国际金融双语复习大纲设计.docx

1、国际金融双语复习大纲设计（一）论述、简答、计算题：1、What is the current account balance of France when the French budget surplus is 348 million Euros, private saving is 256 million Euros, domestic capital formation is 134 million Euros?解答：National saving = private saving + government saving = 256+348=604 millionCurrent acco

2、unt balance = national saving domestic real investment = 604-134=470 million附：Current account balance(CA)=net foreign investment(If)National saving(S)=domestic real investment(Id)+net foreign investment(If)If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total expenditures on goods and

3、 services)2、Which of the following transactions could contribute to a British current account surplus? Explain whya French firm sells defense equipment to the British government for 250 million pounds in bank depositsb Great Britain makes a gift of $500 million to the Iraqi government to aid in reco

4、nstruction.c The United States borrows 200 million pounds on a short-term basis from the British government to buy 200 million pounds in textiles from Great Britain.C：merchandise exportscurrent account surplusA：merchandise importscurrent account deficitB：unilateral transfercurrent account deficit3、Y

5、ou are provided with the following information about a countrys international transactions during a given year:Service exports $346Service imports $354Merchandise exports $480Merchandise imports $348Income flows, net $153Unilateral transfers, net $142Increase in the countrys holding of foreign asset

6、s, net (excluding official reserves assets) $352Increase in foreign holdings of the countrys assets, net (excluding official reserve assets) $252Statistical discrepancy, net $154a.Calculate the official settlements balance and the current account balance.b.Is the country increasing or decreasing its

7、 net holdings of official reserve assets? Why?A: Current account balance=net credits net debits on(the flow of goods ,services ,income and unilateral transfer)=（346354）+（480348）+153142 = 135Financial account balance= foreign holdings of the countrys assets the countrys holding of foreign assets =352

8、 + 252 = 100So, official settlement balance(B)=CA balance + financial account balance= 135 100=35B: Current account balance = 1328+153142=135B = CA + FA = 135 + （100） = 35 B + OR + Statistical discrepancy = 0OR = 189 Increase in net holdings of official reserve assetDebit(-)Credit(+)BalanceGoods3484

9、80132Services354346-8Income153Unilateral transfer142-142Private capital flows352252-100OR189-189Statistical discrepancy1544、For each case below, state whether the euro has appreciated or depreciated and give an example of an event that could cause the change in the exchange rate.a.The spot rate goes

10、 from 450 euros/Mexican peso to 440 euros/Mexican peso.b.The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.c.The spot rate goes from 1.48 euros/British pound to 1.51 euros/British pound.d.The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.A: indir

11、ect quotation, euro appreciatedB: direct quotation, euro depreciatedC: indirect quotation, euro depreciatedD: direct quotation, euro appreciated5、What are the two forms of interbank foreign exchange trading? Compare and contrast he similarities and differences of the two forms.Form 1 Interbank tradi

12、ng is conducted directly between the traders at different banksForm 2 Interbank trading are conducted through foreign exchange brokerSimilarities: Both are making the foreign exchange trades.Differences: Form1,the traders know to whom they are quoting exchange rates for possible。Form2,the use of bro

13、kers provide anonymity to the traders until an exchange rate is agreed on for a trade.Form2,the use of brokers can also allow the bank to economize on the costs of searching for the best available exchange rates, because the brokers business is to know the rates at which various banks are willing to

14、 trade. Brokers earn commission for their services.6. The spot exchange rate between the dollar and the Japanese yen is a floating rate. What effects will the following events have on the exchange rate? In each case, draw a graph to illustrate the changes in the foreign exchange market caused by the

15、 event.a.Political unrest in Japan causes U.S. investors to shift their investments out of Japan.b.There is a large increase in Japanese demand for U.S. investments because Japanese investors believe that the U.S. economy is experiencing strong growth.c.There is an increase in demand in the U.S. for

16、 Japanese exports as Japan becomes a low-cost producer of electronic devices.A: Selling Japanese to dollars increase in supply of Japanese yen shift the supply curve reduces the exchange rate value (/yen) of Japanese yen so in a floating-rate system shift the supply curve for yen to right and the de

