英文版国际金融试题和答案.doc

英文版国际金融试题和答案.doc

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PartⅠ.Decidewhethereachofthefollowingstatementsistrueorfalse（10%）每题1分，答错不扣分

1.Ifperfectmarketsexisted,resourceswouldbemoremobileandcouldthereforebetransferredtothosecountriesmorewillingtopayahighpriceforthem.（T）

2.Theforwardcontractcanhedgefuturereceivablesorpayablesinforeigncurrenciestoinsulatethefirmagainstexchangeraterisk.（T）

3.Theprimaryobjectiveofthemultinationalcorporationisstillthesameprimaryobjectiveofanyfirm,i.e.,tomaximizeshareholderwealth.（T）

4.Alowinflationratetendstoincreaseimportsanddecreaseexports,therebydecreasingthecurrentaccountdeficit,otherthingsequal.（F）

5.Acapitalaccountdeficitreflectsanetsaleofthehomecurrencyinexchangeforothercurrencies.Thisplacesupwardpressureonthathomecurrency’svalue.（F）

6.Thetheoryofcomparativeadvantageimpliesthatcountriesshouldspecializeinproduction,therebyrelyingonothercountriesforsomeproducts.（T）

7.Coveredinterestarbitrageisplausiblewhentheforwardpremiumreflecttheinterestratedifferentialbetweentwocountriesspecifiedbytheinterestrateparityformula. （F）

8．Thetotalimpactoftransactionexposureisontheoverallvalueofthefirm.（F）

9.Aputoptionisanoptiontosell-bythebuyeroftheoption-astatednumberofunitsoftheunderlyinginstrumentataspecifiedpriceperunitduringaspecifiedperiod.（T）

10.Futuresmustbemarked-to-market.Optionsarenot.（T）

PartⅡ:

Cloze（20%）每题2分，答错不扣分

1.Ifinflationinaforeigncountrydiffersfrominflationinthehomecountry,theexchangeratewilladjusttomaintainequal（purchasingpower）

2.Speculatorswhoexpectacurrencyto（appreciate）couldpurchasecurrencyfuturescontractsforthatcurrency. 

3.Coveredinterestarbitrageinvolvestheshortterminvestmentinaforeigncurrencythatiscoveredbya（forwardcontract）tosellthatcurrencywhentheinvestmentmatures. 

4.（Appreciation/Revalue）ofRMBreducesinflowssincetheforeigndemandforourgoodsisreducedandforeigncompetitionisincreased.

5.（PPP）suggestsarelationshipbetweentheinflationdifferentialoftwocountriesandthepercentagechangeinthespotexchangerateovertime. 

6.IFEisbasedonnominalinterestrate（differentials）,whichareinfluencedbyexpectedinflation.

7.Transactionexposureisasubsetofeconomicexposure.Economicexposureincludesanyformbywhichthefirm’s（value）willbeaffected. 

8.Theoptionwriterisobligatedtobuytheunderlyingcommodityatastatedpriceifa（putoption）isexercised

9.Therearethreetypesoflong-terminternationalbonds.TheyareGlobalbonds,（eurobonds）and（foreignbonds）.

10.Anygoodsecondarymarketforfinanceinstrumentsmusthaveanefficientclearingsystem.MostEurobondsareclearedthrougheither（Euroclear）orCedel.

PartⅢ:

QuestionsandCalculations（60%）过程正确结果计算错误扣2分

1.Assumethefollowinginformation:

ABank  BBank

BidpriceofCanadiandollar $0.802 $0.796

AskpriceofCanadiandollar $0.808 $0.800

Giventhisinformation,islocationalarbitragepossible?

 Ifso,explainthestepsinvolvedinlocationalarbitrage,andcomputetheprofitfromthisarbitrageifyouhad$1,000,000touse.（5%）

ANSWER:

Yes!

 OnecouldpurchaseNewZealanddollarsatYBankfor$.80andsellthemtoXBankfor$.802. With$1millionavailable,1.25millionNewZealanddollarscouldbepurchasedatYBank. TheseNewZealanddollarscouldthenbesoldtoXBankfor$1,002,500,therebygeneratingaprofitof$2,500.

2.AssumethatthespotexchangerateoftheBritishpoundis$1.90. HowwillthisspotrateadjustintwoyearsiftheUnitedKingdomexperiencesaninflationrateof7percentperyearwhiletheUnitedStatesexperiencesaninflationrateof2percentperyear?

（10%）

ANSWER:

AccordingtoPPP,forwardrate/spot=indexdom/indexfor

theexchangerateofthepoundwilldepreciateby4.7percent.Therefore,thespotratewouldadjustto$1.90×[1+（–.047）]=$1.8107

3.AssumethatthespotexchangerateoftheSingaporedollaris$0.70. Theoneyearinterestrateis11percentintheUnitedStatesand7percentinSingapore. WhatwillthespotratebeinoneyearaccordingtotheIFE?

 （5%）

ANSWER:

accordingtotheIFE,St+1/St=（1+Rh）/（1+Rf）

$.70×（1+.04）=$0.728

4.AssumethatXYZCo.hasnetreceivablesof100,000Singaporedollarsin90days. ThespotrateoftheS$is$0.50,andtheSingaporeinterestrateis2%over90days. SuggesthowtheU.S.firmcouldimplementamoneymarkethedge. Beprecise.（10%）

ANSWER:

ThefirmcouldborrowtheamountofSingaporedollarssothatthe100,000Singaporedollarstob