国际金融实务(双语) 练习卷

国际金融实务试卷及答案定稿1.合约只能够在到期日执行的期权交易方式，称为（）A.美式期权 B.欧式期权 C.奇异型期权 D.以上都不是2.在苏黎世外汇市场上，即期汇率标明$1=SF1.8810三个月期的远期外汇有升水，升水数量为26点，则远期汇率为( )A.$1=SF1.8836B.$1=SF1.8784C.$1=SF2.1410D.$1=SF1.62103.出口方银行向出口方提供贷款融资，使出口方允许进口方以延期付款的方式进口大型设备，这种融资方式是（）A.买方信贷B.买方信贷C.进口押汇D.商品抵押放款 4.以下哪种说法是错误的（）A.外币债务人在预测外币汇率将要上升时，争取推迟付汇B.外币债权人在预测外币汇率将要下降时，争取提前收汇C.出口商在预测汇率将要下降时，争取提前付汇以免遭受该计价货币贬值的风险D.外币债权人和出口商在预测汇率将要上升时，争取延期收汇，以期获得该计价货币汇率上涨的利益200 年月江苏省高等教育自学考试300395701 国际金融实务一、单项选择题（每小题 1分，共18分）在下列每小题的四个备选答案中选出一个正确的答案，并将其字母标号填入题干的括号内。

5.判断三角套汇是否存在差异的方法是：先将三地的汇率换算成同一标价法下的汇率，然后将三个汇率连乘( )A.若乘积等于1，则不存在汇率差异B.若乘积不等于1，则存在汇率差异C.若乘积大于0，不存在汇率差异D.若乘积小于0，存在汇率差异6.在外汇市场有$1=SF1.3800/1.3900和$1=€0.9800/0.9850则€1=SF（）A.1.4010/1.4184B.1.2900/1.3000C.1.4600/1.4700D.1.4812/1.40117.预测外汇资产的市场价格会下跌而买入的期权合约是（）A.看涨期权B.看跌期权C.美式期权D.欧式期权8.假如：在伦敦外汇市场上，1英镑＝US＄1.7200，在纽约外汇市场上，1英镑＝US＄1.7310如果在伦敦外汇市场上按1英镑＝US＄1.7200的汇率买进100万英镑，同时在纽约外汇市场上以1英镑＝US＄1.7310的汇率卖出100万英镑，则套汇收益是（）A.1万美元B.10万美元C.1.05万美元D.1.1万美元9.某日，外汇银行作了卖出即期英镑，买入3个月远期英镑的外汇交易，这种外汇交易属于（）A.即期外汇交易B.投机交易C.套汇交易D.掉期外汇交易10.某日中国银行公布的美元对人民币的汇率为USD/CNY 8.2721，纽约外汇市场上USD/THB39.4450，则CNY/THB为（）A.4.7671B.4.7684C. 4.7694D.4.767111.经营租赁下设备保养维修由谁负责( )A.承租人B.出租人C.制造商D.契约托管人12.利用不同交割期限所造成的汇率差异，在买人或卖出即期外汇的同时，卖出或买人远期外汇，以获得盈利的套汇方式叫做（）A.地点套汇B. 时间套汇C.直接套汇D.间接套汇13.外汇交易额通常以多少为单位进行买卖( )A.500万B.200万C.100万D.1000万14.预期A货币对美元贬值，B货币对美元升值，进行跨币种套利的经验法则是（）A.买入A货币期货合约，卖出B货币期货合约B.卖出A货币期货合约，买人B货币现货C.买入A货币现货，卖出B货币期货合约D.卖出A货币期货合约，买人B货币期货合约15.一份交割价格为95的看涨期权，对应资产现在交易价为100，那么它的内在价值为（）A.95B.90C.0D.516.某投资者在5月份以期权费25美元/盎司买入一份协议价为380美元/盎司、6月到期的黄金看涨期权。

