国际金融英文版课后答案.docx

国际金融英文版课后答案.docx

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国际金融英文版课后答案

InternationalFinance国际金融

Notestotheanswers:

1、Allthetermscanbefoundinthetext.

2、Thediscussionscanbeattainedbyreadingtheoriginaltext.

Chapter1

Answers:

.TTFFFTT

.1.reservecurrency2.appreciate3.waspeggedto4.deficit5.fixedexchangerates6.floatingexchangerates7.depreciate8.marketforces

.1.ConfidenceintheabilityoftheU.S.toredeemdollarsforgoldbegantofallaspotentialclaimsagainstthedollarincreasedandU.S.goldreservesfell.

2.Underthefixedexchangeratesystem,thevalueofthedollarwastiedtogoldthroughitsconvertibilityintogoldattheU.S.Treasury,andothernations’currenciesweretiedtothedollarbythemaintenanceofafixedrateofexchange.

3.IMFhasadjusteditsroleintheexchangeratesysteminviewofthedevelopmentofthesituation.

4.AfterthecollapseoftheBrettonWoodsSystem,thetaskof“rigorousmonitoring”theexchangeratepolicyofmembercountriesfellontheshoulderofIMF.

5.Undernormalconditionsthestabilizingoperationsweresufficienttocontainshort-runfluctuationsinacurrency’spricewithintherequiredboundsof1%ofparvalueandtherebymaintainasystemoffixedexchangerates.

Chapter2

Answers:

.liquid,turnover,dueto,hedge,crosstrading,electronicbroking,outrightforwards,Over-the-counter,futuresandoptions,derivatives,remainder.

..1.Thefundamentalchangesoccurredinpost-warworldeconomy.Theinternationalflowofcommodities,capitalandlaborisintensifying,thusleadingtointegrationofinternationalmarkets.

1.Oftenreferredtoas“financialinstitutionswithasoul”,creditunionsaremember-ownedcooperativesthatoffercheckingaccounts,savingsaccounts,creditcards,andconsumerloans.

2.Ifyouthinkthepriceofgoldwillrise,youcanbuyamostsimplekindoffinancialderivativewhichiscalled“futures”.Ifbythattimethepricereallygoesup,thenyoumakeagain.Butifyoumakeawrongguessandthepricedeclines,thenyousufferaloss.

3.Financialderivativesarefinancialcommoditiesderivingfromsuchspotmarketproductsasinterestrateorbond,foreignexchangeorforeignexchangerateandstockorstockindexes.Therearemainlythreetypesofderivatives:

futures,optionsandswaps,eachofwhichinvolvesamixoffinancialcontracts.

4.Companiesandinvestmentfundsareusingbasiccurrencyfuturesandcurrencyoptions,onesthatareregardedastraditionalhedgingproductsforinvestorswhowanttoprotecttheirinternationalassetsfromsharpgainsanddeclinesincurrencyprices.

Chapter3

Answers：

.1.depositaccounts2.securitization3.Deregulation4.consolidation5.portfolio6.thriftinstitutions7.listing8.liquidity9.bankingsupervision10.Creditrisk

.1.Depositoryinstitutions2.commercialbanks3.creditanalysis4.workingcapital5.consolidation6.financing7.moralhazard8.Banksupervisionandregulation9.Creditrisk10.Liquidityrisk

.1.Ifabank’sbaseratewasbelowmoneymarketrates,acustomercouldborrowfromabankandlendthesefundstothemoneymarket,thusmakingaprofitonthedeal.

2.Financingofinternationaltradeisoneofthebasicfunctionsofacommercialbank.Notonlydoesitfatherdeposits（demand,timeandsavingsaccounts）,butitalsograntsloans.

3.Ifyouhaveacreditcard,youbuyacar,eatadinner,takeatrip,andevengetahaircutbychargingthecosttoyouraccount.

4.AsthecentralbankandundertheleadershipoftheStateCouncil,thePeople’sBankofChinawillformulateandimplementmonetarypolicies,executesupervisionandcontrolpoweroverthebankingindustry.

5.Oneofmajorfunctionofthecentralbankisthesupervisionoftheclearingmechanism.Areliableclearingmechanismwhichcansettleinter-banktransactionwithhighefficiencyiscrucialtoawell-operatedfinancialsystem.

Chapter4Answers:

.1．integrity2.pretext3.released4.produce5.facilities6.obliged7.alleging8.Claims9.cleared10.delivery

.1.infavorof2.consignment3.undertaking,termsandconditions4.cleared5.regardlessof6.obligedto7.undervaluearrangement8.onthepretextof9.refrainfrom10.hingeson

.1.Theobjectiveofdocumentarycreditsistofacilitateinternationalpaymentbymakinguseofthefinancialexpertiseandcreditworthinessofoneormorebanks.

2.Incompliancewithyourrequest,wehaveeffectedinsuranceonyourbehalfanddebitedyouraccountwiththepremiumintheamountof$1000.

3.Whenanexporteristradingregularlywithanimporter,hewillofferopenaccountterms.

4.Exportersusuallyinsistonpaymentbycashinadvancewhentheyaretradingwitholdcustomers.

5.Cashinadvancemeansthattheexporterispaideitherwhentheimporterplaceshisorderorwhenthegoodsarereadyforshipment.

