国际金融Topic 1

金融强国五篇文章内容Download tips: This document is carefully compiled by this editor. I hope that after you download it, it can help you solve practical problems. The document can be customized and modified after downloading, please adjust and use it according to actual needs, thank you! In addition, this shop provides you with various types of practical materials, such as educational essays, diary appreciation, sentence excerpts, ancient poems, classic articles, topic composition, work summary, word parsing, copy excerpts, other materials and so on, want to know different data formats and writing methods, please pay attention!1. 金融强国建设是一个国家经济实力、金融市场发展、金融体系稳健与发展、金融监管制度与监管效果等多方面的综合体现。

在现代社会中，金融作为国家经济的重要支柱，其发展水平直接关系着国家整体经济实力的强弱。

作为世界第二大经济体，中国正在着力推进金融强国战略，不断提升金融领域的国际影响力和竞争力。

2. 实现金融强国的关键在于构建健全的金融体系和完善的金融市场。

作为金融体系的核心，中国的银行业、证券业和保险业都在不断完善和创新，推动金融服务实体经济的能力。

国际金融形成性考核册作业4一、名词解释1.回购协议：是在买卖证券时发售者向购置者承诺在一定期限后，按预定旳价格如数购回证券旳协议。

2.远期利率协议：是交易双方同意在未来某一确定期间，对一笔规定了期限旳象征性存款按协定利率支付利息旳交易协议。

3.打包放款：即出口商持进口商银行开立旳信用性，从银行获得用于货品装运出口旳周转性贷款。

4.出口信贷：指发达国家为了支持和扩大本国资本货品旳出口，通过提供信贷担保予以利息补助旳措施，鼓励本国银行对本国出口商或进口方银行提供利率较低旳中长期贸易融资。

5.卖方信贷：指出口方银行为资助资本货品旳出口，对出口商提供旳中长期融资。

6.买方信贷：指出口方银行为资助资本货品旳出口，向进口商或进口方银行提供旳中长期融资。

7.福费廷：又称包买远期票据，指包买商从出口商那里无追索权地购置通过出口商承兑和进口方银行担保旳远期票据，向出口商提供中期贸易融资。

8.出口押汇：指出口商在货品运出后，持银行规定旳单证向银行申请以此单证为抵押旳贷款，是短期贸易融资中使用最多旳融资方式。

9.国际债券：是一国政府、金融机构、工商企业或国家组织为筹措和融通资金，在国外金融市场上发行旳，以外国货币为面值旳债券。

10.外国债券：是市场所在地旳非居民在一国债券市场上以该国货币为面值发行旳国际债券。

11欧洲债券：与老式旳外国债券不一样，是市场所在地非居民在面值货币国家以外旳若干个市场同步发行旳国际债券。

六、问答题1.怎样计算实际贷款期限和有效利率？P247 P250答：实际贷款期限指使有平均年限计算措施求出旳借款人支配所有贷款金额旳时间。

由于贷款也许是逐渐提取和逐渐偿还旳，实际贷款期会不大于名义贷款期。

在计算实际贷期时，可以把它划分为三个阶段：用款期，即从签约到提完贷款旳时期；还款期，即从开始还款到还清贷款旳时期；用款期和还款期之间旳时期，只是在这一阶段借款人实际支配着所有贷款。

