第12章 外汇(英文习题)

International Finance 国际金融Notes to the ans wers:1、All the terms can be found in the text.2、The discussions can be attained by reading the original text.Chapter 1Answers:II. T T F F F T TIII. 1. reserve currency 2. appreciate 3. was pegged to 4. deficit 5. fixed exchange rates 6. floating exchange rates 7. depreciate 8. market forcesIV. 1. Confidence in the ability of the U.S. to redeem dollars for gold began to fall as potential claims against the dollar increased and U.S. gold reserves fell.2.Under the fixed exchange rate system, the value of the dollar was tied to gold through itsconvertibility in to gold at the U.S. Treasury, and other nations’ currencies were tied to the dollar by the maintenance of a fixed rate of exchange.3.IMF has adjusted its role in the exchange rate system in view of the development of thesituation.4.After the collapse of the Bretton Woods System, the task of ―rigorous monitoring‖theexchange rate policy of member countries fell on the shoulder of IMF.5.Under normal conditions the stabilizing operations were sufficient to contain short-runfluctuations in a currency’s price within the required bounds of 1% of par value and thereby maintain a system of fixed exchange rates.Chapter 2Answers:I. liquid, turnover, due to, hedge, cross trading, electronic broking, outright forwards,Over-the-counter, futures and options, derivatives, remainder.II.. 1. The fundamental changes occurred in post-war world economy. The international flow of commodities, capital and labor is intensifying, thus leading to integration of international markets.1.Often referred to as ―financial institutions with a soul‖, credit unions are member-ownedcooperatives that offer checking accounts, savings accounts, credit cards, and consumer loans.2.If you think the price of gold will rise, you can buy a most simple kind of financial derivativewhich is called ―futures‖. If by that time the price really goes up, then you make a gain. But if you make a wrong guess and the price declines, then you suffer a loss.3.Financial derivatives are financial commodities deriving from such spot market products asinterest rate or bond, foreign exchange or foreign exchange rate and sto ck or stock indexes.There are mainly three types of derivatives: futures, options and swaps, each of which involves a mix of financial contracts.panies and investment funds are using basic currency futures and currency options, onesthat are regarded as traditional hedging products for investors who want to protect their international assets from sharp gains and declines in currency prices.Chapter 3Answers：II. 1. deposit accounts 2. securitization 3. Deregulation 4. consolidation 5. portfolio 6. thrift institutions 7. listing 8. liquidity 9. banking supervision 10. Credit riskIII. 1. Depository institutions 2. commercial banks 3. credit analysis 4. working capital 5. consolidation 6. financing 7. moral hazard 8. Bank supervision and regulation 9. Credit risk 10. Liquidity riskIV. 1. If a bank’s base rate was below money market rates, a customer could borrow from a bank and lend these funds to the money market, thus making a profit on the deal.2.Financing of international trade is one of the basic functions of a commercial bank. Not onlydoes it father deposits (demand, time and savings accounts), but it also grants loans.3.If you have a credit card, you buy a car, eat a dinner, take a trip,a nd even get a haircut bycharging the cost to your account.4.As the central bank and under the leadership of the State Council, the People’s Bank ofChina will formulate and implement monetary policies, execute supervision and control power over the banking industry.5.One of major function of the central bank is the supervision of the clearing mechanis m. Areliable clearing mechanis m which can settle inter-bank transaction with high efficiency is crucial to a well-operated financial system.Chapter 4 Ans wers:II. 1．integrity 2. pretext 3. released 4. produce 5. facilities 6. obliged 7. alleging 8. Claims 9. cleared 10. deliveryIII. 1. in favor of 2. consignment 3. undertaking, terms and conditions 4. cleared 5. regardless of 6. obliged to 7. undervalue arrangement 8. on the pretext of 9. refrain from 10. hinges onIV. 1. The objective of documentary credits is to facilitate international payment by making use of the financial expertise and credit worthiness of one or more banks.2.In compliance with your request, we have effected insurance on your behalf and debited youraccount with the premium in the amount of $1000.3.When an exporter is trading regularly with an importer, he will offer open account terms.4.Exporters usually insist on payment by cash in advance when they are trading with oldcustomers.5.Cash in advance means that the exporter is paid either when the importer places his order orwhen the goods are ready for shipment.Chapter 5.II．1. b 2. c 3. c 4. a 5. b 6. b 7. a 8. cIII. 1. guaranteed 2. without recourse 3. defaults 4. on the buyer’s account 5. is equivalent to 6. in question 7. devaluation 8. validity 9. discrepancy 10. inconsistent withChapter 6Answers:II. 1. open account, creditworthiness 2. demand 3. draw on, creditor 4. protest 5. schedule, discrepancies 6. acceptance 7. drawee 8. guranteedIII. 1. collecting bank 2. tenor 3. the proceeds 4. protest 5. deferred payment 6. presentation 7. the maturity date 8. a document of title 9. the shipping documents 10. transshipmentIV. 1. Documentary collection is a method by which the exporter authorizes the bank to collect money from the importer.2.When a draft is duly presented for acceptance or payment but the acceptance or paymentis refused, the draft is said to be dishonored.3.In the international money market, draft is a circulative and transferable instrument.Endorsement serves to transfer the title of a draft to the transferee.4.A clean bill of lading is favored by the buyer and the banks for financial settlementpurposes.5.Parcel post receipt is issued by the post office for goods sent by parcel post. It is both areceipt and evidence of dispatch and also the basis for claim and adjustment if there is any damage to or loss of parcels.Chapter 7II. financing, discounting, factoring, forfaiting, without recourse, accounts receivable, factor, trade obligations, promissory notes, trade receivables, specialized.III. 1. a cash flow disadvantage 2. without recourse 3. negotiable instruments 4. promissory notes 5. profit margin 6. at a discount, maturity, credit risk 7. A bill of exchange, A promissory noteIV. 1. When a bill is dishonored by non-acceptance or by non-payment, the holder then has an immediate right of recourse against the drawer and the endorsers.2.If a bill of lading is made out to bearer, it can be legally transferred without endorsement.3.The presenting bank should endeavor to ascertain the reasons non-payment ornon-acceptance and advise accordingly to the collecting bank.4.Any charges and expenses incurred by banks in connection with any action for protection o fthe goods will be for the account of the principal.5.Anyone who has a current account at a bank can use a cheque.Chapter EightStructure of the Foreign Exchange Market外汇市场的构成1. Key Terms1）foreign exchange：―Foreign exchange‖ refers t o money denominated in the currency of another nation or group of nations.2）payment“payment”is the transmission of an instruction to transfer value that results from a transaction in the economy.3）settlement―settlement‖ is the final and uncondit ional transfer of the value specified in a payment instruction.2. True or False1) true 2) true 3) true 4) true1)Tell the reasons why the dollar is the market's most widely tradedcurrency?key points: U.S.A economic background; the leadership of USD in the world economy ; the role it plays in investment , trade, etc.2)What kind of market is the foreign exchange market?Make reference to the following parts:（8.7 The Market Is Made Up of An International Network of Dealers）Chapter 9Instruments交易工具1. Key Terms1) spot transactionA spot transaction is a straightforward (or ―outright‖) exchange of one currency for another. The spot rate is the current market price, the benchmark price.Spot transactions do not require immediate settlement, or payment ―on the spot.‖ By convention, the settlement date, or ―value date,‖is the second business day after the ―deal date‖ (or ―trade date‖) on which the transaction is agreed to by the two traders. The two-day period provides ample time for the two parties to confirm the agreement and arrange the clearing and necessary debiting and crediting of bank accounts in various international locations.2) American termsThe phrase ―American terms‖means a direct quote from the point of view of someone located in the United States. For the dollar, that means that the rate is quoted in variable amounts of U.S. dollars and cents per one unit of foreign currency (e.g., $1.2270 per Euro).3) outright forward transactionAn outright forward transaction, like a spot transaction, is a straightforward single purchase/ sale of one currency for another. The only difference is that spot is settled, or delivered, on a value date no later than two business days after the deal date, while outright forward is settled on any pre-agreed date three or more business days after the deal date. Dealers use the term ―outright forward‖ to make clear that it is a single purchase or sale on a future date, and not part of an ―FX swap‖.4) FX swapAn FX swap has two separate legs settling on two different value dates, even though it is arranged as a single transaction and is recorded in the turnover statistics as a single transaction. The two counterparties agree to exchange two currencies at a particular rate on one date (the ―near date‖) and to reverse payments, almost always at a different rate, on a specified sub sequent date (the ―far date‖). Effectively, it is a spot transaction and an outright forward transaction going in opposite directions, or else two outright forwards with different settlement dates, and going in opposite directions. If both dates are less than one month from the deal date, it is a ―short-dated swap‖; if one or both dates are one month or more from the deal date, it is a ―forward swap.‖5) put-call parity―Put-call parity‖says that the price of a European put (or call) option can be deduced from the price of a European call (or put) option on the same currency, with the same strike price and expiration. When the strike price is the same as the forward rate (an ―at-the-money‖forward), the put and the call will be equal in value. When the strike price is not the same as the forward price, the difference between the value of the put and the value of the call will equal the difference in the present values of the two currencies.2. True or False1) true 2) true 3) true3. Cloze1) Traders in the market thus know that for any currency pair, if the basecurrency earns a higher interest rate than the terms currency, the currency will trade at a forward discount, or below the spot rate; and if the base currency earns a lower interest rate than the terms currency, the base currency will trade at a forward premium, or above the spot rate. Whichever side of the transaction the trader is on, the trader won't gain (or lose) from both the interest rate differential and the forward premium/discount. A trader who loses on the interest rate will earn the forward premium, and vice versa.2) A call option is the right, but not the obligation, to buy the underlyingcurrency, and a put option is the right, but not the obligation, to sellthe underlying currency. All currency option trades involve two sides—the purchase of one currency and the sale of another—so that a put to sell pounds sterling for dollars at a certain price is also a call to buy dollars for pounds sterling at that price. The purchased currency is the call side of the trade, and the sold currency is the put side of the trade. The party who purchases the option is the holder or buyer, and the party who creates the option is the seller or writer. The price at which the underlying currency may be bought or sold is the exercise , or strike, price. The option premium is the price of the option that the buyer pays to the writer. In exchange for paying the option premium up front, the buyer gains insurance against adverse movements in the underlying spot exchange rate while retaining the opportunity to benefit from favorable movements. The option writer, on the other hand, is exposed to unbounded risk—although the writer can (and typically does) seek to protect himself through hedging or offsetting transactions.4. Discussions1)What is a derivate financial instrument? Why is traded?2)Discuss the differences between forward and futures markets in foreigncurrency.3)What advantages do foreign currency futures have over foreigncurrency options?4)What is meant if an option is ―in the money‖, ―out of the money‖,or ―atthe money‖?5)What major international contracts are traded on the ChicagoMercantile Exchange ? Philadelphia Stock Exchange?Chapter 10Managing Risk in Foreign Exchange Trading外汇市场交易的风险管理1. Key Terms1) Market riskMarket risk, in simplest terms, is price risk, or ―exposure to (adverse)price change.