大学国际金融复习资料整理.docx

1、大学国际金融复习资料整理题型：（范围28章）1填空：5题10分2选择：10题20分3判断：10题10分4简答：2题10分5计算：4题40分6论述：1题10分第二章 Payments among Nations 国际收支1.Accounting principles 记账原则A credit item (+)positive items: a country must be paid; payment by a foreigner into the country.包括：Exports of goodsPurchases by foreigners in this countryForeigne

2、rs investing in the countrys bondsA debit item (-)negative items： a country must pay; payment by the country to a foreigner.包括：Imports of goodsPurchases by firms in this country from foreign countriesPurchases by investors in this country from foreigners2Balance of Payments Statement国际收支平衡 Current a

3、ccount（经常账户）:简CA（商品、服务的进出口、对外国金融资产的支付和收益、单方面转移） Financial account（金融账户）:简FA (直接投资、国际证券投资) Official international reserves（官方国际储备）:简OR（黄金、外汇资产、在国际货币基金的特别提款权） 三个国际收支部分，根据Each transaction has two item, one positive and one negative, of equal value. double-entry bookkeeping复式记账法有：positive items + negati

4、ve items = 0positive balance: surplusnegative balance: deficit（1） Current account balance经常账户差额经常账户差额(CA) = 商品贸易差额 + 劳务差额加上收入净额 + 无偿转移收支净额之和。盈余（）：一国在与外国交易中增加了资产或减少了负债。赤字（）：一国在与外国交易中减少了资产或增加了负债。CA = If （Net foreign investment (If)：净国外投资）CA = S Id （National saving (S)：国际储备 ，domestic investment (Id)：国内

5、投资.） S = Id + If （国际储备=国内投资+净国外投资）Y = C + Id + G +(X M) （商品和劳务的生产= 消费+投资政府支出贸易差额）E = C + Id + G （对商品和劳务总支出=消费+投资政府支出）据Y = E +(X M), CA = (X M) 可以推导出CA = Y ESurplus盈余Deficit赤字Positive net foreign investment lender) 贷款者Net foreign borrower借款者Saving more than investing domestically 储蓄超过国内投资Domestic sav

6、ings less than domestic investment储蓄低于国内投资Producing more than spending on goods and services 生产超过支出Spending more than producing生产少于支出If CA is in deficit, then what could we do?（若CA是赤字，我们应该怎么做？）Increase Y, or decrease E.（增加商品和劳务的生产，或减少对商品和劳务的总支出）（2）Official settlements balance官方结算差额OR Current account

7、 balance + Private capital balance 即B = CA + KA 因为所有项目最终差额必须为0，所以官方结算差额的不平衡必须用官方储备资产（OR）来弥补，因此，B + OR = 0意义： 如B0，则外汇贮备增加。 如B0, investing in BritainCD0，investing in America (home country)Forward premium 远期升水远期汇率高于即期汇率F = (f-e)/e 升水幅度 (if F is positive)Forward discount 远期贴水远期汇率低于即期汇率If F is negative，C

8、D = F + (iuk -ius ) 3.Covered Interest Parity抛补利息平价 CD=0CD= F + (iuk ius ) =0Thatis,F=iusiuk 远期升（贴）水等于两国货币利差。Or F+ iuk =ius 国内收益等于抛补性国外投资的总收益。当A国利率低于B国利率时， A国货币远期升水。反之，则贴水。 四个rates的计算：current forward exchange rate当前远期汇率 简f，current spot exchange rate当前即期汇率 简e,current intreast rates in the two countri

9、es.两国当前利率 简 iuk、ius.4.Uncovered Interest Parity非抛补利息平价EUD=Expected appreciation + (iuk - ius ) =0 即EUD=eex-e/e + (iuk - ius)=0，其中Expected appreciation= eex-e/e（四个rates的计算，其中eex表示投资者预期的未来的即期汇率）That is, expected appreciation of the pound =ius iuk 预期英镑升(贬）值等于两国货币利差Or expected appreciation + iuk =ius 国内

10、收益等于非抛补性国外投资的总收益。 EUD=Expected depreciation + (iuk -ius ) 0The U.K. investor should invest dollar-denominated bonds 课后练习4The current spot exchange rate当前即期汇率 is $0.010/yen.The current 60-day forward exchange rate 当前远期汇率is $0.009/yen.How would the U.S firms and people described in question 3 each use

11、 a forward foreign exchange contract远期外汇合同 to hedge 规避their risk exposure风险 ?what are the amounts in each forward contract ?a. The U.S. firm has an asset position in yenit has a long position in yen. To hedge its exposure to exchange rate risk, the firm should enter into a forward exchange contract

12、now in which the firm commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell 1 million yen and receive $9,000, both in 60 days.b. The student has an asset position in yena long position in yen. To hedge the exposure to exchange rate risk, the student sh

13、ould enter into a forward exchange contract now in which the student commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell 10 million yen and receive $90,000, both in 60 days.c. The U.S. firm has an liability position in yena short position in yen. To hedge its exposure to exchange rate risk,