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国际金融中英文版国际金融中英文版Chapter2:PaymentsamongNationsSingle-Choi__Questions
1.Acountry’sbalan__ofpaymentsrecords:一个国家的国际收支平衡记录了Ba.Thevalueofallexportsofgoodsandservi__sfromthatcountryforaperiodoftime.b.Allflowsofvaluebetweenthatcountry‟sresidentsandresidentsoftherestoftheworldduringaperiodoftime在一定时间段里一个国家居民的资产和其它世界居民资产的流动c.Allflowsoffinancialassetsthatcrossthatcountry‟sbordersduringaperiodoftime.d.Allflowsofgoodsintothatcountryduringaperiodoftime.
2.Acredititeminthebalan__ofpaymentsis:在国际收支平衡里的贷项是Aa.Anitemforwhichthecountrymustbepaid.一个国家必须收取的条款b.Anitemforwhichthecountrymustpay.c.Anyimporteditem.d.Anitemthatcreatesamonetaryclaimowedtoaforeigner.
3.Everyinternationalexchangeofvalueisenteredintothebalan__-of-paymentsaccounts__________times.每一次国际等价交换都记进国际收支帐户2次Ba.1b.2c.3d.
44.Adebititeminthebalan__ofpaymentsis:在国际收支平衡中的借项是Ba.Anitemforwhichthecountrymustbepaid.b.Anitemforwhichthecountrymustpay.一个国家必须支付的条款c.Anyexporteditem.d.Anitemthatcreatesamonetaryclaimonaforeigner.
5.Inanationsbalan__ofpaymentswhichoneofthefollowingitemsisalwaysrecordedasapositiveentryD在国际收支中下列哪个项目总被视为有利条项a.Changesinforeigncurrencyreserves.b.Importsofgoodsandservi__s.c.Militaryforeignaidsuppliedtoalliednations.d.Purchasesbyforeigntr__elersvisitingthecountry.国外游客在本国发生的__
6.Thesumofallofthedebititemsinthebalan__ofpayments:在收支平衡中所有贷项的总和Ba.Equalstheoverallbalan__.b.Equalsthesumofallcredititems.等于所有借项的总和c.Equals„compensating‟transactions.d.Equalsthesumofcredititemsminuserrorsandomissions.
7.WhichofthefollowingcapitaltransactionsareenteredasdebitsintheU.S.balan__ofpayments下列哪个资本交易在美国的收支平衡中当作借项?Ba.AU.S.residenttransfers$100fromhisaccountatCreditSuisseinBaselSwitzerlandtohisaccountataSanFranciscobranchofWellsFargoBank.b.AFrenchresidenttransfers$100fromhisaccountatWellsFargoBankinSanFranciscotohisCreditSuisseaccountinBasel.一个法国居民在旧金山的FargoBank用其帐户转帐100美金到位于巴塞尔的瑞士信贷户口c.AU.S.residentsellshisIBMstocktoaFrenchresident.d.AU.S.residentsellshisCreditSuissestocktoaFrenchresident.
8.Anincreaseinanationsfinancialliabilitiestoforeignresidentsisa:一个国家对另一个国家金融负债的增加是一种Ca.Reserveinflow.b.Reserveoutflow.c.Capitalinflow.资本流入d.Capitaloutflow.9___A_______aremoney-likeassetsthatareheldbygover__entsandthatarerecognizedbygover__entsasfullyac__ptableforpaymentsbetweenthem.__国际储备资产是一种类似于钱的资产,这种资产由__掌握并作为__间的一种支付手段得到充分认可.a.Officialinternationalreserveassets__国际储备资产b.Unofficialinternationalreserveassetsc.Officialdomesticreserveassetsd.Unofficialdomesticreserveassets
10.Whichofthefollowingisconsideredacapitalinflow下列哪项被视为资本流入Aa.AsaleofU.S.financialassetstoaforeignbuyer.美国一金__产卖给一外国买家b.AloanfromaU.S.banktoaforeignborrower.c.ApurchaseofforeignfinancialassetsbyaU.S.buyer.d.AU.S.citizen‟srepaymentofaloanfromaforeignbank.
11.Inacountry‟sbalan__ofpaymentswhichofthefollowingtransactionsaredebit一个国家的收支平衡表中哪个交易属于借项?Aa.Domesticbankbalan__sownedbyforeignersaredecreased.外国人拥有的国内银行资产的下降b.Foreignbankbalan__sownedbydomesticresidentsaredecreased.c.Assetsownedbydomesticresidentsaresoldtononresidents.d.Securitiesaresoldbydomesticresidentstononresidents.
12.Theroleof___D_______istodirectonenation’ss__ingsintoanothernation‟sinvestments:资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandisetradeflowsb.Servi__sflowsc.Currentaccountflowsd.Capitalflows资金流
13.Thenetvalueofflowsofgoodsservi__sincomeandunilateraltransfersiscalledthe:商品服务收入和单方面转让等现金流的净收益叫经常账目(户)Ba.Capitalaccount.b.Currentaccount.经常账目(户)c.Tradebalan__.d.Officialreservebalan__.
14.Thenetvalueofflowsoffinancialassetsandsimilarclaimsexcludingofficialinternationalreserveassetflowsiscalledthe:金__产和类似的资产(__国际储备资产流除外)的净值流叫Aa.Financialaccount.金融帐b.Currentaccount.c.Tradebalan__.d.Officialreservebalan__.
15.ThefinancialaccountintheU.S.balan__ofpaymentsincludes:美国国家收支表中的金融帐包括Ba.Everythinginthecurrentaccount.b.U.S.gover__entpaymentstoothercountriesfortheuseofmilitarybases.美__采用其它国家军事__所需支付款项c.ProfitsthatNissanofAmericasendsbacktoJapan.d.NewU.S.investmentsinforeigncountries.
16.AU.S.residentincreasingherholdingsofaforeignfinancialassetcausesa:一个美国居民增持一外国金__产会引起Da.CreditintheU.S.currentaccount.b.DebitintheU.S.currentaccount.c.CreditintheU.S.capitalaccount.d.DebitintheU.S.capitalaccount.美国资本帐的借帐
17.AforeignresidentincreasingherholdingsofaU.S.financialassetcausesa:一个美国居民增持本国一金__产会引起Ca.CreditintheU.S.currentaccount.b.DebitintheU.S.currentaccount.c.CreditintheU.S.capitalaccount.美国资本帐的贷帐d.DebitintheU.S.capitalaccount.
18.Adeficitinthecurrentaccount:经常帐户中的赤字Aa.Tendstocauseasurplusinthefinancialaccount.会导致金融帐中的盈余b.Tendstocauseadeficitinthefinancialaccount.c.Hasnorelationshiptothefinancialaccount.d.Istheresultofincreasingexportsanddecreasingimports.
19.InSeptember2005exportsofgoodsfromtheU.S.decreased$
3.3billionto$
73.4billionandimportsofgoodsincreased$
3.8billionto$
144.5billion.Thisincreasedthedeficitin:2005年8月美国商品出口降低了33亿美元共734亿美元;商品进口上升到___5亿美元上长了38亿.这样增加了哪个方面的赤字?Ca.Thebalan__ofpayments.b.Thefinancialaccount.c.Thecurrentaccount.经常帐户d.Unilateraltransfers.
20.WhichofthefollowingwouldcontributetoaU.S.currentaccountsurplus以下哪项有助于美国现金帐的盈余?Ba.TheUnitedStates__kesaunilateraltariffreductiononimportedgoods.b.TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.美国削减在__的军事人员c.U.S.touriststr__elinlargenumberstoAsia.d.RussianvodkabecomesincreasinglypopularintheUnitedStates.
21.Whichofthefollowingtransactionsisrecordedinthefinancialaccount以下哪个交易会被当作金融帐Aa.FordmotorcompanybuildsanewplantinChina福特摩托公司在中国设立车间b.AChinesebusines__animportsFordautomobilesfromtheUnitedStates.c.AU.S.touristspendsmoneyonatriptoChina.d.TheNewYorkYankeesarepaid$10millionbytheChinesetoplayanexhibitiongameinBei___gChina.
