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国际金融英语试题及答案

国际金融英语试题及答案1. 以下哪个选项不是国际货币基金组织（IMF）的主要职能？A. 提供技术援助B. 监督成员国的经济政策C. 促进国际贸易D. 提供紧急财政援助答案：C2. 世界银行的主要目标是什么？A. 促进全球贸易B. 减少全球贫困C. 维护国际货币稳定D. 促进全球金融市场发展答案：B3. 什么是外汇储备？A. 一个国家持有的外国货币和黄金B. 一个国家持有的国内货币和黄金C. 一个国家持有的外国货币和证券D. 一个国家持有的国内货币和证券答案：A4. 根据国际收支平衡表，以下哪项交易不属于经常账户？A. 商品出口B. 服务进口C. 外国直接投资D. 工人汇款回国答案：C5. 什么是货币贬值？A. 一个国家的货币价值相对于其他国家货币的减少B. 一个国家的货币价值相对于黄金的减少C. 一个国家的货币价值相对于商品和服务的减少D. 一个国家的货币价值相对于外国投资的减少答案：A6. 什么是浮动汇率制度？A. 货币价值由市场供求关系决定B. 货币价值由政府固定C. 货币价值由国际货币基金组织决定D. 货币价值由中央银行决定答案：A7. 什么是国际金融市场？A. 跨国公司进行商品和服务交易的市场B. 跨国公司进行货币和金融资产交易的市场C. 跨国公司进行商品和金融资产交易的市场D. 跨国公司进行服务和金融资产交易的市场答案：B8. 什么是国际货币体系？A. 国际货币的发行和流通体系B. 国际货币的监管和管理体系C. 国际货币的交换和结算体系D. 国际货币的发行、监管和管理体系答案：D9. 什么是外汇交易？A. 一种货币兑换成另一种货币的交易B. 一种商品兑换成另一种商品的交易C. 一种服务兑换成另一种服务的交易D. 一种资产兑换成另一种资产的交易答案：A10. 什么是国际金融危机？A. 一个国家内部的金融体系崩溃B. 一个国家内部的货币体系崩溃C. 多个国家金融体系的崩溃D. 多个国家货币体系的崩溃答案：C。

国际金融英文版习题

Chapter1 balance of paymentsBalance of Payments Accounting1Balance of paymentsa)is defined as the statistical record of a country’s internationaltransactions over a certain period of time presented in the form ofa double-entry bookkeepingb)provides detailed information concerning the demand and supply of acountry’s currencyc)can be used to evaluate the performance of a country ininternational economic competitiond)all of the aboveAnswer: d2Generally speaking, any transaction that results in a receipt from foreignersa)Will be recorded as a debit, with a negative sign, in the U.S.balance of paymentsb)Will be recorded as a debit, with a positive sign, in the U.S.balance of paymentsc)Will be recorded as a credit, with a negative sign, in the U.S.balance of paymentsd)Will be recorded as a credit, with a positive sign, in the U.S.balance of paymentsAnswer d3 Generally speaking, any transaction that results in a payment toforeignerse)Will be recorded as a debit, with a negative sign, in the U.S.balance of paymentsf)Will be recorded as a debit, with a positive sign, in the U.S.balance of paymentsg)Will be recorded as a credit, with a negative sign, in the U.S.balance of paymentsh)Will be recorded as a credit, with a positive sign, in the U.S.balance of paymentsAnswer a)4 Suppose the McDonalds Corporation imports 100 tons of Canadian beef, paying for it by transferring the funds to a New York bank account kept by the Canadian Beef Conglomerate.i)Payment by McDonalds will be recorded as a debitj)The deposit of the funds by the seller will be recorded as a debit k)Payment by McDonalds will be recorded as a creditl)The deposit of the funds by the buyer will be creditAnswer: a5Since the balance of payments is presented as a system of double-entry bookkeeping,a)Every credit in the account is balanced by a matching debitb)Every debit in the account is balanced by a matching creditc)a) and b) are both true6 A country’s international transactions can be grouped into thefollowing three main types:a)current account, medium term account, and long term capitalaccountb)current account, long term capital account, and officialreserve accountc)current account, capital account, and official reserve accountd)capital account, official reserve account, trade account Answer: c7Invisible trade refers to:a)services that avoid tax paymentsb)underground economyc)legal, consulting, and engineering servicesd)tourist expenditures, onlyAnswer: c8The current account is divided into four finer categories:a)Merchandise trade, services, income, and statisticaldiscrepancy.b)Merchandise trade, services, income, and unilateral transfersc)Merchandise trade, services, portfolio investment, andunilateral transfersd)Merchandise trade, services, factor income, and direct9Factor incomea)Consists largely of interest, dividends, and other income onforeign investments.b)Is a theoretical construct of the factors of production, land,labor, capital, and entrepreneurial ability.c)Is generally a very minor part of national income accounting,smaller than the statistical discrepancy.d)None of the aboveAnswer: aUSE THE FOLLOWING INFORMATION TO ANSWER THE NEXT TWO QUESTIONS10 The entries in the “current account” and the “capital account”, combined together, can be outlined (in alphabetic order) as:(i)- direct investment(ii)- factor income(iii)- merchandise (iv)- official transfer (v)- other capital (vi)- portfolio investment(vii)- private transfer(viii)- services11Current account includesa)(i), (ii), and (iii)b)(ii), (iii), and (vii)c)(iv), (v), and (vii)d)(i), (v), and (vi) Answer: ba)(i), (ii), and (iii)b)(ii), (iii), and (vii)c)(iv), (v), and (vii)d)(i), (v), and (vi)Answer: d13The difference between Foreign Direct Investment and Portfolio Investment is that:a)Portfolio Investment mostly represents the sale and purchase offoreign financial assets such as stocks and bonds that do notinvolve a transfer of control.b)Foreign Direct Investment mostly represents the sale and purchaseof foreign financial assets such as stocks whereas PortfolioInvestment mostly involves the sales and purchase of foreign bonds.c)Foreign direct investment is about buying land and buildingfactories, whereas portfolio investment is about buying stocks andbonds.d)All of the aboveAnswer: a14In the latter half of the 1980s, with a strong yen, Japanese firmsa)Faced difficulty exportingb)Could better afford to acquire U.S. assets that had become lessexpensive in terms of yen.c)Financed a sharp increase in Japanese FDI in the United StatesAnswer: d15International portfolio investments have boomed in recent years, as a result ofa)A depreciating U.S. dollarb)Increased gasoline and other commodity prices.c)The general relaxation of capital controls and regulation in manycountriesd)None of the aboveAnswer: cAnswer: c)16The capital account measuresa)The sum of U.S. sales of assets to foreigners and U.S. purchases offoreign assets.b)The difference between U.S. sales of assets to foreigners and U.S.purchases of foreign assets.c)The difference between U.S. sales of manufactured goods toforeigners and U.S. purchases of foreign products.d)None of the aboveAnswer: b) page 6417When Honda, a Japanese auto maker, built a factory in Ohio,a)It was engaged in foreign direct investmentb)It was engaged in portfolio investmentc)It was engaged in a cross-border acquisitionAnswer: a) page 64.18The capital account may be divided into three categories:a)Cross-border mergers and acquisitions, portfolio investment, andother investmentb)Direct investment, portfolio investment, and Cross-border mergersand acquisitionsc)Direct investment, mergers and acquisitions, and other investmentd)Direct investment, portfolio investment, and other investment Answer: d)19When Nestlé, a Swiss firm, bought the American firm Carnation, it was engaged in foreign direct investment. If Nestlé had only bought a non-controlling number of shares of the firma)Nestlé would have been engaged in portfolio investmentb)Nestlé would have been engaged in a cross-border acquisitionc)It would depend if they bought the shares from an American or aCanadiand)None of the above.Answer: a)20Foreign direct investment (FDI) occursa)when an investor acquires a measure of control of a foreignbusinessb)when there is an acquisition, by a foreign entity in the U.S., of10 percent or more of the voting shares of a businessinvolve a transfer of controld)a and bAnswer: d21Statistical discrepancy, which by definition represents errors and omissionsa)Cannot be calculated directlyb)Is calculated by taking into account the balance-of-paymentsidentityc)Probably has some elements that are honest mistakes, it can’t allbe money laundering and drugs.d)All of the aboveAnswer: d)22The statistical discrepancy in the balance-of-payments accountsa)Arise since recordings of payments and receipts are done atdifferent times, in different places, possibly using differentmethods.b)Arise since some transactions (illegal transactio ns?) occur “offthe books”.c)Represents omitted and misrecorded transactions.d)All of the aboveAnswer: d)23Regarding the statistical discrepancy in the balance-of-payments accountsresponsible for the discrepancy.b)The sum of the balance on the capital account and the statisticaldiscrepancy is very close to the balance of the current account in magnitude.c)It tends to be positive one year and negative in others, so it’ssafe to ignore itd)a) and b)Answer: d)24When a country must make a net payment to foreigners because of a balance-of-payments deficit, the central bank of the countrya)Should do nothingb)Should run down its official reserve assets (e.g. gold, foreignexchanges, and SDRs)c)Should borrow anew from foreign central banks.d)b) or c) will workAnswer: d)25Continued U.S. trade deficits coupled with foreigners’ desire to diversify their currency holdings away from U.S. dollarsa)could further diminish the position of the dollar as the dominantreserve currencyb)could affect the value of U.S. dollar (e.g. through the currencydiversification decisions of Asian central banks)c)Could lend steam to the emergence of the euro as a credible reserved)All of the aboveAnswer: d26Currently, international reserve assets are comprised ofa)gold, platinum, foreign exchanges, and special drawing rights (SDRs)b)gold, foreign exchanges, special drawing rights (SDRs), and reservepositions in the International Monetary Fund (IMF)c)gold, diamonds, foreign exchanges, and special drawing rights (SDRs)d)reserve positions in the International Monetary Fund (IMF), only Answer: b27International reserve assets include “foreign exchanges”. These area)Special Drawing Rights (SDRs) at the IMFb)reserve positions in the International Monetary Fund (IMF)c)Foreign currency held by a country’s central bankd)None of the aboveAnswer: c28The most important international reserve asset, comprising 94 percent of the total reserve assets held by IMF member countries isa)Goldb)Foreign exchangesc)Special Drawing Rights (SDRs)d)Reserve positions in the International Monetary Fund (IMF)Answer: b29The vast majority of the foreign-exchange reserves held by centrala)Local currenciesb)U.S. dollarsc)Yend)EuroAnswer: b30The U.S. Trade Deficita)Is a capital account surplusb)Is a current account deficitc)Is both a capital account surplus and a current account deficitd)None of the aboveAnswer: c31Over the last several years the U.S. has run persistenta)Balance-of-payments deficitsb)Balance-of-payments surplusesc)Current Account deficitsd)Capital Account deficitsAnswer: c32More important than he absolute size of a country’s balance-of-payments disequilibriuma)is the nature and cause of the disequilibriumb)is whether it is a trade surplus or deficitc)is whether the local government is mercantilist or notd)Nothing is more important than he absolute size of a country’sAnswer: aThe Relationship between Balance of Payments and National Income Accounting For questions in this section, the notation isY = GNP = national incomeC = consumptionI = private investmentG = government spendingX = exportsM = imports33National income, or Gross National Product is given by:a)GNP = Y = C + I + G + X + Mb)GNP = Y = C + I + G + X – Mc)GNP = I = C + Y + G + X – Md)GNP = Y = C + I + X + M – GAnswer: b)34Which of the following is a true statement?a)BCA ≡ X – Mb)BKA ≡ X – Mc)BKA –BCA ≡ X – Md)BKA ≡ X – MAnswer a)35There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government+ (T – G). Given this, which of the following is a true statement?a)If (S –I) < 0, it implies that a country’s domestic savings isinsufficient to finance domestic investment.b) If (T –G) < 0, it implies that a country’s tax revenue isinsufficient to finance government spendingc)both a) and b) are trued)none of the aboveAnswer c)36There is an intimate relationship between a country’s B CA and how the country finances its domestic investment and pays for governmentexpenditures. This relationship is given by BCA ≡ X –M ≡ (S – I) + (T – G). Given this, which of the following is a true statement?a)If (S –I) < 0, it implies that a country’s domestic savings isinsufficient to finance domestic investment.b) If (T –G) < 0, it implies that a country’s tax revenue isinsufficient to finance government spendingc)when BCA is negative, it implies that government budget deficitsan/or part of domestic investment are being finance with foreign-controlled capitald)all of the above are trueAnswer d)37There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government+ (T – G). Given this, in order for a country to reduce a BCA deficit, which of the following must occur?a)For a given level of S and I, the government budget deficit (T – G)must be reducedb)For a given level of I and (T – G), S must be increasedc)For a given level of S and (T – G), I must falld)All of the above would work to reduce a BCA deficitAnswer d)Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:(1) A Japanese insurance company purchases U.S. Treasury bonds and paysout of its bank account kept in New York City.(2) A U.S. citizen consumes a meal at a restaurant in Paris and payswith her American Express card.(3) A Indian immigrant living in Los Angeles sends a check drawn on hisL.A. bank account as a gift to his parents living in Bombay.(4) A U.S. computer programmer is hired by a British company for consulting andgets paid from the U.S. bank account maintained by the British company.In contrast to the U.S., Japan has realized continuous current account surpluses. What could be the main causes for these surpluses? Is it desirable to have continuous current account surpluses?。

