国际金融中英文版答案

2023年12月9日发(作者：读书的快乐演讲稿)

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国际金融中英文版

Chapter 2:

Payments among Nations

Single-Choice Questions

1. A country’s balance of payments records: 一个国家的国际收支 平衡记录了 B

a. The value of all e*ports of goods and rvices from

that country for a period of time.

b. All flows of value between that country’s residents

and residents of the rest of the world during a period

of time. 在一定时间段里, 一个国家居民的资产和其它世界居民资产的流动

c. All flows of financial asts that cross that country’s

borders during a period of time.

d. All flows of goods into that country during a period of

time.

2. A credit item in the balance of payments is:在国际收支平衡里的贷项是A

a. An item for which the country must be paid. 一个国家必须收取的条款

b. An item for which the country must pay.

c. Any imported item.

d. An item that creates a monetary claim owed to a

foreigner.

3. Every international e*change of value is entered into the

balance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支２次 B

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a. 1

b. 2

c. 3

d. 4

4. A debit item in the balance of payments is: 在国际收支平衡中的借项是 B

a. An item for which the country must be paid.

b. An item for which the country must pay. 一个国家必须支付的条款

c. Any e*ported item.

d. An item that creates a monetary claim on a foreigner.

5. In a nation's balance of payments, which one of the

following items is always recorded as a positive entry" D

在国际收支中, 以下哪个工程总被视为有利条项

a. Changes in foreign currency rerves.

b. Imports of goods and rvices.

c. Military foreign aid supplied to allied nations.

d. Purchas by foreign travelers visiting the country.

国外游客在本国发生的购置

6. The sum of all of the debit items in the balance of

payments: 在收支平衡中,所有贷项的总和 B

a. Equals the overall balance.

b. Equals the sum of all credit items.等于所有借项的总和

c. Equals ‘pensating’ transactions.

d. Equals the sum of credit items minus errors and

omissions.

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7. Which of the following capital transactions are entered as

debits in the U.S. balance of payments"

以下哪个资本交易在美国的收支平衡中当作借项. B

a. A U.S. resident transfers $100 from his account at

Credit Suis in Bal (Switzerland) to his account at

a San Francisco branch of Wells Fargo Bank.

b. A French resident transfers $100 from his account at

Wells Fargo Bank in San Francisco to his Credit

Suis account in Bal. 一个法国居民在旧金山的Fargo Bank用其转帐１００美金到位于巴塞尔的瑞士信贷户口

c. A U.S. resident lls his IBM stock to a French

resident.

d. A U.S. resident lls his Credit Suis stock to a

French resident.

8. An increa in a nation's financial liabilities to foreign

residents is a: 一个国家对另一个国家金融负债的增加是一种C

a. Rerve inflow.

b. Rerve outflow.

c. Capital inflow.资本流入

d. Capital outflow.

9. ___A_______ are money-like asts that are held by

governments and that are recognized by governments as

fully acceptable for payments between them. 官方国际储藏资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.

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a. Official international rerve asts 官方国际储藏资产

b. Unofficial international rerve asts

c. Official domestic rerve asts

d. Unofficial domestic rerve asts

10. Which of the following is considered a capital

inflow"

以下哪项 被视为资本流入 A

a. A sale of U.S. financial asts to a foreign buyer. 美国一金融资产卖给一外国买家

b. A loan from a U.S. bank to a foreign borrower.

c. A purcha of foreign financial asts by a U.S.

buyer.

d. A U.S. citizen’s repayment of a loan from a foreign

bank.

11. In a country’s balance of payments, which of the

following transactions are

debits"一个国家的收支平衡表中,哪个交易属于借项. A

a. Domestic bank balances owned by foreigners are

decread. 外国人拥有的国银行资产的下降

b. Foreign bank balances owned by domestic residents

are decread.

c. Asts owned by domestic residents are sold to

nonresidents.

d. Securities are sold by domestic residents to

nonresidents.

12. The role of ___D_______ is to direct one nation’s

savings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资

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a. Merchandi trade flows

b. Services flows

c. Current account flows

d. Capital flows 资金流

13. The net value of flows of goods, rvices, ine, and

unilateral transfers is called the: 商品,效劳,收入和单方面转让等现金流的净收益叫经常账目〔户〕B

a. Capital account.

b. Current account.经常账目〔户〕

c. Trade balance.

d. Official rerve balance.

14. The net value of flows of financial asts and similar

claims (e*cluding official international rerve ast flows)

is called the: 金融资产和类似的资产〔官方国际储藏资产流除外〕的 净值流叫 A

a. Financial account.金融帐

b. Current account.

c. Trade balance.

d. Official rerve balance.

15. The financial account in the U.S. balance of payments

includes: 美国国家收支表中的金融帐包括： B

a. Everything in the current account.

b. U.S. government payments to other countries for the

u of military bas.美政府采用其它国家军事基地所需支付款项

c. Profits that Nissan of America nds back to Japan.

d. New U.S. investments in foreign countries.

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16. Ａ U.S. resident increasing her holdings of a foreign

financial ast caus a: 一个美国居民 增持一外国金融资产会引起D

a. Credit in the U.S. current account.

b. Debit in the U.S. current account.

c. Credit in the U.S. capital account.

d. Debit in the U.S. capital account. 美国资本帐的借帐

17. A foreign resident increasing her holdings of a U.S.

financial ast caus a: 一个美国居民增持本国一金融资产会引起 C

a. Credit in the U.S. current account.

b. Debit in the U.S. current account.

c. Credit in the U.S. capital account.美国资本帐的贷帐

d. Debit in the U.S. capital account.

18. A deficit in the current account: 经常中的赤字

A

a. Tends to cau a surplus in the financial account.会导致金融帐中的盈余

b. Tends to cau a deficit in the financial account.

c. Has no relationship to the financial account.

d. Is the result of increasing e*ports and decreasing

imports.

