国际金融(双语)复习大纲设计(共22页).doc

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1、精选优质文档-倾情为你奉上（一）论述、简答、计算题：1、What is the current account balance of France when the French budget surplus is 348 million Euros, private saving is 256 million Euros, domestic capital formation is 134 million Euros?解答：National saving = private saving + government saving = 256+348=604 millionCurrent acc

2、ount balance = national saving domestic real investment = 604-134=470 million附：Current account balance(CA)=net foreign investment(If)National saving(S)=domestic real investment(Id)+net foreign investment(If)If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total expenditures on goods an

3、d services)2、Which of the following transactions could contribute to a British current account surplus? Explain whya French firm sells defense equipment to the British government for 250 million pounds in bank depositsb Great Britain makes a gift of $500 million to the Iraqi government to aid in rec

4、onstruction.c The United States borrows 200 million pounds on a short-term basis from the British government to buy 200 million pounds in textiles from Great Britain.C：merchandise exportscurrent account surplusA：merchandise importscurrent account deficitB：unilateral transfercurrent account deficit3、

5、You are provided with the following information about a countrys international transactions during a given year:Service exports $346Service imports $354Merchandise exports$480Merchandise imports$348Income flows, net$153Unilateral transfers, net$142Increase in the countrys holding of foreign assets,

6、net(excluding official reserves assets)$352Increase in foreign holdings of the countrys assets, net(excluding official reserve assets)$252Statistical discrepancy, net$154a. Calculate the official settlements balance and the current account balance.b. Is the country increasing or decreasing its net h

7、oldings of official reserve assets? Why?A: Current account balance=net credits net debits on(the flow of goods ,services ,income and unilateral transfer)=（346354）+（480348）+153142 = 135Financial account balance= foreign holdings of the countrys assets the countrys holding of foreign assets =352 + 252

8、 = 100So, official settlement balance(B)=CA balance + financial account balance= 135 100=35B: Current account balance = 1328+153142=135B = CA + FA = 135 + （100） = 35 B + OR + Statistical discrepancy = 0OR = 189 Increase in net holdings of official reserve assetDebit(-)Credit(+)BalanceGoods348480132S

9、ervices354346-8Income153Unilateral transfer142-142Private capital flows352252-100OR189-189Statistical discrepancy1544、For each case below, state whether the euro has appreciated or depreciated and give an example of an event that could cause the change in the exchange rate.a. The spot rate goes from

10、 450 euros/Mexican peso to 440 euros/Mexican peso.b. The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.c. The spot rate goes from 1.48 euros/British pound to 1.51 euros/British pound.d. The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.A: indirec

11、t quotation, euro appreciatedB: direct quotation, euro depreciatedC: indirect quotation, euro depreciatedD: direct quotation, euro appreciated5、What are the two forms of interbank foreign exchange trading? Compare and contrast he similarities and differences of the two forms.Form 1 Interbank trading

12、 is conducted directly between the traders at different banksForm 2 Interbank trading are conducted through foreign exchange brokerSimilarities: Both are making the foreign exchange trades.Differences: Form1,the traders know to whom they are quoting exchange rates for possible。Form2,the use of broke

13、rs provide anonymity to the traders until an exchange rate is agreed on for a trade.Form2,the use of brokers can also allow the bank to economize on the costs of searching for the best available exchange rates, because the brokers business is to know the rates at which various banks are willing to t

14、rade. Brokers earn commission for their services.6.The spot exchange rate between the dollar and the Japanese yen is a floating rate. What effects will the following events have on the exchange rate? In each case, draw a graph to illustrate the changes in the foreign exchange market caused by the ev

15、ent.a. Political unrest in Japan causes U.S. investors to shift their investments out of Japan.b. There is a large increase in Japanese demand for U.S. investments because Japanese investors believe that the U.S. economy is experiencing strong growth.c. There is an increase in demand in the U.S. for

16、 Japanese exports as Japan becomes a low-cost producer of electronic devices.A: Selling Japanese to dollars increase in supply of Japanese yen shift the supply curve reduces the exchange rate value (/yen) of Japanese yen so in a floating-rate system shift the supply curve for yen to right and the de

17、mand curve remains unchanged the dollar appreciatesExchange rate(/yen)SSDyenB: Increase in supply of Japanese yen, because Japanese need to sell yens to get U.S. dollars in the foreign exchange market and then use those dollars to make investment in the US其余同part AC: Demand for Japanese yen increase

18、, because in most case, ten Japanese exports desire to be paid in yens but the U.S. importer desires to pay in dollars , so somewhere in the payment process dollars must be exchanged for yens Exchange rate(/yen)SDDyen7、Assume that the spot exchange rate between the dollar and the Japanese yen is a f

19、ixed rate within a narrow band around an announced rate. Assume that each of the following scenarios will shift the intersection of private supply and demand outside the band. What policy interventions are necessary by the monetary authorities in order to maintain the fixed rate?a. Political unrest