国际金融英文版习题

Chapter1 balance of paymentsBalance of Payments Accounting1Balance of paymentsa)is defined as the statistical record of a country’s international transactions over a certain periodof time presented in the form of a double-entry bookkeepingb)provides detailed information concerning the demand and supply of a country’s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the aboveAnswer: d2Generally speaking, any transaction that results in a receipt from foreignersa)Will be recorded as a debit, with a negative sign, in the U.S. balance of paymentsb)Will be recorded as a debit, with a positive sign, in the U.S. balance of paymentsc)Will be recorded as a credit, with a negative sign, in the U.S. balance of paymentsd)Will be recorded as a credit, with a positive sign, in the U.S. balance of paymentsAnswer d3 Generally speaking, any transaction that results in a payment to foreignerse)Will be recorded as a debit, with a negative sign, in the U.S. balance of paymentsf)Will be recorded as a debit, with a positive sign, in the U.S. balance of paymentsg)Will be recorded as a credit, with a negative sign, in the U.S. balance of paymentsh)Will be recorded as a credit, with a positive sign, in the U.S. balance of paymentsAnswer a)4 Suppose the McDonalds Corporation imports 100 tons of Canadian beef, paying for it by transferring the funds to a New York bank account kept by the Canadian Beef Conglomerate.i)Payment by McDonalds will be recorded as a debitj)The deposit of the funds by the seller will be recorded as a debitk)Payment by McDonalds will be recorded as a creditl)The deposit of the funds by the buyer will be creditAnswer: a5Since the balance of payments is presented as a system of double-entry bookkeeping,a)Every credit in the account is balanced by a matching debitb)Every debit in the account is balanced by a matching creditc)a) and b) are both trued)None of the aboveAnswer c)6 A country’s international transactions can be grouped into the following three main types:a)current account, medium term account, and long term capital accountb)current account, long term capital account, and official reserve accountc)current account, capital account, and official reserve accountd)capital account, official reserve account, trade accountAnswer: c7Invisible trade refers to:a)services that avoid tax paymentsb)underground economyc)legal, consulting, and engineering servicesd)tourist expenditures, onlyAnswer: c8The current account is divided into four finer categories:a)Merchandise trade, services, income, and statistical discrepancy.b)Merchandise trade, services, income, and unilateral transfersc)Merchandise trade, services, portfolio investment, and unilateral transfersd)Merchandise trade, services, factor income, and direct investmentAnswer: b9Factor incomea)Consists largely of interest, dividends, and other income on foreign investments.b)Is a theoretical construct of the factors of production, land, labor, capital, andentrepreneurial ability.c)Is generally a very minor part of national income accounting, smaller than the statisticaldiscrepancy.d)None of the aboveAnswer: aUSE THE FOLLOWING INFORMATION TO ANSWER THE NEXT TWO QUESTIONS10 The entries in the “current account” and the “capital account”, combined together, can be outlined (in alphabetic order) as:(i)- direct investment(ii)- factor income (iii)- merchandise (iv)- official transfer (v)- other capital (vi)- portfolio investment(vii)- private transfer(viii)- services11Current account includesa)(i), (ii), and (iii)b)(ii), (iii), and (vii)c)(iv), (v), and (vii)d)(i), (v), and (vi)Answer: b12Capital account includesa)(i), (ii), and (iii)b)(ii), (iii), and (vii)c)(iv), (v), and (vii)d)(i), (v), and (vi)Answer: d13The difference between Foreign Direct Investment and Portfolio Investment is that:a)Portfolio Investment mostly represents the sale and purchase of foreign financial assets such asstocks and bonds that do not involve a transfer of control.b)Foreign Direct Investment mostly represents the sale and purchase of foreign financial assetssuch as stocks whereas Portfolio Investment mostly involves the sales and purchase of foreign bonds.c)Foreign direct investment is about buying land and building factories, whereas portfolioinvestment is about buying stocks and bonds.d)All of the aboveAnswer: a14In the latter half of the 1980s, with a strong yen, Japanese firmsa)Faced difficulty exportingb)Could better afford to acquire U.S. assets that had become less expensive in terms of yen.c)Financed a sharp increase in Japanese FDI in the United Statesd)All of the aboveAnswer: d15International portfolio investments have boomed in recent years, as a result ofa) A depreciating U.S. dollarb)Increased gasoline and other commodity prices.c)The general relaxation of capital controls and regulation in many countriesd)None of the aboveAnswer: cAnswer: c)16The capital account measuresa)The sum of U.S. sales of assets to foreigners and U.S. purchases of foreign assets.b)The difference between U.S. sales of assets to foreigners and U.S. purchases of foreign assets.c)The difference between U.S. sales of manufactured goods to foreigners and U.S. purchases offoreign products.d)None of the aboveAnswer: b) page 6417When Honda, a Japanese auto maker, built a factory in Ohio,a)It was engaged in foreign direct investmentb)It was engaged in portfolio investmentc)It was engaged in a cross-border acquisitiond)None of the above.Answer: a) page 64.18The capital account may be divided into three categories:a)Cross-border mergers and acquisitions, portfolio investment, and other investmentb)Direct investment, portfolio investment, and Cross-border mergers and acquisitionsc)Direct investment, mergers and acquisitions, and other investmentd)Direct investment, portfolio investment, and other investmentAnswer: d)19When Nestlé, a Swiss firm, bought the American firm Carnation, it was engaged in foreign direct investment. If Nestlé had only bought a non-controlling number of shares of the firma)Nestlé would have been engaged in portfolio investmentb)Nestlé would have been engaged in a cross-border acquisitionc)It would depend if they bought the shares from an American or a Canadiand)None of the above.Answer: a)20Foreign direct investment (FDI) occursa)when an investor acquires a measure of control of a foreign businessb)when there is an acquisition, by a foreign entity in the U.S., of 10 percent or more of the votingshares of a businessc)with sales and purchases of foreign stocks and bonds that do not involve a transfer of controld) a and bAnswer: d21Statistical discrepancy, which by definition represents errors and omissionsa)Cannot be calculated directlyb)Is calculated by taking into account the balance-of-payments identityc)Probably has some elements that are honest mistakes, it can’t all be money la undering anddrugs.d)All of the aboveAnswer: d)22The statistical discrepancy in the balance-of-payments accountsa)Arise since recordings of payments and receipts are done at different times, in different places,possibly using different methods.b)Arise since some transactions (illegal transactions?) occur “off the books”.c)Represents omitted and misrecorded transactions.d)All of the aboveAnswer: d)23Regarding the statistical discrepancy in the balance-of-payments accountsa)There is some evidence that financial transactions may be mainly responsible for thediscrepancy.b)The sum of the balance on the capital account and the statistical discrepancy is very close to thebalance of the current account in magnitude.c)It tends to be positive one year and negative in oth ers, so it’s safe to ignore itd)a) and b)Answer: d)24When a country must make a net payment to foreigners because of a balance-of-payments deficit, the central bank of the countrya)Should do nothingb)Should run down its official reserve assets (e.g. gold, foreign exchanges, and SDRs)c)Should borrow anew from foreign central banks.d)b) or c) will workAnswer: d)25Continued U.S. trade deficits coupled with foreigners’ desire to diversify their currency holdings away from U.S. dollarsa)could further diminish the position of the dollar as the dominant reserve currencyb)could affect the value of U.S. dollar (e.g. through the currency diversification decisions of Asiancentral banks)c)Could lend steam to the emergence of the euro as a credible reserve currencyd)All of the aboveAnswer: d26Currently, international reserve assets are comprised ofa)gold, platinum, foreign exchanges, and special drawing rights (SDRs)b)gold, foreign exchanges, special drawing rights (SDRs), and reserve positions in theInternational Monetary Fund (IMF)c)gold, diamonds, foreign exchanges, and special drawing rights (SDRs)d)reserve positions in the International Monetary Fund (IMF), onlyAnswer: b27International reserve assets include “foreign exchanges”. These area)Special Drawing Rights (SDRs) at the IMFb)reserve positions in the International Monetary Fund (IMF)c)Foreign currency held by a country’s central bankd)None of the aboveAnswer: c28The most important international reserve asset, comprising 94 percent of the total reserve assets held by IMF member countries isa)Goldb)Foreign exchangesc)Special Drawing Rights (SDRs)d)Reserve positions in the International Monetary Fund (IMF)Answer: b29The vast majority of the foreign-exchange reserves held by central banks are denominated ina)Local currenciesb)U.S. dollarsc)Yend)EuroAnswer: b30The U.S. Trade Deficita)Is a capital account surplusb)Is a current account deficitc)Is both a capital account surplus and a current account deficitd)None of the aboveAnswer: c31Over the last several years the U.S. has run persistenta)Balance-of-payments deficitsb)Balance-of-payments surplusesc)Current Account deficitsd)Capital Account deficitsAnswer: c32More important than he absolute size of a country’s balance-of-payments disequilibriuma)is the nature and cause of the disequilibriumb)is whether it is a trade surplus or deficitc)is whether the local government is mercantilist or notd)Nothing is more important than he absolute size of a country’s balance-of-paymentsdisequilibriumAnswer: aThe Relationship between Balance of Payments and National Income AccountingFor questions in this section, the notation isY = GNP = national incomeC = consumptionI = private investmentG = government spendingX = exportsM = imports33National income, or Gross National Product is given by:a)GNP = Y = C + I + G + X + Mb)GNP = Y = C + I + G + X – Mc)GNP = I = C + Y + G + X – Md)GNP = Y = C + I + X + M – GAnswer: b)34Which of the following is a true statement?a)BCA ≡ X – Mb)BKA ≡ X – Mc)BKA –BCA ≡ X – Md)BKA ≡ X – MAnswer a)35There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. This relationship is given by BCA ≡ X –M ≡ (S – I) + (T – G). Given this, which of the following is a true statement?a)If (S –I) < 0, it implies that a country’s domestic savings is insufficient to finance domesticinvestment.b)If (T –G) < 0, it implies that a country’s tax revenue is insufficient to finance governmentspendingc)both a) and b) are trued)none of the aboveAnswer c)36There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. This relationship is given by BCA ≡ X –M ≡ (S – I) + (T – G). Given this, which of the following is a true statement?a)If (S –I) < 0, it implies that a country’s domestic savings is insufficient to finance domesticinvestment.b)If (T –G) < 0, it implies that a country’s tax revenue is insufficient to finance gov ernmentspendingc)when BCA is negative, it implies that government budget deficits an/or part of domesticinvestment are being finance with foreign-controlled capitald)all of the above are trueAnswer d)37There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. This relationship is given by BCA ≡ X–M ≡ (S – I) + (T – G). Given this, in order for a country to reduce a BCA deficit, which of thefollowing must occur?a)For a given level of S and I, the government budget deficit (T – G) must be reducedb)For a given level of I and (T – G), S must be increasedc)For a given level of S and (T – G), I must falld)All of the above would work to reduce a BCA deficitAnswer d)Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:(1) A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account keptin New York City.(2) A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card.(3) A Indian immigrant living in Los Angeles sends a check drawn on his L.A. bank account as a gift tohis parents living in Bombay.(4) A U.S. computer programmer is hired by a British company for consulting and gets paid fromthe U.S. bank account maintained by the British company.In contrast to the U.S., Japan has realized continuous current account surpluses. What could be the maincauses for these surpluses? Is it desirable to have continuous current account surpluses?。