‖ For a dealer in foreign exchange, two major elements of market risk are exchange rate risk and interest rate risk—that is, risks of adverse change in a currency rate or in an interest rate.2) VARVAR estimates the potential loss from market risk across an entire portfolio, using probability concepts. It seeks to identify the fundamental risks that the portfolio contains, so that the portfolio can be decomposed into underlying risk factors that can be quantified and managed. Employing standard statistical techniques widely used in other fields, and based in part on past experience, VAR can be used to estimate the daily statistical variance, or standard deviation, or volatility, of the entire portfolio. On the basis of that estimate of variance, it is possible to estimate the expected loss from adverse price movements with a specified probability over a particular period of time (usually a day).3) credit riskCredit risk, inherent in all banking activities, arises from the possibility that the counterparty to a contract cannot or will not make the agreed payment at maturity. When an institution provides credit, whatever the form, it expects to be repaid. When a bank or other dealing institution enters a foreign exchange contract, it faces a risk that the counterparty will not perform according to the provisions of the contract. Between the time of the deal and the time of thesettlement, be it a matter of hours, days, or months, there is an extension of credit by both parties and an acceptance of credit risk by the banks or other financial institutions involved. As in the case of market risk, credit risk is one of the fundamental risks to be monitored and controlled in foreign exchange trading.4) legal risksThere are legal risks, or the risk of loss that a contract cannot be enforced, which may occur, for example, because the counterparty is not legally capable of making the binding agreement, or because of insufficient documentation or a contract in conflict with statutes or regulatory policy.2. True or False1)True 2) true3. Translation1) Broadly speaking, the risks in trading foreign exchange are the same asthose in marketing other financial products. These risks can be categorized and subdivided in any number of ways, depending on the particular focus desired and the degree of detail sought. Here, the focus is on two of the basic categories of risk—market risk and credit risk (including settlement risk and sovereign risk)—as they apply to foreign exchange trading. Note is also taken of some other important risks in foreign exchange trading—liquidity risk, legal risk, and operational risk2) It was noted that foreign exchange trading is subject to a particular form ofcredit risk known as settlement risk or Herstatt risk, which stems in part from the fact that the two legs of a foreign exchange transaction are often settled in two different time zones, with different business hours. Also noted was the fact that market participants and central banks have undertaken considerable initiatives in recent years to reduce Herstatt risk.4. Discussions2)Discuss the way how V AR works in measuring and managing marketrisk?3)Why are banks so interested in political or country risk?4)Discuss other forms of risks which you know in foreign exchange. Chapter 11The Determination of Exchange Rates汇率的决定1. Key Terms1) PPPPurchasing Power Parity (PPP) theory holds that in the long run, exchange rates will adjust to equalize the relative purchasing power of currencies. This concept follows from the law of one price, which holds that in competitive markets, identical goods will sell for identical prices when valued in the same currency.2) the law of one priceThe law of one price relates to an individual product. A generalization of that law is the absolute version of PPP, the proposition that exchange rates will equate nations' overall price levels.3) FEER―fundamental equilibrium exchange rate,‖ or FEER,envisaged as the equilibrium exchange rate that would reconcile a nation's internal and external balance. In that system, each country would commit itself to a macroeconomicstrategy designed to lead, in the medium term, to ―internal balance‖—defined as unemployment at the natural rate and minimal inflation—and to ―external balance‖—defined as achieving the targeted current account balance. Each country would be committed to holding its exchange rate within a band or target zone around the FEER, or the level needed to reconcile internal and external balance during the intervening adjustment period.4) monetary approachThe monetary approach to exchange rate determination is based on the proposition that exchange rates are established through the process of balancing the total supply of, and the total demand for, the national money in each nation. The premise is that the supply of money can be controlled by the nation's monetary authorities, and that the demand for money has a stable and predictable linkage to a few key variables, including an inverse relationship to the interest rate—that is, the higher the interest rate, the smaller the demand for money.5) portfolio balance approachThe portfolio balance approach takes a shorter-term view of exchange rates and broadens the focus from the demand and supply conditions for money to take account of the demand and supply conditions for other financial assets as well. Unlike the monetary approach, the portfolio balance approach assumes that domestic and foreign bonds are not perfect substitutes. According to the portfolio balance theory in its simplest form, firms and individuals balance their portfolios among domestic money, domestic bonds, and foreign currency bonds, and they modify their portfolios as conditions change. It is the process of equilibrating the total demand for, and supply of, financial assets in each country that determines the exchange rate.2. True or False1) true 2) true3. Cloze1）PPP is based in part on some unrealistic assumptions: that goods are identical; that all goods are tradable; that there are no transportationcosts, information gaps, taxes, tariffs, or restrictions of trade; and—implicitly and importantly—that exchange rates are influenced only byrelative inflation rates. But contrary to the implicit PPP assumption,exchange rates also can change for reasons other than differences ininflation rates. Real exchange rates can and do change significantly overtime, because of such things as major shifts in productivitygrowth, advances in technology, shifts in factor supplies, changes inmarket structure, commodity shocks, shortage, and booms.2）Each individual and firm chooses a portfolio to suit its needs, based on a variety of considerations—the holder's wealth and tastes, the level ofdomestic and foreign interest rates, expectations of future inflation,interest rates, and so on. Any significant change in the underlying factorswill cause the holder to adjust his portfolio and seek a new equilibrium.These actions to balance portfolios will influence exchange rates.4. Discussions1）How does the purchasing power parity work?2）Describe and discuss one model for forecasting foreign exchange rates.3）Make commends on how good are the various approaches mentioned in the chapter.4）Central banks occasionally intervene in foreign exchange markets. Discuss the purpose of such intervention. How effective is intervention?Chapter 12The Financial Markets金融市场1. Key Terms1）money marketThe money market is really a market for short-term credit, or the option to use someone else's money for a period of time in return for the payment of interest. The money market helps the participants in the economic process cope with routine financial uncertainties. It assists in bridging the differences in the timing of payments and receipts that arise in a market economy.2）capital marketMarkets dealing in instruments with maturities that exceed one year are often referred to as capital markets.3）primary marketThe term ―primary market‖ applies to the original issuance of a credit market instrument. There are a variety of techniques for such sales, including auctions, posting of rates, direct placement, and active customer contacts by a salesperson specializing in the instrument4） secondary marketOnce a debt instrument has been issued, the purchaser may be able to resell it before maturity in a ―secondary market.‖ Again, a number of techniques are available for bringing together potential buyers and sellers of existing debt instruments. They include various types of formal exchanges, informal telephone dealer markets, and electronic trading through bids and offers on computer screens. Often, the same firms that provide primary marketing services help to create or ―make‖ secondary markets.5）RPsIn addition to making outright purchases and sales in the secondary market, entities with money to invest for a brief period can acquire a security temporarily, and holders of debt instruments can borrow short term by selling securities temporarily. These two types of transactions are repurchase agree-ments (RPs) and reverse RPs,respectively. In the wholesale market, banks and government securities dealers offer RPs at competitive rates of return by selling securities under contracts providing for their repurchase from one day to several months later6）BAs 7）CDs (reference to 13.1)8） EurodollarEurodollars are U.S. dollar deposits at banking offices in a country other than the United States.9） EurobankEurobanks—banks dealing in Eurodollar or some other nonlocal currency deposits, including foreign branches of U.S. banks— originally held deposits almost exclusively in Europe, primarily London. While most such deposits are still held in Europe, they are also held in such places as the Bahamas, Bahrain, Canada, the Cayman Islands, Hong Kong, Singapore, and Tokyo, as well as other parts of the world.10）LIBOR (reference to 13.2.2 Certificates of Deposit)London inter-bank offer rate11）mortgage-backed securities12）Eurobond market (details make reference to13.3.3 )The Eurobond market, centered in London, is an offshore market in intermediate- and long-term debt issues. It serves as a source of capital for multinational corporations and for foreign governments. It developed after the United States instituted the interest equalization tax in 1963 to stem capital outflows inspired by relatively low U.S. interest rates.2. True or False1) true 2) true 3) true3. Discussions1) Describe the characteristics of Interest Rate Swap and the role of it in thebank-related financial market.2) What risks are encountered in the swaps markets?3) Discuss one or two specific examples of derivative products and their use.4. Translations1) Markets dealing in instruments with maturities that exceed one year are often referred to as capital markets, since credit to finance investments in new capital would generally be needed for more than one year. The time division is arbitrary. A long-term project can be started with short-term credit, with additional instruments may need to be renewed before a project is completed. Debt instruments that differ in maturity share other characteristics. Hence, the term ―capital market‖ could be –and occasionally is applied to some shorter maturity transactions.2) The secondary market for Treasure securities consists of a network of dealers, brokers, and investors who effect transactions either by telephone or electronically. Telephone trades are generally between dealers and their customers. Electronics trading is arranged through screen-based systems provided by some of the dealers to their customers. It allows selected trades to take place without a conversation. When dealers trade with each other, they generally use brokers. Brokers provide information on screen, but the final trades are made bytelephone.Chapter 13Concepts of Financial Assets Value金融资产价值的概念1. Key Terms1) absolute measure of valueAn absolute measure of value is used when one must compare it to a nominal amount: purchase price, amount to invest, target sum of money to raise2) relative measure of valueA relative measure of rate of return is more convenient to use when one wishes to compare one financial asset to a set of numerous alternative assets. A rate of return is the most commonly used relative measure of value.3) discountingFuture benefits must be discounted (or converted) to their present (or today's) value, before they are summed. Discounting is part of the study of time value of money, or actuarial mathematics, and a complete treatment of it can be found in specialized textbook.4) time value of moneyTime value of money studies how amounts of money are made equivalent over time. Converting amounts today into their future equivalent consists in adding interest to principal, i.e. compounding. Converting amounts in the future into today's equivalent consists of charging an interest, i.e. discounting. Thus, discounting is the exact inverse of compounding.5) FV 6) PV 7) annuity8) short term securitiesShort term securities (i.e. securities with maturity less than one year) are sold at a discount (i.e. nominal value less the interest to be earned over the remaining number of days to maturity). There is no coupon, and no additional benefits such as conversion right, but there may be a penalty for early redemption in the case of some bank certificates of deposit.9) P/E ratio (make reference to 15.5.3 --Earnings Multiple or P/E Ratio)Another approach which is used as a short-cut by a large number of investors, is the earnings multiple. It is sometimes referred to as earningsmultiplier, and it is most commonly known as price-to-earnings or P/E ratio. In many instances, the approach, rather than being an oversimplification, can be an improvement over the previous format. In its most common presentation, the idea is that the price P of a share should be a multiple m of its earnings per share E. The multiple m is an industry average because it is assumed that all companies in an industry face similar marketing, technological and resource challenges, and thus, should have similar organizational and production patterns.10) intrinsic valueintrinsic value, or difference between market price of the underlying stock and strike price (which is also known as exercise price because it is the price at which an option holder can buy from or sell to the option writer the underlying stock through the options exchange)。