22.IfaBritishbusinessbuysU.S.gover__entsecuritieshowwillthisbeenteredinthebalan__ofpayments如果一英国商人__了美国__的债那么这个交易在收支平衡表中会被当作是?Ca.Itwillappearinthetradeaccountasanimport.b.Itwillappearinthetradeaccountasanexport.c.ItwillappearinthefinancialaccountasanincreaseinU.S.assetsheldbyforeigners.会被当作是外国人所有的美国资产增长d.ItwillappearinthefinancialaccountasadecreaseinU.S.assetsheldbyforeigners.
23.Inthebalan__ofpaymentsthestatisticaldiscrepancyorerrortermisusedto:在收支平衡表中统计差异与错误项目会用来确保借帐总和跟贷帐总和一致Aa.Ensurethatthesumofalldebits__tchesthesumofallcredits.b.Ensurethatimportsequalthevalueofexports.c.Obtainanaccurateaccountofabalan__-of-paymentsdeficit.d.Obtainanaccurateaccountofabalan__-of-paymentssurplus.
24.Officialreserveassetsare:__储备资产是Ba.Thegoldholdingsinthenation’s__ntralbank.b.Moneylikeassetsthatareheldbygover__entsandthatarerecognizedbygover__entsasfullyac__ptableforpaymentsbetweenthem.__国际储备资产是一种类似于钱的资产,这种资产由__掌握并作为__间的一种支付手段得到充分认可c.Gover__entT-billsandT-bonds.d.Gover__entholdingsofSDR’s
25.Whichofthefollowingconstitutesthelargestcomponentoftheworld‟sinternationalreserveassets下列哪项构成了世界国际储备资产的大部份?Da.Gold.b.SpecialDrawingRights.c.IMFReservePositions.d.ForeignCurrencies.外汇(币)
26.Thenetaccumulationofforeignassetsminusforeignliabilitiesis:海外净资产的积累减去外债等于Ca.Netofficialreserves.b.Netdomesticinvestment.c.Netforeigninvestment.国外投资净值d.Netforeigndeficit.
27.Acountryexperiencingacurrentaccountsurplus:一个国家经历经常帐户的盈余Ba.Needstoborrowinternationally.b.Isabletolendinternationally.就有能力向外放贷c.Mustalsoh__ehadasurplusinitsoverallbalan__.d.Spentmorethanitearnedonitsmerchandiseandservi__tradeinternationalincomepaymentsandre__iptsandinternationaltransfers.
28.The___C_______measuresthesumofthecurrentaccountbalan__plustheprivatecapitalaccountbalan__.__结算差额是指经常帐户余额的总和加上私人资本帐(B=CA+FAFA:为非__投资和储备)a.Officialcapitalbalan__b.Unofficialcapitalbalan__c.Officialsettlementsbalan____结算差额d.Unofficialsettlementsbalan__
29.Iftheoverallbalan__isin__A________thereisanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountrysassets.如果综合差额处于盈余,那么会出现本国__储备资产的积累或者国外__储备的减少(B=CA+FAB+OR=,OR:__储备金额)a.Surplus盈余b.Deficitc.Balan__d.Foreignhands
30.Whichofthefollowingisthecurrentaccountbalan__NOTequalto以下哪项不等同于经常项目Da.Thedifferen__betweendomesticproductanddomesticexpenditure.b.Thedifferen__betweennationals__inganddomesticinvestment.c.Netforeigninvestment.d.Thedifferen__betweengover__ents__ingandgover__entinvestment.__储蓄与__投资的差值True/FalseQuestions
31.Capitalinflowsaredebitsandcapitaloutflowsarecredits.资金流入是借项,资金外流是贷项
32.Thenetvalueoftheflowofgoodsservi__sincomeandgiftsisthecurrentaccountbalan__.T商品服务收入和单方面转让等现金流的净收益叫经常账目余额
33.Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalan__.金__产和类似的资产的净值叫经常帐目余额
34.The__jorityofcountriesofficialreservesassetsarenowforeignexchangeassetsfinancialassetsdenominatedinaforeigncurrencythatisreadilyac__ptableininternationaltransactions.T大部份__储备资产作为以外汇资产和金__产为命名的外币在世界上交易与流通.
35.Acountrysfinancialaccountbalan__equalsthecountrysnetforeigninvestment.一个国家的金融帐差额相当于一个国家的净国外投资
36.Acountryhasacurrentaccountdeficitifitiss__ingmorethanitisinvestingdomestically.一个国家如果在国内的储蓄比投资要大那么会出现经常账目赤字
37.Theofficialsettlementsbalan__measuresthesumofthecapitalaccountbalan__plusthepubliccurrentaccountbalan__.__结算差额是资金帐户余额的总额加上公共经常帐户余额
38.Anationsinternationalinvestmentpositionshowsitsstockofinternationalassetsandliabilitiesatamomentintime.T一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.
39.Anationisaborrowerifitscurrentaccountisindeficitduringatimeperiod.T在一段时间内如果一个国家的经常帐出现赤字那么它就是借方.
40.Anationisadebtorifitsnetstockofforeignassetsispositive.如果一个国家的国外资产净储备是正数那么它是借方(债务方)
41.AtransactionleadingtoaforeignresidentincreasingherholdingsofaU.S.financialassetwillberecordedasadebitontheU.S.financialaccount.如果一项交易引起一外国居民增持美国金__产的股份那么这项交易在美国金融帐中会被当作借项
42.Acredititemisanitemforwhichacountrymustpay.贷项是指一个国家必须还款的条项
43.Goldisa__jorreserveassetthatiscurrentlyoftenusedinofficialreservetransactions.黄金作为主要的储备资产常被用在__储备交易当中.
44.Thecurrentaccountbalan__isequaltothedifferen__betweendomesticproductandnationalexpenditure.T经常项目余额等于国民生产与国民支出的差额
45.In2007U.S.householdsbusinessesandgover__entwerebuyingmoregoodsandservi__sthantheywereproducing.T2007年美国家庭商业____的商品和服务比他们生产(商品和服务)的要多.46你是提供以下信息一个国家的国际交易在一个特定年份:Servi__exports$346Servi__imports$354Merchandiseexports$480Merchandiseimports$348Incomeflowsnet$153Unilateraltransfersnet$142Increaseinthecountryholdingofforeignassetsnetexcludingofficialreservesassets$352Increaseinforeignholdingsofthecountryassetsnetexcludingofficialreserveassets$252Statisticaldiscrepancynet$154CA余额:$346-354+480-348+153+142=$419;__结算余额:$346-354+480-348+153+142+252-352+154=$473;Changeinofficialreserveassetsnet=__结算余额=$473Chapter3:TheForeignExchange__rketSingle-Choi__Questions
1.Foreignexchangeis:D外汇交易是a.Theactoftradingdifferentnations‟monies.不用国家货币的交易b.Theholdingsofforeigncurrency.对不同货币的持有c.Theactofimportingforeigngoodsandservi__s.d.Bothaandbarecorrect.
2.Ifthepri__ofBritishpoundsintermsofU.S.dollarsis$
1.80perpoundthenthepri__ofU.S.dollarsintermsofBritishpoundsis:B如果英磅对美元的汇率是1比
1.8那么美元对英磅的汇率是1比
0.555a.
1.80£perdollar.b.
0.555£perdollar.c.
0.90£perdollar.d.
3.60£perdollar.
3.SupposetheexchangeratebetweentheJapaneseyenandtheU.S.dollaris100yenperdollar.AJapanesestereowithapri__of60000yenwillcost:B假设日元对美元的汇率是100比1那么一台日元为60000的音响要花多少美元a.$1667b.$600c.$6000d.$
1004.SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnitedStates.Thesepri__ssuggestthattheexchangeratebetweenthewonandthedollaris:Aa.
1.5wonperdollarb.