国际金融英文版习题Chapter（精华版）

INTERNATIONAL FINANCEAssignment Problems (3) Name: Student#:I. Choose the correct answer for the following questions (only ONE correct answer) (2 credits for each question, total credits 2 x 25 = 50)1. Interbank quotations that include the United States dollars are conventionally given in, which state the foreign currency price of one U.S. dollar, such as a bid price of SFr 0.85/$.A. indirect quoteB. direct quoteC. American quoteD. European quote2. The spot exchange rate published in financial newspapers is usually the .A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate3. The foreign exchange refers to the .A. foreign bank notes and coinsB. demand deposits in foreign banksC. foreign securities that can be easily cashedD. all of the above4. The functions of the foreign exchange market come down to .A. converting the currency of one country into the currency of anotherB. providing some insurance against the foreign exchange riskC. making the foreign exchange speculation easyD. Only A and B are true.5. Which of the following is NOT true regarding the foreign exchange market.A. It is the place through which people exchange one currency for another.B. The exchange rate nowadays is mainly determined by the market forces.C. Most foreign exchange transactions are physically completed in this market.D. All of the above are true.6. The world largest foreign exchange markets are respectively.A. London, New York and TokyoB. London, Paris and FrankfurtC. London, Hong Kong and SingaporeD. London, Zurich and Bahrain7. The foreign exchange market is NOT efficient because .A. monetary authorities dominate the foreign exchange market and everybody knows that by definition, central banks are inefficientB. commercial banks and other participants of the market do not compete with one another due to the fact that transaction takes place around the world and not in a single centralized locationC. foreign exchange dealers have different prices such as bid and ask pricesD. None of the reasons listed are correct because the foreign exchange market is an efficient market8. earn a profit by a bid-ask spread on currencies they buy and sell.on the other hand, earn a profit by bringing together buyers and sellers of foreign exchanges and earning a commission on each sale and purchase.A. Foreign exchange brokers; foreign exchange dealersB. Foreign exchange dealers; foreign exchange brokersC. arbitragers; speculatorsD. commercial banks; central banks9. Most foreign exchange transactions are through the U.S. dollars. If the transaction is expressed as the currencies per dollar, this is known as whereas are expressed as dollars per currency.A. direct quote; indirect quoteB. indirect quote; direct quoteC. European quote; American quoteD. American quote, European quote10. From the viewpoint of a Japanese investor, which of the following would be a direct quote..B. .C. ￥110/.D. . ￥11. Which of the following is true about the foreign exchange market.A. It is a global network of banks, brokers, and foreign exchange dealers connected by electronic communications system.B. The foreign exchange market is usually located in a particular place.C. The foreign exchangerates are usually determined by the related monetary authorities.D. The main participants in this market are currency speculatorsfrom different countries.12. The extent to which the income from individual transactions is affected by fluctuations in foreign exchange values is considered to be .A. Translation exposureB. economic exposureC. transaction exposureD. accounting exposure13. Which of the following exchange rates is adjusted for price changes.A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate14. Suppose the exchange rate of the RMB versus U.S. dollar is ￥6.8523/$ n RMB were to undergo a 10% depreciation, the new exchange rate in terms ofbe:A. B. C. D.15. At least in a U.S. MNC’s financial accounting statement, if the value of the euro depreciatesrapidly againstthat of the dollar over a year, this would reducethe dollarvalue of the euro profit made by the European subsidiary. This is a typical .A. transaction exposureB. translation exposureC. economic exposureD. operating exposure16. A Japanese-based firm expects to receive pound-payment in 6 months. The companyhas a (an) .A. economic exposureB. accounting exposureC. long position in sterlingD. short position in sterling17 The exposure to foreign exchangerisk known as Translation Exposure may bedefined as .A. change in reported owne’r s equity in consolidated financial statements caused bya change in exchange ratesB. the impact of settling outstanding obligations entered into before change in exchange rates but to be settled after change in exchange ratesC. the changein expectedfuture cashflows arisingfrom an unexpectedchangein exchange ratesD. All of the above18 When a firm deals with foreign trade or investment, it usually has foreignexchange risk exposure. So if an American firm expects to receive a dollar-payment from a Chinese company in the next 30 days, the U.S. firm has the possible .A. economic exposureB. transaction exposureC. translation exposureD. none of the above19. In order to avoid the possible loss because of the exchange rate fluctuations, a firm that has a position in foreign exchanges can that position in the forward market.A. short; sellB. long; sellC. long; buyD. none of the above20. A forward contract to deliver Japaneseyens for Swissfrancs could be describedeither as or ,A. selling yens forward; buying francs forwardB. buying francs forward; buying yens forwardC. selling yens forward; selling francs forwardD. selling francs forward; buying yens forwardSFr/$21. Dollars are trading at S0=SFr0.7465/$ in the spot market. The 90-dayforwardSFr/$rate is F1=SFr0.7432/$. So the forward on the dollar in basis points is :A. discount,B. discount, 33C. premium,D. premium, 3322. If the spot rate is /. , 3-month forward rate is6./, which of the following is NOT true.A. euro is at forward premium by 100 points.B. dollar is at forward discount by 100 points.C. dollar is at forward discount by 55 points.D. euro is at forward premium by 2.96% p.a.23. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the outright forward quote in American term should be .A. –B. –C. ––24. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the $/C$ forward quote in terms of points should be .A. 30/25B. 25/30C. –(23/28)D. –(28/23)25. The current U.S. dollar exchange rate is￥85/$. If the 90-day forward dollar rate is ￥90/$, then the yen is selling at a per annum of .A. premium; 5.88%B. discount; 5.56%C. premium; 23.52%D. discount; 22.23%II. ProblemsQuestions1through10are based on the information presented in Table 3.1(2.credits for each question, total credits 2 x 10 = 20)TableCountry Exchange rate(2021) Exchange rate CPI Volume of Volume ofimports from U.S.(2021) (2021)Germany Mexico U.S.. 0.75/$Mex$11.8/$. 0.70/$Mex$12.20/$$200m$120m$350m$240m1. The real exchange rate of the dollar against the euro in 2021 was .2. The real exchange rate of the dollar against the peso in 2021 was .3. The dollar was against the euro in nominal term by .A. appreciated; 6.67%B. depreciated; 6.67%C. appreciated; 7.14%D depreciated; 7.14%4. The Mexican peso was against the dollar in nominal term by.A. appreciated; 3.39%B. depreciated; 3.39%C. appreciated; 3.28%D. depreciated; 3.28%5. The volume of the German foreign trade with the U.S. was .6. The volume of the Mexican foreign trade with the U.S. was .7. Assume the U.S. trades only with the Germany and Mexico. Now if we want to calculate the dollar effective exchange rate in 2021 against a basket of currencies of euroand Mexican peso, the weight assigned to the euro should be .8. The weight assigned to the peso should be .9. Assumethe 2021 is the baseyear. The dollar effective exchangerate in 2021 was.10. Was the dollar generally stronger or weaker in 2021 according to your calculation.11. The following exchange rates are available to you.Fuji Bank ￥80.00/$United Bank of Switzerland SFr0.8900/$Deutsche Bank ￥Assume you have an initial SFr10 million. Can you make a profit via triangular arbitrage. If so, show steps and calculate the amount of profit in Swiss fra n8cs c.r e(dit s)12. If the dollar appreciates 1000% against the ruble, by what percentage does the ruble depreciate against the dolla(r5. credits)13. As a percentage of an arbitrary starting amount, about how large would transactions costs have to be to make arbitrage between the exchange rat e S s Fr/$S= SFr1.7223/$, S$/￥￥/SFr= ￥, and S = ￥unprofitable. Explain(.7 credits14. You are given the following exchange rates:￥/A$S = 67.05 –￡/A$S –￥/ ￡Calculate the bid and ask rate of S : (5 credits)15.Suppose the spot quotation on the Swiss franc (CHF) in New York is4–42–68. Compute the percentage bid-ask spreads on the CHF/EUR quo t(e5. credits)Answers to Assignment Problems (3)Part I1. D2. A3. D4. D5. D6. A7. D8. B9. C 10. C11. A 12. A 13. B 14. D 15. B16. C 17. A 18. D 19. B 20. A21. B 22. B 23. C 24. C 25. D Part II1. 0.70 x (105.3/102.5) = 0.7 x 1.0273 =2. 12.2 x (105.3/110.5) = 12.2 x .9529 =3. B (0.7 /.75)–1 = -6.67%4. D (1/12.2)/(1/11.8) –1 = -3.28%5. 5506. 3607. 550/910 = 60.44%8. 360/910 =9. (0.70/0.75)(60.44%) + (12.2/11.8)(39.56%) = .5641 + 0.4090 = .9731 = 97.31%10. weaker, because dollar depreciated by 2.69%.￥/$ $/SFr SFr/ ￥11. Since S S S = 0.946186< 1, there is an arbitrage opportunity.Steps: ①Buy ￥from Deutsche Bank, SFr10 million x =￥950million② m③ mProfit (ignoring transaction fees):–SFr10 = 0.56875 million = 568,75012. (x–1) = 1000%; 1/11 –1 = 90.9%13. S SFr/$ S$/ ￥S￥/SFr = SFr1.7223/$ x x￥￥F=rIf transaction costs exceed $0.0326 (3.26%), the arbitrage is unprofitable.￥/A$14. Given: S = –￡/A$S –￥/.(bid)￡/.(ask)15. Given: –52/SFr–68/SFrSo, S SRr/ . (bid)S SFr/ . (ask)Bid-ask margin = –1.424) / 1.4264 = 0.1683%。

