1.贷方Credit：A credit item (+) is a flow for which the country is paid.
e.g. …is what we give up in the transaction
…it creates a monetary claims on a foreigner
…someone in this country is entitled to receive payment from a foreigner.
2.借方Debit：A debit item (-) is a flow for which the country must pay.
e.g. …is what we receive in the transaction
…it creates a monetary claims owed to a foreigner.
…someone in this country is obligated to make a payment to a foreigner.
3.国际收支Balance of payments ：The systematic set of accounts that records all economic
transactions between residents of a country and the rest of the world during a given period of time.
4.官方国际储备资产Official international reserve assets
Are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. (课件The changes in domestic official reserve assets and in domestic official liquid liabilities to foreign officials. It is derived by dividing private transactions from official “accommodative” t ransactions in the balance of payments accounts.)
5.官方结算差额Official settlements balance
Also called the “official balance,” this is the sum of the current account balance plus the private financial account balance. An imbalance in the official balance must be paid for through official reserves transactions.
6.资本外逃Capital flight: The secret sending of wealth to foreign countries, away from the
supervision of one’s home government.
7.国际投资头寸International investment position
The international investment position is a statement of the stocks of a country's foreign assets and foreign liabilities at a point in time. These stocks are changed each year by the flows of private and official assets measured in the balance of payments. As a result of large current account deficits since the early 1980s, the United States switched from being the world's largest net creditor to being its largest net debtor.
8.经常项目/账户Current account
Records the values of goods and services sold and purchased abroad, plus net interest and other factor payments and net unilateral transfers and gifts. A current account surplus shows that a country has positive net foreign investment.
9.国际汇兑/外汇Foreign exchange：Foreign exchange is the act of trading different
countries’ moneys. 汇兑Foreign exchange also refers to holdings of foreign currencies. 外汇
10.汇率Exchange rate
The price of one country’s currency expressed in terms of another coun try’s currency. (Note that, in this text, the exchange rate is expressed in terms of domestic currency units required to purchase one unit of
a foreign currency.)
11.即期汇率Spot exchange rate：The rate applicable to foreign exchange transactions
requiring contemporaneous delivery and payment.
12.远期汇率Forward exchange rate : The exchange rate applicable to foreign exchange
transactions agreed upon today for later delivery (usually in 30, 90, or 180 days).
13.三角套汇Triangular arbitrage
The process that ensures consistency among the sets of bilateral “cross rates” of the world’s traded currencies. For example, if the British pound trades for US$2, and 100 Japanese yen trade for US$1, the exchange rate between the yen and the pound must be 200 yen per pound. Otherwise, there is an opportunity for an arbitrageur to buy a currency cheaply in one market and sell it for a higher price in another market.
14.套汇Arbitrage
The process of buying and selling to make a nearly riskless pure profit ensures that rates in different locations are essentially the same, and that rates and cross-rates are related and consistent among themselves.
15.外汇风险Exchange rate risk：W hen the value of an economic agent’s income, wealth, or
net worth changes as exchange rates change unpredictably in the future.
16.套期保值Hedging: T he act of exactly matching assets and liabilities, such as foreign
currencies, so as to avoid exchange rate risk. is the act of balancing your assets and liabilities in a foreign currency to become immune to risk resulting from future changes in the value of foreign currency.
17.投机Speculating：Deliberately assuming a net asset (long) position or net liability (short)
position in an asset, such as a foreign currency, in the hope of profiting from price changes. Speculating means taking a long or a short position in a foreign currency, thereby gambling on its future exchange value. There are a number of ways to hedge or speculate in foreign currency. Speculating means committing oneself to an uncertain future value of one’s net worth in terms of home currency.
18.远期外汇合同Forward foreign exchange contract
is an agreement to exchange one currency for another on some date in the future at a price set now ( the forward exchange rate) is an agreement to buy or sell a foreign currency for future delivery at a price ( the forward exchange rate) set now
19.远期汇率Forward exchange rate
are the price that are agreed today for exchanges of moneys that will take place at a specified time in the future, such as 30, 90 or 180days from now.