国际金融双语期末A卷--————————————————————————————————作者：————————————————————————————————日期：Part I: Multiple choice(1*30=30score)( only one choice for each question)1.Which of the following transactions is recorded in the financial account?A)Ford motor company builds a new plant in ChinaB)A Chinese businessman imports Ford automobiles from the United States.C)A U.S. tourist spends money on a trip to China.D)The New York Yankees are paid $10 million by the Chinese to play anexhibition game in Beijing, China.2.In the balance of payments, the statistical discrepancy or error term is used to:A)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.3. A deficit in the overall balance generally is an indication that:A)The country’s monetary authorities were selling foreign currency.B)The country’s moneta ry authorities were buying foreign currency.C)The country’s monetary authorities were buying domestic currency.D)The country’s monetary authorities were buying imported goods.4. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is:A)1.5 won per dollarB)0.75 won per dollarC)$1.50 per wonD)$3 per won5. To the US, U.S. capital inflows will create a __________ foreign currency and a __________ U.S. dollars.A)Demand for; supply ofB)Supply of; demand forC)Shortage of; demand forD)Supply of; shortage of6. U.S. imports of goods and services will create a __________ foreign currency anda __________ U.S. dollars.A) Demand for; supply ofB) Supply of; demand forC) Shortage of; demand forD) Supply of; shortage of7.If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, you canmaximize speculative gains by:A)Buying euros in the spot market and selling the euros in 30 days at thefuture spot rate.B)Signing a forward foreign exchange contract to sell the euros in 30 days.C)Signing a forward foreign exchange contract to sell the dollars in 30 days.D)Buying dollars in the spot market and selling the dollars in 30 days at thefuture spot rate.8.Assume you are a Chinese exporter and expect to receive $250,000 at the end of 60 days. You can remove the risk of loss due to a devaluation of the dollar by:A)Selling dollars in the forward market for 60-day delivery.B)Buying dollars now and selling it at the end of 60 days.C)Selling the yuan equivalent in the forward market for 60-day delivery.D)Keeping the dollars in the United States after they are delivered to you.9. The interest rate in the U.K. is 4% for 90 days, the current spot rate is $2.00/£ and the forward rate is $1.96/£. If the covered interest rate differential is about 1%, then the interest rate in the U.S. for 90 days would have to be:A)7%B)4%C)3%D)2%10. If the covered interest differential is zero:A)International investments will be unprofitable.B)Parity has not been reached.C)The overall covered return on a foreign-currency investment equals thereturn on a comparable domestic-currency investment.D) A currency is at a forward premium by as much as its interest rate is higherthan the interest rate in the other country.11. When uncovered interest parity holds:A) A currency is expected to appreciate by as much as its interest rate is lowerthan the interest rate in the other country.B) A currency is expected to appreciate by as much as its interest rateis higher than the interest rate in the other countryC) A currency is expected to depreciate by as much as itsinterest rate is lower than the interest rate in the other countryD)The forward premium equals the interest rate differential.12. International Fisher Effect refers to the condition when:A)Covered differential equals zero.B)Expected uncovered differential equals zero.C)Uncovered interest parity holds.D)Both (B) and (C).13. __________ purchasing power parity states that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time.A)FullB)PartialC)RelativeD)Absolute14. The __________ approach to exchange rates emphasizes the importance of the supply and demand for money as a key to understanding the determinants of exchange rates.A)Purchasing-power-parityB)Asset marketC)MonetaryD)Balance of payments15. Based on PPP and the quantity theory of money, if Japan’s real income rises relative to real income in the US, there should be a(n):A)Appreciation of the dollar.B)Appreciation of the yen.C)Interest rate parity.D)Depreciation of the yen.16..The __________ effect can sometimes be destabilizing because it moves the exchange rate away from its long-run equilibrium value.A)BandwagonB)BubbleC)Exchange rateD)Arbitrage17. The law of __________ states that a product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere.A) International tradeB) One priceC) Diminishing returnsD) Relative PPP18..According to the relative version of purchasing power parity, when the foreign country inflation rate increases, the home coun try’s:A)Currency tends to depreciate.B)Currency tends to appreciate.C)Inflation rate tends to decrease.D)Inflation rate tends to stay the same.19..Which of the following are in place when government imposes limits on or requires approvals for payments related to some (or all) international financial activities?A)Exchange controls.B)Capital controls.C)Official interventions.D)Adjustable pegs.20. Pressures in the foreign exchange market are such as to cause the British pound to appreciate with respect to the U.S. dollar. If Britain is trying to maintain a fixed exchange rate with respect to the U.S. dollar, which of the following interventions will stem the pressures for appreciation of the pound?A)Britain should sell pounds and buy dollars.B)Britain should do nothing as a fixed rate will not change.C)Britain should buy pounds and sell dollars.D)Britain should decrease their money supply to contract the economy.21. Faced with ever increasing outflows of gold in the late 1960’s, the United States:A)Used contractionary fiscal policies to rid the nation of deficits.B)Devalued the dollar in terms of gold.C) Suspended the convertibility of dollars into gold.D) Imposed foreign exchange controls.22. .If the marginal propensity to save is 0.3 and the marginal propensity to import is 0.1, and the government increases expenditures by $10 billion, ignoring foreign-income repercussions(回流效应), how much will GDP rise?A)$20 billion.B)$10 billion.C)$25 billion.D)$15 billion.23.The IS curve illustrates:A)All combinations of domestic output levels and interest rates for which thedomestic product market is in equilibrium.B)All combinations of domestic output levels and interest rates for which thedomestic money market is in equilibrium.C)All combinations of domestic output levels and interest rates that results ina zero balance for the country’s official settlements balance.D)All combinations of domestic output levels and interest rates for whichthere is full employment.24.The LM curve has a:A)Positive slope because a higher interest rate leads to a decrease in thedemand for money and thus a higher level of domestic production isneeded to cause people to continue to hold the same amount ofmoney.B)Negative slope because a higher interest rate leads to a decrease in thedemand for money and thus a higher level of domestic production isneeded to cause people to continue to hold the same amount ofmoney.C)Negative slope because a higher interest rate leads to a decrease inaggregate demand and thus a lower level of domestic production isneeded for equilibrium.D)Positive slope because a higher interest rate leads to a decrease inaggregate demand and thus a higher money supply is needed forequilibrium.25. Official intervention in the foreign exchange market to defend a fixed exchange rate when the value of domestic currency is under downward pressure:A）Causes international reserve holdings to rise.B）Has no impact on the domestic money supply.C）Causes the domestic money supply to rise.D）Causes the domestic money supply to fall.26. Floating exchange rates ensure:A) Full employment domestically.B) Domestic price stability.C) Equilibrium in the overall balance of payments.D) A surplus in the trade balance.27. There are limits to the ability of monetary authorities to use sterilized intervention in the case of a surplus because:A)The central bank may be unwilling to increase its holdings of foreigncurrency.B)Pressure from foreign countries to allow the domestic currency todepreciate will lead to large losses.C)The central bank is limited in its ability to obtain foreign currency.D)There are no limits on the use of sterilized intervention.28. Under a floating exchange rate regime, following an expansion in the money supply, monetary authorities will:A) Buy foreign currency in the foreign exchange market.B) Buy domestic currency in the foreign exchange market.C) Do nothing in the foreign exchange market.D) Sell domestic currency in the foreign exchange market.29.Given the IS-LM-FE framework and an overall payments balance of zero, if the country implements expansionary monetary policy, the LM curve will shift to the __________ which will lead to the country's currency __________. In response, the FE and IS curves will shift to the __________ and external balance will be reestablished.A) left; appreciating; rightB) left; depreciating; leftC) right; depreciating; rightD) right; appreciating; right30. Under a floating exchange rate regime with a low degree of capital mobility, expansionary fiscal policy will lead to:A) Higher interest rates.B) Lower interest rates.C) Capital outflows.D) A surplus in the official settlements balance.Part II, True or False (10*1.5=15 score)( T for true and F For false, you are not required to give reason for your choice) 1.If a currency is at a forward premium by as much as its interest rate is lower than the interest rate in the other country, covered interest parity holds.2. Contractionary fiscal policy with floating exchange rates and low capital mobility leads to currency depreciation.3. Over the long-run, a country with a relatively high inflation rate tends to have a depreciating currency.4.The quantity theory of money says that in any country the money supply isequated to the demand for money, which is directly proportional to the money value of the gross domestic product.5.With fixed exchange rates, external capital flow shocks have little impact on theinternal economy.6.The Bretton Woods conference created the International Monetary Fund (IMF).7.The official settlements balance is in deficit if the IS-LM intersection is to theright of the FE curve.8.(P f*e / P) is a useful indicator of a country’s international price competitiveness.9.The assignment rule says that, with fixed exchange rates, fiscal policy should beassigned to stabilizing the balance of payments and monetary policy should be assigned to stabilizing the domestic economy.10.The J curve shows a typical response of the current account balance to a drop inthe exchange rate value of a country's currency.Part III: Questions(6*6=36 score)1.You are provided with the following information about a country's internationaltransactions during a given year:Service exports $ 346Service imports $354Merchandise exports $480Merchandise imports $348Income flow, net $153Unilateral transfers, net $142Increase in the country holding of foreign assets, net $352(excluding official reserves assets)Increase in foreign holding of foreign assets, net $252(excluding official reserves assets)Statistical discrepancy, net $154Calculate the official settlements balance and the current account balance. Is the country increasing or decreasing its net holdings of official reserve assets? Why? 2. The following rates exist:Current spot exchange rate: $1.8/£Annualized interest rate on 90-day dollar-denominated bonds: 8% (2% for 90 days) Annualized interest rate on 90-day pound-denominated bonds: 12% (3% for 90 days)Financial investor expect the spot exchange rate to be $1.77/£ in 90 days,A)With the uncovered interest differential to make judgment that if he bases his decisions solely on the difference in the expected rate of return, should a U.S.-based investor make an uncovered investment in pound-denominated bonds rather than investing in dollar-denominated bonds? Why?B) if there is substantial uncovered investment seeking higher expected returns, what pressure is placed on the current spot exchange rate?3.What is the exchange rate overshooting, why does it occur?4.Assume that a government has become committed to maintaining a fixedexchange rate that officially values foreign currencies less, and the domestic currency (here the dollar) more, than the free market equilibrium rate. The official rate is, say, $1.0 per pound sterling. This exchange controls result in considerable costs to a country whose government imposes them. Describe these costs and the role that bribery and parallel markets can play in economies with exchange controls.Figure: Welfare Losses from Exchange Controls5. Use the standard IS-LM-FE framework and assume the country begins at a triple intersection under floating exchange rate. What effect will the following have on domestic interest rates, output levels, and the official settlements balance, assuming low capital mobility?