国际金融双语复习大纲设计.docx
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国际金融双语复习大纲设计
(一)论述、简答、计算题:
1、WhatisthecurrentaccountbalanceofFrancewhentheFrenchbudgetsurplusis348
millionEuros,privatesavingis256millionEuros,domesticcapitalformationis134million
Euros?
解答:
Nationalsaving=privatesaving+governmentsaving=256+348=604million
Currentaccountbalance=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?
Explainwhy
aFrenchfirmsellsdefenseequipmenttotheBritishgovernmentfor250millionpoundsinbankdeposits
bGreatBritainmakesagiftof$500milliontotheIraqigovernmenttoaidinreconstruction.
cTheUnitedStatesborrows200millionpoundsonashort-termbasisfromtheBritishgovernmenttobuy200millionpoundsintextilesfromGreatBritain.
C:
merchandiseexports——currentaccountsurplus
A:
merchandiseimports——currentaccountdeficit
B:
unilateraltransfer——currentaccountdeficit
3、Youareprovidedwiththefollowinginformationaboutacountry’sinternationaltransactions
duringagivenyear:
Serviceexports$346
Serviceimports$354
Merchandiseexports$480
Merchandiseimports$348
Incomeflows,net$153
Unilateraltransfers,net$142
Increaseinthecountry’sholdingofforeignassets,net
(excludingofficialreservesassets)$352
Increaseinforeignholdingsofthecountry’sassets,net
(excludingofficialreserveassets)$252
Statisticaldiscrepancy,net$154
a.Calculatetheofficialsettlementsbalanceandthecurrentaccountbalance.
b.Isthecountryincreasingordecreasingitsnetholdingsofofficialreserveassets?
Why?
A:
Currentaccountbalance=netcredits–netdebitson(theflowofgoods,services,incomeandunilateraltransfer)=(346—354)+(480—348)+153—142=135
Financialaccountbalance=foreignholdingsofthecountry’sassets–thecountry’sholdingofforeignassets=—352+252=—100
So,officialsettlementbalance(B)=CAbalance+financialaccountbalance=135—100=35
B:
Currentaccountbalance=132—8+153—142=135
B=CA+FA=135+(—100)=35
B+OR+Statisticaldiscrepancy=0
OR=—189
Increaseinnetholdingsofofficialreserveasset
Debit
(-)
Credit
(+)
Balance
Goods
348
480
132
Services
354
346
-8
Income
153
Unilateraltransfer
142
-142
Privatecapitalflows
352
252
-100
OR
189
-189
Statisticaldiscrepancy
154
4、Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.
a.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.
b.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.
c.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.
d.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro.
A:
indirectquotation,euroappreciated
B:
directquotation,eurodepreciated
C:
indirectquotation,eurodepreciated
D:
directquotation,euroappreciated
5、Whatarethetwoformsofinterbankforeignexchangetrading?
Compareandcontrast
hesimilaritiesanddifferencesofthetwoforms.
Form1Interbanktradingisconducteddirectlybetweenthetradersatdifferentbanks
Form2Interbanktradingareconductedthroughforeignexchangebroker
Similarities:
Botharemakingtheforeignexchangetrades.
Differences:
Form1,thetradersknowtowhomtheyarequotingexchangeratesforpossible。
Form2,theuseofbrokersprovideanonymitytothetradersuntilanexchangerateisagreedonforatrade.
Form2,theuseofbrokerscanalsoallowthebanktoeconomizeonthecostsofsearchingforthebestavailableexchangerates,becausethebroker’sbusinessistoknowtheratesatwhichvariousbanksarewillingtotrade.Brokersearncommissionfortheirservices.
6.ThespotexchangeratebetweenthedollarandtheJapaneseyenisafloatingrate.Whateffectswillthefollowingeventshaveontheexchangerate?
Ineachcase,drawagraphtoillustratethechangesintheforeignexchangemarketcausedbytheevent.
a.PoliticalunrestinJapancausesU.S.investorstoshifttheirinvestmentsoutofJapan.
b.ThereisalargeincreaseinJapanesedemandforU.S.investmentsbecauseJapaneseinvestorsbelievethattheU.S.economyisexperiencingstronggrowth.
c.ThereisanincreaseindemandintheU.S.forJapaneseexportsasJapanbecomesalow-costproducerofelectronicdevices.
A:
SellingJapanesetodollars→increaseinsupplyofJapaneseyen→shiftthesupplycurve→reducestheexchangeratevalue($/yen)ofJapaneseyen→soinafloating-ratesystemshiftthesupplycurveforyentorightandthedemandcurveremainsunchanged→thedollarappreciates
Exchangerate($/yen)
D
B:
IncreaseinsupplyofJapaneseyen,becauseJapaneseneedtosellyenstogetU.S.dollarsintheforeignexchangemarketandthenusethosedollarstomakeinvestmentintheUS
其余同partA
C:
DemandforJapaneseyenincrease,becauseinmostcase,tenJapaneseexportsdesiretobepaidinyensbuttheU.S.importerdesirestopayindollars,sosomewhereinthepaymentprocessdollarsmustbeexchangedforyens
Exchangerate($/yen)
D
7、AssumethatthespotexchangeratebetweenthedollarandtheJapaneseyenisafixedratewithinanarrowbandaroundanannouncedrate.Assumethateachofthefollowingscenarioswillshifttheintersectionofprivatesupplyanddemandoutsidetheband.Whatpolicyinterventionsarenecessarybythemonetaryauthoritiesinordertomaintainthefixedrate?
