國際金融中英文版答案

2023年12月9日發(作者：讀書的快樂演講稿)

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國際金融中英文版

Chapter 2:

Payments among Nations

Single-Choice Questions

1. A country’s balance of payments records: 一個國家的國際收支 平衡記錄了 B

a. The value of all e*ports of goods and rvices from

that country for a period of time.

b. All flows of value between that country’s residents

and residents of the rest of the world during a period

of time. 在一定時間段里, 一個國家居民的資產和其它世界居民資產的流動

c. All flows of financial asts that cross that country’s

borders during a period of time.

d. All flows of goods into that country during a period of

time.

2. A credit item in the balance of payments is:在國際收支平衡里的貸項是A

a. An item for which the country must be paid. 一個國家必須收取的條款

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 e*change of value is entered into the

balance-of-payments accounts __________ time(s). 每一次國際等價交換都記進國際收支２次 B

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a. 1

b. 2

c. 3

d. 4

4. A debit item in the balance of payments is: 在國際收支平衡中的借項是 B

a. An item for which the country must be paid.

b. An item for which the country must pay. 一個國家必須支付的條款

c. Any e*ported item.

d. An item that creates a monetary claim on a foreigner.

5. In a nation's balance of payments, which one of the

following items is always recorded as a positive entry" D

在國際收支中, 以下哪個工程總被視為有利條項

a. Changes in foreign currency rerves.

b. Imports of goods and rvices.

c. Military foreign aid supplied to allied nations.

d. Purchas by foreign travelers visiting the country.

國外游客在本國發生的購置

6. The sum of all of the debit items in the balance of

payments: 在收支平衡中,所有貸項的總和 B

a. Equals the overall balance.

b. Equals the sum of all credit items.等于所有借項的總和

c. Equals ‘pensating’ transactions.

d. Equals the sum of credit items minus errors and

omissions.

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7. Which of the following capital transactions are entered as

debits in the U.S. balance of payments"

以下哪個資本交易在美國的收支平衡中當作借項. B

a. A U.S. resident transfers $100 from his account at

Credit Suis in Bal (Switzerland) to his account at

a San Francisco branch of Wells Fargo Bank.

b. A French resident transfers $100 from his account at

Wells Fargo Bank in San Francisco to his Credit

Suis account in Bal. 一個法國居民在舊金山的Fargo Bank用其轉帳１００美金到位于巴塞爾的瑞士信貸戶口

c. A U.S. resident lls his IBM stock to a French

resident.

d. A U.S. resident lls his Credit Suis stock to a

French resident.

8. An increa in a nation's financial liabilities to foreign

residents is a: 一個國家對另一個國家金融負債的增加是一種C

a. Rerve inflow.

b. Rerve outflow.

c. Capital inflow.資本流入

d. Capital outflow.

9. ___A_______ are money-like asts that are held by

governments and that are recognized by governments as

fully acceptable for payments between them. 官方國際儲藏資產是一種類似于錢的資產，這種資產由政府掌握并作為政府間的一種支付手段得到充分認可.

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a. Official international rerve asts 官方國際儲藏資產

b. Unofficial international rerve asts

c. Official domestic rerve asts

d. Unofficial domestic rerve asts

10. Which of the following is considered a capital

inflow"

以下哪項 被視為資本流入 A

a. A sale of U.S. financial asts to a foreign buyer. 美國一金融資產賣給一外國買家

b. A loan from a U.S. bank to a foreign borrower.

c. A purcha of foreign financial asts by a U.S.

buyer.

d. A U.S. citizen’s repayment of a loan from a foreign

bank.

11. In a country’s balance of payments, which of the

following transactions are

debits"一個國家的收支平衡表中,哪個交易屬于借項. A

a. Domestic bank balances owned by foreigners are

decread. 外國人擁有的國銀行資產的下降

b. Foreign bank balances owned by domestic residents

are decread.

c. Asts owned by domestic residents are sold to

nonresidents.

d. Securities are sold by domestic residents to

nonresidents.

12. The role of ___D_______ is to direct one nation’s

savings into another nation’s investments: 資金流的作用是指導一個國家的儲蓄進入到另一個國家的投資

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a. Merchandi trade flows

b. Services flows

c. Current account flows

d. Capital flows 資金流

13. The net value of flows of goods, rvices, ine, and

unilateral transfers is called the: 商品,效勞,收入和單方面轉讓等現金流的凈收益叫經常賬目〔戶〕B

a. Capital account.

b. Current account.經常賬目〔戶〕

c. Trade balance.

d. Official rerve balance.

14. The net value of flows of financial asts and similar

claims (e*cluding official international rerve ast flows)

is called the: 金融資產和類似的資產〔官方國際儲藏資產流除外〕的 凈值流叫 A

a. Financial account.金融帳

b. Current account.

c. Trade balance.

d. Official rerve balance.

15. The financial account in the U.S. balance of payments

includes: 美國國家收支表中的金融帳包括： B

a. Everything in the current account.

b. U.S. government payments to other countries for the

u of military bas.美政府采用其它國家軍事基地所需支付款項

c. Profits that Nissan of America nds back to Japan.

d. New U.S. investments in foreign countries.

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16. Ａ U.S. resident increasing her holdings of a foreign

financial ast caus a: 一個美國居民 增持一外國金融資產會引起D

a. Credit in the U.S. current account.

b. Debit in the U.S. current account.

c. Credit in the U.S. capital account.

d. Debit in the U.S. capital account. 美國資本帳的借帳

17. A foreign resident increasing her holdings of a U.S.

financial ast caus a: 一個美國居民增持本國一金融資產會引起 C

a. Credit in the U.S. current account.

b. Debit in the U.S. current account.

c. Credit in the U.S. capital account.美國資本帳的貸帳

d. Debit in the U.S. capital account.

18. A deficit in the current account: 經常中的赤字

A

a. Tends to cau a surplus in the financial account.會導致金融帳中的盈余

b. Tends to cau a deficit in the financial account.

c. Has no relationship to the financial account.

d. Is the result of increasing e*ports and decreasing

imports.

