国际金融配套习题Lecture 2Word格式文档下载.docx

国际金融配套习题Lecture 2Word格式文档下载.docx

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alloftheabove

2. 

Corporationstodayareoperatinginanenvironmentinwhichexchangeratechangesmayadverselyaffecttheircompetitivepositionsinthemarketplace.Thissituation,inturn,makesitnecessaryformanyfirmsto 

carefullymanagetheirexchangeriskexposure.

carefullymeasuretheirexchangeriskexposure.

botha）andb）

3. 

Theinternationalmonetarysystemwentthroughseveraldistinctstagesofevolution.Thesestagesaresummarized,inalphabeticorder,asfollows:

（i）-Bimetallism

（ii）-BrettonWoodssystem

（iii）-Classicalgoldstandard

（iv）-Flexibleexchangerateregime

（v）-Interwarperiod

Thechronologicalorderthattheyactuallyoccurredis:

（iii）,（i）,（iv）,（ii）,and（v）

（i）,（iii）,（v）,（ii）,and（iv）

（vi）,（i）,（iii）,（ii）,and（v）

（v）,（ii）,（i）,（iii）,and（iv）

4. 

IntheUnitedStates,bimetallismwasadoptedbytheCoinageActof1792andremainedalegalstandarduntil1873, 

whenCongressdroppedthesilverdollarfromthelistofcoinstobeminted.

whenCongressdroppedthetwenty-dollargoldpiecefromthelistofcoinstobeminted.

whengoldfromtheCaliforniagoldrushdrovesilveroutofcirculation.

whengoldfromtheCaliforniagoldrushdrovegoldoutofcirculation.

5. 

Themonetarysystemofbimetallismisunstable.Duetothefluctuationofthecommercialvalueofthemetals, 

themetalwithacommercialvaluelowerthanthecurrencyvaluetendstobeusedasmetalandiswithdrawnfromcirculationasmoney（Gresham'

sLaw）.

themetalwithacommercialvaluehigherthanthecurrencyvaluetendstobeusedasmoney（Gresham'

themetalwithacommercialvaluehigherthanthecurrencyvaluetendstobeusedasmetalandiswithdrawnfromcirculationasmoney（Gresham'

noneoftheabove

6. 

Inthe1850stheFrenchfrancwasvaluedbybothgoldandsilver,undertheofficialFrenchratiowhichequatedagoldfranctoasilverfranc15½

timesasheavy.Atthesametime,thegoldfromnewlydiscoveredminesinCaliforniapouredintothemarket,depressingthevalueofgold.Asaresult, 

thefranceffectivelybecameasilvercurrency.

thefranceffectivelybecameagoldcurrency.

silverbecameovervaluedundertheFrenchofficialratio.

answersa）andc）arecorrect

7. 

Gresham'

sLawstatesthat 

badmoneydrivesgoodmoneyoutofcirculation.

goodmoneydrivesbadmoneyoutofcirculation.

ifacountrybasesitscurrencyonbothgoldandsilver,atanofficialexchangerate,itwillbethemorevaluableofthetwometalsthatcirculate.

noneoftheabove.

8. 

Supposethatthepoundispeggedtogoldat£

20perounceandthedollarispeggedtogoldat$35perounce.Thisimpliesanexchangerateof$1.75perpound.Ifthecurrentmarketexchangerateis$1.80perpound,howwouldyoutakeadvantageofthissituation?

Hint:

assumethatyouhave$350availableforinvestment. 

Startwith$350.Buy10ouncesofgoldwithdollarsat$35perounce.Convertthegoldto£

200at£

20perounce.Exchangethe£

200fordollarsatthecurrentrateof$1.80perpoundtoget$360.

Startwith$350.Exchangethedollarsforpoundsatthecurrentrateof$1.80perpound.Buygoldwithpoundsat£

20perounce.Convertthegoldtodollarsat$35perounce.

a）andb）bothwork

Noneoftheabove

9. 

20perounceandthedollarispeggedtogoldat$35perounce.Thisimpliesanexchangerateof$1.75perpound.Ifthecurrentmarketexchangerateis$1.60perpound,howwouldyoutakeadvantageofthissituation?

Startwith$350.Exchangethedollarsforpoundsatthecurrentrateof$1.60perpound.Buygoldwithpoundsat£

10. 

SupposethattheUnitedStatesisonabimetallicstandardat$30tooneounceofgoldand$2foroneounceofsilver.Ifnewsilverminesopenandfloodthemarketwithsilver, 

onlythesilvercurrencywillcirculate.

onlythegoldcurrencywillcirculate.

nochangewilltakeplacesincecitizenscouldexchangetheirgoldcurrencyforsilvercurrencyatanytime.

11. 

