王爱俭国际金融概论答案第10章
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第十章国际储备政策习题一、单选题1.()是国际货币基金组织成员国在国际货币基金组织当中拥有的提款权利,仅可用于弥补会员国国际收支逆差。
A.SDRB.国际储备C.国际清偿力D.储备头寸2.在国际储备的管理中,首要的管理原则是()。
A.流动性B.盈利性C.安全性D.可兑换性3.一国国际储备的上限是()。
A.最低储备B.保险储备C.经济储备D.最佳储备4.罗伯特特里芬认为,一国国际储备总额应保持占该国年进口额的()。
A.20%—50%B.10%—30%C.20%—30%D.20%—40%5.可以立即用于对外支付的储备资产为()。
A.一级储备B.二级储备C.三级储备D.四级储备6.对储备资产进行投资组合可以有效降低借款资产的()。
A.汇率风险B.贬值风险C.利率风险D.投机风险7.国际清偿力通常包括自有储备与借入储备两部分,而国际储备多指其中()的部分。
A.自有储备B.借入储备C.诱导储备D.以上全是8.()是一国国际储备的主体。
A.黄金储备B.外汇储备C.储备头寸D.SDR9. ( )是一国国际储备资产最主要的来源。
A.国际收支顺差B.干预外汇市场所得C.黄金存量D.储备头寸以及SDR10.我国的国际储备构成中,外汇储备占整个国际储备的()以上。
A.70%B.80%C.85%D.90%二、填空题1.目前,主要的储备币种有美元、_______、________、________等,其中美元仍为最主要的储备货币。
2.在国际货币基金组织的储备头寸主要包括两部分:________和________。
3.特别提款权又称________,通常以______计价,名义价值由日元、美元、英镑和欧元这四种主要国际货币构成的篮子所确定。
4.当本币出现升值压力时,央行大量_______,_______,以此影响外汇市场上本币的供求状况。
5.从资产等值的角度考虑,少持有期限_____的债券和多持有期限_____的债券是一样的。
典型例题一、名词解释1.商业信用2.银行信用3.公司信贷4.票据信贷5.保付代理6.开立账户信贷7.出口押汇8.再融通二、简答题1.保理业务的特点是什么?2.保理业务与贴现业务的区别?3.保理业务对出口商的好处?4.保理业务对进口商的好处?5.保理业务对保理商的好处?6.保理业务与出口信用的共同点和不同点?三、论述题试述保理业务的程序:(补充练习)对外贸易中长期信贷- 出口信贷一、名词解释题1.买方信贷2.混合信贷3.出口信贷4.福费廷5.卖方信贷6.模式利率7.商业参考利率8.伯尔尼联盟9.“存款协议”10.信用安排限额二、简答题1.买方信贷对进口商的有利之处?2.买方信贷对出口商的有利之处?3.福费廷与一般贴现的异同?4.出口信贷有哪些特点?5.买方信贷的贷款原则?6.福费廷与保理业务的异同?7.福费廷对出口商的作用?8.买方信贷的贷款条件?9、出口信贷典型例题、考题分析一、名词解释1.商业信用:在进口商和出口商之间互相提供融资属于对外贸易商业信用。
2.银行信用:如果进口商和出口商中一方信贷资金的获得是由银行或其他金融机构提供的,就构成对外贸易银行信用。
3.公司信贷:西方国家的出口商常以赊售方式销售商品,以加强商品的竞争能力,争夺销售市场,出口商对进口商提供的信贷通常称为公司信贷。
4.票据信贷:是进口商凭银行提交的单据承兑出口商汇票、或是出口商将单据直接寄交进口商,后者于一定期间支付出口商的汇票。
5.保付代理:简称“保理”,又称“承购应收账款业务”,是指出口商以商业信用形式出卖商品,在货物装船后,立即将发票、汇票、提单等有关单据,卖断给承购应收账款的财务公司或专门组织,收进全部或一部分货款,从而取得资金融通的业务。
6.开立账户信贷:是在出口商和进口商订立协议的基础上,当出口商将出口商品发运后,将进口商应付贷款借记进口商账户上,而进口商则将这笔货款贷记出口商账户,进口商在规定期限内支付货款。
7.出口押汇:出口企业的商品出口后,将全套单据提交银行,经银行审核无误后,将公司出口货款提前付给出口企业的一种融资业务。
单烦选择题第一章开放经济下的外汇与汇率()1.以下不属于外汇的是A.外国铸币B.外币银行存款凭证C.特別提款权D.普通提款权()2.狭义的外汇主要是指A.外国货币B.以外币表示的资产C.储备货币D.以储备货币表示的存款凭证()3.在金币本位制度下,汇率波动的界限是A.黄金输出点B.黄金输入点C.黄金输送点D.铸币平价()4.间接标价法以为基准单位。
A.外国货币B.本国货币C.硬通货D.关键货币()5.铸币平价指A.两国货币单位代表的金量之比B.两国货币单位含金量之比C.两国货币单位购买力之比D.两国货币单位价值量之比()6.下列汇率最高的是A.电汇汇率 B.信汇汇率 C.票汇汇率 D.远期汇率()7.即期汇率指A.由外汇市场供求关系决定的汇率B.用电汇方式通知国外银行忖款的汇率C.外汇银行买卖外汇汇票的汇率D.外汇市场买卖现汇的汇率()8.其他条件不变时,以下哪种情况会导致一国货币升值?A.通货膨胀B.国际收支顺差C.收入减少D.紧缩性货币政策()9.若一国货币汇率高估,往往会出现A.外汇供给增加,外汇需求减少,国际收支顺差B.外汇供给减少,外汇需求增加,国际收支逆差C.外汇供给增加,外汇需求减少,国际收支逆差D.外汇供给减少,外汇需求增加,国际收支顺差()10.目前绝大多数国家采用的汇率标价法是A.直接标价法B.间接标价法C.美元标价法D.欧元标价法第五章外汇交易与衍生品交易实务()1.利用不同外汇市场间的汇率差价赚取利润的交易是A.套利交易B.择期交易C.掉期交易D.套汇交易()2. 目前世界上最大的外汇交易市场是A.纽约B.东京C伦敦D.香港()3.