0.75wonperdollarc.$
1.50perwond.$3perwon
5.The___D_______exchangerateisthepri__for“immediate”currencyexchange.即时汇率是指外汇的即时__a.Currentb.Forwardc.Futured.Spot
6.The___B_______exchangerateisthepri__setnowforanexchangethatwilltakepla__sometimeinthefuture.远期汇率是指由协议双方预订的将来会发生的汇率a.Currentb.Forwardc.Futurespotd.Spot
7.Theforeignexchange__rketis:C外汇市场是指a.Asinglegatheringpla__wheretradersshoutbuyandsellordersateachother.b.LocatedinNewYork.c.Agroupingbyelectronicmeansofbanksandtraderswhoworkatbanksthatconductforeignexchangetrades.银行和交易者以电子方式集聚于一起进行外汇的买卖d.LocatedinLondon.
8.___D_______foreignexchangetradinginvolvescurrencyexchangesdonebetweenindividualsandbanks.小额外汇交易(散户外汇交易)包含私人与银行间的外汇交易a.Interbankb.Consumerc.Intra-bankd.Retail
9.TheU.S.dollariscalleda____A______becauseitisoftenusedasanintermediarytoaccomplishtradingbetweentwoothercurrencies.美元被称为周转货币因为经常被用来完成其它两种货币的交易a.Vehiclecurrency周转货币(交易通货)b__incurrencyc.Commoncurrencyd.Pri__rycurrency
10.SupposethattheexchangevalueoftheBritishpoundis$2perpoundwhiletheexchangevalueoftheSwissfrancis50__ntsperfranc.Fromthiswecanconcludethattheexchangeratebetweenthepoundandthefrancis:Da.1francperpoundb.2francsperpoundc.3francsperpoundd.4francsperpound
11.WhichofthefollowingisNOTafunctionoftheinterbankoperationsoftheforeignexchange__rketD下列哪一个不是外汇交易市场中银行间操作方式的一种?a.Providesabankwithacontinuousstreamofinfor__tiononconditionsintheforeignexchange__rket.b.Providesabankthemeanstoreadjustitsownpositionquicklyandatlowcost.c.Permitsabanktotakeonapositioninaforeigncurrencyquickly.d.Providesabankwithtechnologicalresour__sforuseinforeignexchangetrading.提供技术资源给一间银行用来进行外汇交易
12.Underthe__nagedfloatsystemofexchangeratesafallinthe__rketpri__ofacurrencyiscalled:B在管理浮动汇率制度下一种货币__的下降被称为a.Devaluation.b.Depreciation.贬值c.Appreciation.d.Bothaandb.
13.Interbanktradingisconducteddirectlybetween___A_______orthroughtheuseof_________thatprovideanonymityuntilthetradeiscompleteandredu__searchcosts.银行间的交易是在交易者之间进行的或者通过经纪人提供操作直到交易结束.a.Traders;brokersb.Brokers;tradersc.Individualconsumers;thegover__entd.Individualconsumers;brokers
14.Acountry’sde__ndforforeigncurrencyisderivedfrom:一个国家对外汇的需求来自于(表示外国货币需求增加,本国货币流出)a.Internationaltransactionsenteringthedebitcolumnofitsbalan__ofpaymentsaccounts.国际交易进入到其收款帐户的借方栏里b.Internationaltransactionsenteringthesurpluscolumnofitsbalan__ofpaymentsaccounts.c.Thecountry’sde__ndforcurrencytofinan__exportsandcapitalinflows.d.Thecountry’sde__ndforcurrencytofinan__itsgover__ent’scompensatingtransactions.
15.U.S.exportsofgoodsandservi__swillcreatea___B_______foreigncurrencyanda______U.S.dollars.美国商品与服务的出口会创造出外汇的供给以及美元的需求a.De__ndfor;supplyofb.Supplyof;de__ndforc.Shortageof;de__ndford.Supplyof;shortageof
16.U.S.importsofgoodsandservi__swillcreatea___A_______foreigncurrencyanda_____U.S.dollars.美国商品与服务的进口会创造出外汇的需求以及美元的供给a.De__ndfor;supplyofb.Supplyof;de__ndforc.Shortageof;de__ndford.Supplyof;shortageof
17.U.S.capitalinflowswillcreatea____B______foreigncurrencyanda__________U.S.dollars.美国资本流入会创造出外汇的供给和美元的需求a.De__ndfor;supplyofb.Supplyof;de__ndforc.Shortageof;de__ndford.Supplyof;shortageof
18.Ina____C______exchangeratesystemthereisnointerventionbythegover__entor__ntralbankers.浮动汇率制度里__与__银行不得进行干涉a.Fixedb.Peggedc.Floatingd.__nagedfloat
19.AsthevalueoftheyenfallsrelativetotheU.S.dollar:C如果日元对美元的汇率下降了那么对日元的需求会上升a.JapanesegoodsbecomemoreexpensivetoU.S.consumers.b.Thesupplyofdollarswillfall.c.Thede__ndforyenwillrise.d.U.S.goodsbecomelessexpensivetoJapaneseconsumers.
20.Thede__ndcurveforforeigncurrencyslopesdownwardbecauseastheexchangerate___A_______thequantityde__nded__________.外汇的需求曲线会下降是因为随着汇率的上升需求量就下降a.Increases;decreasesb.Increases;increasesc.Decreases;decreasesd.Decreases;staysfixed
21.Shiftsinde__ndawayfromFrenchproductsandtowardU.S.productscausedbyfor__sotherthanchangesintheexchangeratewouldresultinextraattemptsto___C_______eurosand__________dollars.如果法国商品的需求下降并转稳到美国商品身上(由外力而是汇率引起),会引起欧元的额外卖与美元的购入a.Buy;buyb.Sell;sellc.Sell;buyd.Buy;sell
22.OtherthingsequalifAmericanexportstoJapanincreaseandAmericanimportsfromJapandecreasethenunderafloatingexchangeratesystemwewouldexpectthedollarto:D其它条件一样的情况下,美国出口到__的商品上升而美国进口__的商品下降,在浮动汇率制度下,美元将对日元走强a.WeakenagainsttheJapaneseyen.b.DepreciateagainsttheJapaneseyen.c.DevalueagainsttheJapaneseyen.d.StrengthenagainsttheJapaneseyen.
23.AdecreaseinGer__nresidentswillingnesstoinvestindollar-denominatedassetswillshiftthede__ndcurvefor:D德国居民投资于美元计价资产的意欲下降的话,美元的需求将会下降a.Eurostotheright.b.Eurostotheleft.c.Dollarstotheright.d.Dollarstotheleft.
24.Ina_____A_____exchangeratesystemthegover__entor__ntralbankersintervenetokeeptheexchangeratevirtuallysteady.在固定汇率制度下,__或__银行会尽力保持汇率的稳定a.Fixedb.__rketdrivenc.Floatingd.Forward
25.WhichofthefollowingbestcharacterizesthecurrentU.S.exchangeratepolicyC以下哪项最好地描绘出美国当今的汇率政策?a.Anadjustablepeggedrate.b.Acrawlingpeggedrate.c.Afreelyfloating.自由浮动汇率d.Afixedexchangerate.
26.WhichofthefollowinggroupsismostlikelytobenefitfromastrengtheningoftheU.S.dollaragainst__jorcurrenciesC如果美元对其它主要货币的汇率走强的话以下哪一群人会得益?a.U.S.exporters.b.TheU.S.gover__ent.c.U.S.consumers.美国消费者d.Foreignconsumers.
27.Exchangeratesareequalizedindifferentlocationsdueto:A汇率在不同地方可以保持等同是因为套利a.Arbitrage.套利(套汇)b.Gover__entinterventioninforeignexchange__rkets.c.Freetradeingoodsandservi__s.d.Theactionsofimportersandexporters.
28.HowcouldyouprofitiftheexchangerateinLondonwas$2/£whileinNewYorktheexchangeratewas$
1.95perpoundC如果在伦敦的汇率是1英磅对2美元而在纽约的汇率是1英磅对
1.95美元.那么怎样做才能赚钱?a.BuydollarsinNewYorkandselltheminLondon.b.BuypoundsinLondonandselltheminNewYork.C.BuypoundsinNewYorkandselltheminLondon.在纽约买英磅然后在伦敦卖d.BuydollarsinLondonandsellpoundsinNewYork.