国际金融英文版习题

Chapter1 balance of paymentsBalance of Payments Accounting1Balance of paymentsa)is defined as the statistical record of a country’s international transactions over acertain period of time presented in the form of a double-entry bookkeepingb)provides detailed information concerning the demand and supply of a country’scurrencyc)can be used to evaluate the performance of a country in international economiccompetitiond)all of the aboveAnswer: d2Generally speaking, any transaction that results in a receipt from foreignersa)Will be recorded as a debit, with a negative sign, in the U.S. balance of paymentsb)Will be recorded as a debit, with a positive sign, in the U.S. balance of paymentsc)Will be recorded as a credit, with a negative sign, in the U.S. balance ofpaymentsd)Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Answer d3 Generally speaking, any transaction that results in a payment to foreignerse)Will be recorded as a debit, with a negative sign, in the U.S. balance of paymentsf)Will be recorded as a debit, with a positive sign, in the U.S. balance of paymentsg)Will be recorded as a credit, with a negative sign, in the U.S. balance ofpaymentsh)Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Answer a)4 Suppose the McDonalds Corporation imports 100 tons of Canadian beef, paying for it by transferring the funds to a New York bank account kept by the Canadian Beef Conglomerate.i)Payment by McDonalds will be recorded as a debitj)The deposit of the funds by the seller will be recorded as a debitk)Payment by McDonalds will be recorded as a creditl)The deposit of the funds by the buyer will be creditAnswer: a5Since the balance of payments is presented as a system of double-entry bookkeeping,a)Every credit in the account is balanced by a matching debitb)Every debit in the account is balanced by a matching creditc)a) and b) are both trued)None of the aboveAnswer c)6 A country’s international transactions can be grouped into the following threemain types:a)current account, medium term account, and long term capital accountb)current account, long term capital account, and official reserve accountc)current account, capital account, and official reserve accountd)capital account, official reserve account, trade accountAnswer: c7Invisible trade refers to:a)services that avoid tax paymentsb)underground economyc)legal, consulting, and engineering servicesd)tourist expenditures, onlyAnswer: c8The current account is divided into four finer categories:a)Merchandise trade, services, income, and statistical discrepancy.b)Merchandise trade, services, income, and unilateral transfersc)Merchandise trade, services, portfolio investment, and unilateral transfersd)Merchandise trade, services, factor income, and direct investment Answer: b9Factor incomea)Consists largely of interest, dividends, and other income on foreigninvestments.b)Is a theoretical construct of the factors of production, land, labor, capital,and entrepreneurial ability.c)Is generally a very minor part of national income accounting, smaller thanthe statistical discrepancy.d)None of the aboveAnswer: aUSE THE FOLLOWING INFORMA TION TO ANSWER THE NEXT TWO QUESTIONS10 The entries in the “current account” and the “capital account”, combined together, can be outlined (in alphabetic order) as:(i)- direct investment (ii)- factor income (iii)- merchandise (iv)- official transfer (v)- other capital(vi)- portfolio investment (vii)- private transfer (viii)- services11Current account includesa)(i), (ii), and (iii)b)(ii), (iii), and (vii)c)(iv), (v), and (vii)d)(i), (v), and (vi) Answer: b12Capital account includesa)(i), (ii), and (iii)b)(ii), (iii), and (vii)c)(iv), (v), and (vii)d)(i), (v), and (vi)Answer: d13The difference between Foreign Direct Investment and Portfolio Investment is that:a)Portfolio Investment mostly represents the sale and purchase of foreign financialassets such as stocks and bonds that do not involve a transfer of control.b)Foreign Direct Investment mostly represents the sale and purchase of foreignfinancial assets such as stocks whereas Portfolio Investment mostly involves thesales and purchase of foreign bonds.c)Foreign direct investment is about buying land and building factories, whereasportfolio investment is about buying stocks and bonds.d)All of the aboveAnswer: a14In the latter half of the 1980s, with a strong yen, Japanese firmsa)Faced difficulty exportingb)Could better afford to acquire U.S. assets that had become less expensive interms of yen.c)Financed a sharp increase in Japanese FDI in the United Statesd)All of the aboveAnswer: d15International portfolio investments have boomed in recent years, as a result ofa) A depreciating U.S. dollarb)Increased gasoline and other commodity prices.c)The general relaxation of capital controls and regulation in many countriesd)None of the aboveAnswer: cAnswer: c)16The capital account measuresa)The sum of U.S. sales of assets to foreigners and U.S. purchases of foreignassets.b)The difference between U.S. sales of assets to foreigners and U.S. purchases offoreign assets.c)The difference between U.S. sales of manufactured goods to foreigners and U.S.purchases of foreign products.d)None of the aboveAnswer: b) page 6417When Honda, a Japanese auto maker, built a factory in Ohio,a)It was engaged in foreign direct investmentb)It was engaged in portfolio investmentc)It was engaged in a cross-border acquisitiond)None of the above.Answer: a) page 64.18The capital account may be divided into three categories:a)Cross-border mergers and acquisitions, portfolio investment, and otherinvestmentb)Direct investment, portfolio investment, and Cross-border mergers andacquisitionsc)Direct investment, mergers and acquisitions, and other investmentd)Direct investment, portfolio investment, and other investmentAnswer: d)19When Nestlé, a Swiss firm, bought the American firm Carnation, it was engaged in foreign direct investment. If Nestlé had only bought a non-controlling number ofshares of the firma)Nestlé would have been engaged in portfolio investmentb)Nestlé would have been engaged in a cross-border acquisitionc)It would depend if they bought the shares from an American or a Canadiand)None of the above.Answer: a)20Foreign direct investment (FDI) occursa)when an investor acquires a measure of control of a foreign businessb)when there is an acquisition, by a foreign entity in the U.S., of 10 percent ormore of the voting shares of a businessc)with sales and purchases of foreign stocks and bonds that do not involve atransfer of controld) a and bAnswer: d21Statistical discrepancy, which by definition represents errors and omissionsa)Cannot be calculated directlyb)Is calculated by taking into account the balance-of-payments identityc)Probably has some elements that are honest mistakes, it can’t all be moneylaundering and drugs.d)All of the aboveAnswer: d)22The statistical discrepancy in the balance-of-payments accountsa)Arise since recordings of payments and receipts are done at different times, indifferent places, possibly using different methods.b)Arise since some transactions (illegal transactions?) occur “off the books”.c)Represents omitted and misrecorded transactions.d)All of the aboveAnswer: d)23Regarding the statistical discrepancy in the balance-of-payments accountsa)There is some evidence that financial transactions may be mainly responsible forthe discrepancy.b)The sum of the balance on the capital account and the statistical discrepancy isvery close to the balance of the current account in magnitude.c)It tends to be positive one year and negative in others, so it’s safe to ignore itd)a) and b)Answer: d)24When a country must make a net payment to foreigners because of a balance-of-payments deficit, the central bank of the countrya)Should do nothingb)Should run down its official reserve assets (e.g. gold, foreign exchanges, andSDRs)c)Should borrow anew from foreign central banks.d)b) or c) will workAnswer: d)25Continued U.S. trade deficits coupled with foreigners’ desire to diversify their currency holdings away from U.S. dollarsa)could further diminish the position of the dollar as the dominant reserve currencyb)could affect the value of U.S. dollar (e.g. through the currency diversificationdecisions of Asian central banks)c)Could lend steam to the emergence of the euro as a credible reserve currencyd)All of the aboveAnswer: d26Currently, international reserve assets are comprised ofa)gold, platinum, foreign exchanges, and special drawing rights (SDRs)b)gold, foreign exchanges, special drawing rights (SDRs), and reserve positions inthe International Monetary Fund (IMF)c)gold, diamonds, foreign exchanges, and special drawing rights (SDRs)d)reserve positions in the International Monetary Fund (IMF), onlyAnswer: b27International reserve assets include “foreign exchanges”. These area)Special Drawing Rights (SDRs) at the IMFb)reserve positions in the International Monetary Fund (IMF)c)Foreign currency held by a country’s central bankd)None of the aboveAnswer: c28The most important international reserve asset, comprising 94 percent of the total reserve assets held by IMF member countries isa)Goldb)Foreign exchangesc)Special Drawing Rights (SDRs)d)Reserve positions in the International Monetary Fund (IMF)Answer: b29The vast majority of the foreign-exchange reserves held by central banks are denominated ina)Local currenciesb)U.S. dollarsc)Yend)EuroAnswer: b30The U.S. Trade Deficita)Is a capital account surplusb)Is a current account deficitc)Is both a capital account surplus and a current account deficitd)None of the aboveAnswer: c31Over the last several years the U.S. has run persistenta)Balance-of-payments deficitsb)Balance-of-payments surplusesc)Current Account deficitsd)Capital Account deficitsAnswer: c32More important than he absolute size of a country’s balance-of-payments disequilibriuma)is the nature and cause of the disequilibriumb)is whether it is a trade surplus or deficitc)is whether the local government is mercantilist or notd)Nothing is more important than he absolute size of a country’sbalance-of-payments disequilibriumAnswer: aThe Relationship between Balance of Payments and National Income AccountingFor questions in this section, the notation isY = GNP = national incomeC = consumptionI = private investmentG = government spendingX = exportsM = imports33National income, or Gross National Product is given by:a)GNP = Y = C + I + G + X + Mb)GNP = Y = C + I + G + X – Mc)GNP = I = C + Y + G + X – Md)GNP = Y = C + I + X + M – GAnswer: b)34Which of the following is a true statement?a)BCA ≡ X – Mb)BKA ≡ X – Mc)BKA –BCA ≡ X – Md)BKA ≡ X – MAnswer a)35There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. Thisrelationship is given by BCA ≡ X –M ≡ (S – I) + (T – G). Given this, which of thefollowing is a true statement?a)If (S –I) < 0, it implies that a country’s domestic savings is insufficient tofinance domestic investment.b)If (T –G) < 0, it implies that a country’s tax reven ue is insufficient to financegovernment spendingc)both a) and b) are trued)none of the aboveAnswer c)36There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. Thisrelationship is given by BCA ≡ X –M ≡ (S – I) + (T – G). Given this, which of thefollowing is a true statement?a)If (S –I) < 0, it implies that a country’s domestic savings is insufficient tofinance domestic investment.b)If (T – G) < 0, it implies that a country’s tax revenue is insufficient to financegovernment spendingc)when BCA is negative, it implies that government budget deficits an/or part ofdomestic investment are being finance with foreign-controlled capitald)all of the above are trueAnswer d)37There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. Thisrelationship is given by BCA ≡ X –M ≡ (S – I) + (T – G). Given this, in order for acountry to reduce a BCA deficit, which of the following must occur?a)For a given level of S and I, the government budget deficit (T – G) must bereducedb)For a given level of I and (T – G), S must be increasedc)For a given level of S and (T – G), I must falld)All of the above would work to reduce a BCA deficitAnswer d)Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:(1) A Japanese insurance company purchases U.S. Treasury bonds and pays out of itsbank account kept in New York City.(2) A U.S. citizen consumes a meal at a restaurant in Paris and pays with her AmericanExpress card.(3) A Indian immigrant living in Los Angeles sends a check drawn on his L.A. bankaccount as a gift to his parents living in Bombay.(4) A U.S. computer programmer is hired by a British company for consultingand gets paid from the U.S. bank account maintained by the British company.In contrast to the U.S., Japan has realized continuous current account surpluses. Whatcould be the main causes for these surpluses? Is it desirable to have continuous current account surpluses?。

(完整word版)国际金融题库(英文版)

Multiple-choice test(only one is correct):1. Gresham’s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, it will be themore valuable of the two metals that circulate.d)None of the above.2. Balance of paymentsa)is defined as the statistical record of a country’s international transactions over a certain period oftime presented in the form of a double-entry bookkeepingb)provides detailed information concerning the demand and supply of a country’s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the above3. If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market, ceterisparibus.b)One can infer that the U.S. dollar would be under pressure to depreciate against other currenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/£ and the three-month forward rate is $1.50/£. You enter into a short position on £1,000. At maturity, the spot exchange rate is $1.60/£. How much have you made or lost?a)Lost $100b)Made £100c)Lost $50d)Made $1505. The sensitivity of “realized” domestic currency values of the firm’s contractual cash flows denominated in foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6. Three days ago, you ente red into a futures contract to sell €62,500 at $1.20 per €. Over the past three days the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per € or $2,500b)Made $0.04 per € or $2,500c)Lost $0.06 per € or $3,750d)None of the above7. A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8. Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is$1.20/€, and the one-year forward exchange rate is $1.16/€. What must one-year interest rate be in the euro zone?a) 5.0%b) 1.09%c)8.62%d)None of the above.9. Suppose the spot ask exchange rate, S a($|£), is $1.90 = £1.00 and the spot bid exchange rate, S b($|£), is $1.89 = £1.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be “eaten” by the bid-ask spread?a)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810. Under the gold standard, international imbalances of payment will be corrected automatically under thea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11. With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you make moneycoming and goingc)You should spend at least as much time working the hedge as working the underlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing “forward” and “futures” exchange contracts, we can say that:a)They are both “marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchase or sale:futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders and is traded onorganized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC.d)b) and c)13. An “option” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell a given quantityof an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell a givenquantity of an asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14. Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm’s contractual cash flowsdenominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changes in exchangeratec)the potential that the firm’s consolidated financial statement can be affected by changes inexchange ratesd)ex post and ex ante currency exposures15. Under a purely flexible exchange rate systema) Supply and demand set the exchange ratesb) Governments can set the exchange rate by buying or selling reservesc) Governments can set exchange rates with fiscal policyb) and c) are correct.。

国际金融中英文版(带解析)