19. In September, 2005, e*ports of goods from the U.S.

decread $3.3 billion to $73.4 billion, and imports of

goods incread $3.8 billion to $144.5 billion. This

incread the deficit in:2005年8月,美國商品出口降低了33

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億美元,共734億美元；商品進口上升到1145億美元,上長了38億.這樣增加了哪個方面的赤字.C

a. The balance of payments.

b. The financial account.

c. The current account. 經常

d. Unilateral transfers.

20. Which of the following would contribute to a U.S.

current account surplus" 以下哪項有助于美國現金帳的盈余. B

a. The United States makes a unilateral tariff reduction

on imported goods.

b. The United States cuts back on American military

personnel stationed in Japan.美國削減在日本的軍事人員

c. U.S. tourists travel in large numbers to Asia.

d. Russian vodka bees increasingly popular in the

United States.

21. Which of the following transactions is recorded in the

financial account"以下哪個交易會被當作金融帳A

a. Ford motor pany builds a new plant in China 福特摩托公司在中國設立車間

b. A Chine businessman imports Ford automobiles

from the United States.

c. A U.S. tourist spends money on a trip to China.

d. The New York Yankees are paid $10 million by the

Chine to play an e*hibition game in Beijing, China.

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22. If a British business buys U.S. government curities,

how will this be entered in the balance of payments" 如果一英國商人購置了美國政府的債券,則這個交易在收支平衡表中會被當作是. C

a. It will appear in the trade account as an import.

b. It will appear in the trade account as an e*port.

c. It will appear in the financial account as an increa

in U.S. asts held by foreigners.會被當作是外國人所有的美國資產增長

d. It will appear in the financial account as a decrea in

U.S. asts held by foreigners.

23. In the balance of payments, the statistical discrepancy

or error term is ud to: 在收支平衡表中, 統計差異與錯誤工程會用來確保借帳總和跟貸帳總和一致 A

a. Ensure that the sum of all debits matches the sum of

all credits.

b. Ensure that imports equal the value of e*ports.

c. Obtain an accurate account of a

balance-of-payments deficit.

d. Obtain an accurate account of a

balance-of-payments surplus.

24. Official rerve asts are: 官方儲藏資產 是

B

a. The gold holdings in the nation’s central bank.

b. Money like asts that are held by governments and

that are recognized by governments as fully

acceptable for payments between them. 官方國際儲藏

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資產是一種類似于錢的資產，這種資產由政府掌握并作為政府間的一種支付手段得到充分認可

c. Government T-bills and T-bonds.

d. Government holdings of SDR’s

25. Which of the following constitutes the largest ponent of

the world’s international rerve asts" 以下哪項構成了世界國際儲藏資產的大部份. D

a. Gold.

b. Special Drawing Rights.

c. IMF Rerve Positions.

d. Foreign Currencies. 外匯〔幣〕

26. The net accumulation of foreign asts minus foreign

liabilities is: 海外凈資產的積累減去外債等于C

a. Net official rerves.

b. Net domestic investment.

c. Net foreign investment. 國外投資凈值

d. Net foreign deficit.

27. A country e*periencing a current account surplus:

一個國家經歷經常的盈余 B

a. Needs to borrow internationally.

b. Is able to lend internationally.就有能力向外放貸

c. Must also have had a surplus in its "overall" balance.

d. Spent more than it earned on its merchandi and

rvice trade, international ine payments and

receipts and international transfers.

28. The ___C_______ measures the sum of the current

account balance plus the private capital account balance.

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官方結算差額是指經常余額的總和加上私人資本帳〔B=CA+FA,FA:為非官方投資和儲藏〕

a. Official capital balance

b. Unofficial capital balance

c. Official ttlements balance官方結算差額

d. Unofficial ttlements balance

29. If the overall balance is in __A________, there is an

accumulation of official rerve asts by the country or a

decrea in foreign official rerve holdings of the

country's asts. 如果綜合差額處于盈余，則會出現本國官方儲藏資產的積累或者國外官方儲藏的減少〔B=CA+FA,B+OR=0，OR:官方儲藏金額〕

a. Surplus盈余

b. Deficit

c. Balance

d. Foreign hands

30. Which of the following is the current account balance

NOT equal to" 以下哪項不等同于現金帳 D

a. The difference between domestic product and

domestic e*penditure.

b. The difference between national saving and domestic

investment.

c. Net foreign investment.

d. The difference between government saving and

government investment. 政府儲蓄與政府投資的差值

True/Fal Questions

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31. Capital inflows are debits and capital outflows are

credits. 資金流入是借項，資金外流是貸項

32. The net value of the flow of goods, rvices, ine, and

gifts is the current account balance.(T)

商品,效勞,收入和單方面轉讓等現金流的凈收益叫經常賬目余額

33. The net flow of financial asts and similar claims is

the private current account balance. 金融資產和類似的資產的 凈值叫 經常帳目余額

34. The majority of countries' official rerves asts are

now foreign e*change asts, financial asts

denominated in a foreign currency that is readily

acceptable in international transactions. (T) 大部份官方儲藏資產作為以外匯資產和金融資產為命名的外幣在世界上交易與流通.

35. A country's financial account balance equals the

country's net foreign investment.一個國家的金融帳差額相當于一個國家的凈國外投資

36. A country has a current account deficit if it is saving

more than it is investing domestically.

一個國家如果在國的儲蓄比投資要大,則會出現經常賬目赤字

37. The official ttlements balance measures the sum of

the capital account balance plus the public current

account balance. 官方結算差額是資金余額的總額加上公共經常余額

38. A nation's international investment position shows its

stock of international asts and liabilities at a moment in

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time. (T) 一個國家的國際投資狀況反映出它在特定時間里的國際資產股份以及債務情況.

39. A nation is a borrower if its current account is in deficit

during a time period. (T)

在一段時間,如果一個國家的經常帳出現赤字,則它就是借方.