19. In September, 2005, e*ports of goods from the U.S.

decread $3.3 billion to $73.4 billion, and imports of

goods incread $3.8 billion to $144.5 billion. This

incread the deficit in:2005年8月,美国商品出口降低了33

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亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字.C

a. The balance of payments.

b. The financial account.

c. The current account. 经常

d. Unilateral transfers.

20. Which of the following would contribute to a U.S.

current account surplus" 以下哪项有助于美国现金帐的盈余. B

a. The United States makes a unilateral tariff reduction

on imported goods.

b. The United States cuts back on American military

personnel stationed in Japan.美国削减在日本的军事人员

c. U.S. tourists travel in large numbers to Asia.

d. Russian vodka bees increasingly popular in the

United States.

21. Which of the following transactions is recorded in the

financial account"以下哪个交易会被当作金融帐A

a. Ford motor pany builds a new plant in China 福特摩托公司在中国设立车间

b. A Chine businessman imports Ford automobiles

from the United States.

c. A U.S. tourist spends money on a trip to China.

d. The New York Yankees are paid $10 million by the

Chine to play an e*hibition game in Beijing, China.

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22. If a British business buys U.S. government curities,

how will this be entered in the balance of payments" 如果一英国商人购置了美国政府的债券,则这个交易在收支平衡表中会被当作是. C

a. It will appear in the trade account as an import.

b. It will appear in the trade account as an e*port.

c. It will appear in the financial account as an increa

in U.S. asts held by foreigners.会被当作是外国人所有的美国资产增长

d. It will appear in the financial account as a decrea in

U.S. asts held by foreigners.

23. In the balance of payments, the statistical discrepancy

or error term is ud to: 在收支平衡表中, 统计差异与错误工程会用来确保借帐总和跟贷帐总和一致 A

a. Ensure that the sum of all debits matches the sum of

all credits.

b. Ensure that imports equal the value of e*ports.

c. Obtain an accurate account of a

balance-of-payments deficit.

d. Obtain an accurate account of a

balance-of-payments surplus.

24. Official rerve asts are: 官方储藏资产 是

B

a. The gold holdings in the nation’s central bank.

b. Money like asts that are held by governments and

that are recognized by governments as fully

acceptable for payments between them. 官方国际储藏

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资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可

c. Government T-bills and T-bonds.

d. Government holdings of SDR’s

25. Which of the following constitutes the largest ponent of

the world’s international rerve asts" 以下哪项构成了世界国际储藏资产的大部份. D

a. Gold.

b. Special Drawing Rights.

c. IMF Rerve Positions.

d. Foreign Currencies. 外汇〔币〕

26. The net accumulation of foreign asts minus foreign

liabilities is: 海外净资产的积累减去外债等于C

a. Net official rerves.

b. Net domestic investment.

c. Net foreign investment. 国外投资净值

d. Net foreign deficit.

27. A country e*periencing a current account surplus:

一个国家经历经常的盈余 B

a. Needs to borrow internationally.

b. Is able to lend internationally.就有能力向外放贷

c. Must also have had a surplus in its "overall" balance.

d. Spent more than it earned on its merchandi and

rvice trade, international ine payments and

receipts and international transfers.

28. The ___C_______ measures the sum of the current

account balance plus the private capital account balance.

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官方结算差额是指经常余额的总和加上私人资本帐〔B=CA+FA,FA:为非官方投资和储藏〕

a. Official capital balance

b. Unofficial capital balance

c. Official ttlements balance官方结算差额

d. Unofficial ttlements balance

29. If the overall balance is in __A________, there is an

accumulation of official rerve asts by the country or a

decrea in foreign official rerve holdings of the

country's asts. 如果综合差额处于盈余，则会出现本国官方储藏资产的积累或者国外官方储藏的减少〔B=CA+FA,B+OR=0，OR:官方储藏金额〕

a. Surplus盈余

b. Deficit

c. Balance

d. Foreign hands

30. Which of the following is the current account balance

NOT equal to" 以下哪项不等同于现金帐 D

a. The difference between domestic product and

domestic e*penditure.

b. The difference between national saving and domestic

investment.

c. Net foreign investment.

d. The difference between government saving and

government investment. 政府储蓄与政府投资的差值

True/Fal Questions

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31. Capital inflows are debits and capital outflows are

credits. 资金流入是借项，资金外流是贷项

32. The net value of the flow of goods, rvices, ine, and

gifts is the current account balance.(T)

商品,效劳,收入和单方面转让等现金流的净收益叫经常账目余额

33. The net flow of financial asts and similar claims is

the private current account balance. 金融资产和类似的资产的 净值叫 经常帐目余额

34. The majority of countries' official rerves asts are

now foreign e*change asts, financial asts

denominated in a foreign currency that is readily

acceptable in international transactions. (T) 大部份官方储藏资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.

35. A country's financial account balance equals the

country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资

36. A country has a current account deficit if it is saving

more than it is investing domestically.

一个国家如果在国的储蓄比投资要大,则会出现经常账目赤字

37. The official ttlements balance measures the sum of

the capital account balance plus the public current

account balance. 官方结算差额是资金余额的总额加上公共经常余额

38. A nation's international investment position shows its

stock of international asts and liabilities at a moment in

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time. (T) 一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.

39. A nation is a borrower if its current account is in deficit

during a time period. (T)

在一段时间,如果一个国家的经常帐出现赤字,则它就是借方.

40. A nation is a debtor if its net stock of foreign asts is

positive. 如果一个国家的国外资产净储藏是正数,则它是借方〔债务方〕

41. A transaction leading to a foreign resident increasing

her holdings of a U.S. financial ast will be recorded as a

debit on the U.S. financial account. 如果一项交易引起一外国居民增持美国金融资产的股份,则这项交易在美国金融帐中会被当作借项

42. A credit item is an item for which a country must pay.

贷项是指一个国家必须还款的条项

43. Gold is a major rerve ast that is currently often

ud in official rerve transactions. 黄金作为主要的储藏资产,常被用在官方储藏交易当中.