29.The2001-2007rapidgrowthinglobalforeignexchangetradingcanbeexplainedby:B01-07年间全球外汇交易的急速增长是因为大型机构投资者对中__外国金融投资的增长a.Largeincreasesinshort-terminternationalcurrencyactivitiesbyhedgefunds.b.Increasesinlong-termforeignfinancialinvestmentsbylargeinstitutionalinvestors.c.IncreasesintheU.S.longtermgover__entbondyields.d.BothaandbTrue/FalseQuestions
1.Thegreaterpartofthemoneyassetstradedinforeignexchange__rketsarede__nddepositsinbanks.T大部份在外汇市场交易的现金资产都是活期存款.
2.Mostforeignexchangetradingisdoneamongthebanksthemselvesintheretailpartoftheforeignexchange__rket.多数外汇交易都是在银行间的散户外汇市场完成交易的
3.Thespotexchangerateisthepri__nowforanexchangethatwilltakepla__sometimeinthefuture.即时汇率是指外币在未来一定时间内的汇价.
4.Frenchimportsofgoodsandservi__swillcreateade__ndforforeigncurrencyandasupplyofeuros.T法国对商品的进出口会创造出对外汇的需求和欧元的供给.
5.Inthefloatingexchangeratesystemgover__entofficialsmustinterveneintheexchangerate__rkettokeeptheexchangeratefromfluctuating.在浮动汇率制下__必须对外汇市场进行干涉以保证汇率不出现浮动.(固定汇率)
6.AssumingtheJapaneseh__eafloatingexchangerateanincreaseinJapaneseexportsofgoodsandservi__swilltendtocausethevalueoftheyentoappreciate.T在浮动汇率制下__商品出口的增长会造成日元的升值(本币贬值有利出口,不利于进口)
7.To__intainanundervaluedcurrencymonetaryauthoritiesmustinterveneintheforeignexchange__rkettobuyitscurrency.如果要保持汇率偏低的货币货币当局必须在外汇市场通过干涉__这种货币
8.Triangulararbitragewillnotcausetheexchangeratebetweentwoforeigncurrenciestoequalize.三角套汇不会造成两种货币间汇率的均等(均衡)
9.From2001to2007globalforeignexchangetradingmorethandoubled.T会01到07年间全球外汇交易增长了两倍多
10.TheMaastrichtTreatysetapro__ssforestablishingamonetaryunionandasingleunionwidecurrency.T马斯特里赫特条约为建立货币同盟和统一联盟制定了一套固定程序.Chapter4:ForwardExchangeandInternationalFinancialInvestment远期外汇和国际金融投资Single-Choi__Questions
1.__A_______apositionexposedtorateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法a.Hedgingb.Speculatingc.Investingind.Buying
2.___B______istheactoftakinganetassetpositionoranetliabilitypositioninsomeassetclass.投机是一种在某些资产类别中取得净资产或者净负债的行为a.Hedgingb.Speculatingc.Investingd.Buying
3.A____D______exchangecontractisanagreementtoexchangeonecurrencyforanotheronsomedateinthefutureatapri__setnow.远期外汇合同是指交易双方在商议好的日期内按照交易商定的汇率进行外汇交易a.Spotdomesticb.Forwarddomesticc.Spotforeignd.Forwardforeign
4.____C______meanscommittingoneselftoanun__rtainfuturevalueofonesnetworthintermsofhomecurrency.投机是指致力于投资未来不确定的本国货币净值a.Sellingb.Hedgingc.Speculatingd.Importing
5.AssumeyouareaChineseexporterandexpecttore__ive$250000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:A假设你是一个中国出口商,你期望在60天内取得$250000,你可以通过怎样的方法使美元贬值从而排除损失风险?a.Sellingdollarsintheforward__rketfor60-daydelivery.__60天的远期外汇合同通过期货市场卖出美元b.Buyingdollarsnowandsellingitattheendof60days.c.Sellingtheyuanequivalentintheforward__rketfor60-daydelivery.d.KeepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.
6.AssumeyouareanAmericanimporterwhomustpay500000eurosattheendof90dayswhenyoure__ive1000casesofFrenchwineatyourwarehouseinNewYork.Ifyoudonotcoverthistransactionintheforward__rketyoufa__ariskoflossiftheeuro:B假设你是一个美国进口商,当收到寄来的1000箱法国红酒时,必须90天内付500000欧元如果你不在期货市场对这交易买保险的话,你可以因为欧元对美元的升值而蒙受损失a.Depreciatesagainstthedollar.b.Appreciatesagainstthedollar.c.Eitherappreciatesordepreciatesagainstthedollar.d.Isfixed.
7.Whichfinancialinstrumentprovidesabuyertherightbutnottheobligationtopurchaseorsellafixedamountofcurrencyataprearrangedpri__withinafewdaystoacoupleofyearsB外币期权给买家一种权利(不是义务)这种权利可以在几天甚至几年内通过预先定好的__买卖一定数量的外币a.Letterofcredit.b.Foreigncurrencyoption.外币期权c.Currencyswap.d.Forwardcontract.
8.Con__rningthecoveringofexchange__rketrisksassumingthatadepreciationofthedomesticcurrencyisfearedonecansaythatthereisanin__ntivefor:B关于外汇风险的保险问题假设一个国家的国内货币将出现贬值那么这是进口商火速为未来需求买保险的诱因.本币贬值将不利于进口商,有利于出口商a.Exporterstorushtocovertheirfutureneeds.b.Importerstorushtocovertheirfutureneeds.c.Bothexportersandimporterstorushtocovertheirfutureneeds.d.Neitherexportersnorimporterstorushtocovertheirfutureneeds.
9.IfCanadianspeculatorsbelievedtheeurowasgoingtoappreciateagainsttheU.S.dollartheywould:C如果___投资者深信欧元会对美元升值的话他们会大量买入欧元a.PurchaseCanadiandollars.b.PurchaseU.S.dollars.c.Purchaseeuros.d.Selleuros.
9.Ifthespotpri__oftheeurois$
1.10pereuroandthe30-dayforwardrateis$
1.00pereuroandyoubelievethatthespotratein30dayswillbe$
1.05pereuroyoucan__ximizespeculativegainsby:C如果欧元的即时汇率是
1.1美元每欧元同时30天期货汇率是1美元1欧元你相信即时汇率在30天赊会变成
1.05美元每欧元那么你怎样做才能利益最大化?(美元将会升值)a.Buyingeurosinthespot__rketandsellingtheeurosin30daysatthefuturespotrate.b.Signingaforwardforeignexchangecontracttoselltheeurosin30days.c.Signingaforwardforeignexchangecontracttosellthedollarsin30days.签订一远期外汇合约以便在30天内卖出美元d.Buyingdollarsinthespot__rketandsellingthedollarsin30daysatthefuturespotrate.
10.IfaninvestorstartswithdollarsandwantstoendupwithdollarsinthefuturewhichofthefollowingisNOTaninvestmentchoi__thatcanbe__deA如果一个投资者想以美元投资最后也以美元收取利益那么以下哪一项投资不是明智的?a.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandsignaforwardexchangecontracttobuytheforeigncurrency.用即时汇率卖出美元用得到的收益投资于国外的金融工具同时签订一份远期汇率合约用来买外币b.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandsignaforwardexchangecontracttobuydollars.c.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandthenbuydollarsatthefuturespotrate.d.Buyadollar-denominatedfinancialasset.
11.Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuturewhichofthefollowingchoi__sisanexampleofuncoveredinternationalinvestmentC如果一个投资者想以美元投资最后也以美元收取利益那么以下哪个选项是一种未保险国际投资的例子?a.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandsignaforwardexchangecontracttobuytheforeigncurrency.b.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandsignaforwardexchangecontracttobuydollars.c.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandthenbuydollarsatthefuturespotrate.用即时汇率卖出美元然后用收益投资于外国金融工具再用未来即时汇率买回美元d.Buyadollar-denominatedfinancialasset.