Supposethatyourcountryofficiallydefinesgoldastentimesmorevaluablethansilver（i.e.thecentralbankstandsreadytoredeemthecurrencyingoldandsilverandtheofficialpriceofgoldistentimestheofficialpriceofsilver）.Ifthemarketpriceofgoldisonlyeighttimesasmuchassilver. 

Thecentralbankcouldgobrokeifenougharbitrageursattempttotakeadvantageofthepricingdisparity.

Thecentralbankwillmakemoneysincetheyareoverpricinggold.

12. 

Priortothe1870s,bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchangeratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.Supposethatthedollarwaspeggedtogoldat$30perounce,theFrenchfrancispeggedtogoldat90francsperounceandtosilverat9francsperounceofsilver,andtheGermanmarkpeggedtosilverat1markperounceofsilver.WhatwouldtheexchangeratebetweentheU.S.dollarandGermanmarkbeunderthissystem?

1Germanmark=$2

1Germanmark=$0.50

1Germanmark=$3

1Germanmark=$1

13. 

Priortothe1870s,bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchangeratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.Supposethatthedollarwaspeggedtogoldat$30perounce,theFrenchfrancispeggedtogoldat90francsperounceandtosilverat6francsperounceofsilver,andtheGermanmarkpeggedtosilverat1markperounceofsilver.WhatwouldtheexchangeratebetweentheU.S.dollarandGermanmarkbeunderthissystem?

14. 

SupposethatcountryAandcountryBarebothonabimetallicstandard.IncountryAtheratiois15toone（i.e.anounceofgoldisworth15timesasmuchasanounceofsilverinthatcurrency）,whileincountryBtheratioistentoone.IfthefreeflowofcapitalisallowedbetweencountriesAandBisthisasustainableframework?

Yes

No

Thereisnotenoughinformationtomakeaninformeddetermination.

15. 

Supposethatbothgoldandsilverareusedasinternationalmeansofpaymentandtheexchangeratesamongcurrenciesaredeterminedbyeithertheirgoldorsilvercontents.Supposethatthedollarwaspeggedtogoldat$20perounce,theJapaneseyenispeggedtogoldat120,000yenperounceandtosilverat8,000yenperounceofsilver,andtheAustraliandollarispeggedtosilverat$5perounceofsilver.WhatwouldtheexchangeratebetweentheU.S.dollarandAustraliandollarbeunderthissystem?

$1U.S.=$1Australian

$1U.S.=$2Australian

$1U.S.=$3Australian

16. 

TheUnitedStatesadoptedthegoldstandardin 

1776.

1879.

1864.

1973.

17. 

Thegoldstandardstillhasardentsupporterswhobelievethatitprovides 

aneffectivehedgeagainstpriceinflation.

fixedexchangeratesbetweenallcurrencies.

monetarypolicyautonomy.

18. 

Onepotentialdrawbackofthegoldstandardisthat 

theworldeconomycanbesubjecttodeflationarypressureduetothelimitedsupplyofmonetarygold.

theworldeconomycanbesubjecttoinflationarypressurewithoutchangesinthesupplyofmonetarygold.

goldisscarce.

19. 

Thefirstfull-fledgedgoldstandard 

wasnotestablisheduntil1821inGreatBritain,whennotesfromtheBankofEnglandweremadefullyredeemableforgold.

wasnotestablisheduntil1780intheUnitedStates,whennotesfromtheContinentalArmyweremadefullyredeemableforgold.

wasestablishedin986duringtheHandynastyinChina.

20. 

An"

international"

goldstandardcanbesaidtoexistwhen 

goldaloneisassuredofunrestrictedcoinage.

thereistwo-wayconvertibilitybetweengoldandnationalcurrenciesatstableratios.

goldmaybefreelyexportedorimported.

21. 

Underagoldstandard,ifBritainexportedmoretoFrancethanFranceexportedtoGreatBritain, 

suchinternationalimbalancesofpaymentwillbecorrectedautomatically.

thistypeofimbalancewillnotbeabletopersistindefinitely.

netexportfromBritainwillbeaccompaniedbyanetflowofgoldintheoppositedirection.

22. 

SupposethatBritainpegsthepoundtogoldatsixpoundsperounce,whereastheexchangeratebetweenpoundsandU.S.dollarsis$5=£

1.WhatshouldanounceofgoldbeworthinU.S.dollars?

$29.40

$30.00

$0.83

$1.20

23. 

Duringtheperiodoftheclassicalgoldstandard（1875-1914）therewere 

highlyvolatileexchangerates.

volatileexchangerates.

moderatelyvolatileexchangerates.

stableexchangerates.

E. 

noexchangerates.

24. 

Themajorityofcountriesgotoffgoldin1914when 

theAmericanCivilWarended.

WorldWarIbrokeout.

C