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 that country for a period of time.b.All flows of value between that c ountry‟s residents and residents of the rest of theworld during a period of time.在一定时间段里,一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country‟s borders during a period of time.d.All flows of goods into that country during a period of time.2. A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid.一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to a foreigner.3.Every international exchange of value is entered into the balance-of-payments accounts__________ time(s). 每一次国际等价交换都记进国际收支帐户２次 Ba. 1b. 2c. 3d. 44. A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay.一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of the following items is always recorded as apositive 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 and omissions.7.Which of the following capital transactions are entered as debits in the U.S. balance ofpayments? 下列哪个资本交易在美国的收支平衡中当作借项？Ba. A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland)to his account at a San Francisco branch of Wells Fargo Bank.b. A French resident transfers $100 from his account at Wells Fargo Bank in SanFrancisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c. A U.S. resident sells his IBM stock to a French resident.d. A U.S. resident sells his Credit Suisse stock to a French resident.8.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.9.___A_______ are money-like assets that are held by governments and that are recognized bygovernments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets10.Which of the following is considered a capital inflow? 下列哪项被视为资本流入Aa. A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家b. A loan from a U.S. bank to a foreign borrower.c. A purchase of foreign financial assets by a U.S. buyer.d. A U.S. citizen‟s repayment of a loan from a foreign bank.11.In a country‟s balance of payments, which of the following transactions 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 are decreased.外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents are decreased.c.Assets owned by domestic residents are sold to nonresidents.d.Securities are sold by domestic residents to nonresidents.12.The role of ___D_______ is to direct one nation‟s savings into another nation‟s investments:资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows资金流13.The net value of flows of goods, services, income, and unilateral transfers is called the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba.Capital account.b.Current account.经常账目（户）c.Trade balance.d.Official reserve balance.14.The net value of flows of financial assets and similar claims (excluding official internationalreserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫 Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括：Ba.Everything in the current account.b.U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.ＡU.S. resident increasing her holdings of a foreign financial asset causes a: 一个美国居民增持一外国金融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account.美国资本帐的借帐17.A foreign resident increasing her holdings of a U.S. financial asset causes a: 一个美国居民增持本国一金融资产会引起 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18.A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasing imports.19.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion,and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficitin:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.The balance of payments.b.The financial account.c.The current account.经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reduction on imported goods.b.The United States cuts back on American military personnel stationed in Japan.美国削减在日本的军事人员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in the United States.21.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b. A Chinese businessman imports Ford automobiles from the United States.c. A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chinese to play an exhibitiongame in Beijing, China.22.If a British business buys U.S. government securities, how will this be entered in the balanceof payments? 如果一英国商人购买了美国政府的债券,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 increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decrease in U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 Aa.Ensure that the sum of all debits matches the sum of all credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-payments deficit.d.Obtain an accurate account of a balance-of-payments surplus.24.Official reserve assets are: 官方储备资产是 Ba.The gold holdings in the nation‟s central bank.b.Money like assets that are held by governments and that are recognized bygovernments 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ernment T-bills and T-bonds.ernment holdings of SDR‟s25.Which of the following constitutes the largest component of the world‟s international reserveassets? 下列哪项构成了世界国际储备资产的大部份？ Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies.外汇（币）26.The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于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 service trade, international incomepayments and receipts and international transfers.28.The ___C_______ measures the sum of the current account balance plus the private capitalaccount balance.官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is an accumulation of official reserve assetsby the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=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 NOT equal to? 以下哪项不等同于现金帐 Da.The difference between domestic product and domestic expenditure.b.The difference between national saving and domestic investment. foreign investment.d.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, and gifts is the current account balance.(T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims is the private current account balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets are now foreign exchange assets, financialassets denominated in a foreign currency that is readily acceptable in internationaltransactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35.A country's financial account balance equals the country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资36.A country has a current account deficit if it is saving more than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of the capital account balance plus thepublic current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38.A nation's international investment position shows its stock of international assets andliabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39.A nation is a borrower if its current account is in deficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）41.A transaction leading to a foreign resident increasing her holdings of a U.S. financial assetwill be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42.A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently often used in official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the difference between domestic product and nationalexpenditure.(T)经常项目余额等于国民生产与国民支出的差额45.In 2007 U.S. households, businesses and government were buying more goods and servicesthan 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。

国际金融中英文版(带解析)

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 that country for a periodof time.b.All flows of value between that c ountry’s residents and residents of the restof the world during a period of time。

在一定时间段里，一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country’s borders during a periodof time.d.All flows of goods into that country during a period of time。

2.3. A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid。

一个国家必须收取的条款b.An item for which the country must pay。

c.Any imported item。

d.An item that creates a monetary claim owed to a foreigner。

4.Every international exchange of value is entered into the balance—of—paymentsaccounts __________ time(s）。

英文版国际金融试题和答案

Part Ⅰ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分分，答错不扣分1. 1. If If If perfect perfect perfect markets markets markets existed, existed, existed, resources resources resources would would would be be be more more more mobile mobile mobile and and and could could could therefore therefore therefore be transferred be transferred to to those those countries more willing to pay a high price for them. ( T ) 2. The forward contract can h edge hedge hedge future receivables future receivables or or payables payables payables in in in foreign currencies to foreign currencies to i nsulate insulate insulate the the the firm firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. 7. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage is is is plausible plausible plausible when when when the the the forward forward forward premium premium premium reflect reflect reflect the the the interest interest interest rate rate rate differential differential between two countries specified by the interest rate parity formula. ( F ) 8． The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) Part Ⅱ:Cloze (20%)每题2分，答错不扣分分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. 3. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage involves involves involves the short-term the short-term investment investment in in in a a a foreign foreign foreign currency currency currency that that that is covered is covered by by a a ( forward contract ) to sell that currency when the investment matures. 4. （ Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. 6. IFE IFE IFE is is is based based based on on on nominal nominal nominal interest interest interest rate rate rate ( ( differentials ), ), which which which are are are influenced influenced influenced by by by expected expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( ( value ) will be affected. 8. 8. The The The option option option writer writer writer is is is obligated obligated obligated to to to buy buy buy the the the underlying underlying underlying commodity commodity commodity at at at a a a stated stated stated price price price if if if a a a ( ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. 10. Any Any Any good good good secondary secondary secondary market market market for for for finance finance finance instruments instruments instruments must must must have have have an an an efficient efficient efficient clearing clearing clearing system. system. system. Most Most Eurobonds are cleared through either ( Euroclear ) or Cedel. Part Ⅲ :Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given Given this this this information, information, information, is is is locational locational locational arbitrage arbitrage arbitrage possible? possible? If If so, so, so, explain explain explain the the the steps steps steps involved involved involved in in in locational locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Y es! 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. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in two years if if the the the United United United Kingdom Kingdom Kingdom experiences experiences experiences an an an inflation inflation inflation rate rate rate of of of 7 7 7 percent percent percent per per per year year year while while while the the the United United United States States experiences an inflation rate of 2 percent per year?(10%) ANSWER: According to PPP , forward rate/spot=indexdom/indexfor the exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 × [1 + (–.047)] = $1.8107 3. 3. Assume Assume Assume that that that the spot the spot exchange exchange rate rate rate of the of the Singapore Singapore dollar dollar dollar is is is $0.70. $0.70. The The one-year one-year one-year interest interest interest rate rate rate is is is 11 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%) (5%) ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf) $.70 × (1 + .04) = $0.728 4. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%) ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be be received received received could could could be be be used used used to to to pay pay pay off off off the the the loan. loan. This This amounts amounts amounts to to to (100,000/1.02) (100,000/1.02) (100,000/1.02) = = = about about about S$98,039, which S$98,039, which could could be be be converted converted converted to to to about about about $49,020 $49,020 $49,020 and and and invested. invested. The The borrowing borrowing borrowing of of of Singapore Singapore Singapore dollars dollars dollars has has has offset offset offset the the transaction exposure due to the future receivables in Singapore dollars. 5. 5. A A U.S. company ordered ordered a a a Jaguar Jaguar Jaguar sedan. In sedan. In 6 6 months , months , it will pay pay ££30,000 30,000 for for for the the the car. car. car. It It worried worried that that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 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)If the £ rose to $1.92 in 6 months, the U.S. company would rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is $1.90 + $0.023 = $1.9230/£This is bigger than $1.92. So hedging in the options market is not better. (2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate , hedging or not doesn’t matter. So, the exchange rate =$1.923/£. 6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%) textbook page50 答案以教材第50 页为准页为准P AR T Ⅳ: Diagram(10%) The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call option Solution: Following diagram shows the profit and loss potential, and the break-even price of this put option: P AR T Ⅴ:Additional Question Suppose Suppose that that that you you you are are are expecting expecting expecting revenues revenues revenues of of of Y Y 100,000 100,000 from from from Japan Japan Japan in in in one one one month. month. Currently, Currently, 1 1 1 month month forward contracts are trading at $1 = $105 Y en. Y ou have the following estimate of the Y en/$ exchange rate in one month. Price Probability 90 Y en/$ 4% 95 Y en/$ 25% 100 Y/$ 45% 105 Y en/$ 20% 110 Y en/$ 6% a) What position in forward contracts would you take to hedge your exchange risk? b) Calculate the expected value of the hedge. c) How could you replicate this hedge in the money market? Y ou are expecting revenues of Y100,000 in one month that you will need to covert to dollars. Y ou could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Y en). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to be Y100,000/ 105 = $952 On the other hand, you can wait and use the spot markets. Exchange Rate Probability Revenue w/Hedge Revenue w/out Hedge V alue of Hedge 90 Y/$ 4% $1,111 $952 -$159 95 Y/$ 25% $1,052 $952 -$100 100 Y/$ 45% $1,000 $952 -$48 105 Y/$ 20% $952 $952 $0 110 Y/$ 6% $909 $952 $43 Expected V alue = (.02)(-159) + (.25)(-100) + (.45)(-48) + (.20)(0) + (.08)(43) = -$24 Y ou could replicate this hedge by using the following: a) Borrow in Japan b) Convert the Y en to dollars c) Invest the dollars in the US d) Pay back the loan when you receive the Y100,000 。

国际金融英文版(全)

International financial markets
Eurocurrency markets International debts markets-long-term global bonds/foreign bonds/eurobonds/special types of bonds Short-and medium-term debt markets Euro-commercial paper and euro-medium-term notes/floating rate euro-notes International equities
Non-bank financial institutions in global finance International financial markets International derivatives exchange-traded International non-exchange traded derivatives
the balance of payment
3.the theories of foreign exchange rate determination 4.foreign exchange exposure
4.nonexchange traded derivatives
Inventory of international financial resources Yu feng yao

Foreign bonds-foreign bonds are issued in local market by a foreign borrower,with the assistance of a large investment bankers,and are denominated in a local currency. Eurobonds-eurobonds are financed by long-term funds in the Eurocurrency markets.They are underwritten by a multinational syndicate of banks and placed in countries other than the one in whose currency they are denominated.

国际金融中英文版答案)【精选文档】

国际金融中英文版Chapter 2:Payments among NationsSingle—Choice Questions1.A country's balance of payments records：一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from that countryfor a period of time。

b.All flows of value between that country's residents and residentsof the rest of the world during a period of time。

在一定时间段里,一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country’s bordersduring a period of time.d.All flows of goods into that country during a period of time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid.一个国家必须收取的条款b.An item for which the country must pay。

c.Any imported item.d.An item that creates a monetary claim owed to a foreigner.3.Every international exchange of value is entered into thebalance—of-payments accounts __________ time（s）。

国际金融复习资料英文版

国际金融复习资料英文版International Finance Revision Material - English VersionInternational finance is a field of study that deals with money management and economic activities that take place between nations. It is a crucial component of global trade, as it enables businesses and individuals to conduct transactions across borders and make decisions that impact the world economy. This revision material aims to provide an overview of the fundamental concepts and principles of international finance.1. Exchange RatesExchange rates refer to the value of one currency expressed in terms of another currency. Exchange rates play a significant role in international finance because they affect the competitiveness of a country's exports and also the cost of imports. There are different types of exchange rates, including the fixed exchange rate system, the floating exchange rate system, and the managed floating exchange rate system.2. Balance of PaymentsThe balance of payments is a record of all financial transactions between a country and the rest of the world. It comprises the current account, the capital account, and the financial account. The current account records transactionsrelated to trade in goods and services, while the capital account records transactions related to capital flows, such as foreign investment. The financial account records transactions related to the purchase and sale of financial assets.3. International Capital MarketsInternational capital markets are financial markets where individuals, institutions, and governments can buy and sell financial assets across national borders. Examples of international capital markets include the foreign exchange market, the bond market, and the stock market. These markets facilitate the flow of capital across borders, allowing investors to diversify their portfolios and businesses to access funding from global sources.4. International Monetary SystemThe international monetary system is the framework within which countries conduct transactions and manage their currencies. There are different international monetary systems in history, including the gold standard, the Bretton Woods system, and the floating exchange rate system. The current international monetary system is a managed floating exchange rate system, where exchange rates are determined by market forces but may be influenced by government intervention.5. International TradeInternational trade refers to the exchange of goods and services across borders. International trade is essential foreconomic growth and development because it allows countries to access resources and markets that they do not have domestically. However, international trade can also create imbalances in trade flows, leading to trade deficits or surpluses.6. International Negotiations and AgreementsInternational negotiations and agreements are crucial for maintaining stability and promoting cooperation in international finance. Examples of international negotiations and agreements include the World Trade Organization (WTO), the International Monetary Fund (IMF), and the European Union (EU). These organizations facilitate international trade, promote stable exchange rates, and provide financial assistance to countries in need.In conclusion, understanding the fundamental concepts and principles of international finance is crucial for anyone interested in global trade and economics. This revision material provides a broad overview of the topics covered in international finance and is a useful resource for students, researchers, and professionals in the field. By familiarizing themselves with these concepts, individuals can make informed decisions about international finance and contribute to the stability and growth of the global economy.。