12.Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuturewhichofthefollowingchoi__sisanexampleofhedgingB如果一个投资者想以美元投资最后也以美元收取利益以下哪个选项是一种套头交易?a.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandsignaforwardexchangecontracttobuytheforeigncurrency.b.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandsignaforwardexchangecontracttobuydollars.以即时汇率卖出美元用收益投资于外国金融工具再签订一份远期汇率合约用来买回美元c.Selldollarsatthespotrateinvestthepro__edsinforeigncurrency-denominatedfinancialinstrumentsandthenbuydollarsatthefuturespotrate.d.Buyadollar-denominatedfinancialasset.
13.Theproportionatedifferen__betweenthecurrentforwardexchangeratevalueofacurrencyanditscurrentspotvalueisthe___C_______premium.一种货币的即时远期汇率值与即时交易值的不同在于远期升水(f-e)a.Investmentb.Spotc.Forwardd.Currency-option
14.The_____A_____differentialisapproxi__telyequaltotheforwardpremiumonacurrencyplustheinterestratedifferential.抵补套汇差异相当于一货币的远期升水加上利率差异(CD=F+I-If)a.Coveredinterestb.Uncoveredinterestc.Coveredcurrencyd.Uncoveredcurrency
15.___A_______arbitrageisbuyingacountryscurrencyspotandsellingthatcountryscurrencyforwardto__keanetprofitfromthecombinationofthedifferen__ininterestratesbetweencountriesandtheforwardpremiumonthecountryscurrency.抵补套汇是指以即时价买一个国家的货币然后在远期卖出这样就可以通过利率的差异和货币的远期升水赚取净收益a.Coveredinterest抵补套汇b.Uncoveredinterestc.Coveredcurrencyd.Uncoveredcurrency
16.Supposetheinterestrateon6-monthtreasurybillsis7per__ntperyearintheUnitedKingdomand4per__ntperyearintheUnitedStates.Iftoday’sspotpri__ofthepoundis$
2.00whilethe6-monthforwardpri__ofthepoundis$
1.98byinvestinginU.K.treasurybillsratherthanU.S.treasurybillsandcoveringexchangerateriskU.S.investorsearnanextrareturnforthe6monthsof:Aa.
0.5per__nt.b.
1.5per__nt.c.3per__nt.d.Itisnotpossibletodeterminewithoutadditionalinfor__tion.
17.Supposetheinterestrateon6-monthtreasurybillsis7per__ntperyearintheUnitedKingdomand4per__ntperyearintheUnitedStatesandtoday‟sspotpri__ofthepoundis$
2.00whilethe6-monthforwardpri__ofthepoundis$
1.
98.Ifthepri__ofthe6-monthforwardpoundwereto____D________U.S.investorswouldnolongerearnanextrareturnbyshiftingfundstotheUnitedKingdom.a.Riseto$
1.99b.Riseto$
2.01c.Fallto$
1.96d.Fallto$
1.
9718.Iftheforwardpremiumoftheeuroispositivetheexchange__rket’sconsensusappearstobethatovertheperiodofaforwardcontractthespotrateoftheeurowill:B如果欧元的远期升水是正数在远期外汇合约中的远期升水也是正数的话那么欧元的即时汇率会升值(fe:远期汇率大于即期汇率)a.Depreciate.b.Appreciate.c.Re__inconstant.d.Fluctuaterandomly.
19.Ifthecoveredinterestdifferentialiszero:C如果抵补汇率差异为0那么外币投资的总回报等于相应的国内货币投资回报[CD=0,1+Iuk*f/e=1+I]a.Internationalinvestmentswillbeunprofitable.b.Parityhasnotbeenreached.c.Theoverallcoveredreturnonaforeign-currencyinvestmentequalsthereturnonacomparabledomestic-currencyinvestment.d.Acurrencyisataforwardpremiumbyasmuchasitsinterestrateishigherthantheinterestrateintheothercountry.True/FalseQuestions
1.Hedgingapositionexposedtoexchangerateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.T对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法
2.Speculatinginapositionexposedtoexchangerateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.投机是对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法
3.Theprofitsandlossesonafuturescontractaccruetoyoudailyasthecontractis“__rkedto__rket”daily.T在未来合约中得益与损失每天都会产生因为未来合约本来就是一种每天结算的合约
4.Forwardexchangecontractsareusedforhedgingbutnotforspeculating.远期汇率合约是用来避险不是用来投资(机)的
5.Inacurrencyswaptwopartiesagreetoexchangeflowsofdifferentbondsduringaspecifiedperiodoftime.在货币套换中双方同意在一个约定的时间内交接不同的债券
6.Ifacurrencyisataforwardpremiumbyasmuchasitsinterestrateislowerthantheinterestrateintheothercountrycoveredinterestparityholds.T如果一货币的远期升水跟利率都比其它国家低那么套补利率平价持续FI都小于外国水平,抵补套汇机制将继续,CD=0,
7.Acountrywithaninterestratethatislowerthanthecorrespondingrateinthedomesticcountrywillh__eaforwardpremiumonitscurrency.T如果一个国家的利率比国内折合利率低那么____会出现出现货币的远期升水
8.Coveredinterestparityisrarelyfoundtoholdempirically.利率平价很少会持续出现
9.IfCanadaandBritainh__e90dayforwardexchangeratevaluesfortheircurrenciesthatareabovetheircurrentspotexchangeratevaluesthenCanadianandBritishinterestratesarerelativelyhigh.如果___与英国有90天远期外汇利率值这个外汇利率值高于其即时外汇利率值的话那么___与英国的利息相对比较高.(f-e0因为,f-e=两国利率差0所以___的利息比英国的利息低)
10.Stu___sh__eshownthatactualuncovereddifferentialsarerandomandon__erageequaltozero.研究表明非抵补利差是随机的并且平均值在0附近Others1Balan__ofpaymentsaisdefinedasthestatisticalrecordofacountry’sinternationaltransactionsovera__rtainperiodoftimepresentedintheformofadouble-entrybookkeepingbprovidesdetailedinfor__tioncon__rningthede__ndandsupplyofacountry’scurrencyccanbeusedtoevaluatetheperfor__n__ofacountryininternationaleconomiccompetitiondalloftheaboveAnswer:d2IftheUnitedStatesimportsmorethanitexportsthenaThesupplyofdollarsislikelytoex__edthede__ndintheforeignexchange__rket__terisparibus别无其他情形.bOnecaninferthattheU.S.dollarwouldbeunderpressuretodepreciateagainstothercurrenciescaandbdNoneoftheaboveAnswer:c3IfJapanexportsmorethanitimportsthenaThesupplyofdollarsislikelytoex__edthede__ndintheforeignexchange__rket__terisparibus.bOnecaninferthattheyenwouldbelikelytoappreciateagainstothercurrenciescaandbdNoneoftheaboveAnswer:b4Generallyspeakinganytransactionthatresultsinare__iptfromforeignersaWillberecordedasadebitwithanegativesignintheU.S.balan__ofpaymentsbWillberecordedasadebitwithapositivesignintheU.S.balan__ofpaymentscWillberecordedasacreditwithanegativesignintheU.S.balan__ofpaymentsdWillberecordedasacreditwithapositivesignintheU.S.balan__ofpaymentsAnswerd5GenerallyspeakinganytransactionthatresultsinapaymenttoforeignersaWillberecordedasadebitwithanegativesignintheU.S.balan__ofpaymentsbWillberecordedasadebitwithapositivesignintheU.S.balan__ofpaymentscWillberecordedasacreditwithanegativesignintheU.S.balan__ofpaymentsdWillberecordedasacreditwithapositivesignintheU.S.balan__ofpaymentsAnswera.6SupposetheMcDonaldsCorporationimports100tonsofCanadianbeefpayingforitbytransferringthefundstoaNewYorkbankaccountkeptbytheCanadianBeefConglomerate.aPaymentbyMcDonaldswillberecordedasadebitbThedepositofthefundsbythesellerwillberecordedasadebitcPaymentbyMcDonaldswillberecordedasacreditdThedepositofthefundsbythebuyerwillbecreditAnswer:a.7Sin__thebalan__ofpaymentsispresentedasasystemofdouble-entrybookkeepingaEverycreditintheaccountisbalan__dbya__tchingdebitbEverydebitintheaccountisbalan__dbya__tchingcreditcaandbarebothtruedNoneoftheaboveAnswercBalan__ofPaymentsAccounts8Acountry’sinternationaltransactionscanbegroupedintothefollowingthree__intypes:acurrentaccountmediumtermaccountandlongtermcapitalaccountbcurrentaccountlongtermcapitalaccountandofficialreserveaccountccurrentaccountcapitalaccountandofficialreserveaccountdcapitalaccountofficialreserveaccounttradeaccountAnswer:c9Invisibletraderefersto:aservi__sthat__oidtaxpaymentsbundergroundeconomyclegalconsultingandengineeringservi__sdtouristexpendituresonlyAnswer:cTheCurrentAccount10Thecurrentaccountisdividedintofourfinercategories:aMerchandisetradeservi__sfactorincomeandstatisticaldiscrepancy.bMerchandisetradeservi__sfactorincomeandunilateraltransferscMerchandisetradeservi__sportfolioinvestmentandunilateraltransfersdMerchandisetradeservi__sfactorincomeanddirectinvestmentAnswer:b.11FactorincomeaConsistslargelyofinterestdividendsandotherincomeonforeigninvestments.bIsatheoreticalconstructofthefactorsofproductionlandlaborcapitalandentrepreneurialability.cIsgenerallyaveryminorpartofnationalincomeaccounting__allerthanthestatisticaldiscrepancy.dNoneoftheaboveAnswer:aUSETHEFOLLOWINGINFOR__TIONTOANSWERTHENEXTTWOQUESTIONSTheentriesinthe“currentaccount”andthe“capitalaccount”combinedtogethercanbeoutlinedinalphabeticorderas:i-directinvestmentii-factorincomeiii-merchandiseiv-officialtransferv-othercapitalvi-portfolioinvestmentvii-privatetransferviii-servi__s12CurrentaccountincludesaiiiandiiibiiiiiandviicivvandviidivandviAnswer:b13CapitalaccountincludesaiiiandiiibiiiiiandviicivvandviidivandviAnswer:d14Adepreciationwillbegintoimprovethetradebalan__immediatelyifaImportsandexportsareresponsivetotheexchangeratechanges.bImportsandexportsareinelastictotheexchangeratechanges.cConsumersexhibitbrandloyaltyandpri__inelasticitydbandcAnswer:a.15InthelongrunbothexportsandimportstendtobeaUnresponsivetochangesinexchangeratesbResponsivetochangesinexchangeratescBothaandbdNoneoftheaboveAnswer:b.TheCapitalAccount16Thedifferen__betweenForeignDirectInvestmentandPortfolioInvestmentisthat:aPortfolioInvestmentmostlyrepresentsthesaleandpurchaseofforeignfinancialassetssuchasstocksandbondsthatdonotinvolveatransferofcontrol.bForeignDirectInvestmentmostlyrepresentsthesaleandpurchaseofforeignfinancialassetssuchasstockswhereasPortfolioInvestmentmostlyinvolvesthesalesandpurchaseofforeignbonds.cForeigndirectinvestmentisaboutbuyinglandandbuildingfactorieswhereasportfolioinvestmentisaboutbuyingstocksandbonds.dAlloftheaboveAnswer:a.17Inthelatterhalfofthe1980swithastrongyenJapanesefirmsaFa__ddifficultyexportingbCouldbetteraffordtoacquireU.S.assetsthathadbecomelessexpensiveintermsofyen.cFinan__dasharpincreaseinJapaneseFDIintheUnitedStatesdAlloftheaboveAnswer:d.18Internationalportfolioinvestmentsh__eboomedinre__ntyearsasaresultofaAdepreciatingU.S.dollarbIncreasedgasolineandothercommoditypri__s.cThegeneralrelaxationofcapitalcontrolsandregulationin__nycountriesdNoneoftheaboveAnswer:c.19IftheinterestraterisesintheU.S.whileothervariablesre__inconstantaCapitalinflowsintotheU.S.willincreasebCapitalinflowsintotheU.S.__ynot__terializecCapitalwillflowoutoftheU.S.dNoneoftheaboveAnswer:a.20Ifforaparticularcountyanincreaseintheinterestrateismoreorless__tchedbyanexpecteddepreciationinthelocalcurrency.aTraderswillprobablybetemptedtofindanothercountrytoinvestinbTheinterestrateincreasepersewillnotbeenoughtosparkcapitalflowintothecountrycBothaandbaretruedCapitalwillglowoutofthecountryasthedisgruntledcitizensriotandgotowarwiththenei___ors.Answer:c.21ThecapitalaccountmeasuresaThesumofU.S.salesofassetstoforeignersandU.S.purchasesofforeignassets.bThedifferen__betweenU.S.salesofassetstoforeignersandU.S.purchasesofforeignassets.cThedifferen__betweenU.S.salesof__nufacturedgoodstoforeignersandU.S.purchasesofforeignproducts.dNoneoftheaboveAnswer:b22WhenHondaaJapaneseauto__kerbuiltafactoryinOhioaItwasengagedinforeigndirectinvestmentbItwasengagedinportfolioinvestmentcItwasengagedinacross-borderacquisitiondNoneoftheabove.Answer:a.23Thecapitalaccount__ybedividedintothreecategories:aCross-bordermergersandacquisitionsportfolioinvestmentandotherinvestmentbDirectinvestmentportfolioinvestmentandCross-bordermergersandacquisitionscDirectinvestmentmergersandacquisitionsandotherinvestmentdDirectinvestmentportfolioinvestmentandotherinvestmentAnswer:d24WhenNestléaSwissfirmboughttheAmericanfirmCarnationitwasengagedinforeigndirectinvestment.IfNestléhadonlyboughtanon-controllingnumberofsharesofthefirmaNestléwouldh__ebeenengagedinportfolioinvestmentbNestléwouldh__ebeenengagedinacross-borderacquisitioncItwoulddependiftheyboughtthesharesfromanAmericanoraCanadiandNoneoftheabove.Answer:a.25TransactionsincurrencybankdepositsandsoforthaTendtobeinsensitivetobothchangesinrelativeinterestratesandtheanticipatedchangeinexchangerate.bTendtobesensitivetobothchangesinrelativeinterestratesandtheanticipatedchangeinexchangerate.cTendtobesensitivetochangesinrelativeinterestratesbutinsensitivetotheanticipatedchangeinexchangerate.dTendtobeinsensitivetochangesinrelativeinterestratesbutsensitivetotheanticipatedchangeinexchangerate.Answer:b.26Sin__securityreturnstendtoh__elowcorrelationsamongcountriesaInvestorscanredu__riskmoreeffectivelyiftheydiversifytheirportfolioholdingsinternationallyratherthanpurelydomestically.bInvestorswhoh__eadomesticallydiversifiedportfoliowithexposuresacrossindustrytypeswillnotgainmuchfromdiversifyingabroad.