《国际金融学》课后练习.doc

Chapter 1:Keeping Up With a Changing World-Trade Flows，Capital Flows，and the Balance Of PaymentsL Chapter OverviewThe chapter begins by discussing on the importance of international economic integration, citing recent current events that demonstrate the widely varying opinions of the advantages and disadvantages of international trade and finance・ The chapter sets the stage to logically examine these opinions and stresses the need to begin by understanding how international transactions are measured・The second section of the chapter defines the broad concept of globalization which includes increased market integration, the expansion of world governance, and the increased mobility of people and information; and the narrow focus of economic integration, which refers to the strengthening of existing and creation of new international linkages・ The chapter then proceeds to distinguish the real and financial sectors that link the world s economies. Historical data are presented to give a sense of the growth of world trade and transactions in global financial markets during the past few decades・In the third section of the chapter, international balance of payments accounting is described in terms of a double entry bookkeeping system・ The components of each of the three major accounts, (1) the current account, (2) the private capital account, and (3) the official settlements balance, are discussed in detail. The usage of the terms balance of payments deficit and balance of payments surplus are equated to a positive official settlements balance and a negative official settlements balance respectively, as distinct from the term overall balance of payments which must be zero by construction・The next section provides a series of concrete examples of international transactions and the ways that these impact the balance of payments accounts・ The examples used are: (1) The importation of an automobile, which registers as a debit under current account merchandise and a credit under capital flows in the category of foreign assets in the U.S. (2) The services consumed by a student who travels abroad, which registers as a debit under current account services, and a credit under capital flows in the category of foreign assets in the U.S. (3) The purchase of a domestic treasury bill by a foreign resident, which registers as a credit under capital flows as a foreign asset in the U.S., and as a debit under capital flows as a U.S. asset abroad・(4) The payment of interest by the U.S. on a foreign-held asset, which registers as debit under current account income and a credit under capital inflows in the foreign assets in the U.S. category. (5) The provision of humanitarian aid abroad by a U.S. charitable organizations in the form of a donation of wheat, which registers as a credit in the current account merchandise category, and a debit in the unilateral transfers category.The next section provides a discussion of what it means for a country to be a net creditor or net debtor in terms of capital account balances・ The section applies the material to an examination of debt relief for heavily indebted poor countries (a hot political topic which may provide a good opportunity for class discussion).The final section of the chapter relates current account balances to capital flows. It examines this issue based solely on accounting identities provided earlier. Domestic savings less domestic investment determine the current account balance as well as net capital flows. Thus, the current account balance is directly related to net capital flows.II.OutlineA.Why It Is Important to Understand International Money and FinanceB・ International Economic Integration: The Importance of Global Trade and Financial Markets1 ・ The Real and Financial Sectors of an Economy2.World Trade in Goods and Services3.Inteinational Transactions in Financial Assets4.The Most Globalized NationsC・ The Balance of Payments1.Balance of Payments as a Double-Entry Bookkeeping System2.Balance-of-Payments Accountsa.The Current Account1)Goods2)Services3)Incomeb.Capital Accountc.The Official Settlements Balance3.Deficits and Surpluses in the Balance of Payments4.Other Deficit and Surplus MeasuresD. Examples of International Transactions and How they Affect the Balance of Payments1.Example 1: Import of an Automobile2.Example 2: A College Student Travels Abroad3.Example 3: A Foreign Resident Purchases a Domestic Treasury Bill4.Example 4: The United States Pays Interest on a Foreign-Held Asset5.Example 5: A Charitable Organization in the United States Provides HumanitarianAid Abroad6.Example CombinedE・ The Capital Account and the International Flow of Assets1.Example: A College Student2.A Capital Account Surplus3.The United States as a Net Debtor4.Debt Relief for the Heavily Indebted Poor CountriesF・ Relating the Current Account Balance and Capital FlowsG・ Chapter SummaryIIL Fundamental Issues1.How important is the global market for goods and services?2.How important are the international monetary and financial markets?3.What is a country's balance of payments, and what does this measure?4.What does it mean for a country to be a net debtor or net creditor?5.What is the relationship between a nation's current account balance and its capital flows? IV.Chapter Features1 ・ Management Notebook: "What are the Most Globalized Firms?"This notebook first considers the largest multinational enterprises (MNEs) in the world and then considers the world's most globalized finns. The measure of globalization that is used is the transnationality index of the United Nations Conference on Trade andDevelopment (UNCTAD). This measure averages the values of the ratios of foreign sales to total sales, foreign assets to total assets and employees abroad to total employees.Typically the most globalized firms are the MNEs of smaller advanced economies.For Critical Analysis: Being globalized should not be an objective in and of itself. A firm may want to globalize if there are gains that enhance its profitability. For example,a firm may want to globalize if there are economies of scale to be enjoyed in doing so.2.Management Notebook: "Are Trade and Foreign Direct Investment Substitutes orComplements?"Traditional thought has considered trade and foreign direct investment (FDI) asalternative means of serving a foreign market. Consequently, trade and FDI have been viewed as substitutes. More recent research has shown 什mt the relationship between trade and FDI may likely be considerable more complex; suggesting that trade and FDI may be either substitutes or complements. FDI may serve as a means by which a firm can improve its competitiveness and increase trade as opposed to substitute for trade.For critical analysis: The service sector tends to be very localized and does not typicallytrade in intermediate products・ Hence, if a firm established a presence in a foreign market-to service a foreign market-it no longer needs to export to the foreign market・3.Online Notebook: "Are U.S. Exports Understated Because of the Internet?”This Notebook examines measurement problems in tracking international trade・ One particular problem is that small value exports-transactions of less than S2,500-need not be reported・ Because most internet transactions are small value transactions, U.S.exports may be understated・ As a result, the U.S. trade deficit may not be as large as that reported by the U.S. Commerce Department.For Critical Analysis: The U.S. trade deficit may not be as large as reported・ Hence, the large U.S. current account deficit may no be as large as reported・V.Answers to End of Chapter Questionsing the table provided above:a.The balance on goods and services is a deficit of $21 Q00・b.The current account balance is a deficit of S1,020,900・c.The capital account balance would be a surplus of $1,020,900.3.The balance on merchandise trade is the difference between exports of goods, 719 andthe imports of goods, 1,145, for a deficit of 426・ The balance on goods, services and income is 719 + 279 +284 - 1145 - 210- 269, for a deficit of 342. Adding unilateraltransfers to this gives a current account deficit of 391,卜342 + (-49)=- 391]. (Note that income receipts are credits and income payments are debits.)4.Because the current account balance is a deficit of 391, then without a statisticaldiscrepancy, the capital account is a surplus of 391・ In this problem, however, the statistical discrepancy is recorded as a positive amount (credit) of 11. Hence,什w sum of the debits in the balance of payments must exceed the credits by 11 ・ So, the deficit of the current account must be greater than Hie surplus on the capital account by 11. The capital account, therefore, is a surplus of 391 - 11 = 380.5. A balance-of-payments equilibrium (see page 19) is when the debits and credits in thecurrent account and the private capital account sum to zero・ In the problem above we do not know the private capital account balance・ We cannot say, therefore, whether this country is experiencing a balance-of-payments surplus or deficit or if it is inequilibrium・6.The current account is a deficit of $541,830 and the private capital account balance is asurplus of $369,068・ The U.S., therefore, has a balance of payments deficit・7.Positive aspects of being a net debtor include the possibility of financing domesticinvestment that is not possible through domestic savings; thereby allowing for domestic capital stock growth which may allow job, productivity, and income growth・ Negative aspects include the fact that foreign savings may be used to finance domesticconsumption rather than domestic savings; which will compromise the growthsuggested above・Positive aspects of being a net creditor include the ownership of foreign assets which can represent an income flows to the crediting country. Further, the net creditor position also implies a net exporting position・ A negative aspect of being a net creditor includes the fact that foreign investment may substitute for domestic investment.8. A nation may desire to receive both portfolio and direct investment due to the type ofinvestment each represents・ Portfolio investment is a financial investment while direct investment is dominated by the purchase of actual, real, productive assets. To the extent that a country can benefit by each type of investment, it will desire both types ofinvestment. Further, portfolio investment tends to be short-run in nature, while FDI tends to be long-run in nature・ This is also addressed in much greater detail in Chapter7.9.Domestic Savings - Domestic Investment = Current Account Balance DomesticSavings - Domestic Investment = Net Capital Flows Therefore, Current AccountBalance = Net Capital Flowsing the equations above, private savings of 5 percent of income, government savingsof-1 percent, and investment expenditures of 10 percent would results in a currentaccount deficit of 6 percent of income and a capital account surplus (net capital inflows) of 6 percent of income・ This could be corrected with a reduction in the government deficit (to a surplus) and/or an increase in private savings.11.The transnationality index for World Films is:(533/1233 + 227/615 + 322/1256)/3 = (0.432 + 0.369 + 0.256)/3 = 1.057/3 = 0.352. The transationality index for Music Publishers Worldwide is:(455/2456 + 246/809 + 900/2467)/3 = (0.185 + 0.304 + 0.365)/3 = 0.854/3 = 0.285.Based on this index, World films is the most globalized firm.VI.Multiple Choice Questions1.Globalization refers to:A.o nly increasing market integration, while international economic integration refers tothe strengthening of existing international linkages of commerce and the addition of new international linkages・B.only the expansion of world governance and global society, while internationaleconomic integration refers to the strengthening of existing international linkages of commerce and the addition of new international linkages・C.only the increased mobility of peoples and information, while international economicintegration refers to the strengthening of existing international linkages of commerce and the addition of new international linkages・D.t he increasing market integration, the expansion of world governance and globalsociety, and the increased mobility of peoples and information, while internationaleconomic integration refers to the strengthening of existing international linkages of commerce and the addition of new international linkages・Answer: D2.International economic integration refers to:A.the expansion of world governance and society.B・ the increased mobility of peoples and information・C・ the strengthening of existing international linkages of commerce and the addition of new linkages・D. the strengthening of existing international linkages of commerce but not the additionof new linkages・Answer: C3.Globalization refers to ________ , and international economic integration refers toA.a broader scope of the internationalization process, a narrower focus of theinternationalization process.B.a narrower scope of the internationalization process, a broader focus of theinternationalization process.C・ the same thing as international economic integration, the strengthening ofinternational linkages of commerce.D・ None of the above.Answer: A4.Open trade in goods, services, and financial assets by leading economies of the worldat levels close to those observed today:A.have never been experienced・B・ had been experienced before World War I.C.had been experienced between World War I and World War II.D.had been experienced only immediately before the Korean conflict.Answer: B5.Real sector transactions deal with:A.transactions in goods and services・B・ transactions in financial assets.C.transactions in both goods and services and financial assets.D.transactions in neither goods and services nor in financial assets.Answer: A6.Financial sector linkages deal with:A.transactions in goods and services.B・ transactions in financial assets・C・ transactions in both goods and services and financial assets.D・ transactions in neither goods and services nor in financial assets.Answer: A7.In terms of real sector activity, world trade in goods and services:A.is important only to developed economies.B・ is important only to developing economies・C・ is important to both developed and developing economies・D. is important to neither developed nor developing economies.Answer: C8.In the last 35 years, the nearly 6 percent per annum growth in world trade has led toa ______ -fold cumulative increase in world trade・A.twoB・ threeC・ fourD. fiveAnswer: D9.When measured as a multiple of world exports of goods and services, foreign exchangeturnover in 2004 was approximately:A. 12:1.B. 38:1.C. 61:1.D. 50:1.Answer: D10.Over the last 35 years, the data on trade and financial flows show:A.decreased real flows and decreased financial flows.B.increased real flows and decreased financial flows.C.decreased real flows and increased financial flows. D・ increased real flows andincreased financial flows・Answer: D11 ・If domestic investment is greater than domestic saving,A.expenditures equal domestic income and net exports equal zero.B.expenditures are greater than domestic income and net exports are negative・C.expenditures are less than domestic income and net exports are positive・D・ expenditures are greater than domestic income and net exports are positive zero.Answer: B12.If domestic investment is less than domestic saving,A.expenditures equal domestic income and net exports equal zero.B.expenditures are greater than domestic income and net exports are negative・C.expenditures are less than domestic income and net exports are positive・D・ expenditures are greater than domestic income and net exports are positive zero.Answer: C13.If domestic savings equals 10 and domestic investment equals 6, then the currentaccount balance equals:A.-16B.-4C.+4D.+16Answer: C14.If a nation^ domestic savings equals 6 and a nation s domestic investment equals 10,then the nation is experiencing:A. a net capital outflow.B a net capital inflow.C.no net capital inflow or outflow.D・ a current account surplus.Answer: B15.If a nation's domestic saving is 25 and the nation s domestic investment is 30, then thenation is experiencing:A.a current account surplus.B.a cuiTent account deficitC・ a net capital inflowD.both B and CAnswer: D16.A current account deficit in the U.S. is:A.necessarily bad because it represents a lack of domestic saving・B.necessarily good because it represents foreign savings in the U.S.C・ necessarily bad because it undermines the U.S.'s ability to experience economic growth ・D.is neither good nor bad・Answer: D17.The balance of payments systemA.is another method for calculating GDP・B.insures that the net exports are always equal to zero・C.measures the total value of a domestic econom/s transactions with the rest of theworld.D.attempts to limit the fluctuation in international exchange rates.Answer: C18.The balance on merchandise trade is a component ofA.the current account.B.the capital account.C・ foreign direct investment.D.portfolio investment.Answer: A19. A debit entry in the balance of payments accounts representsA.a transaction that includes a payment from abroad a domestic resident.B.a transaction that includes a payment abroad by a domestic resident. C・ a decreasein the current account deficit・D・ an increase in the capital account surplus.Answer: B20.Which of the following transactions are not included in the current account?A.Exports of manufactured goods・B.Imports of manufactured goods・C・ Payments of interest and dividends on foreign assets held by a domestic U.S.resident ・D.The purchase of foreign assets by a domestic U.S. resident.Answer: D 21 ・When a country faces a current account deficit, it also faces:A.a services trade deficit.B.a capital account deficit.C.a capital account surplus・D・ a merchandise trade deficit.Answer: C22.In terms of balance of payments accounting, which of the following would be recordedas a debit entry?A.Exports of merchandise.B.Exports of services.C・ A foreigner's purchase of a U・S・ Treasure bond・D・ An increase in a U.S. citizen's account at a foreign bank・Answer: D23.Given the following data, what is the countrys current account balance? Merchandisetrade balance = -120; Services trade balance = -45; Unilateral transfers made in excess of those received = 15.A.-60B.-90C.-100D.・150Answer: D24.Suppose an American tourist travels to Mexico, and uses U.S. dollars to purchase ahotel room in Mexico City. This transaction is recorded as aA.credit in the current account and debit in the capital account.B.debit in the capital account and a credit in the current account.C.credit in the capital account and debit in the current account.D.credit in the capital account and debit in the capital account.Answer: C25・ Foreign direct investment is a component ofA.portfolio investment.B.the current account.C・ total trade in services.D・ the capital account.Answer: D26.In order for the purchase of stocks to be categorized as foreign direct investment, itmust represent at least _______ percent of the foreign entity's outstanding stockA. 1B. 10C. 25 D・ 40Answer: B27.Purchases of stock that are too small too be considered foreign direct investment areclassified asA.depreciation.B.investment spending・C・ portfolio investment.D・ capital investment.Answer: C28.After accounting for statistical discrepancies, a capital accountA. surplus will always imply a current account surplus.B・ surplus will always imply a current account deficit.C・ surplus will always exceed the associated current account surplus.D・ deficit will always exceed the associated current account surplus.Answer: B29.The United States is currently a net debtor nation・ This necessarily implies that theA.federal government owes money to foreign investors・B.value of U.S. held assets abroad is lower than the value of foreign held assets in theU.S.C.value of the U.S. dollar is less than the average value of foreign currencies・D.U・S・ is running a deficit in manufactured goods trade・Answer: B30. A balance of payments deficit is defined as a situation in whichA.Hie value of payments made to foreigners exceeds the value of payments receivedfrom foreigners in a given period of time.B.the federal government must borrow in order to meet its budget obligations・C.the value of manufactured good exports is less than the value of importedmanufactured goods・D.balance of payments credits exceed balance of payments debits・Answer: A31 ・In recent years, the U.S. has generally had a capital accountA.surplus and a current account surplus.B.surplus and a current account deficit・C・ deficit and a current account surplus・D・ deficit and a current account deficit・Answer: B。

