國際金融(雙語)復(fù)習(xí)大綱

PAGEPAGE5（一）論述、簡答、計(jì)算題：1、WhatisthecurrentaccountbalanceofFrancewhentheFrenchbudgetsurplusis348millionEuros,privatesavingis256millionEuros,domesticcapitalformationis134millionEuros?解答：Nationalsaving=privatesaving+governmentsaving=256+348=604millionCurrentaccountbalance=nationalsaving–domesticrealinvestment=604-134=470million附：Currentaccountbalance(CA)=netforeigninvestment(If)Nationalsaving(S)=domesticrealinvestment(Id)+netforeigninvestment(If)If=CA=S-Id,CA=Y(domesticproductionofgoodsandservices)-E(totalexpendituresongoodsandservices)2、WhichofthefollowingtransactionscouldcontributetoaBritishcurrentaccountsurplus?ExplainwhyaFrenchfirmsellsdefenseequipmenttotheBritishgovernmentfor250millionpoundsinbankdepositsbGreatBritainmakesagiftof$500milliontotheIraqigovernmenttoaidinreconstruction.cTheUnitedStatesborrows200millionpoundsonashort-termbasisfromtheBritishgovernmenttobuy200millionpoundsintextilesfromGreatBritain.C：merchandiseexports——currentaccountsurplusA：merchandiseimports——currentaccountdeficitB：unilateraltransfer——currentaccountdeficit3、Youareprovidedwiththefollowinginformationaboutacountry’sinternationaltransactionsduringagivenyear:Serviceexports $346Serviceimports $354Merchandiseexports $480Merchandiseimports $348Incomeflows,net $153Unilateraltransfers,net $142Increaseinthecountry’sholdingofforeignassets,net (excludingofficialreservesassets) $352Increaseinforeignholdingsofthecountry’sassets,net (excludingofficialreserveassets) $252Statisticaldiscrepancy,net $154Calculatetheofficialsettlementsbalanceandthecurrentaccountbalance.Isthecountryincreasingordecreasingitsnetholdingsofofficialreserveassets?Why?A:Currentaccountbalance=netcredits–netdebitson(theflowofgoods,services,incomeandunilateraltransfer)=（346—354）+（480—348）+153—142=135Financialaccountbalance=foreignholdingsofthecountry’sassets–thecountry’sholdingofforeignassets=—352+252=—100So,officialsettlementbalance(B)=CAbalance+financialaccountbalance=135—100=35B:Currentaccountbalance=132—8+153—142=135B=CA+FA=135+（—100）=35B+OR+Statisticaldiscrepancy=0OR=—189IncreaseinnetholdingsofofficialreserveassetDebit(-)Credit(+)BalanceGoods348480132Services354346-8Income153Unilateraltransfer142-142Privatecapitalflows352252-100OR189-189Statisticaldiscrepancy1544、Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro.A:indirectquotation,euroappreciatedB:directquotation,eurodepreciatedC:indirectquotation,eurodepreciatedD:directquotation,euroappreciated5、Whatarethetwoformsofinterbankforeignexchangetrading?Compareandcontrasthesimilaritiesanddifferencesofthetwoforms.Form1InterbanktradingisconducteddirectlybetweenthetradersatdifferentbanksForm2InterbanktradingareconductedthroughforeignexchangebrokerSimilarities:Botharemakingtheforeignexchangetrades.Differences:=1\*GB3①Form1,thetradersknowtowhomtheyarequotingexchangeratesforpossible。Form2,theuseofbrokersprovideanonymitytothetradersuntilanexchangerateisagreedonforatrade.=2\*GB3②Form2,theuseofbrokerscanalsoallowthebanktoeconomizeonthecostsofsearchingforthebestavailableexchangerates,becausethebroker’sbusinessistoknowtheratesatwhichvariousbanksarewillingtotrade.Brokersearncommissionfortheirservices.