20.多头头寸Long positions
holding net assets in foreign currency。A net asset position (e.g., owning a foreign currency)
21.净资产头寸A net asset position
22.空头头寸Short positions
23.净负债头寸A net liability position
24.远期升水Forward premium
It shows a rate at which the pound gains value between a current spot transaction to buy pounds and future selling of pounds at the forward rate that we can lock in today.
25.抵补的套利Covered interest arbitrage
Buying a country’s currency spot and selling it forward to make a net profit off the combination of higher interest rates in the country and/or any forward premium on its currency.
26.汇率的资产市场理论Asset market approach to exchange rates
The basic discussion examines the pressure on the current spot exchange rate if one of the other three rates (the domestic interest rate, the foreign interest rate, and the expected future spot exchange rate) changes, with the other two held constant.
27.一价定律the law of one price
28.Uncovered interest parity未抵补的利率评价:When the expected rate of appreciation of a
currency equals the amount by which its interest rate is lowe r than the other country’s interest rate.
29.Uncovered international investment: When the exchange rate at which anticipated foreign
investment returns will be redeemed is not determined until the trade occurs at the future spot rate.
The agent is exposed to exchange rate risk when “uncovered.”
The foreign exchange market
At the center of the foreign exchange market are a group of banks that use telecommunications and computers to conduct trades with their customers (the retail part of the market) and with each other (the inter-bank part of the market). Most foreign exchange trades are conducted by exchanging
ownership of demand deposits denominated in different currencies
The participants of the foreign exchange market
?Foreign exchange bank
trader: someone who buys and sells financial instruments such as stocks, bonds, derivatives, etc. they seek profit from the spread between the prices at which they buy and sell.
broker: is a party that mediates bet. a buyer and seller, who is paid a commission for executing customer orders.
Foreign exchange broker
Customer
Central bank
Changes in exchange rates
depreciation a fall in the exchange rate value of a currency
appreciation a rise
devaluation a reduction in the fixed par value of a currency
revaluation a raising of the official par
Hard Currency & Soft Currency
?Hardening Hard Currency
?Weakening Soft Currency
Arbitrage within the spot exchange market
?exchange rates