伦敦外汇市场上,即期汇率为1英镑=1.5651美元,3个月外汇远期贴水0.51美分,则3个月远期英镑/美元=A. 2.0751B. 1.0551C. 1.5702D. 1.56()4.期权市场上,期权买方买入看涨期权,其中不可预测的因素有A.期权费B.最大亏损额C.最大收益额D.期权合同量()5.在金融交易中,买卖双方的权利与义务不对等的交易有A.掉期交易B.套利交易c.期货交易D.期权交易()6.多种形式的金融衍生工具不包括A.利率互换B. 利率期货C.外汇掉期D.股票指数期权第六章外汇风险与防范实务()1.由汇率波动而引发的国际企业未来收益变化的潜在风险是A.交易风险B.会计风险C.折算风险D.经济风险()2. 由汇率变化引起的资产负债表中某些外汇项目金额变动的风险称为A.交易风险B.经济风险C.统计风险D.会计风险()3.下列没有外汇风险的情況是A.多头地位B.空头地位C.本币收付D.外币收付()4.在与出口方签订远期合同时,进口方应最先选择A.软货币B.硬货币C.本币D.对方国货币第八章国际信贷实务()1.以下不属于政府贷款特点的是A.期限较长B.利率较低C.金额较大D.有附加条件()2.国际货币基金组织最基本的贷款是A.出口波动补偿贷款B.缓冲库存贷款C.信托基金贷款D.普通贷款()3. 由出口地银行对出口商提供的信贷是A.买方信贷B.卖方信贷C.信用安排限额D.混合信贷()4.最常用的出口信贷是A.卖方信贷B.买方信贷C.福费廷D.混合信贷第九章外汇与汇率政策:汇率制度与外汇管制()1.现行人民币汇率采用制度A.固定汇率B.盯住美元C.联合浮动汇率D.有管理的浮动汇率()2. 一国外汇市场的,国际货币基金组织视为复汇率。
第十二章国际金融理论一、填空题1.当进出口商品的需求弹性之和时,贬值改善贸易收支。
2.价格—现金流动机制是由提出。
3.吸收论是以为基础,分析开放经济条件下,国民收入各变量和总量对国际收支的影响。
4.根据吸收论,国际收支顺差意味着。
5.汇率超调模型是多恩布什于1976年提出。
这一模型认为,商品市场和货币市场的调整速度是不同的,商品市场的调整速度相对资产市场要。
6.根据货币论,货币需求大于国内的货币供给时,国际收支出现。
7.购买力平价分为和。
8.根据利率平价理论,汇率的远期升贴水率等于。
9.国际收支学说的渊源是。
10.第一代货币危机模型的代表人物是。
二、判断题1.两极汇率制是指采用钉住汇率制或采用浮动汇率制。
()2.多恩布什的超调模型是粘性价格模型。
()3.如果本国利率高于外国利率,则本币在远期将贴水,如果本国利率低于外国利率,则本币将在远期升水。
()4.根据国际收支说,当本国国民收入增加时,进口会随之增加,国际收支会出现赤字,从而导致外汇市场外汇需求大于供给,本币贬值。
()5.根据国际汇率主义模型,当本国利率相对上升时,本币对外汇率上升。
()6. 中间汇率制度使企业忽视汇率风险的防范。
()7. 汇率超调模型认为商品市场和货币市场的调整速度是不同的,资产市场的调整速度相对资本市场要缓慢得多。
()8. 弹性论和吸收论都强调商品市场流量均衡在国际收支调整中的作用,而货币论则强调货币市场存量均衡的作用。
()9. 国际货币主义汇率模型是在购买力平价的基础上,采用现代货币学派的货币供求理论来进一步说明物价水平,这种理论对于说明长期汇率趋势有一定的意义。
()10. 三元悖论是指一个经济体在汇率稳定、独立的货币政策和国际资本流动上,最多可以同时实现其中的两个目标。
()三、单选题1.以下哪个理论是研究的完全竞争条件下的国际资本流动()A、麦克杜格尔模型B、垄断优势理论C、国际生产的内在说D、国际生产的综合说2.以下不是由相关信息占有的不对称状况导致的情况是()A、逆向选择B、道德风险C、羊群效应D、通货膨胀税3.以下是固定汇率理论的优点的是()A、有利于国际收支的调整B、防止通货膨胀的国际传递C、保持经济的均衡状态D、有利于经济的稳定4.以下支持资本管制是最优选择的是()A、名义工资与物价的粘性B、政府对资本收益的征税C、第二代货币危机模型D、政府对某些行业进行保护5.以下不是弹性分析法的假设条件的是()A、贸易商品的供给弹性无限大B、资本自由移动C、贬值前贸易收支处于平衡状态D、国际收支等于贸易收支6.以下哪个理论强调了货币市场存量均衡的作用()A、弹性论B、吸收论C、平价理论D、货币论7.下列哪个不是利率平价理论的缺陷()A、前提条件是资金完全套利,而且资本完全自由流动B、套利资金的供给弹性并非无限大C、忽视了市场投机这一重要因素D、从理论上说明了远期汇率取决于两国货币的相对收益8.汇率超调模型属于哪个汇率理论()A、购买力平价理论B、资产市场说C、利率平价理论D、国际收支说9.下列不属于采用两极汇率制度的原因的是()A、中间汇率制易于导致货币冲击和货币危机的发生B、开放经济条件下的三元悖论C、中间汇率制度使企业忽视汇率风险的防范D、放弃盯住汇率制10.以下不是货币论的政策主张是()A、所有国际收支不平衡都可以由国内货币政策来解决,而不需要改变汇率B、应实行紧缩货币政策,使货币增长与经济增长保持一致的速度C、在货币供给不变的情况下,收入增长和价格上升通过提高货币需求,将会带来国际收支盈余,而利率上升则将通过降低货币需求,导致国际收支逆差D、国内商品和劳务的消费大于生产,必须输入国外的商品和劳务加以弥补四、简答题1.简述两缺口理论。
自测题及模拟训练题1.借款人在债券票面货币发行国以外的国家发行的国际债券,叫做 。
2.下列离岸金融中心中,属于集中性中心的是( )。
3.下面各项中( )交易不属于离岸金融业务。
4.各国金融市场一体化的程度,可用利率来衡量。
( )5.欧洲债券。
6.国外债券与欧洲债券。
7.对冲基金。
8.Debt service ratio.9.欧洲货币。
10.简要说明加入世界贸易组织对我国金融体系将有何影响。