Chapter5.

．1.b2.c3.c4.a5.b6.b7.a8.c

.1.guaranteed2.withoutrecourse3.defaults4.onthebuyer’saccount5.isequivalentto6.inquestion7.devaluation8.validity9.discrepancy10.inconsistentwith

Chapter6

Answers:

.1.openaccount,creditworthiness2.demand3.drawon,creditor4.protest5.schedule,discrepancies6.acceptance7.drawee8.guranteed

.1.collectingbank2.tenor3.theproceeds4.protest5.deferredpayment6.presentation7.thematuritydate8.adocumentoftitle9.theshippingdocuments10.transshipment

.1.Documentarycollectionisamethodbywhichtheexporterauthorizesthebanktocollectmoneyfromtheimporter.

2.Whenadraftisdulypresentedforacceptanceorpaymentbuttheacceptanceorpaymentisrefused,thedraftissaidtobedishonored.

3.Intheinternationalmoneymarket,draftisacirculativeandtransferableinstrument.Endorsementservestotransferthetitleofadrafttothetransferee.

4.Acleanbillofladingisfavoredbythebuyerandthebanksforfinancialsettlementpurposes.

5.Parcelpostreceiptisissuedbythepostofficeforgoodssentbyparcelpost.Itisbothareceiptandevidenceofdispatchandalsothebasisforclaimandadjustmentifthereisanydamagetoorlossofparcels.

Chapter7

.financing,discounting,factoring,forfaiting,withoutrecourse,accountsreceivable,factor,tradeobligations,promissorynotes,tradereceivables,specialized.

.1.acashflowdisadvantage2.withoutrecourse3.negotiableinstruments4.promissorynotes5.profitmargin6.atadiscount,maturity,creditrisk7.Abillofexchange,Apromissorynote

.1.Whenabillisdishonoredbynon-acceptanceorbynon-payment,theholderthenhasanimmediaterightofrecourseagainstthedrawerandtheendorsers.

2.Ifabillofladingismadeouttobearer,itcanbelegallytransferredwithoutendorsement.

3.Thepresentingbankshouldendeavortoascertainthereasonsnon-paymentornon-acceptanceandadviseaccordinglytothecollectingbank.

4.Anychargesandexpensesincurredbybanksinconnectionwithanyactionforprotectionofthegoodswillbefortheaccountoftheprincipal.

5.Anyonewhohasacurrentaccountatabankcanuseacheque.

ChapterEight

StructureoftheForeignExchangeMarket

外汇市场的构成

1.KeyTerms

1）foreignexchange：

“Foreignexchange”referstomoneydenominatedinthecurrencyofanothernationorgroupofnations.

2）payment

“payment”isthetransmissionofaninstructiontotransfervaluethatresultsfromatransactionintheeconomy.

3）settlement

“settlement”isthefinalandunconditionaltransferofthevaluespecifiedinapaymentinstruction.

2.TrueorFalse

1）true2）true3）true4）true

3.Cloze

1）Thedollarisbyfarthemostwidelytradedcurrency.Inpart,thewidespreaduseofthedollarreflectsitssubstantialinternationalroleas:

“investment”currencyinmanycapitalmarkets,“reserve”currencyheldbymanycentralbanks,“transaction”currencyinmanyinternationalcommoditymarkets,“invoice”currencyinmanycontracts,and“intervention”currencyemployedbymonetaryauthoritiesinmarketoperationstoinfluencetheirownexchangerates.Inaddition,thewidespreadtradingofthedollarreflectsitsuseasa“vehicle”currencyinforeignexchangetransactions,ausethatreinforces,andisreinforcedby,itsinternationalroleintradeandfinance.

2）Inforeignexchangetrading,LondonbenefitsnotonlyfromitsproximitytomajorEurocurrencycreditmarketsandotherfinancialmarkets,butalsofromitsgeographicallocationandtimezone.InadditiontobeingopenwhenthenumerousotherfinancialcentersinEuropeareopen,London'smorninghoursoverlapwiththelatehoursinanumberofAsianandMiddleEastmarkets;London'safternoonsessionscorrespondtothemorningperiodsinthelargeNorthAmericanmarket.Thus,surveyshaveindicatedthatthereismoreforeignexchangetradingindollarsinLondonthanintheUnitedStates.

4.Discussions

1）Tellthereasonswhythedollaristhemarket'smostwidelytradedcurrency?

keypoints:

U.S.Aeconomicbackground;theleadershipofUSDintheworldeconomy;theroleitplaysininvestment,trade,etc.

2）Whatkindofmarketistheforeignexchangemarket?

Makereferencetothefollowingparts:

（8.7TheMarketIsMadeUpofAnInternationalNetworkofDealers）

Chapter9

Instruments

交易工具

1.KeyTerms

1）spottransaction

Aspottransactionisastraightforward（or“outright”）exchangeofonecurrencyforanother.Thespotrateisthecurrentmarketprice,thebenchmarkprice.

Spottransactionsdonotrequireimmediatesettlement,orpayment“onthespot.”Byconvention,thesettlementdate,or“valuedate,”isthesecondbusinessdayafterthe“dealdate”（or“tradedate”）onwhichthetransactionisagreedtobythetwotraders.Thetwo-dayp