国际金融 英文习题 大题
CHAPTER 2 INTERNATIONAL MONETARY SYSTEM SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER
QUESTIONS AND PROBLEMS
QUESTIONS
1. Explain Gresham?s Law.
Answer: Gresham?s law refers to the phenomenon that bad (abundant) money drives good (scarce) money out of circulation. This kind of phenomenon was often observed under the bimetallic standard under which both gold and silver were used as means of payments, with the exchange rate between the two metals fixed.
2. Explain the mechanism which restores the balance of payments equilibrium when it is disturbed under the gold standard.
Answer: The adjustment mechanism under the gold standard is referred to as the price-specie-flow mechanism expounded by David Hume. Under the gold standard, a balance of payment disequilibrium will be corrected by a counter-flow of gold. Suppose that the U.S. imports more from the U.K. than it exports to the latter. Under the classical gold standard, gold, which is the only means of international payments, will flow from the U.S. to the U.K. As a result, the U.S. (U.K.) will experience a decrease (increase) in money supply. This means that the price level will tend to fall in the U.S. and rise in the U.K. Consequently, the U.S. products become more competitive in the export market, while U.K. products become less competitive. This change will improve U.S. balance of payments and at the same time hurt the U.K. balance of payments, eventually eliminating the initial BOP disequilibrium.
3. Suppose that the pound is pegged to gold at 6 pounds per ounce, whereas the franc is pegged to gold at 12 francs per ounce. This, of course, implies that the equilibrium exchange rate should be two francs per pound. If the current market exchange rate is 2.2 francs per
pound, how would you take advantage of this situation? What would be the effect of shipping costs?
Answer: Suppose that you need to buy 6 pounds using French francs. If you buy 6 pounds directly in the foreign exchange market, it will cost you 13.2 francs. Alternatively, you can first buy an ounce of gold for 12 francs in France and then ship it to England and sell it for 6 pounds. In this case, it only costs you 12 francs to buy 6 pounds. It is thus beneficial to ship gold due to the overpricing of the pound. Of course, you can make an arbitrage profit by selling 6 pounds for 13.2 francs in the foreign exchange market. The arbitrage profit will be 1.2 francs. So far, we assumed that shipping costs do not exist. If it costs more than 1.2 francs to ship an ounce of gold, there will be no arbitrage profit.
4. Discuss the advantages and disadvantages of the gold standard.
Answer: The advantages of the gold standard include: (I) since the supply of gold is restricted, countries cannot have high inflation; (2) any BOP disequilibrium can be corrected automatically through cross-border flows of gold. On the other hand, the main disadvantages of the gold standard are: (I) the world economy can be subject to deflationary pressure due to restricted supply of gold; (ii) the gold standard itself has no mechanism to enforce the rules of the game, and, as a result, countries may pursue economic policies (like de-monetization of gold) that are incompatible with the gold standard.
5. What were the main objectives of the Bretton Woods system?
Answer: The main objectives of the Bretton Woods system are to achieve exchange rate stability and promote international trade and development.
6. One can say that the Bretton Woods system was programmed to an eventual demise. Comment on this proposition.
Answer: The answer to this question is related to the Triffin paradox. Under the
gold-exchange system, the reserve-currency country should run BOP deficits to supply reserves to the world economy, but if the deficits are large and persistent, they can lead to a crisis of confidence in the reserve currency itself, eventually causing the downfall of the system.
7. Explain how the special drawing rights (SDR) is constructed. Also, discuss the circumstances under which the SDR was created.
Answer: SDR was created by the IMF in 1970 as a new reserve asset, partially to alleviate the pressure on the U.S. dollar as the key reserve currency. The SDR is a basket currency comprised of five major currencies, i.e., U.S. dollar, German mark, Japanese yen, French franc, and British pound. Currently, the dollar receives a 40% weight, mark 21%, yen 17%, franc 11%, and pound 11%. The weights for different currencies tend to change over time, reflecting the relative importance of each currency in international trade and finance.
9. There are arguments for and against the alternative exchange rate regimes.
a. List the advantages of the flexible exchange rate regime.
b. Criticize the flexible exchange rate regime from the viewpoint of the proponents of the
fixed exchange rate regime.
c. Rebut the above criticism from the viewpoint of the proponents of the flexible exchange
rate regime.
Answer: a. The advantages of the flexible exchange rate system include: (I) automatic achievement of balance of payments equilibrium and (ii) maintenance of national policy autonomy.
b. If exchange rates are fluctuating randomly, that may discourage international trade and encourage market segmentation. This, in turn, may lead to suboptimal allocation of resources.
c. Economic agents can hedge exchange risk by means of forward contracts and other techniques. They don?t have to bear it if they choose not to. In addition, under a fixed exchange rate regime, governments often restrict international trade in order to maintain the exchange rate. This is a self-defeating measure. What?s good about the fixed exchange rate if
international trade need to be restricted?
10. In an integrated world financial market, a financial crisis in a country can be quickly transmitted to other countries, causing a global crisis. What kind of measures would you propose to prevent the recurrence of a Asia-type crisis.