44. The current account balance is equal to the difference

between domestic product and national e*penditure.(T) 经常工程余额等于国民生产与国民支出的差额

45. In 2007 U.S. houholds, business and government

were buying more goods and rvices than they were

producing.(T)２００７年,美国家庭,商业,政府购置的商品和效劳比他们生产〔商品和效劳〕的要多.

46。你是提供以下信息,一个国家的国际交易,在一个特定年份:

CA 余额:

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$346-354+480-348+153+142=$419；

官方结算余额:

$346-354+480-348+153+142+252-352+154=$473；

Change in official rerve asts (net) =官方结算余额=$473

. increasing the holding of official rerve asts.

Chapter 3:

The Foreign E*change Market

Single-Choice Questions

1. Foreign e*change is:D 外汇交易是

a. The act of trading different nations’ monies. 不用国家货币的交易

b. The holdings of foreign currency. 对不同货币的持有

c. The act of importing foreign goods and rvices.

d. Both (a) and (b) are correct.

2. If the price of British pounds in terms of U.S. dollars is

$1.80 per pound, then the price of U.S. dollars in terms

of British pounds is:B 如果英磅对美元的汇率是１比１.８,则美元对英磅的汇率是１比０.５５５

a. 1.80£ per dollar.

b. 0.555£ per dollar.

c. 0.90£ per dollar.

d. 3.60£ per dollar.

3. Suppo the e*change rate between the Japane yen

and the U.S. dollar is 100 yen per dollar. A Japane

stereo with a price of 60,000 yen will cost:B 假设日元对

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美元的汇率是１００比１,则一台日元为６００００的音响要花多少美元

a. $1,667

b. $600

c. $6,000

d. $100

4. Suppo that a Korean television t that costs 600 won

in Korea costs $400 in the United States. The prices

suggest that the e*change rate between the won and the

dollar is:A

a. 1.5 won per dollar 呢题太简单,不屑翻译…自己睇

b. 0.75 won per dollar

c. $1.50 per won

d. $3 per won

5. The ___D_______ e*change rate is the price for

"immediate〞 currency e*change. 即时汇率是指外汇的即时价格

a. Current

b. Forward

c. Future

d. Spot

6. The ___B_______ e*change rate is the price t now for an

e*change that will take place sometime in the future.远期汇率是指由协议双方预订的将来会发生的汇率

a. Current

b. Forward

c. Future spot

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d. Spot

7. The foreign e*change market is:C 外汇市场是指

a. A single gathering place where traders shout buy and

ll orders at each other.

b. Located in New York.

c. A grouping, by electronic means, of banks and

traders who work at banks that conduct foreign

e*change trades. 银行和交易者以电子方式集聚于一起进展外汇的买卖

d. Located in London.

8. ___D_______ foreign e*change trading involves currency

e*changes done between individuals and banks. 小额外汇交易〔散户外汇交易〕包含私人与银行间的外汇交易

a. Interbank

b. Consumer

c. Intra-bank

d. Retail

9. The U.S. dollar is called a ____A______ becau it is often

ud as an intermediary to acplish trading between two

other currencies. 美元被称为周转货币,因为经常被用来完成其它两种货币的交易

a. Vehicle currency 周转货币〔交易通货〕

b. Main currency

c. mon currency

d. Primary currency

10. Suppo that the e*change value of the British pound

is $2 per pound while the e*change value of the Swiss

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franc is 50 cents per franc. From this we can conclude

that the e*change rate between the pound and the

franc is:D 计算题,到时出中文题自己计啦…唔翻啦

a. 1 franc per pound

b. 2 francs per pound

c. 3 francs per pound

d. 4 francs per pound

11. Which of the following is NOT a function of the

interbank operations of the foreign e*change market" D以下哪一个不是外汇交易市场中银行间操作方式的一种.

a. Provides a bank with a continuous stream of

information on conditions in the foreign e*change

market.

b. Provides a bank the means to readjust its own

position quickly and at low cost.

c. Permits a bank to take on a position in a foreign

currency quickly.

d. Provides a bank with technological resources for u

in foreign e*change trading.提供技术资源给一间银行,用来进展外汇交易

12. Under the managed float system of e*change rates, a

fall in the market price of a currency is called:B 在管理浮动汇率制度下,一种货币价格的下降被称为

a. Devaluation.

b. Depreciation. 贬值

c. Appreciation.

d. Both (a) and (b).

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13. Interbank trading is conducted directly between

___A_______ or through the u of __________ that

provide anonymity until the trade is plete and reduce

arch costs. 银行间的交易是在交易者之间进展的或者通过经纪人提供操作直到交易完毕.

a. Traders; brokers

b. Brokers; traders

c. Individual consumers; the government

d. Individual consumers; brokers

14. A country’s demand for foreign currency is derived

from:A 一个国家对外汇的需求来自于〔表示外国货币需求增加，本国货币流出〕

a. International transactions entering the debit column

of its balance of payments accounts. 国际交易进入到其收款的借方栏里

b. International transactions entering the surplus

column of its balance of payments accounts.

c. The country’s demand for currency to finance

e*ports and capital inflows.

d. The country’s demand for currency to finance its

government’s pensating transactions.

