国际金融英文版课后答案
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International Finance 国际金融
Notes to the answers:
1、All the terms can be found in the text.
2、The discussions can be attained by reading the original text.
Chapter 1
Answers:
II. T T F F F T T
III. 1. reserve currency 2. appreciate 3. was pegged to 4. deficit 5. fixed exchange
rates 6. floating exchange rates 7. depreciate 8. market forces
IV. 1. Confidence in the ability of the U.S. to redeem dollars for gold began to fall as potential
claims against the dollar increased and U.S. gold reserves fell.
2. Under the fixed exchange rate system, the value of the dollar was tied to gold through its
convertibility in to gold at the U.S. Treasury, and other nations’ currencies were tied to the
dollar by the maintenance of a fixed rate of exchange.
3. IMF has adjusted its role in the exchange rate system in view of the development of the
situation.
4. After the collapse of the Bretton Woods System, the task of “rigorous monitoring” the
exchange rate policy of member countries fell on the shoulder of IMF.
5. Under normal conditions the stabilizing operations were sufficient to contain short-run
fluctuations in a currency’s price within the required bounds of 1% of par value and thereby
maintain a system of fixed exchange rates.
Chapter 2
Answers:
I. liquid, turnover, due to, hedge, cross trading, electronic broking, outright forwards,
Over-the-counter, futures and options, derivatives, remainder.
II.. 1. The fundamental changes occurred in post-war world economy. The international flow of
commodities, capital and labor is intensifying, thus leading to integration of international markets.
1. Often referred to as “financial institutions with a soul”, credit unions are member-owned
cooperatives that offer checking accounts, savings accounts, credit cards, and consumer
loans.
2. If you think the price of gold will rise, you can buy a most simple kind of financial derivative
which is called “futures”. If by that time the price really goes up, then you make a gain. But if
you make a wrong guess and the price declines, then you suffer a loss.
3. Financial derivatives are financial commodities deriving from such spot market products as
interest rate or bond, foreign exchange or foreign exchange rate and stock or stock indexes.
There are mainly three types of derivatives: futures, options and swaps, each of which
involves a mix of financial contracts.
4. Companies and investment funds are using basic currency futures and currency options, ones
that are regarded as traditional hedging products for investors who want to protect their
international assets from sharp gains and declines in currency prices.
Chapter 3
Answers:
II. 1. deposit accounts 2. securitization 3. Deregulation 4. consolidation 5. portfolio 6.
thrift institutions 7. listing 8. liquidity 9. banking supervision 10. Credit risk
III. 1. Depository institutions 2. commercial banks 3. credit analysis 4. working capital 5.
consolidation 6. financing 7. moral hazard 8. Bank supervision and regulation 9. Credit
risk 10. Liquidity risk
IV. 1. If a bank’s base rate was below money market rates, a customer could borrow from a bank
and lend these funds to the money market, thus making a profit on the deal.
2. Financing of international trade is one of the basic functions of a commercial bank. Not only
does it father deposits (demand, time and savings accounts), but it also grants loans.
3. If you have a credit card, you buy a car, eat a dinner, take a trip,a nd even get a haircut by
charging the cost to your account.
4. As the central bank and under the leadership of the State Council, the People’s Bank of
China will formulate and implement monetary policies, execute supervision and control
power over the banking industry.
5. One of major function of the central bank is the supervision of the clearing mechanism. A
reliable clearing mechanism which can settle inter-bank transaction with high efficiency is
crucial to a well-operated financial system.
Chapter 4 Answers: II. 1.integrity 2. pretext 3. released 4. produce 5. facilities 6. obliged 7. alleging 8.
Claims 9. cleared 10. delivery
III. 1. in favor of 2. consignment 3. undertaking, terms and conditions 4. cleared 5.
regardless of 6. obliged to 7. undervalue arrangement 8. on the pretext of 9. refrain from
10. hinges on
IV. 1. The objective of documentary credits is to facilitate international payment by making use of
the financial expertise and credit worthiness of one or more banks.
2. In compliance with your request, we have effected insurance on your behalf and debited your
account with the premium in the amount of $1000.
3. When an exporter is trading regularly with an importer, he will offer open account terms.
4. Exporters usually insist on payment by cash in advance when they are trading with old
customers.
5. Cash in advance means that the exporter is paid either when the importer places his order or
when the goods are ready for shipment.
Chapter 5.
II.1. b 2. c 3. c 4. a 5. b 6. b 7. a 8. c
III. 1. guaranteed 2. without recourse 3. defaults 4. on the buyer’s account 5. is equivalent
to 6. in question 7. devaluation 8. validity 9. discrepancy 10. inconsistent with
Chapter 6
Answers:
II. 1. open account, creditworthiness 2. demand 3. draw on, creditor 4. protest 5.
schedule, discrepancies 6. acceptance 7. drawee 8. guranteed
III. 1. collecting bank 2. tenor 3. the proceeds 4. protest 5. deferred payment 6.
presentation 7. the maturity date 8. a document of title 9. the shipping documents 10.
transshipment
IV. 1. Documentary collection is a method by which the exporter authorizes the bank to
collect money from the importer.
2. When a draft is duly presented for acceptance or payment but the acceptance or payment
is refused, the draft is said to be dishonored.
3. In the international money market, draft is a circulative and transferable instrument.
Endorsement serves to transfer the title of a draft to the transferee.
4. A clean bill of lading is favored by the buyer and the banks for financial settlement
purposes.
5. Parcel post receipt is issued by the post office for goods sent by parcel post. It is both a
receipt and evidence of dispatch and also the basis for claim and adjustment if there is
any damage to or loss of parcels.
Chapter 7
II. financing, discounting, factoring, forfaiting, without recourse, accounts receivable, factor, trade
obligations, promissory notes, trade receivables, specialized.
III. 1. a cash flow disadvantage 2. without recourse 3. negotiable instruments 4. promissory
notes 5. profit margin 6. at a discount, maturity, credit risk 7. A bill of exchange, A promissory
note
IV. 1. When a bill is dishonored by non-acceptance or by non-payment, the holder then has an
immediate right of recourse against the drawer and the endorsers.
2. If a bill of lading is made out to bearer, it can be legally transferred without endorsement.
3. The presenting bank should endeavor to ascertain the reasons non-payment or
non-acceptance and advise accordingly to the collecting bank.
4. Any charges and expenses incurred by banks in connection with any action for protection of
the goods will be for the account of the principal.
5. Anyone who has a current account at a bank can use a cheque.
Chapter Eight
Structure of the Foreign Exchange Market
外汇市场的构成
1. Key Terms
1)foreign exchange:
“Foreign exchange” refers to money denominated in the currency of another