40. A nation is a debtor if its net stock of foreign asts is

positive. 如果一個國家的國外資產凈儲藏是正數,則它是借方〔債務方〕

41. A transaction leading to a foreign resident increasing

her holdings of a U.S. financial ast will be recorded as a

debit on the U.S. financial account. 如果一項交易引起一外國居民增持美國金融資產的股份,則這項交易在美國金融帳中會被當作借項

42. A credit item is an item for which a country must pay.

貸項是指一個國家必須還款的條項

43. Gold is a major rerve ast that is currently often

ud in official rerve transactions. 黃金作為主要的儲藏資產,常被用在官方儲藏交易當中.

44. The current account balance is equal to the difference

between domestic product and national e*penditure.(T) 經常工程余額等于國民生產與國民支出的差額

45. In 2007 U.S. houholds, business and government

were buying more goods and rvices than they were

producing.(T)２００７年,美國家庭,商業,政府購置的商品和效勞比他們生產〔商品和效勞〕的要多.

46。你是提供以下信息,一個國家的國際交易,在一個特定年份:

CA 余額:

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$346-354+480-348+153+142=$419；

官方結算余額:

$346-354+480-348+153+142+252-352+154=$473；

Change in official rerve asts (net) =官方結算余額=$473

. increasing the holding of official rerve asts.

Chapter 3:

The Foreign E*change Market

Single-Choice Questions

1. Foreign e*change is:D 外匯交易是

a. The act of trading different nations’ monies. 不用國家貨幣的交易

b. The holdings of foreign currency. 對不同貨幣的持有

c. The act of importing foreign goods and rvices.

d. Both (a) and (b) are correct.

2. If the price of British pounds in terms of U.S. dollars is

$1.80 per pound, then the price of U.S. dollars in terms

of British pounds is:B 如果英磅對美元的匯率是１比１.８,則美元對英磅的匯率是１比０.５５５

a. 1.80￡ per dollar.

b. 0.555￡ per dollar.

c. 0.90￡ per dollar.

d. 3.60￡ per dollar.

3. Suppo the e*change rate between the Japane yen

and the U.S. dollar is 100 yen per dollar. A Japane

stereo with a price of 60,000 yen will cost:B 假設日元對

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美元的匯率是１００比１,則一臺日元為６００００的音響要花多少美元

a. $1,667

b. $600

c. $6,000

d. $100

4. Suppo that a Korean television t that costs 600 won

in Korea costs $400 in the United States. The prices

suggest that the e*change rate between the won and the

dollar is:A

a. 1.5 won per dollar 呢題太簡單,不屑翻譯…自己睇

b. 0.75 won per dollar

c. $1.50 per won

d. $3 per won

5. The ___D_______ e*change rate is the price for

"immediate〞 currency e*change. 即時匯率是指外匯的即時價格

a. Current

b. Forward

c. Future

d. Spot

6. The ___B_______ e*change rate is the price t now for an

e*change that will take place sometime in the future.遠期匯率是指由協議雙方預訂的將來會發生的匯率

a. Current

b. Forward

c. Future spot

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d. Spot

7. The foreign e*change market is:C 外匯市場是指

a. A single gathering place where traders shout buy and

ll orders at each other.

b. Located in New York.

c. A grouping, by electronic means, of banks and

traders who work at banks that conduct foreign

e*change trades. 銀行和交易者以電子方式集聚于一起進展外匯的買賣

d. Located in London.

8. ___D_______ foreign e*change trading involves currency

e*changes done between individuals and banks. 小額外匯交易〔散戶外匯交易〕包含私人與銀行間的外匯交易

a. Interbank

b. Consumer

c. Intra-bank

d. Retail

9. The U.S. dollar is called a ____A______ becau it is often

ud as an intermediary to acplish trading between two

other currencies. 美元被稱為周轉貨幣,因為經常被用來完成其它兩種貨幣的交易

a. Vehicle currency 周轉貨幣〔交易通貨〕

b. Main currency

c. mon currency

d. Primary currency

10. Suppo that the e*change value of the British pound

is $2 per pound while the e*change value of the Swiss

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franc is 50 cents per franc. From this we can conclude

that the e*change rate between the pound and the

franc is:D 計算題,到時出中文題自己計啦…唔翻啦

a. 1 franc per pound

b. 2 francs per pound

c. 3 francs per pound

d. 4 francs per pound

11. Which of the following is NOT a function of the

interbank operations of the foreign e*change market" D以下哪一個不是外匯交易市場中銀行間操作方式的一種.

a. Provides a bank with a continuous stream of

information on conditions in the foreign e*change

market.

b. Provides a bank the means to readjust its own

position quickly and at low cost.

c. Permits a bank to take on a position in a foreign

currency quickly.

d. Provides a bank with technological resources for u

in foreign e*change trading.提供技術資源給一間銀行,用來進展外匯交易

12. Under the managed float system of e*change rates, a

fall in the market price of a currency is called:B 在管理浮動匯率制度下,一種貨幣價格的下降被稱為

a. Devaluation.

b. Depreciation. 貶值

c. Appreciation.

d. Both (a) and (b).

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13. Interbank trading is conducted directly between

___A_______ or through the u of __________ that

provide anonymity until the trade is plete and reduce

arch costs. 銀行間的交易是在交易者之間進展的或者通過經紀人提供操作直到交易完畢.

a. Traders; brokers

b. Brokers; traders

c. Individual consumers; the government

d. Individual consumers; brokers

14. A country’s demand for foreign currency is derived

from:A 一個國家對外匯的需求來自于〔表示外國貨幣需求增加，本國貨幣流出〕

a. International transactions entering the debit column

of its balance of payments accounts. 國際交易進入到其收款的借方欄里

b. International transactions entering the surplus

column of its balance of payments accounts.

c. The country’s demand for currency to finance

e*ports and capital inflows.

d. The country’s demand for currency to finance its

government’s pensating transactions.