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。

Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 26 Web Chapter 1: Financial Crises in Emerging Market Economies26.1 Dynamics of Financial Crises in Emerging Market Economies1) Financial crises generally develop along two basic pathsA) mismanagement of financial liberalization/globalization and severe fiscal imbalances.B) stock market declines and severe fiscal imbalances.C) mismanagement of financial liberalization/globalization and stock market declines.D) stock market declines and unanticipated declines in the value of the domestic currency. Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) In emerging market countries, the deterioration in bank's balance sheets has more ________ effects on lending and economic activity than in advanced countries.A) negativeB) positiveC) affirmingD) advancingAnswer: AQues Status: Previous EditionAACSB: Reflective Thinking3) All of the following might create problems from financial liberalization in emerging countries EXCEPTA) ineffective screening of borrowers.B) limits on risk-taking.C) lax government supervision of banks.D) lenders failure to monitor borrowers.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking4) The mismanagement of financial liberalization in emerging market countries can be understood as a severeA) principal/agent problem.B) asymmetric information problem.C) lemons problem.D) free-rider problem.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking5) Factors likely to cause a financial crisis in emerging market countries includeA) severe fiscal imbalances.B) decreases in foreign interest rates.C) a foreign exchange crisis.D) too strong oversight of the financial industry.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking6) The two key factors that trigger speculative attacks on emerging market currencies areA) deterioration in bank balance sheets and severe fiscal imbalances.B) deterioration in bank balance sheets and low interest rates abroad.C) low interest rates abroad and severe fiscal imbalances.D) low interest rates abroad and rising asset prices.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking7) Severe fiscal imbalances can directly trigger a currency crisis sinceA) investors fear that the government may not be able to pay back the debt and so begin to sell domestic currency.B) the government may stop printing money.C) the government may have to cut back on spending.D) the currency must surely increase in value.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking8) In emerging market countries, many firms have debt denominated in foreign currency like the dollar or yen. A depreciation of the domestic currencyA) results in increases in the firm's indebtedness in domestic currency terms, even though the value of their assets remains unchanged.B) results in an increase in the value of the firm's assets.C) means that the firm does not owe as much on their foreign debt.D) strengthens their balance sheet in terms of the domestic currency.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking9) A sharp depreciation of the domestic currency after a currency crisis leads toA) higher inflation.B) lower import prices.C) lower interest rates.D) decrease in the value of foreign currency-denominated liabilities.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking10) The key factor leading to the financial crises in Mexico and the East Asian countries wasA) a deterioration in banks' balance sheets because of increasing loan losses.B) severe fiscal imbalances.C) a sharp increase in the stock market.D) a sharp decline in interest rates.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge11) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets includeA) failure of the Mexican oil monopoly.B) the ratification of the North American Free Trade Agreement.C) increased uncertainty from political shocks.D) decline in interest rates.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge12) Factors that led to worsening financial market conditions in East Asia in 1997-1998 includeA) weak supervision by bank regulators.B) a rise in interest rates abroad.C) unanticipated increases in the price level.D) increased uncertainty from political shocks.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge13) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets, but did not lead to worsening financial market conditions in East Asia in 1997-1998 includeA) rise in interest rates abroad.B) bankers' lack of expertise in screening and monitoring borrowers.C) deterioration of banks' balance sheets because of increasing loan losses.D) stock market decline.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge14) Argentina's financial crisis was due toA) poor supervision of the banking system.B) a lending boom prior to the crisis.C) fiscal imbalances.D) lack of expertise in screening and monitoring borrowers at banking institutions.Answer: CQues Status: Previous EditionAACSB: Application of Knowledge15) A feature of debt markets in emerging-market countries is that debt contracts are typicallyA) very short term.B) long term.C) intermediate term.D) perpetual.Answer: AQues Status: Previous EditionAACSB: Analytical Thinking16) The economic hardship resulting from a financial crises is severe, however, there are also social consequences such asA) increased crime.B) difficulty getting a loan.C) currency devaluations.D) loss of output.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking17) Before the South Korean financial crisis, sales by the top five chaebols (family-owned conglomerates) wereA) nearly 50% of GDP.B) about 10% of GDP.C) almost 90% of GDP.D) nearly 25% of GDP.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge18) The chaebols encouraged the Korean government to open up Korean financial markets to foreign capital. The Korean government responded byA) allowing unlimited short-term foreign borrowing but maintained quantity restrictions on long-term foreign borrowing by financial institutions.B) allowing unlimited short-term and long-term foreign borrowing by financial institutions.C) maintaining quantity restrictions on short-term foreign borrowing but allowing unlimited long-term foreign borrowing by financial institutions.D) not allowing any foreign borrowing by financial institutions.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge19) At the time of the South Korean financial crisis, the government allowed many chaebol owned finance companies to convert to merchant banks. Finance companies ________ allowed to borrow abroad and merchant banks ________.A) were not; could borrow abroadB) were not; could not borrow abroadC) were; could borrow abroadD) were; could not borrow abroadAnswer: AQues Status: Previous EditionAACSB: Application of Knowledge20) At the time of the South Korean financial crisis, the merchant banks wereA) almost virtually unregulated.B) subject to heavy government regulation.C) engaged in long-term lending to the corporate sector.D) restricted to long-term foreign borrowing.Answer: AQues Status: Previous EditionAACSB: Application of Knowledge21) What two key factors trigger speculative attacks leading to currency cries in emerging market countries?Answer: The deterioration in bank balance sheets and severe fiscal imbalances are the key factors. To counter a speculative attack, a country might try to raise interest rates. Raising interest rates, however, would worsen the problem of banks that are already in trouble. Speculators recognize this and seize the opportunity. When their are severe fiscal imbalances, there is concern that government debt will not be paid back. Funds are pulled out of the country and domestic currency is sold leading to a decline in the value of the domestic currency. Speculators will once again seize the opportunity.Ques Status: Previous EditionAACSB: Reflective Thinking。

高二英语英语中的货币表达单选题40题1. If the exchange rate is 1 dollar to 6 yuan, how much is 500 dollars in yuan?A. 3000B. 2500C. 3500D. 2000答案：A。

解析：1 美元兑换6 元人民币，500 美元则是500×6 = 3000 元人民币。

选项B 计算错误，500×5 = 2500；选项C 计算错误，500×7 = 3500；选项D 计算错误，500×4 = 2000。

2. The price of a coat is $80 in the US. How much is it in pounds if the exchange rate is 1 dollar to 0.8 pounds?A. 64B. 56C. 72D. 48答案：A。

解析：80 美元乘以汇率0.8 等于64 英镑。

选项B 计算错误，80×0.7 = 56；选项C 计算错误，80×0.9 = 72；选项D 计算错误，80×0.6 = 48。

3. A book costs £20 in the UK. What is the price in dollars if the exchange rate is 1 pound to 1.3 dollars?A. 26B. 20C. 15D. 18答案：A。

解析：20 英镑乘以汇率1.3 等于26 美元。

选项B 计算错误，20×1 = 20；选项C 计算错误，20÷1.3 ≈ 15.38；选项D 计算错误，20×0.9 ≈ 18。

4. The value of 100 euros is equal to how many yen if the exchange rate is 1 euro to 130 yen?A. 13000B. 10000C. 12000D. 15000答案：A。