Answer: First, there should be a multinational safety net to safeguard the world financial system from the Asia-type crisis. Second, international institutions like IMF and the World Bank should monitor problematic countries more closely and provide timely advice to those countries. Countries should be required to fully disclose economic and financial information so that devaluation surprises can be prevented. Third, countries should depend more on domestic savings and long-term foreign investments, rather than short-term portfolio capital. There can be other suggestions.
11. Discuss the criteria for a …good? international monetary syst em.
Answer: A good international monetary system should provide (I) sufficient liquidity to the world economy, (ii) smooth adjustments to BOP disequilibrium as it arises, and (iii) safeguard against the crisis of confidence in the system.
12. Once capital markets are integrated, it is difficult for a country to maintain a fixed exchange rate. Explain why this may be so.
Answer: Once capital markets are integrated internationally, vast amounts of money may flow in and out of a country in a short time period. This will make it very difficult for the country to maintain a fixed exchange rate.
MINI CASE: WILL THE UNITED KINGDOM JOIN THE EURO CLUB?
When the euro was introduced in January 1999, the United Kingdom was conspicuously absent from the list of European countries adopting the common currency. Although the current Labor government led by Prime Minister Tony Blair appears to be in favor of joining the euro club, it is not clear at the moment if that will actually happen. The opposition Tory party is not in favor of adopting the euro and thus giving up monetary sovereignty of the country. The public opinion is also divided on the issue.
Whether the United Kingdom will eventually join the euro club is a matter of considerable importance for the future of European Union as well as that of the United Kingdom. The joining of the United Kingdom with its sophisticated finance industry will most certainly help propel the euro into a global currency status rivaling the U.S. dollar. The United Kingdom on its part will firmly join the process of economic and political unionization of Europe, abandoning its traditional balancing role.
Investigate the political, economic and historical situations surrounding the British participation in the European economic and monetary integration and write your own assessment of the prospect of British joining the euro club. In dong so, assess from the British perspective, among other things, (1) potential benefits and costs of adopting the euro, (2) economic and political constraints facing the country, and (3) the potential impact of British adoption of the euro on the international financial system, including the role of the U.S. dollar.
Suggested Solution to Will the United Kingdom Join the Euro Club?
Whether the U.K. will join the euro club will be a political as much as economic decision. Recently, the U.K. economy was converging with those of euro-zone countries. Economic conditions in terms of government budgets, interest rates, and inflation rate are becoming similar to those in euro-zone countries. On an economic ground, this convergence is creating a condition that is conducive to U.K.?s joining the euro club. As recently pointed out by Wim Duisenberg, the President of the European Central Bank, British opposition to
joi ning the euro club is more “psycho-political” than justified on economic grounds. Since many political leaders in France and Germany consider adoption of the euro as a step toward the European political union, the U.K. is likely to join the euro-zone if it is prepared to join the European political union as well. Once the U.K. joins the euro-zone, the euro will no doubt become a global currency at the expense of the U.S. dollar.
CHAPTER 3 BALANCE OF PAYMENTS
SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER
QUESTIONS AND PROBLEMS
QUESTIONS
1. Define the balance of payments.
Answer: The balance of payments (BOP) can be defined as the statistical record of a country?s international transactions over a certain period of time presented in the form of double-entry bookkeeping.
2. Why would it be useful to examine a country?s balance of payments data?
Answer: It would be useful to examine a country?s BOP for at least two reasons. First, BOP provides detailed information about the supply and demand of t he country?s currency. Second, BOP data can be used to evaluate the performance of the country in international economic competition. For example, if a country is experiencing perennial BOP deficits, it may signal that the country?s industries lack competi tiveness.
3. The United States has experienced continuous current account deficits since the early 1980s. What do you think are the main causes for the deficits? What would be the consequences of continuous U.S. current account deficits?
Answer: The current account deficits of U.S. may have reflected a few reasons such as (I) a historically high real interest rate in the U.S., which is due to ballooning federal budget deficits, that kept the dollar strong, and (ii) weak competitiveness of the U.S. industries.
4. In contrast to the U.S., Japan has realized continuous current account surpluses. What could be the main causes for these surpluses? Is it desirable to have continuous current
account surpluses?
Answer: Japan?s continuous current account surp luses may have reflected a weak yen and high competitiveness of Japanese industries. Massive capital exports by Japan prevented yen from appreciating more than it did. At the same time, foreigners? exports to Japan were hampered by closed nature of Japanese markets. Continuous current account surpluses disrupt free trade by promoting protectionist sentiment in the deficit country. It is not desirable especially when it is brought about by the mercantilist policies.
5. Comment on the following statement: “S ince the U.S. imports more than it exports, it is necessary for the U.S. to import capital from foreign countries to finance its current account deficits.”
Answer: The statement presupposes that the U.S. current account deficit causes its capital account surplus. In reality, the causality may be running in the opposite direction: U.S. capital account surplus may cause the country?s current account deficit. Suppose foreigners find the U.S. a great place to invest and send their capital to the U.S., resulting in U.S. capital account surplus. This capital inflow will strengthen the dollar, hurting the U.S. export and encouraging imports from foreign countries, causing current account deficits.