15. U.S. e*ports of goods and rvices will create a

___B_______ foreign currency and a __________ U.S.

dollars. 美国商品与效劳的出口会创造出外汇的供给以及美元的需求

a. Demand for; supply of

b. Supply of; demand for

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c. Shortage of; demand for

d. Supply of; shortage of

16. U.S. imports of goods and rvices will create a

___A_______ foreign currency and a __________ U.S.

dollars. 美国商品与效劳的进口会创造出外汇的需求以及美元的供给

a. Demand for; supply of

b. Supply of; demand for

c. Shortage of; demand for

d. Supply of; shortage of

17. U.S. capital inflows will create a ____B______ foreign

currency and a __________ U.S. dollars. 美国资本流入会创造出外汇的供给和美元的需求

a. Demand for; supply of

b. Supply of; demand for

c. Shortage of; demand for

d. Supply of; shortage of

18. In a ____C______ e*change rate system there is no

intervention by the government or central bankers. 浮动汇率制度里, 政府与中央银行不得进展干预

a. Fi*ed

b. Pegged

c. Floating

d. Managed float

19. As the value of the yen falls relative to the U.S. dollar:C

如果日元对美元的汇率下降了,则对日元的需求会上升

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a. Japane goods bee more e*pensive to U.S.

consumers.

b. The supply of dollars will fall.

c. The demand for yen will ri.

d. U.S. goods bee less e*pensive to Japane

consumers.

20. The demand curve for foreign currency slopes

downward becau as the e*change rate ___A_______ the

quantity demanded __________. 外汇的需求曲线会下降是因为随着汇率的上升,需求量就下降

a. Increas; decreas

b. Increas; increas

c. Decreas; decreas

d. Decreas; stays fi*ed

21. Shifts in demand away from French products and

toward U.S. products (caud by forces other than

changes in the e*change rate) would result in e*tra

attempts to ___C_______ euros and __________ dollars. 如果法国商品的需求下降并转稳到美国商品身上〔由外力而是汇率引起〕，会引起欧元的额外卖与美元的购入

a. Buy; buy

b. Sell; ll

c. Sell; buy

d. Buy; ll

22. Other things equal, if American e*ports to Japan

increa and American imports from Japan decrea,

then under a floating e*change rate system, we would

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e*pect the dollar to:D 其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强。

a. Weaken against the Japane yen.

b. Depreciate against the Japane yen.

c. Devalue against the Japane yen.

d. Strengthen against the Japane yen.

23. A decrea in German residents' willingness to invest

in dollar-denominated asts will shift the demand

curve for: D 德国居民投资于美元计价资产的意欲下降的话，美元的需求将会下降。

a. Euros to the right.

b. Euros to the left.

c. Dollars to the right.

d. Dollars to the left.

24. In a _____A_____ e*change rate system the government

or central bankers intervene to keep the e*change rate

virtually steady. 在固定汇率制度下，政府或中央银行会尽力保持汇率的稳定。

a. Fi*ed

b. Market driven

c. Floating

d. Forward

Figure 17.1: The Market for British Pounds英磅市场

E*change Rate

$/£ 美元与英磅的汇率

-

S£

2.50

2.00

5 5.5

6

D£

£’s

(millions)

25. Referring to Figure 17.1, a downward movement along

the vertical a*is would correspond to a(n) ___C_______ of

the U.S. dollar. 在17.1这图可知，纵轴线的下降会引起美元的升值

a. Arbitraging.

b. Devaluation

c. Appreciation升值

d. Depreciation

26. Referring to Figure 17.1, at $2.50 per pound, there is

a(n) __D________. Under the system of fle*ible e*change

rates, this would cau __________ the ________ curve(s).在图中可得知，如果2.5美元换１英磅,则会有超过100万英磅的供给. 在弹性汇率制下,这个汇率会引起供求曲线的下降

〔6-5=1，本币供过于求，应卖出外币，买进本币〕

-

a. E*cess demand of 1 million pounds, leftward shift of,

demand

b. E*cess supply of 1 million pounds, rightward shift of,

supply

c. E*cess demand of 1 million pounds, downward

movement along, demand & supply

d. E*cess supply of 1 million pounds, downward

movement along, demand & supply

27. Referring to Figure 17.1, if the British government

wants to peg the e*change rate of the pound at $2.50 per

pound, what action would British monetary authorities

have to undertake"C 在图可得知，如果英政府想把英磅美元之间汇率控制在１比２.５的话,则英国货币当局会采取什么措施.

a. Sell 1 million pounds and buy 2.5 million dollars.

b. Buy 1 million pounds and ll 1 million dollars.

c. Buy 1 million pounds and ll 2.5 million dollars. 买一百万的英磅同时卖出二百五十万的美元

d. Buy 5.5 million pounds and ll 11 million dollars.

28. Referring to Figure 17.1, if the British pound is pegged

at $2.50 per pound the pound will be:A 在图可得知, 如果把英磅美元之间汇率控制在１比２.５的话,英磅会被估仁值过高

a. Overvalued.高估〔估值过高〕

b. Undervalued.

c. Devalued.

d. In equilibrium.

-

29. Referring to Figure 17.1, if the British pound is pegged

at $2.50 per pound who will this help"B 从图可得知,

如果如果把英磅美元之间汇率控制在１比２.５的话, 谁会得益.〔本币升值有利于进口，不利于出口〕

a. US importers.

b. British importers. 英国进口商

c. British e*porters.

d. British import-peting producers.

30. Referring to Figure 17.1, if the British pound is pegged

at $2.50 per pound and the government gives up the peg

and allows the pound to float, the pound will e*perience

a(n):D 从图可知, 如果把英磅美元之间汇率控制在１比２.５,随后政府放弃控制,则英磅会出现贬值

a. Revaluation.

b. Devaluation.

c. Appreciation.

d. Depreciation.贬值

31. Referring to Figure 17.1, if the U.S. Federal Rerve

was to conduct a contractionary monetary policy, the

______ curve would shift right and the pound would

__C________. 从图可知,如果美国联邦储藏采取紧缩政策,则需求曲线会上升,同时,英磅贬值 〔美元供给减少，必然会导致美元升值，英镑贬值〕

a. Supply, appreciate

b. Demand, depreciate

c. Supply, depreciate

d. Demand, appreciate

-

32. Which of the following best characterizes the current

U.S. e*change rate policy"C以下哪项最好地描绘出美国当今的汇率政策.

a. An adjustable pegged rate.

b. A crawling pegged rate.

c. A freely floating.自由浮动汇率

d. A fi*ed e*change rate.