（完整word版）国际金融题库（英文版）.doc

（完整word版）国际⾦融题库（英⽂版）.doc Multiple-choice test(only one is correct):1.Gresham’ s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, it will be themore valuable of the two metals that circulate.d)None of the above.2.Balance of paymentsa) is defined as the statistical record of a country’ s international transactions over a certain period oftime presented in the form of a double-entry bookkeepingb) provides detailed information concerning the demand and supply of a country’ s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the above3.If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus.b)One can infer that the U.S. dollar would be under pressure to depreciate against other currenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/ and the three-￡month forward rate is $1.50/. You enter into￡ a short position on 1,000￡.At maturity, the spot exchange rate is $1.60/. How much have￡ you made or lost?a) Lost $100b) Made ￡100c) Lost $50d) Made $1505. The sensitivity of“ realized” domestic currency values of the firm denomi’scontractualated cash flowsin foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6.Three days ago, you ente red into a futures contract to sell ?62,500 at $1.20 per ?. Over the past three days the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per ? or $2,500b)Made $0.04 per ? or $2,500c)Lost $0.06 per ? or $3,750d)None of the above7.A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8.Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is$1.20/?, and the one -year forward exchange rate is $1.16/?. What must one -year interest rate be in the euro zone?a) 5.0%b) 1.09%c) 8.62%d) None of the above.a b$1.89 =1￡.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be“ eaten-ask”spread?bythe bida)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810.Under the gold standard, international imbalances of payment will be corrected automatically underthea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11.With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you make money comingand goingc)You should spend at least as much time working the hedge as working the underlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing“ forward” and“ futures” exchange contracts, we can say that:a)They are both“ marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchase or sale:futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders and is traded on organized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC.d)b) and c)13.An “ option ” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell a given quantityof an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell a given quantity of an asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14.Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm ’contractuals cash flows denominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changes in exchange ratec) the potential that the firm ’consolidated financial statement can be affected by changes in exchange ratesd)ex post and ex ante currency exposures15.Under a purely flexible exchange rate systema)Supply and demand set the exchange ratesb)Governments can set the exchange rate by buying or selling reservesc)Governments can set exchange rates with fiscal policyb) and c) are correct.。

国际金融英文版练习题Chapter_1

国际⾦融英⽂版练习题Chapter_1International FinanceAssignment Problems (1) Name: Student No.: Choose the correct answer for the following questions (only ONE correct answer) 1. Which of the following is NOT true regarding the subject matter of international finance?A. International finance studies the important trade theories.B. International finance examines the theory of balance of payments and its relationship with macroeconomic variables.C. International finance studies exchange rate theories and the impacts of the exchange rate on the economy.D. International finance discusses the exchange rate risks and the derivative instruments by which people use to cover the exchange rate risks and to speculate.2. Globalization refers to __________.A. the strengthening of existing international linkages of commerce, finance and the addition of new international linkagesB. the expansion of world governance and global societyC. the increased mobility of peoples and informationD. All of the above3. Mutually beneficial trade requires each country to be the least-cost producer of at least one good that it can export to its trading partner. This is called __________.A. the theory of comparative advantageB. the international finance theoryC. the theory of absolute advantageD. the theory of balance of payments4. Which of the following would NOT be a way to implement comparative advantage?A. IBM exports computers to Gambia.B. Computer hardware is designed in the United States but manufactured and assembled in Malaysia.C. Water of the greatest purity is obtained from the wells in Oregon, bottled, and exported worldwide.D. All of the above are examples of ways to implement comparative advantage.5. Which of the following would NOT be considered a feature of comparative advantage?A. Exporters in country A sell goods to importers in countryB.B. Firms in country A specialize in making products that can be produced relativeefficiently, given country A’s endowment of factors of production. Firms in country B do likewise thus maximizing the combined output of countries A and B.C. Trade exists between countries A and B because of specialized factors of production that cannot be moved among countries.D. All of the above are features of comparative advantage.6. The real sector in an economy deals with __________.A. transactions in all goods and servicesB. transactions in all financial assetsC. transactions in goods, services and financial assetsD. transactions in new technological products only7. Of the following, which would NOT be considered a way that government interferes with comparative advantage?A. tariffsB. quotasC. managerial skillsD. other non-tariff restrictions8. A firm with operations in more than one country is called a (an) _________.A. big firmB. multinational corporationC. international firmD. all of the above9. The primary goal of an MNC comes down to __________.A. seek marketsB. improve its production efficiencyC. gain access to technology or managerial expertiseD. maximize shareholder wealth10. World trade of goods and services has expanded in a remarkable pace because of the __________.A. reduction in trade barriersB. lower transportation costsC. advances in telecommunications, information technology and financial servicesD. All of the above are the reasons of rapid growth in international trade.11. Nowadays the world trade in goods and services is important __________.A. only to developed countriesB. only to less developed countriesC. to both developed and less developed countriesD. to neither developed nor less developed counties12. Which of the following is NOT a characteristic of the nowadays financial markets?A. Increasingly interdependent national financial marketsB. the global trend toward free-market economiesC. An increasingly number of cross-border partnerships, including many international merges, acquisitions, and joint venturesD. An increasing number of cooperative linkages among securities exchange13. __________ indicates that mutually beneficial trade can occur even when one nation is absolutely more efficient in the production of all goods.A. The theory of comparative advantageB. The theory of absolute advantageC. The theory of balance of paymentsD. The theory of exchange rate determination14. A well-established multinational company needs __________ to maximize its firm value.A. an open market placeB. high quality strategic managementC. access to capitalD. all of the aboveQuestions 15 through 20 are based on the information presented in table 1.1:Table 1.1Production capabilityContainers of snowboards Containers of digital cameras Austria has 1,000 units 15 containers/unit 8 containers/unitof production factorsRussia has 1,000 units 12 containers/unit 3 containers/unitof production factors15. One production factor in Austria has a (an) __________ over one production factor in Russia in _________.A. absolute disadvantage; digital camerasB. absolute disadvantage; snowboardsC. absolute advantage; both digital cameras and snowboardsD. none of the above16. Austria has a large comparative advantage over Russia in the production of __________ at a ratio of __________.A. snowboards; 5:4B. digital cameras; 8:3C. snowboards; 8:3D. digital cameras; 5:417. Assume no trade between Austria and Russia. If each country puts 50% of their factors into each product, the total number of snowboards and digital cameras produced by the two countries combined are __________ and _________.A. 13,500 snowboards; 5,500 camerasB. 12,000 snowboards; 8,000 camerasC. 5,500 snowboards; 13,500 camerasD. 3,000 cameras; 15,000 snowboards18. If trade takes place at Russia’s domestic price, __________ snowboards will be required to obtain 1 digital camera.A. 4B. 2.5C. 1.25D. 0.2519. If each country specializes in production with Austria producing only digital cameras and Russia producing only snowboards, at a trading rate of 3 snowboards per digital camera, how many cameras and snowboards will be available to be consumed in Austria if they trade 3,000 cameras to Russia?A. 9,000 snowboards and 5,000 camerasB. 3,000 snowboards and 3,000 camerasC. 3,000 snowboards and 9,000 camerasD. There is not enough information to answer this question20. If each country specializes in production with Austria producing only digital cameras and Russia producing only snowboards, at a trading rate of 3 snowboards per digital camera, how many cameras and snowboards will be available to be consumed in Russia if they trade 9,000 snowboards to Austria?A. 9,000 snowboards and 5,000 camerasB. 3,000 snowboards and 3,000 camerasC. 3,000 snowboards and 9,000 camerasD. There is not enough information to answer this questionAnswers to Assignment Problems (1)1. A2. D3. C4. D5. D6. A7. C8. B9. D 10. D11.C 12.B 13.A 14.D 15. C 16. B 17. A 18. A 19. A 20. B。

(完整word版)英文版国际金融试题和答案

PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分, 答错不扣分1.I.perfec.market.existed.resource.woul.b.mor.mobil.an.coul.therefor.b.transferre.t.thos.countrie.mor.willin.t.pa..hig.pric.fo.them.. .. .2.Th.forwar.contrac.ca.hedg.futur.receivable.o.payable.i.foreig.currencie.t.insulat.th.fir.agains.exchang.rat.risk ... . )3.Th.primar.objectiv.o.th.multinationa.corporatio.i.stil.th.sam.primar.objectiv.o.an.firm.i.e..t.maximiz.sharehol de.wealth.. .. )4..lo.inflatio.rat.tend.t.increas.import.an.decreas.exports.thereb.decreasin.th.curren.accoun.deficit.othe.thing.e qual......5..capita.accoun.defici.reflect..ne.sal.o.th.hom.currenc.i.exchang.fo.othe.currencies.Thi.place.upwar.pressur.o.tha.hom.currency’.value.. .. )parativ.advantag.implie.tha.countrie.shoul.specializ.i.production.thereb.relyin.o.othe.countrie .fo.som.products.. .. .7.Covere.interes.arbitrag.i.plausibl.whe.th.forwar.premiu.reflec.th.interes.rat.differentia.betwee.tw.countrie.sp ecifie.b.th.interes.rat.parit.formula. .. . )8.Th.tota.impac.o.transactio.exposur.i.o.th.overal.valu.o.th.firm.. .. .9. .pu.optio.i.a.optio.t.sell-b.th.buye.o.th.option-.state.numbe.o.unit.o.th.underlyin.instrumen.a..specifie.pric.pe.uni.durin..specifie.period... . )10.Future.mus.b.marked-to-market.Option.ar.not.....)PartⅡ:Cloze (20%)每题2分, 答错不扣分1.I.inflatio.i..foreig.countr.differ.fro.inflatio.i.th.hom.country.th.exchang.rat.wil.adjus.t.maintai.equal.. purchasin.powe... ）2.Speculator.wh.expec..currenc.t..appreciat..... .coul.purchas.currenc.future.contract.fo.tha.currency.3.Covere.interes.arbitrag.involve.th.short-ter.investmen.i..foreig.currenc.tha.i.covere.b.....forwar.contrac...... .t. sel.tha.currenc.whe.th.investmen.matures.4.. Appreciation.Revalu....）petitio.i.increased.5.....PP... .suggest..relationshi.betwee.th.inflatio.differentia.o.tw.countrie.an.th.percentag.chang.i.th.spo.exchang.ra t.ove.time.6.IF.i.base.o.nomina.interes.rat....differential....).whic.ar.influence.b.expecte.inflation.7.Transactio.exposur.i..subse.o.economi.exposure.Economi.exposur.include.an.for.b.whic.th.firm’... valu... .wil.b.affected.modit.a..state.pric.i..... pu..optio..i.exercised9.Ther.ar.thre.type.o.long-ter.internationa.bonds.The.ar.Globa.bond. .. eurobond.....an....foreig.bond...).10.An.goo.secondar.marke.fo.financ.instrument.mus.hav.a.efficien.clearin.system.Mos.Eurobond.ar.cleare.thr oug.eithe...Euroclea... ..o.Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分rmation:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800rmation.i.locationa.arbitrag.possible?put.t h.profi.fro.thi.arbitrag.i.yo.ha.$1,000,e.(5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2.Assum.tha.th.spo.exchang.rat.o.th.Britis.poun.i.$1.90..Ho.wil.thi.spo.rat.adjus.i.tw.year.i.th.Unite.Kingdo.experience.a.inflatio.rat.o..percen.pe.yea.whil.th.Unite.State.experience.a.inflatio.rat.o..perc en. pe.year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforth.exchang.rat.o.th.poun.wil.depreciat.b.4..percent.Therefore.th.spo.rat.woul.adjus.t.$1.9..[..(–.047)..$1.81073.Assum.tha.th.spo.exchang.rat.o.th.Singapor.dolla.i.$0.70..Th.one-yea.interes.rat.i.1.percen.i.th.Unite.State.a n..percen.i.Singapore..Wha.wil.th.spo.rat.b.i.on.yea.accordin.t.th.IFE?.(5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284.Assum.tha.XY.Co.ha.ne.receivable.o.100,00.Singapor.dollar.i.9.days..Th.spo.rat.o.th.S.i.$0.50.an.th.Singap or.interes.rat.i.2.ove.9.days..Sugges.ho.th.U.S.fir.coul.implemen..mone.marke.hedge..B.precis. .(10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.pan.ordere..Jagua.sedan.I..month..i.wil.pa.£30,00.fo.th.car.I.worrie.tha.poun.ster1in.migh.ris.sharpl.fro.th.curren.rate($1.90)pan.bough...mont.poun.cal.(suppose.contrac.siz..£35,000.wit..strik.pric.o.$1.9.fo..premiu.o.2..cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)I.th..ros.t.$pan.woul. exercis.th.poun.cal.option.Th.su.o.th.strik.pric.an.premiu..i.$1.90 + $0.023 = $1.9230/£Thi.i.bigge.tha.$1.92.So hedging in the options market is not better.(2.whe.w.sa.th. compan.ca.brea.even.w.mea.tha.hedgin.o.no.hedgin.doesn’. matter.An.onl.whe.(strik.pric..premiu.).th.exchang.rat.,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6.Discus.th.advantage.an.disadvantage.o.fixe.exchang.rat.system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)Th.strik.pric.fo..cal.i.$1.67/£.Th.premiu.quote.a.th.Exchang.i.$0.022.pe.Britis.pound.Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴa) b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?Yo.ar.expectin.revenue.o.Y100,00.i.on.mont.tha.yo.wil.nee.t.cover.t.dollars.Yo.coul.hedg.thi.i.forwar.market.b.takin.lon.position.i.U.dollar.(shor.position.i.Japanes.Yen).B.lockin.i.you.pric.a.$..Y105.you.dolla.revenue.ar.guarantee.t.b.Y100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。

