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ECON 5319The Global EconomyMid-term Exam Answer each question fully. Write neatly.1.Foodland Production Possibilities at Full Employment Computerland Production Possibilities at Full EmploymentFood(Billions ofBushels) Point Computers(Millions) PointFood(Billions ofBushels)Computers(Millions)0 A 3 E 0 4.52 B 2 F 1 34 C 1 G 2 1.56 D 0 H 3 0a. Draw the production possibility curve for each country using the data provided in the table.b. Which country has an absolute advantage in what product? Which country has a comparative advantagein what product? Show your work!c. Without trade, what is the price of food in terms of computers for both countries? Showyour work!d. What is the range of prices (i.e., the price line) at which trade can occur?Also, show (a) the possibleprice lines for each country and (b) the possible production and consumption possibility lines(consumption curve) for both countries after trade. Show your work!e. What happened to employment?Answers:a. Foodland – for every computer produced must give up 2 food.b. Foodland has absolute and comparative advantage in food and Computerland in computers.c. Foodland: 22;1F C P == Computerland:12.1.53F C P == d. 20.67.F WP >> e. Foodland specializes in food. This means that the firms and workers engaged in computer productionwould lose while those engaged in food production would gain. The opposite applies to Computerland. In other words, specialization may inevitably lead to economic restructuring . The losers would complain and may engage in rent-seeking behaviors. Both countries are better off if the benefits outweigh thecosts (after specialization). The rent-seeking behaviors would be minimized or eliminated if amechanism could be found so that the winners could compensate the losers.2. Use the information in the table on labor productivities in France and Germany to answer the followingquestions.Output per Hour WorkedFrance GermanyCheese 2 kilograms 1 kilogramCars 0.25 0.5a. Which country has an absolute advantage in cheese? In cars?b. What is the relative price of cheese in France if it does not trade? In Germany, if it doesnot trade?c. What is opportunity cost of cheese in France? In Germany?d. Which country has a comparative advantage in cheese? In cars? Show how you know.e. What are the upper and lower bounds for the trade price of cheese?f. Draw a hypothetical PPC for France and label its slope. Suppose that France follows its comparativeadvantage in deciding where to produce on its PPC. Label its production point.If the trade price of cars is 5 kilos of cheese per car, draw a trade line showing how France can gain from trade.Answers:a. France has the absolute advantage in cheese