33. Other things equal, if American e*ports to Japan

increa and American imports from Japan decrea,

then, under a floating e*change rate system, we would

e*pect the dollar to:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强

a. Weaken against the Japane yen.

b. Depreciate against the Japane yen.

c. Devalue against the Japane yen.

d. Strengthen against the Japane yen.

34. Which of the following groups is most likely to benefit

from a strengthening of the U.S. dollar against major

currencies" C 如果美元对其它主要货币的汇率走强的话,以下哪一群人会得益.

a.U.S. e*porters.

U.S. government.

c.U.S. consumers. 美国消费者

n consumers.

35. Under a fi*ed e*change rate system a fall in the market

price (the e*change rate value) of a currency is called a(n)

-

____B______ of that currency. 在固定汇率制下,一外币的汇率下降了,这叫作法定贬值

a. Revaluation

b. Devaluation

c. Appreciation

d. Depreciation

36. E*change rates are equalized in different locations due

to:A汇率在不同地方可以保持等同是因为套利

a. Arbitrage.套利〔套汇〕

b. Government intervention in foreign e*change

markets.

c. Free trade in goods and rvices.

d. The actions of importers and e*porters.

37. How could you profit if the e*change rate in London

was $2/£ while in New York the e*change rate was

$1.95 per pound"C 如果在伦敦的汇率是１英磅对２美元,而在纽约的汇率是１英磅对１.９５美元. 则怎样做才能赚钱.

a. Buy dollars in New York and ll them in London.

b. Buy pounds in London and ll them in New York.

c. Buy pounds in New York and ll them in London.

在纽约买英磅然后在伦敦卖

d. Buy dollars in London and ll pounds in New York.

38. The 2001-2007 rapid growth in global foreign e*change

trading can be e*plained by:B

０１-０７年间全球外汇交易的急速增长是因为大型机构投资者对中长期外国金融投资的增长

-

a. Large increas in short-term international currency

activities by hedge funds.

b. Increas in long-term foreign financial investments

by large institutional investors.

c. Increas in the U.S. long term government bond

yields.

d. Both (a) and (b)

True/Fal Questions

39. The greater part of the money asts traded in foreign

e*change markets are demand deposits in banks.(T) 大部份在外汇市场交易的现金资产都是活期存款.

40. Most foreign e*change trading is done among the

banks themlves in the retail part of the foreign

e*change market. 多数外汇交易都是在银行间的散户外汇市场完成交易的

41. The spot e*change rate is the price now for an e*change

that will take place sometime in the future. 即时汇率是指外币在未来一定时间的汇价.

42. French imports of goods and rvices will create a

demand for foreign currency and a supply of euros.(T)

法国对商品的进出口会创造出对外汇的需求和欧元的供给.

43. In the floating e*change rate system, government

officials must intervene in the e*change rate market to

keep the e*change rate from fluctuating.在浮动汇率制下,政府必须对外汇市场进展干预以保证汇率不出现浮动. 〔固定汇率〕

-

44. Assuming the Japane have a floating e*change rate,

an increa in Japane e*ports of goods and rvices

will tend to cau the value of the yen to appreciate.(T)在浮动汇率制下,日本商品出口的增长会造成日元的升值 〔本币贬值有利出口，不利于进口〕

45. To maintain an undervalued currency, monetary

authorities must intervene in the foreign e*change

market to buy its currency.如果要保持汇率偏低的货币,货币当局必须在外汇市场通过干预,购置这种货币

46. Triangular arbitrage will not cau the e*change rate

between two foreign currencies to equalize.三角套汇不会造成两种货币间汇率的均等〔均衡〕

47. From 2001 to 2007, global foreign e*change trading

more than doubled.(T)

会０１到０７年间,全球外汇交易增长了两倍多

48. The Maastricht Treaty t a process for establishing a

monetary union and a single union wide currency.(T)马斯特里赫特条约为建立货币同盟和统一联盟制定了一套固定程序.

49. Suppo $1 = 0.85 euros in New York, 1 euro = 150 yen

in Paris, and 1 yen = $0.008 in Tokyo.

a. If you begin by holding $1, how could you profit from

the e*change rates" What is your arbitrage profit per

dollar initially traded"

b. Identify the forces at work that will make the cross

e*change rates consistent in currency arbitrage. That is,

what forces will lead to a situation in which no profitable

-

arbitrage is possible"

Essay Questions

1. A retailer in Me*ico wants to buy $100,000 worth of Apple

puters from the United States. The Me*ican retailer has

pesos while the ller in the United States wants to be

paid in U.S. dollars. E*plain how this transaction is pleted

with particular emphasis on the foreign e*change market

and banks in the United States and Me*ico.

课本P33倒数第二段有具体阐述：

The Me*ican buyer has to ll pesos to get dollars to pay

the U.S. e*porter. The Me*ican firm contacts its bank and

requests a quotation of the e*change rate for lling pesos

and acquiring 100,000 dollars. If the rate is acceptable,

the Me*ican firm instructs its bank to take pesos from its

checking account, convert into 100,000 dollars and

transfer the dollars to the U.S. producer. The Me*ican

bank holds the dollar denominated deposits in the United

States, at its correspondent bank in New York. The

Me*ican bank instructs its correspondent bank in New

York to take dollars from its checking account and

transfer the dollars to the U.S. producer. This pletes the

international payment for puters.