《国际金融学》练习题一、判断题1、国际货币基金组织和世界银行集团是世界上成员国最多、机构最庞大的国际金融机构。

（对）2、国际清算银行是世界上成员国最多、机构最庞大国际金融机构。

（错）3、国际货币基金组织会员国提用储备部分贷款是无条件的，也不需支付利息。

（对）4、国际货币基金组织会员国的投票权与其缴纳的份额成反比。

（错）5、国际货币基金组织的贷款只提供给会员国的政府机构。

（对）6、国际货币基金组织的贷款主要用于会员国弥补国际收支逆差。

（错）7、参加世界银行的国家必须是国际货币基金组织的成员国。

（对）8、参加国际货币基金组织的成员国一定是世界银行的成员国。

（错）9、被称为资本主义世界的第一个“黄金时代”的国际货币体系是布雷顿森林体系。

（错）10、布雷顿森林协定包括《国际货币基金协定》和《国际复兴开发银行协定》。

（对）11、“特里芬两难”是导致布雷顿森林体系崩溃的根本原因。

（对）12、牙买加体系是以美元为中心的多元化国际储备体系（对）。

13、牙买加体系完全解决了“特里芬两难”。

（错）14、蒙代尔提出的汇率制度改革方案是设立汇率目标区。

（错）15、威廉姆森提出的汇率制度改革方案是恢复国际金本位制。

（错）16、欧洲支付同盟成立是欧洲货币一体化的开端。

（对）17、《政治联盟条约》和《经济与货币联盟条约》，统称为“马斯特里赫特条约”，简称“马约”。

（对）18、《马约》关于货币联盟的最终要求是在欧洲联盟内建立一个统一的欧洲中央银行并发行统一的欧洲货币。

（对）19、政府信贷的利率较低，期限较长，带有援助性质，但是有条件。

（对）20、国际金融机构信贷的贷款利率通常要比私人金融机构的低，而且贷款条件非常宽松。

（错）21、在国际债务结构管理中，应避免尽量提高长期债务的比重，减少短期债务的比重。

（对）22、在国际债务的结构管理上，应尽量提高浮动利率债务的比重，减少固定利率债务的比重。

（错）23、在国际债务的结构管理上，应尽量提高官方借款的比重，减少商业借款的比重。

国际金融各章练习题及答案本教材练习题概况：第一章外汇与汇率一、单项选择题1、动态的外汇是指。

P1A、国际结算中的支付手段氏外国货币C、特别提款权D、国际汇兑2、静态的外汇是以表示的可用于国际之间结算的支付手段。

P1A、本国货币氏外国货币C、外国有价证券D、外国金币3、夕卜汇是在国外能得到偿付的货币债权，它具。

P2A、稳定性B.保值性C、可自由兑换性D、筹资性4、按外汇买卖交割期限划分，可分为。

P3A、自由外汇与记账外汇氏贸易外汇与非贸易外汇C、短期外汇与长期外汇D、即期外汇与远期外汇5、直接标价法。

P5A、是以一定单位的外国货币作为标准折算为本国货币来表示的汇率B、是以一定单位的本国货币作为标准折算为外国货币来表示的汇率C、是以美元为标准来表示各国货币的价格D、是以一定单位的本国货币作为标准折算为一定数额的外国货币来表示的汇率6、若某日外汇市场上A银行报价如下：美元/日元：119. 73欧元/美元：1. 1938Z先生要向A银行购入1欧元，要支付多少日元？P5A、142.93B、143. 7956C、100.0251D、100.62827、若某日外汇市场上A银行报价如下：美元/日元：119. 73/120. 13美元 / 加元：1. 1490/1. 1530Z先生要向A银行卖出10000日元，能获得多少加元？P5A、72.6E、72.20C、6. 30 D、5.658、金本位制下汇率的决定基础是。