求实际贷款期限，首先要计算用款期和还款期旳平均年限，然后根据用款期和还款期旳平均年限计算实际贷款期限。

Chapter 16Output and the Exchange Ratein the Short RunChapter OrganizationDeterminants of Aggregate Demand in an Open EconomyDeterminants of Consumption DemandDeterminants of the Current AccountHow Real Exchange Rate Changes Affect the Current AccountHow Disposable Income Changes Affect the Current AccountThe Equation of Aggregate DemandThe Real Exchange Rate and Aggregate DemandReal Income and Aggregate DemandHow Output is Determined in the Short RunOutput Market Equilibrium in the Short Run: The DD ScheduleOutput, the Exchange Rate, and Output Market EquilibriumDeriving the DD ScheduleFactors that Shift the DD ScheduleAsset Market Equilibrium in the Short Run: The AA ScheduleOutput, the Exchange Rate, and Asset Market EquilibriumDeriving the AA ScheduleFactors that Shift the AA ScheduleShort-Run Equilibrium for the Economy: Putting the DD and AA Schedules Together Temporary Changes in Monetary and Fiscal PolicyChapter 16 Output and the Exchange Rate in the Short Run 77Monetary PolicyFiscal PolicyPolicies to Maintain Full EmploymentInflation Bias and Other Problems of Policy FormulationPermanent Shifts in Monetary and Fiscal PolicyA Permanent Increase in the Money SupplyAdjustment to a Permanent Increase in the Money SupplyA Permanent Fiscal Expansion78 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionMacroeconomic Policies and the Current AccountGradual Trade Adjustment and Current Account DynamicsThe J-CurveExchange-Rate Pass-Through and InflationBox: Exchange Rates and the Current AccountSummaryAppendix I: Intertemporal Trade and Consumption DemandAppendix II: The Marshall-Lerner Condition and Empirical Estimates of Trade Elasticities Online Appendix: The IS-LM and the DD-AA ModelChapter OverviewThis chapter integrates the previous analysis of exchange rate determination with a model of short-run output determination in an open economy. The model presented is similar in spirit to the classic Mundell-Fleming model, but the discussion goes beyond the standard presentation in its contrast of the effects of temporary versus permanent policies. The distinction between temporary and permanent policies allows for an analysis of dynamic paths of adjustment rather than just comparative statics. This dynamic analysis brings in the possibility of a J-curve response of the current account to currency depreciation. The chapter concludes with a discussion of exchange-rate pass-through, that is, the response of import prices to exchange rate movements.The chapter begins with the development of an open-economy fixed-price model (an online Appendix discusses the relationship between the IS-LM model and the analysis in this chapter). An aggregate demand function is derived using a Keynesian-cross diagram in which the real exchange rate serves as a shift parameter. A nominal currency depreciation increases output by stimulating exports and reducing imports, given foreign and domestic prices, fiscal policy, and investment levels. This yields a positively sloped output-market equilibrium (DD) schedule in exchange rate-output space. A negatively sloped asset-market equilibrium (AA) schedule completes the model. The derivation of this schedule follows from the analysis of previous chapters. For students who have already taken intermediate macroeconomics, you may want to point out that the intuition behind the slope of the AA curve is identical to that of the LM curve, with theChapter 16 Output and the Exchange Rate in the Short Run 79additional relationship of interest parity providing the link between the closed-economy LM curve and the open-economy AA curve. As with the LM curve, higher income increases money demand and raises the home-currency interest rate (given real balances). In an open economy, higher interest rates require currency appreciation to satisfy interest parity (for a given future expected exchange rate).The effects of temporary policies as well as the short-run and long-run effects of permanent policies can be studied in the context of the DD-AA model if we identify the expected future exchange rate with the long-run exchange rate examined in Chapters 14 and 15. In line with this interpretation, temporary policies are defined to be those which leave the expected exchange rate unchanged, while permanent policies are those which move the expected exchange rate to its new long-run level. As in the analysis in earlier chapters, in the long-run, prices change to clear markets (if necessary). While the assumptions concerning the expectational effects of temporary and permanent policies are unrealistic as an exact description of an economy, they are pedagogically useful because they allow students to grasp how differing market expectations about the duration of policies can alter their qualitative effects. Students may find the distinction between temporary and permanent, on the one hand, and between short run and long run, on the other, a bit confusing at first. It is probably worthwhile to spend a few minutes discussing this topic.80 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionBoth temporary and permanent increases in money supply expand output in the short run through exchange rate depreciation. The long-run analysis of a permanent monetary change once again shows how the well-known Dornbusch overshooting result can occur. Temporary expansionary fiscal policy raises output in the short run and causes the exchange rate to appreciate. Permanent fiscal expansion, however, has no effect on output even in the short run. The reason for this is that, given the assumptions of the model, the currency appreciation in response to permanent fiscal expansion completely “crowds out” exports. This is a consequence of the effect of a permanent fiscal expansion on the expected long-run exchange rate which shifts inward the asset-market equilibrium curve. This model can be used to explain the consequences of U.S. fiscal and monetary policy between 1979 and 1984. The model explains the recession of 1982 and the appreciation of the dollar as a result of tight monetary and loose fiscal policy.The chapter concludes with some discussion of real-world modifications of the basic model. Recent experience casts doubt on a tight, unvarying relationship between movements in the nominal exchange rate and shifts in competitiveness and thus between nominal exchange rate movements and movements in the trade balance as depicted in the DD-AA model. Exchange-rate pass-through is less than complete and thus nominal exchange rate movements are not translated one-for-one into changes in the real exchange rate. Also, the current account may worsen immediately after currency depreciation. This J-curve effect occurs because of time lags in deliveries and because of low elasticities of demand in the short run as compared to the long run. The chapter contains a discussion of the way in which the analysis of the model would be affected by the inclusion of incomplete exchange-rate pass-through and time-varying elasticities. Appendix II provides further information on trade elasticities