20、in Japan causes U.S. investors to shift their investments out of Japan.b. There is a large increase in Japanese demand for U.S. investments because Japanese investors believe that the U.S. economy is experiencing strong growth.c. There is an increase in demand in the U.S. for Japanese exports as Jap

21、an becomes a low-cost producer of electronic devices.a、b U.S. government must intervene in the foreign exchange market by selling U.S. dollars and buying Japanese yenc U.S. government must intervene in the foreign exchange market by selling Japanese yen and buying U.S. dollars展开分析部分（见6题）8、What is tr

22、iangular arbitrage? Assume you have 100 U.S. dollars. Explain how you can make a profit using triangular arbitrage with the following exchange rates:U.S. dollars per Euro=1.0Euros per British pound =6.0British pound per U.S. dollar =3.20triangular arbitrage：There is an opportunity to make riskless p

23、rofit by arbitraging through the three rates.Step 1 exchange 100 dollars for 320 pounds (100*3.2) Step 2 exchange 320 pounds for 1920 euros (320*6)Step 3 exchange 1920 euros for dollars (1920*1)THEN, the net profit = 1920 100 = 1820 dollars9、The current spot exchange rate is $1.14/Euro. The current

24、90-day forward exchange rate is $1.11/Euro. How could a U.S firm, who must repay a 40 million Euro loan in 90 days, use a forward exchange contract to hedge its risk exposure?One way to hedge its risk exposure is to enter into a forward contrast to buy 40 million Euro in 90-days. If the 90-day curre

25、nt forward exchange rate is 1.11/Euro , then the company must deliver 44.4 million in 90 days10、You are asked to test if the forward exchange rate is equal to the average market expectation of the future spot exchange rate. What information will you need to prove/disprove this statement?Prove：（Forwa

26、rd exchange rate = future spot exchange rate）We hypothesize that speculators pressure on supply and demand should drive the forward exchange rate to equal the average expected value of the future spot exchange rate11.Covered interest parity states that the forward premium should be equal to the diff

27、erence in interest rates. Does the empirical evidence support this statement? Explain.一项基本的检验是考察由同一机构提供但以不同货币计值的金融资产；一种好的选择是由大型银行向其国际客户提供一套欧洲货币存款。活跃于欧洲货币市场的银行愿意接受以任何数种货币计值，而不只是以银行所在国货币计值的支付；利息存款。各种不同的检验已证明，抵补的利率平价几乎完全地适用于欧洲货币存款；例如欧洲美元和欧洲英镑之差，等于英镑的远期升水一项更为严格的抵补的利率平价检验是由不同机构在不同国家金融市场发行的严格可比资产，该研究检验了美国

28、、日本和法国金融资产的抵补的利率差。大约从20世纪80年代中期起，抵补的利率平价对于这4种货币的可比短期资产来说成立12.Will the law of one price apply better to rare gems（宝石） or to computers? Explain.The law of one price apply better to Rare Gems. The transactions of rare gems are more convenient, so any price discrimination will lead to arbitrage activiti

29、es, which will drive the price of rare gems in the same currency value to be equal. People couldnt arbitrage the price discrimination of computers, so the price cannot be equal. If the price discrimination continues to exist, the discrimination would exist all the time, in the computer market, there

30、 is no power to drive it to be equal. P = e Pf13.You observe the following current rates:Spot exchange rate: $1.25/SFrAnnual interest rate on 30-day U.S.-dollar-denominated bonds: 8%Annual interest rate on 30-day SFr-denominated bonds: 2%a. Does uncovered interest parity hold? If so, what spot excha

31、nge rate do investors expect in 30 days?b. What is likely to be the effect on the spot exchange rate if the interest rate on the 30-day SFr-denominated bond increases by 3%?c.a （36030） = 8%2% = 0.005X=1.25625b 瑞士法郎利率到3%;瑞士法郎升值 （36030） = 8%3% =Ex=1.2510314. Explain the various aspects of PPP. Be sure

32、 to explain the differences between absolute and relative purchasing power. Explain the strengths and weaknesses of PPP. How well has PPP done in predicting actual exchange rates?A、PPP的有三个层面的含义：1）一价定理：P = e Pf2）绝对PPP：e = 3） 相对PPP：=B、绝对PPP和相对PPP的区别相对PPP通过一段时间来考察；而绝对PPP只是根据当期的情况来考察的C、PPP的优势和劣势对于一种大量交易