(you are suggested explain with figure)a. The central bank increases the money supply.b. The government increases its spending.6.Explain the effects of expanding the money supply on the economy of a country with fixed exchange rates. (Assume the country begins at a triple intersection ,you are suggested explain with figure)Part III, Reading and analysis (9 score for paper1 and 10 score for paper 2)1: China to further reform RMB exchange rate regime (体制)The People's Bank of China （PBOC ）, China's central bank, has decided to proceed further with the reform of the Renminbi （RMB ） exchange rate regime to enhance the RMB exchange rate flexibility, a spokesperson of the central bank said on Jun 19, 2010, Saturday Beijing. The decision was made in view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the spokesperson said in a statement.In further proceeding with the reform, continued emphasis would be placed to reflecting market supply and demand with reference to a basket of currencies. The exchange rate floating bands will remain the same as previously announced in the inter-bank foreign exchange market, the spokesman said.The spokesperson said China's external trade is becoming more balanced. The ratio of current account surplus to GDP, after a notable reduction in 2009, has been declining since the beginning of 2010. 30$/££B S £ B1.5D £ EA C"With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist," the spokesperson said.The PBOC will further enable market to play a fundamental role in resource allocation, promote a more balanced BOP account, maintain the RMB exchange rate basically stable at an adaptive and equilibrium level, and achieve the macroeconomic and financial stability in China, the spokesperson said.China has moved into a managed floating exchange rate regime based on market supply and demand with reference of a basket of currencies since July 1, 2005.The spokesperson said the reform of the RMB exchange rate regime has been making steady progress since 2005, producing the anticipated results and playing a positive role. ( On July 21, 2005, the People's Bank of China, announced that the RMB yuan, will be traded at a rate of 8.11 to the US and the yuan to US dollar pegging system is switched to a basket of foreign currencies.) With the current round of international financial crisis was at its worst, the exchange rate of a number of sovereign currencies to the US dollar depreciated by varying margins."The stability of the RMB exchange rate has played an important role in mitigating(缓解) the crisis' impact, contributing significantly to Asian and global recovery, and demonstrating China's efforts in promoting global rebalancing," the spokesperson said.The gradual recovery of the global economy and upturn of the Chinese economy has become more solid with enhanced economic stability. It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility, said the spokesperson.Question1：Why the spokesperson said. "With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist,"Question2: Why the Chinese Central bank would like to proceed the reform of the Renminbi （RMB）exchange rate regime to enhance the RMB exchange rate flexibility. Can you explain the benefit by making the RMB more flexible?2: Hot money flow and its explanationThe generally accepted view is that the inflow of short-term speculative money (so-called hot-money) began in 2007 in China targeting capital gains derived from rising stock and property prices an d the anticipated appreciation of the RMB. “hot money” is defined as the flow of funds counted as capital and financial account other than for direct investment and errors and omissions. In other words, “hot money” is defined as “changes in reserve assets”minus “changes in current account” minus “direct investment flows”. This is the simplest way to express the movement of short-term funds, and the most conservative, as the estimates tend to be smaller.When adjustments are made for the some policy measures, the BoP statistics indicate that “hot money” inflows into China accelerated from 22.5 billion USD in the first half of 2007, to 70.2 billion USD in the second half of 2007, and up to 139.1 billion USD in the first half of 2008. In contrast, a huge 184.8 billion USD of “hot money” flowed out in the second half of 2008 (2008, 2H)(Figure 1).Figure 1: Hot money in China after adjustmentForeignDirectCurrentHotSome people says that the huge inflow of hot money is the reason for the increasing price of stock price and property price. In order to check this point, here we give two figures about the Shanghai Stock index and Property (资产) Price index of different regions including ShangHai, Shengzhen, Beijing.Figure 2: Shanghai Stock IndexFigure 3: Property Price index.We find that Stock prices peaked in October 2008, and thereafter began a downward trend(Figure 2). Growth in property prices began to fall in the first half of 2008 (c) (Figure 3) althoughthe hot money inflow go to its peak at the same time.Figure 4: RMB exchange rate and interest rate parityInterestRMBForwardChange of From the above figure 4, we find that the RMB forward exchange rate shifted after therapid appreciation of the RMB spot exchange rate, and deviated from interest rateparity from late-2007 until the autumn of 2008. The distance from interest rate parity widened most in the first half of 2008. This is because spot exchange rates are underthe control of the authorities while forward exchange rates are not, and their appreciation reflected market pa rticipants’ expectation of spot rate appreciation in the following period. As a consequence, the RMB forward exchange rate movedtoward appreciation, and the difference between the RMB forward rate and spot ratebegan to deviate from interest rate parity in May 2007, peaking in March 2008.Figure 5: Returns from arbitrage transactions using RMB forward exchangerateQuestion 1: From fighre1,2,3, do you agree with the such idea that the huge hot money inflow is the main force that pushes the Chinese stock price and property price increase and raises the bubbles. Why?Question 2: With the figure 1, 4, 5 would you please explain the relationship between RMB appreciation and hot money inflow by the asset market approach, say, the covered interest differential equation and covered interest parity.浙江财经学院2009～2010学年第一学期《国际金融(双语)》课程期末考试试卷（ A 卷）答案PART I: Multiple choice（10*1=10）1-5 AAAAB 6-10 ACACC 11-15 ADCCB 16-20 ABBBA21-25 CCAAD 26-30CACCAPART II TRUTH OR FALSE(10*1.5=15)1T 2 F 3 T 4T 5F. 6T 7T 8T 9 F 10 TPART III: Questions(6*6=36)Question 1:POSSIBLE RESPONSE:Current account balance: $346 - 354 + 480 - 348 + 153 - 142 = $135Official settlements balance: $346 - 354 + 480 - 348 +153 -142 + 252 – 352 + 154 = $189Change in official reserve assets (net) = -official settlements balance = -$189.The country is increasing its net holdings of official reserve assets.Question 2:POSSIBLE RESPONSE:a)From the point of view of the U.S.-based investor, the expected uncovered interest differential is [(1+0.03)*1.77/1.8]-(1+0.02)=-0.0072. Because the differential is negative, the U.S –based investor should stay at home, investing in dollar-denominated bonds, if he bases his decision on the difference in expected reurns.b) If there is substantial uncovered investment flowing from Britain to the United States, this increases the supply of pounds in the spot exchange market. There is downward pressure on the spot exchange rate to drop below $1.8/pound. The pound teds to depreciate.Question 3:POSSIBLE RESPONSE:Overshooting occurs because in this sticky price version of the monetary approach, prices are assumed to be fixed in the short run and completely flexible in the long run.A considerable amount of time must pass for the increase in money supply to lead to an increase in domestic prices. Thus, purchasing power parity is more realistically assumed to hold in the long run but not in the short run. Because prices are sticky at first, the increase in money supply drives down domestic interest rates. This shift favors foreign currency assets which results in immediate depreciation of the domestic currency. As prices adjust, the domestic currency reverts back to its new long run equilibrium.Question4、Assume that a government has become committed to maintaining a fixed exchange rate that officially values foreign currencies less, and the domestic currency (here the dollar) more, than the free market equilibrium rate. The official rate is, say, $1.0 per pound sterling. This exchange controls result in considerable costs to a country whose government imposes them. Describe these costs and the role that bribery and parallel markets can play in economies with exchange controls. Figure: Welfare Losses from Exchange ControlsPOSSIBLE RESPONSE:The exchange controls require exporters to turn over all their revenues from foreign buyers to the government. The government, in turn, gives them $1.0 in domestic bank deposits for each pound sterling they have earned. In Figure 20.2, the exchange control limits the foreign currency available to 30 billion pounds, which is the amount earned by the country’s exporters at the exchange rate of $1.0 per pound. Even if those who most value the limited foreign currency get it, the country suffers a loss of well being equal to the triangular area depicted by CEA.Actual exchange control regimes are likely to have other effects and costs. One such example is the efforts evade exchange controls. People are frustrated when they are not allowed to buy foreign exchange, even though they are willing to pay more than the recipients of foreign exchange will get from the government when these holders sell their foreign currency. The frustrated demanders will look for other ways to obtain foreign exchange. One way is to bribe the government functionaries in charge of determining the official approvals. Another is to offer more to recipients of foreign exchange than the government is offering. In this way a second foreign exchange market, a parallel market or black market, develops as a way for private demanders and sellers of foreign exchange to evade exchange controls. Parallel markets exist in most countries that have exchange controls.5. Use the standard IS-LM-FE framework and assume the country begins at a triple intersection under floating exchange rate. What effect will the following have on domestic interest rates, output levels, and the official settlements balance, assuming low capital mobility?(you are suggested explain with figure)a.The central bank increases the money supply.b.The government increases its spending.POSSIBLE RESPONSE:a.The LM curve shifts to the right, and the country moves to a new short-runequilibrium at the intersection of the IS curve and the new LM curve.The domestic interest rate decreases, real GDP increases, and the officialsettlements balance goes into deficit. With the increase in the moneysupply, it is temporarily greater than money demand. To bring about anequilibrium in the money market, interest rates must fall. The fall ininterest rates increases interest-sensitive spending, so the GDP outputlevel increases. There is now a payment deficit because the newintersection of the IS and LM curves takes place to the right of the FEcurve.b.The IS curve shifts to the right, and the country moves to a new short-runequilibrium at the intersection of the LM curve and the new IS curve.Real GDP increases, the domestic interest rate increases, and the officialsettlements balance goes into deficit. This new intersection occurs to theright of the relatively steep FE curve, which corresponds to a paymentsdeficit.The figure is neglected.6. Explain the effects of expanding the money supply on the economy of a country with fixed exchange rates. (Assume the country begins at a triple intersection , you are suggested explain with figure)POSSIBLE RESPONSE:Beginning from an external balance, an expansion in the money supply increases bank liquidity. In the short run, as banks compete with each other to lend money, interest rates are bid down. The fall in interest rates causes some holders of financial assets denominated in the domestic currency to seek higher returns abroad. The international capital outflow causes the financial account to deteriorate. the currency of this country will under the pressure of depreciate, thus the central bank should intervene the foreign market by buying the domestic currency. Thus the concretionary monetary policy will be applied.Finally we will find it that the expansionary monetary policy can not make effect on the economy..The figure is neglected.Part III, Reading and analysisReading 1 ,9 scoreQuestion1：Why the spokesperson said. "With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist,"POSSIBLE RESPONSE:The policy makers usually will pursuer both the external balance and internal balance, the external balance means that the Balance of Payments or the current account balance plus the financial account balance is close to zero. In this situation, it means that the export value (including goods, services and financial products) is equal to the import value in China. Thus in the foreign exchange market the supply of foreign currency is similar to the demand of the foreign currency and the foreign exchange market is close to the equilibrium. The values of Chinese currency RMB will not experience the appreciation pressure more. So the spokesperson said the basis for large-scale appreciation of the RMB exchange rate does not exist. This basis means the BOP account moving closer to equilibrium.Question2: Why the Chinese Central bank would like to proceed the reform of the Renminbi （RMB）exchange rate regime to enhance the RMB exchange rate flexibility. Can。