1.借款人在债券票面货币发行国以外的国家发行的国际债券,叫做 。
答案:欧洲债券。
考点:欧洲债券。
解析:欧洲债券是国际债券的一种,指外国人在票面货币发行国以外的国家或在该国的离岸国际金融市场上以该种货币发行的债券。
2.下列离岸金融中心中,属于集中性中心的是( )。
A.伦敦 B.香港 c.新加坡 D.国际银行服务答案:A、B。
考点:离岸金融中心的分类。
解析:A、B属于离岸金融中心之功能中心的集中性中心,C、D属于离岸金融中心之功能中心的分离性中心。
3.下面各项中( )交易不属于离岸金融业务。
A. 中国政府在东京发行武士债券; B.英国公司在纽约的荷兰银行存入英镑;C. 日本银行从伦敦的花旗银行借入美元;D. 加拿大银行在新加坡发行美元存单。
答案:A、D。
考点:离岸金融业务。
解析:从交易者的角度对国际金融业务分类:如果市场上交易双方中至少有一方是市场所在国居民,可称为在离岸金融业务(如本题中的A、D。
);如果交易双方都是市场所在地的非居民,则可称为离岸金融业务(如本题中的B、 C。
)4.各国金融市场一体化的程度,可用利率来衡量。
( )答案:正确。
考点:国际金融市场一体化。
解析:国际资金流动飞速增长量直接的有利影响体现在它推动了国际金融市场的一体化。
所谓一体化,就是指“若干部分按一定的方式有机地联系在一起”。
反映各国金融市场一体化程度的标志是资金的价格 - 利率。
5.欧洲债券。
考点:欧洲货币市场、欧洲债券。
解析:欧洲债券(Euro-Bond)是指在欧洲货币市场上发行、交易的债券,它一般是发行者在债券面值货币发行国以外的国家的金融市场上发行。
一、填空1.马克思的货币必要量公式反映了商品生产决定货币流通这一基本原理。
2.凯恩斯认为,投机性货币需求与利率负相关。
3.现实中的货币需求不仅仅是指对现金的需求,而且包括了对存款货币的需求。
4.凯恩斯对货币需求理论的突出贡献是关于货币需求动机的分析。
5.国际收支平衡表主要由_经常项目、资本和金融项目、储备资产和错误与遗漏构成。
6.判断一国国际收支实质是平衡还是失衡要区分自主性交易交易和平衡性交易交易。
7、凯恩斯的投机性货币需求认为,人们要么持有货币,要么持有债券,不会同时持有货币和债券。
托宾克服了这个缺陷,认为除了预期回报率之外,风险对货币需求也很重要。
二、单项选择1.弗里德曼认为货币需求函数具有()的特点。
A.不稳定B.不确定C.相对稳定D.相对不稳定2、按照凯恩斯的观点,利率低于“正常”水平时,人们预期债券价格(),货币需求量()。
A、上升,增加B、上升,减少C、下跌,增加D、下跌,减少3、其他条件不变,下列哪种情况会导致银行准备金减少()。
A、法定准备金率上升B、超额准备金率上升C、通货存款比率上升D、基础货币扩张4、如果法定准备金率等于0.03,流通中现金为6000亿元,支票存款为7000亿元,超额准备金为10亿元,那么货币乘数等于()。
A、3.09B、3.29C、2.29D、2.095、假定法定准备金率为0.12,通货存款比率为0.6,超额准备金率为0.03,如果中央银行减少50亿元的基础货币,那么货币供给减少()。
A、153.4亿元B、106.7亿元C、98.7亿元D、56.7亿元6、如果法定准备金率为0.10,流通中现金为10000亿元,支票存款为5000亿元,准备金总额为800亿元,那么超额准备金率等于()。
A、0.10B、0.09C、0.06D、0.047、如果中央银行计划减少基础货币,应当()。
A、提高超额准备金率B、购买政府债券C、提高通货存款比率D、减少向商业银行发放的贴现贷款8.按照国际收支平衡表的编制原理,凡引起外汇流入的项目应记入()。
CHAPTER 10AN OVERVIEW OF RISK MANAGEMENTObjectives« To explore how risk affects finan cial decisi on-mak ing.« To provide a con ceptual framework for the man ageme nt of risk.«To explain how the financial system facilitates the efficient allocation of risk-bearing.Outline10.1 What Is Risk?10.2 Risk and Econo mic Decisi ons10.3 The Risk Ma nageme nt Process10.4 The Three Dime nsions of Risk Tran sfer10.5 Risk Tran sfer and Econo mic Efficie ncy10.6 In stituti ons for Risk Man ageme nt10.7 Portfolio Theory: Quan titative An alysis for Optimal Risk Man ageme nt10.8 Probability Distributions of ReturnsSummary* Risk is defined as uncertainty that matters to people. Risk management is the process of formulating the benefit- cost trade-offs of risk-reduction and deciding on a course of action to take. Portfolio theory is the quantitative analysis of those trade-offs to find an optimal course of action.