15. U.S. e*ports of goods and rvices will create a

___B_______ foreign currency and a __________ U.S.

dollars. 美國商品與效勞的出口會創造出外匯的供給以及美元的需求

a. Demand for; supply of

b. Supply of; demand for

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c. Shortage of; demand for

d. Supply of; shortage of

16. U.S. imports of goods and rvices will create a

___A_______ foreign currency and a __________ U.S.

dollars. 美國商品與效勞的進口會創造出外匯的需求以及美元的供給

a. Demand for; supply of

b. Supply of; demand for

c. Shortage of; demand for

d. Supply of; shortage of

17. U.S. capital inflows will create a ____B______ foreign

currency and a __________ U.S. dollars. 美國資本流入會創造出外匯的供給和美元的需求

a. Demand for; supply of

b. Supply of; demand for

c. Shortage of; demand for

d. Supply of; shortage of

18. In a ____C______ e*change rate system there is no

intervention by the government or central bankers. 浮動匯率制度里, 政府與中央銀行不得進展干預

a. Fi*ed

b. Pegged

c. Floating

d. Managed float

19. As the value of the yen falls relative to the U.S. dollar:C

如果日元對美元的匯率下降了,則對日元的需求會上升

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a. Japane goods bee more e*pensive to U.S.

consumers.

b. The supply of dollars will fall.

c. The demand for yen will ri.

d. U.S. goods bee less e*pensive to Japane

consumers.

20. The demand curve for foreign currency slopes

downward becau as the e*change rate ___A_______ the

quantity demanded __________. 外匯的需求曲線會下降是因為隨著匯率的上升,需求量就下降

a. Increas; decreas

b. Increas; increas

c. Decreas; decreas

d. Decreas; stays fi*ed

21. Shifts in demand away from French products and

toward U.S. products (caud by forces other than

changes in the e*change rate) would result in e*tra

attempts to ___C_______ euros and __________ dollars. 如果法國商品的需求下降并轉穩到美國商品身上〔由外力而是匯率引起〕，會引起歐元的額外賣與美元的購入

a. Buy; buy

b. Sell; ll

c. Sell; buy

d. Buy; ll

22. Other things equal, if American e*ports to Japan

increa and American imports from Japan decrea,

then under a floating e*change rate system, we would

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e*pect the dollar to:D 其它條件一樣的情況下，美國出口到日本的商品上升而美國進口日本的商品下降，在浮動匯率制度下，美元將對日元走強。

a. Weaken against the Japane yen.

b. Depreciate against the Japane yen.

c. Devalue against the Japane yen.

d. Strengthen against the Japane yen.

23. A decrea in German residents' willingness to invest

in dollar-denominated asts will shift the demand

curve for: D 德國居民投資于美元計價資產的意欲下降的話，美元的需求將會下降。

a. Euros to the right.

b. Euros to the left.

c. Dollars to the right.

d. Dollars to the left.

24. In a _____A_____ e*change rate system the government

or central bankers intervene to keep the e*change rate

virtually steady. 在固定匯率制度下，政府或中央銀行會盡力保持匯率的穩定。

a. Fi*ed

b. Market driven

c. Floating

d. Forward

Figure 17.1: The Market for British Pounds英磅市場

E*change Rate

$/￡ 美元與英磅的匯率

-

S￡

2.50

2.00

5 5.5

6

D￡

￡’s

(millions)

25. Referring to Figure 17.1, a downward movement along

the vertical a*is would correspond to a(n) ___C_______ of

the U.S. dollar. 在17.1這圖可知，縱軸線的下降會引起美元的升值

a. Arbitraging.

b. Devaluation

c. Appreciation升值

d. Depreciation

26. Referring to Figure 17.1, at $2.50 per pound, there is

a(n) __D________. Under the system of fle*ible e*change

rates, this would cau __________ the ________ curve(s).在圖中可得知，如果2.5美元換１英磅,則會有超過100萬英磅的供給. 在彈性匯率制下,這個匯率會引起供求曲線的下降

〔6-5=1，本幣供過于求，應賣出外幣，買進本幣〕

-

a. E*cess demand of 1 million pounds, leftward shift of,

demand

b. E*cess supply of 1 million pounds, rightward shift of,

supply

c. E*cess demand of 1 million pounds, downward

movement along, demand & supply

d. E*cess supply of 1 million pounds, downward

movement along, demand & supply

27. Referring to Figure 17.1, if the British government

wants to peg the e*change rate of the pound at $2.50 per

pound, what action would British monetary authorities

have to undertake"C 在圖可得知，如果英政府想把英磅美元之間匯率控制在１比２.５的話,則英國貨幣當局會采取什么措施.

a. Sell 1 million pounds and buy 2.5 million dollars.

b. Buy 1 million pounds and ll 1 million dollars.

c. Buy 1 million pounds and ll 2.5 million dollars. 買一百萬的英磅同時賣出二百五十萬的美元

d. Buy 5.5 million pounds and ll 11 million dollars.

28. Referring to Figure 17.1, if the British pound is pegged

at $2.50 per pound the pound will be:A 在圖可得知, 如果把英磅美元之間匯率控制在１比２.５的話,英磅會被估仁值過高

a. Overvalued.高估〔估值過高〕

b. Undervalued.

c. Devalued.

d. In equilibrium.

-

29. Referring to Figure 17.1, if the British pound is pegged

at $2.50 per pound who will this help"B 從圖可得知,

如果如果把英磅美元之間匯率控制在１比２.５的話, 誰會得益.〔本幣升值有利于進口，不利于出口〕

a. US importers.

b. British importers. 英國進口商

c. British e*porters.

d. British import-peting producers.

30. Referring to Figure 17.1, if the British pound is pegged

at $2.50 per pound and the government gives up the peg

and allows the pound to float, the pound will e*perience

a(n):D 從圖可知, 如果把英磅美元之間匯率控制在１比２.５,隨后政府放棄控制,則英磅會出現貶值

a. Revaluation.

b. Devaluation.

c. Appreciation.

d. Depreciation.貶值

31. Referring to Figure 17.1, if the U.S. Federal Rerve

was to conduct a contractionary monetary policy, the

______ curve would shift right and the pound would

__C________. 從圖可知,如果美國聯邦儲藏采取緊縮政策,則需求曲線會上升,同時,英磅貶值 〔美元供給減少，必然會導致美元升值，英鎊貶值〕

a. Supply, appreciate

b. Demand, depreciate

c. Supply, depreciate

d. Demand, appreciate

-

32. Which of the following best characterizes the current

U.S. e*change rate policy"C以下哪項最好地描繪出美國當今的匯率政策.

a. An adjustable pegged rate.

b. A crawling pegged rate.

c. A freely floating.自由浮動匯率

d. A fi*ed e*change rate.