對(duì)于整個(gè)經(jīng)濟(jì)中的全部產(chǎn)品而言，PPP假說的預(yù)測是最差的絕對(duì)購買力平價(jià)：在某一時(shí)點(diǎn)上匯率的決定，在某一時(shí)點(diǎn)上兩種貨幣貨幣間的均衡匯率實(shí)際上就等于兩國物價(jià)水平的比率相對(duì)購買力平價(jià)：說明一定時(shí)期內(nèi)匯率的變動(dòng)的原則，認(rèn)為匯率的漲落是由于物價(jià)或貨幣購買了的變動(dòng)而引起的，并主張，一定時(shí)期內(nèi)匯率的變化應(yīng)與同期兩國物價(jià)水平的相對(duì)變動(dòng)成比例購買力評(píng)價(jià)的缺陷之處它以貨幣數(shù)量論為前提，把價(jià)格與匯率的關(guān)系完全看作是單向的因果關(guān)系其中價(jià)格是因，匯率是果，這也有?，F(xiàn)實(shí)。價(jià)格指數(shù)的選擇亦無嚴(yán)格的標(biāo)準(zhǔn)，究竟應(yīng)該以國內(nèi)生產(chǎn)總值消脹指數(shù)、批發(fā)價(jià)格指數(shù)還是消費(fèi)價(jià)格指數(shù)，很難從理論上提出科學(xué)的依據(jù)實(shí)際情況中難以滿足各國相同可貿(mào)易品權(quán)數(shù)相同評(píng)價(jià)：購買力平價(jià)論由于抓住了貨幣內(nèi)在的特性──貨幣的購買力，即價(jià)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(xué)術(shù)界的推崇，占據(jù)主流地位，至今仍有極大影響。尤其是在嚴(yán)重的通貨膨脹時(shí)期，購買力平價(jià)論的可靠性更為突出。15.Exchangecontrolsresultinconsiderablecoststoacountrywhosegovernmentimposesthem.Describethesecostsandtherolethatparallelmarketsplayineconomieswithexchangecontrols.外匯管制旨在限制對(duì)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?yàn)榇酥Ц陡哂诋?dāng)前匯率的價(jià)格，但他們卻不能買到外匯，由于一些凈邊際損失，這會(huì)帶來整個(gè)國家的福利損失，此外，這些不能被滿足的需求者，還會(huì)轉(zhuǎn)向其它方法以得到外匯，他們可能會(huì)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(yuǎn)遠(yuǎn)高于官方平價(jià)的價(jià)格）。（二）名詞解釋：Chapter02balanceofpayments：Thesetofaccountsrecordingallflowsofvaluebetweenanation’sresidentsandtheresidentsoftherestoftheworldduringaperiodoftime.thecurrentaccount：Recordsthevaluesofgoodsandservicessoldandpurchasedabroad,+netinterestandotherfactorpaymentsandnetunilateraltransfersandgifts.thecapitalaccount：consistsofcapitaltransferandthebuyingandsellingofnonproductiveassetsandnon-financialassets.thedouble-entrybookkeeping：Anyexchangeautomaticallyentersthebalance-of-paymentaccountstwice:asacreditandasadebitofthesamevalue.merchandisetradebalance：equalsthenetcredits-debits,onmerchandiseflows.currentaccountbalance：equalsthenetcredits-debitsontheflowsofgoods,services,income,andunilateraltransfers.Italsoequalsthechangeinthenation’sforeignassetsminusforeignliabilities,alsoknownasnetforeigninvestment.theoverallbalance：equalsthesumofthecurrentaccountbalance+theprivatecapitalaccountbalance.theofficialreserveassetbalance（OR）：官方黃金和外匯資產(chǎn)的余額；其它與IMF相關(guān)的官方儲(chǔ)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theErrorsandOmissions：isasuspiciousitem,calledstatisticaldiscrepancy.residents：includeallitsgovernmentalbodies(excludingcentralbanks)andthoseindividualsandorganizationsthatresidepermanently(usuallymorethanayear)andhavetheireconomic“centerofinterest”inthecountry.theinternationalinvestmentposition:isastatementofthestocksofanation’sinternationalassetsandforeignliabilitiesatapointintime,usuallytheendofayear.theIMF：TheIMFwassetupwithcontributionsofgoldandforeignexchangefrommembergovernments.Itgrantsallmembercountriestherighttoborrowreservestofinancetemporarydeficits.thereservepositionintheIMF：指的是一個(gè)國家加入基金組織時(shí)，所繳納的份額。