《国际金融学》（双语）课程习题集目录CHAPTER 12: NATIONAL INCOME ACCOUNTING AND THE BALANCE OF PAYMENTS . 3 CHAPTER 13: EXCHANGE RATES AND THE FOREIGN EXCHANGE MARKET: AN ASSET APPROACH (8)CHAPTER 14: MONEY, INTEREST RATES, AND EXCHANGE RATES (16)CHAPTER 15: PRICE LEVELS AND THE EXCHANGE RATE IN THE LONG RUN (20)CHAPTER 16: OUTPUT AND THE EXCHANGE RATE IN THE SHORT RUN (26)CHAPTER 17: FIXED EXCHANGE RATES AND FOREIGN EXCHANGE INTERVENTION (35)CHAPTER 18: THE INTERNATIONAL MONETARY SYSTEM, 1870 – 1973 (43)CHAPTER 19: MACROECONOMIC POLICY AND COORDINATION UNDER FLOATING EXC HANGE RATES (49)CHAPTER 20: OPTIMUM CURRENCY AREAS AND THE EUROPEAN EXPERIENCE (54)Chapter 12: National Income Accounting and the Balance of PaymentsMultiple Choice Questions1. A country’s gross national product (GNP) isA. the value of all final goods and services produced by its factors of production andsold on the market in a given time period.B. the value of all intermediate goods and services produced by its factors ofproduction and sold on the market in a given time period.C. the value of all final goods produced by its factors of production and sold on themarket in a given time period.D. the value of all final goods and services produced by its factors of production andsold on the market.E. the value of all final goods and services produced by its factors of production,excluding land, and sold on the market in a given time period.Answer: A2. GDP is supposed to measureA. the volume of production within a country’s borders.B. the volume of services generated within a country’s borders.C. the volume of production of a country’s output.D. GNP plus depreciation.E. None of the above.Answer: A3. GNP equals GDPA. minus net receipts of factor income from the rest of the world.B. plus receipts of factor income from the rest of the world.C. minus receipts of factor income from the rest of the world.D. plus net receipts of factor income from the rest of the world.E. None of the above.Answer: D4. In open economies,A. saving and investment are necessarily equal.B. as in a closed economy, saving and investment are not necessarily equal.C. saving and investment are not necessarily equal as they are in a closed economy.D. saving and investment are necessarily equal contrary to the case of a closed economy.E. None of the above.Answer: C5. Which one of the following expressions is the most accurate?A. CA = EX – IM.B. CA = IM – EX.C. CA=EX=IM.D. CA = EX + IM.E. None of the above.Answer: A6. A country’s current accountA. balance equals the change in its net foreign wealth.B. balance equals the change in its foreign wealth.C. surplus equals the change in its foreign wealth.D. deficit equals the change in its foreign wealth.E. None of the above.Answer: A7. The CA is equal toA. Y – (C-I+G).B. Y + (C+I+G).C. Y – (C+I+G).D. Y – (C+I-G).E. Y – (C+I+G) = -CA, (i.e., minus the CA).Answer: C8. For open economies,A. S = I.B. S = I +CA.C. S = I – CA.D. S > I + CA.E. S < I + CA.Answer: B9. An open economyA. can save only by building up its capital stock.B. can save only by acquiring foreign wealth.C. cannot save either by building up its capital stock or by acquiring foreign wealth.D. can save either by building up its capital stock or by acquiring foreign wealth.E. None of the above.Answer: D10. In an open economy, private saving, S p , is equal toA. I - CA + (G - T).B. I + CA - (G - T).C. I + CA + (G - T).D. I - CA - (G - T).E. I + CA + (G + T).Answer: C11. Every international transaction automatically enters the balance of paymentsA. once either as a credit or as a debit.B. twice, once as a credit and once as a debit.C. once as a credit.D. twice, both times as debit.E. None of the above.Answer: BEssay Questions1. Discuss the effects of government deficits on the current account.Answer:A hard and difficult issue.During the Reagan administration, the creation of twin deficits, whereby slashing taxes, government deficits increased, which was accompanied with increased current account deficits. Using the identity CA = Private Saving - I - (G – T), one can see that if privatesavings and I are constants, an increase in the deficit, namely an increase in (G – T), necessarily increases the CA deficits by the same magnitude.However, governmentbudget deficit may change both private savings and investment, thus avoiding a creationof the twin deficits.An example is the European countries reducing their budget deficits just prior to the introduction of the euro in January 1999. Now, under the “twin deficits: theory,” onewould have expected the EU’s current account surpluses to increase. This has never happened. The main reason was sharp reduction in private saving rates.A good answer should discuss Ricardian equivalence, which argues that when the government cut taxes and raises its deficit, consumers anticipate that they will facehigher taxes later to pay for the resulting government debt. In anticipation, they raisetheir own private saving to offset the fall in government saving. In addition, one should mention wealth effect in anticipation of one Europe, assets prices increased, loweringprivate saving rates.2. “The balance of payments is always balanced.” Discuss.Answer: True. Every international transaction automatically enters the balance of payments twice,once as a credit and once as a debit.Current account + financial account + capital account = 03. “The balance of payments accounts seldom balance in practice.” Discuss.Answer: True. The main reasons are due to the fact that data collected or received from different sources may differ in coverage, accuracy, and timing. In addition, data on services arenotas reliable as data from the financial account. Moreover, accurate measurements of international interest and dividend receipts are particularly difficult.Quantitative/Graphing Problems1. AssumeC = 40 + 0.8(Y – T) G =10I = 20T = 0, where T are taxes.A. Calculate Y at equilibrium.Answer: Y = C + I + GY = 350B. Calculate C, I, and G at equilibrium.Answer: C = 40 + 0.8 Y = 320I = 20G = 10C. Now assume,EX = 5 + 4EP*/PIM = 10 + 0.1 (Y – T) – 3EP*/P E =3P* = 1.5P = 2Find equilibrium YAnswer: Y = 269.16672. What can one learn from the following figure?Answer:The figure shows the U.S. current account and net foreign wealth from 1977 until 1996.It shows that a string of current account deficits in the 1980s reduced America’s net foreign wealth until, by the end 1996, the country had accumulated a substantial net foreign debt. In 1987 the country became a net debtor to foreigners for the first time since World War I.Chapter 13: Exchange Rates and the Foreign Exchange Market: An AssetApproachMultiple Choice Questions1. How many British pounds would it cost to buy a pair of American designer jeanscosting $45 if the exchange rate is 1.60 dollars per British pound?A. 38.125 British poundsB. 28.125 British poundsC. 48.125 British poundsD. 58.125 British poundsE. 18.125 British poundsAnswer: B2. What is the exchange rate between the dollar and the British pound if a pair ofAmerican jeans costs 50 dollars in New York and 100 pounds in London?A. 1.5 dollars per British poundB. 0.5 dollars per British poundC. 2.5 dollars per British poundD. 3.5 dollars per British poundE. 2 dollars per British poundAnswer: B3. When a country’s currency depreciates,A. foreigners find that its exports are more expensive, and domestic residents findthat imports from abroad are more expensive.B. foreigners find that its exports are more expensive, and domestic residents findthat imports from abroad are cheaper.C. foreigners find that its exports are cheaper; however, domestic residents are notaffected.D. foreigners are not affected, but domestic residents find that imports from abroadare more expensive.E. None of the above.Answer: E4. An appreciation of a country’s currencyA. decreases the relative price of its exports and lowers the relative price of itsimports.B. raises the relative price of its exports and raises the relative price of its imports.C. lowers the relative price of its exports and raises the relative price of its imports.D. raises the relative price of its exports and lowers the relative price of its imports.E. None of the above.Answer: D5. Which one of the following statements is the most accurate?A. A depreciation of a country’s currency makes its goods cheaper for for eigners.B. A depreciation of a country’s currency makes its goods more expensive forforeigners.C. A depreciation of a country’s currency makes its goods cheaper for its own residents.D. A depreciation of a country’s currency makes its goods cheaper.E. None of the above.Answer: A6. A foreign exchange swapA. is a spot sale of a currency.B. is a forward repurchase of the currency.C. is a spot sale of a currency combined with a forward repurchase of the currency.D. is a spot sale of a currency combined with a forward sale of the currency.E. None of the above.Answer: C7. An American put option on foreign exchangeA. gives the buyer the right to sell the foreign currency at a known exchange rate at any time during the period of the option.B. gives the seller the right to sell the foreign currency