国际金融英文版练习题-Chapter-1

International FinanceAssignment Problems (1) Name: Student No.: Choose the correct answer for the following questions (only ONE correct answer) 1. Which of the following is NOT true regarding the subject matter of international finance?A. International finance studies the important trade theories.B. International finance examines the theory of balance of payments and its relationship with macroeconomic variables.C. International finance studies exchange rate theories and the impacts of the exchange rate on the economy.D. International finance discusses the exchange rate risks and the derivative instruments by which people use to cover the exchange rate risks and to speculate.2. Globalization refers to __________.A. the strengthening of existing international linkages of commerce, finance and the addition of new international linkagesB. the expansion of world governance and global societyC. the increased mobility of peoples and informationD. All of the above3. Mutually beneficial trade requires each country to be the least-cost producer of at least one good that it can export to its trading partner. This is called __________.A. the theory of comparative advantageB. the international finance theoryC. the theory of absolute advantageD. the theory of balance of payments4. Which of the following would NOT be a way to implement comparative advantage?A. IBM exports computers to Gambia.B. Computer hardware is designed in the United States but manufactured and assembled in Malaysia.C. Water of the greatest purity is obtained from the wells in Oregon, bottled, and exported worldwide.D. All of the above are examples of ways to implement comparative advantage.5. Which of the following would NOT be considered a feature of comparative advantage?A. Exporters in country A sell goods to importers in countryB.B. Firms in country A specialize in making products that can be produced relativeefficiently, given country A’s endowment of factors of production. Firms in country B do likewise thus maximizing the combined output of countries A and B.C. Trade exists between countries A and B because of specialized factors of production that cannot be moved among countries.D. All of the above are features of comparative advantage.6. The real sector in an economy deals with __________.A. transactions in all goods and servicesB. transactions in all financial assetsC. transactions in goods, services and financial assetsD. transactions in new technological products only7. Of the following, which would NOT be considered a way that government interferes with comparative advantage?A. tariffsB. quotasC. managerial skillsD. other non-tariff restrictions8. A firm with operations in more than one country is called a (an) _________.A. big firmB. multinational corporationC. international firmD. all of the above9. The primary goal of an MNC comes down to __________.A. seek marketsB. improve its production efficiencyC. gain access to technology or managerial expertiseD. maximize shareholder wealth10. World trade of goods and services has expanded in a remarkable pace because of the __________.A. reduction in trade barriersB. lower transportation costsC. advances in telecommunications, information technology and financial servicesD. All of the above are the reasons of rapid growth in international trade.11. Nowadays the world trade in goods and services is important __________.A. only to developed countriesB. only to less developed countriesC. to both developed and less developed countriesD. to neither developed nor less developed counties12. Which of the following is NOT a characteristic of the nowadays financial markets?A. Increasingly interdependent national financial marketsB. the global trend toward free-market economiesC. An increasingly number of cross-border partnerships, including many international merges, acquisitions, and joint venturesD. An increasing number of cooperative linkages among securities exchange13. __________ indicates that mutually beneficial trade can occur even when one nation is absolutely more efficient in the production of all goods.A. The theory of comparative advantageB. The theory of absolute advantageC. The theory of balance of paymentsD. The theory of exchange rate determination14. A well-established multinational company needs __________ to maximize its firm value.A. an open market placeB. high quality strategic managementC. access to capitalD. all of the aboveQuestions 15 through 20 are based on the information presented in table 1.1:Table 1.1Production capabilityContainers of snowboards Containers of digital cameras Austria has 1,000 units 15 containers/unit 8 containers/unitof production factorsRussia has 1,000 units 12 containers/unit 3 containers/unitof production factors15. One production factor in Austria has a (an) __________ over one production factor in Russia in _________.A. absolute disadvantage; digital camerasB. absolute disadvantage; snowboardsC. absolute advantage; both digital cameras and snowboardsD. none of the above16. Austria has a large comparative advantage over Russia in the production of __________ at a ratio of __________.A. snowboards; 5:4B. digital cameras; 8:3C. snowboards; 8:3D. digital cameras; 5:417. Assume no trade between Austria and Russia. If each country puts 50% of their factors into each product, the total number of snowboards and digital cameras produced by the two countries combined are __________ and _________.A. 13,500 snowboards; 5,500 camerasB. 12,000 snowboards; 8,000 camerasC. 5,500 snowboards; 13,500 camerasD. 3,000 cameras; 15,000 snowboards18. If trade takes place at Russia’s domestic price, __________ snowboards will be required to obtain 1 digital camera.A. 4B. 2.5C. 1.25D. 0.2519. If each country specializes in production with Austria producing only digital cameras and Russia producing only snowboards, at a trading rate of 3 snowboards per digital camera, how many cameras and snowboards will be available to be consumed in Austria if they trade 3,000 cameras to Russia?A. 9,000 snowboards and 5,000 camerasB. 3,000 snowboards and 3,000 camerasC. 3,000 snowboards and 9,000 camerasD. There is not enough information to answer this question20. If each country specializes in production with Austria producing only digital cameras and Russia producing only snowboards, at a trading rate of 3 snowboards per digital camera, how many cameras and snowboards will be available to be consumed in Russia if they trade 9,000 snowboards to Austria?A. 9,000 snowboards and 5,000 camerasB. 3,000 snowboards and 3,000 camerasC. 3,000 snowboards and 9,000 camerasD. There is not enough information to answer this questionAnswers to Assignment Problems (1)1. A2. D3. C4. D5. D6. A7. C8. B9. D 10. D11.C 12.B 13.A 14.D 15. C 16. B 17. A 18. A 19. A 20. B。