with a presentation of the Marshall-Lerner conditions and a reporting of estimates of the impact, short-run and long-run elasticities of demand for international trade in manufactured goods for a number of countries.Answers to Textbook Problems1. A decline in investment demand decreases the level of aggregate demand for anylevel of the exchange rate. Thus, a decline in investment demand causes the DDcurve to shift to the left.2. A tariff is a tax on the consumption of imports. The demand for domestic goods, andthus the levelof aggregate demand, will be higher for any level of the exchange rate. This isdepicted in Figure 16.1 as a rightward shift in the output market schedule from DD to D'D'. If the tariff is temporary, thisis the only effect, and output will rise even though the exchange rate appreciates as the economymoves from Points 0 to 1. If the tariff is permanent, however, the long-run expected exchange rate appreciates, so the asset market schedule shifts to A'A'. Theappreciation of the currency is sharperin this case. If output is initially at full employment, then there is no change in output due to a permanent tariff.Chapter 16 Output and the Exchange Rate in the Short Run 81Figure 16.182 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition3. A temporary fiscal policy shift affects employment and output, even if thegovernment maintains a balanced budget. An intuitive explanation for this reliesupon the different propensities to consumeof the government and of taxpayers. If the government spends $1 more and finances this spendingby taxing the public $1 more, aggregate demand will have risen because thegovernment spends the entire $1, while the public reduces its spending by less than $1 (choosing to reduce its saving as well as its consumption). The ultimate effect on aggregate demand is even larger than this first round difference betweengovernment and public spending propensities, since the first round generatessubsequent spending. (Of course, currency appreciation still prevents permanent fiscal shifts from affecting output in our model.)4. A permanent fall in private aggregate demand causes the DD curve to shift inwardand to the left and, because the expected future exchange rate depreciates, the AA curve shifts outward and to the right. These two shifts result in no effect on output, however, for the same reason that a permanent fiscal expansion has no effect on output. The net effect is a depreciation in the nominal exchange rate and, because prices will not change, a corresponding real exchange rate depreciation. Amacroeconomic policy response to this event would not be warranted.5. Figure 16.2 can be used to show that any permanent fiscal expansion worsens thecurrent account.In this diagram, the schedule XX represents combinations of the exchange rate and income for which the current account is in balance. Points above and to the left of XX represent current account surplus, and points below and to the right representcurrent account deficit. A permanent fiscal expansion shifts the DD curve to D'D' and, because of the effect on the long-run exchange rate, the AA curve shifts to A'A'. The equilibrium point moves from 0, where the current account is in balance, to 1, where there is a current account deficit. If, instead, there was a temporary fiscal expansion of the same size, the AA curve would not shift and the new equilibrium would be at Point 2 where there is a current account deficit, although it is smaller than thecurrent account deficit at Point 1. Thus, a temporary increase in governmentspending causes the current account to decline by less than a permanent increase because there is no change in expectations with a temporary shock and thus the AA curve does not move.Chapter 16 Output and the Exchange Rate in the Short Run 83Figure 16.284 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition6. A temporary tax cut shifts the DD curve to the right and, in the absence ofmonetization, has no effect on the AA curve. In Figure 16.3, this is depicted as a shift in the DD curve to D'D', with the equilibrium moving from Points 0 to 1. If the deficit is financed by future monetization, the resulting expectedlong-run nominal depreciation of the currency causes the AA curve to shift to the right to A'A' which gives us the equilibrium Point 2. The net effect on the exchange rate is ambiguous, but output certainly increases more than in the case of a pure fiscal shift.Figure 16.37. A currency depreciation accompanied by a deterioration in the current accountbalance could be caused by factors other than a J-curve. For example, a fall inforeign demand for domestic products worsens the current account and also lowers aggregate demand, depreciating the currency. In termsof Figure 16.4, DD and XX undergo equal vertical shifts, to D'D' and X'X', respectively, resulting ina current account deficit as the equilibrium moves from Points 0 to 1. To detect a J-curve, one might check whether the prices of imports in terms of domestic goods rise when the currency is depreciating, offsetting a decline in import volume and a rise in export volume.Figure 16.48. The expansionary money supply announcement causes a depreciation in theexpected long-run exchange rate and shifts the AA curve to the right. This leads to an immediate increase in outputChapter 16 Output and the Exchange Rate in the Short Run 85and a currency depreciation. The effects of the anticipated policy action thus precede the policy’s actual implementation.9. The DD curve might be negatively sloped in the very short run if there is a J-curve,though the absolute value of its slope would probably exceed that of AA. This isdepicted in Figure 16.5. The effects of a temporary fiscal expansion, depicted as a shift in the output market curve to D'D', would not be altered since it would still expand output and appreciate the currency in this case (the equilibrium points moves from 0 to 1).Figure 16.5Monetary expansion, however, while depreciating the currency, would reduce output in the veryshort run. This is shown by a shift in the AA curve to A'A' and a movement in theequilibriumpoint from 0 to 2. Only after some time would the expansionary effect of monetary policy takehold (assuming the domestic price level did not react too quickly).10. The derivation of the Marshall-Lerner condition uses the assumption of a balancedcurrent account to substitute EX for (q⨯EX*). We cannot make this substitution when the current account is not initially zero. Instead, we define the variable z (q⨯EX*)/EX. This variable is the ratio of imports to exports, denominated in common units.When there is a current account surplus, z will be less than 1, and when there is acurrent account deficit, z will exceed 1. It is possible to take total derivatives of each side of the equation CA EX q EX * and derive a general Marshall-Lernercondition as n z n *z, where n and n* are as defined in the appendix. Thebalanced current account (z 1) Marshall-Lerner condition is a special case of this general condition. A depreciation is less likely to improve the current account thelarger