6. Explain how a country can run an overall balance of payments deficit or surplus.
Answer: A country can run an overall BOP deficit or surplus by engaging in the official reserve transactions. For example, an overall BOP deficit can be supported by drawing down the central bank?s reserve holdings. Likewise, an over all BOP surplus can be absorbed by adding to the central bank?s reserve holdings.
7. Explain official reserve assets and its major components.
Answer: Official reserve assets are those financial assets that can be used as international means of payments. Currently, official reserve assets comprise: (I) gold, (ii) foreign
exchanges, (iii) special drawing rights (SDRs), and (iv) reserve positions with the IMF. Foreign exchanges are by far the most important official reserves.
8. Explain how to compute the overall balance and discuss its significance.
Answer: The overall BOP is determined by computing the cumulative balance of payments including the current account, capital account, and the statistical discrepancies. The overall BOP is significant becau se it indicates a country?s international payment gap that must be financed by the government?s official reserve transactions.
9. Since the early 1980s, foreign portfolio investors have purchased a significant portion of U.S. treasury bond issues. Discuss the short-term and long-term effects of foreigners? portfolio investment on the U.S. balance of payments.
Answer: As foreigners purchase U.S. Treasury bonds, U.S. BOP will improve in the short run. But in the long run, U.S. BOP may deteriorate because the U.S. should pay interests and principals to foreigners. If foreign funds are used productively and contributes to the competitiveness of U.S. industries, however, U.S. BOP may improve in the long run.
10. Describe the balance of payments identity and discuss its implications under the fixed and flexible exchange rate regimes.
Answer: The balance of payments identity holds that the combined balance on the current and capital accounts should be equal in size, but opposite in sign, to the change in the official reserves: BCA + BKA = -BRA. Under the pure flexible exchange rate regime, central banks do not engage in official reserve transactions. Thus, the overall balance must balance, i.e., BCA = -BKA. Under the fixed exchange rate regime, however, a country can have an overall BOP surplus or deficit as the central bank will accommodate it via official reserve transactions.
11. Exhibit 3.3 indicates that in 1991, the U.S. had a current account deficit and at the same time a capital account deficit. Explain how this can happen?
Answer: In 1991, the U.S. experienced an overall BOP deficit, which must have been accommodated by the Federal Reserve?s official reserve action, i.e., drawing down its reserve holdings.
12. Explain how each of the following transactions will be classified and recorded in the debit and credit of the U.S. balance of payments:
(1) A Japanese insurance company purchases U.S. Treasury bonds and pays out of its bank account kept in New York City.
(2) A U.S. citizen consumes a meal at a restaurant in Paris and pays with her American Express card.
(3) A Indian immigrant living in Los Angeles sends a check drawn on his L.A. bank account as a gift to his parents living in Bombay.
(4) A U.S. computer programmer is hired by a British company for consulting and gets paid from the U.S. bank account maintained by the British company.
Answer:
_________________________________________________________________ Transactions Credit Debit
_________________________________________________________________
Japanese purchase of U.S. T bonds √
Japanese payment using NYC account √
U.S. citizen having a meal in Paris √
Paying the meal with American Express √
Gift to parents in Bombay √
Receipts of the check by parents (goodwill) √
Export of programming service √
British payment out its account in U.S. √
_________________________________________________________________
13. Construct the balance of payment table for Japan for the year of 1998 which is comparable in format to Exhibit 3.1, and interpret the numerical data. You may consult International Financial Statistics published by IMF or research for useful websites for the data yourself.
Answer:
A summary of the Japanese Balance of Payments for 1998 (in $ billion)
Credits Debits Current Account
(1) Exports 646.03
(1.1) Merchandise 374.04
(1.2) Services 62.41
(1.3) Factor income 209.58
(2) Imports -516.50
(2.1) Merchandise -251.66
(2.2) Services -111.83
(3.3) Factor income -153.01 (3) Unilateral transfer 5.53 -14.37
Balance on current account 120.69
[(1) + (2) + (3)]
Capital Account
(4) Direct investment 3.27 -24.62
(5) Portfolio investment 73.70 -113.73
(5.1) Equity securities 16.11 -14.00
(5.2) Debt securities 57.59 -99.73
(6) Other investment 39.51 -109.35
Balance on financial account -131.22 [(4) + (5) + (6)]
(7) Statistical discrepancies 4.36
Overall balance -6.17
Official Reserve Account 6.17
Source: IMF, International Financial Statistics Yearbook, 1999.
Note: Capital account in the above table corresponds the …Financial account? in IMF?s balance of payment statistics. IMF?s Capital account? is included in …Other investment? in the above table.
MINI CASE: MEXICO?S BALANCE OF PAYMENTS PROBLEM
Recently, Mexico experienced large-scale trade deficits, depletion of foreign reserve holdings and a major currency devaluation in December 1994, followed by the decision to freely float the peso. These events also brought about a severe recession and higher unemployment in Mexico. Since the devaluation, however, the trade balance has improved.
