国际金融复习资料.docx

1、国际金融复习资料国际金融复习资料1.名词解释（1）Balance of payments国际收支平衡表：是记录特定时期内一国居民与他国居民之间所有价值转移的一组账户（2）Credit item贷方工程：指一国必须得到支付的工程（3）Debit item借方工程：指一国必须支付的工程（4）Goods and services balance货物及效劳差额：将货物及效劳的进出口的所有工程加总，衡量了一国的净出口也称为贸易差额（5）Spot exchange rate 即期汇率：是指即进行交割的货币价格（6）Forward exchange rate 远期汇率：是指交易双方在当前对于将来发生的外汇买

2、卖，约定交割的货币价格（7）Floating exchange-rate system浮动汇率制：外汇的即期价格由市场决定，由货币的私人需求曲线和供给曲线的交点决定，市场通过价格机制出清（8）Fixed exchange-rate system固定汇率制：是另一种主要的汇率制度，这一汇率与当前的均衡汇率有所偏差，官方也会尽力保持汇率根本不变（9）Arbitrage套汇：是一种通过买入和卖出，几乎没有任何风险的获得净利润的操作（10）Hedging套期保值：是指减少或消除持有外币净资产或净负债头寸的行为（11）Speculating投机：是指获取某种资产的净资产头寸或净负债头寸，并企图在价格波动

3、中盈利的行为，这里的投机对象是外国货币（12）Forward exchange contract远期外集合约：是买卖双方即期签订的以现在商定的某种价格，在未来某一天用一种货币兑换另一种货币的协议（13）Covered interest parity抵补利率平价：一国货币的远期升水贴水等于该国利率低于或高于另一国的利率的数额=投资于一种外币的总抵补收入等于投资于本币的总收入（14）Uncovered interest parity无抵补利率平价：一种货币的预期升值贬值幅度和该国利率低于高于他国利率的差值相同=投资于一种外币的无抵补预期总收益等于投资于本币的总收益（15）Eurocurrency

4、deposit欧洲货币存款：不受存款计值货币发行国政府管制的银行存款（16）Bandwagon顺势效应：认为汇率近期的变动趋势会继续，并且推断该趋势会持续至未来（17）Law of one price一价定律：认为一种商品如果能在完全竞争的国际市场上自由买卖，那么该种商品在不同地方使用同一种货币表示的价格应当相等（18）Absolute purchasing power parity绝对购置力平价：指一组或一篮子可贸易产品在不同国家以同种货币表示的价格是相同的（19）Relative purchasing power parity相对购置力平价：指一段时间内，两国间产品价格水平的差异会被同期内

5、汇率的变化抵消（20）Overshooting汇率超调：在短期内汇率会被过度调整到超过长期均衡的水平，之后慢慢地回到该均衡水平上（21）Clean float 清洁浮动：如果政府允许市场决定汇率，那么汇率会自由地移动到市场的均衡点（22）Dirty float肮脏浮动：汇率根本上是浮动的，但同时政府又通过干预试图影响市场汇率（23）Adjusting peg可调整钉住：当一国的国际收支情况出现严重或“根底性失衡时，政府便会调整钉住汇率（24）Crawling peg爬行钉住：当一国通货膨胀率相对较高时，仍坚持将本国产品的国际价格钉住一个低通货膨胀率国家的货币，就会严重违背购置力平价，并削弱本国

6、产品的国际价格竞争力，一国仍愿意保持某种形式的钉住汇率，这或许是由于它认为浮动汇率的波动性太大（25）Gold standard 金本位制：以含金量作为各国币值定值依据（26）Rescue package救援方案：受到金融危机冲击时，各国政府通常会寻求新的贷款组成求原方案，以帮助度过危机（27）Moral hazard 道德风险：当有人能够提供这种保险时，债券及债务双方便不再担忧金融危机，这样他们就会更多地借出和借入（28）Debt restructuring债务重组：指债务条件的两种变化，债务延期，即在债务到期时，将偿债期延长至未来的某个时点，债务总金额维持不变，但借款人可以在更长时期内偿债

7、，债务削减，即减少债务总量（29）IS curve：说明了在保持国内产品市场均衡的状态下国内产出水平和利率的所有组合（30）LM curve：说明了在保持货币市场均衡的状态下，所有的产出水平和利率的组合（31）FE curve ：说明了一国国际收支平衡时的所有利率和产出水平的组合2.课后习题（1）“A country is better off running a current account surplus rather than a current account deficitDo you agree or disagree ?Explain.（2）“Consider a countr

8、y whose assets are not held by other countries as official international reserve. If this country has a surplus in its official settlement balance, then the monetary authority of the country is decreasing its holdings of official reserve assets.Do you agree or disagree?Explain.2。不同意。一般而言，经常帐盈余的含义之一是