and Germany in cars. This follows because France’sproductivity is higher in cheese and Germany’s is higher in cars.b. The autarkic relative price of cheese in France is one-eighth car per kilogram; in Germany it is one-halfcar.c. Opportunity costs are equal to relative prices.d. France has a comparative advantage in cheese because its opportunity cost is lower (one-eighth carversus one-half car in Germany). By the same reasoning, Germany has a comparative advantage in cars. e. The trade price of cheese will settle between one-eighth and one-half car per kilo.f.3. Use the information in the table below to answer the following questions.StatesCanadaUnitedCapital 40 machines 10 machinesLabor 200 workers 60 workersa.Which country is relatively more labor abundant? Show how you know. Which is relatively capitalabundant?b.Suppose that the production requirements for a unit of steel is two machines and eight workers, and therequirement for a unit of bread is one machine and eight workers. Which good, bread or steel, is relatively intensive in the use of capital? In labor? Show how you know.c.Which country would export bread? Why?d.Suppose that before trade takes place, the United States is at a point on its PPC where it produces20 bread and 20 steel. Once trade becomes possible, the price of a unit of steel is two units of bread. Inresponse, the United States moves along its PPC to a new point where it is producing 30 steel and 10bread. Is the country better off? How do you know?e.Given the information above, explain what happens to the returns to capital and labor in each countryafter trade begins.Answer:a.The capital–labor ratios are 1/5 and 1/6 for the United States and Canada. Since 1/5 is greater than 1/6,the United States is capital abundant. By the same reasoning, the labor–capital ratio is higher in Canada, so it is labor abundant.b.The capital–labor ratio to make steel is 1/4; to make bread it is 1/8. Hence steel is more capital intensiveand bread is more labor intensive.c.Since the United States is capital abundant and steel is capital intensive, according to the Heckscher-Ohlin trade model, the United States will export steel and Canada will export bread.d.The United States is definitely better off because it can consume a greater quantity of both goods. If ittraded five steel for 10 bread it would have 20 bread and 25 steel. This is the same amount of bread asbefore trade, and five more units of steel. It can keep the extra five steel, or trade some or all of them for additional bread. In either case, the consumption bundle is greater than it was before trade.e.The changes in the returns to capital are different by country. In the United States, the demand for capitalincreases because more