Investigate the Mexican experiences in detail and write a report on the subject. In the report, you may:
(a) document the trend in Mexico?s key economic indicators, such as the balance of payments, the exchange rate, and foreign reserve holdings, during the period 1994.1 through 1995.12.; (b) investigate the causes of Mexico?s balance of payments difficulties prior to the peso devaluation;
(c) discuss what policy actions might have prevented or mitigated the balance of payments problem and the subsequent collapse of the peso; and
(d) derive lessons from the Mexican experience that may be useful for other developing countries.
In your report, you may identify and address any other relevant issues concerning Mexico?s balance of payment problem.
Suggested Solution to Mexico?s Balance-of-Payments Problem
To solve this case, it is useful to review Chapter 2, especially the section on the Mexican peso crisis. Despite the fact that Mexico had experienced continuous trade deficits until December 1994, the country?s currency was not allowed to depreciate for political reasons. The Mexican government did not want the peso devaluation before the Presidential election held in 1994. If the Mexican peso had been allowed to gradually depreciate against the major currencies, the peso crisis could have been prevented.
The key lessons that can be derived from the peso crisis are: First, Mexico depended too much on short-term foreign portfolio capital (which is easily reversible) for its economic growth. The country perhaps should have saved more domestically and depended more on long-term foreign capital. This can be a valuable lesson for many developing countries. Second, the lack of reliable economic information was another contributing factor to the peso crisis. The Salinas administration was reluctant to fully disclose the true state of the Mexican economy. If investors had known that Mexico was experiencing serious trade deficits and rapid depletion of foreign exchange reserves, the peso might have been gradually depreciating, rather than suddenly collapsed as it did. The transparent disclosure of economic data can help prevent the peso-type crisis. Third, it is important to safeguard the world financial system from the peso-type crisis. To this end, a multinational safety net needs to be in place to contain the peso-type crisis in the early stage.
CHAPTER 4 THE MARKET FOR FOREIGN EXCHANGE SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER
QUESTIONS AND PROBLEMS
QUESTIONS
1. Give a full definition of the market for foreign exchange.
Answer: Broadly defined, the foreign exchange (FX) market encompasses the conversion of purchasing power from one currency into another, bank deposits of foreign currency, the extension of credit denominated in a foreign currency, foreign trade financing, and trading in foreign currency options and futures contracts.
2. What is the difference between the retail or client market and the wholesale or interbank market for foreign exchange?
Answer: The market for foreign exchange can be viewed as a two-tier market. One tier is the wholesale or interbank market and the other tier is the retail or client market. International banks provide the core of the FX market. They stand willing to buy or sell foreign currency for their own account. These international banks serve their retail clients, corporations or individuals, in conducting foreign commerce or making international investment in financial assets that requires foreign exchange. Retail transactions account for only about 16 percent of FX trades. The other 84 percent is interbank trades between international banks, or non-bank dealers large enough to transact in the interbank market.
3. Who are the market participants in the foreign exchange market?
Answer: The market participants that comprise the FX market can be categorized into five groups: international banks, bank customers, non-bank dealers, FX brokers, and central banks. International banks provide the core of the FX market. Approximately 700 banks
worldwide make a market in foreign exchange, i.e., they stand willing to buy or sell foreign currency for their own account. These international banks serve their retail clients, the bank customers, in conducting foreign commerce or making international investment in financial assets that requires foreign exchange. Non-bank dealers are large non-bank financial institutions, such as investment banks, whose size and frequency of trades make it cost- effective to establish their own dealing rooms to trade directly in the interbank market for their foreign exchange needs.
Most interbank trades are speculative or arbitrage transactions where market participants attempt to correctly judge the future direction of price movements in one currency versus another or attempt to profit from temporary price discrepancies in currencies between competing dealers.
FX brokers match dealer orders to buy and sell currencies for a fee, but do not take a position themselves. Interbank traders use a broker primarily to disseminate as quickly as possible a currency quote to many other dealers.
Central banks sometimes intervene in the foreign exchange market in an attempt to influence the price of its currency against that of a major trading partner, or a country that it “fixes” or “pegs” its currency against. Intervention is the process of using foreign currency reserves to buy one?s own currency in order to decrease its supply and thus increase its value in the foreign exchange market, or alternatively, selling one?s own currency for foreign currency in order to increase its supply and lower its price.
5. What is meant by a currency trading at a discount or at a premium in the forward market?
Answer: The forward market involves contracting today for the future purchase or sale of foreign exchange. The forward price may be the same as the spot price, but usually it is higher (at a premium) or lower (at a discount) than the spot price.
6. Why does most interbank currency trading worldwide involve the U.S. dollar?
Answer: Trading in currencies worldwide is against a common currency that has international appeal. That currency has been the U.S. dollar since the end of World War II. However, the deutsche mark and Japanese yen have started to be used much more as international currencies in recent years. More importantly, trading would be exceedingly cumbersome and difficult to manage if each trader made a market against all other currencies.