?cross rates
Arbitrage : the process of buying and selling to make a nearly riskless pure profit ensures that rates in different locations are essentially the same
e.g. $1.70/pound (London) $1.60/pound(NY)
arbitrage bet. London & NY
two rates would be driven to be essentially the same
Direct arbitrage
Indirect arbitrage
Triangular arbitrage
e.g. Given rates:
$1.60/? $0.50/SFr 3SFr/?(cross-rate)
Arbitrage:
buy SFr or ? first?
SFr/?=1/0.50*1.6=3.2 SFr/?
$150/0.50=300SFr
300SFr/3=100?
100?*1.60=$160
$10 profit for each $150
金融 资产组合(Portfolio) ：指投资者持有的一组资产。一个资产多元化的投资组合通常会包含股票、债券、货币市场资产、现金以及实物资产如黄金等。 证券投资(Portfolio Investment) ：国际收支中、资本帐下的一个项目，反映资本跨国进行证券投资的情况，与直接投资不同，后者涉及在国外设立公司开展业务，直接参与公司的经营管理。证券投资则一般只是被动地持有股票或债券。 投资组合经理(Portfolio Manager)：替投资者管理资产组合的人，通常获授权在约定规下自由运用资金。共同基金的投资组合经理负责执行投资策略，将资金投资在各类资产上。 头寸(Position) ：就证券投资而言，头寸是指在一项资产上做多(即拥有)或做空(即借入待还)的数量。 总资产收益率(ROTA) ：资产收益率是企业净利润与平均资产总额地百分比，也叫资产回报率（ROA），它是用来衡量每单位资产创造多少净利润的指标。其计算公式为：资产收益率＝净利润/平均资产总额×100%；该指标越高，表明企业资产利用效果越好，说明企业在增加收入和节约资金使用等方面取得了良好的效果，否则相反。 整批交易(Round Lot Trade) ：指按证券和商品在市场最普遍的交易单位(例如100股为一单位)进行的交易。 交易回合(Round Turn)：指在同一市场上通过对两种证券或合约一买一卖，或一卖一买的交易两相抵消。通常在计算手续费时会提及交易回合。 缩略语 有资产担保的证券(ABS) 国际外汇交易商协会(ACI) 现货(Actuals) 亚洲开发银行(ADB) 美国预托证券(ADR) 非洲开发银行(AFDB) 年度股东大会(AGM)
国际金融名词解释 C2 balance of payments：The set of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time. the current account：Records the values of goods and services sold and purchased abroad, net interest and other factor payments and net unilateral transfers and gifts. the capital account：consists of capital transfer and the buying and selling of nonproductive assets and non-financial assets. the double-entry bookkeeping：Any exchange automatically enters the balance-of-payment accounts twice: as a credit and as a debit of the same value. current account balance：equals the net credits - debits on the flows of goods, services, income, and unilateral transfers. It also equals the change in the nation’s foreign assets minus foreign liabilities, also known as net foreign investment. the overall balance：equals the sum of the current account balance and the private capital account balance.（算式） the international investment position: is a statement of the stocks of a nation’s international assets and foreign liabilities at a point in time, usually the end of a year. the IMF：The IMF was set up with contributions of gold and foreign exchange from member governments. It grants all member countries the right to borrow reserves to finance temporary deficits. SDRs：（Special