* All risks are ultimately borne by people in their capacity as consumers, stakeholders of firms and other econo mic orga ni zati ons, or taxpayers.* The risk in ess of an asset or a tra nsacti on cannot be assessed in isolati on or in the abstract; it depe nds on the specific frame of refere nee. In on e con text, the purchase or sale of a particular asset may add to one ' s risk exposure; in another, the same transaction may be risk-reducing.* Speculators are in vestors who take positi ons that in crease their exposure to certa in risks in the hope of in creas ing their wealth. In con trast, hedgers take positi ons to reduce their exposures. The same pers on can be a speculator on some exposures and a hedger on others.* Many resource-allocation decisions, such as saving, investment, and financing decisions, are significantly in flue need by the prese nee of risk and therefore are partly risk-ma nageme nt decisi ons.* We disti nguish among five major categories of risk exposures for households: sick ness, disability, and death job loss; consumer-durable asset risk ; liability risk ; and financial asset risk .* Firms face several categories of risks: production risk , price risk of outputs , and price risk of in puts .* There are five steps in the risk-management process: risk identification, risk assessment, selection of riskman ageme nt tech ni ques, impleme ntati on, review.* There are four techniques of risk management: r isk avoidanee, loss prevention and control, risk retention, risk tra nsfer.* There are three dimensions of risk transfer: hedging , insuring , and diversifying .* Diversificati on improves welfare by spread ing risks among many people, so that the existi ng un certa inty matters less. * From society ' s perspective-n^ageme nt in stituti ons con tribute to econo mic efficie ncy in two importa nt ways. First, they shift risk away from those who are least willing or able to bear it to those who are most willing to bear it. Second, they cause a reallocation of resources to production and consumption in accordance with the new distribution of risk-bearing.By allowing people to reduce their exposure to the risk of undertaking certain bus in ess ven tures, they may en courage en trepre neurial behavior that can have a ben efit to society.* Over the cen turies, various econo mic orga ni zati ons and con tractual arra ngeme nts have evolved to facilitate a more efficient allocation of risk-bearing by expanding the scope of diversification and the types of risk that are shifted.