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 。

Chapter 12I Answer the following questions in English.1. What does stock mean?Stock is a share in the owuership of a company.2. What does dividend mean?Stock owuership is your claim on assets and earing.3.What does equity mean?Raise money by selling part of the company.4.Why does a company issue stock?Issuing stock is advantageousfor the company because it does not requirethe company to pay back the money or make interest payments along the way.5.How to make money for investors if the finn no dividend pay?Selling company stock.6.Where can stocks be traded?The New York stock exchange the Nasdaq and other exchange.7.What kinds of risk do stock-investors want to face?And there is no obligation to pay out dividends even for those firms thathave traditionally given them.8.What is the purpose of a stock market?The purpose of a stock market is to facilitate the exchange of securities between buyers and sellers, reducing the risks of investing.II. Fill in the each blank with an appropriate word or expression.1. Stock is a share in the ownership of a company. Stock represents aclaim on the company's assets and earings .2. The management of the company is supposed to increase thevalue of the firm for shareholders. If this doesn't happen, the shareholders can voteto have the management removed, at least in theory.3. Common stock demand higher returns than almost every other investment.This higher return comes at a cost since common stocks rise the mostrisk.4. Why do stock prices change? The best answer is that nobody really knowsforsure Some believe that it isn't possible to predict how stockprices will change, while others think that by drawing charts andlooking atpast price movements, you can determine when to buy and sell.5. A bull market is when everything in the economy is great ,people arefinding jobs, gross domestic product (GDP) is growing , and stocks arerising.6. understanding supply and demand is easy. What is difficult to comperherhendwhat makes people like a particular stock and dislike another stock. III. Translate the following sentences into English. 1. 新股的发行价总是超过面值的，记录在公司账上的这个差额叫附加实缴资本，也叫资本公积。

⽶什⾦货币⾦融学英⽂版习题答案chapter12英⽂习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 12 Financial Crises in Advanced Economies12.1 What is a Financial Crisis?1) A major disruption in financial markets characterized by sharp declines in asset prices and firm failures is called aA) financial crisis.B) fiscal imbalance.C) free-rider problem.D) "lemons" problem.Answer: AAACSB: Application of Knowledge2) A financial crisis occurs when an increase in asymmetric information from a disruption in the financial systemA) causes severe adverse selection and moral hazard problems that make financial markets incapable of channeling funds efficiently.B) allows for a more efficient use of funds.C) increases economic activity.D) reduces uncertainty in the economy and increases market efficiency.Answer: AAACSB: Reflective Thinking3) A serious consequence of a financial crisis isA) a contraction in economic activity.B) an increase in asset prices.C) financial engineering.D) financial globalization.Answer: AAACSB: Reflective Thinking4) ________ are asymmetric information problems that act as a barrier to efficient allocation of capital.A) Asset pricesB) Credit imbalancesC) Financial frictionsD) Financial derivativesAnswer: CAACSB: Application of Knowledge12.2 Dynamics of Financial Crises1) Financial crises in advanced economies might start from aA) debt deflation.B) currency crisis.C) mismanagement of financial innovations.D) currency mismatch.Answer: CAACSB: Reflective Thinking2) When financial institutions go on a lending spree and expand their lending at a rapid pace they are participating in aA) credit boom.B) credit bust.C) deleveraging.D) market race.Answer: AAACSB: Application of Knowledge3) When the value of loans begins to drop, the net worth of financial institutions falls causing them to cut back on lending in a process calledA) deleveraging.B) releveraging.C) capitulation.D) deflation.Answer: AAACSB: Application of Knowledge4) When financial intermediaries deleverage, firms cannot fund investment opportunities resulting inA) a contraction of economic activity.B) an economic boom.C) an increased opportunity for growth.D) a call for government regulation.Answer: AAACSB: Reflective Thinking5) When asset prices rise above their fundamental economic values, a(n) ________ occurs.A) asset-price bubbleB) liability warC) decline in lendingD) decrease in moral hazardAnswer: AAACSB: Application of Knowledge6) Most U.S. financial crises have started during periods of ________ either after the start of a recession, a stock marketcrash, or the failure of a major financial institution.A) high uncertaintyB) low interest ratesC) low asset pricesD) high financial regulationAnswer: AAACSB: Reflective Thinking7) If uncertainty about banks' health causes depositors to begin to withdraw their funds from banks, the country experiences a(n)A) banking crisis.B) financial recovery.C) reduction of the adverse selection and moral hazard problems.D) increase in information available to investors.Answer: AAACSB: Reflective Thinking8) In a bank panic, the source of contagion is theA) free-rider problem.B) too-big-to-fail problem.C) transactions cost problem.D) asymmetric information problem.Answer: DAACSB: Reflective Thinking9) Debt deflation occurs whenA) an economic downturn causes the price level to fall and a deterioration in firms' net worth because of the increased burden of indebtedness.B) rising interest rates worsen adverse selection and moral hazard problems.C) lenders reduce their lending due to declining stock prices (equity deflation) that lowers the value of collateral.D) corporations pay back their loans before the scheduled maturity date.Answer: AAACSB: Reflective Thinking10) A substantial decrease in the aggregate price level that reduces firms' net worth may stall a recovery from a recession. This process is calledA) debt deflation.B) moral hazard.C) insolvency.D) illiquidity.Answer: A11) A possible sequence for the three stages of a financial crisis might be ________ leads to________ leads to ________.A) asset price declines; banking crises; unanticipated decline in price levelB) unanticipated decline in price level; banking crises; increase in interest ratesC) banking crises; increase in interest rates; unanticipated decline in price levelD) banking crises; increase in uncertainty; increase in interest ratesAnswer: AAACSB: Reflective Thinking12) The economy recovers quickly from most recessions, but the increase in adverse selection and moral hazard problems in the credit markets caused by ________ led to the severe economic contraction known as The Great Depression.A) debt deflationB) illiquidityC) an improvement in banks' balance sheetsD) increases in bond pricesAnswer: AAACSB: Reflective Thinking13) The ________, the difference between the interest rate on Baa corporate bonds and U.S. Treasury bonds. rose sharply during the Great Depression.A) credit boomB) credit spreadC) adjustable-rateD) default swapAnswer: BAACSB: Application of Knowledge14) Typically, the economy recovers fairly quickly from a recession. Why did this NOT happen in the United States during the Great Depression?Answer: The 25% decline in the price level from 1930-1933 triggered a debt deflation. The loss of net worth increased adverse selection and moral hazard problems in the credit markets and increased and prolonged the economic contraction. AACSB: Reflective Thinking12.3 The Global Financial Crisis of 2007-20091) ________ is a process of bundling together smaller loans (like mortgages) into standard debt securities.A) SecuritizationB) OriginationC) Debt deflationD) DistributionAnswer: A2) A ________ pays out cash flows from a collection of assets in different tranches, with the highest-rated tranch paying out first, while lower ones paid out less if there are losses on the underlying assets.A) collateralized debt obligation (CDO)B) adjustable-rate mortgageC) negotiable CDD) discount bondAnswer: AAACSB: Application of Knowledge3) The originate-to-distribute business model has a serious ________ problem since the mortgage broker has little incentive to make sure that the mortgagee is a good credit risk.A) principal-agentB) debt deflationC) democratization of creditD) collateralized debtAnswer: AAACSB: Ethical understanding and reasoning abilities4) If mortgage brokers do not make a strong effort to evaluate whether the borrower can pay offa loan, this creates aA) severe adverse selection problem.B) decline in mortgage applications.C) call to deregulate the industry.D) decrease in the demand for houses.Answer: AAACSB: Ethical understanding and reasoning abilities5) Agency problems in the subprime mortgage market included all of the following EXCEPTA) homeowners could refinance their houses with larger loans when their homes appreciated in value.B) mortgage originators had little incentives to make sure that the mortgagee is a good credit risk.C) underwriters of mortgage-backed securities had weak incentives to make sure that the holders of the securities would be paid back.D) the evaluators of securities, the credit rating agencies, were subject to conflicts of interest. Answer: AAACSB: Ethical understanding and reasoning abilities6) The growth of the subprime mortgage market led toA) increased demand for houses and helped fuel the boom in housing prices.B) a decline in the housing industry because of higher default risk.C) a decrease in home ownership as investors chose other assets over housing.D) decreased demand for houses as the less credit-worthy borrowers could not obtain residential mortgages.Answer: AAACSB: Reflective Thinking7) When housing prices began to decline after their peak in 2006, many subprime borrowers found that their mortgages were "underwater." This meant thatA) the value of the house fell below the amount of the mortgage.B) the basement flooded since they could not afford to fix the leaky plumbing.C) the roof leaked during a rainstorm.D) the amount that they owed on their mortgage was less than the value of their house. Answer: AAACSB: Reflective Thinking8) If a borrower takes out a $200 million loan in a repo agreement and is asked to post $220 million of mortgage-backed securities as collateral, the "haircut" isA) 5%.B) 10%.C) 20%.D) 50%.Answer: BAACSB: Analytical Thinking9) As "haircuts" increased during 2007-2009, financial institutions found that to borrow the same loan amount now required ________ collateral.A) lessB) noC) moreD) default-freeAnswer: CAACSB: Reflective Thinking10) Although the subprime mortgage market problem began in the United States, the first indication of the seriousness of the crisis began inA) Europe.B) Australia.C) China.D) South America.Answer: AAACSB: Application of Knowledge11) Which investment bank filed for bankruptcy on September 15, 2008 making it the largest bankruptcy filing in U.S. history?A) Lehman BrothersB) Merrill LynchC) Bear StearnsD) Goldman SachsAnswer: AAACSB: Application of Knowledge12) The global financial crisis of 2007-2009 not only led to a worldwide recession, but also a________ in the European nations that use the euro currency.A) currency devaluationB) budget surplusC) sovereign debt crisisD) tax cutAnswer: CAACSB: Application of Knowledge12.4 Government Intervention, Recovery, and Stabilization1) How does the process of financial innovation impact the effectiveness of macroprudential regulation?A) With financial innovation and new financial instruments created, legislation increased and made financial regulation more difficultB) It may be difficult for regulators to understand how new financial innovations will impact the overall financial systemC) With constantly changing financial innovations the efficiency of the system is reducedD) With financial innovation regulators better understand its impact on the financial system and may prevent a future bank crisis.Answer: BAACSB: Application of Knowledge2) Which of the following is a short term response?A) Financial support provided by governments to bail out banksB) Micro- and macroprudential policiesC) Consumer ProtectionD) Strengthening the financial infrastructure of an economyAnswer: AAACSB: Application of Knowledge12.5 Stabilizing the Global Financial System: Long term Responses1) Microprudential supervision focuses on the safety and soundness ofA) individual financial institutions.B) the financial system as a whole.C) the shadow banking system.D) government credit agencies.Answer: AAACSB: Application of Knowledge2) Microprudential supervision does all of the following EXCEPTA) checking capital ratios of a bank.B) checking a bank's compliance with disclosure requirements.C) assessing the riskiness of an individual bank's activities.D) focusing on financial system liquidity.Answer: DAACSB: Reflective Thinking3) Macroprudential supervision policies try to prevent a leverage cycle by changing capital requirements so that they________ during an expansion and ________ during a downturn.A) increase; decreaseB) increase; increaseC) decrease; increaseD) decrease; decreaseAnswer: AAACSB: Reflective Thinking12.6 Future Regulations and Policy Areas at the International Level1) Well designed macro- and microprudential policies combined with international supervisory cooperation among central banks and regulators aids inA) gauging the level of adherence of jurisdictions to regulatory standardsB) helping consumers acquire knowledge and better analyze informationC) plugging all potential loopholes of regulatory arbitrageD) enhancing global cooperationAnswer: CAACSB: Application of Knowledge2) The following are the main goals of the FSB (Financial Stability Board) EXCEPTA) To reveal regulatory gapsB) To monitors markets for asset price bubbles and the buildup of systemic riskC) To provide policymakers with useful recommendationsD) To harmonize financial regulations among national regulators and international financial institutionsAnswer: BAACSB: Application of Knowledge3) Why is the LIBOR scandal considered one of the most scandalous financial frauds?A) Various notable banks in London manipulated the LIBOR interest rates to boost their profits.B) Consumers were unable to unfold the complexity of financial instruments.C) It made payments to brokers for pushing borrowers into higher priced loans.D) Took large trading risksAnswer: AAACSB: Application of Knowledge。