at a known exchange rate at any time during the period of the option.C. gives the buyer the right to sell the foreign currency at a known exchange rate at a specific time in the future.D. obligates the buyer to sell the foreign currency at a known exchange rate at any time during the period of the option.E. None of the above.Answer: A8. An American call option on foreign exchangeA. obligates you to buy foreign currency at a known price at any time during the period of the option.B. gives you the right to buy foreign currency at a known price at any timeduring the period of the option.C. gives you the right to buy foreign currency at a known price at a specific day in the future.D. gives you the right to sell foreign currency at a known price at any time during the period of the option.E. None of the above.Answer: B9. Which one of the following statements is the most accurate?A. The dollar rate of return on euro deposits is the euro interest rate plus the rateof depreciation of the dollar against the euro.B. The dollar rate of return on euro deposits is approximately the euro interestrate minus the rate of depreciation of the dollar against the euro.C. The dollar rate of return on euro deposits is the euro interest rate minus therate of depreciation of the dollar against the euro.D. The dollar rate of return on euro deposits is approximately the euro interestrate plus the rate of appreciation of the dollar against the euro.E. The dollar rate of return on euro deposits is approximately the euro interestrate plus the rate of depreciation of the dollar against the euro.Answer: E10. If the dollar interest rate is 10 percent and the euro interest rate is 6 percent, thenA. an investor should invest only in dollars.B. an investor should invest only in euros.C. an investor should be indifferent between dollars and euros.D. it is impossible to tell given the information.E. All of the above.Answer: D11. If the dollar interest rate is 10 percent, the euro interest rate is 6 percent, and the expected return on dollar depreciation against the euro is zero percent, thenA. an investor should invest only in dollars.B. an investor should invest only in euros.C. an investor should be indifferent between dollars and euros.D. It is impossible to tell given the information.E. All of the above.Answer: A12. If the dollar interest rate is 10 percent, the euro interest rate is 6 percent, and the expected return on dollar depreciation against the euro is 4 percent, thenA. an investor should invest only in dollars.B. an investor should invest only in euros.C. an investor should be indifferent between dollars and euros.D. It is impossible to tell given the information.E. All of the above.Answer: C13. If the dollar interest rate is 10 percent and the euro interest rate is 6 percent, and the expected return on dollar depreciation against the euro is 8 percent, thenA. an investor should invest only in dollars.B. an investor should invest only in euros.C. an investor should be indifferent between dollars and euros.D. It is impossible to tell given the information.E. All of the above.Answer: B14. If the dollar interest rate is 10 percent, the euro interest rate is 12 percent, and the expected return on dollar depreciation against the euro is negative 4 percent, thenA. an investor should invest only in dollars.B. an investor should invest only in euros.C. an investor should be indifferent between dollars and euros.D. It is impossible to tell given the information.E. All of the above.Answer: A15. Which of the following statements is the most accurate?A. A rise in the interest rate offered by dollar deposits causes the dollar toappreciate.B. A rise in the interest rate offered by dollar deposits causes the dollar todepreciate.C. A rise in the interest rate offered by dollar deposits does not affect the U.S.dollar.D. For a given euro interest rate and constant expected exchange rate, a rise in theinterest rate offered by dollar deposits causes the dollar to appreciate.E. None of the above.Answer: D16. Which of the following statements is the most accurate?A. For a given U.S. interest rate and a given expectation with regard to the futureexchange rate, a rise in the interest rate paid by euro deposits causes the dollar to depreciate.B. For a given U.S. interest rate and a given expectation with regard to the futureexchange rate, a rise in the interest rate paid by euro deposits causes the dollarto appreciate.C. A rise in the interest rate paid by euro deposits does not affect the value of thedollar.D. A rise in the interest rate paid by euro deposits causes the dollar to depreciate.E. None of the above.Answer: A17. Suppose that the one-year forward price of euros in terms of dollars is equal to $1.113 per euro. Further, assume that the spot exchange rate is $1.05 per euro, and the interest rate on dollar deposits is 10 percent and on euros it is 4 percent. What is the rate of return on a covered euro deposit?A. 0.10B. 0.101C. 0.102D. 0.103E. 0.104Answer: D18. Suppose that the one-year forward price of euros in terms of dollars is equal to $1.113 per euro. Further, assume that the spot exchange rate is $1.05 per euro, and the interest rate on dollar deposits is 10 percent and on euros it is 4 percent. Under these assumptions,A. covered interest parity does hold.B. covered interest parity does not hold.C. It is hard to tell whether covered interest parity does or does not hold.D. Not enough information is given to answer the question.E. None of the above.Answer: BEssay Questions1. What are the factors affecting the demand for foreign currency?Answer: Three factors affect the demand for foreign currency. They are expected return, risk, and liquidity.2. What is the interest parity condition?Answer: The condition that the expected returns on deposits of any two currencies are equal when measured in the same currency is called the interest parity condition. It implies that potential holders of foreign currency deposits view them as equally desirable assets, i.e. risk is assumed away.In notational forms: R $ = R E + (E e $/E – E $/E ) / E $/E.3. Discusses the effects of a rise in the dollar interest rate on the exchanger rate.Answer: For a given euro interest rate and constant expected exchange rate, a rise in the interest rate offered by dollar deposits causes the dollar to appreciate.Quantitative/Graphing Problems1. Compute how many dollars it would cost to buy an Edinburgh Woolen Mill sweater costing 50 British pounds for the following exchange rates:2. For the following 15 cases, compare the dollar rates of return on dollar and euro3. Calculate the interest rate in the United States, if interest parity condition holds, for the following 15 cases:4. Assume that the euro interest rate is constant at 5 percent, and that the expected exchange rate is 1.05 dollars per one euro. Find the expected dollar return on euro deposits for the following cases:Chapter 14: Money, Interest Rates, and Exchange Rates Multiple Choice Questions1. The aggregate money demand depends onA. the interest rate.B. the price level.C. real national income.D. All of the above.E. Only A and C.Answer: D2. Which one of the following statements is the most accurate?A. A decrease in the money supply lowers the interest rate, while an increase inthe money supply raises the interest rate, given the price level and output.B. An increase in the money supply lowers the interest rate, while a fall in the money supply raises the interest rate, given the price level.C. An increase in the money supply lowers the interest rate, while a fall in the money supply raises the interest rate, given the output level.D. An increase in the money supply lowers the interest rate, while a fall in the money supply raises the interest rate, given the price level and output.E. None of the above.Answer: D3. An increase in a country’s money supplyA. causes a more than proportional increase in its price level.B. causes a less than proportional increase in its price level.C. causes a proportional increase in its price level.D. leaves its price level constant in long-run equilibrium.E. None of the above.Answer: C4. Which one of the following statements is the most accurate?A. A permanent increase in a country’s money supply causes a proportional long- run depreciation of its currency against foreign currencies.B. A temporary increase in a country’s money supply causes a proportional long- run depreciation of its currency against foreign currencies.C. A permanent increase in a country’s money supply causes a proportional long- run appreciation of its currency against foreign currencies.D. A permanent increase in a country’s money supply causes a proportionalshort-run depreciation of its currency against foreign currencies.E. A permanent increase in a country’s money supply causes a proportionalshort-run appreciation of its currency against foreign currencies.Answer: A5. After a permanent increase in the money supply,A. the exchange rate overshoots in the short run.B. the exchange rate overshoots in the long run.C. the exchange rate smoothly depreciates in