* Among the factors limit ing the efficie nt allocati on of risks are tra nsacti ons costs and problems of adverse selecti on and moral hazard.Solutions to Problems at End of ChapterOn the Nature of Risk and Risk Management1. Suppose that you and a friend have decided to go to a movie together next Saturday. You will select any movie for which tickets are available when you get to the theater. Is this a risky situation for you? Explain. Now suppose that your friend has already purchased a ticket for a movie that is going to be released this Saturday. Why is this a risky situation? How would you deal with the risk?SOLUTION:No, the uncertainty doesn ' t represienncteriysokusdo not care which movie you see. However, if your friend has a ticket already, and if you wait till Saturday to buy yours, the show may be sold out. To eliminate the risk that you may not be able to sit with your friend and see the same movie, you might buy your ticket in advance.2. Suppose you are aware of the following investment opportunity: You could open a coffee shop around the corner from your home for $25,000. If business is strong, you could net $15,000 in after-tax cash flows each year over the next 5 years.a. If you knew for certain the business would be a success, would this be a risky investment?b. Now assume this is a risky venture and that there is a 50% chance it is a success and a 50% chance you gobankrupt within 2 years. You decide to go ahead and invest. If the business subsequently goes bankrupt, did you make the wrong decision based on the information you had at the time? Why or why not?SOLUTION:a. No, this investment would not be risky.b. No, you did not make a “ wrong ” decision. When you made your decision, you did not know for certain that thecompany would go bankrupt. You decided to invest for many reasons, including the possibility of making a lot of money.Given your tolerance for risk and the fact that you based our decision on the information available at the time, your decision was not wrong and may have been optimal at the time.3. Suppose you are a pension fund manager and you know today that you need to make a $100,000 payment in 3 months.a. What would be a risk-free investment for you?b. If you had to make that payment in 20 years instead, what would be a risk free investment?c. What do you conclude from your answers to Parts a and b of this question?SOLUTION:a. A risk-free investment for you would be a