P9A、金平价E、铸币平价C、绝对购买力平价D、相对购买力平价9、利率对汇率的变动影响有。

P12A、利率上升，本国汇率上升B、利率下降，本国汇率下降A、需比较国外汇率及本国的通货膨胀率而定D、无法确定10、人民币自由兑换的含义是。

P17A、经常项目的交易中实现的人民币自由兑换B＞资本项目的交易中实现的人民币自由兑换C、国内公民个人实现的人民币自由兑换D、经常项目和资本项目下都实现的人民币自由兑换二、名词解释题1、固定汇率：是指一国货币对另一国货币的汇率基本固定，同时将汇率的变动幅度限制在一个规定的较小范围内。

裴平《国际金融学》第3版课后习题-第六章至第十二章【圣才出品】第6章国际金融市场1．简述离岸金融市场的含义。

答：离岸金融市场是指非居民之间金融资产交易的场所。

这是相对于国内金融市场（在岸）而言的，其一般含义为在原货币发行国境外进行各种金融资产交易的场所，比如像欧洲美元市场或者欧洲货币市场，由于是境外交易，其参与者就应该是交易地点的东道国的非居民。

根据离岸金融市场的功能和经营管理特征来划分，可以把离岸金融市场分为内外混合型离岸金融市场、内外分离型离岸金融市场，以及避税港型离岸金融市场。

（1）内外混合型离岸金融市场（或称一体化离岸金融市场）。

内外混合型离岸金融市场是指该市场的业务和国内金融市场市场的业务不分离，目的在于发挥两个市场资金和业务的相互补充和相互促进作用。

该市场的主要特征有：①市场的主体包括居民和非居民；②交易的币种是除东道国货币以外的可自由兑换货币；③该市场的业务经营非常自由，不受东道国国内金融法规的约束，国际和国内市场一体化。

（2）内外分离型离岸金融市场（或称分离型离岸金融市场）。

这种类型的离岸金融市场是专门为进行非居民交易而创建的金融市场，具有同国内金融市场相分离的特征，表现为东道国金融管理当局对所设立的离岸金融市场中的交易予以金融和税收的优惠，对境外资金的流入不受国内金融法规的约束，但离岸业务必须与国内（在岸）账户严格分离，其目的是将离岸金融活动与东道国国内（在岸）货币活动隔绝开来。

（3）避税港型离岸金融市场（或称名义性离岸金融市场）。

避税港型离岸金融市场又称“走账型”或“簿记型”离岸金融市场。

这种市场实际上不进行实际的金融交易，各银行只是在这个不征税的地区（国家）建立“空壳”分行，通过这种名义上的机构在账簿上中介境外与境外的交易，以逃避税收和管制。

2．简述20世纪90年代国际金融市场的新特征。

答：20世纪90年代，金融全球化的趋势日益明显，国际金融市场上的金融活动呈现出新的特征有：（1）金融衍生产品市场迅速拓展。

第一章外汇与汇率一、填空1、外汇是指以（外币)所表示的用于（国际结算）的支付手段。

2、外汇可分为自由外汇与(记账外汇)两类。

3、汇率的表示方法可分为三种，即直接标价法、（间接标价法）与（美元标价法）。

4、表示汇率变化性质的概念有(法定升值）与法定贬值。

5、远期汇率有两种基本的报价方法:（直接报价法）与（点数报价法）。

6、外汇远期或外汇期货相对于外汇即期的三种基本关系是（升水）、（贴水）和（平价）.7、买入汇率与卖出汇率的算术平均值被称为（中间汇率）。

8、信汇汇率与票汇汇率都是以（电汇汇率)为基础计算出来的。

9、套算汇率的计算方法有（交叉相除）与（同边相乘）两种。

10、政府制定官方汇率，一是用于（官方之间的货币互换)，二是为（政府干预市场）提供一个标准。

11、购买力平价理论有两种形式:（购买力绝对平价）和(购买力相对平价)。

12、绝对购买力平价理论认为，汇率为(两国物价）之比。

13、相对购买力平价理论认为，汇率的变化幅度取决于（两国通胀的差异）。

14、利率平价理论所揭示的是在抵补套利存在的条件下(远期汇率）与（利率）之间的关系。

15、利率平价理论认为，外汇市场上，利率高的货币远期(贴水),利率低的货币（升水），其升贴水的幅度大约相当于（两国货币的利率差）.16、汇率的货币决定理论认为,汇率是由货币的（供给）与(需求）的均衡来决定的.17、资产组合理论认为,外汇价格与利率都是（由各国国内财富持有者的资产平衡条件)决定的.18、影响汇率变化的主要因素有国际收支、(通货膨胀）、利率水平、(经济增长率）、(财政赤字）与（心理预期).19、狭义上的货币危机主要发生在（固定汇率)制下。

20、货币危机按其性质不同，可分为(经济条件恶化所造成的货币危机)与（心理预期所导致的货币危机）.21、货币危机最容易传播到以下三类国家：一是(与货币危机发生国有较密切的贸易关系或出口上存在竞争关系）的国家、二是(与货币危机发生国存在较为相近的经济结构、发展模式及潜在经济问题）的国家、三是过分依赖国外资金流入的国家。

国际金融学课程练习题一．名词解释1.国际收支平衡表P2国际收支平衡表又称为国际收支账户，是指将国际收支按照特定账户分类，根据一定的原则用会计方法编制出来的报表。

2.间接标价法P42间接标价法是以一定单位的本国货币为标准，折算为一定数额的外国货币来表示其汇率。

3.浮动汇率制P80浮动汇率制，是指本币对外币不规定货币平价，也不规定汇率的波动幅度，现实汇率不受平价制约，而是随外汇市场供求状况的变动而变动的汇率制度。

4.美元化P94按照国际货币基金组织的观点，美元化是指一国居民在其资产中持有相当大一部分外币资产（主要是美元），美元大量进入流通领域，具备货币的全部或部分职能，并具有逐步取代本国货币，成为该国经济活动的主要媒介的趋势，因而美元化实质上是一种狭义或程度较深的货币替代现象。

5.国际储备P150国际储备是指一国政府所持有的，备用于弥补国际收支赤字、维持本币汇率等的国际间普遍接受的一切资产。

6.互换合约P187金融互换是指两个（或两个以上）当事人按照商定的条件，在约定的时期内，交换不同金融工具的一系列现金流（支付款项或收入款项）的合约。

按照交换标的物的不同，互换交易可以分为利率互换、货币互换、股权互换、股权——债权互换等。

7.国际金融风险P192所谓国际金融风险，是指在国际贸易和国际投融资过程中，由于各种事先无法预料的不确定因素带来的影响，使参与主体的实际收益与预期收益发生一定的偏差，从而有蒙受损失和获得额外收益的机会或可能性。

8.国际资本流动P228国际资本流动是指资本从一个国家或地区转移到另一个国家和地区。

9.国际货币体系P298国际货币体系是指在国际经济关系中，为满足国际间各类交易的需要，各国政府对货币在国际间的职能作用，以及其他有关国际货币金融问题所制定的协定、规则和建立的相关组织机构的总称。

10.国际货币基金组织P300国际货币基金组织（IMF）是一个致力于推动全球货币合作、维护金融稳定、便利国际贸易、促进高度就业与可持续经济增长和减少贫困的国际组织。

《国际金融学》课后练习《国际金融学》课后练习第一章开放经济下的国民收入账户和国际收支账户一、填空题1.国际收支帐户可分为三大类：、、。

2.根据国际收支平衡表的记帐原则，进口商品应记入“货物”的方，出口商品应记入“货物”的方。

3.根据国际收支平衡表的记帐原则，官方储备增加应记入“储备”的方。

4.投资收入应记入账户。

5.经常帐户逆差国应储蓄、投资。

二、判断题1.国际收支是一国在一定时期内对外债权、债务的余额，因此，它表示一种存量的概念。

2. 资本流出是指本国资本流到外国，它表示外国在本国的资产减少、外国对本国的负债增加、本国对外国的负债减少、本国在外国的资产增加。

3. 国际收支是流量的概念。

4. 对外长期投资的利润汇回，应计入资本和金融账户内。

5．投资收益属于国际收支平衡表中的服务项目。

三、单项选择题1.国际借贷所产生的利息，应列入国际收支平衡表中的（）账户。

A.经常B.资本C.直接投资D.证券投资2.投资收益在国际收支平衡表中应列入（）。

A. 经常账户B. 资本账户D. 储备与相关项目3．国际收支平衡表中人为设立的项目是（）。

A.经常项目B.资本和金融项目C.综合项目D.错误与遗漏项目4．根据国际收支平衡表的记帐原则，属于借方项目的是（）。

A. 出口商品B. 官方储备的减少C. 本国居民收到国外的单方向转移D. 本国居民偿还非居民债务。

5. 根据国际收入平衡表的记帐原则，属于贷方项目的是（）。

A. 进口劳务B. 本国居民获得外国资产C. 官方储备增加D. 非居民偿还本国居民债务四、多项选择题1.属于我国居民的机构是（）。

A.在我国建立的外商独资企业B.我国的国有企业C.我国驻外使领馆D.IMF等驻华机构2.国际收支平衡表中的经常账户包括（）子项目。

A.货物B.服务C.收益D.经常转移3.国际收支平衡表中的资本与金融账户包括（）子项目。

A.资本账户C.服务D.收益4.下列（）交易应记入国际收支平衡表的贷方。

第一章国际收支一、选择题1. 《国际收支和国际投资头寸手册》(第六版)将国际收支账户分为( )。

A．经常账户B．资本账户C．储备账户D．金融账户2. 国际收支反映的内容是以交易为基础的，其中交易包括( )。

A．交换B．转移C．移居D．其他根据推论而存在的交易3. 经常账户包括( )。

A．商品的输出和输入B．运输费用C．资本的输出和输入D．财产继承款项4．下列项目应记入贷方的是( )。

A．反映进口实际资源的经常项目B．反映出口实际资源的经常项目C．反映资产增加或负债减少的金融项目D．反映资产减少或负债增加的金融项目5．若在国际收支平衡表中，储备资产项目为–100亿美元，表示该国( )。

