国际金融FinanceTestBank4Word文档下载推荐.docx
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SOLUTION:
（$0.73−$0.69）/$0.69=5.80%
PTS:
1
2.Ifacurrency'
sspotratemarketis____,itsexchangerateislikelytobe____toasinglelargepurchaseorsaletransaction.
liquid;
highlysensitive
illiquid;
insensitive
noneoftheabove.
CPTS:
3.____isnotafactorthatcausescurrencysupplyanddemandschedulestochange.
Relativeinflationrates
Relativeinterestrates
Relativeincomelevels
Expectations
e.
Alloftheabovearefactorsthatcausecurrencysupplyanddemandschedulestochange.
EPTS:
4.AlargeincreaseintheincomelevelinMexicoalongwithnogrowthintheU.S.incomelevelisnormallyexpectedtocause（assumingnochangeininterestratesorotherfactors）a（n）____inMexicandemandforU.S.goods,andtheMexicanpesoshould____.
increase;
appreciate
depreciate
decrease;
BPTS:
5.AnincreaseinU.S.interestratesrelativetoGermaninterestrateswouldlikely____theU.S.demandforeurosand____thesupplyofeurosforsale.
reduce;
increase
reduce
APTS:
6.InvestorsfromGermany,theUnitedStates,andtheU.K.frequentlyinvestineachotherbasedonprevailinginterestrates.IfBritishinterestratesincrease,Germaninvestorsarelikelytobuy____dollar-denominatedsecurities,andtheeuroislikelyto____relativetothedollar.
fewer;
more;
7.Whenthe"
real"
interestrateisrelativelylowinagivencountry,thenthecurrencyofthatcountryistypicallyexpectedtobe:
weak,sincethecountry'
squotedinterestratewouldbehighrelativetotheinflationrate.
strong,sincethecountry'
squotedinterestratewouldbelowrelativetotheinflationrate.
DPTS:
8.AssumethattheinflationratebecomesmuchhigherintheU.K.relativetotheU.S.Thiswillplace____pressureonthevalueoftheBritishpound.Also,assumethatinterestratesintheU.K.begintoriserelativetointerestratesintheU.S.Thechangeininterestrateswillplace____pressureonthevalueoftheBritishpound.
upward;
downward
upward
downward;
9.Ingeneral,whenspeculatingonexchangeratemovements,thespeculatorwillborrowthecurrencythatisexpectedtoappreciateandinvestinthecountrywhosecurrencyisexpectedtodepreciate.
a.True
b.False
FPTS:
10.BaylorBankbelievestheNewZealanddollarwillappreciateoverthenextfivedaysfrom$.48to$.50.Thefollowingannualinterestratesapply:
Currency
LendingRate
BorrowingRate
Dollars
7.10%
7.50%
NewZealanddollar（NZ$）
6.80%
7.25%
BaylorBankhasthecapacitytoborroweitherNZ$10millionor$5million.IfBaylorBank'
sforecastiscorrect,whatwillitsdollarprofitbefromspeculationoverthefive-dayperiod（assumingitdoesnotuseanyofitsexistingconsumerdepositstocapitalizeonitsexpectations）?
$521,325.
$500,520.
$104,262.
$413,419.
$208,044.
E
1.
Borrow$5million.
2.
ConverttoNZ$:
$5,000,000/$.48=NZ$10,416,667.
3.
InvesttheNZ$atanannualizedrateof6.80%overfivedays.
NZ$10,416,667⋅[1+6.80%（5/360）]
=NZ$10,426,505
4.
ConverttheNZ$backtodollars:
NZ$10,426,505⋅$.50=$5,213,252
5.
Repaythedollarsborrowed.Therepaymentamountis:
$5,000,000⋅[1+7.5%（5/360）]
=$5,000,000⋅[1.00104]
=$5,005,208
6.
Afterrepayingtheloan,theremainingdollarprofitis:
$5,213,252−$5,005,208=$208,044
11.AssumethefollowinginformationregardingU.S.andEuropeanannualizedinterestrates:
U.S.Dollar（$）
6.73%
7.20%
Euro（€）
7.28%
TrensorBankcanborroweither$20millionor€20million.Thecurrentspotrateoftheeurois$1.13.Furthermore,TrensorBankexpectsthespotrateoftheeurotobe$1.10in90days.WhatisTrensorBank'
sdollarprofitfromspeculatingifthespotrateoftheeuroisindeed$1.10in90days?
$579,845.
$583,800.
$588,200.
$584,245.
$980,245.
A
Borrow€20million.
Convertthe€20millionto€20,000,000⋅$1.13=$22,600,000.