steel will be produced; conversely, the demand for labor falls because of thedrop in bread production. Owners of capital benefit from the increase in demand for their inputs, whileowners of labor suffer a decline in their returns (wages). In Canada, the effects are reversed.4. What are the differences between external and internal economies of scale with respect to (i) the size offirms, (ii) market structure, and (iii) gains from trade?Answers:i. An external economy of scale exists when the fall in the average costs of the industry lowers the averagecosts of the typical firm. With external economies, the size or scale effects are locatedin the industry, and NOT THE FIRM. Thus, even though the size of each firm in the industry does notincrease, the industry expands due to declining costs. There are just more firms in the expandingindustry. This could be due to the entry of more firms as existing firms realize economic profits, or itcould be due to the splitting of existing firms into different firms with increasingly narrowspecialization. Thus with external economies of scale, the firms are expected to be small in size. Withinternal economies of scale, the cause for the expansion ofa firm’s size is its own declining average costs. That is, the size or scale effects are located inthe firm, and NOT IN THE INDUSTRY. Average costs of the firm decline as output expands. Thisusually leads to larger firms because size confers a competitive advantage in the form of lower average costs.ii. As mentioned above, with external economies of scale the scale effects are located within the industry, and not within the firm. The potential for external economies of scale gains leads firms to concentrate in specific regions. The market structure in this case is agglomerations. On the other hand, decliningaverage costs within internal economies of scale invite outsiders to enter the industry. With internaleconomies of scale, there is also the potential for products to be similar but differentiated. This industry structure, called monopolistic competition, exists when a large number of firms compete with each other to produce a variety of goods. Monopolistically competitive structures may also be the result of modest gains from internal economies of scale. On the other hand, the scale economies could be substantial with internal economies of scale. If so, some firms have room to grow since they would be able to exploit this situation for further expansion, market control, and even domination. Therefore, internal economies ofscale may lead to an oligopoly market structure. On the extreme, a single firm may serve the entire(world) market. This kind of market structure is called a monopoly. This suggests the possibility