its initial deficit when n* is less than 1. Conversely, a depreciation is more likely to cause an improvement in the current account the larger its initial surplus, again for values of n* less than 1.Figure 16.611. If imports constitute part of the CPI, then a fall in import prices due to anappreciation of the currency will cause the overall price level to decline. The fall in the price level raises real balances. As shown in Figure 16.6, the shift in the output market curve from DD to D'D' is matched by an inward shift of the asset marketequilibrium curve. If import prices are not in the CPI and the currency appreciation does not affect the price level, the asset market curve shifts to A"A" and there is no effect on output, even in the short run. If, however, the overall price level falls due to the appreciation, the shift in the asset market curve is smaller, to A'A', and the initial equilibrium point, Point 1, has higher output than the original equilibrium at Point 0.Over time, prices rise when output exceeds its long-run level, causing a shift in the asset market equilibrium curve from A'A' to A"A", which returns output to its long-run level.12. An increase in the risk premium shifts the asset market curve out and to the right, allelse equal.A permanent increase in government spending shifts the asset market curve in andto the right sinceit causes the expected future exchange rate to appreciate. A permanent rise ingovernment spending also causes the goods market curve to shift down and to the right since it raises aggregate demand. In the case where there is no risk premium, the new intersection of the DD and AA curves after a permanent increase ingovernment spending is at the full-employment level of output, since this is the only level consistent with no change in the long-run price level. In the case discussed in this question, however, the nominal interest rate rises with the increase in the risk premium. Therefore, output must also be higher than the original level of full-employment output; as compared to the case in the text, theAA curve does not shift by as much, so output rises.13. Suppose output is initially at full employment. A permanent change in fiscal policywill cause both the AA and DD curves to shift such that there is no effect on output.Now consider the case where the economy is not initially at full employment. Apermanent change in fiscal policy shifts the AA curve because of its effect on thelong-run exchange rate and shifts the DD curve because of its effect on expenditures.There is no reason, however, for output to remain constant in this case since its initial value is not equal to its long-run level, and thus an argument like the one in the text that shows the neutrality of permanent fiscal policy on output does not carrythrough. In fact, we might expect that an economy that begins in a recession (below Y f) would be stimulated back towards Y f by a positive permanent fiscal shock. If Y does rise permanently, we would expect a permanent drop in the price level (since Mis constant). This fall in P in the long run would move AA and DD both out. We could also consider the fact that in the case where we begin at full employment and there is no impact on Y, AA was shifting back due to the real appreciation necessitated by the increase in demand for home products (as a result of the increase in G). If there isa permanent increase in Y, there has also been a relative supply increase which canoffset the relative demand increase and weaken the need for a real appreciation.Because of this, AA would shift back by less. We do not know the exact effectwithout knowing how far the lines originally move (the size of the shock), but we do know that without the restriction that Y is unchanged in the long run, the argument in the text collapses, and we can have both short run and long run effects on Y.14. If some of the currency appreciation is temporary due to the current account effects,we will see a slightly different process after a permanent fiscal expansion. We would not necessarily still jump from Points 0 to 2 in Figure 16.2 above. We know that over time, the shift in consumption preferences away from the home good (due to the transfer of wealth to foreign consumers) will bring the DD curve back in some, this will cause a small depreciation in the future. Thus, the AA curve may not move in as far, leaving us with less appreciation immediately, but also with a small increase in GDP immediately. Eventually, the DD curve will move back a bit, bringing us back to full employment and with an appreciated currency (though less appreciated than inFigure 16.2).15. The text shows output cannot rise following a permanent fiscal expansion if output isinitially at its long-run level. Using a similar argument, we can show that outputcannot fall from its initial long-run level following a permanent fiscal expansion. A permanent fiscal expansion cannot have an effect on the long-run price level since there is no effect on the money supply or the long-run values of the domesticinterest rate and output. When output is initially at its long-run level, R equals R*, Y equals Y f and real balances are unchanged in the short run. If output did fall, there would be excess money supply and the domestic interest rate would have to fall, but this would imply an expected appreciation of the currency since the interestdifferential (R R *) would then be negative. This, however, could only occur if the currency appreciates in real terms as output rises and the economy returns to long-run equilibrium. This appreciation, however, would cause further unemployment, and output would not rise and return back to Y f. As with the example in the text, this contradiction is only resolved if output remains at Y f.16. It is difficult to see how government spending can rise permanently withoutincreasing taxes or how taxes can be cut permanently without cutting spending.Thus, a truly permanent fiscal expansion is difficult to envision. The one possiblescenario is if the government realized it was on a path to permanent surpluses and it could cut taxes without risking long-run imbalances. Because rational agents are aware the government has a long-run budget constraint, they may assume that any fiscal policy is actually temporary. This would mean that a “permanent” shockwould look just like a temporary one. This is quite similar to the discussion ofProblem 14 in this chapter.17. High inflation economies should have higher pass-through as price setters are used tomaking adjustments faster (menu costs fall over time as people learn how to change prices faster). Thus, a depreciation in a high inflation economy may see a rapidresponse of changing prices, but firms in a low inflation environment may be loathe to increase prices for fear of losing business given that their customersare not accustomed to price changes. In addition, a depreciation by a high inflation economy maybe more likely to have been caused by an increase in the money supply which would lead to price increases on its own anyway, so the pass-through would appear higher.。