国际金融中英文版复习资料

国际金融中英文版国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1.A country’s balance of payments records:一个国家的国际收支平衡记录了Ba.The value of all exports of goods and services from that country for a period of time.b.All flows of value between that country‟s residents and residents of the rest of theworld during a period of time在一定时间段里一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country‟s borders during a period of time.d.All flows of goods into that country during a period of time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是Aa. An item for which the country must be paid.一个国家必须收取的条款b. An item for which the country must pay.c. Any imported item.d. An item that creates a monetary claim owed to a foreigner.3.Every international exchange of value is entered into the balance-of-payments accounts__________ time(s). 每一次国际等价交换都记进国际收支帐户２次Ba.1b.2c.3d.44.A debit item in the balance of payments is: 在国际收支平衡中的借项是Ba. An item for which the country must be paid.b. An item for which the country must pay.一个国家必须支付的条款c. Any exported item.d. An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of the following items is always recorded as a positive entry? D在国际收支中下列哪个项目总被视为有利条项a. Changes in foreign currency reserves.b. Imports of goods and services.c. Military foreign aid supplied to allied nations.d. Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.The sum of all of the debit items in the balance of payments: 在收支平衡中所有贷项的总和Ba. Equals the overall balance.b. Equals the sum of all credit items.等于所有借项的总和c. Equals …compensating‟ transactions.d. Equals the sum of credit items minus errors and omissions.7.Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？Ba. A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.b. A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo Bank 用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c. A U.S. resident sells his IBM stock to a French resident.d. A U.S. resident sells his Credit Suisse stock to a French resident.8.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种Ca. Reserve inflow.b. Reserve outflow.c. Capital inflow.资本流入d. Capital outflow.9___A_______ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a. Official international reserve assets官方国际储备资产b. Unofficial international reserve assetsc. Official domestic reserve assetsd. Unofficial domestic reserve assets10.Which of the following is considered a capital inflow? 下列哪项被视为资本流入Aa. A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家b. A loan from a U.S. bank to a foreign borrower.c. A purchase of foreign financial assets by a U.S. buyer.d. A U.S. citizen‟s repayment of a loan from a foreign bank.11.In a country‟s balance of payments, which of the following transactions aredebit?一个国家的收支平衡表中,哪个交易属于借项？Aa. Domestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降b. Foreign bank balances owned by domestic residents are decreased.c. Assets owned by domestic residents are sold to nonresidents.d. Securities are sold by domestic residents to nonresidents.12.The role of ___D_______ is to direct one nation’ ssavings into another nation‟s investments:资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a. Merchandise trade flowsb. Services flowsc. Current account flowsd. Capital flows资金流13.The net value of flows of goods, services, income, and unilateral transfers is called the: 商品服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba. Capital account.b. Current account.经常账目（户）c. Trade balance.d. Official reserve balance.14.The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫Aa.Financial account.金融帐b. Current account.c. Trade balance.d. Official reserve balance.15.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括：Ba. Everything in the current account.b. U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项c. Profits that Nissan of America sends back to Japan.d. New U.S. investments in foreign countries.16.ＡU.S. resident increasing her holdings of a foreign financial asset causes a: 一个美国居民增持一外国金融资产会引起Da. Credit in the U.S. current account.b. Debit in the U.S. current account.c. Credit in the U.S. capital account.d. Debit in the U.S. capital account.美国资本帐的借帐17. A foreign resident increasing her holdings of a U.S. financial asset causes a: 一个美国居民增持本国一金融资产会引起Ca. Credit in the U.S. current account.b. Debit in the U.S. current account.c. Credit in the U.S. capital account.美国资本帐的贷帐d. Debit in the U.S. capital account.18.A deficit in the current account: 经常帐户中的赤字Aa. Tends to cause a surplus in the financial account.会导致金融帐中的盈余b. Tends to cause a deficit in the financial account.c. Has no relationship to the financial account.d. Is the result of increasing exports and decreasing imports.19. In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion,and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficitin:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca. The balance of payments.b. The financial account.c. The current account.经常帐户d. Unilateral transfers.20.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？Ba.The United States makes a unilateral tariff reduction on imported goods.b.The United States cuts back on American military personnel stationed in Japan.美国削减在日本的军事人员c. U.S. tourists travel in large numbers to Asia.d. Russian vodka becomes increasingly popular in the United States.21.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐Aa. Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b. A Chinese businessman imports Ford automobiles from the United States.c. A U.S. tourist spends money on a trip to China.d. The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.22.If a British business buys U.S. government securities, how will this be entered in the balanceof payments? 如果一英国商人购买了美国政府的债,那么这个交易在收支平衡表中会被当作是？Ca. It will appear in the trade account as an import.b. It will appear in the trade account as an export.c. It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长d. It will appear in the financial account as a decrease in U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致Aa. Ensure that the sum of all debits matches the sum of all credits.b. Ensure that imports equal the value of exports.c. Obtain an accurate account of a balance-of-payments deficit.d. Obtain an accurate account of a balance-of-payments surplus.24.Official reserve assets are: 官方储备资产是Ba. The gold holdings in the nation’s central bank.b. Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可c. Government T-bills and T-bonds.d. Government holdings of SDR’s25. Which of the following constitutes the largest component of the world‟s international reserve assets? 下列哪项构成了世界国际储备资产的大部份？Da. Gold.b. Special Drawing Rights.c. IMF Reserve Positions.d. Foreign Currencies.外汇（币）26.The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于Ca. Net official reserves.b. Net domestic investment.c. Net foreign investment.国外投资净值d. Net foreign deficit.27.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余Ba. Needs to borrow internationally.b. Is able to lend internationally.就有能力向外放贷c. Must also have had a surplus in its "overall" balance.d. Spent more than it earned on its merchandise and service trade, international income payments and receipts and international transfers.28.The ___C_______ measures the sum of the current account balance plus the private capital account balance.官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a. Official capital balanceb. Unofficial capital balancec. Official settlements balance官方结算差额d. Unofficial settlements balance29.If the overall balance is in __A________, there is an accumulation of official reserve assetsby the country or a decrease in foreign official reserve holdings of the country's assets.如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=，OR:官方储备金额）a. Surplus盈余b. Deficitc. Balanced. Foreign hands30. Which of the following is the current account balance NOT equal to? 以下哪项不等同于经常项目Da. The difference between domestic product and domestic expenditure.b. The difference between national saving and domestic investment.c. Net foreign investment.d. The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows are credits.资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, and gifts is the current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims is the private current account balance.金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets are now foreign exchange assets, financialassets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35.A country's financial account balance equals the country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资36.A country has a current account deficit if it is saving more than it is investing domestically. 一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of the capital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38.A nation's international investment position shows its stock of international assets and liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39.A nation is a borrower if its current account is in deficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）41.A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42. A credit item is an item for which a country must pay.贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently often used in official reserve transactions.黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the difference between domestic product and national expenditure.(T)经常项目余额等于国民生产与国民支出的差额45.In 2007 U.S. households, businesses and government were buying more goods and services than they were producing.(T)2007年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.46你是提供以下信息,一个国家的国际交易,在一个特定年份:Service exports $346Service imports $354Merchandise exports $480Merchandise imports $348Income flows, net $153Unilateral transfers, net $142Increase in the country holding of foreign assets, net (excluding official reserves assets) $352 Increase in foreign holdings of the country assets, net (excluding official reserve assets) $252 Statistical discrepancy, net $154CA 余额: $346-354+480-348+153+142=$419；官方结算余额: $346-354+480-348+153+142+252-352+154=$473；Change in official reserve assets (net) =官方结算余额=$473Chapter 3:The Foreign Exchange MarketSingle-Choice Questions1.Foreign exchange is: D外汇交易是a. The act of trading different nations‟ monies.不用国家货币的交易b. The holdings of foreign currency.对不同货币的持有c. The act of importing foreign goods and services.d. Both (a) and (b) are correct.2.If the price of British pounds in terms of U.S. dollars is $1.80 per pound, then the price of U.S. dollars in terms of British pounds is:B如果英磅对美元的汇率是1比1.8,那么美元对英磅的汇率是1比0.555a. 1.80£per dollar.b. 0.555£per dollar.c. 0.90£per dollar.d. 3.60£per dollar.3. Suppose the exchange rate between the Japanese yen and the U.S. dollar is 100 yen per dollar. AJapanese stereo with a price of 60,000 yen will cost:B假设日元对美元的汇率是100比1,那么一台日元为60000的音响要花多少美元a.$1,667b.$600c.$6,000d.$1004. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is:Awon per dollarb.0.75 won per dollarc.$1.50 per wond.$3 per won5.Th e ___D_______ exchange rate is the price for “immediate” currency exchange.即时汇率是指外汇的即时价格a. Currentb. Forwardc. Futured. Spot6.The ___B_______ exchange rate is the price set now for an exchange that will take place sometime in the future.远期汇率是指由协议双方预订的将来会发生的汇率a. Currentb. Forwardc. Future spotd. Spot7.The foreign exchange market is:C外汇市场是指a. A single gathering place where traders shout buy and sell orders at each other.b. Located in New York.c. A grouping, by electronic means, of banks and traders who work at banks thatconduct foreign exchange trades.银行和交易者以电子方式集聚于一起进行外汇的买卖d. Located in London.8.___D_______ foreign exchange trading involves currency exchanges done between individuals and banks. 小额外汇交易（散户外汇交易）包含私人与银行间的外汇交易a. Interbankb. Consumerc. Intra-bankd. Retail9.The U.S. dollar is called a ____A______ because it is often used as an intermediary to accomplish trading between two other currencies.美元被称为周转货币,因为经常被用来完成其它两种货币的交易a. Vehicle currency周转货币（交易通货）b Main currencyc. Common currencyd. Primary currency10. Suppose that the exchange value of the British pound is $2 per pound while the exchangevalue of the Swiss franc is 50 cents per franc. From this we can conclude that the exchange rate between the pound and the franc is: Da. 1 franc per poundb. 2 francs per poundc. 3 francs per poundd. 4 francs per pound11.Which of the following is NOT a function of the interbank operations of the foreign exchange market? D下列哪一个不是外汇交易市场中银行间操作方式的一种？a. Provides a bank with a continuous stream of information on conditions in the foreign exchange market.b. Provides a bank the means to readjust its own position quickly and at low cost.c. Permits a bank to take on a position in a foreign currency quickly.d. Provides a bank with technological resources for use in foreign exchange trading.提供技术资源给一间银行,用来进行外汇交易12. Under the managed float system of exchange rates, a fall in the market price of a currencyis called:B在管理浮动汇率制度下,一种货币价格的下降被称为a. Devaluation.b. Depreciation.贬值c. Appreciation.d. Both (a) and (b).13.Interbank trading is conducted directly between ___A_______ or through the use of _________ that provide anonymity until the trade is complete and reduce search costs.银行间的交易是在交易者之间进行的或者通过经纪人提供操作直到交易结束.a. Traders; brokersb. Brokers; tradersc. Individual consumers; the governmentd. Individual consumers; brokers14. A country’s demand for foreign currency is derived from:一个国家对外汇的需求来自于（表示外国货币需求增加，本国货币流出）a. International transactions entering the debit column of its balance of payments accounts.国际交易进入到其收款帐户的借方栏里b. International transactions entering the surplus column of its balance of payments accounts.c. The country’s demand for currency to finance exports and capital inflows.d. The country’s demand for currency to finance its government’s compensating transactions.15. U.S. exports of goods and services will create a ___B_______ foreign currency and a ______ U.S. dollars. 美国商品与服务的出口会创造出外汇的供给以及美元的需求a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of16. U.S. imports of goods and services will create a ___A_______ foreign currency and a _____ U.S. dollars. 美国商品与服务的进口会创造出外汇的需求以及美元的供给a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of17. U.S. capital inflows will create a ____B______ foreign currency and a __________ U.S. dollars.美国资本流入会创造出外汇的供给和美元的需求a. Demand for; supply ofb. Supply of; demand forc. Shortage of; demand ford. Supply of; shortage of18. In a ____C______ exchange rate system there is no intervention by the government or central bankers. 浮动汇率制度里,政府与中央银行不得进行干涉a. Fixedb. Peggedc. Floatingd. Managed float19.As the value of the yen falls relative to the U.S. dollar:C如果日元对美元的汇率下降了,那么对日元的需求会上升a. Japanese goods become more expensive to U.S. consumers.b. The supply of dollars will fall.c. The demand for yen will rise.d. U.S. goods become less expensive to Japanese consumers.20.The demand curve for foreign currency slopes downward because as the exchange rate___A_______ the quantity demanded __________.外汇的需求曲线会下降是因为随着汇率的上升,需求量就下降a. Increases; decreasesb. Increases; increasesc. Decreases; decreasesd. Decreases; stays fixed21.Shifts in demand away from French products and toward U.S. products (caused by forces other than changes in the exchange rate) would result in extra attempts to ___C_______euros and __________ dollars. 如果法国商品的需求下降并转稳到美国商品身上（由外力而是汇率引起），会引起欧元的额外卖与美元的购入a. Buy; buyb. Sell; sellc. Sell; buyd. Buy; sell22.Other things equal, if American exports to Japan increase and American imports from Japan decrease, then under a floating exchange rate system, we would expect the dollar to:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强。

(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. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T )2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T )3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T )4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F )5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F )6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T )7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula. ( F )8．The total impact of transaction exposure is on the overall value of the firm. ( F )9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T )10. Futures must be marked-to-market. Options are not. ( T )PartⅡ:Cloze (20%)每题2分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency.3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures.4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased.5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time.6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation.7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected.8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ).10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (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. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in twoyears if the United Kingdom experiences an inflation rate of 7 percent per year while the United States experiences an inflation rate of 2 percent per year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforthe exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 ×[1 + (–.047)] = $1.81073. Assume that the spot exchange rate of the Singapore dollar is $0.70. The one-year interest rate is 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (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.5. A U.S. company ordered a Jaguar sedan. In 6 months , it will pay £30,000 for the car. It worried that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 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)If the £ rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is$1.90 + $0.023 = $1.9230/£This is bigger than $1.92.So hedging in the options market is not better.(2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate ,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British 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 Ⅴ:Additional QuestionSuppose that you are expecting revenues of Y 100,000 from Japan in one month. Currently, 1 month forward contracts are trading at $1 = $105 Yen. You have the following estimate of the Yen/$ exchange rate in one month.a)b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?You are expecting revenues of Y100,000 in one month that you will need to covert to dollars. You could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Yen). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to beY100,000/ 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。

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国际金融题库(英文版)Multiple-choice test(only one is correct):1. Gresham’s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, itwill be the more valuable of the two metals that circulate.d)None of the above.2. Balance of paymentsa)is defined as the statistical record of a country’s international transactions over acertain period of time presented in the form of a double-entry bookkeepingb)provides detailed information concerning the demand and supply of a country’scurrencyc)can be used to evaluate the performance of a country in international economiccompetitiond)all of the above3. If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market,ceteris paribus.b)One can infer that the U.S. dollar would be under pressure to depreciate against othercurrenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/£ and the three-month forward rate is $1.50/£. You enter into a short position on £1,000. At maturity, the spot exchange rate is $1.60/£. How much have you made or lost?a)Lost $100b)Made £100c)Lost $50d)Made $1505. The sensitivity of “realized” domestic currency values of the firm’s contractual cash flows denominated in foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6. Three d ays ago, you entered into a futures contract to sell €62,500 at $1.20 per €. Over the past three days the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per € or $2,500b)Made $0.04 per € or $2,500c)Lost $0.06 per € or $3,750d)None of the above7. A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8. Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is $1.20/€, and the one-year forward exchange rate is $1.16/€. What must one-year interest rate be in the euro zone?a) 5.0%b) 1.09%c)8.62%d)None of the above.9. Suppose the spot ask exchange rate, S a($|£), is $1.90 = £1.00 and the spot bid exchange rate, S b($|£), is $1.89 = £1.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be “eaten” by the bid-ask spread?a)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810. Under the gold standard, international imbalances of payment will be corrected automatically under thea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11. With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you makemoney coming and goingc)You should spend at least as much time working the hedge as working theunderlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing “forward” and “futures” exchange contracts, we can say that:a)They are both “marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchaseor sale: futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders andis traded on organized exchanges, while forward contract is tailor-made by aninternational bank for its clients and is traded OTC.d)b) and c)13. An “option” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell agiven quantity of an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell agiven quantity of an asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14. Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm’s contractual cashflows denominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changesin exchange ratec)the potential that the firm’s consolidated financial statement can be affected bychanges in exchange ratesd)ex post and ex ante currency exposures15. Under a purely flexible exchange rate systema) Supply and demand set the exchange ratesb) Governments can set the exchange rate by buying or selling reservesc) Governments can set exchange rates with fiscal policyb) and c) are correct.。