a.PoliticalunrestinJapancausesU.S.investorstoshifttheirinvestmentsoutofJapan.
b.ThereisalargeincreaseinJapanesedemandforU.S.investmentsbecauseJapaneseinvestorsbelievethattheU.S.economyisexperiencingstronggrowth.
c.ThereisanincreaseindemandintheU.S.forJapaneseexportsasJapanbecomesalow-costproducerofelectronicdevices.
a、bU.S.governmentmustinterveneintheforeignexchangemarketbysellingU.S.dollarsandbuyingJapaneseyen
cU.S.governmentmustinterveneintheforeignexchangemarketbysellingJapaneseyenandbuyingU.S.dollars
展开分析部分(见6题)
8、Whatistriangulararbitrage?
Assumeyouhave100U.S.dollars.Explainhowyoucanmakeaprofitusingtriangulararbitragewiththefollowingexchangerates:
U.S.dollarsperEuro=1.0
EurosperBritishpound=6.0
BritishpoundperU.S.dollar=3.20
triangulararbitrage:
Thereisanopportunitytomakerisklessprofitbyarbitragingthroughthethreerates.
Step1exchange100dollarsfor320pounds(100*3.2)
Step2exchange320poundsfor1920euros(320*6)
Step3exchange1920eurosfordollars(1920*1)
THEN,thenetprofit=1920–100=1820dollars
9、Thecurrentspotexchangerateis$1.14/Euro.Thecurrent90-dayforwardexchangerateis$1.11/Euro.HowcouldaU.Sfirm,whomustrepaya40millionEuroloanin90days,useaforwardexchangecontracttohedgeitsriskexposure?
Onewaytohedgeitsriskexposureistoenterintoaforwardcontrasttobuy40millionEuroin90-days.Ifthe90-daycurrentforwardexchangerateis$1.11/Euro,thenthecompanymustdeliver$44.4millionin90days
10、Youareaskedtotestiftheforwardexchangerateisequaltotheaveragemarketexpectationofthefuturespotexchangerate.Whatinformationwillyouneedtoprove/disprovethisstatement?
Prove:
(Forwardexchangerate=futurespotexchangerate)
Wehypothesizethatspeculators’pressureonsupplyanddemandshoulddrivetheforwardexchangeratetoequaltheaverageexpectedvalueofthefuturespotexchangerate
11.Coveredinterestparitystatesthattheforwardpremiumshouldbeequaltothedifferenceininterestrates.Doestheempiricalevidencesupportthisstatement?
Explain.
一项基本的检验是考察由同一机构提供但以不同货币计值的金融资产;一种好的选择是由大型银行向其国际客户提供一套欧洲货币存款。
活跃于欧洲货币市场的银行愿意接受以任何数种货币计值,而不只是以银行所在国货币计值的支付;利息存款。
各种不同的检验已证明,抵补的利率平价几乎完全地适用于欧洲货币存款;例如欧洲美元和欧洲英镑之差,等于英镑的远期升水
一项更为严格的抵补的利率平价检验是由不同机构在不同国家金融市场发行的严格可比资产,该研究检验了美国、日本和法国金融资产的抵补的利率差。
大约从20世纪80年代中期起,抵补的利率平价对于这4种货币的可比短期资产来说成立
12.Willthelawofonepriceapplybettertoraregems(宝石)ortocomputers?
Explain.
ThelawofonepriceapplybettertoRareGems.Thetransactionsofraregemsaremoreconvenient,soanypricediscriminationwillleadtoarbitrageactivities,whichwilldrivethepriceofraregemsinthesamecurrencyvaluetobeequal.Peoplecouldn’tarbitragethepricediscriminationofcomputers,sothepricecannotbeequal.Ifthepricediscriminationcontinuestoexist,thediscriminationwouldexistallthetime,inthecomputermarket,thereisnopowertodriveittobeequal.P=e·Pf
13.Youobservethefollowingcurrentrates:
Spotexchangerate:
$1.25/SFr
Annualinterestrateon30-dayU.S.-dollar-denominatedbonds:
8%
Annualinterestrateon30-daySFr-denominatedbonds:
2%
a.Doesuncoveredinterestparityhold?
Ifso,whatspotexchangeratedoinvestorsexpectin30days?
b.Whatislikelytobetheeffectonthespotexchangerateiftheinterestrateonthe30-daySFr-denominatedbondincreasesby3%?
c.
a
×(360÷30)=8%—2%
=0.005
X=1.25625
b瑞士法郎利率到3%;瑞士法郎升值
×(360÷30)=8%—3%=
Ex=1.25103
14.ExplainthevariousaspectsofPPP.Besuretoexplainthedifferencesbetweenabsoluteandrelativepurchasingpower.ExplainthestrengthsandweaknessesofPPP.HowwellhasPPPdoneinpredictingactualexchangerates?
A、PPP的有三个层面的含义:
1)一价定理:
P=e·Pf
2)绝对PPP:
e=
3)相对PPP:
=
B、绝对PPP和相对PPP的区别
相对PPP通过一段时间来考察;而绝对PPP只是根据当