国际⾦融试题Fundamentals of Multinational Finance, 4e (Moffett)Chapter 6 The Foreign Exchange MarketMultiple Choice and True/False Questions6.1 Geographical Extent of the Foreign Exchange Market1) Which of the following is NOT true regarding the market for foreign exchange?A) The market provides the physical and institutional structure through which the money of one country is exchanged for another.B) The rate of exchange is determined in the market.C) Foreign exchange transactions are physically completed in the foreign exchange market.D) All of the above are true.Answer: DDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition2) A/An ________ is an agreement between a buyer and seller that a fixed amount of one currency will be delivered at a specified rate for some other currency.A) Eurodollar transactionB) import/export exchangeC) foreign exchange transactionD) interbank market transactionAnswer: CDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition3) While trading in foreign exchange takes place worldwide, the major currency trading centers are located inA) London, New York, and Tokyo.B) New York, Zurich, and Bahrain.C) Paris, Frankfurt, and London.D) Los Angeles, New York, and London.Answer: ADiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition4) Because the market for foreign exchange is worldwide, the volume of foreign exchange currency transactions is level throughout the 24-hour day.Answer: FALSEDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition5) Which of the following is NOT a motivation identified by the authors as a function of the foreign exchange market?A) The transfer of purchasing power between countries.B) Obtaining or providing credit for international trade transactions.C) Minimizing the risks of exchange rate changes.D) All of the above were identified as functions of the foreign exchange market.Answer: DDiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition6) The greatest amount of foreign exchange trading takes place in the following three cities:A) New York, London, and Tokyo.B) New York, Singapore, and Zurich.C) London, Frankfurt, and Paris.D) London, Tokyo, and Zurich.Answer: ADiff: 1Topic: 6.1 Geographical Extent of the Foreign Exchange MarketSkill: Recognition6.2 Market Participants1) The authors identify two tiers of foreign exchange markets:A) bank and nonbank foreign exchange.B) commercial and investment transactions.C) interbank and client markets.D) client and retail market.Answer: CDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition2) The foreign exchange market is NOT efficient becauseA) market participants do not compete with one another due to the fact that trading takes place around the world and not in a single centralized location.B) dealers have ask prices that are higher than bid prices.C) central governments dominate the foreign exchange market and everybody knows that by definition, central governments are inefficient.D) none of the reasons listed are accurate because the foreign exchange market is efficient. Answer: DDiff: 1Topic: 6.2 Market ParticipantsSkill: Conceptual3) Dealers in foreign exchange departments at large international banks act as market makers and maintain inventories of the securities in which they specialize.Answer: TRUEDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition4) Currency trading lacks profitability for large commercial and investment banks but is maintained as a service for corporate and institutional customers.Answer: FALSEDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition5) It is characteristic of foreign exchange dealers toA) bring buyers and sellers of currencies together but never to buy and hold an inventory of currency for resale.B) act as market makers, willing to buy and sell the currencies in which they specialize.C) trade only with clients in the retail market and never operate in the wholesale market for foreign exchange.D) All of the above are characteristics of foreign exchange dealers.Answer: BDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition6) Which of the following may be participants in the foreign exchange markets?A) bank and nonbank foreign exchange dealersB) central banks and treasuriesC) speculators and arbitragersD) All of the above.Answer: DDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition7) ________ seek to profit from trading in the market itself rather than having the foreign exchange transaction beingincidental to the execution of a commercial or investment transaction.A) Speculators and arbitragersB) Foreign exchange brokersC) Central banksD) TreasuriesAnswer: ADiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition8) In the foreign exchange market, ________ seek all of their profit from exchange rate changes while ________ seek to profit from simultaneous exchange rate differences in different markets.A) wholesalers; retailersB) central banks; treasuriesC) speculators; arbitragersD) dealers; brokersAnswer: CDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition9) Foreign exchange ________ earn a profit by a bid-ask spread on currencies they purchase and sell. Foreign exchange ________, on the other hand, earn a profit by bringing together buyers and sellers of foreign currencies and earning a commission on each sale and purchase.A) central banks; treasuriesB) dealers; brokersC) brokers; dealersD) speculators; arbitragersAnswer: BDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition10) The primary motive of foreign exchange activities by most central banks is profit.Answer: FALSEDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition11) Dealers sometimes use brokers in the foreign exchange market because the dealers desireA) speed.B) accuracy.C) to remain anonymous.D) all of the above.Answer: DDiff: 1Topic: 6.2 Market ParticipantsSkill: Recognition6.3 Transactions in the Interbank Market1) The ________ is a derivative forward contract that was created in the 1990s. It has the same characteristics and documentation requirements as traditional forward contracts except that they are only settled in U.S. dollars and the foreign currency involved in the transaction is not delivered.A) nondeliverable forwardB) dollar only forwardC) virtual forwardD) internet forwardAnswer: ADiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition2) Which of the following is NOT true regarding nondeliverable forward (NDF) contracts?A) NDFs are used primarily for emerging market currencies.B) Pricing of NDFs reflects basic interest rate differentials plus an additional premium charged for dollar settlement.C) NDFs can only be traded by central banks.D) All of the above are