\cInvestorswhodiversifyinternationallywilllikelyunderperforminvestorswhokeepalltheirinvestmentsinonecountry.dNoneoftheaboveAnswer:a.27ForeigndirectinvestmentFDIoccursawhenaninvestoracquiresameasureofcontrolofaforeignbusinessbwhenthereisanacquisitionbyaforeignentityintheU.S.of10per__ntormoreofthevotingsharesofabusinesscwithsalesandpurchasesofforeignstocksandbondsthatdonotinvolveatransferofcontroldaandbAnswer:dStatisticalDiscrepancy28StatisticaldiscrepancywhichbydefinitionrepresentserrorsandomissionsaCannotbecalculateddirectlybIscalculatedbytakingintoaccountthebalan__-of-paymentsidentitycProbablyhassomeelementsthatarehonestmistakesitcan’tallbemoneylaunderinganddrugs.dAlloftheaboveAnswer:d.29Thestatisticaldiscrepancyinthebalan__-of-paymentsaccountsaArisesin__recordingsofpaymentsandre__iptsaredoneatdifferenttimesindifferentpla__spossiblyusingdifferentmethods.bArisesin__sometransactionsillegaltransactionsoccur“offthebooks”.cRepresentsomittedandmisrecordedtransactions.dAlloftheaboveAnswer:d.30Regardingthestatisticaldiscrepancyinthebalan__-of-paymentsaccountsaThereissomeeviden__thatfinancialtransactions__ybe__inlyresponsibleforthediscrepancy.bThesumofthebalan__onthecapitalaccountandthestatisticaldiscrepancyisveryclosetothebalan__ofthecurrentaccountin__gnitude.cIttendstobepositiveoneyearandnegativeinotherssoit’ssafetoignoreitdaandbAnswer:d.OfficialReserveAccount31Whenacountrymust__keanetpaymenttoforeignersbecauseofabalan__-of-paymentsdeficitthe__ntralbankofthecountryaShoulddonothingbShouldrundownitsofficialreserveassetse.g.goldforeignexchangesandSDRscShouldborrowanewfromforeign__ntralbanks.dborcwillworkAnswer:d.32ContinuedU.S.tradedeficitscoupledwithforeigners’desiretodiversifytheircurrencyholdingsawayfromU.S.dollarsacouldfurtherdiminishthepositionofthedollarasthedominantreservecurrencybcouldaffectthevalueofU.S.dollare.g.throughthecurrencydiversificationdecisionsofAsian__ntralbankscCouldlendsteamtotheemergen__oftheeuroasacrediblereservecurrencydAlloftheaboveAnswer:d.33CurrentlyinternationalreserveassetsarecomprisedofagoldplatinumforeignexchangesandspecialdrawingrightsSDRsbgoldforeignexchangesspecialdrawingrightsSDRsandreservepositionsintheInternationalMonetaryFundIMFcgolddiamondsforeignexchangesandspecialdrawingrightsSDRsdreservepositionsintheInternationalMonetaryFundIMFonlyAnswer:b34Internationalreserveassetsinclude“foreignexchanges”.TheseareaSpecialDrawingRightsSDRsattheIMFbreservepositionsintheInternationalMonetaryFundIMFcForeigncurrencyheldbyacountry’s__ntralbankdNoneoftheaboveAnswer:c35Themostimportantinternationalreserveassetcomprising94per__ntofthetotalreserveassetsheldbyIMFmembercountriesisaGoldbForeignexchangescSpecialDrawingRightsSDRsdReservepositionsintheInternationalMonetaryFundIMFAnswer:b.36Thebalan__ofpaymentsidentityisgivenbyBCA+BKA+BRA=
0.RearrangetheidentityforacountrywithapureflexibleexchangerateregimeaBCA+BKA+BRA=0bBCA=–BKAcBCA+BKA=–BRAdBRA=–BCAAnswer:b37NationalincomeorGrossNationalProductisgivenby:aGNP=Y=C+I+G+X+MbGNP=Y=C+I+G+X–McGNP=I=C+Y+G+X–MdGNP=Y=C+I+X+M–GAnswer:b.38WhichofthefollowingisatruestatementaBCA≡X–MbBKA≡X–McBKA–BCA≡X–MdBKA≡X–MAnswera39Thereisaninti__terelationshipbetweenacountry’sBCAandhowthecountryfinan__sitsdomesticinvestmentandpaysforgover__entexpenditures.ThisrelationshipisgivenbyBCA≡X–M≡S–I+T–G.GiventhiswhichofthefollowingisatruestatementaIfS–I0itimpliesthatacountry’sdomestics__ingsisinsufficienttofinan__domesticinvestment.bIfT–G0itimpliesthatacountry’staxrevenueisinsufficienttofinan__gover__entspendingcbothaandbaretruednoneoftheaboveAnswerc40Thereisaninti__terelationshipbetweenacountry’sBCAandhowthecountryfinan__sitsdomesticinvestmentandpaysforgover__entexpenditures.ThisrelationshipisgivenbyBCA≡X–M≡S–I+T–G.GiventhiswhichofthefollowingisatruestatementaIfS–I0itimpliesthatacountry’sdomestics__ingsisinsufficienttofinan__domesticinvestment.bIfT–G0itimpliesthatacountry’staxrevenueisinsufficienttofinan__gover__entspendingcwhenBCAisnegativeitimpliesthatgover__entbudgetdeficitsan/orpartofdomesticinvestmentarebeingfinan__withforeign-controlledcapitaldalloftheabovearetrueAnswerd.41Thereisaninti__terelationshipbetweenacountry’sBCAandhowthecountryfinan__sitsdomesticinvestmentandpaysforgover__entexpenditures.ThisrelationshipisgivenbyBCA≡X–M≡S–I+T–G.Giventhisinorderforacountrytoredu__aBCAdeficitwhichofthefollowingmustoccuraForagivenlevelofSandIthegover__entbudgetdeficitT–Gmustberedu__dbForagivenlevelofIandT–GSmustbeincreasedcForagivenlevelofSandT–GImustfalldAlloftheabovewouldworktoredu__aBCAdeficitAnswerd.42Thespot__rketaInvolvesthealmost-immediatepurchaseorsaleofforeignexchange.bInvolvesthesaleoffuturesforwardsandoptionsonforeignexchangecTakespla__onlyonthefloorofaphysicaltradingfloordAlloftheabove.Answer:a43Spotforeignexchangetradingaaccountsforabout5per__ntofallforeignexchangetradingbaccountsforabout20per__ntofallforeignexchangetradingcaccountsforabout35per__ntofallforeignexchangetradingdaccountsforabout70per__ntofallforeignexchangetradingAnswer:dSpotRateQuotationsCountryU.S.$equiv.CurrencyperU.S.$TuesdayMondayTuesdayMondayBritainPound£
625001.
60001.
61000.
6250.62111MonthForward
1.
61001.
63000.
62110.61733MonthsForward
1.
63001.
66000.
61730.60246MonthsForward
1.
66001.
72000.
60240.581412MonthsForward
1.
72001.
80000.
58140.55561UsingthetableshownwhatisthemostcurrentspotexchangerateshownforBritishpoundsUseadirectquotea$
1.61=£
1.00b$
1.60=£
1.00c$
1.00=£
0.625d$
1.72=£
1.00Answer:b
44.TheSingaporedollar—U.S.dollarS$/$spotexchangerateisS$
1.60/$theCanadiandollar—U.S.dollarCD/$spotrateisCD
1.33/$andtheS$/CD
1.
15.Determinethetriangulararbitrageprofitthatispossibleifyouh__e$
1000000.a$44063profitb$46093losscNoprofitispossibled$46093profitAnswer:dRationale:
45.Theforwardpri__a__ybehigherthanthespotpri__b__ybethesameasthespotpri__c__ybelessthanthespotpri__dAlloftheaboveAnswer:d
46.Relativetothespotpri__theforwardpri__willbeaUsuallylessthanthespotpri__bUsuallymorethanthespotpri__cUsuallyequaltothespotpri__dUsuallylessthanormorethanthespotpri__moreoftenthanitisequaltothespotpri__.Answer:d
47.ForaU.S.traderworkinginAmericanquotesiftheforwardpri__ishigherthanthespotpri__aThecurrencyistradingatapremiumintheforward__rketbThecurrencyistradingatadiscountintheforward__rketcThenyoushouldbuyatthespotholdontoitandsellattheforward—it’sabuilt-inarbitrage.dAlloftheabove—itreallydependsifyou’retalkingAmericanorEuropeanquotesAnswer:aRationale:districkyandyouwillgetsomestudentslobbyinghardforit—untilyouremindthemtoreadthequestioncarefully.