Drawing Right）is an artificial "basket" currency used by the IMF for internal accounting purposes. The SDR is also used by some countries as a peg for their own currency, and is used as an international reserve asset. C3 foreign exchange：holdings of foreign currencies: (1) foreign currencies; (2) payment instruments dominated in foreign currencies, like demand bank deposits; (3) securities in terms of foreign currencies; (4) other
1 办理结汇、售汇的外汇资金划转应符合（）外汇管理规定。答案： A ；A 国家B人民银行 C 中国银行 D 农业银行 2 对于无法解付的外汇汇入款项，应在（）做暂收处理，并按照我行外汇资金清算查询查复的有关规定进行查询，做好查询查复登记。答案： A ；A 当日B次日C二日内 D 三日内 3 个人客户的外汇汇款，款项到达后，对于提供电话和地址的汇款指示，应首先以（）通知收款人。答案： D ； A 信件B邮递C传真D电话 4 个人客户的外汇汇款，款项到达后，以邮递方式通知收款人的，应在（）个工作日内发出通知邮件。答案： B ； A 1 B 2 C 3 D 5 5 机构客户申请办理外币票据托收业务的，需核对其票据背书签章和《外币票据托收申请书》上的签章，是否与其在我行的（）相符。答案： D ；A 预留公章 B 预留财务章 C 预留法人章 D 预留印鉴 6 机构客户外汇汇款以及账号齐全的个人外汇汇款应在收到上级行下划账单的（)个工作日内到达客户账。答案： A ；A 1 B 2 C 3 D 5 7 解付外汇汇入汇款，必须区分机构客户和个人客户，严格按照（）的有关规定为客户办理相关手续。答案： D ； A 总行B分行C人民银行 D 国家外汇管理部门 8 经办行办理付汇业务，应按照（）的有关规定，办理国际收支统计申报。答案： D ；A 总行B分行C 人民银行 D 国家外汇管理部门 9 经办行要严格按照总行规定的业务办理时间进行结售汇交易，对于当日交易并起息记账的业务，截止时间为当日下午（）。答案： D ；A 15:00 B 15:30 C 16:00 D 16:30 10 经办行在办理外汇票汇业务时，可以指示账户行主动借记总行账户，但必须在签发汇票的（）以SWIFT MT299报文通知总行外汇清算中心。答案： D ；A 次日下午四点前 B 次日下午三点前 C 当天下午四点前 D 当天 下午三点前 11 申请人办理外币票据托收，应填写《外币票据托收申请书》，一式（）联，并签章确认。答案： C ；A 一B 二 C 三 D 四 12 收到无法解付的外汇汇入汇款并向汇款行、账户行发出查询的（）个工作日后，无任何实质性答复，仍无法解付的，应做退汇处理。答案： B ；A 10 B 15 C 20 D 30 13 外币票据是重要（），如当日受理的外币票据不能及时寄送代收行，必须妥善保管。答案： B ；A 单据B 有价单证 C 一般凭证 D 空白凭证 14 外币票据托收业务档案应保存（）年。答案： B ；A 3 B 5 C 15 D 永久 15 外币票据托收中，（）方式适用的票据范围最广。答案： C ；A 立即贷记 B 最终贷记 C 标准托收 D 特殊托收 16 外币票据托收中，代收行应选择与我行签有（）的代理行进行办理。答案： D ；A 托收业务协议 B 票据 托收业务协议 C 代理托收业务协议D 代理票据托收业务协议 17 外币票据托收中，对于凭保付款托收回来的票据款项，应要求申请人在我行至少存足（）个月方可使用. 答案： A ；A 1 B 2 C 3 D 6 18 外币票据托收中，经办行收票后，应在每张托收票据的（）加盖划线章，划线分普通划线和特别划线。答案： A ；A 正面左上角 B 正面右上角 C 反面左上角 D 反面右上角 19 外币票据托收中，经办行要严格审查票据背书的真实性和完整性，对金额较大或有疑问的票据我行可采用（）方式。 答案： A ；A 标准托收 B 立即贷记 C 最终贷记 D 以上三种都可以 20 外币票据托收中，票面的收款人可能以中文、英文（按拼音核对）或中英文对照之中的一种形式进行表示，如果用中英文同时表示，应以（）为准。答案： A ；A 中文B英文C中、英文一起 D 中、英文均可 21 外币票据托收中，如果票据无特别注明，大多数票据自出票日期起（）个月内有效（如美元支票、英镑支票等），超过有效期的票据我行不予受理。答案： D ；A 1 B 2 C 3 D 6 22 外币票据托收中，无论采用何种托收方式，我行对托收票据发生的退票均保留随时向（）追索的权利。答案：C ；A 收款人 B 付款人 C 申请人 D 出票人 23 外币票据托收中，一般票据都注明了完整的货币符号，但有些票据的货币符号不完整，经办行应根据票据注明的（）来确定票据的币种。答案： A ；A 付款地 B 收款地 C 收款人 D 付款人 24 外币票据托收中，因退票发生的费用，由（）承担。答案： D ；A 收款人 B 付款人 C 出票人D 申请人 25 外汇汇出汇款和汇入汇款的查询查复业务，应执行（）外汇资金清算查询查复的有关规定答案： C ；A 外汇 局 B 银监局 C 总行D分行