A．增加了100亿美元的储备B．减少了100亿美元的储备C．人为的账面平衡，不说明问题D．无法判断6．下列( )账户能够较好地衡量国际收支对国际储备造成的压力。

A．货物和服务账户差额B．经常账户差额C．资本和金融账户差额D．综合账户差额7．因经济和产业结构变动滞后所引起的国际收支失衡属于( )。

A．临时性不平衡B．结构性不平衡C．货币性不平衡D．周期性不平衡E．收入性不平衡8．国际收支顺差会引起( )。

A．外汇储备增加B．国内经济萎缩C．国内通货膨胀D．本币汇率下降二、判断题1．国际收支是一个流量的、事后的概念。

( )2．国际货币基金组织采用的是狭义的国际收支概念。

( )3．资产减少、负债增加的项目应记入借方。

( )4．由于一国的国际收支不可能正好收支相抵，因而国际收支平衡表的最终差额绝不恒为零。

( )5．理论上说，国际收支的不平衡指自主性交易的不平衡，但在统计上很难做到。

6．因经济增长率的变化而产生的国际收支不平衡，属于持久性失衡。

( ) 7．资本和金融账户可以无限制地为经常账户提供融资。

( )8．综合账户差额比较综合地反映了自主性国际收支状况，对于全面衡量和分析国际收支状况具有重大意义。

( )三、填空题1．国际收支是一个货币的、流量的、事后的概念，它反映的内容以交易为基础，其范围局限于一国居民与非居民之间的交易。

《国际金融学》习题与答案《国际金融学》习题与答案.txt当你以为自己一无所有时，你至少还有时间，时间能抚平一切创伤，所以请不要流泪。

能满足的期待，才值得期待；能实现的期望，才有价值。

保持青春的秘诀，是有一颗不安分的心。

不是生活决定何种品位，而是品位决定何种生活。

《国际金融学》习题答案《国际金融学》习题答案一、简答题1、国际收支平衡表的编制原理是什么?（1）记帐制度——复式簿记原理。

记账规则：有借必有贷，借贷必相等。

入表原则：凡是引起外汇流出的项目记入该项目的借方，凡是引起外汇流入的项目记入该项目的贷方。

（2）交易的记载时间。

IMF建议采用“权责发生制”，即所有权变更原则。

（3）记帐单位，国际收支平衡表一般按外币记载。

（4）定值（Valuation）在可以得到市场价格的情况下，按市场价格对交易定值债务工具大多按面值定值货物出口按离岸价格（FOB）定值来自海关的进口数据是到岸价格（CIF）数据，采用5%的调整系数，以得到离岸价格(FOB)数据。

2、国际收支平衡表的分析方法有哪些?（1）静态分析。

静态分析是对某一国一个时期的国际收支平衡表进行逐项,细致的分析。

包括：贸易差额；劳务差额；经常项目差额；基本差额；国际收支总差额。

（2）动态分析。

动态分析是对某国若干连续时期的国际收支平衡表进行分析。

动态分析实际上是对一国的国际收支进行纵向分析。

（3）比较分析。

比较分析是对不同国家同一时期的国际收支平衡表进行分析比较.将某一国某个时期的国际收支平衡表与其他国家进行对比，可以了解该国的国际经济地位和经济实力。

3、国际收支失衡的主要原因是什么?引起一国国际收支失衡的原因很多，概括起来主要有临时性因素、收入性因素、货币性因素、周期性因素和结构性因素。

（1）临时性失衡。

临时性失衡是指各国短期的、由非确定或偶然因素引起的国际收支失衡。

自然灾害、政局变化等意料之外的因素都可能对国际收支产生重大的影响。

（2）收入性失衡。

收入性失衡是指各国经济增长速度不同所引起的国际收支失衡。

《国际金融学》章节练习题本教材练习题概况：第一章外汇与汇率一、单项选择题1、动态的外汇是指（ D ）。

P1A、国际结算中的支付手段B、外国货币C、特别提款权D、国际汇兑2、静态的外汇是以（ B ）表示的可用于国际之间结算的支付手段。

P1A、本国货币B、外国货币C、外国有价证券D、外国金币3、外汇是在国外能得到偿付的货币债权，它具（ C ）。

P2A、稳定性B、保值性C、可自由兑换性D、筹资性4、按外汇买卖交割期限划分，可分为（ D ）。

P3A、自由外汇与记账外汇B、贸易外汇与非贸易外汇C、短期外汇与长期外汇D、即期外汇与远期外汇5、直接标价法（ D ）。

P5A、是以一定单位的外国货币作为标准折算为本国货币来表示的汇率B、是以一定单位的本国货币作为标准折算为外国货币来表示的汇率C、是以美元为标准来表示各国货币的价格D、是以一定单位的本国货币作为标准折算为一定数额的外国货币来表示的汇率6、若某日外汇市场上A银行报价如下：美元/日元：119.73欧元/美元：1.1938Z先生要向A银行购入1欧元，要支付多少日元（ A ）？P5A、142.9337B、143.7956C、100.0251D、100.62827、若某日外汇市场上A银行报价如下：美元/日元：119.73/120.13美元/加元：1.1490/1.1530Z先生要向A银行卖出10000日元，能获得多少加元（ D ）？P5A、72.69B、72.20C、96.30D、95.658、金本位制下汇率的决定基础是（ B ）。

P9A、金平价B、铸币平价C、绝对购买力平价D、相对购买力平价9、利率对汇率的变动影响有（ C ）。

P12A、利率上升，本国汇率上升B、利率下降，本国汇率下降A、需比较国外汇率及本国的通货膨胀率而定D、无法确定10、人民币自由兑换的含义是（ A ）。

P17A、经常项目的交易中实现的人民币自由兑换B、资本项目的交易中实现的人民币自由兑换C、国内公民个人实现的人民币自由兑换D、经常项目和资本项目下都实现的人民币自由兑换二、名词解释题1、固定汇率：是指一国货币对另一国货币的汇率基本固定，同时将汇率的变动幅度限制在一个规定的较小范围内。