按IMF規(guī)定，認(rèn)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：（SpecialDrawingRight）isanartificial"basket"currencyusedbytheIMFforinternalaccountingpurposes.TheSDRisalsousedbysomecountriesasapegfortheirowncurrency,andisusedasaninternationalreserveasset.Chapter03foreignexchange：Definitioninbroadsense:holdingsofforeigncurrencies:(1)foreigncurrencies;(2)paymentinstrumentsdenominatedinforeigncurrencies,likedemandbankdeposits;(3)securitiesintermsofforeigncurrencies;(4)otherclaimsonnonresidentsintermsofforeigncurrencies.Definitioninnarrowsense:themeanswhichisusedininternationalsettlement.exchangerate：thepriceofonenation’smoneyintermsofanothernation’smoney.spotexchangerate：Thespotexchangerateisthepricefor“immediate”exchange(delivery).forwardexchange：thepricesetnowforanexchange(delivery)thatwilltakeplacesometimeinthefutureintangiblemarket：banksandtraderswhoworkatbanksareatthecenteroftheforeignexchangemarket.Thesebanksandtheirtradersusecomputersandtelephonestoconductforeignexchangetradeswiththeircustomersandalsowitheachother.avehiclecurrency：Oneforeigncurrencyisexchangedfordollars,andthesedollarsarethenexchangedfortheotherforeigncurrency.Thedollarisoftenusedinthiswaytoaccomplishtradingbetweentwoothercurrencies,andthedollariscalledavehiclecurrency.SWIFT(SocietyforWorldwideInterbankFinancialTelecommunications)：whichisusedtotransmitinstructionsfromonememberbanktoanotherCHIPS(ClearingHouseInternationalPaymentsSystem)：Thissystemclearsdollartransfersamongitsmemberbanks,whichincludealllargeandinternationallyactivebanks.floatingexchangerate：Itistheexchangeratesystemwithoutinterventionbygovernmentsorcentralbankers.theequilibriumexchangerate：(market-clearingrate)meansnotendencyforchange.Itisattheintersectionpointofthesupplyanddemandcurves.fixedexchangerate：Officialstrivetokeeptheexchangeratevirtuallyfixed(orpegged)eveniftheratetheychoosediffersfromthecurrentequilibriumrate.thedepreciation(theappreciation)：Underthefloating-ratesystemafallinthemarketprice(theexchangeratevalue)ofacurrencyiscalledadepreciationofthatcurrency;ariseisanappreciation.thedevaluation(therevaluation)：Werefertoadiscreteofficialreduction(rising)intheotherwisefixedparvalueofacurrencyasadevaluation(revaluation).arbitrage：Theprocessofbuyingandsellingtomakea(nearly)risklesspureprofit,ensuresthatratesindifferentlocationsareessentiallythesame,andthatratesandcross-ratesarerelatedandconsistentamongthemselves.biangulararbitrage：Buycurrencieswheretheyarecheapandsimultaneouslysellthemwheretheyareexpensive.triangulararbitrage：Thereisanopportunitytomakerisklessprofitbyarbitragingthroughthethreerates.basicrates：Basicratesrepresentthedollarpriceofvariousforeigncurrenciescrossrates：thecross-ratesaretheratesbetweenforeigncurrencies. Chapter04exchangeraterisk：thepossibilityoflossorgainofforeignexchange(currencies)assets(orliabilities)heldbypersonsbecauseofchangesofexchangeernationalfinancialinvestment：investmentonforeign-currencyernationalinvestmentwithcover：iftherateatwhichthefuturesaleofforeigncurrencywilloccurislockedinnowthroughaforwardexchangecontract,wehave~.internationalinvestmentwithoutcover：involvesinvestinginafinancialassetdenominatedinaforeigncurrencywithouthedgingorcoveringthefutureproceedsoftheinvestmentbackintoone’sowncurrency.hedging：Hedgingapositionexposedtorateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.hedgers：arepersonswhohaveahomecurrencyandseekabalancebetweentheirliabilitiesandassetsinforeigncurrencies.speculating：Speculatingistheactoftakinganetassetposition(“l(fā)ong”)oranetliabilityposition(“short”)intheforeigncurrency,therebygamblingonitsfutureexchangevalue.speculators：Aspeculatorisanybodywhoiswillingtotakeanetpositioninaforeigncurrency,whateverhismotivesorexpectationsaboutthefutureoftheexchangerate.theforwardpremium：F=(f–e)/eIfFispositive,thepoundisataforwardpremiumbecauseitgainsvaluebetweenbuyingcurrentspotpoundsandsellingcurrentforwardpounds.theforwarddiscount：IfFisnegative,thepoundisataforwarddiscountbecauseitloses.coveredinterestarbitrage：Itisbuyingacountry’scurrencyspotandsellingthatcountry’scurrencyforward,tomakeanetprofitfromthecombinationofthedifferenceininterestratesbetweencountriesandtheforwardpremiumonthatcountry’scurrency.uncoveredinterestarbitrage：coveredinterestparity：TheconditionCoveredInterestDifferential(CD)=0isreferredascoveredinterestparity.uncoveredinterestparity：TheconditionExpectedUncoverInterestDifferential(EUD)=0iscalledtheuncoveredinterestparity.Thisparityisalsocalledthe“internationalFishereffect,” Chapter05PPP：Theprinciplethatunitofcurrencywillpurchasethesamebasketofgoodsanywhereintheworldthelawofoneprice：Aproductthatiseasilyandfreelytradedinaperfectlycompetitiveglobalmarketshouldhavethesamepriceeverywhere,oncethepricesatdifferentplacesareexpressedinthesamecurrency.Pi=e·Pi*.Itworkswellforheavilytradedcommodities(gold,metal,crudeoil,agriculturalcommodities)eitheratapointintimeorforexchangesovertime.absolutePPP：Positsthatabasketorbundleoftradableproductswillhavethesamecostindifferentcountriesifthecostisstatedinthesamecurrency.relativePPP：Positsthatthedifferencebetweenchangesovertimeinproduct-pricelevelsintwocountrieswillbeoffsetbythechangeintheexchangerateoverthistime.overshooting：Investorscanreactrationallytonewsbydrivingtheexchangeratepastwhattheyknowtobeitsultimatelongrunequilibriumvalue.Theactualexchangeratethenmovesslowlybacktothatlong-runratelateron.Thatis,theshortruntheactualexchangerateovershootsitslong-runvalueandthenrevertsbacktowardit.bandwagoneffects：Someinvestors,especiallyforexpectationsregardingthenear-termfuture(thenextminutes,hours,days,orweeks),mayexpectthattherecenttrendintheexchangeratewillcontinue.Theyextrapolatetherecenttrendintothefuture.nominalbilateralexchangerate：istheregularmarketratebetweentwocurrencies.nominaleffectiveexchangerate：isaweightedaverageofthemarketratesacrossanumberofforeigncurrencies.realbilateralexchangerate：incorporatesboththemarketexchangerateandtheproductpricelevelsfortwocountries.realeffectiveexchangerate：isaweightedaverageofrealbilateralexchangeratesacrossanumberofforeigncountries. Chapter06convertiblecurrency：thecurrencyisfullyconvertibleintoforeigncurrencyforalluses,forbothtradeingoodsandservicesandinternationalfinancialactivities.exchangecontrol：thegovernmentplacessomerestrictionsontheconversationofthedomesticcurrencyintoforeigncurrencyorviceversa.acleanfloat：Thefloatofexchangeratewhichgoeswhereprivatesupplyanddemanddriveitiscalledacleanfloat.adirtyfloat(amanagedfloat)：Thefloatofexchangeratewhichisgenerallyfloatingbutwithofficialinterventioniscalledamanagedfloat(ifyouarean