第一章国际收支 ?国际收支（Balance of Payments，BOP）是指一国居民在一定时期内与非居民之间因 政治、经济、文化往来所产生的全部经济交易的系统货币记录。 ?国际收支平衡表是指将国际收支按特定账户分类和复式记账原则表示出来的报表。 ?国际收支平衡：在国际收支平衡表中自主性交易项目差额为零 ?国际收支均衡（BOP Equilibrium）：指国内经济处于均衡状态下的自主性国际收支平 衡，即国内经济处于充分就业和物价稳定下的自主性国际收支平衡。 ?经常账户记录一国对外最经常发生的经济交易。是国际收支平衡表中最基本、最重 要的账户。它反映了一国和他国之间实际资源的转移，表现了一国的创汇能力，影响和制约着其他账户的变化。 货币和服务账户；初次收入账户（收入）；二次收入账户（经常转移） ?资本和金融账户是对引起资产所有权在国际间转移的交易以及引起对外资产和负债 发生变化的交易进行记载的账户，主要反映资本的国际流动。 资本账户(Capital Account)：主要反映资产所有权在居民与非居民之间的转移。包括两个子项：资本转移：包括债务减免和投资捐赠；非生产资产、非金融资产的收买/放弃。 金融账户(Financial Account )：主要记录引起一经济体对外资产和负债增减变化的交易。 （1）非储备性质的金融账户。具体包括：直接投资证券投资金融衍生工具和雇员认股权。其他投资：包括贸易信贷、贷款、货币和存款等。 （2）储备资产：一国货币当局所持有的用来调节国际收支的资产。 错误与遗漏（Errors and Omission） 在国际收支平衡表中人为设置的、以轧平借贷差额的一个项目。 （原因：资料来源渠道复杂，资料不够全面，资料本身不够准确和真实） ?自主性交易(Autonomous Transactions)：指一国居民根据自主的或自发的获取商业利 润的动机而进行的交易。 ?调节性交易(Accommodating Transactions)：指为调节或弥补自主性交易不平衡而进行 的交易，又称补偿性交易。 ?贸易差额：商品进出口流量的净差额，反映一国的产业结构和产品的国际竞争力
第一章外汇交易的一般原理 一、单项选择题： 1、目前，多数国家（包括我国人民币）采用的汇率标价法是（ A ）。 A、直接标价法 B、间接标价法C应收标价法D、美元标价法 2 、按银行汇款方式不同，作为基础的汇率是（A ）。 A、电汇汇率 B、信汇汇率C票汇汇率D、现钞汇率 3、外汇成交后，在未来约定的某一天进行交割所采用的汇率是（ B ）。 A、浮动汇率 B、远期汇率C市场汇率D、买入汇率 4、若要将出口商品的人民币报价折算为外币报价，应用（ A ）。 A、买入价 B、卖出价 C、现钞买入价 D、现钞卖出价 5、银行对于现汇的卖出价一般（A ）现钞的买入价。 A、高于 B、等于C低于D不能确定 6、我国银行公布的人民币基准汇率是前一日美元对人民币的（ B ）。 A、收盘价 B、银行买入价 C、银行卖出价D加权平均价 7、外汇规避风险的方法很多。关于选择货币法，说法错误．．的是（A ）。 A、收“软”币付“硬”币 B 、尽量选择本币计价 C、尽量选择可自由兑换货币 D、软硬币货币搭配 8、下列外汇市场的参与者不包．括．．（C ）。 A、中国银行 B、索罗斯基金C无涉外业务的国内公司D、国家外汇管理局宁波市分局 9、对于经营外汇实务的银行来说，贱买贵卖是其经营原则，买卖之间的差额一般
为1%。?5%。，是银行经营经营外汇实务的利润。那么下列哪些因素使得买卖差价的幅度越小（ A ） A、外汇市场越稳定 B、交易额越小 C、越不常用的货币D外汇市场位置相对于货币发行国越远 10、被公认为全球一天外汇交易开始的外汇市场的（ C ）。 A、纽约 B、东京 C、惠灵顿 D、伦敦 11、下列不．属．于．外汇市场的参与者有（D ）。 A、中国银行 B、索罗斯基金 C、国家外汇管理局浙江省分局 D、无涉外业 务的国内公司 12、在有形市场中，规模最大外汇交易市场的是（ A ）。 A、伦敦 B、纽约 C、新加坡 D、法兰克福 13 、外汇市场上，银行的报价均以各种货币对（ D ）的汇率为基础。 A、直接标价法 B、间接标价法C应收标价法D、美元标价法 14、银行间外汇交易额通常以（A ）的整数倍。 A、100万美元 B、50万美元 C、1000万美元D 10万美元 15、以点数表示的远期汇率差价，每点所代表每个标准货币所折合货币单位的（A ） A、1/10000 B 、1/10 C 、1/100 D 、1/1000 16、商业银行经营外汇业务时，如果卖出多于买进，则称为（ B ） A、多头 B、空头 C、升水 D、贴水 1 7 、下列货币名称与英文简写对应错误．．的（B ） A、欧兀一EURO B 澳兀一CAD C、新加坡兀一SGD D 日兀一YEN 18、在伦敦外汇市场上用美元购买日元这样一笔外汇，结算国是（ A ）。 A美国和日本，交易国是英国B、美国和日本，交易国是美国 C美国和日本，交易国是日本D、美国和日本，交易国是美国和日本 19、一般来讲，一国的国际收支顺差会使其（ B ）。 A、本币升值 B、物价上升 C、通货紧缩 D、货币疲软 20、以下是两银行交易的过程，根据其交易过程，下列答案错误．．的（C ）。 A 银行：Hi! Bank of China, Shanghai Branch calling, spot CHF for 6 USD
国际金融中英文版 Chapter 2: Payments among Nations Single-Choice Questions 1. A country ' s balance of payments records: 一个国家的国际收支平衡 记录了 B a. 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 the world during a period of time. 在—— 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 during a period of time. s boi d. All flows of goods into that country during a period of tim e. 2. A credit item in the balance of payments is: 在国际收支平衡里 的贷项是A a. 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 __________________ t ime(s). 每一次国际 等价交换都记进国际收支帐户2次 B a. 1 b. 2