You are given the following information about a country’s international transactions during a year: a.Calculate the values of the country’s goods and services balance,current account balance,and official settlements balance?a.Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b.What are the value of the change in official reserve assets(net)?Is the country increasing or decreasing its net holdings of official reserve assets?b.Change in official reserve assets (net) = - official settlements balance = -$23The country is increasing its net holdings of official reserve assets.What are the major types of transactions or activities that result in supply of foreign currency in the spct foreign exchange market?Exports of merchandise and services result in supply of foreign currency in the foreignexchange market. Domestic sellers often want to be paid using domestic currency, whilethe foreign buyers want to pay in their currency. In the process of paying for these exports,foreign currency is exchanged for domestic currency, creating supply of foreign currency.International capital inflows result in a supply of foreign currency in the foreign exchangemarket. In making investments in domestic financial assets, foreign investors often startwith foreign currency and must exchange it for domestic currency before they can buy thedomestic assets. The exchange creates a supply of foreign currency. Sales of foreignfinancial assets that the country's residents had previously acquired, and borrowing fromforeigners by this country's residents are other forms of capital inflow that can createsupply of foreign currency.You have access to the following three spot exchange rates:＄0.01/YEN＄0.20/KRONE25YEN/KRONEYou strat with dollars and want to end up with dollarsa.hoe would you engage in arbitrage to profit from these three rates?what is the profit for each dollar used initially?a.The cross rate between the yen and the krone is too high (the yen value of the krone is toohigh) relative to the dollar-foreign currency exchange rates. Thus, in a profitabletriangular arbitrage, you want to sell kroner at the high cross rate. The arbitrage will be:Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone, anduse the yen to buy dollars at $0.01/yen. For each dollar that you sell initially, you canobtain 5 kroner, these 5 kroner can obtain 125 yen, and the 125 yen can obtain $1.25. Thearbitrage profit for each dollar is therefore 25 cents.b.As a result of this arbitrage,what is the pressure on the cross-rate between yen and krone?what must the value of the cross-rate be to eliminate the opportunity for triangular arbitrage?b.Selling kroner to buy yen puts downward pressure on the cross rate (the yen price ofkrone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to eliminate theopportunity for triangular arbitrage, assuming that the dollar exchange rates areunchanged.Explain the nature of the exchange rate risk for each of the following,from the perspective of the U.S frim or person.in your answer,include whether each is a long or short position in foreign currency.a.a small U.S firm sold experimental computer computer compoments to a Japanese firm,and it will receive payment of 1 million yen in 60 days.a.The U.S. firm has an asset position in yen—it has a long position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchange contractnow in which the firm commits to sell yen and receive dollars at the current forward rate.The contract amounts are to sell 1 million yen and receive $9,000, both in 60 days.The current spot exchange rate is ＄1.20/euro.the current 90-day forward exchange rate is＄1.18/euro.you expect the spot rate to be ＄1.22/euro in 90 days.how would you speculate using a forward contract?if many people speculate in this way,what pressure is placed on the walue of the current forward exchange rate?Relative to your expected spot value of the euro in 90 days ($1.22/euro), the currentforward rate of the euro ($1.18/euro) is low—the forward value of the euro is relativelylow. Using the principle of "buy low, sell high," you can speculate by entering into aforward contract now to buy euros at $1.18/euro. If you are correct in your expectation,then in 90 days you will be able to immediately resell those euros for $1.22/euro,pocketing a profit of $0.04 for each euro that you bought forward. If many peoplespeculate in this way, then massive purchases now of euros forward (increasing thedemand for euros forward) will tend to drive up the forward value of the euro, toward acurrent forward rate of $1.22/euro.The following rates are available in the markets:Current spot exchange rate:＄0.500/SFrCurrent 30-day forward exchange rate:＄0.505/SFrAnnualized interest rate on 30-day dollar-denominated bonds:12%(1.0% for 30 days)Annualized interest rate on 30-day Swiss franc-denominated bonds:6%(0.5% for 30 days)a.Is the swiss franc at a forward premium or discount?a.The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) is greaterthan its current spot value ($0.500/SFr).b.should a U.S-based investor make a covered investment in swiss franc-denominated 30-day bonds,rather than investing 30-day dollar-denominated bonds?Explain.b.The covered interest differential "in favor of Switzerland" is ((1 + 0.005) (0.505) / 0.500)- (1 + 0.01) = 0.005. (Note that the interest rate used must match the time period of theinvestment.) There is a covered interest differential of 0.5% for 30 days (6 percent at anannual rate). The U.S. investor can make a higher return, covered against exchange raterisk, by investing in SFr-denominated bonds, so presumably the investor should make thiscovered investment. Although the interest rate on SFr-denominated bonds is lower thanthe interest rate on dollar-denominated bonds, the forward premium on the franc is largerthan this difference, so that the covered investment is a good idea.c.Because of covered interest arbitrage,what pressures are placed on the various rates?if the only rate that actually changes is forward exchange rate,to what value will it bu driven?c.The lack of demand for dollar-denominated bonds (or the supply of these bonds asinvestors sell them in order to shift into SFr-denominated bonds) puts downward pressureon the prices of U.S. bonds—upward pressure on U.S. interest rates. The extra demandfor the franc in the spot exchange market (as investors buy SFr in order to buySFr-denominated bonds) puts upward pressure on the spot exchange rate. The extrademand for SFr-denominated bonds puts upward pressure on the prices of Swissbonds—downward pressure on Swiss interest rates. The extra supply of francs in theforward market (as U.S. investors cover their SFr investments back into dollars) putsdownward pressure on the forward exchange rate. If the only rate that changes is theforward exchange rate, this rate must fall to about $0.5025/SFr. With this forward rate andthe other initial rates, the covered interest differential is close to zero.Why is testing whether uncovered interest parity holds for actual rates more difficult than testing whether covered interest parity holds?In testing covered interest parity, all of the interest rates and exchange rates that areneeded to calculate the covered interest differential are rates that can observed in the bondand foreign exchange markets. Determining whether the covered interest differential isabout zero (covered interest parity) is then straightforward (although some more subtleissues regarding timing of transactions may also need to be addressed). In order to testuncovered interest parity, we need to know not only three rates—two interest rates and thecurrent spot exchange rate—that can be observed in the market, but also one rate—theexpected future spot exchange rate—that is not observed in any market. The tester thenneeds a way to find out about investors' expectations. One way is to ask them, using asurvey, but they may not say exactly what they really think. Another way is to examinethe actual uncovered interest differential after we know what the future spot exchange rateactually turns out to be, and see whether the statistical characteristics of the actualuncovered differential are consistent with an expected uncovered differential of aboutzero (uncovered interest parity)the following rates currently exist:spot exchange rate:＄1.000/euro.Annual interest rate on 180-day euro-denominated bonds:3%Annual interest rate on 180-day U.S dollar-denominated bonds:4%Ibvestors currently expect the spot exchange rate to be about＄1.005/euro in180 days.a.show that uncovered interest parity holds(approximately)at these ratesa.The euro is expected to appreciate at an annual rate of approximately ((1.005 -1.000)/1.000)⊕(360/180)⊕100 = 1%. The expected uncovered interest differential isapproximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately).What is likely to be the effect on the spot eschange rate if the interest rate on 180-day dollar-denominated bonds declines to 3%? If the euro interest rate and the expected future spot rate are unchanged,and if uncovered interest parity is reestablished,what will the new current spot exchange rate be?has the dollar appreciated or depreciated?b.If the interest rate on 180-day dollar-denominated bonds declines to 3%, then the spotexchange rate is likely to increase—the euro will appreciate, the dollar depreciate. At theinitial current spot exchange rate, the initial expected future spot exchange rate, and theinitial euro interest rate, the expected uncovered interest differential shifts in favor ofinvesting in euro-denominated bonds (the expected uncovered differential is now positive,3% + 1% - 3% = 1%, favoring uncovered investment in euro-denominated bonds. Theincreased demand for euros in the spot exchange market tends to appreciate the euro. Ifthe euro interest rate and the expected future spot exchange rate remain unchanged, thenthe current spot rate must change immediately to be $1.005/euro, to reestablish uncoveredinterest parity. When the current spot rate jumps to this value, the euro's exchange ratevalue is not expected to change in value subsequently during the next 180 days. Thedollar has depreciated immediately, and the uncovered differential then again is zero (3%+ 0% - 3% = 0)You observe the following current rates:Spot exchange rate:＄0.01/yenAnnual interest rate on 90-day U.S dollar-denominated bonds:4%Annual interest rate on 90-day yen-denominated bonds:4%a.if uncovered interest parity holds,what spot exchange rate do investors expect to exist in 90 days?a.For uncovered interest parity to hold, investors must expect that the rate of change in thespot exchange-rate value of the yen equals the interest rate differential, which is zero.Investors must expect that the future spot value is the same as the current spot value,$0.01/yen.b.a close U.S presidential has just been decided.the candidate whom international investors view as the stronger and more probusiness person won.because of this,investors expect the exchange rate to be＄0.0095/yen in 90 days.what will happen in the foreign exchange market?b.If investors expect that the exchange rate will be $0.0095/yen, then they expect the yen todepreciate from its initial spot value during the next 90 days. Given the other rates,investors tend to shift their investments toward dollar-denominated investments. Theextra supply of yen (and demand for dollars) in the spot exchange market results in adecrease in the current spot value of the yen (the dollar appreciates). The shift toexpecting that the yen will depreciate (the dollar appreciate) sometime during the next 90days tends to cause the yen to depreciate (the dollar to appreciate) immediately in thecurrent spot market.To aid in its efforts to get reelected,the current government of o country decides to increase the growth rate of the domestic money supply by two percentage points.the increased growth rate becomes”permanene”because once started it is difficult to reverse.a.according to the monetary approach,how will this affect the long-run trend for the exchange rate value of the country’s currency?a.Because the growth rate of the domestic money supply (M s ) is two percentage pointshigher than it was previously, the monetary approach indicates that the exchange ratevalue (e) of the foreign currency will be higher than it otherwise would be—that is, theexchange rate value of the country's currency will be lower. Specifically, the foreigncurrency will appreciate by two percentage points more per year, or depreciate by twopercentage points less. That is, the domestic currency will depreciate by two percentagepoints more per year, or appreciate by two percentage points less.b.explain why the nominal exchange rate trend is affected,referring to PPPb.The faster growth of the country's money supply eventually leads to a faster rate ofinflation of the domestic price level (P). Specifically, the inflation rate will be twopercentage points higher than it otherwise would be. According to relative PPP, a fasterrate of increase in the domestic price level (P) leads to a higher rate of appreciation of theforeign currency.A country has a marginal propensity to save of 0.15 and a marginal propensity to import of 0.4 real domestic spending now decreases by＄2 billiona.according to the spending multiplier(for a small open economy),,by how much will domestic product and income change?a.The spending multiplier in this small open economy is about 1.82 (= 1/(0.15 + 0.4)). Ifreal spending initially declines by $2 billion, then domestic product and income willdecline by about $3.64 billion (= 1.82⋅$2 billion)b.what is the change in the country’s imports?b. If domestic product and income decline by $3.64 billion, then the country's imports willdecline by about $1.46 billion (= $3.64 billion⋅0.4).c.if this country is large,what effect will this have on foreign product and income?explainc. The decrease in this country's imports reduces other countries' exports, so foreign productand income decline.d.will the change in foreign product and income tend to counteract or reinforce the change in the first country’s domestic product and income?explaind. The decline in foreign product and income reduce foreign imports, so the first country'sexports decrease. This reinforces the change (decline) in the first country's domesticproduct and income—an example of foreign-income repercussions.。

马歇尔-勒纳条件：如果一国处于贸易逆差中，会引起本币贬值，本币贬值会改善贸易逆差，但需要的具体条件是进出口需求弹性之和大于1，即（Dx+Di）>1外汇：狭义的外汇是指以外币表示的用于国际债权债务结算的支付手段。

间接标价法：用1个单位或100个单位的本国货币作为基准折算成一定数额的外国货币J型曲线效应：在现实中，货币贬值导致贸易差额的最终改善需要一个“收效期”，收效快慢取决于供求反应程度高低，并且在汇率变化的收效期内会出现短期的国际收支恶化现象。