true.Answer: CDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Conceptual3) A foreign exchange ________ is the price of one currency expressed in terms of another currency. A foreign exchange ________ is a willingness to buy or sell at the announced rate.A) quote; rateB) quote; quoteC) rate; quoteD) rate; rateAnswer: CDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition4) A ________ transaction in the foreign exchange market requires an almost immediate delivery of foreign exchange.A) spotB) forwardC) futuresD) none of the aboveAnswer: ADiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition5) A ________ transaction in the foreign exchange market requires delivery of foreign exchange at some future date.A) spotB) forwardC) swapD) currencyAnswer: BDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition6) A spot transaction in the interbank market for foreign exchange would typically involve a two-day delay in the actual delivery of the currencies, while such a transaction between a bank and its commercial customer would not necessarily involve a two-day wait.Answer: TRUEDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition7) NDFs are traded and settled outside the country of the subject currency, and therefore are beyond the control of the country’s government.Answer: TRUEDiff: 1Topic: 6.3 Transactions in the Interbank MarketSkill: Recognition6.4 Size of the Foreign Exchange Market1) Daily trading volume in the foreign exchange market was about ________ per ________ in 2007.A) $3,200 billion; monthB) $1,000 billion; monthC) $3,200 billion; dayD) $1,000 billion; dayAnswer: CDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition2) Daily trading volume of foreign exchange had actually decreased in 2010 from the levels reported in 2007. Answer: FALSEDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition3) ________ are NOT one of the three categories reported for foreign exchange.A) Spot transactionsB) Swap transactionsC) Strip transactionsD) Futures transactionsAnswer: CDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition4) New York City has the greatest volume of foreign exchange activity in the world.Answer: FALSEDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Recognition5) Although the "big three" (dollar, euro, and yen) continue to dominate global trades, it will probably not be long before a fourth, not yet on the map—the Chinese renminbi—will move into greater prominence.Answer: TRUEDiff: 1Topic: 6.4 Size of the Foreign Exchange MarketSkill: Conceptual6.5 Foreign Exchange Rates and Quotations1) The three currencies that dominate foreign exchange trading are ________.A) U.K pound, Chinese yuan, and Japanese yenB) U.S. dollar, Chinese yuan, and U.K. poundC) U.S. dollar, Japanese yen, and the euroD) U.S. dollar, U.K. pound, and Japanese yenAnswer: CDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition2) A forward contract to deliver British pounds for U.S. dollars could be described either as ________ or ________.A) buying dollars forward; buying pounds forwardB) selling pounds forward; selling dollars forwardC) selling pounds forward; buying dollars forwardD) selling dollars forward; buying pounds forwardAnswer: CDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition3) A common type of swap transaction in the foreign exchange market is the ________ where the dealer buys the currency in the spot market and sells the same amount back to the same bank in the forward market.A) "forward against spot"B) "forspot"C) "repurchase agreement"D) "spot against forward"Answer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition4) Swap and forward transactions account for an insignificant portion of the foreign exchange market. Answer: FALSE Diff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition5) Most foreign exchange transactions are through the U.S. dollar. If the transaction is expressed as the foreign currency per dollar this is known as ________ whereas ________ are expressed as dollars per foreign unit.A) European terms; indirectB) American terms; directC) American terms; European termsD) European terms; American termsAnswer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition6) The following is an example of an American term foreign exchange quote:A) $20/￡.B) 0.85 euro/$.C) 100￥/euro.D) None of the above.Answer: ADiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition7) The European and American terms for foreign currency exchange are square roots of one another. Answer: FALSE Diff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition8) With several exceptions, most interbank quotes are stated in European terms (meaning foreign currency unit per U.S. dollar).Answer: TRUEDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition9) American and British meanings differ for the word billion. Therefore, when traders refer to an American billion, they call it a/an ________.A) KiwiB) LoonyC) Uncle SamD) YardAnswer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition10) Major exceptions to using European terms in foreign exchange includeA) trading yen and euros.B) pounds and euros.C) Mexican pesos and euros.D) all of the above.Answer: BDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition11) From the viewpoint of a British investor, which of the following would be a direct quote in the foreign exchange market?A) SF2.40/￡B) $1.50/￡C) ￡0.55/euroD) $0.90/euroAnswer: CDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition12) A/an ________ quote in the United States would be foreign units per dollar, while a/an ________ quote would be in dollars per foreign currency unit.A) direct; directB) direct; indirectC) indirect; indirectD) indirect; directAnswer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and Quotations13) If the direct quote for a U.S. investor for British pounds is $1.43/￡, then the indirect quote for the U.S. investor would be ________ and the direct quote for the British investor would be ________.A) ￡0.699/$; ￡0.699/$B) $0.699/￡; ￡0.699/$C) ￡1.43/￡; ￡0.699/$D) ￡0.699/$; $1.43/￡Answer: ADiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical14) ________ make money on currency exchanges by the difference between the ________ price, or the price they offer to pay, and the ________ price, or the price at which they offer to sell the currency.A) Dealers; ask; bidB) Dealers; bid; askC) Brokers; ask; bidD) Brokers; bid; askSkill: RecognitionTABLE 6.1Use the table to answer the following question(s).15) Refer to Table 6.1. The current spot rate of dollars per pound as quoted in a newspaper is ________ or ________.A) ￡1.4484/$; $0.6904/￡B) $1.4481/￡; ￡0.6906/$C) $1.4484/￡; ￡0.6904/$D) ￡1.4487/$; $0.6903/￡Answer: CDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical16) Refer to Table 6.1. The one-month forward bid price for dollars as denominated in Japanese yen isA) -￥20B) -￥18C) ￥129.74/$D) ￥129.62/$Answer: DDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical17) Refer to Table 6.1. The ask price for the two-year swap for a British pound is ________.A) $1.4250/￡B) $1.4257/￡C) -$230D) -$238Skill: Analytical18) Refer to Table 6.1. According to the information provided in the table, the 6-month yen is selling ata forward premium;_______ of approximately ________ per annum. (Use the mid rates to make your calculations.)A) discount; 2.09%B) discount; 2.06%C) premium; 2.09%D) premium; 2.06%Answer: CDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical19) Refer to Table 6.1. Cross ratesA) are often reported in the form of a matrix in the financial newspapers.B) can be used to check on opportunities for intermarket arbitrage.C) for the spot market in the table are "188.10" (using the mid rates).D) are all of the above.Answer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Recognition20) Given the following exchange rates, which of the following choices represents a potentially profitable intermarket arbitrage opportunity?￥129.87/$euro 1.1226/$euro 0.00864/￥A) ￥115.69/euroB) ￥114.96/euroC) $0.8908/euroD) $0.0077/￥Answer: BDiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical21) For arbitrage opportunities to be practical,A) participants must have instant access to quotes.B) participants must have instant access to executions.C) bank traders must be able to execute the arbitrage trades without an initial sum of money relying on their bank's credit standing.D) all of the above must be true.Answer: DDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Conceptual22) The U.S. dollar suddenly changes in value against the euro moving from an exchange rate of $0.8909/euro to$0.08709/euro. Thus, the dollar has ________ by ________.A) appreciated; 2.30%B) depreciated; 2.30%C) appreciated; 2.24%D) depreciated; 2.24%Answer: ADiff: 2Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: Analytical23) When the cross rate for currencies offered by two banks differs from the exchange rate offered by a third bank, a triangular arbitrage opportunity exists.Answer: TRUEDiff: 1Topic: 6.5 Foreign Exchange Rates and QuotationsSkill: RecognitionEssay Questions6.1 Geographical Extent of the Foreign Exchange Market1) Identify and explain the three functions of the foreign exchange market.Answer: From the authors:Transfer of purchasing power is necessary because international trade and capital transactions normally involve parties living in countries with different national currencies. Usually each party, wants to deal in its own currency, but the trade or capital transaction can be invoiced in only one currency. Hence, one party must deal in a foreign currency.Because the movement of goods between countries takes time, inventory in transit must be financed. The foreign exchange market provides a source of credit.The foreign exchange market provides "hedging" facilities for transferring foreign exchange risk to someone else more willing to carry risk.Diff: 3Topic: 6.1 Geographical Extent of the Foreign Exchange Market6.2 Market Participants1) What are some of the reasons central banks and treasuries enter the foreign exchange markets, and in what important ways are they different from other foreign exchange participants?Answer: Central banks and treasuries enter the foreign exchange market to acquire/spend their own foreign exchange reserves and to influence the price at which their own currency is traded. Unlike other market participants, they are not profit oriented. Instead, they may willingly take a loss if they think it is in their best national interest.Diff: 3Topic: 6.2 Market Participants6.3 Transactions in the Interbank Market1) Define spot, forward, and swap transactions in the foreign exchange market and give an example of how each could be used.Answer: Spot transactions are exchanging one currency for another right now. Spot transactions are typically entered into because the parties need to exchange foreign currencies that they have received into their domestic currency, or because they have an obligation that requires them to obtain foreign currency.Forward foreign exchange transactions are agreements entered into today to exchange currencies at a particular price at some point in the future. Forwards may be speculative or a hedge against unexpected changes in the price of the other currency.Swaps are the simultaneous purchase and sale of a given amount of a foreign exchange for two different dates. Both transactions are conducted with the same counterparty. A swap may be considered a technique for borrowing another currency on a fully collateralized basis.Diff: 3Topic: 6.3 Transactions in the Interbank Market6.4 Size of the Foreign Exchange Market1) The foreign exchange market has expanded significantly in the last 20 years. What is the volume of swap, forward, and spot transactions in the market as of the most recent survey data (April 2010)? Answer: The total market has grown from approximately $500 billion per day in 1989 to over $3.7 trillion in 2010. Daily spot transactions ($1.5 trillion) are now exceeded by daily Swap transactions ($1.76 trillion). Forward transactions are comparatively small at .475 trillion. However, that is a 30% increase from the previous survey and this market is growing faster than foreign exchange transactions as a whole (21%)Diff: 3Topic: 6.4 Size of the Foreign Exchange Market6.5 Foreign Exchange Rates and Quotations1) Foreign exchange quotes are often confusing. Define these terms and then identify the types of quotes that follow. Direct quote, indirect quote, American terms, European termsEUR0.686 = USD1, this quote found in Frankfurt, GermanyUSD1.4577 = EUR1.0, this quote found in San Francisco, CaliforniaAnswer: Think of direct quotes as "per dollar" in the US or , more broadly as foreign units per domestic unit. The second sample quote is a direct quote in the US. (American terms)Indirect quotes may be thought of as "dollars per" or domestic currents per one unit of the foreign currency. , The first sample quote is an indirect quote in Germany where the euro is the domestic currency. (European terms)American terms are quoted in "dollars per" and european terms are quoted as "per dollar".Diff: 3Topic: 6.5 Foreign Exchange Rates and Quotations100 x days 360 x Foward Foward -Spot f FCCitibank $1.2223/€Barclays Bank $1.8410/￡Dresdner Bank €1.5100/￡。