33. Other things equal, if American e*ports to Japan

increa and American imports from Japan decrea,

then, under a floating e*change rate system, we would

e*pect the dollar to:D其它條件一樣的情況下，美國出口到日本的商品上升而美國進口日本的商品下降，在浮動匯率制度下，美元將對日元走強

a. Weaken against the Japane yen.

b. Depreciate against the Japane yen.

c. Devalue against the Japane yen.

d. Strengthen against the Japane yen.

34. Which of the following groups is most likely to benefit

from a strengthening of the U.S. dollar against major

currencies" C 如果美元對其它主要貨幣的匯率走強的話,以下哪一群人會得益.

a.U.S. e*porters.

U.S. government.

c.U.S. consumers. 美國消費者

n consumers.

35. Under a fi*ed e*change rate system a fall in the market

price (the e*change rate value) of a currency is called a(n)

-

____B______ of that currency. 在固定匯率制下,一外幣的匯率下降了,這叫作法定貶值

a. Revaluation

b. Devaluation

c. Appreciation

d. Depreciation

36. E*change rates are equalized in different locations due

to:A匯率在不同地方可以保持等同是因為套利

a. Arbitrage.套利〔套匯〕

b. Government intervention in foreign e*change

markets.

c. Free trade in goods and rvices.

d. The actions of importers and e*porters.

37. How could you profit if the e*change rate in London

was $2/￡ while in New York the e*change rate was

$1.95 per pound"C 如果在倫敦的匯率是１英磅對２美元,而在紐約的匯率是１英磅對１.９５美元. 則怎樣做才能賺錢.

a. Buy dollars in New York and ll them in London.

b. Buy pounds in London and ll them in New York.

c. Buy pounds in New York and ll them in London.

在紐約買英磅然后在倫敦賣

d. Buy dollars in London and ll pounds in New York.

38. The 2001-2007 rapid growth in global foreign e*change

trading can be e*plained by:B

０１-０７年間全球外匯交易的急速增長是因為大型機構投資者對中長期外國金融投資的增長

-

a. Large increas in short-term international currency

activities by hedge funds.

b. Increas in long-term foreign financial investments

by large institutional investors.

c. Increas in the U.S. long term government bond

yields.

d. Both (a) and (b)

True/Fal Questions

39. The greater part of the money asts traded in foreign

e*change markets are demand deposits in banks.(T) 大部份在外匯市場交易的現金資產都是活期存款.

40. Most foreign e*change trading is done among the

banks themlves in the retail part of the foreign

e*change market. 多數外匯交易都是在銀行間的散戶外匯市場完成交易的

41. The spot e*change rate is the price now for an e*change

that will take place sometime in the future. 即時匯率是指外幣在未來一定時間的匯價.

42. French imports of goods and rvices will create a

demand for foreign currency and a supply of euros.(T)

法國對商品的進出口會創造出對外匯的需求和歐元的供給.

43. In the floating e*change rate system, government

officials must intervene in the e*change rate market to

keep the e*change rate from fluctuating.在浮動匯率制下,政府必須對外匯市場進展干預以保證匯率不出現浮動. 〔固定匯率〕

-

44. Assuming the Japane have a floating e*change rate,

an increa in Japane e*ports of goods and rvices

will tend to cau the value of the yen to appreciate.(T)在浮動匯率制下,日本商品出口的增長會造成日元的升值 〔本幣貶值有利出口，不利于進口〕

45. To maintain an undervalued currency, monetary

authorities must intervene in the foreign e*change

market to buy its currency.如果要保持匯率偏低的貨幣,貨幣當局必須在外匯市場通過干預,購置這種貨幣

46. Triangular arbitrage will not cau the e*change rate

between two foreign currencies to equalize.三角套匯不會造成兩種貨幣間匯率的均等〔均衡〕

47. From 2001 to 2007, global foreign e*change trading

more than doubled.(T)

會０１到０７年間,全球外匯交易增長了兩倍多

48. The Maastricht Treaty t a process for establishing a

monetary union and a single union wide currency.(T)馬斯特里赫特條約為建立貨幣同盟和統一聯盟制定了一套固定程序.

49. Suppo $1 = 0.85 euros in New York, 1 euro = 150 yen

in Paris, and 1 yen = $0.008 in Tokyo.

a. If you begin by holding $1, how could you profit from

the e*change rates" What is your arbitrage profit per

dollar initially traded"

b. Identify the forces at work that will make the cross

e*change rates consistent in currency arbitrage. That is,

what forces will lead to a situation in which no profitable

-

arbitrage is possible"

Essay Questions

1. A retailer in Me*ico wants to buy $100,000 worth of Apple

puters from the United States. The Me*ican retailer has

pesos while the ller in the United States wants to be

paid in U.S. dollars. E*plain how this transaction is pleted

with particular emphasis on the foreign e*change market

and banks in the United States and Me*ico.

課本P33倒數第二段有具體闡述：

The Me*ican buyer has to ll pesos to get dollars to pay

the U.S. e*porter. The Me*ican firm contacts its bank and

requests a quotation of the e*change rate for lling pesos

and acquiring 100,000 dollars. If the rate is acceptable,

the Me*ican firm instructs its bank to take pesos from its

checking account, convert into 100,000 dollars and

transfer the dollars to the U.S. producer. The Me*ican

bank holds the dollar denominated deposits in the United

States, at its correspondent bank in New York. The

Me*ican bank instructs its correspondent bank in New

York to take dollars from its checking account and

transfer the dollars to the U.S. producer. This pletes the

international payment for puters.