国际贸易英文习题（含答案）国际经济学模拟习题（3）一、True or F al se （10*1’=10’）1. Trad e i s a zero-su m activi t y; i f one country gain s, the oth er must lose.2. A nation maxi mi zes satisfaction b y reachin g th e highest possibl e indi fference curve, and inthe absence o f t rad e will p roduce where it s productio n possibili ties sch edule is tangent to an indifference curve.3. Th e factor endo wment s mod el predict s th at int ernational trad e will t end to equali ze theprices o f trade-abl e good s amon g nations, but to in crease the wage gap b et weencapit al-abundant and labo r-abundant nations.4. A tax o f 10 percent on i mport s o f sho es would be an exampl e o f a sp eci fi c tari ff.5. An i mport quot a wi ll not rai se the do mesti c pri ce o f the produ ct as would a t ari ff, becau seit is not a t ax on i mport s.6. In bal anc e-o f-payment s account, a t ran saction resulting in receipt o f a p ayment is recordedas a credit, wh ereas a tran saction resul ting in a p ayment to other n ations is recorded as adebit.7. Becau se they do not in clude an exchan ge o f goods or servi ces, unil at er al transfers do notappear on a n ation's b al ance o f payment s account.8. David Hu me was one of th e fi rst econo mi sts to provide an al yti cal support fo r mercan tili sttrad e polici es.9. A nat ion would be mo st li kel y to find it s trad e balan cei mp rovin g aft er a curren cydepreci ation i f th at nation’s d emand fo r i mport s and forei gn d emand fo r i ts expo rts was ver y inelasti c.10. A nation with n eith er a bal ance o f p ayment s surplus nor a bal ance o f p ayments defici t i s saidto be in int ernal bal ance.二、choi ces（15*3’=45’）1. The law o f co mp arati ve advant agea). was rati fied b y th e Wo rld Trad e Organizationb). explains ho w all countries can ben efit when each specializes in producin g it ems in wh ich i t hasthe great est relati ve effi ci encyc). explain s ho w onl y the mo st effi ci ent nations can benefi t fro m traded). is used to evalu at e a country’s mi lit ary stren gth2. The theory o f absolut e advant age was developed b ya. the Mercantili stsb. David Hu mec. Ad am S mithd. David Ricardo3. David Ricardo developed the pr inciple o f co mparative advantage sho win g th ata. a nation must b e th e least-cost produ cer o f a good in order to export th at it emb. no nation could have an absolut e ad vantage in all goodsc. in a t wo-country exampl e, onl y one nation can have a co mp arati v e ad vantaged. even a nat ion that has lower producti vit y in all goo dscan ben efi t b y export ing the it em in whichit is rel ati vel y l ess inefficient4. An indi fferen ce curvea. sho ws th at most p eople reall y are indifferent abou t intern ational tradeb. sho ws th e demand preferences o f con su mersc. refl ects th e rel ati ve co sts o f product ion within a n ationd. indicat es ho w mu ch l ab or a country h as5. To maxi mize it s sati sfaction, a nation will ensure that it s t erms-o f-trad e lin ea. is tan gent to its produ ct ion possibiliti es fronti er at one point (production po int) and also to th ehighest att ainabl e indi fference cu rve at another poin t (consu mption point)b. is t angent to it s product ion possibilit ies fronti er and intersects an indi fferen ce curvec. int ersects its p roduction possibili ties frontier and is t angent to an indi fferen ce curved. intersect s it s productio n possibilit ies fronti er at one point and an indi fference curve at anotherpoint6. Facto r-p rice equali zatio n predicts th at with int ern ational trad ea. the price o f a n ation’s abundant factor will rise an d that o f it s scarce factor will fallb. the pri ce o f a n ation’s abundant factor will fall an d that o f it s scarce factor will risec. the prices o f a nation’s abundant and scarce factors both will rised. the pri ces o f a nat ion’s abundant and scarce factorsboth will fall7. The effecti ve rat e o f p rotect iona. distingui shes bet ween t ari ffs th at are effecti ve an d those th at are ineffecti veb. is the mini mu m level at which a t ari ff b eco mes effecti v e in li mitin g i mportsc. sho ws th e increase in value-added for do mestic production that a parti cular tari ff st ructuremakes po ssibl e, in p ercent age t ermsd. sho ws ho w effecti ve a t ari ff is in rai sin g revenu e8. The institut ional frame wo rk developed in 1947 to pro mote trade lib erali zati on is kno wn asa. the GATTb. the WTOc. the IMFd. The World Ban k9. Developing n ationsa. have very li mited invol vement in int ern ational tradeb. trad e mo stl y with each otherc. rel y heavil y on export s of pri mary pr oducts to ind ustri al nationsd. rel y h eavil y on exports of manu factured product s10. A custo ms union i s uni que in that ita. has no tari ffs on trade among memb er n ationsb. has no t ari ffs on trade among memb er n ations and a co mmon set o f t ari ffs on i mpo rt s fro mnon-membersc. has no tari ffs on trade among memb er n ations, a co mmon set o f tari ffs on i mports fro mnon-members, and free mo bilit y o f factors o f product ionsuch as labor and capit al amon g membersd. allo ws unrest ricted l abo r i mmi gration fro m non-memb er n ations11. A n ation's b al ance o f p ayments st at ementa. is a record o f th at n atio n's assets abro ad and it s li abiliti es to those fro m oth er nationsb. is an accounting adjust ment pro cess en surin g that a nation's exports will be equal to its i mpor tsc. does not includ e transactions o f forei gn citi zen s o r co mp ani es l iving o r operatin g wi thin thatnation d. i s a record of th e econo mic t ran sactio ns bet ween resid ents o f th at nation and the rest o f th e world, usual l y for a p eriod o f one year.12. Since b alan ce-o f-p ayments accountin g is a doubl e-entry accounting syst em, an export o f U.S.wh eat to M exico p aid for b y a d eposit to the U.S. exporters account in a M exican ban k would b e recorded on the U.S. b al ance o f payment s asa. a credit fo r merch andi se exports and a credit to sh ort-term finan ci al flo wsb. a credit for merch andise export s and a deb it to sh ort-term finan ci al flo ws.c. a credit fo r merch andise exports and a d ebit to uni lat eral transfersd. a credit for merch andise export s and a deb it to o ffi ci al set tlements13. The fo rei gn-exchan ge marketa. is locat ed in New Yorkb. is a market in Chi cago for the int ern ational trading o f co mmoditi es such as wh eat or copper.c. is a mechani sm fo r individual s and insti tutions to exch ange one nation al or regional cu rren cy o rdebt inst ru ment for those of oth er n ations or region s.d. is open fro m 9:00 a.m. t o 3:00 p.m. New Yo rk ti me, Monday throu gh Frid ay.14. Market fund ament als t hat mi ght be exp ected to i nflu ence exchan ge rat e mo vements in clude all o fthe follo wing factors excepta. di fferences in real in co me gro wth rat es b et ween countriesb. differences in real interest rates bet ween countriesc. sp ecul ati ve opinion abo ut futu re exch ange rat esd. chan ges in p ercei ved profit abili t y o f econo mi c in ve st ment s b et ween t wo countries15. If in fl ation is high er i n Mexico th an in the Unit ed States, th e law o f on e price would predict thata. t rad e bet ween M exi co and th e Unit ed States would declin eb. the dollar pri ce o f au tos purchased in Mexi co would be hi gher th an the dollar pri ce ofco mp arable autos purchased in the Unit ed Statesc. the p eso would appreci ate relati ve to th e dollar b y an amount equal in p ercen tage t erms to thedifference bet ween th e t wo infl ation rat esd. the peso would depreci ate rel at ive to the dollar b y an amount equal in percen tage t erms to thedifference bet ween th e t wo infl ation rat es三、Questi ons（45’, answer these questi ons i n Chi nese）1. Assu me that l abor i s th e onl y factor used in production, and that the cost s o f producing b utt er and cloth are gi ven by the t abl e belo w.(8’)Cost in labor-hours to produce Home Foreign1 unit of butter 1/8 11 unit of cloth 1/4 1/2(1) Express the pri ce o f bu tter rel ati ve to th e pri ce o f cloth in t erms o f l abor content for Ho me and Forei gn in the ab sen ce o f t rade.(2) Wh at do these relati ve prices reveal about each country’s co mparati ve advantage?(3) Wh at do these rel ati ve prices su ggest about the wo rld pri ce o f butt er rel at ive to cloth th at wi ll exist on ce these countri es trad e wi th each oth er?(4) If the world price st abilizes at 1 wi th trad e, what are the gain s b y the Ho me country achieved through trade with th e Forei gn country?2. Expl ain th e i mmi seri zi ng gro wth and li st the case fori mmiserizin g gro wth to be occur. (8’)3. Expl ain the ex cha n ge rate o vershootin g theory (8’)4. Suppose that the no min al interest rate on 3-month Treasury bill s is 8 percent in the United Stat esand 6 percent in th e Unit ed Kingdo m, and the rat e o f infl ation i s 10 percent in the Unit ed Stat es and 4 percent in th e Unit ed Kingdo m.(9’)(1) Wh at i s the real interest rat e in each nation?(2) In whi ch direction wou ld intern ational invest men t flo w in response to these real int erest rates?(3) Wh at i mpact would these in vest ment flo ws h ave on the dollar’s exch ange value?5. Wh at effects do es labor mi gration have on th e country o f i mmi gration? Th e country o f emi gration?Th e world as a whole?(12’)国际经济学模拟习题（3）参考答案一、判断题（每题1分，共10分）╳√ ╳╳╳√ ╳╳╳╳二、选择题（每题3分，共45分）bcdba acacb dbccd三、简答题（共45分）1、(1) 封闭条件下，本国可以用一半的生产一单位布的劳动时间生产一单位黄油。