of more than one long-run industry equilibrium condition (multiple equilibria).iii. Intraindustry trade is a byproduct of internal economies of scale. As explained in the text, the benefits include: (a) lower prices passed on to consumers by monopolistically competitive firms enjoyingeconomies of scale; (b) lower prices passed on to consumers when international trade leads to anincrease in firms; (c) increases in consumer choice due to international trade, etc. Unfortunately, thegains from trade are less certain (even harmful) with external economies of scale, which hypothetically could lock in production in less efficient countries and prevent the development of production in a more efficient country. This is partly due to historical accidents rather than efficiency advantages in tradepatterns.5. Under what conditions may a tariff actually make a country better off?Answers:A large country could, in theory, make their own terms of trade so favorable after the imposition of atariff that the terms-of-trade effects would be larger than the losses in consumer surplus, efficiency and dead-weight costs to make the tariff a net positive for the country. But this would require its tradingpartners to forego retaliation.6. Suppose a domestically produced motor bicycle sells at a world price of $5000 under unrestricted trade. Thedomestic producer uses $3000 worth of imported inputs, (VA*). The $2000 difference between the world price of the final motor bicycle and the cost of the imported components represents domestic value added (VA). Domestic value-added includes the payments made to domestic labor and capital inputs. Underrestricted trade, domestic value-added cannot exceed $2000, or the price of the domestically produced motor bicycle will exceed that of imported ones and the domestic ones will not sell. Suppose a 10 percent advalorem (on the value) tariff is imposed on the imported motor bicycle.i. What is the domestic price of the imported motor bicycle?ii. What is the possible price of the domestically produced motor bicycle?iii. What is the domestic value-added of the imported motor bicycle (VA*)?iv. What is the effective rate of protection (ERP)?v. Is this an effective rate of protection? Why or why not?vi. What price do domestic producers pay on the imported components that they use as inputs?vii. What is the amount of the new domestic value-added after the tariff? (Note: the new value-added is the difference between the tariffed price of imported motor bicycles and the tariffed price of imported inputs used in domestic production.)viii. What is the value of the new ERP?ix. Suppose that the government decided to tax the imported inputs by the same rate (10 percent) as the finished imported