2. Suppo $1 = 0.85 euros in New York, 1 euro = 150 yen in

Paris, and 1 yen = $0.008 in Tokyo.

a. If you begin by holding $1, how could you profit from

the e*change rates" What is your arbitrage profit per

dollar initially traded"

-

Identify the forces at work that will make the cross e*change

rates consistent in currency arbitrage. That is, what forces

will lead to a situation in which no profitable arbitrage is

possible

a:套利收益0.02

b:出現以下三種情況之一，都會導致無套利時機存在：巴黎匯率:147、紐約匯率0.83、東京匯率0.0078〔各減0.02〕

(以下為英文思路)：

a. Buy .85 euros, then buy 127.5 yen in Paris with .85

euros then convert 127.5 yen back to dollars which

makes 1.02 dollars yielding a profit of $.02.

b. The forces of demand and supply will ensure that there

is no arbitrage opportunity. For instance, this could

happen by depreciating the euro in Paris to about 1 euro

= 147 yen.

3. For each ca below, state whether the euro has

appreciated or depreciated and give an e*ample of an

event that could cau the change in the e*change rate.

a. The spot rate goes from 450 euros/Me*ican peso to

440 euros/Me*ican peso.

b. The spot rate goes from 0.011 Me*ican pesos/euro to

0.006 Me*ican pesos/euro.

c. The spot rate goes from 1.48 euros/British pound to

1.51 euros/British pound.

d. The spot rate goes from 0.73 British pounds/euro to

0.75 British pounds/euro.

.euro：a&d升值；b&c貶值

-

〔具體思路：The euro appreciates; there is an incread

demand for euros. 歐元升值;有需求持續增加歐元。

a. The euro depreciates; there is an incread supply of

euros. 歐元貶值;有供給的增多歐元。

b. The euro depreciates; there is an incread demand

for the British pound. 歐元貶值。英鎊日益增長的需求。

c. The euro appreciates; there is a decread supply of

euros. 〕歐元升值;有一種減少供給的歐元。

Chapter 4:

Forward E*change and International Financial Investment遠期外匯和國際金融投資

Single-Choice Questions

1. __A_______ a position e*pod to rate risk is the act of

reducing or eliminating a net ast or net liability position

in the foreign currency. 對利率風險作出的避險操作實際上是外匯上的一種減少、去除凈資產或凈負債的手法

a. Hedging

b. Speculating

c. Investing in

d. Buying

2. ___B______ is the act of taking a net ast position or a net

liability position in some ast class. 投機是一種在*些資產類別中取得凈資產或者凈負債的行為

a. Hedging

b. Speculating

c. Investing

d. Buying

-

3. A ____D______ e*change contract is an agreement to

e*change one currency for another on some date in the

future at a price t now.

遠期外集合同是指交易雙方在商議好的日期按照交易商定的匯率進展外匯交易。

a. Spot domestic

b. Forward domestic

c. Spot foreign

d. Forward foreign

4. ____C______ means mitting onelf to an uncertain future

value of one's net worth in terms of home currency. 投機是指致力于投資未來不確定的本國貨幣凈值。

a. Selling

b. Hedging

c. Speculating

d. Importing

5. Assume you are a Chine e*porter and e*pect to receive

$250,000 at the end of 60 days. You can remove the risk

of loss due to a devaluation of the dollar by:A假設你是一個中國出口商，你期望在60天取得$250,000，你可以通過怎樣的方法使美元貶值從而排除損失風險.

a. Selling dollars in the forward market for 60-day

delivery. 購置60天的遠期外集合同通過期貨市場賣出美元

b. Buying dollars now and lling it at the end of 60

days.

-

c. Selling the yuan equivalent in the forward market for

60-day delivery.

d. Keeping the dollars in the United States after they are

delivered to you.

6. Assume you are an American importer who must pay

500,000 euros at the end of 90 days when you receive

1,000 cas of French wine at your warehou in New

York. If you do not cover this transaction in the forward

market, you face a risk of loss if the euro:B 假設你是一個美國進口商，當收到寄來的1000箱法國紅酒時，必須90天付500,000歐元。如果你不在期貨市場對這交易買保險的話，你可以因為歐元對美元的升值而蒙受損失

a. Depreciates against the dollar.

b. Appreciates against the dollar.

c. Either appreciates or depreciates against the dollar.

d. Is fi*ed.

7. Assume you are an American importer who must pay

500,000 euros at the end of 90 days when you receive

1,000 cas of French wine at your warehou in New

York. If you do not hedge this transaction, you face

e*change rate risk. The best way to remove the risk of loss

due to currency fluctuations is to:A假設你是一個美國進口商，當收到寄來的1000箱法國紅酒時，必須90天付500,000歐元。如果你不套頭這項交易,你將會面臨匯率變化的風險.最好的做法去排除貨幣浮動造成的風險是在交貨期這６０天在期貨市場買500,000歐元

-

a. Buy 500,000 euros in the forward market for delivery

in 60 days.

b. Buy 500,000 euros now, hold them for 60 days, and

then ll them at the current spot rate.

c. Sell 500,000 euros in the forward market for delivery

after 60 days.

d. Sell 500,000 euros now in the spot market.

8. An import-e*port business that finds itlf in a "short〞

foreign-currency position risks a financial loss if:C 如果國貨幣貶值的話,一個進出口商會因為處于一個外匯缺乏的景況而蒙受損失〔本幣供過于求，導致本幣貶值，此時必須買本幣，賣外幣來補抵外匯缺口，本幣貶值不利于進口商品〕

a. E*ports fall.

b. Domestic currency appreciates.

c. Domestic currency depreciates.國貨幣貶值

d. Foreign currency depreciates.