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 c ountry’s residents andresidents of 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 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 isalways recorded as a positive entry? D在国际收支中,下列哪个项目总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors and omissions.7.Which of the following capital transactions are entered as debits inthe 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 Suissein Basel (Switzerland) to his account at a San Francisco branchof Wells Fargo Bank.b.A French resident transfers $100 from his account at WellsFargo Bank in San Francisco to his Credit Suisse account inBasel.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 governmentsand that are recognized by governments as fully acceptable forpayments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.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 followingtransactions 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 aredecreased.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 intoanother 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 unilateraltransfers 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 ofmilitary bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.Ａ U.S. resident increasing her holdings of a foreign financial assetcauses 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 assetcauses 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 $3.3billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.The balance of payments.b.The financial account.c.The current account.经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. current accountsurplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reduction onimported goods.b.The United States cuts back on American military personnelstationed 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 UnitedStates.21.Which of the following transactions is recorded in the financialaccount?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b.A Chinese businessman imports Ford automobiles from theUnited States.c.A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chinese toplay an exhibition game in Beijing, China.22.If a British business buys U.S. government securities, how will thisbe entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an 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 termis 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 arerecognized by governments as fully acceptable for paymentsbetween 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 theworld’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 income payments and receipts and internationaltransfers.28.The ___C_______ measures the sum of the current accountbalance plus the private capital account balance.官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is an accumulationof official reserve assets by the country or a decrease in foreignofficial 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 equalto? 以下哪项不等同于现金帐 Da.The difference between domestic product and domesticexpenditure.b.The difference between national saving and domesticinvestment. foreign investment.d.The difference between government saving and governmentinvestment. 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 isthe 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 privatecurrent 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 foreignexchange assets, financial assets 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 netforeign 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 isinvesting 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 capitalaccount 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 ofinternational 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 atime 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 holdingsof 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 officialreserve 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 betweendomestic 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 buyingmore 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。

第15 章货币政策一、本章重点1. 货币政策的最终目标是中央银行通过货币政策操作而最终要达到的宏观经济目标。

最终目标有稳定币值、经济增长、充分就业、国际收支平衡和金融稳定等。

货币政策最终目标之间的关系分析包括充分就业与经济增长的关系、稳定币值与经济增长和充分就业的关系、稳定币值与国际收支平衡的关系。

2. 货币政策工具是中央银行为实现货币政策目标而使用的各种策略手段。

货币政策工具可分为一般性政策工具、选择性政策工具和其他货币政策工具三类。

中央银行的一般性货币政策工具即传统货币政策工具有法定存款准备金政策、再贴现政策和公开市场业务等。

3. 货币政策中间指标的选择标准有可测性、可控性、相关性、抗干扰性、适应性等。

中间指标有准备金、基础货币、货币供给量、利率。

4. 货币政策传导机制是指货币当局确定货币政策目标后，从选用一定的货币政策工具进行操作，到实现最终目标所经过的一系列过程。

西方主要货币政策传导机制理论包括凯恩斯学派和货币学派的货币政策传导机制。

5. 货币政策的时滞是指货币政策从制定到最终目标的实现，必须经过一段时间，这段时间被称为货币政策的时滞，包括内部时滞、外部时滞。

内部时滞又可分为认识时滞和决策时滞。

外部时滞又可分为操作时滞和市场时滞。

二、难点释疑1. 中央银行货币政策目标的相互关系包括物价稳定与充分就业、物价稳定与经济增长、物价稳定与国际收支平衡、经济增长与国际收支平衡、经济增长与充分就业之间的关系。