good. What is the ERP under this condition?Answers:i. $5000(1 + 0.10) = $5500.ii. Between $5000 and $5500. It is likely to be $5500 for two reasons: (1) the tariff effectively reduces the supply curve, thereby raising the price level, and (2) because the tariff is intended to help domesticproducers, who they will charge higher prices unless demand decreases substantially.iii. It is $5500 – $3000 = $2500.iv. Applying the formula in the text, we have:ERP =(VA*− VA)/VA =($2500 − $2000)/$2000 = 25%Hence, a 10 percent nominal tariff rate resulted in a 25 percent ERP!v. Yes, it is! As long as there is no tariff on the imported inputs, the ERP and the nominal tariff rate would always be higher than the nominal tariff rate (25 percent >10 percent).Note that the relationship between the nominal tariff and the ERP depends on: (1) the share of imported inputs in the production process, and (2) the presence or absence of tariffs on imported inputs.7.Suppose the world price for a good is 40 and the domestic supply and demand curves are given by thefollowing equations:Demand: P = 80-2QSupply: P = 5+3Qa.How much is consumed in the domestic country at the world price.b.How much is produced in the domestic country?c.How much is imported?d.What are the values of consumer and producer surplus?e.If a 10% tariff is imposed on imports, how much does domestic consumption and production of the goodchange?f.What is the change in consumer and producer surplus after the tariff is imposed?g.How much tariff revenue accrues to the government?h.What is the net cost of the tariff to the nation?Answers:a.If P = 40, the Q d = 20. Substitute for price in demand equation and solve for Q.b.If P = 40, the Q s = 11.67. Substitute for price in supply equation and solve for Q.c.The difference between the quantity demanded and the quantity supplied is the quantity of imports. SoImports = 8.33.d.Consumer surplus is the area below the demand curve and above the price line. One must first find theprice at which quantity demanded is zero. This occurs at P = 80. The area of a triangle is½*height*length = CS = ½*(40)*(20) = 400. Producer surplus is calculated in an analogous manner;PS = ½*(35)*(11.67) = 204.225.e.The equilibrium price after a 10% tariff will be $44. At that price the quantity demanded is 18 and thequantity supplied is 13. Imports will now be 5 units.f.Pre-tariff CS = 400. Post-tariff CS = 324. Consumer surplus falls by 76. Pre-tariff PS = 204.225. Post-tariff PS = 253.5. Producer surplus increases by 49.275.g.With the tariff imports are 5 units at a tariff rate of $4 so government tariff revenue = $20.h.The deadweight, efficiency and consumer loss is 6.66.。
国际金融期中测试一、判断（每小题1分，正确的打“√”,错误的打“x”.请将正确答案的字母写在后面的表格中）1、间接标价法是以一定单位的外国货币作为标准来表示本国货币的汇率。