9. In a ____C______ contract you can effectively lock in the

price at which you buy or ll a foreign currency at a t

date in the future. 在外匯期貨合約中,你可以通過有效地鎖定一個價格,在未來特定的時間里,買賣外幣.

a. Securities spot

b. Securities futures

c. Currency futures

d. Spot foreign e*change

10. An investment e*pod to e*change rate risk is a(n)

__B________ international investment. 如果一項投資會面臨匯率風險,則這是一項未保險的國際投資

-

a. Covered

b. Uncovered 未保險的

c. Hedged

d. Contracted

11. An investment is __A________ if it is fully hedged

against e*change rate risk. 如果一項投資對匯率風險作出了避險措施,則這項投資是被保險的

a. Covered

b. Uncovered

c. Speculative

d. Contracted

12. Which financial instrument provides a buyer the right

(but not the obligation) to purcha or ll a fi*ed amount

of currency at a prearranged price, within a few days to a

couple of years"B外幣期權給買家一種權利〔不是義務〕,這種權利可以在幾天甚至幾年,通過預先定好的價格買賣一定數量的外幣

a. Letter of credit.

b. Foreign currency option.外幣期權

c. Currency swap.

d. Forward contract.

13. Concerning the covering of e*change market

risks—assuming that a

depreciation of the domestic

currency is feared, one can say that there is an incentive

for:B 關于外匯風險的保險問題, 假設一個國家的國貨幣將出現貶值,則這是進口商火速為未來需求買保險的誘因.(本幣貶值將不利于進口商，有利于出口商)

-

a. E*porters to rush to cover their future needs.

b. Importers to rush to cover their future needs.

c. Both e*porters and importers to rush to cover their

future needs.

d. Neither e*porters nor importers to rush to cover their

future needs.

14. If Canadian speculators believed the euro was going to

appreciate against the U.S. dollar, they would: C 如果加拿大投資者深信歐元會對美元升值的話,他們會大量買入歐元

a. Purcha Canadian dollars.

b. Purcha U.S. dollars.

c. Purcha euros.

d. Sell euros.

15. If the spot price of the euro is $1.10 per euro and the

30-day forward rate is $1.00 per euro, and you believe

that the spot rate in 30 days will be $1.05 per euro, you

can ma*imize speculative gains by:C 如果歐元的即時匯率是１.１美元每歐元,同時３０天期貨匯率是１美元１歐元,你相信即時匯率在３０天賒會變成１.０５美元每歐元,則你怎樣做才能利益最大化.〔美元將會升值〕

a. Buying euros in the spot market and lling the euros

in 30 days at the future spot rate.

b. Signing a forward foreign e*change contract to ll

the euros in 30 days.

c. Signing a forward foreign e*change contract to ll

the dollars in 30 days.簽訂一遠期外集合約以便在３０天賣出美元

-

d. Buying dollars in the spot market and lling the

dollars in 30 days at the future spot rate.

16. If an investor starts with dollars and wants to end up

with dollars in the future, which of the following is NOT an

investment choice that can be made"A如果一個投資者想以美元投資,最后也以美元收取利益,則以下哪一項投資不是明智的.

a. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy the

foreign currency. 用即時匯率賣出美元,用得到的收益投資于國外的金融工具,同時簽訂一份遠期匯率合約用來買外幣

b. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy dollars.

c. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and then buy dollars at the future spot rate.

d. Buy a dollar-denominated financial ast.

17. For an investor who starts with dollars and wants to

end up with dollars in the future, which of the following

choices is an e*ample of uncovered international

investment"C如果一個投資者想以美元投資,最后也以美元收取利益,,則以下哪個選項是一種未保險國際投資的例子.

a. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

-

and sign a forward e*change contract to buy the

foreign currency.

b. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy dollars.

c. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and then buy dollars at the future spot rate.用即時匯率賣出美元,然后用收益投資于外國金融工具,再用未來即時匯率買回美元

d. Buy a dollar-denominated financial ast.

18. For an investor who starts with dollars and wants to

end up with dollars in the future, which of the following

choices is an e*ample of hedging"B如果一個投資者想以美元投資,最后也以美元收取利益,以下哪個選項是一種套頭交易.

a. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy the

foreign currency.

b. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and sign a forward e*change contract to buy dollars.以即時匯率賣出美元,用收益投資于外國金融工具,再簽訂一份遠期匯率合約用來買回美元

c. Sell dollars at the spot rate, invest the proceeds in

foreign currency-denominated financial instruments,

and then buy dollars at the future spot rate.

-

d. Buy a dollar-denominated financial ast.

19. The proportionate difference between the current

forward e*change rate value of a currency and its current

spot value is the ___C_______ premium.一種貨幣的即時遠期匯率值與即時交易值的不同在于遠期升水〔f-e〕

a. Investment

b. Spot

c. Forward

d. Currency-option

20. The _____A_____ differential is appro*imately equal to

the forward premium on a currency plus the interest rate

differential.抵補套匯差異相當于一貨幣的遠期升水加上利率差異 〔CD=F+I-If〕

a. Covered interest

b. Uncovered interest

c. Covered currency

d. Uncovered currency

21. ___A_______ arbitrage is buying a country's currency

spot and lling that country's currency forward, to make

a net profit from the bination of the difference in interest

rates between countries and the forward premium on the

country's currency.抵補套匯是指以即時價買一個國家的貨幣然后在遠期賣出,這樣就可以通過利率的差異和貨幣的遠期升水賺取凈收益

a. Covered interest 抵補套匯

b. Uncovered interest

c. Covered currency

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d. Uncovered currency

22. Suppo the interest rate on 6-month treasury bills is

7 percent per year in the United Kingdom and 4 percent

per year in the United States. If today’s spot price of the

pound is $2.00 while the 6-month forward price of the

pound is $1.98, by investing in U.K. treasury bills rather

than U.S. treasury bills, and covering e*change rate risk,

U.S. investors earn an e*tra return for the 6 months of:A

a. 0.5 percent.

b. 1.5 percent.

c. 3 percent. 計算題,,唔翻啦

d. It is not possible to determine without additional

information.

23. Suppo the interest rate on 6-month treasury bills is

7 percent per year in the United Kingdom and 4 percent

per year in the United States, and today’s spot price of

the pound is $2.00 while the 6-month forward price of the

pound is $1.98. If the price of the 6-month forward pound

were to ____D________, U.S. investors would no longer

earn an e*tra return by shifting funds to the United

Kingdom. 同上

a. Ri to $1.99

b. Ri to $2.01

c. Fall to $1.96

d. Fall to $1.97

24. If the forward premium of the euro is positive, the

e*change market’s connsus appears to be that over

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the period of a forward contract, the spot rate of the euro

will:B 如果歐元的遠期升水是正數,在遠期外集合約中的遠期升水也是正數的話,則歐元的即時匯率會升值 〔f>e:遠期匯率大于即期匯率〕

a. Depreciate.

b. Appreciate.

c. Remain constant.

d. Fluctuate randomly.