物价稳定与充分就业之间的关系可以用菲利普斯曲线来说明，即物价变动率与失业率之间存在此涨彼消的关系。

物价稳定与经济增长之间从长期来看具有一致性，从短期来看理论界有不同看法，政府多倾向于利用通货膨胀刺激经济增长。

物价稳定与国际收支平衡二者在现实生活中难以同时实现。

经济增长与国际收支平衡之间具有一定的矛盾性，经济增长率高可能会带来国际收支的逆差。

经济增长与充分就业之间通常认为具有一致性，经济增长率越高越能提供更多的就业机会。

Economics of Money, Banking, and Financial Markets, 12e (Mishkin)Chapter 27 Web Chapter 2: The ISLM Model27.1 Keynes's Fixed Price Level Assumption and the IS Curve1) Because inflation was not a serious problem during the Great Depression, Keynes's analysis assumedA) that unemployment also was not a problem.B) that the money supply was fixed.C) that the price level was fixed.D) that monetary policy is not effective.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The money market is in equilibriumA) at any point on the IS curve.B) at any point on the LM curve.C) at only one point on the LM curve.D) only at the intersection of the IS and LM curves.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking3) The ________ describes the combinations of interest rates and aggregate output for which the quantity of money demanded equals the quantity of money supplied.A) IS curveB) LM curveC) consumption functionD) investment scheduleAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking4) In the Keynesian model the quantity of money demanded is ________ related to income and ________ related to the interest rate.A) positively; positivelyB) positively; negativelyC) negatively; negativelyD) negatively; positivelyAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking5) According to the liquidity preference theory, the demand for money is ________ related to aggregate output and ________ related to interest rates.A) negatively; negativelyB) negatively; positivelyC) positively; negativelyD) positively; positivelyAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking6) As interest rates rise, the opportunity cost of holding money ________ and the demand for money ________.A) rises; risesB) rises; fallsC) falls; risesD) falls; fallsAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking7) As aggregate output rises, the demand for money ________ and the interest rate ________, so that money demanded equals money supplied and the money market is in equilibrium.A) increases; risesB) increases; fallsC) decreases; risesD) decreases; fallsAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking8) Everything else held constant, if aggregate output is to the right of the LM curve, then there is an excess ________ of money which will cause the interest rate to ________.A) supply; fallB) supply; riseC) demand; fallD) demand; riseAnswer: DQues Status: Previous EditionAACSB: Analytical Thinkingan excess ________ of money which will cause the interest rate to ________.A) supply; fallB) supply; riseC) demand; fallD) demand; riseAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking10) Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess supply of money which will cause the interest rate to ________.A) right; fallB) right; riseC) left; fallD) left; riseAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking11) Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess demand of money which will cause the interest rate to ________.A) right; fallB) right; riseC) left; fallD) left; riseAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking12) Everything else held constant, if aggregate output is to the ________ of the LM curve, then there is an excess ________ of money which will cause the interest rate to fall.A) right; supplyB) right; demandC) left; supplyD) left; demandAnswer: CQues Status: Previous EditionAACSB: Analytical Thinkingthere is an excess ________ of money which will cause the interest rate to rise.A) right; supplyB) right; demandC) left; supplyD) left; demandAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking27.2 ISLM Approach to Aggregate Output and Interest Rates1) Macroeconomic equilibrium requiresA) equilibrium in the goods market.B) equilibrium in the money market.C) equilibrium in both the goods and money markets.D) equilibrium in neither the goods nor the money market.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking2) When the IS and LM curves are combined in the same diagram, the intersection of the two curves determines the equilibrium level of ________ as well as the ________.A) aggregate output; price levelB) aggregate output; interest rateC) money supply; price levelD) consumer expenditures; interest rateAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking3) If the economy is on the LM curve, but is to the right of the IS curve, aggregate output will ________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking5) If the economy is on the IS curve, but is to the left of the LM curve, aggregate output will________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking6) If the economy is on the IS curve, but is to the right of the LM curve, aggregate output will________ and the interest rate will ________.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking7) If the economy is on the IS curve, but is to the left of the LM curve, then the ________ market is in equilibrium, but the interest rate is ________ the equilibrium level.A) goods; belowB) goods; aboveC) money; belowD) money; aboveAnswer: BQues Status: Previous EditionAACSB: Analytical Thinkingmarket is in equilibrium, but aggregate ________ exceeds aggregate ________.A) goods; output; demandB) goods; demand; outputC) money; output; demandD) money; demand; outputAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking27.3 Factors That Cause the LM Curve to Shift1) An increase in the money supply, other things equal, shifts the ________ curve to the________.A) IS; rightB) IS; leftC) LM; leftD) LM; rightAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking2) If the Federal Reserve conducts open market purchases, the money supply ________, shifting the LM curve to the ________, everything else held constant.A) decreases; rightB) decreases; leftC) increases; rightD) increases; leftAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking3) If the Federal Reserve conducts open market sales, the money supply ________, shifting the LM curve to the ________, everything else held constant.A) decreases; rightB) decreases; leftC) increases; rightD) increases; leftAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking4) If the Federal Reserve conducts open market ________, the money supply ________, shifting the LM curve to the right, everything else held constant.A) purchases; decreasesB) sales; decreasesC) purchases; increasesD) sales; increasesAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking5) If the Federal Reserve conducts open market ________, the money supply ________, shifting the LM curve to the left, everything else held constant.A) purchases; decreasesB) sales; decreasesC) purchases; increasesD) sales; increasesAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking6) An increase in the quantity of money supplied shifts the money supply curve to the ________, and the equilibrium interest rate ________, everything else held constant.A) right; fallsB) right; risesC) left; fallsD) left; risesAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking7) A decrease in the quantity of money supplied shifts the money supply curve to the ________, and the equilibrium interest rate ________, everything else held constant.A) right; fallsB) right; risesC) left; fallsD) left; risesAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking8) An increase in the quantity of money supplied shifts the money supply curve to the ________ and the LM curve to the ________, everything else held constant.A) right; leftB) right; rightC) left; leftD) left; rightAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking9) A decrease in the quantity of money supplied shifts the money supply curve to the ________, and the LM curve to the ________, everything else held constant.A) right; leftB) right; rightC) left; leftD) left; rightAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking10) A decline in the money ________ shifts the LM curve to the ________, causing the interest rate to rise and output to fall, everything else held constant.A) demand; rightB) demand; leftC) supply; rightD) supply; leftAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking11) A decline in the money supply shifts the LM curve to the left, causing the interest rate to________ and output to ________, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking12) An increase in the money ________ shifts the LM curve to the ________, causing the interest rate to fall and output to rise, everything else held constant.A) demand; rightB) demand; leftC) supply; rightD) supply; leftAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking13) An increase in the money supply shifts the LM curve to the right, causing the interest rate to ________ and output to ________, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking14) When the central bank ________ the money supply, the LM curve shifts to the right, interest rates ________, and equilibrium aggregate output ________, everything else held constant.A) increases; fall; increasesB) increases; rise; decreasesC) decreases; rise; decreasesD) decreases; fall; increasesAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking15) An autonomous decrease in money demand, other things equal, shifts the ________ curve to the ________.A) IS; rightB) IS; leftC) LM; leftD) LM; rightAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking16) An autonomous increase in money demand, other things equal, shifts the ________ curve to the ________.A) IS; rightB) IS; leftC) LM; leftD) LM; rightAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking17) As bonds become a riskier asset, the demand for money ________ and, all else constant, the equilibrium interest rate ________.A) rises; risesB) rises; fallsC) falls; risesD) falls; fallsAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking18) An autonomous rise in ________ shifts the LM curve to the ________, everything else held constant.A) net exports; rightB) net exports; leftC) money demand; rightD) money demand; leftAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking27.4 Changes in Equilibrium Level of the Interest Rate and Aggregate Output1) In the ISLM framework, an expansionary monetary policy causes aggregate output to________ and the interest rate to ________, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking2) An expansionary monetary policy shifts the LM curve to the ________, reducing ________, everything else held constant.A) left; output and increasing interest ratesB) left; both real output and interest ratesC) right; both interest rates and real outputD) right; interest rates and increasing real outputAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking3) Everything else held constant, a monetary expansion is characterized by ________ output and ________ interest rates.A) rising; risingB) rising; fallingC) falling; risingD) falling; fallingAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking4) A contractionary monetary policy shifts the LM curve to the ________, reducing ________, everything else held constant.A) left; output and increasing interest ratesB) left; both real output and interest ratesC) right; both interest rates and real outputD) right; interest rates and increasing real outputAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking5) Everything else held constant, a monetary contraction is characterized by ________ output and ________ interest rates.A) rising; risingB) rising; fallingC) falling; risingD) falling; fallingAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking6) In the money market, a condition of excess demand for money can be eliminated by a________ in aggregate output or a ________ in the interest rate, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking7) In the money market, a condition of excess supply of money can be eliminated by a ________ in aggregate output or a ________ in the interest rate, everything else held constant.A) rise; riseB) rise; fallC) fall; riseD) fall; fallAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking8) In the ISLM framework, an expansionary fiscal policy causes aggregate output to ________ and the interest rate to ________, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking9) In the ISLM framework a contractionary fiscal policy causes aggregate output to ________ and the interest rate to ________, everything else held constant.A) increase; increaseB) increase; decreaseC) decrease; decreaseD) decrease; increaseAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking10) Everything else held constant, an expansionary ________ policy will cause the interest rate to rise, while an expansionary ________ policy will cause the interest rate to fall.A) monetary; monetaryB) monetary; fiscalC) fiscal; monetaryD) fiscal; fiscalAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking11) Aggregate output and the interest rate are ________ related to government spending and are ________ related to taxes.A) positively; positivelyB) positively; negativelyC) negatively; positivelyD) negatively; negativelyAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking12) An increase in spending that results from expansionary ________ policy causes the interest rate to ________, everything else held constant.A) fiscal; riseB) fiscal; fallC) incomes; riseD) incomes; fallAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking13) Despite an expansionary monetary policy, an economy experiences a recession. Everything else held constant, the recession could occur in spite of the rightward shift of the LM curve ifA) consumer confidence decreases sharply.B) there is an investment boom.C) the money supply increases.D) taxes are cut.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking14) If an economy experiences high interest rates and high unemployment, the ISLM framework predicts that ________ policy has been too ________.A) fiscal; expansionaryB) fiscal; contractionaryC) monetary; expansionaryD) monetary; contractionaryAnswer: DQues Status: Previous EditionAACSB: Analytical Thinking15) Which of the following statements concerning Keynesian ISLM analysis is TRUE?A) For a given change in taxes, the IS curve will shift less than for an equal change in government spending.B) Changes in net exports arising from a change in interest rates causes a shift in the IS curve.C) A fall in the money supply shifts the LM curve to the right.D) Expansionary fiscal policy will cause the interest rate to fall.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking16) Referring to the Economic Stimulus Act of 2008, the expansionary effect of the government stimulus was overwhelmed by the continuing deterioration in credit market conditions. Everything else held constant and using the ISLM model, the net effect would cause the________ curve to ________ and output will ________.A) IS; shift left; decreaseB) IS; shift right; increaseC) LM; shift right; increaseD) LM; shift left; decreaseAnswer: AQues Status: Previous EditionAACSB: Analytical Thinking17) Using the ISLM model, explain the effects of a monetary expansion combined with a fiscal contraction. How do the equilibrium level of output and interest rate change?Answer: The monetary expansion shifts the LM curve to the right which by itself would cause the interest rate to decrease and aggregate output to increase. The fiscal contraction shifts the IS curve to the left which by itself would cause the interest rate to decrease and aggregate output to decrease. Therefore, the equilibrium interest rate unambiguously falls, while the effect on output is indeterminate.Ques Status: Previous EditionAACSB: Reflective Thinking18) Using the ISLM model, show graphically and explain the effects of a monetary contraction. What is the effect on the equilibrium interest rate and level of output?Answer: See figure below.The monetary contraction shifts the LM curve to the left. The result is that the equilibrium level of output falls and the equilibrium interest rate increases.Ques Status: Previous EditionAACSB: Reflective Thinking27.5 Effectiveness Of Monetary Versus Fiscal Policy1) If the quantity of money demanded is not affected by changes in the interest rate, the LM curve is ________ and fiscal policy will be ________.A) horizontal; very effectiveB) horizontal; ineffectiveC) vertical; ineffectiveD) vertical; very effectiveAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking2) The LM curve will be vertical and fiscal policy ineffective whenA) the demand for money is unaffected by changes in the interest rate.B) the demand for money is unaffected by changes in income.C) investment is unaffected by changes in the interest rate.D) investment is unaffected by changes in income.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking3) The situation in which expansionary fiscal policy does not lead to a rise in aggregate output is referred to asA) fiscal neutrality.B) a recession.C) complete crowding out.D) inflation.Answer: CQues Status: Previous EditionAACSB: Reflective Thinking4) Crowding out will be more pronounced the closer to vertical is theA) IS curve.B) LM curve.C) consumption function.D) aggregate demand function.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking5) The less interest-sensitive is money demand, theA) more effective is fiscal policy relative to monetary policy.B) more effective is monetary policy relative to fiscal policy.C) steeper is the IS curve.D) flatter is the LM curve.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking6) The more interest-sensitive is money demand, theA) more effective is fiscal policy relative to monetary policy.B) more effective is monetary policy relative to fiscal policy.C) steeper is the IS curve.D) steeper is the LM curve.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking7) If the economy is characterized by a certain and stable LM curve, then ________ target produces ________ fluctuations in aggregate output.A) an interest rate; smallerB) a money supply; smallerC) a money supply; largerD) an exchange rate; largerAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking8) If the economy is characterized by a stable IS curve and an unstable LM curve, then ________ target produces ________ fluctuations in aggregate output.A) an interest rate; largerB) a money supply; smallerC) a money supply; largerD) an exchange rate; smallerAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking9) If the ________ curve is relatively more unstable than the ________ curve, a money supply target is preferred.A) IS; ISB) IS; LMC) LM; ISD) LM; LMAnswer: BQues Status: Previous EditionAACSB: Reflective Thinking10) If the ________ curve is relatively more unstable than the ________ curve, an interest rate target is preferred.A) IS; ISB) IS; LMC) LM; ISD) LM; LMAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking11) If the Fed adopts a policy of pegging the interest rate, a ________ in government spending forces the Fed to increase the money supply to prevent interest rates from ________.A) fall; increasingB) fall; decreasingC) rise; decreasingD) rise; increasingAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking12) Using the ISLM model, explain and show graphically the effect of a fiscal expansion when the demand for money is completely insensitive to changes in the interest rate. What is this effect called?Answer: See figure below.This is the total crowding out effect. The LM curve is vertical, so any shift of the IS curve affects only interest rates. The level of output is constant. The fiscal expansion shifts the IS curve rightward, increasing the interest rate.Ques Status: Previous EditionAACSB: Reflective Thinking13) Show graphically and explain why targeting an interest rate is preferable when money demand is unstable and the IS curve is stable.Answer: See figure below.Unstable money demand causes the LM curve to shift between LM' and LM". If the money supply is targeted, output fluctuates between Y' and Y". With an interest rate target, output remains stable at Y. Since the objective is to minimize output fluctuations, targeting the interest rate is preferable.Ques Status: Previous EditionAACSB: Reflective Thinking27.6 ISLM Model In The Long Run1) The rate of output at which the price level has no tendency to rise or fall is called theA) natural rate of output.B) potential level of income.C) bliss point.D) efficient level of output.Answer: AQues Status: Previous EditionAACSB: Reflective Thinking2) In the long-run ISLM model and with everything else held constant, as long as the level of output ________ the natural rate level, the price level will continue to ________, shifting the LM curve to the ________, until finally output is back at the natural rate level.A) exceeds; rise; rightB) exceeds; rise; leftC) remains below; fall; leftD) remains below; rise; rightAnswer: BQues Status: Previous EditionAACSB: Analytical Thinking3) In the long-run ISLM model and with everything else held constant, as long as the level of output ________ the natural rate level, the price level will continue to ________, shifting the LM curve to the ________, until finally output is back at the natural rate level.A) exceeds; rise; rightB) exceeds; fall; leftC) remains below; fall; rightD) remains below; rise; leftAnswer: CQues Status: Previous EditionAACSB: Analytical Thinking4) In the long-run ISLM model and with everything else held constant, an increase in the money supply leaves the level of output and interest rates unchanged, an outcome calledA) interest rate overshooting.B) long-run money neutrality.C) long-run crowding out.D) the long-run Phillips curve.Answer: BQues Status: Previous EditionAACSB: Reflective Thinkingexpansionary monetary policy is toA) increase real output and the interest rate.B) not change either real output or the interest rate.C) increase real output and leave the interest rate unchanged.D) increase the interest rate and leave real output unchanged.Answer: BQues Status: Previous EditionAACSB: Reflective Thinking6) The long-run neutrality of money refers to the fact that in the long run, monetary policyA) changes only real output.B) changes only the real interest rate.C) changes both real output and the real interest rate.D) has no effect on either real output or the real interest rate.Answer: DQues Status: Previous EditionAACSB: Reflective Thinking7) In the long-run ISLM model and with everything else held constant, the long-run effect of an expansionary fiscal policy is to ________ real output and ________ the interest rate.A) increase; increaseB) not change; not changeC) increase; not changeD) not change; increaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking8) In the long-run ISLM model and with everything else held constant, the long-run effect of a contractionary fiscal policy is to ________ real output and ________ the interest rate.A) not change; not changeB) decrease; decreaseC) decrease; not changeD) not change; decreaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinkingcut in government spending is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking10) In the long-run ISLM model and with everything else held constant, the long-run effect of a tax cut is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking11) In the long-run ISLM model and with everything else held constant, the long-run effect of an autonomous increase in investment is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: CQues Status: Previous EditionAACSB: Reflective Thinking12) In the long-run ISLM model and with everything else held constant, the long-run effect of a fall in net exports is to ________ real output and ________ the interest rate.A) increase; increaseB) increase; not changeC) not change; increaseD) not change; decreaseAnswer: DQues Status: Previous EditionAACSB: Reflective Thinking。

