國際金融(雙語)復習大綱

1、精選優(yōu)質文檔-傾情為你奉上（一）論述、簡答、計算題：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展開分析部分（見6題）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.一項基本的檢驗是考察由同一機構提供但以不同貨幣計值的金融資產(chǎn)；一種好的選擇是由大型銀行向其國際客戶提供一套歐洲貨幣存款。活躍于歐洲貨幣市場的銀行愿意接受以任何數(shù)種貨幣計值，而不只是以銀行所在國貨幣計值的支付；利息存款。各種不同的檢驗已證明，抵補的利率平價幾乎完全地適用于歐洲貨幣存款；例如歐洲美元和歐洲英鎊之差，等于英鎊的遠期升水一項更為嚴格的抵補的利率平價檢驗是由不同機構在不同國家金融市場發(fā)行的嚴格可比資產(chǎn)，該研究檢驗了美國

28、、日本和法國金融資產(chǎn)的抵補的利率差。大約從20世紀80年代中期起，抵補的利率平價對于這4種貨幣的可比短期資產(chǎn)來說成立12.Will the law of one price apply better to rare gems（寶石） 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 spo

31、t exchange 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 × （360÷30） = 8%2% = 0.005X=1.25625b 瑞士法郎利率到3%;瑞士法郎升值× （360÷30） = 8%3% =Ex=1.2510314. Explain the

32、 various aspects of PPP. Be sure 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的有三個層面的含義：1）一價定理：P = e · Pf2）絕對PPP：e = 3） 相對PPP：=B、絕對PPP和相對PPP的區(qū)別相對PPP通過一段時間來考察

33、；而絕對PPP只是根據(jù)當期的情況來考察的C、PPP的優(yōu)勢和劣勢對于一種大量交易的商品而言，PPP假說的預測是準確的對于所有的交易商品而言，PPP假說的預測僅是中度準備的對于整個經(jīng)濟中的全部產(chǎn)品而言，PPP假說的預測是最差的絕對購買力平價：在某一時點上匯率的決定，在某一時點上兩種貨幣貨幣間的均衡匯率實際上就等于兩國物價水平的比率相對購買力平價：說明一定時期內匯率的變動的原則，認為匯率的漲落是由于物價或貨幣購買了的變動而引起的，并主張，一定時期內匯率的變化應與同期兩國物價水平的相對變動成比例購買力評價的缺陷之處 它以貨幣數(shù)量論為前提，把價格與匯率的關系完全看作是單向的因果關系其中價格是因，匯率是果

34、，這也有?，F(xiàn)實。 價格指數(shù)的選擇亦無嚴格的標準，究竟應該以國內生產(chǎn)總值消脹指數(shù)、批發(fā)價格指數(shù)還是消費價格指數(shù)，很難從理論上提出科學的依據(jù)實際情況中難以滿足各國相同可貿易品權數(shù)相同評價： 購買力平價論由于抓住了貨幣內在的特性貨幣的購買力，即價格水平這一影響匯率的核心因素，并首次使理論匯率的確定得到了量化的尺度，比較直觀，因而長期以來一直深受學術界的推崇，占據(jù)主流地位，至今仍有極大影響。尤其是在嚴重的通貨膨脹時期，購買力平價論的可靠性更為突出。15. Exchange controls result in considerable costs to a country whose governme

35、nt imposes them. Describe these costs and the role that parallel markets play in economies with exchange controls.外匯管制旨在限制對外匯的過度私人需求（促使本幣貶值的壓力。）；在外匯管制中，一些人想得到外匯，并原因為此支付高于當前匯率的價格，但他們卻不能買到外匯，由于一些凈邊際損失，這會帶來整個國家的福利損失，此外，這些不能被滿足的需求者，還會轉向其它方法以得到外匯，他們可能會賄賂政府官員以得到稀缺的外匯，他們還可以逃避外匯管制，從非法外匯黑市得到外匯（一般以遠遠高于官方平價的價格

36、）。（二）名詞解釋：Chapter 02balance of payments：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 fa

37、ctor payments and net unilateral transfers 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

38、 debit of the same value. merchandise trade 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 l

39、iabilities, also known as net foreign investment. the overall balance：equals the sum of the current account balance + the private capital account balance.the official reserve asset balance（OR）：官方黃金和外匯資產(chǎn)的余額；其它與IMF相關的官方儲備的余額，以及被他國看作其官方資產(chǎn)的余額；稱之為官方資產(chǎn)余額the Errors and Omissions：is a suspicious item, calle

40、d statistical discrepancy.residents：include 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 stateme

41、nt of the stocks of a nations international 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 temporar

42、y deficits. the reserve position in the IMF：指的是一個國家加入基金組織時，所繳納的份額。按IMF規(guī)定，認繳份額的25%須以可兌換貨幣繳納，其余75%用本國貨幣繳納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, a

43、nd is used as an international reserve asset.Chapter 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 cl

44、aims on nonresidents in terms of foreign currencies.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)

45、.forward exchange：the price set now for an exchange (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 tra

46、des with their customers and also with each other.a 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

47、 vehicle currency.SWIFT (Society for Worldwide Interbank 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 i

48、nternationally 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 exchange r

49、ate：Official strive to keep the exchange rate virtually fixed ( or pegged ) even if the rate they choose differs from the current equilibrium rate.the depreciation(the appreciation)：Under the floating-rate system a fall in the market price (the exchange rate value) of a currency is called a deprecia

50、tion of that currency; a rise is an appreciation.the devaluation(the revaluation)：We refer to a discrete official reduction (rising) in the otherwise fixed par value of a currency as a devaluation (revaluation).arbitrage：The process of buying and selling to make a (nearly) riskless pure profit, ensu

51、res that rates in different locations are essentially the same, and that rates and cross-rates are related and consistent among themselves. biangular arbitrage：Buy currencies where they are cheap and simultaneously sell them where they are expensive.triangular arbitrage：There is an opportunity to ma

52、ke riskless profit by arbitraging through the three rates.basic rates：Basic rates represent the dollar price of various foreign currenciescross rates：the cross-rates are the rates between foreign currencies.Chapter 04exchange rate risk：the possibility of loss or gain of foreign exchange (currencies)

53、 assets (or liabilities) held by persons because of changes of exchange ernational financial investment：investment on foreign-currency ernational investment with cover：if the rate at which the future sale of foreign currency will occur is locked in now through a forward exchange c

54、ontract, we ernational investment without cover： involves investing in a financial asset denominated in a foreign currency without hedging or covering the future proceeds of the investment back into ones own currency.hedging：Hedging a position exposed to rate risk is the act of reducing or e

55、liminating a net asset or net liability position in the foreign currency.hedgers： are persons who have a home currency and seek a balance between their liabilities and assets in foreign currencies.speculating：Speculating is the act of taking a net asset position (“l(fā)ong”) or a net liability position

56、(“short”) in the foreign currency, thereby gambling on its future exchange value.speculators：A speculator is anybody who is willing to take a net position in a foreign currency, whatever his motives or expectations about the future of the exchange rate.the forward premium：F = (f e)/e If F is positiv

57、e, the pound is at a forward premium because it gains value between buying current spot pounds and selling current forward pounds.the forward discount：If F is negative, the pound is at a forward discount because it loses.covered interest arbitrage：It is buying a countrys currency spot and selling that countrys currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on that countrys currency.uncovered interest arbitrage：covered interest parity：The condition Covered Interest Differential (CD) = 0 is referre