8. A CD/$ bank trader is currently quoting a small figure bid-ask of 35-40, when the rest of the market is trading at CD1.3436-CD1.3441. What is implied about the trader?s beliefs by his prices?
Answer: The trader must think the Canadian dollar is going to depreciate against the U.S. dollar and therefore he is trying to reduce his inventory of Canadian dollars by discouraging purchases of CD by standing willing to buy $ at only CD1.3435/$1.00 and offering to sell from inventory at the slightly lower than market price of CD1.3440/$1.00.
*9. What is triangular arbitrage? What is a condition that will give rise to a triangular arbitrage opportunity?
Answer: Triangular arbitrage is the process of trading out of the U.S. dollar into a second currency, then trading it for a third currency, which is in turn traded for U.S. dollars. The purpose is to earn an arbitrage profit via trading from the second to the third currency when the direct exchange between the two is not in alignment with the cross exchange rate.
Most, but not all, currency transactions go through the dollar. Certain banks specialize in making a direct market between non-dollar currencies, pricing at a narrower bid-ask spread than the cross-rate spread. Nevertheless, the implied cross-rate bid-ask quotations impose a discipline on the non-dollar market makers. If their direct quotes are not consistent with the cross exchange rates, a triangular arbitrage profit is possible.
PROBLEMS
3. Restate the following one-, three-, and six-month outright forward European term bid-ask quotes in forward points.
Spot 1.3431-1.3436
One-Month 1.3432-1.3442
Three-Month 1.3448-1.3463
Six-Month 1.3488-1.3508
Solution:
One-Month 01-06
Three-Month 17-27
Six-Month 57-72
4. Using the spot and outright forward quotes in problem 3, determine the corresponding bid-ask spreads in points.
Solution:
Spot 5
One-Month 10
Three-Month 15
Six-Month 20
7. Given the following information, what are the DM/S$ currency against currency bid-ask quotations?
Bank Quotations American Terms European Terms
Bid Ask Bid Ask
Deutsche Marks .6784 .6789 1.4730 1.4741
Singapore Dollar .6999 .7002 1.4282 1.4288
Solution: Equation 4.12 from the text implies S(DM/S$b) = S($/S$b) x S(DM/$b) = .6999 x 1.4730 = 1.0310. The reciprocal, 1/S(DM/S$b)= S(S$/DM a)= .9699. Analogously, it is
implied that S(DM/S$a) = S($/S$a) x S(DM/$a) = .7002 x 1.4741 = 1.0322. The reciprocal, 1/S(DM/S$a)= S(S$/DM b)= .9688. Thus, the DM/S$ bid-ask spread is DM1.0310-DM1.0322 and the S$/DM spread is S$0.9688-S$0.9699.
8. Assume you are a trader with Deutsche Bank. From the quote screen on your computer terminal, you notice that Dresdner Bank is quoting DM1.6230/$1.00 and Credit Suisse is offering SF1.4260/$1.00. You learn that UBS is making a direct market between the Swiss franc and the mark, with a current DM/SF quote of 1.1250. Show how you can make a triangular arbitrage profit by trading at these prices. (Ignore bid-ask spreads for this problem). Assume you have $5,000,000 with which to conduct the arbitrage. What happens if you initially sell dollars for Swiss francs? What DM/SF price will eliminate triangular arbitrage?
国际金融试题单选