这种现象用曲线表现成丁字形。

自由兑换货币：指该货币是国际交易中被广泛使用的支付货币；该货币是主要外汇市场上普遍进行交易（买卖）的货币。

离岸金融市场：是指主要为非居民提供境外货币借贷或投资，贸易结算，外汇黄金买卖，保险服务及证券交易等金融业务和服务的一种国际金融市场。

IBF：是指国际银行设施，是在美国境内的美国银行或外国银行开立的经营欧洲货币和欧洲美元的账户，此体系资产独立于总财产分开。

欧洲货币市场：在一国境外进行该国货币借贷的国际市场。

票据发行便利：票据发行便利是银行与借款人之间签定的在未来的一段时间内由银行以承购连续性短期票据的形式向借款人提供信贷资金的协议，协议具有法律约束力。

远期利率协定：指交易双方在未来的结算日，针对某一特定主义本金，参照贴现原则，就协议利率与参考利率差额进行支付的远期合作。

择期：是指远期外汇的购买者（或出卖者）在合约的有效期内任何一天，有权要求银行实行交割的一种业务。

交易风险：经营活动中的风险，也称转换风险，主要指由于汇率变化而引起资产负债表中某些外汇项目金额变动的风险。

折算风险：又称会计风险。

是指是经营活动中的风险，主要指由于汇率变化而引起资产负债表中某些外汇项目金额变动的风险。

经济风险：又称经营风险，是预期经营收益的风险，只有与外汇汇率发生波动而引起国际企业未来收益变化的一种潜在的风险。

购买力评价说：两国货币的汇率主要是有两国货币的购买力决定的。

国际金融整理第一章开放经济下的国民收入账户和国际收支账户1.衡量经济开放性的工具是国际收支。

国际收支是指一国居民与外国居民在一定时期内各项交易的货币价值总和。

国际收支是一个流量概念，它反映的内容是交易，其范围限于居民与非居民之间的交易。

2.国际收支账户是根据一定原则用会计方法编制出来的反映国际收支状况报表。

国际收支账户的账户设置包括经常账户、资本与金融账户、错误与遗漏账户。

经常账户记录的是实际资源的国际流动，它包括货物、服务、收入和经常转移。

资本与金融账户是记录资产所有权国际流动行为的账户，其中资本账户包括资本转移及非生产、非金融资产的收买和放弃；金融账户包括直接投资、证券投资、其他投资、官方储备。

以上设置方式与原有规定有很大区别，本书以这一最新规定为依据。

3.国际收支是一国居民与外国居民在一定时期内各项经济交易的货币价值总计（是一个流量概念；是对一定时期内（一般是一年）的交易的总计；国际收支反映的内容是以货币记录的交易）4.经常账户5.资本与金融账户第二章开放经济下的国际金融活动1.固定汇率指基本固定的、波动幅度限制在一定范围以内的不同货币间的汇率。

（在固定汇率制下，政府规定了本国货币的法定汇率，政府会在特定情况下对这一汇率进行调整，如果将本币币值调低，则称为法定贬值；如果将本币币值提高，则称法定升值）2.浮动汇率指可以自由变动的，听任外汇市场供求决定的汇率。

3.实际汇率是名义汇率用两国价格水平调整后的汇率，即ep*/p （其中e为名义汇率，p*为以外币表示的外国商品的价格水平，p为以本币表示的本国商品价格水平）。

可以看出，实际汇率反映的是以同种货币表示的两国商品价格水平的表决，从而反映了本国商品的国际竞争力。

4.有效汇率指某种加权平均汇率指数。

以贸易比重为权数的有效汇率所反映的是一国货币汇率在国际贸易中的总体竞争力和总体波动幅度。

A币的有效汇率二刀A国货币对i国货币的汇率指数（以基期为100）*A国同i 国的贸易值/A 国的全部对外贸易值5.什么是外汇？一种外币资产能成为外汇需要符合哪些条件？外汇是指以外国货币表示的、能用来清算国际收支差额的资产。