国际金融名词解释：国际收支 国际收支——指一国在一定时期内全部对外经济往来的系统的货币记录。 经常账户——对实际资源在国际间的流动行为进行记录的账户。 资本和金融账户——对资产所有权在国际间流动行为进行记录的账户。 错误与遗漏账户——一种抵消结账时出现的净的借方或贷方余额的账户，数目与上述余额相等而方向相反。 临时性不平衡——指短期的由非确定或偶然因素引起的国际收支失衡。(程度较轻，持续时间不长，带有可逆性) 结构性不平衡——国内经济、产业结构不能适应世界市场的变化而发生的国际收支失衡。 货币性不平衡——指一定汇率水平下国内货币成本与一般物价上升引起出口货物价格相对高昂、进口货物价格相对便宜，从而导致的国际收支失衡。 收入性不平衡——一国国民收入相对快速增长而导致进口需求的增长超过出口增长所引起的国际收支失衡。 周期性不平衡——指一国经济周期波动所引起的国际收支失衡。 预期性不平衡——由于人们对未来经济的预期，使实物流量和金融流量发生变化，从而引起国际收支失衡。 马歇尔-勒纳条件——当出口商品的需求弹性和进口商品的需求弹性之和大于1时，贸易收支才能改善。 J曲线效应——贬值对贸易收支发送的时滞效应。
凯程教育： 凯程考研成立于2005年，国内首家全日制集训机构考研，一直从事高端全日制辅导，由李海洋教授、张鑫教授、卢营教授、王洋教授、杨武金教授、张释然教授、索玉柱教授、方浩教授等一批高级考研教研队伍组成，为学员全程高质量授课、答疑、测试、督导、报考指导、方法指导、联系导师、复试等全方位的考研服务。 凯程考研的宗旨：让学习成为一种习惯； 凯程考研的价值观口号：凯旋归来，前程万里； 信念：让每个学员都有好最好的归宿； 使命：完善全新的教育模式，做中国最专业的考研辅导机构； 激情：永不言弃，乐观向上； 敬业：以专业的态度做非凡的事业； 服务：以学员的前途为已任，为学员提供高效、专业的服务，团队合作，为学员服务，为学员引路。 如何选择考研辅导班： 在考研准备的过程中，会遇到不少困难，尤其对于跨专业考生的专业课来说，通过报辅导班来弥补自己复习的不足，可以大大提高复习效率，节省复习时间，大家可以通过以下几个方面来考察辅导班，或许能帮你找到适合你的辅导班。 师资力量：师资力量是考察辅导班的首要因素，考生可以针对辅导名师的辅导年限、辅导经验、历年辅导效果、学员评价等因素进行综合评价，询问往届学长然后选择。判断师资力量关键在于综合实力，因为任何一门课程，都不是由一、两个教师包到底的，是一批教师配合的结果。还要深入了解教师的学术背景、资料著述成就、辅导成就等。凯程考研名师云集，李海洋、张鑫教授、方浩教授、卢营教授、孙浩教授等一大批名师在凯程授课。而有的机构只是很普通的老师授课，对知识点把握和命题方向，欠缺火候。 对该专业有辅导历史：必须对该专业深刻理解，才能深入辅导学员考取该校。在考研辅导班中，从来见过如此辉煌的成绩：凯程教育拿下2017五道口金融学院状元，考取五道口15人，清华经管金融专硕10人，人大金融专硕15个，中财和贸大金融专硕合计20人，北师大教育学7人，会计专硕保录班考取30人，翻硕接近20人，中传状元王园璐、郑家威都是来自凯程，法学方面，凯程在人大、北大、贸大、政法、武汉大学、公安大学等院校斩获多个法学和法硕状元，更多专业成绩请查看凯程网站。在凯程官方网站的光荣榜，成功学员经验谈视频特别多，都是凯程战绩的最好证明。对于如此高的成绩，凯程集训营班主任邢老师说，凯程如此优异的成绩，是与我们凯程严格的管理，全方位的辅导是分不开的，很多学生本科都不是名校，某些学生来自二本三本甚至不知名的院校，还有很多是工作了多年才回来考的，大多数是跨专业考研，他们的难度大，竞争激烈，没有严格的训练和同学们的刻苦学习，是很难达到优异的成绩。最好的办法是直接和凯程老师详细沟通一下就清楚了。 建校历史：机构成立的历史也是一个参考因素，历史越久，积累的人脉资源更多。例如，凯程教育已经成立10年（2005年），一直以来专注于考研，成功率一直遥遥领先，同学们有兴趣可以联系一下他们在线老师或者电话。
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 upward 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 exercised 9. 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 Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given 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 two years if the United Kingdom experiences an inflation rate of 7 percent per year while the United