1 办理结汇、售汇的外汇资金划转应符合（）外汇管理规定。答案： A ；A 国家B人民银行 C 中国银行 D 农业银行 2 对于无法解付的外汇汇入款项，应在（）做暂收处理，并按照我行外汇资金清算查询查复的有关规定进行查询，做好查询查复登记。答案： A ；A 当日B次日C二日内 D 三日内 3 个人客户的外汇汇款，款项到达后，对于提供电话和地址的汇款指示，应首先以（）通知收款人。答案： D ； A 信件B邮递C传真D电话 4 个人客户的外汇汇款，款项到达后，以邮递方式通知收款人的，应在（）个工作日内发出通知邮件。答案： B ； A 1 B 2 C 3 D 5 5 机构客户申请办理外币票据托收业务的，需核对其票据背书签章和《外币票据托收申请书》上的签章，是否与其在我行的（）相符。答案： D ；A 预留公章 B 预留财务章 C 预留法人章 D 预留印鉴 6 机构客户外汇汇款以及账号齐全的个人外汇汇款应在收到上级行下划账单的（)个工作日内到达客户账。答案： A ；A 1 B 2 C 3 D 5 7 解付外汇汇入汇款，必须区分机构客户和个人客户，严格按照（）的有关规定为客户办理相关手续。答案： D ； A 总行B分行C人民银行 D 国家外汇管理部门 8 经办行办理付汇业务，应按照（）的有关规定，办理国际收支统计申报。答案： D ；A 总行B分行C 人民银行 D 国家外汇管理部门 9 经办行要严格按照总行规定的业务办理时间进行结售汇交易，对于当日交易并起息记账的业务，截止时间为当日下午（）。答案： D ；A 15:00 B 15:30 C 16:00 D 16:30 10 经办行在办理外汇票汇业务时，可以指示账户行主动借记总行账户，但必须在签发汇票的（）以SWIFT MT299报文通知总行外汇清算中心。答案： D ；A 次日下午四点前 B 次日下午三点前 C 当天下午四点前 D 当天 下午三点前 11 申请人办理外币票据托收，应填写《外币票据托收申请书》，一式（）联，并签章确认。答案： C ；A 一B 二 C 三 D 四 12 收到无法解付的外汇汇入汇款并向汇款行、账户行发出查询的（）个工作日后，无任何实质性答复，仍无法解付的，应做退汇处理。答案： B ；A 10 B 15 C 20 D 30 13 外币票据是重要（），如当日受理的外币票据不能及时寄送代收行，必须妥善保管。答案： B ；A 单据B 有价单证 C 一般凭证 D 空白凭证 14 外币票据托收业务档案应保存（）年。答案： B ；A 3 B 5 C 15 D 永久 15 外币票据托收中，（）方式适用的票据范围最广。答案： C ；A 立即贷记 B 最终贷记 C 标准托收 D 特殊托收 16 外币票据托收中，代收行应选择与我行签有（）的代理行进行办理。答案： D ；A 托收业务协议 B 票据 托收业务协议 C 代理托收业务协议D 代理票据托收业务协议 17 外币票据托收中，对于凭保付款托收回来的票据款项，应要求申请人在我行至少存足（）个月方可使用. 答案： A ；A 1 B 2 C 3 D 6 18 外币票据托收中，经办行收票后，应在每张托收票据的（）加盖划线章，划线分普通划线和特别划线。答案： A ；A 正面左上角 B 正面右上角 C 反面左上角 D 反面右上角 19 外币票据托收中，经办行要严格审查票据背书的真实性和完整性，对金额较大或有疑问的票据我行可采用（）方式。 答案： A ；A 标准托收 B 立即贷记 C 最终贷记 D 以上三种都可以 20 外币票据托收中，票面的收款人可能以中文、英文（按拼音核对）或中英文对照之中的一种形式进行表示，如果用中英文同时表示，应以（）为准。答案： A ；A 中文B英文C中、英文一起 D 中、英文均可 21 外币票据托收中，如果票据无特别注明，大多数票据自出票日期起（）个月内有效（如美元支票、英镑支票等），超过有效期的票据我行不予受理。答案： D ；A 1 B 2 C 3 D 6 22 外币票据托收中，无论采用何种托收方式，我行对托收票据发生的退票均保留随时向（）追索的权利。答案：C ；A 收款人 B 付款人 C 申请人 D 出票人 23 外币票据托收中，一般票据都注明了完整的货币符号，但有些票据的货币符号不完整，经办行应根据票据注明的（）来确定票据的币种。答案： A ；A 付款地 B 收款地 C 收款人 D 付款人 24 外币票据托收中，因退票发生的费用，由（）承担。答案： D ；A 收款人 B 付款人 C 出票人D 申请人 25 外汇汇出汇款和汇入汇款的查询查复业务，应执行（）外汇资金清算查询查复的有关规定答案： C ；A 外汇 局 B 银监局 C 总行D分行
英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T ) 2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places upward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula.( F ) 8．The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) PartⅡ:Cloze (20%)每题2分，答错不扣分 1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ） 2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures. 4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected. 8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel. PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分 1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given this information, is locational arbitrage possible?If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Yes!One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802.With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank.These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500. 2. Assume that the spot exchange rate of the British pound is $1.90.How will this spot rate adjust in two years if the United Kingdom experiences an inflation rate of 7 percent per year while the United
国际金融中英文版答案)
国际金融中英文版 Chapter 2: Payments among Nations Single-Choice Questions 1. A country ' s balance of payments records: 一个国家的国际收支平衡 记录了 B a. The value of all exports of goods and services from that country for a period of time. b. All flows of value between that c ountry ' s residents and residents of the rest of the world during a period of time. 在—— 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. All flows of financial assets that cross that country during a period of time. s boi d. All flows of goods into that country during a period of tim e. 2. A credit item in the balance of payments is: 在国际收支平衡里 的贷项是A a. An item for which the country must be paid. 一个国家必须收 取的条款 b. An item for which the country must pay. c. Any imported item. d. An item that creates a monetary claim owed to a foreigner. 3. Every international exchange of value is entered into the balance-of- payments accounts __________________ t ime(s). 每一次国际 等价交换都记进国际收支帐户2次 B a. 1 b. 2