the short run.D. the exchange rate smoothly appreciates in the short run.E. None of the above.Answer: AEssay Questions1. What are the main factors determining the aggregate money demand?Answer: Three main factors: interest rate, the price level, and real national income. A rise in the interest rate causes each individual in the economy to reduce her demand for money. If the price level rises, individual households and firms will spend more money than before. When real national income (GNP) rises, the demand for money will rise.2. Explain why one can write the demand for money as follows:M d =P L (R, Y).Answer: The aggregate money demand is proportional to the price level. Imagine that all prices in an economy doubled, but the interest rate and everyone’s real incomes remained unchanged. Then, the money value of eac h individual’s average daily transactions would then simply double, as would the amount of money each wishes to hold.3. What will be the effects of an increase in real national income on the interest rate? Answer: An increase in real national income will increase the interest rate. If investment depends only on interest rate, this will cause investment to go down. The increases interest rate will cause an appreciation of the dollar.4. Analyze the effects of an increase in the European money supply on the dollar/euro exchange rate.Answer: The main points are: An increase in the European money supply will reduce the interest rate on the euro, and thus causes the euro to depreciates against the dollar. The U.S. money demand and money supply are not going to be affected, and thus the interest rate in the U.S. will remain the same.5. Explain how the money markets of two countries are linked through the foreign exchange market.Answer: The monetary policy actions by the Fed affect the U.S. interest rate, changing the dollar/euro exchange rate that clears the foreign exchange market. The European System of Central Banks (ESCB) can affect the exchange rate by changing the European money supply and interest rate.重庆工商大学财政金融学院国际金融学双语课程习题集6. “Although the price levels appear to display short-run stickiness in many countries, a change in the money supply creates immediate demand and cost pressures that eventuallylead to future increase in the price level.” Discuss.Answer: (See pages 3479 – 380). The statement is true. The pressures come from three main sources: excess demand for output and labor; inflationary expectations; and raw material prices.7. Explain the effects of a permanent increase in the U.S. money supply in the short run andin the long run. Assume that the U.S. real national income is constant.An increase in the nominal money supply raises the real money supply, lowering the interest rate in the short run. The money supply increase is considered to continue in the future; thus, it will affect the exchange rate expectations. This will make the expected return on the euro moredesirable and thus the dollar depreciates. In the case of a permanent increase in theU.S. money supply, the dollar depreciates more than under a temporary increase in themoney supply.Now, in the long run, prices will rise until the real money balances are the same as before the permanent increase in the money supply. Since the output level is given, the U.S. interest rate, which decreased before, will start to increase, until it will move back to its originallevel. The equilibrium interest rate must be the same as its original long -run value. This increase in the interest rate must cause the dollar to appreciate against the euro after its sharp depreciation as a result of the permanent increase in the money supply. So a large depreciation is followed by an appreciation of the dollar. Eventually, the dollar depreciatesin proportion to the increase in the price level, which in turn increases by the same proportion as the permanent increase in the money supply. Thus, money is neutral, in the sense that it cannotaffect in the long run real variables, such as output, investment, etc.8. Explain the following figure:Answer:The figure explains how the money markets of two countries are linked through the foreign exchange market. The monetary policy actions by the Fed affect the U.S. interest rate, changing the dollar/euro exchange rate that clears the foreign exchange market. The European System of Central Banks (ESCB) can affect the exchange rate by changing the European money supply and interest rate.Chapter 15: Price Levels and the Exchange Rate in the Long Run Multiple Choice Questions1. In order for the condition E$/HK$ = Pus/P HK to hold, what assumptions does the principle of purchasing power parity make?A. No transportation costs and restrictions on trade; commodity baskets that are a reliable indication of price level.B. Markets are perfectly competitive, i.e., P = MC.C. The factors of production are identical between countries.D. No arbitrage exists.E. All of the above.Answer: E2. Which of the following statements is the most accurate? The law of one price states:A. In competitive markets free of transportation costs and official barriers totrade, identical goods sold in different countries must sell for the same pricewhen their prices are expressed in terms of the same currency.B. In competitive markets free of transportation costs and official barriers to trade, identical goods sold in the same country must sell for the same pricewhen their prices are expressed in terms of the same currency.C. In competitive markets free of transportation costs and official barrier to trade, identical goods sold in different countries must sell for the same price.D. Identical goods sold in different countries must sell for the same price whentheir prices are expressed in terms of the same currency.E. None of the above.Answer: A3. Under Purchasing Power Parity,A. E $/E = P US / P E.B. E $/E = P E / P ES.C. E $/E = P US + P E.D. E $/E = P US - PE.E. None of the above.Answer: A4. Which of the following statements is the most accurate? In general,A. The monetary approach to the exchange rate is a long-run theory.B. The monetary approach to the exchange rate is a short-run theory.C. The monetary approach to the exchange rate is both a short- and long-run theory.D. The monetary approach to the exchange rate neither long-run nor short-run theory.E. None of the above statements is true.Answer: A5. The monetary approach makes the general prediction thatA. The exchange rate, which is the relative price of American and Europeanmoney, is fully determined in the long run by the relative supplies of thosemonies.B. The exchange rate, which is the relative price of American and European money,is fully determined in the short run by the relative supplies of thosemonies and the relative demands for themC. The exchange rate, which is the relative price of American and Europeanmoney, is fully determined in the short- and long run by the relative supplies ofthose monies and the relative demands for themD. The exchange rate, which is the relative price of American and European money,is fully determined in the long run by the relative supplies of thosemonies and the relative demands for themE. None of the above statements is true.Answer: A6. Under the monetary approach to the exchange rate theory, money supply growth at a constant rateA. eventually results in ongoing price level deflation at the same rate, butchanges in this long-run deflation rate do not affect the full-employmentoutput level or the long-run relative prices of goods and services.B. eventually results in ongoing price level inflation at the same rate, but changes inthis long-run inflation rate do affect the full-employment output level andthe long-run relative prices of goods and services.C. eventually results in ongoing price level inflation at the same rate, but changesin this long-run inflation rate do not affect the full-employment output level or thelong-run relative prices of goods and services.D. eventually results in ongoing price level inflation at the same rate, but changes inthis long-run inflation rate do not affect the full-employment output level,only the long-run relative prices of goods and services. E.None of the above statements is true.Answer: C7. If people expect relative PPP to hold,A. the difference between the interest rates offered by dollar and euro depositswill equal the difference between the inflation rates expected, in the UnitedStates and Europe, over the relevant horizon.B. the difference between the interest rates offered by dollar and euro deposits willequal the difference between the inflation rates expected in Europe and theUnited States.C. the difference between the interest rates offered by dollar and euro depositswill equal the difference between the inflation rates expected, over therelevant horizon, in the United States and Europe, in the short run.D. the difference between the interest rates offered by dollar and euro deposits willbe above the difference between the inflation rates expected, over therelevant horizon, in the United States and Europe. E.None of the above statements is true.Answer: A。