1.现金业务：c a s h b u s i n e s s 2.转账业务：transfer business 3.汇兑业务：currency exchange business 4.委托收款：commission receivables 5.发放贷款：loans 6.贷款收回：loan recovery 7.贷款展期：loan extension 8.办理银行汇票：apply for bank drafts 9.收息：interest 10托收：collection 其他相关： 帐目编号account number 存户depositor 存款单pay-in slip 存款单a deposit form 自动存取机a banding machine 存款deposit 存款收据deposit receipt 私人存款private deposit 存单certificate deposit 存折deposit book 信用卡credit card 本金principal 透支overdrafts overdraw 双签a counter sign 背书to endorse 背书人endorser 兑现to cash 兑付to honor a cheque 拒付to dishonor a cheque 止付to suspend payment 支票cheque ,check 支票本cheque book 记名支票order cheque 不记名支票bearer cheque 横线支票crossed cheque 空白支票blank cheque rubber cheque 空头支票 cheque stub, counterfoil 票根 cash cheque 现金支票 traveler's cheque 旅行支票 cheque for transfer 转帐支票 outstanding cheque 未付支票 canceled cheque 已付支票
Chapter1 balance of payments Balance of Payments Accounting 1 Balance of payments a) d) Answer: d 2 Generally speaking, any transaction that results in a receipt from foreigners a) b) c) d) Answer d 3 Generally speaking, any transaction that results in a payment to foreigners e) f) g) e) 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) j) k) l) Answer: a 5 Since the balance of payments is presented as a system of double-entry bookkeeping, a) b) c) d) Answer 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 account is defined as the statistical record of a country ' s international transactions over a certain period of time presented in the form of a double -entry bookkeeping provides detailed information concerning the demand and supply of a country ' currency can be used to evaluate the performance of a country in international economic competition all of the above b) c) Will be recorded as a debit, with a negative sign, in the U.S. balance of payments Will be recorded as a debit, with a positive sign, in the U.S. balance of payments Will be recorded as a credit, with a negative sign, in the U.S. balance of payments Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Will be recorded as a debit, with a negative sign, in the U.S. balance of payments Will be recorded as a debit, with a positive sign, in the U.S. balance of payments Will be recorded as a credit, with a negative sign, in the U.S. balance of payments Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Payment by McDonalds will be recorded as a debit The deposit of the funds by the seller will be recorded as a debit Payment by McDonalds will be recorded as a credit The deposit of the funds by the buyer will be credit Every credit in the account is balanced by a matching debit Every debit in the account is balanced by a matching credit a) and b) are both true None of the above