《国际金融实务》题库含答案
第一章外汇交易的一般原理 一、单项选择题： 1、目前，多数国家（包括我国人民币）采用的汇率标价法是（ A ）。 A、直接标价法 B、间接标价法C应收标价法D、美元标价法 2 、按银行汇款方式不同，作为基础的汇率是（A ）。 A、电汇汇率 B、信汇汇率C票汇汇率D、现钞汇率 3、外汇成交后，在未来约定的某一天进行交割所采用的汇率是（ B ）。 A、浮动汇率 B、远期汇率C市场汇率D、买入汇率 4、若要将出口商品的人民币报价折算为外币报价，应用（ A ）。 A、买入价 B、卖出价 C、现钞买入价 D、现钞卖出价 5、银行对于现汇的卖出价一般（A ）现钞的买入价。 A、高于 B、等于C低于D不能确定 6、我国银行公布的人民币基准汇率是前一日美元对人民币的（ B ）。 A、收盘价 B、银行买入价 C、银行卖出价D加权平均价 7、外汇规避风险的方法很多。关于选择货币法，说法错误．．的是（A ）。 A、收“软”币付“硬”币 B 、尽量选择本币计价 C、尽量选择可自由兑换货币 D、软硬币货币搭配 8、下列外汇市场的参与者不包．括．．（C ）。 A、中国银行 B、索罗斯基金C无涉外业务的国内公司D、国家外汇管理局宁波市分局 9、对于经营外汇实务的银行来说，贱买贵卖是其经营原则，买卖之间的差额一般
为1%。?5%。，是银行经营经营外汇实务的利润。那么下列哪些因素使得买卖差价的幅度越小（ A ） A、外汇市场越稳定 B、交易额越小 C、越不常用的货币D外汇市场位置相对于货币发行国越远 10、被公认为全球一天外汇交易开始的外汇市场的（ C ）。 A、纽约 B、东京 C、惠灵顿 D、伦敦 11、下列不．属．于．外汇市场的参与者有（D ）。 A、中国银行 B、索罗斯基金 C、国家外汇管理局浙江省分局 D、无涉外业 务的国内公司 12、在有形市场中，规模最大外汇交易市场的是（ A ）。 A、伦敦 B、纽约 C、新加坡 D、法兰克福 13 、外汇市场上，银行的报价均以各种货币对（ D ）的汇率为基础。 A、直接标价法 B、间接标价法C应收标价法D、美元标价法 14、银行间外汇交易额通常以（A ）的整数倍。 A、100万美元 B、50万美元 C、1000万美元D 10万美元 15、以点数表示的远期汇率差价，每点所代表每个标准货币所折合货币单位的（A ） A、1/10000 B 、1/10 C 、1/100 D 、1/1000 16、商业银行经营外汇业务时，如果卖出多于买进，则称为（ B ） A、多头 B、空头 C、升水 D、贴水 1 7 、下列货币名称与英文简写对应错误．．的（B ） A、欧兀一EURO B 澳兀一CAD C、新加坡兀一SGD D 日兀一YEN 18、在伦敦外汇市场上用美元购买日元这样一笔外汇，结算国是（ A ）。 A美国和日本，交易国是英国B、美国和日本，交易国是美国 C美国和日本，交易国是日本D、美国和日本，交易国是美国和日本 19、一般来讲，一国的国际收支顺差会使其（ B ）。 A、本币升值 B、物价上升 C、通货紧缩 D、货币疲软 20、以下是两银行交易的过程，根据其交易过程，下列答案错误．．的（C ）。 A 银行：Hi! Bank of China, Shanghai Branch calling, spot CHF for 6 USD
国际金融完整考试题库
模拟试题1 一、名词解释 1、国际收支：在一定时期内，一个经济实体的居民同非居民所进行的全部经济交易的系统记录和综合。国 际收支是一个流量概念，反映的内容是以货币记录的全部交易，记录的是一国居民与非居民 之间的交易。 2、最优货币区：指若干个国家或地区因生产要素自由流动而构成的一个区域，在该区域内实行固定汇率制 度或单一货币制度有利于建议该区域与其他区域的调节机制。 3、特里芬两难：是指在布雷顿森林体系下，美元作为唯一的储备货币，具有不可克服的内在缺陷的问题： 美国国际收支顺差，国际储备资产供应则不足；若美国国际收支逆差，则美元的信用难以 维持。 4、马歇尔－勒纳条件：指贸易收支改善的必要条件，即出口商品的需求价格弹性和进口商品的需求价格弹 性之和必须大于1。 5、汇率制度：是指一国货币当局对本国货币汇率水平的确定、汇率变动方式等问题所作的一系列安排或规 定。包括：确定货币汇率的原则和依据；维持与调整汇率的办法；管理汇率的法令、体制和 政策；确定维持和管理汇率的机构。 二、判断题（每题1分，1×15＝15分）红色为错误 1、在间接标价法下，当外国货币数量减少时，称外国货币汇率下浮或贬值。（） 2、本国资产减少，负债增加的项目应记入贷方。（） 3、补贴和关税政策属于支出增减型政策，而汇率政策属于支出转换型政策。（） 4、如果一国实行固定汇率制，其拥有的国际储备量可以相对较小。（） 6、消除国际收支逆差的措施之一是降低贴现率。（） 7、货币贬值不一定能改善一国的贸易收支。（） 8、一般地说，利率较高的货币其远期汇率会呈现升水。（） 9、布雷顿森林体系的两大支柱一是固定汇率制，二是政府干预制。（） 10、如果一个投机者预测日元的汇率将上升，他通常的做法是买入远期的日元。（） 11、在纸币流通制度下，调节国际收支逆差的措施之一是削减财政开支和税收。（） 12、贬值的弊端之一就是可能引起贬值国的国内通胀加剧，从而抵消了贬值的部分作用。（） 13、国际收支平衡表中，储备资产项目为+12亿美元，则表示该国的国际储备资产增加了12亿美元。（） 14、外汇银行标示的“买入价”即银行买入本币的价格；“卖出价”即银行卖出本币的价格。（） 15、外国投资者购买我国中国银行发行的日元债券，对我国来讲属于资本流出，对外国来讲属于资本流入。（） 三、单项选择题（每题2分，2×15＝30分） 1、与金币本位制度相比，金块本位和金汇兑本位对汇率的稳定程度已（） （A）升高（B）降低（C）不变 2、国际收支的长期性不平衡指：（） （A）暂时性不平衡（B）结构性不平衡（C）货币性不平衡（D）周期性不平衡 3、根据国际收入平衡表的记帐原则，属于贷方项目的是（）。 A、进口劳务 B、本国居民获得外国资产 C、官方储备增加 D、非居民偿还本国居民债务 4、外汇储备过多的负面影响可能有：（） （A）不必升值（B）通货膨胀（C）外汇闲置（D）外币升值（E）通货紧缩 5、当处于通货膨胀和国际收支逆差的经济状况时，应采用下列什么政策搭配：（） （A）紧缩国内支出，本币升值（B）扩张国内支出，本币贬值
国际金融英文版习题
Chapter1 balance of payments Balance of Payments Accounting 1 Balance of payments a) d) Answer: d 2 Generally speaking, any transaction that results in a receipt from foreigners a) b) c) d) Answer d 3 Generally speaking, any transaction that results in a payment to foreigners e) f) g) e) Answer a) 4 Suppose the McDonalds Corporation imports 100 tons of Canadian beef, paying for it by transferring the funds to a New York bank account kept by the Canadian Beef Conglomerate. i) j) k) l) Answer: a 5 Since the balance of payments is presented as a system of double-entry