17、mand curve remains unchanged the dollar appreciatesExchange rate(/yen)DB: Increase in supply of Japanese yen, because Japanese need to sell yens to get U.S. dollars in the foreign exchange market and then use those dollars to make investment in the US其余同part AC: Demand for Japanese yen increase, bec

18、ause in most case, ten Japanese exports desire to be paid in yens but the U.S. importer desires to pay in dollars , so somewhere in the payment process dollars must be exchanged for yens Exchange rate(/yen)D7、Assume that the spot exchange rate between the dollar and the Japanese yen is a fixed rate

19、within a narrow band around an announced rate. Assume that each of the following scenarios will shift the intersection of private supply and demand outside the band. What policy interventions are necessary by the monetary authorities in order to maintain the fixed rate?a.Political unrest in Japan ca

20、uses U.S. investors to shift their investments out of Japan.b.There is a large increase in Japanese demand for U.S. investments because Japanese investors believe that the U.S. economy is experiencing strong growth.c.There is an increase in demand in the U.S. for Japanese exports as Japan becomes a

21、low-cost producer of electronic devices.a、b U.S. government must intervene in the foreign exchange market by selling U.S. dollars and buying Japanese yenc U.S. government must intervene in the foreign exchange market by selling Japanese yen and buying U.S. dollars展开分析部分（见6题）8、What is triangular arbi

22、trage? Assume you have 100 U.S. dollars. Explain how you can make a profit using triangular arbitrage with the following exchange rates:U.S. dollars per Euro=1.0Euros per British pound =6.0British pound per U.S. dollar =3.20triangular arbitrage：There is an opportunity to make riskless profit by arbi

23、traging through the three rates.Step 1 exchange 100 dollars for 320 pounds (100*3.2) Step 2 exchange 320 pounds for 1920 euros (320*6)Step 3 exchange 1920 euros for dollars (1920*1)THEN, the net profit = 1920 100 = 1820 dollars 9、The current spot exchange rate is $1.14/Euro. The current 90-day forwa

24、rd exchange rate is $1.11/Euro. How could a U.S firm, who must repay a 40 million Euro loan in 90 days, use a forward exchange contract to hedge its risk exposure?One way to hedge its risk exposure is to enter into a forward contrast to buy 40 million Euro in 90-days. If the 90-day current forward e

25、xchange rate is 1.11/Euro , then the company must deliver 44.4 million in 90 days10、You are asked to test if the forward exchange rate is equal to the average market expectation of the future spot exchange rate. What information will you need to prove/disprove this statement?Prove：（Forward exchange

26、rate = future spot exchange rate）We hypothesize that speculators pressure on supply and demand should drive the forward exchange rate to equal the average expected value of the future spot exchange rate11. Covered interest parity states that the forward premium should be equal to the difference in i

27、nterest rates. Does the empirical evidence support this statement? 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

28、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. Will the law of one price apply better to rare gems（宝石） or to computers? Explain.The law of one price apply better to Rare Gems. The transactions of rare gems are more convenient, so any price discrimination will lead to arbitrage activities, which

29、will drive the price of rare gems in the same currency value to be equal. People couldnt arbitrage the price discrimination of computers, so the price cannot be equal. If the price discrimination continues to exist, the discrimination would exist all the time, in the computer market, there is no pow

30、er to drive it to be equal. P = e Pf13. You observe the following current rates:Spot exchange rate: $1.25/SFrAnnual interest rate on 30-day U.S.-dollar-denominated bonds: 8%Annual interest rate on 30-day SFr-denominated bonds: 2%a.Does uncovered interest parity hold? If so, what spot exchange rate d

31、o investors expect in 30 days?b.What is likely to be the effect on the spot exchange rate if the interest rate on the 30-day SFr-denominated bond increases by 3%?c.a （36030） = 8%2% = 0.005X=1.25625b 瑞士法郎利率到3%;瑞士法郎升值 （36030） = 8%3% =Ex=1.2510314. Explain the various aspects of PPP. Be sure to explain the differences between absolute and relative purchasing power. Explain the strengths and weaknesses of PPP. How well has PPP done in predicting actual exchange rates?A、PPP的有三个层面的含义：1）一价定理：P = e Pf2）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