9、该国出口比进口更多的商品和效劳。很容易判断，这是不好的现象。该国正在生产用于出口的商品和效劳，但该国并不能在同一时间获得能允许它有更多的消费和国内投资所需商品和效劳的进口。这样的形势下，经常帐户赤字可能被视为良好的。额外的进口允许该国在国内的消费和投资比其目前的产出有更高的价值。经常帐盈余的另一个含义是该国从事外国金融投资是增加了对外国人索赔，这增加了国家财富。这听起来不错，但正如上文所指出，它的出现是以前面所提的当前国内商品和效劳的购置为代价的。经常帐户赤字是减少国家向外国人的索赔或增加其对外国人的债务。这听起来很糟糕，但它的出现伴随着目前国内支出水平较高的益处。在不同时间，不同国家对权衡这

10、些本钱和收益的平衡都不同。我们不能简单地说，经常帐盈余要比经常帐赤字更好。（3）“Consider a country whose assets are not held by other countries as official international reserves.If this country has a surplus in its official settlements balance,then the monetary authority of the country is decreasing its holding of official reserve asset

11、sdo you agree or disagree?explain.4。不同意。如果一个国家有其官方结算盈余正值，那么其官方储藏资产余额值必须具有相同数额的负值结果为零。这项资产工程的负值意味着资金流出，以便为国家收购这些资产。因此，该国正增加其官方储藏资产的持有。（4）Which of the following transactions would contribute to a U.S.current account surplus?a.Boeing barters a $100million plane to Mexico in exchange for $100million wor

12、th of hotel services on the Mexican cost.b.The United States borrows $100 million long-term from Saudi Arabia to buy $100 million of Saudi oil this year.c.The United States sells a $100million jet to Turkey, and Turkey pays by transferring the $100miliion from its bank account to the U.S.sellerd.A B

13、ritish investor buys $100million of IBM bonds from the previous U.S.owner of these bonds,and the British buyer pays by transferring the $100million from his bank account to the previous U.S.owner.（4）For each of the following changes (other things equal),has the value of the countrys current account

14、balance increased(become more positive or less negative),decreased(become less positive or more negative),or stayed the same?a.Net foreign investment out of the country increases.b.Exports of goods and services increased by$10billion,and imports of goods and services increase by $10billion.c.Nationa

15、l expenditures on goods and services (E)increase by $150billion, and production of goods and services(Y)increases by $100billion.d.To assist recovery from a foreigh disaster, the country gives a foreign transport authority a collection of transport equipment that has been produced in this (donor) co

16、untry and that is valued at $500million .a.CA=If. 如果国外净投资增加，那么经常工程也增加。 b.如果出口正值工程和进口负值工程都增加了100亿美元，那么经常工程余额保 持不变 c.因为CA=Y-E,因此E增加了1500亿美元，而Y只增加了1000亿美元，导致经常工程余额减少。 d.运输设备属于货物的出口，因此在经常工程中为正值；而在单方面转移支付中，与其成对存在的相同数量为负值。因为这两个工程都包括在经常工程中，因此，经常工程余额保持不变。（5）You are given the following information about a co

17、untrys international transactions during a year:Merchandise exports 商品出口 $330 Merchandise imports 商品进口 198 Service exports 劳务出口 196 Service imports 劳务进口 204 Imcome flows,net流量净额 3 Unilateral transfers,net 单方面转移金额 -8 Increase in the countrys holding of foreign assets,net 202 (excluding official reser

18、ve assets)增加在该国的净外国资产 Increase in foreign holding of the countrys assets,net 102 (excluding official reserve assets)增加在该国的本国资产 Statistical discrepancy, net净统计误差 4 a.Caculate the values of the countrys goods and services balance,current account balance经常账户余 额,and official settlements balance官方储藏资产余额.

19、 Merchandise trade balance: $330 - 198 = $132 Goods and services balance(商品和效劳余额): $330 - 198 + 196 - 204 = $124 Current account balance经常账户余额: $330 - 198 + 196 - 204 + 3 - 8 = $119 Official settlements balance官方储藏资产: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23 b.What is the value of the ch

20、ange in official reserve assets(net)官方储藏资产?Is the country increasing or decreasing its net holding of official reserve assets? Change in official reserve assets (net) = - official settlements balance = -$23官方储藏资产净值= - 官方结算余额. 该国正增加其官方储藏资产净值（6）What are the effects of each of the following on the U.S.

21、international investment position?a.Foreign central banks increase their official holdings of U.S. government securities.b.U.S.residents increase their holdings of stocks issued by Japanese companies.c.A British pension fund sells some of its holdings of the stocks of U.S panies in order to buy U.S.

22、corporate bonds.Chapter31.What are the major types of transactions or activities that result in supply of foreign currency in the spot foreign exchange market?商品和效劳出口，导致外汇市场的外汇供给。国内卖方往往希望对方能使用本国货币支付，而国外的买家那么想用他们的货币支付。在支付这些出口物的过程中，外币兑换为本国货币，创造了外币供给。国际资本流入导致外汇市场的外币供给。在国内金融资产的投资上，外国投资者在购置国内资产前，必须将外币兑换为

23、本国货币。汇兑创立了外币的供给。该国的居民以前收购的外国金融资产，以及来自国外的借贷是其它形式的资本流入，这些资本也可以创立外币供给。 2. You have access to the following three spot exchange rates即期汇率: $ 0.01 / yen $ 0.20 / krone 25 yen / krone a. how would engage in arbitrage套利 to profit from these three rates? What is the profit for each dollar used initially? A.