2. Suppo $1 = 0.85 euros in New York, 1 euro = 150 yen in

Paris, and 1 yen = $0.008 in Tokyo.

a. If you begin by holding $1, how could you profit from

the e*change rates" What is your arbitrage profit per

dollar initially traded"

-

Identify the forces at work that will make the cross e*change

rates consistent in currency arbitrage. That is, what forces

will lead to a situation in which no profitable arbitrage is

possible

a:套利收益0.02

b:出现以下三种情况之一，都会导致无套利时机存在：巴黎汇率:147、纽约汇率0.83、东京汇率0.0078〔各减0.02〕

(以下为英文思路)：

a. Buy .85 euros, then buy 127.5 yen in Paris with .85

euros then convert 127.5 yen back to dollars which

makes 1.02 dollars yielding a profit of $.02.

b. The forces of demand and supply will ensure that there

is no arbitrage opportunity. For instance, this could

happen by depreciating the euro in Paris to about 1 euro

= 147 yen.

3. For each ca below, state whether the euro has

appreciated or depreciated and give an e*ample of an

event that could cau the change in the e*change rate.

a. The spot rate goes from 450 euros/Me*ican peso to

440 euros/Me*ican peso.

b. The spot rate goes from 0.011 Me*ican pesos/euro to

0.006 Me*ican 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.

.euro：a&d升值；b&c贬值

-

〔具体思路：The euro appreciates; there is an incread

demand for euros. 欧元升值;有需求持续增加欧元。

a. The euro depreciates; there is an incread supply of

euros. 欧元贬值;有供给的增多欧元。

b. The euro depreciates; there is an incread demand

for the British pound. 欧元贬值。英镑日益增长的需求。

c. The euro appreciates; there is a decread supply of

euros. 〕欧元升值;有一种减少供给的欧元。

Chapter 4:

Forward E*change and International Financial Investment远期外汇和国际金融投资

Single-Choice Questions

1. __A_______ a position e*pod to rate risk is the act of

reducing or eliminating a net ast or net liability position

in the foreign currency. 对利率风险作出的避险操作实际上是外汇上的一种减少、去除净资产或净负债的手法

a. Hedging

b. Speculating

c. Investing in

d. Buying

2. ___B______ is the act of taking a net ast position or a net

liability position in some ast class. 投机是一种在*些资产类别中取得净资产或者净负债的行为

a. Hedging

b. Speculating

c. Investing

d. Buying

-

3. A ____D______ e*change contract is an agreement to

e*change one currency for another on some date in the

future at a price t now.

远期外集合同是指交易双方在商议好的日期按照交易商定的汇率进展外汇交易。

a. Spot domestic

b. Forward domestic

c. Spot foreign

d. Forward foreign

4. ____C______ means mitting onelf to an uncertain future

value of one's net worth in terms of home currency. 投机是指致力于投资未来不确定的本国货币净值。

a. Selling

b. Hedging

c. Speculating

d. Importing

5. Assume you are a Chine e*porter and e*pect to receive

$250,000 at the end of 60 days. You can remove the risk

of loss due to a devaluation of the dollar by:A假设你是一个中国出口商，你期望在60天取得$250,000，你可以通过怎样的方法使美元贬值从而排除损失风险.

a. Selling dollars in the forward market for 60-day

delivery. 购置60天的远期外集合同通过期货市场卖出美元

b. Buying dollars now and lling it at the end of 60

days.

-

c. Selling the yuan equivalent in the forward market for

60-day delivery.

d. Keeping the dollars in the United States after they are

delivered to you.

6. Assume you are an American importer who must pay

500,000 euros at the end of 90 days when you receive

1,000 cas of French wine at your warehou in New

York. If you do not cover this transaction in the forward

market, you face a risk of loss if the euro:B 假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天付500,000欧元。如果你不在期货市场对这交易买保险的话，你可以因为欧元对美元的升值而蒙受损失

a. Depreciates against the dollar.

b. Appreciates against the dollar.

c. Either appreciates or depreciates against the dollar.

d. Is fi*ed.

7. Assume you are an American importer who must pay

500,000 euros at the end of 90 days when you receive

1,000 cas of French wine at your warehou in New

York. If you do not hedge this transaction, you face

e*change rate risk. The best way to remove the risk of loss

due to currency fluctuations is to:A假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天付500,000欧元。如果你不套头这项交易,你将会面临汇率变化的风险.最好的做法去排除货币浮动造成的风险是在交货期这６０天在期货市场买500,000欧元

-

a. Buy 500,000 euros in the forward market for delivery

in 60 days.

b. Buy 500,000 euros now, hold them for 60 days, and

then ll them at the current spot rate.

c. Sell 500,000 euros in the forward market for delivery

after 60 days.

d. Sell 500,000 euros now in the spot market.

8. An import-e*port business that finds itlf in a "short〞

foreign-currency position risks a financial loss if:C 如果国货币贬值的话,一个进出口商会因为处于一个外汇缺乏的景况而蒙受损失〔本币供过于求，导致本币贬值，此时必须买本币，卖外币来补抵外汇缺口，本币贬值不利于进口商品〕

a. E*ports fall.

b. Domestic currency appreciates.

c. Domestic currency depreciates.国货币贬值

d. Foreign currency depreciates.

9. In a ____C______ contract you can effectively lock in the

price at which you buy or ll a foreign currency at a t

date in the future. 在外汇期货合约中,你可以通过有效地锁定一个价格,在未来特定的时间里,买卖外币.

a. Securities spot

b. Securities futures

c. Currency futures

d. Spot foreign e*change

10. An investment e*pod to e*change rate risk is a(n)

__B________ international investment. 如果一项投资会面临汇率风险,则这是一项未保险的国际投资

-

a. Covered

b. Uncovered 未保险的

c. Hedged

d. Contracted

11. An investment is __A________ if it is fully hedged

against e*change rate risk. 如果一项投资对汇率风险作出了避险措施,则这项投资是被保险的

a. Covered

b. Uncovered

c. Speculative

d. Contracted

12. Which financial instrument provides a buyer the right

(but not the obligation) to purcha or ll a fi*ed amount

of currency at a prearranged price, within a few days to a

couple of years"B外币期权给买家一种权利〔不是义务〕,这种权利可以在几天甚至几年,通过预先定好的价格买卖一定数量的外币

a. Letter of credit.

b. Foreign currency option.外币期权

c. Currency swap.

d. Forward contract.