BP曲线（BP schedule）：使国际收支差额为零的各种实际收入与名义汇率的组合。 IS-LM-BP框架（IS-LM-BP framework）：是分析开放经济运行及财政、货币政策效应的基本工具。它关注三个市场（产品市场、货币市场和外汇市场）和三个变量（名义利率、实际收入和实际汇率）。在以实际收入为横轴、以名义利率为纵轴的坐标平面图上，产品市场的均衡条件体现为IS曲线，其斜率为负；货币市场的均衡条件体现为LM曲线，其斜率为正；外汇市场或国际收支的均衡条件体现为BP曲线，它有三种形状（垂直、水平和向右上方倾斜），分别对应不同的资本流动程度。 J曲线效应（J-curve effect）：由于短期内进口需求与出口供给均缺乏弹性，在本币发生贬值的初期，贸易收支会恶化，然后慢慢改善，逐渐超过贬值发生前的贸易差额。从贬值发生到最终贸易差额超过期初水平，这一过程反映在以时间为横轴、贸易差额为纵轴的坐标平面上，形状酷似英文字母“J”，从而被形象地称为J曲线效应。被消除的风险（covered exposure）：通过套期保值而被消除的外汇风险。 冲销（sterilization）：在外汇储备发生变动时，中央银行采取政策行动，使国内信贷同等幅度地反方向变化，从而保持基础货币不变。 储备货币（reserve currency）：通常用于国际结算及表示其他国家货币的汇率的货币。 贷方科目（credit entry）：用来记录导致一国居民从外国取得收入的交易。 弹性分析法（elasticities approach）：认为商品和劳务的价格变化是决定一国国际收支状况及汇率水平的主要因素。 低估的货币（undervalued currency）：当前市场决定的价值低于经济理论或模型所预测的价值的货币。 掉期（swap）：一张合约包含两笔交易，一笔为两种货币之间的即期交易，另一笔为这两种货币之间的相反方向的远期交易（相当于远期购回）。 钉住汇率制（pegged-exchange-rate system）：一国货币对外价值钉住另一国货币或某种货币篮子的汇率制度。钉住一篮子货币（currency-basket peg）：一国将本币钉住几种货币的加权平均组合的汇率安排。 费雪方程（Fisher e 表示预期通货膨胀率。e，其中r 表示实际利率，R 表示名义利率，equation）：关于实际利率与名义利率、预期通货膨胀率之间关系的条件，即r=R- 风险报酬（risk premium）：亦称风险溢价，相对于无风险资产（如短期国债），如果一种资产具有较高的风险，则要求其具有较高的回报，以补偿人们持有这样的资产而承担的额外风险，回报所高出的部分即为该资产的风险回报。 风险被消除的利率平价（covered interest parity）：将不同国家的利率水平之差和两国货币之间的升（贴）水率联系起来的条件。公式为：R-R*≈(F-S)/S，其中R表示本国利率，R*表示外国利率，F表示远期汇率，S表示即期汇率。如果利率为年利率，则上式中的F应为1年期的远期汇率；若用FN表示N个月的远期汇率，则上式修正为：R-R*≈(FN-S)/S×12/N。 风险未消除的利率平价（uncovered interest parity）：将不同国家的利率水平之差和两国货币之间即期汇率的预期变化率联系起来的条件。公式为：R-R*≈(Se-S)/S，其中R表示本国利率，R*表示外国利率，S表示即期汇率，Se表示预期的即期汇率。如果利率为年利率，则上式中的Se应为预期的1年后即期汇率。 浮动汇率制（flexible-exchange-rate system）：一国允许市场力量决定其货币对外价值的汇率制度。 高估的货币（overvalued currency）：当前市场决定的价值高于经济理论或模型所预测的价值的货币。 购买力平价（purchasing power parity）：如果跨国套利没有任何限制与成本，那么同样的产品在不同国家的价格用汇率换算成同一货币单位后应该是相同的。购买力平价通常又称为一价定律（law of one price）。 官方储备账户（official settlements balance）：用来记录官方机构的储备资产交易。 广场协议（Plaza Agreement）：1985年9月，法、德、日、英和美等五国的央行行长和财长在纽约的广场饭店举行会议，宣布美元严重高估，各国应当对外汇市场进行联合干预，以便把高估的美元拉下来。 国际货币基金组织（International Monetary Fund，IMF）：由180多个成员国组成的组织，其目的在于通过加强国际货币合作、推动各国实施有效的汇率安排以及在成员国出现国际收支困难时提供临时的和更长期的金融援助，来推动全球经济增长。 国际货币市场（international money markets）：对期限少于1年的金融工具进行跨国交易的市场。 国际清算银行（Bank for International Settlements，BIS）：设在瑞士巴塞尔的机构，其目的在于为各国中央银行服务、加强国际经济合作。 国际清算银行（Bank for International Settlements，BIS）：设在瑞士巴塞尔的一家机构，其主要作用是：接受委托，发放国际贷款；为各国的中央银行提供服务；为十国集团中成员国的经济合作提供舞台。 国际收支平衡表（statement of the balance of payments）：用来完整记录一定时期内一国居民与外国居民发生的各项交易，包括商品、劳务以及金融资产的交易。 国际资本市场（international capital markets）：对期限为1年或以上的金融工具进行跨国交易的市场。 国家风险（country risk）：持有的某国资产因该国政局动荡等原因而遭受损失的可能性。 互换（swap）：交易双方对各自的支付进行交换的合约。汇率（foreign exchange rate）：不同货币的比价或兑换