24、相对于美元这一外汇汇率，日元和挪威克朗之间的交叉率过高克朗兑换日元值过高。因此，在一个有利可图的三角套利中，你想以高交叉率卖出克朗。套利将是：以0.20美元/克朗的汇率来用美元购置克朗；以25日元/克朗汇率，用克朗购置日元；并以0.01美元/日元汇率，用日元购置美元。对你卖的最初的每一美元，你可以得到5克朗，这5克朗可以得到125日元，125日元可以得到1.25美元。因此，每一美元的套利利润为25美分。 B.卖出克朗买入日元，会使交叉汇率克朗兑换日元的价格有下降的压力。假设美元汇率保持不变的情况下，交叉汇率的价值必须下降到20= 0.20/0.01日元/克朗消除三角套利的时机。 B.As a

25、result of this this arbitrage,what is the pressure on the cross-rate between yen and krone ?What must the value of the cross-rate be to eliminate the opportunity for triangular arbitrage?Chapter41.You have been asked to determine whether covered interest parity holds for one-year government bonds is

26、sued by the U.S. And British government . What data will you need?How will you test?。需要在四个市场利率数据：由美国政府发行的以一年为期限的债券的当前利率，由英国政府发行的以一年为期限的债券的利率或收益率，美元和英镑的当前即期汇率，以及目前美元与英镑一年内的远期汇率。再来判断出这些数据是否会引起非常接近0的抵补利率平价。 2. The following rates are available in the markets: Current spot exchange rate即期汇率: $0.500/Fr C

27、urrent 30-day forward exchange rate当前30天远期汇率: $0.505/SFr Annualized interest rate on 30-day dollar-denominated bonds 30天美元计价券的年利率 : 12%(1.0%for 30 days) Annualized interest rate on 30-day swiss franc -denominated bonds 30天瑞郎计价券的年利率 : 6%(0.5%for 30 days) a. Is the swiss franc at a forward premium or

28、discount远期溢价或折价? The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) is greater than its current spot value ($0.500/SFr). 。 A.瑞士法郎是在远期溢价。目前长远价值0.505美元/SFr超过其目前的即期价值元0.500美元/SFr。 b. Should a U.S-based investor make a covered investment in swiss franc-denominated 30-day bon

29、ds ,rather than investing in 30-day dollar-denominated bonds?explain B.抵补利差“赞成瑞士1 + 0.0050.505/ 0.500 - 1 + 0.01= 0.005。 请注意，利率必须与投资的一段时间相匹配。这里有一个30天为期的0.5的抵补利差6年利率。美国投资者可以通过投资SFR债券获得更高的，可以减少汇率风险的回报，因此推测，投资者应进行这一抵补投资。虽然对瑞士法郎计价的债券的利率低于以美元计价的债券的利率，法郎的远期溢价大于这种差异，因此，抵补投资是一个好主意。 c.Because of covered inte

30、rest arbitrage, what pressure are placed on the various rates?If the only rate that actually changes is the forward exchange rate , to what value will it be driven?C.对以美元计价的债券需求的缺少或者这些债券的供给是投资者以此来出售他们以此转移为SFR债券，对美国债券价格上升构成压力而对美国债券利率的上调构成压力。在即期外汇市场，法郎的额外需求投资者购置瑞士法郎以购置瑞士法郎计价的债券对即期汇率的上升构成压力。瑞士法郎命名的债券的额

31、外需求对瑞士债券价格的上升构成压力而对瑞士利率下调构成压力。在远期市场，法郎的额外供给美国投资者将其对瑞士法郎投资转为美元对远期汇率下调构成压力。如果只有远期汇率变化，这一汇率必须下降到约$ 0.5025/SFr。有了这个远期汇率和其他初始利率，抵补利差接近零Chapter 51.The following rates currently exist: Spot exchange rate :$1.000/euro Annual interest rate on 180-day euro denominated bonds 180欧元计价券的年利率 :3% Annual interest ra

32、te on 180-day U.S dollar denominated bonds 180天美元计价券的年利率:4% Investors currently expect the spot exchange rate to be about $1.005/euro in180 days a. Show that uncovered interest parity非抛补利率平价 holds(appromixmately)at these rates. 2。 A.欧元兑美元预计将升值约年增长率1.005 - 1.000/ 1.000180/360100 = 1。预期发现的息差约为3+ 1 - 4= 0，所以抛补利率平价成立约。 b. What is likely to be the effect on the spot exchange rate即期汇率 if the interest rate on 180-day dollar-denominated bonds 180