13. Concerning the covering of e*change market

risks—assuming that a

depreciation of the domestic

currency is feared, one can say that there is an incentive

for:B 关于外汇风险的保险问题, 假设一个国家的国货币将出现贬值,则这是进口商火速为未来需求买保险的诱因.(本币贬值将不利于进口商，有利于出口商)

-

a. E*porters to rush to cover their future needs.

b. Importers to rush to cover their future needs.

c. Both e*porters and importers to rush to cover their

future needs.

d. Neither e*porters nor importers to rush to cover their

future needs.

14. If Canadian speculators believed the euro was going to

appreciate against the U.S. dollar, they would: C 如果加拿大投资者深信欧元会对美元升值的话,他们会大量买入欧元

a. Purcha Canadian dollars.

b. Purcha U.S. dollars.

c. Purcha euros.

d. Sell euros.

15. If the spot price of the euro is $1.10 per euro and the

30-day forward rate is $1.00 per euro, and you believe

that the spot rate in 30 days will be $1.05 per euro, you

can ma*imize speculative gains by:C 如果欧元的即时汇率是１.１美元每欧元,同时３０天期货汇率是１美元１欧元,你相信即时汇率在３０天赊会变成１.０５美元每欧元,则你怎样做才能利益最大化.〔美元将会升值〕

a. Buying euros in the spot market and lling the euros

in 30 days at the future spot rate.

b. Signing a forward foreign e*change contract to ll

the euros in 30 days.

c. Signing a forward foreign e*change contract to ll

the dollars in 30 days.签订一远期外集合约以便在３０天卖出美元

-

d. Buying dollars in the spot market and lling the

dollars in 30 days at the future spot rate.

16. If an investor starts with dollars and wants to end up

with dollars in the future, which of the following is NOT an

investment choice that can be made"A如果一个投资者想以美元投资,最后也以美元收取利益,则以下哪一项投资不是明智的.

a. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy the

foreign currency. 用即时汇率卖出美元,用得到的收益投资于国外的金融工具,同时签订一份远期汇率合约用来买外币

b. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy dollars.

c. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and then buy dollars at the future spot rate.

d. Buy a dollar-denominated financial ast.

17. For an investor who starts with dollars and wants to

end up with dollars in the future, which of the following

choices is an e*ample of uncovered international

investment"C如果一个投资者想以美元投资,最后也以美元收取利益,,则以下哪个选项是一种未保险国际投资的例子.

a. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

-

and sign a forward e*change contract to buy the

foreign currency.

b. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy dollars.

c. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and then buy dollars at the future spot rate.用即时汇率卖出美元,然后用收益投资于外国金融工具,再用未来即时汇率买回美元

d. Buy a dollar-denominated financial ast.

18. For an investor who starts with dollars and wants to

end up with dollars in the future, which of the following

choices is an e*ample of hedging"B如果一个投资者想以美元投资,最后也以美元收取利益,以下哪个选项是一种套头交易.

a. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy the

foreign currency.

b. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy dollars.以即时汇率卖出美元,用收益投资于外国金融工具,再签订一份远期汇率合约用来买回美元

c. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and then buy dollars at the future spot rate.

-

d. Buy a dollar-denominated financial ast.

19. The proportionate difference between the current

forward e*change rate value of a currency and its current

spot value is the ___C_______ premium.一种货币的即时远期汇率值与即时交易值的不同在于远期升水〔f-e〕

a. Investment

b. Spot

c. Forward

d. Currency-option

20. The _____A_____ differential is appro*imately equal to

the forward premium on a currency plus the interest rate

differential.抵补套汇差异相当于一货币的远期升水加上利率差异 〔CD=F+I-If〕

a. Covered interest

b. Uncovered interest

c. Covered currency

d. Uncovered currency

21. ___A_______ arbitrage is buying a country's currency

spot and lling that country's currency forward, to make

a net profit from the bination of the difference in interest

rates between countries and the forward premium on the

country's currency.抵补套汇是指以即时价买一个国家的货币然后在远期卖出,这样就可以通过利率的差异和货币的远期升水赚取净收益

a. Covered interest 抵补套汇

b. Uncovered interest

c. Covered currency

-

d. Uncovered currency

22. Suppo the interest rate on 6-month treasury bills is

7 percent per year in the United Kingdom and 4 percent

per year in the United States. If today’s spot price of the

pound is $2.00 while the 6-month forward price of the

pound is $1.98, by investing in U.K. treasury bills rather

than U.S. treasury bills, and covering e*change rate risk,

U.S. investors earn an e*tra return for the 6 months of:A

a. 0.5 percent.

b. 1.5 percent.

c. 3 percent. 计算题,,唔翻啦

d. It is not possible to determine without additional

information.

23. Suppo the interest rate on 6-month treasury bills is

7 percent per year in the United Kingdom and 4 percent

per year in the United States, and today’s spot price of

the pound is $2.00 while the 6-month forward price of the

pound is $1.98. If the price of the 6-month forward pound

were to ____D________, U.S. investors would no longer

earn an e*tra return by shifting funds to the United

Kingdom. 同上

a. Ri to $1.99

b. Ri to $2.01

c. Fall to $1.96

d. Fall to $1.97

24. If the forward premium of the euro is positive, the

e*change market’s connsus appears to be that over

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the period of a forward contract, the spot rate of the euro

will:B 如果欧元的远期升水是正数,在远期外集合约中的远期升水也是正数的话,则欧元的即时汇率会升值 〔f>e:远期汇率大于即期汇率〕

a. Depreciate.

b. Appreciate.

c. Remain constant.

d. Fluctuate randomly.

