国际金融双语复习大纲设计.docx

国际金融双语复习大纲设计.docx

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国际金融双语复习大纲设计

（一）论述、简答、计算题：

1、WhatisthecurrentaccountbalanceofFrancewhentheFrenchbudgetsurplusis348

millionEuros,privatesavingis256millionEuros,domesticcapitalformationis134million

Euros?

解答：

Nationalsaving=privatesaving+governmentsaving=256+348=604million

Currentaccountbalance=nationalsaving–domesticrealinvestment=604-134=470million

附：

Currentaccountbalance（CA）=netforeigninvestment（If）

Nationalsaving（S）=domesticrealinvestment（Id）+netforeigninvestment（If）

If=CA=S-Id,CA=Y（domesticproductionofgoodsandservices）-E（totalexpendituresongoodsandservices）

2、WhichofthefollowingtransactionscouldcontributetoaBritishcurrentaccountsurplus?

Explainwhy

aFrenchfirmsellsdefenseequipmenttotheBritishgovernmentfor250millionpoundsinbankdeposits

bGreatBritainmakesagiftof$500milliontotheIraqigovernmenttoaidinreconstruction.

cTheUnitedStatesborrows200millionpoundsonashort-termbasisfromtheBritishgovernmenttobuy200millionpoundsintextilesfromGreatBritain.

C：

merchandiseexports——currentaccountsurplus

A：

merchandiseimports——currentaccountdeficit

B：

unilateraltransfer——currentaccountdeficit

3、Youareprovidedwiththefollowinginformationaboutacountry’sinternationaltransactions

duringagivenyear:

Serviceexports$346

Serviceimports$354

Merchandiseexports$480

Merchandiseimports$348

Incomeflows,net$153

Unilateraltransfers,net$142

Increaseinthecountry’sholdingofforeignassets,net

（excludingofficialreservesassets）$352

Increaseinforeignholdingsofthecountry’sassets,net

（excludingofficialreserveassets）$252

Statisticaldiscrepancy,net$154

a.Calculatetheofficialsettlementsbalanceandthecurrentaccountbalance.

b.Isthecountryincreasingordecreasingitsnetholdingsofofficialreserveassets?

Why?

A:

Currentaccountbalance=netcredits–netdebitson（theflowofgoods,services,incomeandunilateraltransfer）=（346—354）+（480—348）+153—142=135

Financialaccountbalance=foreignholdingsofthecountry’sassets–thecountry’sholdingofforeignassets=—352+252=—100

So,officialsettlementbalance（B）=CAbalance+financialaccountbalance=135—100=35

B:

Currentaccountbalance=132—8+153—142=135

B=CA+FA=135+（—100）=35

B+OR+Statisticaldiscrepancy=0

OR=—189

Increaseinnetholdingsofofficialreserveasset

Debit

（-）

Credit

（+）

Balance

Goods

348

480

132

Services

354

346

-8

Income

153

Unilateraltransfer

142

-142

Privatecapitalflows

352

252

-100

OR

189

-189

Statisticaldiscrepancy

154

4、Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.

a.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.

b.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.

c.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.

d.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro.

A:

indirectquotation,euroappreciated

B:

directquotation,eurodepreciated

C:

indirectquotation,eurodepreciated

D:

directquotation,euroappreciated

5、Whatarethetwoformsofinterbankforeignexchangetrading?

Compareandcontrast

hesimilaritiesanddifferencesofthetwoforms.

Form1Interbanktradingisconducteddirectlybetweenthetradersatdifferentbanks

Form2Interbanktradingareconductedthroughforeignexchangebroker

Similarities:

Botharemakingtheforeignexchangetrades.

Differences:

Form1,thetradersknowtowhomtheyarequotingexchangeratesforpossible。

Form2,theuseofbrokersprovideanonymitytothetradersuntilanexchangerateisagreedonforatrade.

Form2,theuseofbrokerscanalsoallowthebanktoeconomizeonthecostsofsearchingforthebestavailableexchangerates,becausethebroker’sbusinessistoknowtheratesatwhichvariousbanksarewillingtotrade.Brokersearncommissionfortheirservices.

6.ThespotexchangeratebetweenthedollarandtheJapaneseyenisafloatingrate.Whateffectswillthefollowingeventshaveontheexchangerate?

Ineachcase,drawagraphtoillustratethechangesintheforeignexchangemarketcausedbytheevent.

a.PoliticalunrestinJapancausesU.S.investorstoshifttheirinvestmentsoutofJapan.

b.ThereisalargeincreaseinJapanesedemandforU.S.investmentsbecauseJapaneseinvestorsbelievethattheU.S.economyisexperiencingstronggrowth.

c.ThereisanincreaseindemandintheU.S.forJapaneseexportsasJapanbecomesalow-costproducerofelectronicdevices.