Treasury Bill (default risk free) which matures in exactly 3 months.b. A risk-free investment would be a zero coupon U.S. Treasury security maturing in 20 years and which would have thesame single payment of $100,000.c. Because risk is dependent upon circumstances, what is risk-free for one individual may be risky for another too. There canbe any number of risk-free investments depending upon circumstances. Your investment time horizon is critical tochoosing the best risk-free investment (so payments in can exactly match payments out so that you are left with no risk).4. Is it riskier to make a loan denominated in dollars or in yen?SOLUTION:It depends on the context. For people whose income and expenses are denominated in dollars (perhaps because they live in the U.S), denominating a loan in yen would be riskier than denominating it in dollars. But for someone whose income and expenses are denominated in yen, denominating the loan in yen would be less risky than in dollars.5. Which risk management technique has been chosen in each of the following situations?« Installing a smoke detector in your home« Investing savings in T-bills rather than in stocks« Deciding not to purchase collision insurance on your car« Purchasing a life insurance policy for yourselfSOLUTION:« Loss preve nti on and con trol.・Risk avoida nee« Risk rete nti on・Risk tran sfer6. You are considering a choice between investing $1,000 in a conventional one-year T-Bill offering an interest rate of 8% and a one-year Index 丄inked Inflation Plus T-Bill offering 3% plus the rate of inflation.a. Which is the safer investment?b. Which offers the higher expected return?c. What is the real return on the Index 丄inked Bond?SOLUTION:a. The inflation-indexed T-Bill offers a fixed real rate of return of 3% over the life of the investment. The realreturn on the conventional T- Bill ' s real return depends upon the expected rate of inflation over the life of thein vestme nt. The safer in vestme nt is the In flati on Plus T-Bill.b. The real rate of return on the conventional T-Bill depends upon the expected rate of inflation over the life of thein vestme nt. You do not know which expected retur n is higher unl ess you know what in flati on is expected to be.c. The real retur n on the in dex-l in ked T-Bill is 3%.Hedging and Insurance7. Suppose you are interested in financing your new home purchase. You have your choice of a myriad financing options. You could enter into any one of the following