错2.在金本位制下,汇率的决定基础是铸币平价。
因而汇率的变化与市场外汇供求无关。
错3、在金本位制下，汇率是由货币的含金量决定的。
对4、即使是在浮动汇率制下，国家货币当局也要负责维持一定的法定汇率。
对5、汇率是本国货币与外国货币之间的价值对比，因而汇率的变动不会影响国内的物价水平。
错6、一国的货币升值将有利于进口。
对7、名义汇率是以一种货币所表示的另一种货币的价格,能说明各种货币在商品或服务方面的购买力。
错8、如果一国汇率贬值，则该国出口商的利润增加。
对9、如果一国汇率贬值,则该国偿还国际贷款的负担减少。
错10、当前我国人民币汇率制度是以市场供求为基础的有管理的浮动汇率制。
对11、名义汇率的升值或贬值并不必然意味着一国在国际市场上竞争力更强或更弱。
对12、所谓中间汇率是名义汇率与实际汇率的平均数.错13、信汇汇率是外汇市场的基准汇率。
错14、直接标价法是以一定单位的本国货币作为标准来表示本国货币的汇率.错15.在直接标价法下，如果一定单位的外国货币折成的本国货币数额增加，则说明外币币值上升，外汇汇率上扬.对16、如果一国的货币对外的汇率下降，其他因素不变的情况下，则国内物价上涨。
对17、假若外国公司以机器设备形式在我国进行投资，如果人民币贬值，该投资商将会增加投资。
对18、假若外国公司以证券形式在我国进行投资，如果人民币贬值，该投资商将会增加投资。
错19、如果一国的货币汇率贬值，将有利于该国利用国际贷款。
错20、通常，离岸业务与国内金融市场完全分开，可以自由筹措资金,进行外汇交易,实行自由利率,无需缴纳1存款准备金,但是仍然要受所在国金融政策的约束。
对21、欧洲货币存贷业务，既游离于货币发行机构的管辖权限之外,也丝毫不受经营机构所在国金融市场的规则约束,带有极强烈的“自由主义"倾向.错22、1973年主要石油输出国大幅度提高石油价格，积累了大量石油盈余资金，故称石油美元。
一、简述1、影响汇率制度的主要因素有哪些？2、举例说明什么是直接标价和间接标价二、计算题(列出演算过程)1、在一个时期，美国金融市场上的三个月美元定期存款利率为12％，英国金融市场上，三个月英镑定期存款利率为8％；假定当前美元汇率为 GBP1=USD2.0000，三个月的美元期汇贴水10点。
问：是否存在无风险套利机会，如果存在，一个投资者有l0万英镑，可获利多少?2、已知：美国纽约市场美元/法国法郎 6.8800—6.8900 ；美元/德国马克 2.0100—2.0200求：德国马克/法国法郎的卖出价与买入价；法国法郎/德国马克的卖出价与买入价。
3、假定某日美国市场，1马克=0.6440/50美元，l年期远期马克贴水1.90/1.85美分，1年期马克利率10％，l年期美元利率6％，某美国商人从国内银行借得本金100万美元问：如果此人进行抵补套利，是否会获益？若有利可图，则获利多少？4、某日：纽约外汇市场牌价为：1美元=103.254-106.728日元法兰克福外汇市场牌价为：1美元=1.9810-2.0256马克东京外汇市场牌价为：1马克=54.725-56.543日元(１)根据上述三个市场的外汇牌价，不考虑手续费及其它费用负担，对投机商存在______机会。
（）A．直接套汇； B．间接套汇C．两地套汇； D．多角套汇(2)根据东京和纽约市场牌价，可推算出美元对马克的汇率为（）A．1美元=1.8261-1.9503马克B．1美元=1.8868-1.8876马克C．1美元=1.8921-1.9643马克D．1美元=1.9127-1.9489马克( 3)一投机商以100万美元进行套汇，其套汇路线为( )A．东京-纽约-法兰克福B．东京-法兰克福-纽约C．法兰克福-东京-纽约D．纽约-东京-法兰克福( 4)不考虑手续费及其他费用负担，该投机商可获毛利为（）A．8.78万美元； B．10.92万美元C．2.96万美元； D．1.57万美元5、在一个时期，美国金融市场上的三个月美元定期存款利率为12％，英国金融市场上，三个月英镑定期存款利率为8％：假定当前美元汇率为 GBP1=USD2.0000，三个月的美元期汇贴水10点。
中南民族大学期中考试课程论文《国际金融》姓名：XXXXX专业：XXXXX学号：XXXXX从高储蓄率看中国经济的可持续复苏摘要:金融危机以来，在中国高储蓄率的支持下，以扩张性财政政策和宽松货币政策为代表的“再杠杆化”政策成为中国成功应对危机的一个显著亮点，使中国成为第一个从全球“大危机”中走出的新兴市场经济体。
给定中国的高储蓄结构短期内难以改变这一基本事实，我们认为巨额储蓄不但是中国成功应对危机的有利条件，而且也是未来中国可持续复苏的一个重要推动力量。
关键则在于通过国内和国外经济与金融政策的重新布局一方面提高储蓄资金的配置效率，另一方面不断纠正国际收支失衡，从而为经济的复苏奠定稳固内外经济基本面。
关键词: 储蓄率；金融危机；经济复苏；金融“再平衡一、引言：高储蓄推动下的经济复苏在这次全球性金融危机的应对过程中，中国与西方发达国家一个最大的不同之处就在于：与发达国家“去杠杆化”导致信贷市场冻结形成鲜明对照，中国政府、银行、企业和家庭的高储蓄率为中国预留了“再杠杆化”充分空间，从而为中国经济的强劲复苏奠定了重要基础。
金融危机以来，以积极财政政策和宽松货币政策为代表的“再杠杆化”过程成为中国经济率先复苏的重要条件。
2008年底以来，为了应对百年一遇的金融危机和全球经济衰退，中国迅速实施了包括4万亿政府主导的投资和大规模银行信贷投放等一揽子的经济刺激计划。
从目前的效果来看，这种“危机应对型”的“再杠杆化”政策已经释放了较好的效果，我国宏观经济也已成功实现“V”型反弹【1】(P1-3)。
更为重要的是，在金融危机的巨大外部冲击下，与西方所经历的被迫“去杠杆化”不同，高储蓄率支持下的中国企业和家庭反而明显扩大了其支出规模，民间投资和居民消费都出现了强劲的增长，这使得中国经济复苏的内生性和可持续性也明显增强。
总体而言，在高储蓄率支持下的“再杠杆化”过程，不但已经成为中国应对危机中的一个显著亮点，也使中国成为从全球“大衰退”中率先走出的重要经济体。
国际金融期中练习卷及答案国际金融期中练习题1、判断对错(10%)练习说明：判断下列表述是否正确。
1.外汇衍生工具是为了防范和管理风险而产生的金融创新，因此在有了外汇衍生工具之后，国际外汇市场的汇率风险大大减小。
答案与解析：选错。
外汇衍生工具本身具有高风险性和高投机性，它既可规避风险，也可能因此产生更大的风险。