48.Theforward__rketaInvolvescontractingtodayforthefuturepurchaseofsaleofforeignexchangeatthespotratethatwillprevailatthe__turityofthecontract.bInvolvescontractingtodayforthefuturepurchaseofsaleofforeignexchangeatapri__agreedupontoday.cInvolvescontractingtodayfortherightbutnotobligationtothefuturepurchaseofsaleofforeignexchangeatapri__agreedupontoday.dNoneoftheaboveAnswer:b
49.SupposethatyouarethetreasurerofIBMwithanextraUS$1000000toinvestforsixmonths.YouareconsideringthepurchaseofU.S.T-billsthatyield
1.810%that’sasixmonthratenotanannualratebythewayandh__ea__turityof26weeks.Thespotexchangerateis$
1.00=¥100andthesixmonthforwardrateis$
1.00=¥
110.TheinterestrateinJapanonaninvestmentofcomparableriskis13per__nt.Whatisyourstrategyatake$1minvestinU.S.T-billsbtake$1mtranslateintoyenatthespotinvestinJapanrepatriateyouryenearningsbackintodollarsatthespotrateprevailinginsixmonths.ctake$1mtranslateintoyenatthespotinvestinJapanhedgewithashortpositionintheforwardcontractdtake$1mtranslateintoyenattheforwardrateinvestinJapanhedgewithashortpositioninthespotcontractAnswer:c
50.AU.S.-basedcurrencydealerhasgoodcreditandcanborrow$1000000foroneyear.Theone-yearinterestrateintheU.S.isi$=2%andintheeurozonetheone-yearinterestrateisi€=6%.Thespotexchangerateis$
1.25=€
1.00andtheone-yearforwardexchangerateis$
1.20=€
1.
00.Showhowtorealizea__rtaindollarprofitviacoveredinterestarbitrage.aBorrow$1000000at2%.Trade$1000000for€800000;investati€=6%;translatepro__edsbackatforwardrateof$
1.20=€
1.00grosspro__eds=$
1017600.bBorrow€800000ati€=6%;translatetodollarsatthespotinvestintheU.S.ati$=2%foroneyear;translate€848000backintoeuroattheforwardrateof$
1.20=€
1.
00.Netprofit$
2400.cBorrow€800000ati€=6%;translatetodollarsatthespotinvestintheU.S.ati$=2%foroneyear;translate€850000backintoeuroattheforwardrateof$
1.20=€
1.
00.Netprofit€
2000.dAnswerscandbarebothcorrectAnswer:bRationale:
51.AnItaliancurrencydealerhasgoodcreditandcanborrow€800000foroneyear.Theone-yearinterestrateintheU.S.isi$=2%andintheeurozonetheone-yearinterestrateisi€=6%.Thespotexchangerateis$
1.25=€
1.00andtheone-yearforwardexchangerateis$
1.20=€
1.
00.Showhowtorealizea__rtaineuro-denominatedprofitviacoveredinterestarbitrage.aBorrow$1000000at2%.Trade$1000000for€800000;investati€=6%;translatepro__edsbackatforwardrateof$
1.20=€
1.00grosspro__eds=$
1017600.bBorrow€800000ati€=6%;translatetodollarsatthespotinvestintheU.S.ati$=2%foroneyear;translate€848000backintoeuroattheforwardrateof$
1.20=€
1.
00.Netprofit$
2400.cBorrow€800000ati€=6%;translatetodollarsatthespotinvestintheU.S.ati$=2%foroneyear;translate€850000backintoeuroattheforwardrateof$
1.20=€
1.
00.Netprofit€
2000.dAnswerscandbarebothcorrectAnswer:cRationale:
52.Supposethattheannualinterestrateis
5.0per__ntintheUnitedStatesand
3.5per__ntinGer__nyandthatthespotexchangerateis$
1.12/€andtheforwardexchangeratewithone-year__turityis$
1.16/€.Assumethatanarbitragercanborrowupto$
1000000.Ifanastutetraderfindsanarbitragewhatisthenetcashflowinoneyeara$10690b$15000c$46207d$
21964.29Answer:dRationale:$
21964.29=–$1000000×
1.05+$1000000××
1.035×
53.Supposethattheone-yearinterestrateis
5.0per__ntintheUnitedStatesand
3.5per__ntinGer__nyandtheone-yearforwardexchangerateis$
1.16/€.Whatmustthespotexchangeratebea$
1.1768/€b$
1.1434/€.c$
1.12/€dNoneoftheabove.Answer:bRationale:equation
6.1:
54.AhigherU.S.interestratei$↑willresultinaastrongerdollarbalowerspotexchangerateexpressedasforeigncurrencyperU.S.dollarcbothaandbdNoneoftheaboveAnswer:a
56.Asoftodaythespotexchangerateis€
1.00=$
1.25andtheratesofinflationexpectedtoprevailforthenextyearintheU.S.is2%and3%intheeurozone.Whatistheone-yearforwardratethatshouldprevaila€
1.00=$
1.2379b€
1.00=$
1.2623c€
1.00=$
0.9903d$
1.00=€
1.2623Answer:aRationale:Takethespotrateandgrossupeachsidebytherespectiveinflationrates
57.PurchasingPowerParityPPPtheorystatesthat:aTheexchangeratebetweencurrenciesoftwocountriesshouldbeequaltotheratioofthecountries’pri__levels.bAsthepurchasingpowerofacurrencysharplydeclinesduetohyperinflationthatcurrencywilldepreciateagainststablecurrencies.cThepri__sofstandardcommoditybasketsintwocountriesarenotrelated.daandbAnswer:d
58.InviewofthefactthatPPPisthe__nifestationofthelawofonepri__appliedtoastandardcommoditybasketaItwillholdonlyifthepri__softheconstituentcommoditiesareequalizedacrosscountriesinagivencurrencybItwillholdonlyifthecompositionoftheconsumptionbasketisthesameacrosscountries.cBothaandbdNoneoftheaboveAnswer:c
59.Generallyunf__orableeviden__onPPPsuggeststhataSubstantialbarrierstointernationalcommodityarbitrageexistbTariffsandquotasimposedoninternationaltradecanexplainatleastsomeoftheeviden__cShippingcostscan__keitdifficulttodirectlycomparecommoditypri__sdAlloftheaboveAnswer:d
60.Thepri__ofaMcDonald’sBig__csandwichaIsaboutthesameinthe120countriesthatMcDonaldsdoesbusinessinbVariesconsiderablyacrosstheworldindollartermscSupportsPPPdNoneoftheaboveAnswer:b
61.TheInternationalFisherEffectsuggeststhataAnyforwardpremiumordiscountisequaltotheexpectedchangeintheexchangerate.bAnyforwardpremiumordiscountisequaltotheactualchangeintheexchangeratecThenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.dAnincreasedecreaseintheexpectedinflationrateinacountrywillcauseaproportionateincreasedecreaseintheinterestrateinthecountry.Answer:c
62.TheFishereffectstatesthat:aAnyforwardpremiumordiscountisequaltotheexpectedchangeintheexchangerate.bAnyforwardpremiumordiscountisequaltotheactualchangeintheexchangeratecThenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.dAnincreasedecreaseintheexpectedinflationrateinacountrywillcauseaproportionateincreasedecreaseintheinterestrateinthecountry.Answer:d9SupposethattheBritishpoundispeggedtogoldat£6peroun__whereasoneoun__ofgoldisworth€
12.Underthegoldstandardanymisalig__entoftheexchangeratewillbeauto__ticallycorrectedbycrossborderflowsofgold.Calculatethepossibles__ingsforbuying€1000iftheBritishpoundbecomesundervaluedandtradesfor€
1.
80.Assumezeroshippingcosts.Hint:GoldisfirstpurchasedusingthedevaluedBritishpoundfromtheBankofEnglandthenshippedtoFran__andsoldfor€1000totheBankofFran__.a£
55.56b£
65.56c£
75.56d£
85.56Answer:aRationale:Sin__anoun__ofgoldshouldbeworththesamenorthorsouthoftheEnglishChannelitshouldbe€12=£
6.Soourexchangerateimpliedbygoldpri__sis€2=£1thereforebuying€1000shouldcost£500:€1000×£1/€2=£
500.00Ifthepoundisundervaluedat€
1.80wefindthat€1000costs£
555.56:€1000×£1/€
1.80=£
555.56S__ingsinbuying€1000byusinggoldandnotpostedexchangerates:£
555.56-£
500.00=£
55.56。