第一章1、外汇与外币的区别是什么答：外汇不等于外币,外汇除包括外币,还包括外币有价证券、外币支付凭证；外币也不等于外汇,外币并非都是外汇,通常情况下,只有可以自由兑换外币才是外汇,因为外汇的实质是国际支付手段,如果某种货币不能自由兑换,它就不能成为国际支付手段2、狭义的静态的静态外汇和广义的外汇的区别何在答：狭义的外汇就是外国货币的汇率~~广义的外汇就是所有一切跟货币汇率有关的东西外汇是以外币表示的用于国际结算的支付凭证;国际货币基金组织对外汇的解释为：外汇是货币行政当局中央银行、货币机构、外汇平准基金和财政部以银行存款、财政部库券、长短期政府证券等形式所保有的在国际收支逆差时可以使用的债权;包括：外国货币、外币存款、外币有价证券政府公债、国库券、公司债券、股票等、外币支付凭证票据、银行存款凭证、邮政储蓄凭证等;3、我国外汇管理条例1998年关于外汇的范围是如何确定的答、依据中华人民共和国外汇管理暂行条例,外汇主要是指：1外国货币,包括钞票、铸币；2外币有价证券,如政府公债、国库券、公司债券、股票、息票等；3外币支付凭证,如票据、银行存款凭证、邮政储蓄凭证等；4；5其他外汇资金4、什么是汇率有几种标价方法答、汇率是一国货币同另一国货币兑换的比率;如果把外国货币作为商品的话,那么汇率就是买卖外汇的价格,是以一种货币表示另一种货币的价格,因此也称为汇价;二、汇率的标价方法确定两种不同货币之间的比价,先要确定用哪个国家的货币作为标准;由于确定的标准不同,于是便产生了几种不同的外汇汇率标价方法;5、汇率有哪些种类答、1按国际货币制度的演变划分,有固定汇率和浮动汇率2按制订汇率的方法划分,有基本汇率和套算汇率3按银行买卖外汇的角度划分,有买入汇率、卖出汇率、中间汇率和现钞汇率4按银行外汇付汇方式划分有电汇汇率、信汇汇率和票汇汇率5按外汇交易交割期限划分有即期汇率和远期汇率6按对外汇管理的宽严区分,有官方汇率和市场汇率7按银行营业时间划分,有开盘汇率和收盘汇率6、什么是实际汇率如何计算答：实际汇率是将名义汇率剔除通货膨胀率因素后形成的汇率;以公式示之,R=SP/P例：设S=$不变,若P/P由1升至2由于外国物价上升,则R=16；反之,P/P降至由于本国物价上升,则R=4;实际汇率在宏观经济分析中具有重要的意义,是衡量一国商品对外竞争能力,进而也是预测贸易账户差额的重要工具7、什么是汇率指数如何计算答、汇率指数是指以指数方式衡量汇率变化,在宏观经济分析中具有重要的运用,包括双边汇率指数和多边汇率指数即有效汇率8、如何计算一种货币的升贬值率答、所谓,是指由于货币的的发行量大大超过流通中实际所需要的货币量,从而引起,后和贬值前相比所存在的比率,我们称为;的计算公式为：率=现在已发行的货币量—流通中实际所需要的货币量/现在已发行的货币量;9、影响汇率变化的因素有哪些答、影响汇率变化的因素两种货币实际所代表的价值量是汇率决定的基础,并在下列主要因素影响下,汇率不断变动1国际收支2通货膨胀3利率水平对资本的流动的影响4各国的汇率政策5投机活动6政治事件10、分析已过货币从对内贬值到对外贬值的过程答、一般地,当一国发生通货膨胀,该国货币所代表的价值量就会减少,物价相应上涨,即货币对内贬值,而该国货币的购买力随物价上涨而下降,在国际市场上,对该国货币的需求减少,于是该国货币的汇率就会趋于下跌,即货币对外贬值;11、分析两国相对利率的变动对汇率的影响答、当各国利率出现差异时,人们为追求最好的资金效益,会从低利率国家筹集资金,向高利率国家投放资金,这势必会影响外汇的供求进而影响汇率;因为涉及资金在不同国家间的流动,所以重要的是利率的相对水平而不是绝对水平;一般来说,一国利率相对他国提高会刺激国外资金流入增加、本国资金流出减少,造成本国货币供给减少、货币需求增加,本国货币升值;12、分析汇率变动对一国对外贸易产生的影响;答、1.对物价的影响:一般,进出口产品以其供应国货币计价;①进口方面：在进口品需求弹性较低的情况下,本币贬值将产生成本推动的通货膨胀②出口方面：在出口品供给弹性较低的情况下,本币贬值将产生需求拉动的通货膨胀汇率变化对贸易品价格的变动会传递到非贸易品价格上2.对生产结构、资源配置、收入分配及就业的影响好处：本币贬值以后,出口商品的国际竞争力增强；进口商品成本增加,国内进口替代品行业会繁荣起来;弊端：货币的过度贬值,有保护落后的作用；不利于技术引进社会资源将重新配置,各部门的收入也会发生变动,同时会影响就业状况、第二章汇率决定理论一、概念一价定律：同种可贸易商品在不同地区间的价格是一致的;或在不存在运输费用和人为的贸易壁垒如关税的自由竞争市场,同种商品在不同国家用相同币种表示的售价相同;绝对购买力平价：一国货币的价值及对它的需求是由单位货币在国内所能买到的商品和劳务的量决定的,即由它的购买力决定的,因此两国货币之间的汇率可以表示为两国的货币购买力之比;相对购买力平价：相对购买力平价从动态角度考察汇率的决定与变动,认为汇率的变动由两国通货膨胀率差异决定,是两国货币所代表的购买力变动率之比;抛补的利率平价：两国货币汇率的远期升贴水近似的等于两国利率之差;非抛补的利率平价：预期的汇率远期变动率近似的等于两国货币利率之差;国际借贷说：一国货币汇率的变动,由外汇的供求决定,而外汇的供求取决于该国对外流动借贷的状况;国际收支说：外汇汇率取决于外汇供求,而国际收支状况决定了外汇供求,因而汇率实际上取决于国际收支;资产市场分析说：资产市场的失衡引起汇率的变动,而汇率的变动促使资产市场以不平衡达到平衡;均衡汇率是资产市场平衡时两国货币的相对价格;弹性价格货币分析法：外汇市场的均衡汇率水平取决于国内外货币市场的均衡,汇率直接受货币供求影响;黏性价格货币分析法：由于商品市场价格具有黏性,货币市场失衡的调整,完全由资产市场来承担,引起利率和汇率水平的超调,当价格开始调整时,超调得以纠正,市场达到长期均衡;汇率超调：在汇率的动态调整过程中,汇率对于货币供给的即刻反应超过长期反应;资产组合分析法：汇率由两国相对货币供求决定,资产组合分析法将本国资产总量直接引入了分析模型;4以不平衡达到平衡;均衡汇率是资产市场平衡时两国货币的相对价格;弹性价格货币分析法：外汇市场的均衡汇率水平取决于国内外货币市场的均衡,汇率直接受货币供求影响;黏性价格货币分析法：由于商品市场价格具有黏性,货币市场失衡的调整,完全由资产市场来承担,引起利率和汇率水平的超调,当价格开始调整时,超调得以纠正,市场达到长期均衡;汇率超调：在汇率的动态调整过程中,汇率对于货币供给的即刻反应超过长期反应;资产组合分析法：汇率由两国相对货币供求决定,资产组合分析法将本国资产总量直接引入了分析模型;二、思考题1、什么是开放经济下的一价定律,它成立的条件是什么在不存在运输费用和人为的贸易壁垒如关税的自由竞争市场全球市场是统一的没有差别的完全竞争市场,同种商品在不同国家用相同币种表示的售价相同;用公式表示为：Pi,t=StPfi,t或：St＝Pi,t／Pfi,t其中：Pi,t,Pfi,t分别表示商品i的现行本币价格和外币价格；St表示现行汇率直接标价法条件：1.忽略国际资本流动对汇率的影响,外汇市场上仅存在经常账户的交易,且汇率能够灵活调整2.位于不同国家的商品是同质的可贸易商品3.不存在贸易壁垒和交易费用2、评述购买力平价的基本内容答：1本国人需要外国货币,是因为该外国货币在发行国有；外国人需要本国货币,则是因为本国货币在本国有;2按一定比率用购买,也就是购进了,所以,两国货币的购买力实际上是一般之商;3包括和;3、请从利率评价说角度论述率与汇率之间的关系1当非抛补利率评价成立时,i-i=cs预期汇率的变动等于两国货币利率之差,如果本国利率高于外国利率,则意味着市场预期本币在远期将贬值,即期将升值;2当抛补利率评价成立时,i-i=F-S/S;汇率的远期升贴水率是由两国间的利率差决定的,高利率货币在现汇市场上升水、在期汇市场上贴水,低利率货币在现汇市场上贴水、在期汇市场上升水;4、从国际收支说角度看,影响汇率的因素有哪些答1.本国国民收入的变动：Y上升将导致本币贬值2.外国国民收入的变动：Yf上升将导致本币升值3.价格水平的相对变动：P－Pf＞0,将导致本币贬值4.利率的相对变动：i－if＞0,将导致本币升值5.对未来汇率预期的变动：预期本币升值将导致本币实际升值5、汇率决定的资产市场分析法的基本思想是什么,这一分析法与其他理论有什么区别答、基本思想：资产市场的失衡引进汇率的变动,而汇率的变动促使资产市场从不平衡达到平衡;均衡汇率是资产市场平衡时两国货币的相对价格;区别：汇率决定的资产市场说较之传统理论的最大突破在于它将商品市场、货币市场和证券市场结合起来进行汇率决定分析;在一个国家的三种市场之间,存在本币资产和外币资产替代性的不同假设,以及在受到冲击后进行均衡调整的速度快慢的不同假设,这样,引出了各种资产市场说的模型;6、简述货币模型的基本内容;汇率的弹性价格货币又称为“国际货币主义的汇率模式”或“货币供求说”;外汇市场的均衡汇率水平取决于国内外货币市场的均衡,汇率直接受货币供求影响;当货币供大于求时,国内物价上涨,由于购买力平价的作用,国际套汇行为会促使外汇汇率上升,本币汇率下跌；而当货币供不应求时,情况恰好相反;假设：购买力平价持续有效成立,即价格总是立即调整适用于长期汇率决定的分析名义货币供给是由货币当局决定的外生变量实际货币需求是实际国民收入和利率水平的稳定函7、试利用货币模型说明汇率决定的资产市场分析的主要特点;答、8、简述超货币模型中的汇率变动的调整过程;答、9、简述资产组合模型的分析方法第三章国际收支与国际收支平衡表一、概念国际收支：是指一个国家或地区与世界上其他国家或地区之间的由于贸易、非贸易和资本往来而引起国际间资金移动,从而发生的一种国际资金收支行为;狭义的国际收支：一国或地区在一定时期通常为一年的外汇收支,凡是涉及外汇收支的国际经济交易,都列入国际收支账户;广义的国际收支：在狭义的基础上加上无需外汇支付的债权债务往来,如远期付款、记账结算以及易货贸易、补偿贸易、无偿援助等;IMF对广义国际收支的定义：在一定时期内,一国居民与非居民之间经济交易的系统记录;国际收支平衡表：指将国际收支根据一定原则用会计方法编制出来的报表,又称为国际收支账户;居民：指在一个国家的经济领土内具有一定的经济利益中心的经济单位;经常账户：经常项目是国际收支平衡表最基本、最重要的项目;它反映了一国和他国之间实际资源的转移,因此与该国的国民收入账户有着密切的联系,它表现了一国的创汇能力,影响和制约着其他账户的变化;资本和金融账户：简称资本帐户capitalaccount,是指资本项目项下的资本转移、非生产、非金融资产交易以及其他所有引起一经济体对外资产和负债发生变化的金融项目;经常转移：又称“无偿转移”或“单方面转移”,是指单方面的无对等性的收支,即那些无须等价交换或不要求偿还的经济交易;资本转移：资本转移是指涉及固定资产所有权的变更及债权债务的减免等导致交易一方或双方资产存量发生变化的转移项目,重要包括三种转移：第一种,同固定资产收买或放弃如投资赠款,以增加受援国购置固定资产的能力相联系的或以其为条件的资本转移；第二种,固定资产所有权的转移；第三种,债权人不索取任何回报而取消的债务;其中前一种采用现金转移形式,后两种采用实物转移形式;赤字：若差额为负,则称该账户为逆差赤字盈余：若差额为正,则称该账户为顺差盈余总差额：等于经常账户差额与资本和金融账户差额加上净误差与遗漏项,三者之和与储备资产差额互为相反数;收入性不平衡：由于国民收入变化引起的国际收支不平衡直接管制：是政府对经济交易实施直接行政控制,通过改变各种商品的可获得性达到支出转换的目的;支出转换政策：是指不改变社会总需求和总支出而改变需求和支出方向的政策,将国内支出从外国商品和劳务转移移到国内商品和劳务上来;支出变更政策：是指改变社会总需求或国民经济中支出总水平的政策,从而改变对外国商品、劳务和金融资产的需求,达到调节国际收支的目的;价格——铸币流动机制：又称“物价——现金流动机制”;这个理论揭示,在国际金本位制度下,各国的国际收支失衡可以通过自动调节恢复均衡;二、思考题1、试述国际收支概念的演变1.从17世纪初的重商主义时代1600年～一战前1913年国际收支＝外贸收支2.一战后1918年～二战前1939年国际收支＝外汇收支3.二战后：国际收支的概念从狭义概念演变为广义概念2、试述国际收支平衡表的内容1.经常帐户CurrentAccount,CA货物服务收益经常转移2.资本与金融帐户Capital＆FinancialAccount,K资本帐户CapitalAccount金融帐户FinancialAccount,FA3.平衡帐户Balancing/SettlementAccount储备资产又称官方储备OfficialReserve,RA误差与遗漏项目ErrorandOmissions3、比较新旧国际收支平衡表间的区别（1）将资本账户改为资本与金融账户,并将其分为资本账户和金融账户2首次将经常转移和资本转移区分开来6、一国贸易账户逆差的宏观经济含义答、研究一国发展情况,主要借助于政府定期公布的对外表;一国按出口大于、小于或等于进口等情况,分别构成：,以正数表示;出口＞进口；也叫做出超;以负数表示,出口＜进口；也叫做入超、,出口=进口一国在一定时期内如一年、半年、一个季度、一个月等总值小于总值,即;又称“入超”、“”; 反映的是国与国之间的商品贸易状况,也是判断运行状况的重要指标7、国际的支平衡表各账户之间存在什么关系答、国际收支总差额=经常账户差额+资本与金融账户差额+净差错与遗漏国际收支总差额+储备资产变化=0各项差额=该项的贷方数字减去借方数字8、何谓国际收支失衡国际收支失衡是指一国经常账户、金融与资本账户的余额出现问题,即对外经济出现了需要调整的情况;9、国际收支不平衡的原因1经济周期——周期性不平衡2经济结构——结构性不平衡3国民收入——收入性不平衡4货币价值——货币性不平衡5偶发性因素——偶发性不平衡10、在纸币制度下,国际收支的自动调节机制有哪些1汇率机制2收入机制3价格机制4利率机制11、固定汇率制度与浮动汇率制度下,国际收支自动调节机制有何不同12、国际收支的政策性调节措施有哪些一融资：以筹措资金的方式来填补国际收支不平衡的缺口;内部融资,也称为外汇缓冲政策外部融资,即通过从外国政府、国际金融机构或国际金融市场融通资金二调整：货币当局通过各种调整措施来消除外汇市场的供求缺口三支出变更政策：是指改变社会总需求或国民经济中支出总水平的政策,从而改变对外国商品、劳务和金融资产的需求,达到调节国际收支的目的;财政政策货币政策支出转换政策：是指不改变社会总需求和总支出而改变需求和支出方向的政策,将国内支出从外国商品和劳务转移移到国内商品和劳务上来;汇率政策：在不进行管制的情况下,通过确定汇率制度和汇率水平对经济产生影响;直接管制：政府对经济交易实施直接行政控制;贸易管制金融管制第四章国际收支调节理论概念J曲线效应：指一国货币对外贬值后,国际收支状况在贬值之初进一步恶化,只有经过一段时间后,国际收支状况才会得以改善;本币贬值后,国际收支随时间变化的轨迹酷似大写英文字母“J”,故名“J曲线效应”;马歇尔——勒纳条件：指明何种状况下汇率贬值有利于一国贸易余额;尤其是如果一国对进口商品的需求弹性及外国对其出口产品的需求弹性的总量大于1,则一国货币贬值有利于贸易余额;相反,如果此总量小于1,一国货币将会恶化贸易余额;贸易条件：是指出口商品单位价格指数与进口商品单位价格指数之间的比例,又称交换比价;闲置资源效应：闲置资源效应是指货币贬值后,闲置资源得到利用,并产生国民收入增加、国际收支改善的效果,这是贬值收入效应中最重要的效应;弹性论是指一个变量变动的百分比相应于另一变量变动的百分比来反应变量之间的变动的敏感程度,货币论：以购买力平价为基础,测量国际收支的长期均衡条件分析,但在全球化条件下,国际收支失衡更多地表现为短期的暂时失衡,反映外汇市场上汇率频繁而大幅震荡,但或不论没有进行国际收支短期失衡的诸因素分析二、思考题1、试用简单的数学推导证明马歇尔——勒纳条件答、由于需求弹性和供给弹性一般规定为正数,因此从式1中可以推论,仅当出口需求缺乏弹性时,马歇尔—勒纳条件才没有得到满足,在这种情况下,贬值反而会使贸易差额恶化;马歇尔—勒纳条件有两种特殊的情况;第一种是小国出口的需求弹性和进口的供给弹性无穷大,货币的贬值效果与需求弹性｜Dx｜＋｜Dm｜＞1 货币贬值将会改善贸易收支｜Dx｜＋｜Dm｜＝1 货币贬值不发生作用｜Dx｜＋｜Dm｜＜1 货币贬值将恶化贸易收支2、试述J曲线效应存在的原因答1贸易合同调整的滞后2生产者和消费者的反应滞后3、评述分析吸收法4、评述货币分析法的政策主张答、政策主张：一国际收支问题本质上是一个货币问题;若国内信贷扩张,将导致BP逆差若国内信贷紧缩,将导致BP顺差二国际收支失衡的调节需通过对货币供求失衡的调节来实现;1.贡献①自由放任的国际收支调节政策具有一定的积极意义;②重新强调了在国际收支分析中对货币因素的重视；③考虑了资本流动对国际收支的影响;2.局限①只强调了货币因素而忽略了实际因素；②主张依靠有限的BP自动调节机制使其恢复平衡；③对于货币需求是稳定函数的假定难以成立；④强调对国际收支长期均衡的分析,忽略了短期国际收支失衡所带来的影响5、试总结各派国际收支调节理论的前提条件与核心内容异同答、货币论、弹性论、吸收论的比较第五章开放经济下的宏观调控一、概念内部均衡：处于无通货膨胀的充分就业状态外不均衡：是一个动态概念,随着实际经济条件的变化而不断发展;经济理性经济理性是研究解释经济现象、探讨揭示经济本质、解决经济问题的思维方式和哲学方法论可维持性：可持续性是指一种可以长久维持的过程或状态;人类社会的持续性由生态可持续性、经济可持续性和社会可持续性三个相互联系不可分割的部分组成;米德冲突：指在许多情况下,单独使用或而同时追求内、外均衡两种目标的实现,将会导致一国与之间冲突;丁伯根原则：政策工具数目不能少于政策目标数目蒙代尔分配原则：政策工具要运用于具有比较优势的目标又称为：有效市场分配原则政策搭配：就是几种政策共同使用,达到调节经济的作用;而政策搭配理论就是对各种政策搭配的理论研究,从而得出的理论作用及优缺点;财政政策与货币政策的搭配：财政政策是指根据稳定经济的需要,通过财政支出与税收政策来调节总需求;增加政府支出,可以刺激总需求,从而增加国民收入,反之则压抑总需求,减少国民收入;指政府、中央银行和其他有关部门所有有关货币方面的规定和采取的影响金融变量的一切措施支出转换政策与支出增减政策的搭配：它是指在不改变社会总需求或总支出水平的前提下,通过改变需求或支出的方向,即对外国商品和服务与本国商品和服务的需求结构或支出结构,以实现内外部的均衡;支出转换型政策主要包括汇率政策与直接管制政策,它是指政府通过实施紧缩性或扩张性的财政与货币政策来改变社会总需求或总支出水平和国民经济总水平,进而实现内外部均衡;蒙代尔—弗莱明模型：又称IS－LM－BP模型或MF模型;该模型说明,由于实行浮动汇率制,货币政策在改变实际产出上极为有力,而财政政策是完全软弱无力的;二、思考题1、开放经济下的宏观调控的目标是什么,与封闭条件有何不同答：。

