP/USD＝1.9565。
为了避免英镑升值而增加进口成本，该进口商决定进行套期保值。
他买入6份6月期的英镑期货合约，期货价格是GBP/USD＝1.9590，每份合约的交易单位是62500英镑。
2个月后，英镑果真升值了，这时的现汇汇率是GBP/USD＝1.9625，而6月期的英镑期货合约价格是GBP/USD＝1.9725。
B.卖出套期保值（空头套期保值）在期货市场上先卖出后买进。
例题：某英国出口商于1月1号出口一批商品，6月1号将收进15万美元的货款，1月1号的即期汇率为GBP1=USD1.5。
该公司担心6月的美元会贬值，假设6月1号的即期汇率为GBP1=USD1.65.每一标准合同金额为3.75万美元，问该公司如何进行套期保值?假定美国的一出口商3月1日向瑞士出口一批货物，总价值为100万瑞士法郎，双方商定以瑞士法郎结算，3个月后收回货款。
当时的现汇汇率为1瑞士法郎＝0.8656美元。
期货价格为1瑞士法郎＝0.8636美元，每份合约的交易单位是125000瑞士法郎。
为了避免瑞士法郎贬值的风险，该出口商决定进行套期保值。
b 相反地，如果3个月后瑞士法郎的汇率不降反升，此时现汇汇率为CHF/USD＝0.8696，而期货价格为CHF/USD＝0.8666，则该出口商的套期交易过程？6.外汇期权交易英国公司出口获利润3000万美元，6个月后到账，设即期汇率为GBP/USD1.7。
因为担心美元贬值给公司带来损失，于是按期权协定买6个月期权汇率为GBP/USD1.75，期权费为10万英镑。