bookkeeping, a) b) c) d) Answer c) 6 A country ' s international transactions can be grouped into the following three main types: a) current account, medium term account, and long term capital account is defined as the statistical record of a country ' s international transactions over a certain period of time presented in the form of a double -entry bookkeeping provides detailed information concerning the demand and supply of a country ' currency can be used to evaluate the performance of a country in international economic competition all of the above b) c) Will be recorded as a debit, with a negative sign, in the U.S. balance of payments Will be recorded as a debit, with a positive sign, in the U.S. balance of payments Will be recorded as a credit, with a negative sign, in the U.S. balance of payments Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Will be recorded as a debit, with a negative sign, in the U.S. balance of payments Will be recorded as a debit, with a positive sign, in the U.S. balance of payments Will be recorded as a credit, with a negative sign, in the U.S. balance of payments Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Payment by McDonalds will be recorded as a debit The deposit of the funds by the seller will be recorded as a debit Payment by McDonalds will be recorded as a credit The deposit of the funds by the buyer will be credit Every credit in the account is balanced by a matching debit Every debit in the account is balanced by a matching credit a) and b) are both true None of the above
精选最新2019年《国际金融》考试题库1000题(标准答案)
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CHAPTER 2 INTERNATIONAL MONETARY SYSTEM SUGGESTED ANSWERS AND SOLUTIONS TO END-OF-CHAPTER QUESTIONS AND PROBLEMS QUESTIONS 1. Explain Gresham?s Law. Answer: Gresham?s law refers to the phenomenon that bad (abundant) money drives good (scarce) money out of circulation. This kind of phenomenon was often observed under the bimetallic standard under which both gold and silver were used as means of payments, with the exchange rate between the two metals fixed. 2. Explain the mechanism which restores the balance of payments equilibrium when it is disturbed under the gold standard. Answer: The adjustment mechanism under the gold standard is referred to as the price-specie-flow mechanism expounded by David Hume. Under the gold standard, a balance of payment disequilibrium will be corrected by a counter-flow of gold. Suppose that the U.S. imports more from the U.K. than it exports to the latter. Under the classical gold standard, gold, which is the only means of international payments, will flow from the U.S. to the U.K. As a result, the U.S. (U.K.) will experience a decrease (increase) in money supply. This means that the price level will tend to fall in the U.S. and rise in the U.K. Consequently, the U.S. products become more competitive in the export market, while U.K. products become less competitive. This change will improve U.S. balance of payments and at the same time hurt the U.K. balance of payments, eventually eliminating the initial BOP disequilibrium. 3. Suppose that the pound is pegged to gold at 6 pounds per ounce, whereas the franc is pegged to gold at 12 francs per ounce. This, of course, implies that the equilibrium exchange rate should be two francs per pound. If the current market exchange rate is 2.2 francs per
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西北农林科技大学 国际金融试题库
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