国际金融课后习题答案(doc 48页)期性失衡，２．结构性失衡，３．货币性失衡，４．收入性失衡，５．贸易竞争性失衡，６．过度债务性失衡，７．其他因素导致的临时性失衡。

以上几方面原因不是截然分开的，而且，固定汇率制与浮动汇率制下国际收支不平衡，发展中国家与发达国家国际收支不平衡都是有区别和联系的。

5．汇率在国际收支失衡的协调中究竟意义何在？答：在国际收支失衡的调节中，有一类是市场自动调节机制，另一类为各国政府的政策调节，在前一类的调节机制中，在浮动汇率制下，国际收支的调节是通过汇率的变动来实现的，如当一国的国际收支为赤字时，外汇市场上的外汇需求会大于外汇供给，汇率上升，这将导致进口增加，出口减少，国际收支得到改善。

当自动调节机制不能完全解决国际收支失衡时，各国政府就会采取不同的政策进行调节，汇率政策就是其中的一类，如当一国的国际收支发生逆差时，该国可使本国货币贬值，以增强本国商品在国外的竞争力，扩大出口；同时，国外商品的本币价格上升，竞争力下降，进口减少，国际收支逐步恢复平衡。

由此可见，汇率无论是在自动调节还是政策调节中都发挥着重要的作用，汇率的上升下降不仅引起外汇市场供求的变化，更重要的是，他将导致进出口贸易的变化，使得国际收支失衡得以解决。

6．一国应该如何选择政策措施来调节国际收支的失衡？答：一国的国际收支失衡的调节，首先取决于国际收支失衡的性质，其次取决于国际收支失衡时国内社会和宏观经济结构，再次取决于内部均衡与外部平衡之间的相互关系，由于有内外均衡冲突的存在。

正确的政策搭配成为了国际收支调节的核心。

国际收支失衡的政策调节包括有：货币政策，财政政策，汇率政策，直接管制政策，供给调节政策等，要相机的选择搭配使用各种政策，以最小的经济和社会代价达到国际收支的平衡或均衡。

其次，在国际收支的国际调节中，产生了有名的“丁伯根原则”，“米德冲突”，“分派原则”,他们一起确定了开放经济条件下政策调控的基本思想，即针对内外均衡目标，确定不同政策工具的指派对象，并且尽可能地进行协调以同时实现内外均衡。

第一章2．国际收支总差额是（D）2008.1A．经常账户差额与资本账户差额之和B．经常账户差额与长期资本账户差额之和C．资本账户差额与金融账户差额之和D．经常账户差额、资本账户差额、金融账户差额、净差错与遗漏四项之和13.国际收支是统计学中的一个（B ）2009.1A. 存量概念B. 流量概念C.衡量概念D. 变量概念15. 本国居民因购买和持有国外资产而获得的利润、股息及利息应记入（ A ）2009.1A. 经常账户B. 资本账户C.金融账户D. 储备资产账户1. 按照《国际收支手册》第五版的定义， IMF 判断个人居民的标准是（ D ） 2009.10A. 国籍标准B. 时间标准C.法律标准D. 住所标准2. 保险费记录在经常项目中的（ B ） 2009.10A. 货物B. 服务C.收益D. 经常转移2. 广义国际收支建立的基础是（ C ） 2010.1A. 收付实现制B. 国际交易制C.权责发生制D.借贷核算制1.国际收支平衡表的实际核算与编制过程，没有完全按照复式借贷记账法去做，由此导致了平衡表中什么项目的产生 ?( D )2010.10A. 经常项目B. 资产项目C.平衡项目D.错误与遗漏2.政府贷款及出口信贷记录在金融账户中的哪一个项目 ?( D ) 2010.10A. 直接投资B. 间接投资C.证券投资D.其他投资1.我国企业在香港发行股票所筹集的资金应记入国际收支平衡表的( C )2011.1A. 经常账户B. 资本账户C.金融账户D. 储备账户2.我国国际收支平衡表中经常账户的借方记录 ( C ) 2011.1A. 商品的进出口额100 万元B. 好莱坞电影大片的进口额20 万美元C.对外经济援助 50 万美元D. 外国人到中国旅游支出 2 万美元16.我国某企业获得外国汽车专利的使用权。

该项交易应记入国际收支平衡表的 ( B )2011.1A. 贸易收支C.经常转移收支B. 服务收支D. 收入收支13．政府间的经济与军事援助记录在（A）2008.10A．经常账户B．资本账户C．金融账户D．储备资产账户28.国际收支差额等于经常账户差额加上资本与金融账户差额。