“高职高专商务英语专业规划教材”Unit 1 Financial Market Research练习参考答案I.Read through the text and answer the following questions.1.A financial market is a mechanism that allows people to easily buy andsell (trade) financial securities (such as stocks and bonds), commodities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect the efficient-market hypothesis.2.The raising of capital ;the transfer of risk and international trade3.Capital markets,commodity markets,money markets, derivative markets,insurance markets and foreign exchange markets .4.Financial markets fit in the relationship between lenders andborrowers.5.Individuals, companies, governments, municipalities and publiccorporations.II. Paraphrase the following expressions or abbreviations and translate them into ChineseCheck the answers from the Special Term Lists.III. Fill in the blanks with the proper wordsThe global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.IV.Translation.1.金融市场包括很多方面，包括资本市场，华尔街，甚至是市场本身。

前言FRM是全球金融风险管理领域的资格证书，由美国“全球风险协会”（GARP）设立。

GARP 是一个拥有来自超过150个国家的8万多名会员的世界最大的金融协会组织之一，主要由风险管理方面的专业人员、从业者和研究者组成。

其主要职能是通过信息交换，实施教育计划，提高金融风险管理领域的标准。

FRM考试始于1997年，在中国北京、上海，香港，台北设有考点。

FRM考试虽然设立时间不长，但发展极为迅速，已经得到华尔街和其他欧美著名金融机构与大型公司风险管理部门以及政府监管层的认同，并已经初步成为风险管理领域的最权威的认证。

FRM涵盖众多领域，包括数量分析、市场风险、信用风险、操作风险、基金投资风险、会计和法律等内容。

在今日错综复杂、瞬息万变的金融市场上，风险往往难以掌握。

在金融市场困境或有危机发生时，有效管理风险往往成为企业成功的关键。

而这一攸关企业组织及其投资人命运的重要决策，需要众多的金融风险管理专业人士(Financial Risk Professionals)的参与，故FRM 日益受到重视，全球报考人数以每年超过38%成长，已俨然成为全球瞩目的国际风险管理证照。

在国内正日益受到国家金融监管机构以及各家金融机构的重视，对金融风险专业人员的需求日益壮大。

秉承“服务社会，帮助他人，成就自己”的价值观，金程教育始终以“专业来自百分百的投入”全心全意地为客户持续创造价值。

我们拥有一支自主、强大的财务金融培训研发团队，经过九年的实践和积累，已经自主开发了一系列针对CFA FRM等课程的辅导书籍，如《固定收益证券定价理论》、《投资组合管理》、《金融衍生产品》、《权益类证券定价》，这些书籍汇聚专家视角，权威新颖、紧贴时事，为各类金融进修学员提供全新的金融视野，广受各界好评，并被许多高校选为专用教材。

本书是金程教育权威师资与研究团队在金程内部浩瀚的教材、国内外权威备考辅导资料、各类题目组成的资料库基础上，根据考试大纲指定内容编制的中文辅导教材，全面涵盖考试内容，可以让学员迅速掌握考试内容的知识要点，便于其后的英文教材的学习领悟和掌握，具有极高的参考价值。

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