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

1.在银行间的远期外汇报价中，假定即期汇率为US$/DM2.9010-2.9020,而银行3个月期远期外汇报价为380—370，3个月期远期汇率是（ ）A.2.8630/40B.2.8640/55C.2.8630/50D.2.8660/70 2.汇率风险是在何种情况下发生经济损失的可能性（ ） A.对外进行货币资本借贷中 B.对外贸易中C.对外进行直接投资中D.不同货币的相互兑换或相互折算中 3.以下哪个不是外汇期权交易的特点( )A.买卖双方的权利义务不对等B.期权费可以收回C.到期可以放弃履行合约D.多为场外交易 4.以下哪种外汇交易属无风险获利( )A.远期外汇交易B.外汇期权交易C.套汇交易D.非抛补套利 5.下列提法中不正确的是（ ）A.欧洲货币市场是当前世界最大的国际资金融通市场B.欧洲债券市场是欧洲货币市场的一种长期借贷形式C.欧洲美元可以在美国国内流通D.短期信贷市场是欧洲货币市场的主要资金运用方式之一200 年 月江苏省高等教育自学考试300395701 国际金融实务一、 单项选择题（每小题1分，共18分）在下列每小题的四个备选答案中选出一个正确的答 案，并将其字母标号填入题干的括号内。

6.如果进口商在签订贸易合同时还不能确定将来付款的确切日期，只知道大概的付款期限，为了稳定进口成本，进口商可以同银行做一笔（）A.即期外汇交易B.掉期交易C.择期交易D.远期外汇交易7.下列哪种情况下，银行将处于空头地位（）A.卖出大于买进相同币种，相同期限的外汇B.卖出大于买进相同币种，不同期限的外汇C.卖出大于买进不同币种，不同期限的外汇D.卖出大于买进不同币种，相同期限的外汇8.利用卖方信贷（）A.有利于出口商减缓外汇风险B.可取得设备价款 100%的融资C.贸易合同的支付条件为即期支付D.贸易合同的设备价款高于买方信贷9.远期外汇合同到期前的任何一天，客户可要求交割，亦可放弃合同执行的外汇业务是（）A.择期业务B.远期业务C.欧式期权业务D.美式期权业务10.对技术进步快，并需高度保养管理的设备，宜采用的方式是（）A.金融租赁B.经营租赁C.维修租赁D.衡平租赁11.在哪种方式下，出口商开具的汇票对其无追索权（）A.卖方信贷B.买方信贷C.福费廷D.混合信贷12.外汇汇率采用间接标价法的国家是（）A.瑞士B.日本C.英国和美国D.除英美外的所有其它国家13.某投资者在2月份以期权费50美元/盎司买入一份协议价为400美元/盎司、8月到期的黄金看涨期权。

《国际金融实务》练习册一、选择题(在每小题的四到五个答案中，选出正确的答案,并将其号码填在题干的括号内。

) 1．所谓外汇管制就是对外汇交易实行一定的限制，目的是（）A、防止资金外逃B、限制非法贸易C、奖出限入D、平衡国际收支、限制汇价2．在英国货币市场上，以( ）占有重要地位。

A．商业银行B．投资银行C．贴现行D．证券经纪商3．支出转换型政策主要包括（)。

A．汇率政策B．政府补贴C．关税政策D．直接管制4．根据蒙代尔-弗莱明模型，在固定汇率制下（）。

A．财政政策无效B．货币政策无效C．财政政策有效D．货币政策有效5．隐蔽的复汇率表现形式有（）。

A．不同的财政补贴B．不同的附加税C．影子汇率D．不同的外汇留成比例6．布雷顿森林体系是采纳了（）的结果。

A．怀特计划B．凯恩斯计划C．布雷迪计划D．贝克计划7．2003年6月底，欧洲经济货币联盟国家未参加欧元区接受统一货币欧元的国家有（)。

A．英国B．希腊C．瑞典D．丹麦E．奥地利8．我国利用外资的方式有（）.A．设立中外合资经营企业B．开展补偿贸易C．发行A股D．发行B股E．出口买方信贷9．投资收益在国际收支平衡表中应列入( ）.A．经常账户B．资本账户C．金融账户D．储备与相关项目10．我国目前对信用证抵押贷款的信贷条件规定是（)。

A．贷款货币为外币B．贷款金额为信用证金额的90％C．企业使用贷款不受发放银行监督D．贷款期限原则上不超过90天11、国际债券包括( ）A、固定利率债券和浮动利率债券B、外国债券和欧洲债券C、美元债券和日元债券D、欧洲美元债券和欧元债券12、二次世界大战前为了恢复国际货币秩序达成的（)，对战后国际货币体系的建立有启示作用。

A、自由贸易协定B、三国货币协定C、布雷顿森林协定D、君子协定13、外汇远期交易的特点是（)A、它是一个有组织的市场,在交易所以公开叫价方式进行B、业务范围广泛，合约具是非标准化的特点C、合约规格标准化D、交易只限于交易所会员之间14、金融汇率是为了限制（)A、资本流入B、资本流出C、套汇D、套利15、汇率定值偏高等于对非贸易生产给予补贴，这样（）A、对资源配置不利B、对进口不利C、对出口不利D、对本国经济发展不利16、国际储备运营管理有三个基本原则是（)A、安全、流动、盈利B、安全、固定、保值C、安全、固定、盈利D、流动、保值、增值17、一国国际收支顺差会使( ）A、外国对该国货币需求增加，该国货币汇率上升B、外国对该国货币需求减少,该国货币汇率下跌C、外国对该国货币需求增加,该国货币汇率下跌D、外国对该国货币需求减少,该国货币汇率上升18、金本位的特点是黄金可以（）A、自由买卖、自由铸造、自由兑换B、自由铸造、自由兑换、自由输出入C、自由买卖、自由铸造、自由输出入D、自由流通、自由兑换、自由输出入19、布雷顿森林体系规定会员国汇率波动幅度为（）A、±10%B、±2。