2.衍生金融工具的复杂化可能给交易主体内部管理带来失误，并导致监管机构难以实施统一监管的风险称为操作风险。
答案与解析：选错。
衍生金融工具的复杂化可能给交易主体内部管理带来失误，并导致监管机构难以实施统一监管的风险称为管理风险。
3.外汇市场的买方可以签订任意规模的即期合约和任意规模的远期合约。
答案与解析：选错。
合约由买方卖方商议决定4.如果远期汇率升水，远期汇率就等于即期汇率加上升水。
答案与解析：选错。
在直接标价法下，以上的论断是正确的；但在间接标价法下，远期汇率就等于即期汇率减去贴水。
5.信汇汇率和票汇汇率都低于电汇汇率，这是因为，电汇方式的支付速度最快，银行占用的利息最少。
答案与解析：正确。
6.与远期相比，期货的违约风险更高。
答案与解析：选错。
外汇远期交易的违约风险较高，而期货交易的保证金制度维持期货市场安全型和流动性，风险较远期有所降低。
7.欧式期权的持有者可以在期权到期日前的任何一个工作日执行该期权。
答案与解析：选错。
美式期权的持有者可以在期权到期日前的任何一个工作日执行该期权。
8.看涨期权购买者的收益一定为期权到期日市场价格和执行价格的差。
答案与解析：选错。
看涨期权购买者的收益为期权到期日市场价格和执行价格的差并扣除期权的购买费用。
10.美元是国际货币体系的中心货币，因此，美元对其他所有国家货币的报价都采用间接标价法。
答案与解析：选错。
对欧元、英镑等都是直接报价法。
2、不定项选择（30%）练习说明：以下各题备选答案中有一个或一个以上是正确的，请把正确答案的字母写入括号内。
1.外汇衍生品的基本特征有（）。
国际金融作业习题及习题答案习题答案1、某日纽约 USD1=HKD7、7820—7、7830伦敦 GBP1= USD1、5140---1、5150问英镑与港元的汇率是多少？解：GBP1=HKD7.7820 X 1.5140-----7.7830 X 1.5150 GBP1=HKD11.7819-----11.79122、某日苏黎士 USD1= SF1、2280----1、2290法兰克福 USD1= E0、9150----0、9160问法兰克福市场欧元与瑞士法郎的汇率是多少？解:E1=SF1.2280/0.9160------SF1.2290/0.9150E1=SF1.3406------1.34323、某日 GBP1=HKD12、6560----12、6570USD1=HKD 7、7800---- 7、7810问英镑与美元的汇率是多少？解:GBP1=USD12.6560/7.7810--------12.6570/7.7800GBP1=USD1.6265--------1.62694、某日巴黎即期汇率 USD1=E0、8910----0、89201个月远期 20-----------30问巴黎市场美元与欧元1个月远期汇率是多少？解:一个月远期 USD1=E0.8930-------0.89505、某日香港即期汇率 USD1=HKD7、7800---7、7810 3个月远期 70-----------50问香港市场美元与港元3个月远期汇率是多少？解:三人月远期 USD1=HKD7.7730---------7.77606、某日纽约即期汇率 USD1=SF1、1550----1、15606个月远期 60------------80问纽约市场美元与瑞士法郎6个月远期汇率是多少？解:六个月远期 USD1=SF1.1610-------1.16407、某日伦敦即期汇率 GBP1=E 1、2010-----1、20203个月远期 40-------------50问伦敦市场英镑与欧元3个月远期汇率是多少？解:三个月远期 GBP1=E1.2050---------1.20708、某企业出口铝材，人民币报价为15000元/吨，现改用美元报价，其价格应为多少？（即期汇率USD1=RMB6、8310—6、8380）解:15000÷6.8310=2196美元9、某企业进口商品人民币报价为11000元/件，现改用美元报价，应为多少？（汇率同上）解:11000÷6.8380=1609美元10、某企业出口商品美元报价为2500美元/件，现改用人民币报价，应为多少？（汇率同上）解:2500 X 6.8380=17095元11、某企业进口商品报价为5700美元/吨，现改用人民币报价，应为多少？（汇率同上）解:5700 X 6.8310=38937元12、某出口商品的报价为SF8500/件，现改用美元报价，应为多少？（即期汇率USD1=SF1、1830—1、1840）解:8500÷1.1830=7185美元13、某进口商品的报价为SF21500/吨，现改用美元报价，应为多少？（汇率同上）解:21500÷1.1840=18159美元14.某日：即期汇率USD1=EUR0.9150 — 0.9160? 3个月 40 ------ 60某出口商3个月后将收入1000万美元，届时需兑换成欧元，问该出口商应如何通过远期交易进行套期保值？解:3个月远期 USD1=EUR0.9190------0.9220签3个月远期合约卖出1000万美元,买入919万欧元.15、某日：即期汇率 USD1=SF1.3210 —1.3220? 6个月 80 -----60该进口商6个月后将向出口商支付1000万美元，届时需用瑞士法郎兑换，问该进口商将如何利用远期外汇交易进行套期保值？解：6个月远期 USD1=SF1.3130-------1.3160签6个月远期合约卖出瑞士法郎1316万，买入1000万美元。
2011-2012学年第1学期《国际金融》课程期中考试试卷 一、单项选择题（每题2分，共30分。
单项选择题的答案只能选择一个，多选作废） 1．现钞价（ ）现汇价。
A.高于 B.等于 C.低于 D.不确定 2．以一定单位的本币为标准折算若干单位外币的标价方法是（ ）。
A.直接标价法 B.间接标价法 C.美元标价法 D.标准标价法 3．当远期外汇比即期外汇贵时称为外汇（ ）。
A.升值 B.升水 C.贬值 D.贴水 4．马歇尔-勒纳的条件是指（ ）。
A.一国出口需求弹性和进口需求弹性的绝对值之和大于1 B.一国出口需求弹性和进口需求弹性的绝对值之和应等于1 C.一国出口需求弹性和进口需求弹性的绝对值之和应小于1 D.一国进出口需求弹性和外国进出口需求弹性的绝对值之和大于1 5．远期外汇交易的期限一般为1、3、6、9个月，最长为12个月，常见的是（ ）个月期。