25. If the covered interest differential is zero:C 如果抵补汇率差异为０,则外币投资的总回报等于相应的国货币投资回报,[CD=0，(1+Iuk)*f/e=1+I]

a. International investments will be unprofitable.

b. Parity has not been reached.

c. The overall covered return on a foreign-currency

investment equals the return on a parable

domestic-currency investment. 一

d. A currency is at a forward premium by as much as its

interest rate is higher than the interest rate in the

other country.

True/Fal Questions

26. Hedging a position e*pod to e*change rate risk is the

act of reducing or eliminating a net ast or net liability

position in the foreign currency.(T) 对利率风险作出的避险操作实际上是外汇上的一种减少、去除净资产或净负债的手法

27. Speculating in a position e*pod to e*change rate risk

is the act of reducing or eliminating a net ast or net

liability position in the foreign currency. 投机是对利率风险

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作出的避险操作实际上是外汇上的一种减少、去除净资产或净负债的手法

28. The profits and loss on a futures contract accrue to

you daily, as the contract is "marked to market〞 daily.(T)在未来合约中,得益与损失每天都会产生,因为未来合约本来就是一种每天结算的合约

29. Forward e*change contracts are ud for hedging but

not for speculating.远期汇率合约是用来避险,不是用来投资〔机〕的

30. In a currency swap two parties agree to e*change flows

of different bonds during a specified period of time. 在货币套换中,双方同意在一个约定的时间交接不同的债券

31. If a currency is at a forward premium by as much as

its interest rate is lower than the interest rate in the other

country, covered interest parity holds.(T)如果一货币的远期升水跟利率都比其它国家低,则套补利率平价持续(F,I都小于外国水平，抵补套汇机制将继续，CD=0，)

32. A country with an interest rate that is lower than the

corresponding rate in the domestic country will have a

forward premium on its currency.(T) 如果一个国家的利率比国折合利率低,则这个国家会出现出现货币的远期升水

33. Covered interest parity is rarely found to hold

empirically.利率平价很少会持续出现

34. If Canada and Britain have 90 day forward e*change

rate values for their currencies that are above their

current spot e*change rate values, then Canadian and

British interest rates are relatively high.如果加拿大与英国

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有９０天远期外汇利率值,这个外汇利率值高于其即时外汇利率值的话,则加拿大与英国的利息相比照拟高.〔f-e>0,因为，f-e=两国利率差>0,所以加拿大的利息比英国的利息低〕

35. Studies have shown that actual uncovered

differentials are random and on average equal to zero. 研究说明, 非抵补利差是随机的,并且平均值在０附近

Essay Questions

Suppo that the U.S. dollar-pound sterling spot e*change

rate equals $1.60/£, while the 360-day forward rate is

$1.64/£. The yield on a one-year U.S. Treasury bill is 9% and

on a one-year U.K. Treasury bill the yield is 8%. Calculate the

covered interest differential in favor of London. On the basis

of this result, which country would you e*pect to face capital

inflows and which to face capital outflows"36。

cd=0.017

(过程：cd=(1+8%)*1.64/1.60-(1+9%)=1.107-1.09=0.017)

Consider the ca of a U.S. investor holding dollars and

deciding whether to invest in Japane Treasury bills or in

U.S. Treasury bills. Assume that the investor wants to end up

holding dollars. What THREE methods are available to this

investor to turn prent dollars into future dollars" In your

answer prent an equation that shows the return per dollar

invested under each method. Which of the methods is the

riskiest and why"37岁。

三种方式：:(1+iJP)f/e, :(1+iJP)ee*/e

买美圆资产,获得收益1+ius

总结：第二种风险最大，原因在于no covering

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〔英文解释：

The three methods, each described by equation, per $1

invested, are:

1.) Covered international investment; covered return = (1

+ iJP) * (f / e)

2.) Uncovered international investment; e*pected

uncovered return = (1 + iJP) * (ee* / e)

3.) Invest directly in U.S. Treasury bills; domestic return =

(1 + iUS)

The riskiest is the cond option becau the investor is

e*pod to e*change rate risk and is not covered.〕

1. Suppo that the dollar-yen spot e*change rate is

$0.05/¥ and the 90-day forward e*change rate is $0.06/¥.

Assuming that covered interest parity holds, are Japane

interest rates higher or lower than U.S. interest rates"

E*plain why. 〔CD=0，F=Ius-Ijp,因为F=f-e=0.06-0.05=0.01>0,所以，Ius-Ijp>0, Ius>Ijp〕

美国利率大于日本。

〔英文解释：0 = (1 + iJP) * .06 / .05 - (1 + iUS)

(1 + iJP) * .06 / .05 = (1 + iUS)

.06 / .05 = (1 + iUS) / (1 + iJP) For this equation to hold,

the numerator has to be greater than the denominator, thus

the U.S. interest rates must be higher than Japan’s.这个方程的分子已经比分母,因此,美国的利率要高于日本〕

2. The current spot e*change rate is $1.14/Euro. The

current 90-day forward e*change rate is $1.11/Euro. How

could a U.S firm, who must repay a 40 million Euro loan

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in 90 days, u a forward e*change contract to hedge its

risk e*posure"〔美元90天后将升值，利用远期外集合同买进40*1.11=44.4美元，做套期保值，90天后卖出美元〕

利用远期欧元合同，锁定未来支付欧元需要的本钱44,4million

USD.〔英文解释：Enter into a forward contract to buy 40

million euros in 90 days. The forward rate is $1.11/euro,

therefore the pany must deliver $44.4 million in 90 days.

This way the pany has an ast position in euro through

the forward contract that covers its liability of the 40

million euro loan.

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