A:

SellingJapanesetodollars→increaseinsupplyofJapaneseyen→shiftthesupplycurve→reducestheexchangeratevalue（＄/yen）ofJapaneseyen→soinafloating-ratesystemshiftthesupplycurveforyentorightandthedemandcurveremainsunchanged→thedollarappreciates

Exchangerate（＄/yen）

D

B:

IncreaseinsupplyofJapaneseyen,becauseJapaneseneedtosellyenstogetU.S.dollarsintheforeignexchangemarketandthenusethosedollarstomakeinvestmentintheUS

其余同partA

C:

DemandforJapaneseyenincrease,becauseinmostcase,tenJapaneseexportsdesiretobepaidinyensbuttheU.S.importerdesirestopayindollars,sosomewhereinthepaymentprocessdollarsmustbeexchangedforyens

Exchangerate（＄/yen）

D

7、AssumethatthespotexchangeratebetweenthedollarandtheJapaneseyenisafixedratewithinanarrowbandaroundanannouncedrate.Assumethateachofthefollowingscenarioswillshifttheintersectionofprivatesupplyanddemandoutsidetheband.Whatpolicyinterventionsarenecessarybythemonetaryauthoritiesinordertomaintainthefixedrate?

a.PoliticalunrestinJapancausesU.S.investorstoshifttheirinvestmentsoutofJapan.

b.ThereisalargeincreaseinJapanesedemandforU.S.investmentsbecauseJapaneseinvestorsbelievethattheU.S.economyisexperiencingstronggrowth.

c.ThereisanincreaseindemandintheU.S.forJapaneseexportsasJapanbecomesalow-costproducerofelectronicdevices.

a、bU.S.governmentmustinterveneintheforeignexchangemarketbysellingU.S.dollarsandbuyingJapaneseyen

cU.S.governmentmustinterveneintheforeignexchangemarketbysellingJapaneseyenandbuyingU.S.dollars

展开分析部分（见6题）

8、Whatistriangulararbitrage?

Assumeyouhave100U.S.dollars.Explainhowyoucanmakeaprofitusingtriangulararbitragewiththefollowingexchangerates:

U.S.dollarsperEuro=1.0

EurosperBritishpound=6.0

BritishpoundperU.S.dollar=3.20

triangulararbitrage：

Thereisanopportunitytomakerisklessprofitbyarbitragingthroughthethreerates.

Step1exchange100dollarsfor320pounds（100*3.2）

Step2exchange320poundsfor1920euros（320*6）

Step3exchange1920eurosfordollars（1920*1）

THEN,thenetprofit=1920–100=1820dollars

9、Thecurrentspotexchangerateis$1.14/Euro.Thecurrent90-dayforwardexchangerateis$1.11/Euro.HowcouldaU.Sfirm,whomustrepaya40millionEuroloanin90days,useaforwardexchangecontracttohedgeitsriskexposure?

Onewaytohedgeitsriskexposureistoenterintoaforwardcontrasttobuy40millionEuroin90-days.Ifthe90-daycurrentforwardexchangerateis＄1.11/Euro,thenthecompanymustdeliver＄44.4millionin90days

10、Youareaskedtotestiftheforwardexchangerateisequaltotheaveragemarketexpectationofthefuturespotexchangerate.Whatinformationwillyouneedtoprove/disprovethisstatement?

Prove：

（Forwardexchangerate=futurespotexchangerate）

Wehypothesizethatspeculators’pressureonsupplyanddemandshoulddrivetheforwardexchangeratetoequaltheaverageexpectedvalueofthefuturespotexchangerate

11.Coveredinterestparitystatesthattheforwardpremiumshouldbeequaltothedifferenceininterestrates.Doestheempiricalevidencesupportthisstatement?

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.Willthelawofonepriceapplybettertoraregems（宝石）ortocomputers?

Explain.

ThelawofonepriceapplybettertoRareGems.Thetransactionsofraregemsaremoreconvenient,soanypricediscriminationwillleadtoarbitrageactivities,whichwilldrivethepriceofraregemsinthesamecurrencyvaluetobeequal.Peoplecouldn’tarbitragethepricediscriminationofcomputers,sothepricecannotbeequal.Ifthepricediscriminationcontinuestoexist,thediscriminationwouldexistallthetime,inthecomputermarket,thereisnopowertodriveittobeequal.P=e·Pf

13.Youobservethefollowingcurrentrates:

Spotexchangerate:

$1.25/SFr

Annualinterestrateon30-dayU.S.-dollar-denominatedbonds:

8%

Annualinterestrateon30-daySFr-denominatedbonds:

2%

a.Doesuncoveredinterestparityhold?

Ifso,whatspotexchangeratedoinvestorsexpectin30days?

b.Whatislikelytobetheeffectonthespotexchangerateiftheinterestrateonthe30-daySFr-denominatedbondincreasesby3%?

c.

a

×（360÷30）=8%—2%

=0.005

X=1.25625

b瑞士法郎利率到3%;瑞士法郎升值

×（360÷30）=8%—3%=

Ex=1.25103

14.ExplainthevariousaspectsofPPP.Besuretoexplainthedifferencesbetweenabsoluteandrelativepurchasingpower.ExplainthestrengthsandweaknessesofPPP.HowwellhasPPPdoneinpredictingactualexchangerates?

A、PPP的有三个层面的含义：

1）一价定理：

P=e·Pf

2）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