注册会计师-经济法-基础练习题-第十二章涉外经济法律制度-第三节外汇管理法律制度[单选题]1.根据外汇管理法律制度的规定，负责对合格境内机构投资者（QDII）的境外投资额度进行管理的机构是（（江南博哥））。

A.财政部B.证监会C.国家发展改革委D.国家外汇管理局正确答案：D参考解析：国家外汇管理局负责QDII机构境外投资额度、账户及资金汇兑管理等。

[单选题]5.有关特别提款权，下列表述正确的是()。

A.不属于我国的外汇资产B.属于我国的法定货币之一C.不具有价值D.可以用于换取等量的可自由使用货币正确答案：D参考解析：（1）选项A：在我国，外汇包括外币现钞、外币支付凭证或者支付工具、外币有价证券、特别提款权及其他外汇资产；（2）选项B：特别提款权本身不是货币；（3）选项C：特别提款权本身有价值，其币值由货币篮组成货币的币值按各自权重计算并加总而成。

[单选题]6.根据外汇管理法律制度的规定，下列外汇收支项目中，属于资本项目的是()。

A.中国企业甲公司在美国置买办公楼，向中介公司支付的服务费10万美元B.美国乙公司在中国直接投资所获得的利润分配C.美国丙公司在北京购买一栋办公楼，向转让方支付的5000万美元D.中国政府无偿援助中南亚某国的100亿美元正确答案：C参考解析：（1）选项A：属于服务收支；（2）选项B：属于收益；（3）选项D：属于经常转移（单方面转移）；均为经常项目。

[单选题]7.根据外汇管理法律制度的规定，下列关于人民币加入特别提款权货币篮的表述中，错误的是()。

A.2015年12月，国际货币基金组织执行董事会正式批准人民币加入特别提款权货币篮B.人民币成为与美元、欧元、日元、澳元并列的第五种可自由使用货币C.特别提款权本身不是货币D.特别提款权本身有价值正确答案：B参考解析：本题考核特别提款权。

根据规定，人民币成为与美元、欧元、日元、英镑并列的第五种可自由使用货币。

[单选题]8.对于经常项目与资本项目外汇管理分别有不同的规定，下列选项中不属于资本项目的是()。

CHAPTER 12 FOREIGN EXCHANGE第十二章外汇MULTIPLE-CHOICE QUESTIONS1. Assume you are an American exporter and expect to receive 50 pounds sterling at the end of 60 days.You can remove the risk of loss due to a devaluation（贬值） of the pound sterling by:a. Selling sterling in the forward market（远期市场） for 60-day deliveryb. Buying sterling now and selling it at the end of 60 daysc. Selling the dollar equivalent in the forward market for 60-day deliveryd. Keeping the sterling in Britain after it is delivered to you2. Which of the following tends to cause the U.S. dollar to appreciate（升值） in value?a. An increase in U.S. prices above foreign pricesb. Rapid economic growth in foreign countriesc. A fall in U.S. interest rates below foreign levelsd. An increase in the level of U.S. income3. Concerning the covering of exchange market risks—assuming that a depreciation of the domesticcurrency is anticipated, one can say that there is an incentive for:a. Exporters to rush to cover their future needsb. Importers to rush to cover their future needsc. Both exporters and importers to rush to cover their future needsd. Neither exporters nor importers to rush to cover their future needs4. When short-term interest rates become lower in Tokyo than in New York, interest arbitrage（套利）operations will most likely result in a (an):a. Increase in the spot price of the yenb. Increase in the forward price of the dollarc. Sale of dollars in the forward marketd. Purchase of yen in the spot market5. An appreciation in the value of the U.S. dollar against the British pound would tend to:a. Discourage the British from buying American goodsb. Discourage Americans from buying British goodsc. Increase the number of dollars that could be bought with a poundd. Discourage U.S. tourists from traveling to Britain6. A depreciation of the dollar refers to a (an):a. Fall in the dollar price of foreign currencyb. Increase in the dollar price of foreign currencyc. Loss of foreign-exchange reserves for the U.S.d. Intervention in the international money market7. If you have a commitment to pay a friend in Britain 1,000 pounds in 30 days, you could remove the riskof loss due to the appreciation of the pound by:a. Buying dollars in the forward market for delivery in 30 daysb. Selling dollars in the forward market for delivery in 30 daysc. Buying the pounds in the forward market for delivery in 30 daysd. Selling the pounds in the forward market for delivery in 30 days8. An increase in the dollar price of other currencies tends to cause:a. U.S. goods to be cheaper than foreign goodsb. U.S. goods to be more expensive than foreign goodsc. Foreign goods to be more expensive to residents of foreign nationsd. Foreign goods to be cheaper to residents of the United States9. A U.S. export company scheduled to receive 1 million pounds six months from today can hedge itsforeign exchange risk by:a. Buying today 1 million pounds in the forward market for delivery in six monthsb. Buying 1 million pounds in the spot market for delivery in six monthsc. Selling 1 million pounds in the spot market for delivery in six monthsd. Selling today 1 million pounds in the forward market for delivery in six months10. Over time, a depreciation in the value of a nat ion’s currency in the foreign exchange market will resultin:a. Exports rising and imports fallingb. Imports rising and exports fallingc. Both imports and exports risingd. Both imports and exports falling11. Which method of trading currencies involves the conversion of one currency into another at one point intime with an agreement to reconvert it back to the original currency at some point in the future?a. Forward transaction（远期交易）b. Futures transaction（期货交易）c. Spot transaction（即期交易）d. Swap transaction（掉期交易）TRUE-FALSE QUESTIONS1. Similar to stock and commodity exchanges, the foreign exchange market is an organized structure with a central meeting place and formal licensing requirements.2. Swap transactions（掉期交易） among commercial banks involve the conversion of one currency to another at one point with an agreement to reconvert it back into the original currency at some point in the future.3. As the dollar’s exchange value appreciates against the pound, U.S. residents tend to import more British goods and thus demand more pounds.4. As the dollar depreciates against the peso, U.S. residents tend to import more Mexican goods and thus demand more pesos.5. Arbitrage（套汇） results in a riskless profit since a trader purchases a currency at a low price and simultaneously resells it at a higher price.6. If the exchange rate is $0.01 per yen in New York and $0.015 per yen in Tokyo, an arbitrager could profit by buying yen in Tokyo and simultaneously sell them in New York.7. In the forward market, the exchange rate is agreed on at the time of the currency contract, but payment is not made until the future delivery of the currency actually takes place.8. Suppose that Sears owes 1 million yen to a Japanese electronics manufacturer in 3 months. It could hedge against the risk of a depreciation of the dollar against the yen by contracting to purchase 1 million yen in the forward market, at today’s forward rat e, for delivery in 3 months.。