agreements: 8% fixed rate for 7 years, 8.5% fixed rate for 15 years, 9% fixed for 30 years. In addition, you could finance with a 30-year variable rate that begins at 5% and increases and decreases with the prime rate, or you could finance with a 30year variable rate that begins at 6% with ceilings of 2% per year to a maximum of 12% and no minimum.a. Suppose you believe that interest rates are on the rise. If you want to completely eliminate your risk of risinginterest rates for the longest period of time, which option should you choose?b. Would you consider that hedging or insuring? Why?c. What does you r risk management decision “ cost ” you in terms of quoted interest rates during the firstyear?SOLUTION:a. You would choose the 30-year fixed rate at 9%.b. That would be a hedge because you have elim in ated both the upside (decli ning rates) or dow nside ( rising rates).c. This costs me at least 4% since I could get a variable rate loa n at 5%.8. Referring to the information in problem 7, answer the following:a. Suppose you believe interest rates are going to fall, which option should you choose?b. What risk do you face in that transaction?c. How might you insure against that risk? What does that cost you (in terms of quoted interest rates?). SOLUTION:a. You would want one of the variable rate options, in particular the variable loan tied to the prime rate, currently equal to5%.b. You face the risk of rising rates.c. You could in sure aga inst that risk by purchas ing the opti on to have a 12% ceil ing on the rate (2% in crease per year.This option cost you 1% (the difference between 6% and 5%).9. Suppose you are thinking of investing in real estate. How might you achieve a diversified real estate investment?SOLUTION:« You could own several differe nt build ings in the same gen eral area.« You could own several differe nt build ings in differe nt geographic areas.« You could sell some of your equity own ership to other owners to lower your own in dividual exposure to decli ning market values.10. Suppose the following represents the historical returns for Microsoft and Lotus Development Corporation:Historical ReturnsYear MSFT LOTS110%9%215%12%3-12%-7%420%18%57%5%a. What is the mean return for Microsoft? For Lotus?b. What is the standard deviation of returns for Microsoft? For Lotus?c. Suppose the returns for Microsoft and Lotus have normally distributed returns with means and standarddeviations calculated above. For each stock, determine