江西财经大学《国际金融实务》练习题答案第二章练习题1.D2.D3.D4.A5.A6.A8. 1753英镑9.（1）7.3497/7.3538（2）10.3309/10.3353（3）8.4030/8.4086（4）0.08058/0.08062（5）0.7899/0.790310.（1）1.4050/1.4060（2）0.8375/0.8384（3）1.6543/1.6565第三章练习题1.D2.A3.D4.A5.B6.C7.(1)0.9109/0.9165(2)7.7590/7.76648. 13/379. 152/13210.可获利CHF685011. 120/14012.(1) 1221万人民币元（2）1222.24万人民币元13.借美元直接支付14.套利可获利EUR1678第四章练习题1.C2.A3.D4.D5.C6.B7. B/S 1.5058/1.5026S/B 1.5063/1.50188. B/S 0.9484/0.9542S/B 0.9507/0.95519. 6个月的掉期率为：126/70S/B 1.6520/1.6394B/S 1.6510/1.644010. 获利12个点11. 获利9个点12.（1）获利20551.25美元；（2）获利25551.25美元；（3）选择外汇掉期交易。

第五章练习题一、单项选择题1.A2.B3.D4.B5.D6.A7.C8.B9.C .10.A 11.B 12.B 13.C二、计算题1.股指期货多头套期保值获利840.456万元，可以全部抵消证券组合的800万元损失，还可净赢利40.456万元。

2.买入TED；5000美元3.假设2个月后的市场行情变为：Spot Rate USD/SGD 1.2662/72USD/CHF 0.9320/30Currency Futures CHF Sep 1.0702答：可获净利1967美元。

4.（1）买近卖远，做牛市套利（2）获利1375美元5.（1）124-130；123-260（2）124406.25美元；123812.5美元（3）5月11日无变化；5月12日保证金账户上减少5937.5美元（4）盈利，7187.5美元6.（1）99.265；99.3050（2）7625447；7620858（3）现金流入；2000美元7.现货市场损失793美元，外汇期货市场盈利2000美元，盈亏相抵获利1209美元。

《国际⾦融实务》题库含答案第⼀章外汇交易的⼀般原理⼀、单项选择题：1、⽬前，多数国家（包括我国⼈民币）采⽤的汇率标价法是（ A ）。

A、直接标价法B、间接标价法C、应收标价法D、美元标价法2、按银⾏汇款⽅式不同，作为基础的汇率是（ A ）。

A、电汇汇率B、信汇汇率C、票汇汇率D、现钞汇率3、外汇成交后，在未来约定的某⼀天进⾏交割所采⽤的汇率是（ B ）。

A、浮动汇率B、远期汇率C、市场汇率D、买⼊汇率4、若要将出⼝商品的⼈民币报价折算为外币报价，应⽤（ A ）。

A、买⼊价B、卖出价C、现钞买⼊价D、现钞卖出价5、银⾏对于现汇的卖出价⼀般（ A ）现钞的买⼊价。

A、⾼于B、等于C、低于D、不能确定6、我国银⾏公布的⼈民币基准汇率是前⼀⽇美元对⼈民币的（ B ）。

A、收盘价B、银⾏买⼊价C、银⾏卖出价D、加权平均价7、外汇规避风险的⽅法很多。

关于选择货币法，说法错误．．的是（ A ）。

A、收“软”币付“硬”币B、尽量选择本币计价C、尽量选择可⾃由兑换货币D、软硬币货币搭配8、下列外汇市场的参与者不包括．．．（ C ）。

A、中国银⾏B、索罗斯基⾦C、⽆涉外业务的国内公司D、国家外汇管理局宁波市分局9、对于经营外汇实务的银⾏来说，贱买贵卖是其经营原则，买卖之间的差额⼀般为1‰～5‰，是银⾏经营经营外汇实务的利润。

那么下列哪些因素使得买卖差价的幅度越⼩（ A ）。

A、外汇市场越稳定B、交易额越⼩C、越不常⽤的货币D、外汇市场位置相对于货币发⾏国越远10、被公认为全球⼀天外汇交易开始的外汇市场的（ C ）。

A、纽约B、东京C、惠灵顿D、伦敦11、下列不属于．．．外汇市场的参与者有（ D ）。

A、中国银⾏B、索罗斯基⾦C、国家外汇管理局浙江省分局D、⽆涉外业务的国内公司12、在有形市场中，规模最⼤外汇交易市场的是（ A ）。

A、伦敦B、纽约C、新加坡D、法兰克福13、外汇市场上，银⾏的报价均以各种货币对（ D ）的汇率为基础。

国际金融实务试卷及答案定稿1.银行间外汇市场即期外汇交易的标准交割日是指（）A.成交日B.成交日后的第一个营业日C.成交当时D.成交日后的第二个营业日2.以下各种金融交易中，客户有权选择交割的是（）A.套利交易B.掉期交易C.远期交易D.期权交易 3.在期权交易中（）A.买方的损失有限，收益无限B.买方的损失无限，收益有限C.卖方的损失无限，收益无限D.卖方的损失有限，收益有限4.对发展国家较为有利的中长期信贷是（） A.买方信贷 B.卖方信贷 C.福费廷 D.保理5.在纽约外汇市场上报出$1=SF1.3800/1.39和$1=€0.8500/ 0.8540则€1= SF （） A.1.5140/1.5350 B.1.7140/1.7350C.1.6140/1.6352D.0.9810/0.9990200 年月江苏省高等教育自学考试300395701 国际金融实务一、单项选择题（每小题 1分，共 18 分）在下列每小题的四个备选答案中选出一个正确的答案，并将其字母标号填入题干的括号内。

6.如果伦敦外汇市场上的即期汇率为￡1=$1.5200伦敦市场利率为年率8%，纽约市场利率为年率为6%，伦敦某银行3个月美元远期汇率为（）A.美元升水0.76美分B.美元贴水0.76美元C.美元升水3.04美分D.美元贴水3.04美分7.由于外汇汇率波动而引起的应收资产与应付债务价值变化的风险为（）A.交易风险B.经济风险C.会计风险；D.技术操作性风险8.利用不同地点的外汇市场之间的汇率差异，同时在不同地点进行外汇买卖，以赚取汇率差额的外汇交易称为（）A.套汇B.套利C.现汇交易D.期汇交易9.出口地银行直接向进口商或进口地银行提供的贷款称为（）A.银行贷款B.买方信贷C.卖方信贷D.商业信贷10.欧洲货币市场是（）A.经营欧洲货币单位的国家金融市场B.经营境外货币的国际金融市场C.欧洲国家国际金融市场的总称D.经营欧洲国家货币的国际金融市场11.有远期外汇收入的出口商与银行签订远期外汇合同是为了( )A.防止因外汇汇率上升而造成的损失B.获得因外汇汇率上升而带来的收益C.防止因外汇汇率下降而造成的损失D.获得因外汇汇率下降而获得的收益12.下面那种情况下，银行将处于多头地位（）A.买进大于卖出相同币种，相同期限的外汇B.买进大于卖出相同币种，不同期限的外汇C.买进大于卖出不同币种，不同期限的外汇D.买进大于卖出不同币种，相同期限的外汇13.为减少固定资产投资资金占压，加快资金周转而运用的租赁形式是（）A.金融租赁B.经营租赁C.回租租赁D.衡平租赁14.择期交易（）A.与期权的选择权交易相同B.可放弃履行合约义务C.可选择在合约有效期之内的任何一天交割D.可选择在合约有效期之外的任何一天交割15.期货市场上，每一交易日结束时，保证金帐户都要做调整以反映当天价格变化给投资者带来的损益，这就是（）A.逐日盯市制B.维持保证金C.清算保证金D.停止限价16.外汇远期汇率高于即期汇率时，称该外汇的远期为（）A.贴水B.升水C.平价D.贬值17.中国银行在美国发行的以美元为面额债券是（）A.外国债券B.欧洲债券C.扬基债券D.武士债券18.掉期外汇交易是一种（）A.娱乐活动B.赌博行为C.投机活动D.保值手段二、判断改错题（每小题2 分，共10 分）在题后的括号内，正确的打“√”，错误的打“×”并改正。

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。