25. If the covered interest differential is zero:C 如果抵補匯率差異為０,則外幣投資的總回報等于相應的國貨幣投資回報,[CD=0，(1+Iuk)*f/e=1+I]

a. International investments will be unprofitable.

b. Parity has not been reached.

c. The overall covered return on a foreign-currency

investment equals the return on a parable

domestic-currency investment. 一

d. A currency is at a forward premium by as much as its

interest rate is higher than the interest rate in the

other country.

True/Fal Questions

26. Hedging a position e*pod to e*change rate risk is the

act of reducing or eliminating a net ast or net liability

position in the foreign currency.(T) 對利率風險作出的避險操作實際上是外匯上的一種減少、去除凈資產或凈負債的手法

27. Speculating in a position e*pod to e*change rate risk

is the act of reducing or eliminating a net ast or net

liability position in the foreign currency. 投機是對利率風險

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作出的避險操作實際上是外匯上的一種減少、去除凈資產或凈負債的手法

28. The profits and loss on a futures contract accrue to

you daily, as the contract is "marked to market〞 daily.(T)在未來合約中,得益與損失每天都會產生,因為未來合約本來就是一種每天結算的合約

29. Forward e*change contracts are ud for hedging but

not for speculating.遠期匯率合約是用來避險,不是用來投資〔機〕的

30. In a currency swap two parties agree to e*change flows

of different bonds during a specified period of time. 在貨幣套換中,雙方同意在一個約定的時間交接不同的債券

31. If a currency is at a forward premium by as much as

its interest rate is lower than the interest rate in the other

country, covered interest parity holds.(T)如果一貨幣的遠期升水跟利率都比其它國家低,則套補利率平價持續(F,I都小于外國水平，抵補套匯機制將繼續，CD=0，)

32. A country with an interest rate that is lower than the

corresponding rate in the domestic country will have a

forward premium on its currency.(T) 如果一個國家的利率比國折合利率低,則這個國家會出現出現貨幣的遠期升水

33. Covered interest parity is rarely found to hold

empirically.利率平價很少會持續出現

34. If Canada and Britain have 90 day forward e*change

rate values for their currencies that are above their

current spot e*change rate values, then Canadian and

British interest rates are relatively high.如果加拿大與英國

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有９０天遠期外匯利率值,這個外匯利率值高于其即時外匯利率值的話,則加拿大與英國的利息相比照擬高.〔f-e>0,因為，f-e=兩國利率差>0,所以加拿大的利息比英國的利息低〕

35. Studies have shown that actual uncovered

differentials are random and on average equal to zero. 研究說明, 非抵補利差是隨機的,并且平均值在０附近

Essay Questions

Suppo that the U.S. dollar-pound sterling spot e*change

rate equals $1.60/￡, while the 360-day forward rate is

$1.64/￡. The yield on a one-year U.S. Treasury bill is 9% and

on a one-year U.K. Treasury bill the yield is 8%. Calculate the

covered interest differential in favor of London. On the basis

of this result, which country would you e*pect to face capital

inflows and which to face capital outflows"36。

cd=0.017

(過程：cd=(1+8%)*1.64/1.60-(1+9%)=1.107-1.09=0.017)

Consider the ca of a U.S. investor holding dollars and

deciding whether to invest in Japane Treasury bills or in

U.S. Treasury bills. Assume that the investor wants to end up

holding dollars. What THREE methods are available to this

investor to turn prent dollars into future dollars" In your

answer prent an equation that shows the return per dollar

invested under each method. Which of the methods is the

riskiest and why"37歲。

三種方式：:(1+iJP)f/e, :(1+iJP)ee*/e

買美圓資產,獲得收益1+ius

總結：第二種風險最大，原因在于no covering

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〔英文解釋：

The three methods, each described by equation, per $1

invested, are:

1.) Covered international investment; covered return = (1

+ iJP) * (f / e)

2.) Uncovered international investment; e*pected

uncovered return = (1 + iJP) * (ee* / e)

3.) Invest directly in U.S. Treasury bills; domestic return =

(1 + iUS)

The riskiest is the cond option becau the investor is

e*pod to e*change rate risk and is not covered.〕

1. Suppo that the dollar-yen spot e*change rate is

$0.05/￥ and the 90-day forward e*change rate is $0.06/￥.

Assuming that covered interest parity holds, are Japane

interest rates higher or lower than U.S. interest rates"

E*plain why. 〔CD=0，F=Ius-Ijp,因為F=f-e=0.06-0.05=0.01>0,所以，Ius-Ijp>0, Ius>Ijp〕

美國利率大于日本。

〔英文解釋：0 = (1 + iJP) * .06 / .05 - (1 + iUS)

(1 + iJP) * .06 / .05 = (1 + iUS)

.06 / .05 = (1 + iUS) / (1 + iJP) For this equation to hold,

the numerator has to be greater than the denominator, thus

the U.S. interest rates must be higher than Japan’s.這個方程的分子已經比分母,因此,美國的利率要高于日本〕

2. The current spot e*change rate is $1.14/Euro. The

current 90-day forward e*change rate is $1.11/Euro. How

could a U.S firm, who must repay a 40 million Euro loan

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in 90 days, u a forward e*change contract to hedge its

risk e*posure"〔美元90天后將升值，利用遠期外集合同買進40*1.11=44.4美元，做套期保值，90天后賣出美元〕

利用遠期歐元合同，鎖定未來支付歐元需要的本錢44,4million

USD.〔英文解釋：Enter into a forward contract to buy 40

million euros in 90 days. The forward rate is $1.11/euro,

therefore the pany must deliver $44.4 million in 90 days.

This way the pany has an ast position in euro through

the forward contract that covers its liability of the 40

million euro loan.

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