the range of returns within one expected standard deviation of the mean and within two standard deviations of the mean.SOLUTION:a. Mea n return Microsoft: 8.0%; Lotus: 7.4%b. If you use the formula for the sta ndard deviati on based on a sample of size n:You find that the standard deviations are: MSFT: 10.94%; Lotus: 8.357%.However, if you use the formula for the population standard deviation:You find that the standard deviations are: MSFT 12.23% and LOTS 9.34%.c. Range of returns within 1 standard deviation Microsoft: -2.94% to +18.94% Range of returns within 1 standarddeviation Lotus: -0.957% to + 15.76% Range of returns within 2 standard deviations Microsoft: -13.88% to+29.88% Range of returns within 1 standard deviation Lotus: -9.31% to + 24.11%。
练习题及参考答案一、填空题1.国际收支的概念中居民与非居民的划分标准是______。
2.国际收支平衡表中的经常项目是由______、______、______三个子项目构成的。
3.国际收支平衡表的编制原则是_______。
4.国际金本位下,一国国际收支失衡的自动调节机制是指大卫·休谟的_____机制。
5. 在国际收支平衡表记录中,一笔债务还本付息,本金的流动记入______,而利息记入______。
6. 遵循国际收支平衡表的记账原则,对于金融资产来说,对外资产持有额的减少被记入_____,对外资产持有额的增加被记入_____。
7. 国际收支平衡表的综合差额等于经常项目与资本和金融账户中排除_____ __的交易的差额。
8. 一国的国际收支是否平衡,关键是看_____ __所产生的借贷金额是否相等。
9. 一国长期存在严重的国际收支逆差,会对该国经济发展产生恶劣影响,引起该国货币_____,对经济发展形成强烈冲击。
10. 调节国际收支失衡的财政政策调节手段主要有_____ __与_____ __两种。
二、判断题1. 一国的国际收支是否平衡,对该国的货币汇率和对外贸易政策的制定乃至整个国民经济都有极其重要的影响。
()2. 政府机构(包括代表政府的个人,如使领馆工作人员、驻外军队的军人等),在国外居住时间超过一年,则属于原所在国的非居民,计入国际收支统筹范围。
()3. 国际货币基金组织建议,对出口商品按离岸价格(FOB)计算,对进口商品却按到岸价格(CIF)计算,以保证国际收支平衡表的精确性。
()4. 经常项目服务项下记录的是无形资产的运用所引起的收支,资本账户的资本转移项下记录的则是无形资产所有权的买卖所引起的收支。
()5. 国际收支平衡表由于其编制原则采用复式记账法,所以其借方总额与贷方总额相抵之后的总净值一定为零。
()6. 反映出口实际资源的经常项目与反映资产增加或负债减少的资本与金融项目都应记入国际收支平衡表的借方项目。
王爱俭版国际金融概论-判断题判断题第一章开放经济下的外汇与汇率1.记账外汇可以对第三国进行支付。
()2.自由外汇可以自由兑换其他国家货币。
()3.银行买入外币现纱的汇率要高于买入外币现汇的汇率。
()4. 一般而言,市场汇率属于名义汇率。
()5.按外汇交易的交割期限,汇率可分为市场汇率和远期汇率。
()6.按照业务往来对象不同,外汇汇率可以划分为同业汇率和商人汇率,通常同业汇率的买卖价差小于商人汇率的买卖价差。
()7. 各国公布的外汇牌价一般都是电汇汇率。
()8. 一国资本大量流出,就会出现外汇短缺,使本币币值下降、汇率下降。
()9. 一国实行提高利率政策可以吸引国外资金的流入,从而改善国际收支。
()10. 一国货币汇率上涨,不利于减轻该国通货膨胀的压力。
()第三章开放经济下的国际金融活动1.欧洲货币市场专指在欧洲地区的国际金融市场。
()2.外国债券就是在离岸金融市场发行的债券。
()3.大额可转让定期存单是可以进行流通转让的定期存款凭证。
()4.在银行短期信贷市场上,占主导地位的是同业拆放市场。
()第四章开放经济下的国际资本流动1.国际资本流动是伴随着国际贸易的发展而发展起来的。
()2.国际资本流动的规模主要受各国经济周期的影响。
()3.国际资本流动会增加各国进行资本管制的难度。
()4.国际资本流动中,融资证券化的趋势不断增长。
()5.外债主要是指一国在一定时期的全部债务。
它包括契约性的债务,也包括借贷双方口头上形成的债务。
()6. 一国外债的偿债率达到30%时即表明该国经济存在问题。
()第五章外汇交易与衍生品交易实务1.升水表示远期外汇比即期外汇贱,贴水表示远期外汇比即期外汇贵。
()2.一般而言,利率低的货币远期汇率会贴水。
()3.商业银行在买卖外汇时,如果卖出多于买入为多头,如果买入多于卖出为空头。
()4.在择期外汇交易中,报价银行买入基准货币时,若基准货币升水,应按选择期内第—天的汇率报价。
()第六章外汇风险与防范实务1.在以外币结算时,时间越长,风险越小;时间越短,风险越大。