Investthe$22,600,000atanannualizedrateof6.73%for90days.
$22,600,000⋅[1+6.73%（90/360）]
=$22,980,245
Determineeurosowed:
€20,000,000⋅[1+7.28%（90/360）]=€20,364,000.
Determinedollarsneededtorepayeuroloan:
€20,364,000⋅$1.10=$22,400,400.
Thedollarprofitis$22,980,245−$22,400,400=$579,845.
12.Theequilibriumexchangerateofpoundsis$1.70.Atanexchangerateof$1.72perpound:
U.S.demandforpoundswouldexceedthesupplyofpoundsforsaleandtherewouldbeashortageofpoundsintheforeignexchangemarket.
U.S.demandforpoundswouldbelessthanthesupplyofpoundsforsaleandtherewouldbeashortageofpoundsintheforeignexchangemarket.
U.S.demandforpoundswouldexceedthesupplyofpoundsforsaleandtherewouldbeasurplusofpoundsintheforeignexchangemarket.
U.S.demandforpoundswouldbelessthanthesupplyofpoundsforsaleandtherewouldbeasurplusofpoundsintheforeignexchangemarket.
U.S.demandforpoundswouldbeequaltothesupplyofpoundsforsaleandtherewouldbeashortageofpoundsintheforeignexchangemarket.
13.AssumethatSwissinvestorshavefrancsavailabletoinvestinsecurities,andtheyinitiallyviewU.S.andBritishinterestratesasequallyattractive.NowassumethatU.S.interestratesincreasewhileBritishinterestratesstaythesame.Thiswouldlikelycause:
theSwissdemandfordollarstodecreaseandthedollarwilldepreciateagainstthepound.
theSwissdemandfordollarstoincreaseandthedollarwilldepreciateagainsttheSwissfranc.
theSwissdemandfordollarstoincreaseandthedollarwillappreciateagainsttheSwissfranc.
theSwissdemandfordollarstodecreaseandthedollarwillappreciateagainstthepound.
14.Therealinterestrateadjuststhenominalinterestratefor:
exchangeratemovements.
incomegrowth.
inflation.
governmentcontrols.
noneoftheabove
15.IfU.S.inflationsuddenlyincreasedwhileEuropeaninflationstayedthesame,therewouldbe:
anincreasedU.S.demandforeurosandanincreasedsupplyofeurosforsale.
adecreasedU.S.demandforeurosandanincreasedsupplyofeurosforsale.
adecreasedU.S.demandforeurosandadecreasedsupplyofeurosforsale.
anincreasedU.S.demandforeurosandadecreasedsupplyofeurosforsale.
16.IfinflationinNewZealandsuddenlyincreasedwhileU.S.inflationstayedthesame,therewouldbe:
aninwardshiftinthedemandscheduleforNZ$andanoutwardshiftinthesupplyscheduleforNZ$.
anoutwardshiftinthedemandscheduleforNZ$andaninwardshiftinthesupplyscheduleforNZ$.
anoutwardshiftinthedemandscheduleforNZ$andanoutwardshiftinthesupplyscheduleforNZ$.
aninwardshiftinthedemandscheduleforNZ$andaninwardshiftinthesupplyscheduleforNZ$.
17.IftheU.S.andJapanengageinsubstantialfinancialflowsbutlittletrade,____directlyinfluencestheirexchangeratethemost.IftheU.S.andSwitzerlandengageinmuchtradebutlittlefinancialflows,____directlyinfluencestheirexchangeratethemost.
interestratedifferentials;
interestratedifferentials
inflationandinterestratedifferentials;
incomeandinterestratedifferentials;
inflationdifferentials
inflationandincomedifferentials
inflationandincomedifferentials;
18.IfinflationincreasessubstantiallyinAustraliawhileU.S.inflationremainsunchanged,thisisexpectedtoplace____pressureonthevalueoftheAustraliandollarwithrespecttotheU.S.dollar.
upward
downward
eitherupwardordownward（dependingonthedegreeoftheincreaseinAustralianinflation）
noneoftheabove;
therewillbenoimpact
19.AssumethatBritishcorporationsbegintopurchasemoresuppliesfromtheU.S.asaresultofseverallaborstrikesbyBritishsuppliers.Thisactionreflects:
anincreaseddemandforBritishpounds.
adecreaseinthedemandforBritishpounds.
anincreaseinthesupplyofBritishpoundsforsale.
adecreaseinthesupplyofBritishpoundsforsale.
20.Theexchangeratesofsmallercountriesareverystablebecausethemarketfortheircurrencyisveryliquid.
21.Thephrase"
thedollarwasmixedintrading"
meansthat:
t
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