A.1 B.3 C.6 D.9 6．一般来说，利率较高的货币远期汇率表现为（ ）；利率较低的货币远期汇率表现为（ ）。
A.升水、贴水 B.升水、升水 C.贴水、贴水 D.贴水、升水 7．套利者在进行套利交易的同时进行外汇抛补以防止汇率风险的行为被称为（ ）。
A.套期保值 B.掉期交易 C.投机 D.抵补套利 8．某日纽约的银行报出￡1=$1.6783/1.6793，3个月远期贴水为80/70，那么3个月远期汇率为（ ）。
A.1.6703/1.6723 B.1.6713/1.6723 C.1.6783/1.6793 D.1.6863/1.6763 9．就期权的执行时间来分，外汇期权又有（ ）之分。
A.美式期权与欧式期权 B.看涨期权与看跌期权 C.买方期权与卖方期权 D.美式期权与英式期权 10．外汇期货交易是在20世纪70年代初发展起来的新型外汇交易业务，最早起源于（ ）。
A.英国 B.法国 C.德国 D.美国 11．会计风险是指经济主体对资产负债表进行会计处理时，将（ ）转换成（ ）时，因汇率变动而呈现账面损失的可能。
国际金融课堂测试试卷班级：姓名：得分：一、填空题1．国际收支平衡表采取记帐法，遵循“”原则；凡是涉及外国居民向本国支付的交易属于项目，凡是涉及本国居民向外国居民支付的交易属于项目。
2．国际收支失衡是指交易的不平衡。
3．在金本位制下，决定汇率的基础是。
4．某日纽约市场GBP1=USD1.6783/93，三个月远期差价80/70，则3个月远期汇率为。
5．假定某套汇者手中有100万美元本金，伦敦市场汇率：1英镑=1.6150/60美元；纽约外汇市场汇率：1英镑=1.6180/6190美元。
则该套汇者通过在伦敦和纽约市场进行两角套汇后，毛收益为。
二、判断题1．一国国际收支所记载的经济交易必须是在该国居民与非居民之间发生的。
（）2．在中国逗留时间在1年以上的外国留学生、外国旅游者属中国的居民。
（）3．官方外交使节、驻外军事人员属于驻在国的非居民。
（）4．对一国来说，资本流入是指资本从国外流入国内，它意味着本国对外国负债的减少，或者本国在外国的资产的增加。
（）5．如果伦敦金融市场三月期英镑存款利率为5%，纽约金融市场三月期存款利率为5.4%。
则英镑三月远期汇率升水，美元三月远期汇率下跌。
（）6．我国某公司出口商品的原报价为单价100美元，现国外进口商要求改报法国法郎价。
已知当日纽约外汇市场上1美元=5.2550/70法国法郎，因此，应报出的法国法郎价格为：525.5法国法郎。
（）7．当企业与银行成交了3个月的远期外汇，3个月到期双方以当时的市场汇价交割。
（）8．外汇交易风险是指在运用外币进行计价收付的交易中，经济主体因外汇汇率变动而蒙受损失或意外获利的可能性。
它是一种存量风险。
（）9．进出口商在签订合同时，应选择对自己有利的外币计价结算。
在出口时出口商应选择硬通货计价，而在进口时进口商应选择软通货计价。
（）10．对出口商来说，如果预测计价货币的汇率将下浮，则应设法提前收入外汇，以避免损失；反之，则可以推后收进外汇。
国际金融期中测试题1、填空1.在间接定价法下，当汇率上升时，外币价值为。
2、在金币本位制度下，汇率的波动大致以___________为界线。
3.一般来说，当一个国家提高国内利率时，其货币的外汇汇率将。
4、1995年8月15日，纽约外汇市场行情显示gbp/usd1.4725/35，这是标价法；usd/dm1.4772/75，这是标价法。
若顾客在纽约买进即期英镑将采用价格；若银行买进即期德国马克将采用价格。
5.有一天，伦敦市场美元的即期汇率为1英镑=16680美元/90美元。
如果六个月远期汇率差为115/110，则远期买入汇率为。
6、银行外汇买入汇率与卖出汇率的平均数称为。
7.国际收支理论的起源是。
2、判断1.银行购买外币现金的汇率低于购买外币现金的汇率，银行出售外币现金的汇率高于出售外币现金的汇率。
2、升水是指远期汇率高于即期汇率的差额，它表示外汇升值。
3.无论采用直接价格法还是间接价格法，贴现均指“远期汇率=即期汇率-贴现金额”。
4、汇率变动对出口商品结构单一的国家的经济影响较小。
5.在间接定价法下，外币兑换为本币越多的汇率为买入汇率。
6、一国同时定有贸易汇率与金融汇率，属于复汇率。
7.根据国际收支平衡，当国民收入增加时，进口将增加，国际收支将出现赤字，导致本币贬值。
8、如果本国利率低于外国利率，则本币将在远期贴水。
9.美国对所有国家货币采用间接报价法。
10、国际收支状况一定会影响到汇率。
3.计算问题1、已知usd/jpy＝120.40/80，usd/hkd＝7.7800/20，gbp/usd＝1.5080/90。
问：港币/日元=？英镑/港币=2、欧元对美元的即期汇率为eur1＝usd0.9000，欧元和美元3个月利率分别为6％和4％，计算3个月远期汇率。
3.假设一家英国公司向美国出口一批货物，价格为235600美元，付款将在三个月后收到。
这家英国公司使用远期外汇业务进行对冲。
英国的汇率为英镑/美元3048/74，3个月的外汇远期折扣为1.3-1.4美分。
国际金融学期中考试试题及答案
一、单选题
1. 国际金融的基本特征是（）
A. 全球性
B. 国际性
C. 国际化
D. 国际化
答案：A
2. 国际金融市场的主要功能是（）
A. 资金融通
B. 资金投资
C. 资金汇集
D. 资金流动
答案：A
3. 国际金融市场的主要组成部分是（）
A. 国际外汇市场
B. 国际债券市场
C. 国际股票市场
D. 国际期货市场
答案：A
4. 国际金融市场的主要功能是（）
A. 资金融通
B. 资金投资
C. 资金汇集
D. 资金流动
答案：A
5. 国际金融市场的主要组成部分是（）
A. 国际外汇市场
B. 国际债券市场
C. 国际股票市场
D. 国际期货市场
答案：A
二、多选题
1. 国际金融市场的主要组成部分有（）
A. 国际外汇市场
B. 国际债券市场
C. 国际股票市场
D. 国际期货市场
答案：A、B、C、D
2. 国际金融市场的主要功能有（）
A. 资金融通
B. 资金投资
C. 资金汇集
D. 资金流动
答案：A、B、C、D
3. 国际金融市场的主要参与者有（）
A. 国家
B. 银行
C. 公司
D. 投资者
答案：A、B、C、D
三、判断题
1. 国际金融市场是一个全球性的市场，参与者来自世界各地。
答案：正确
2. 国际金融市场的主要功能是资金投资。
答案：错误。