33、的商品而言，PPP假说的预测是准确的对于所有的交易商品而言，PPP假说的预测仅是中度准备的对于整个经济中的全部产品而言，PPP假说的预测是最差的绝对购买力平价：在某一时点上汇率的决定，在某一时点上两种货币货币间的均衡汇率实际上就等于两国物价水平的比率相对购买力平价：说明一定时期内汇率的变动的原则，认为汇率的涨落是由于物价或货币购买了的变动而引起的，并主张，一定时期内汇率的变化应与同期两国物价水平的相对变动成比例购买力评价的缺陷之处 它以货币数量论为前提，把价格与汇率的关系完全看作是单向的因果关系其中价格是因，汇率是果，这也有悖现实。 价格指数的选择亦无严格的标准，究竟应该以国内生产总值消胀指数

34、、批发价格指数还是消费价格指数，很难从理论上提出科学的依据实际情况中难以满足各国相同可贸易品权数相同评价： 购买力平价论由于抓住了货币内在的特性货币的购买力，即价格水平这一影响汇率的核心因素，并首次使理论汇率的确定得到了量化的尺度，比较直观，因而长期以来一直深受学术界的推崇，占据主流地位，至今仍有极大影响。尤其是在严重的通货膨胀时期，购买力平价论的可靠性更为突出。15. Exchange controls result in considerable costs to a country whose government imposes them. Describe these costs a

35、nd the role that parallel markets play in economies with exchange controls.外汇管制旨在限制对外汇的过度私人需求（促使本币贬值的压力。）；在外汇管制中，一些人想得到外汇，并原因为此支付高于当前汇率的价格，但他们却不能买到外汇，由于一些净边际损失，这会带来整个国家的福利损失，此外，这些不能被满足的需求者，还会转向其它方法以得到外汇，他们可能会贿赂政府官员以得到稀缺的外汇，他们还可以逃避外汇管制，从非法外汇黑市得到外汇（一般以远远高于官方平价的价格）。（二）名词解释：Chapter 02balance of payments

36、：The set of accounts recording all flows of value between a nations residents and the residents of the rest of the world during a period of time.the current account： Records the values of goods and services sold and purchased abroad, + net interest and other factor payments and net unilateral transf

37、ers and gifts.the capital account：consists of capital transfer and the buying and selling of nonproductive assets and non-financial assets.the double-entry bookkeeping：Any exchange automatically enters the balance-of-payment accounts twice: as a credit and as a debit of the same value. merchandise t

38、rade balance：equals the net credits - debits, on merchandise flows.current account balance：equals the net credits - debits on the flows of goods, services, income, and unilateral transfers. It also equals the change in the nations foreign assets minus foreign liabilities, also known as net foreign i

39、nvestment. the overall balance：equals the sum of the current account balance + the private capital account balance.the official reserve asset balance（OR）：官方黄金和外汇资产的余额；其它与IMF相关的官方储备的余额，以及被他国看作其官方资产的余额；称之为官方资产余额the Errors and Omissions：is a suspicious item, called statistical discrepancy.residents：inc

40、lude all its governmental bodies (excluding central banks) and those individuals and organizations that reside permanently (usually more than a year) and have their economic “center of interest” in the country.the international investment position: is a statement of the stocks of a nations internati

41、onal assets and foreign liabilities at a point in time, usually the end of a year.the IMF：The IMF was set up with contributions of gold and foreign exchange from member governments. It grants all member countries the right to borrow reserves to finance temporary deficits. the reserve position in the

42、 IMF：指的是一个国家加入基金组织时，所缴纳的份额。按IMF规定，认缴份额的25%须以可兑换货币缴纳，其余75%用本国货币缴纳SDRs：（Special Drawing Right） is an artificial basket currency used by the IMF for internal accounting purposes. The SDR is also used by some countries as a peg for their own currency, and is used as an international reserve asset.Chapte

43、r 03foreign exchange：Definition in broad sense: holdings of foreign currencies: (1) foreign currencies; (2) payment instruments denominated in foreign currencies, like demand bank deposits; (3) securities in terms of foreign currencies; (4) other claims on nonresidents in terms of foreign currencies

44、.Definition in narrow sense: the means which is used in international settlement.exchange rate：the price of one nations money in terms of another nations money.spot exchange rate：The spot exchange rate is the price for “immediate” exchange(delivery).forward exchange：the price set now for an exchange

45、 (delivery) that will take place sometime in the futureintangible market：banks and traders who work at banks are at the center of the foreign exchange market. These banks and their traders use computers and telephones to conduct foreign exchange trades with their customers and also with each other.a

46、 vehicle currency：One foreign currency is exchanged for dollars, and these dollars are then exchanged for the other foreign currency. The dollar is often used in this way to accomplish trading between two other currencies, and the dollar is called a vehicle currency.SWIFT (Society for Worldwide Inte

47、rbank Financial Telecommunications)： which is used to transmit instructions from one member bank to anotherCHIPS (Clearing House International Payments System)：This system clears dollar transfers among its member banks, which include all large and internationally active banks.floating exchange rate：It is the exchange rate system without intervention by governments or central bankers.the equilibrium exchange rate：(market-clearing rate) means no tendency for change. It is at the intersection point of the supply and demand curves.fixed excha