國際金融中英文版答案

國際金融中英文版答案)國際金融中英文版答案)/NUMPAGES58國際金融中英文版答案)國際金融中英文版答案)國際金融中英文版Chapter2:PaymentsamongNationsSingle-ChoiceQuestionsAcountry’sbalanceofpaymentsrecords:一個國家的國際收支平衡記錄了BThevalueofallexportsofgoodsandservicesfromthatcountryforaperiodoftime.Allflowsofvaluebetweenthatcountry’sresidentsandresidentsoftherestoftheworldduringaperiodoftime.在一定時間段里,一個國家居民的資產(chǎn)和其它世界居民資產(chǎn)的流動Allflowsoffinancialassetsthatcrossthatcountry’sbordersduringaperiodoftime.Allflowsofgoodsintothatcountryduringaperiodoftime.Acredititeminthebalanceofpaymentsis:在國際收支平衡里的貸項是AAnitemforwhichthecountrymustbepaid.一個國家必須收取的條款Anitemforwhichthecountrymustpay.Anyimporteditem.Anitemthatcreatesamonetaryclaimowedtoaforeigner.Everyinternationalexchangeofvalueisenteredintothebalance-of-paymentsaccounts__________time(s).每一次國際等價交換都記進國際收支帳戶２次B1234Adebititeminthebalanceofpaymentsis:在國際收支平衡中的借項是BAnitemforwhichthecountrymustbepaid.Anitemforwhichthecountrymustpay.一個國家必須支付的條款Anyexporteditem.Anitemthatcreatesamonetaryclaimonaforeigner.Inanation'sbalanceofpayments,whichoneofthefollowingitemsisalwaysrecordedasapositiveentry?D在國際收支中,下列哪個項目總被視為有利條項Changesinforeigncurrencyreserves.Importsofgoodsandservices.Militaryforeignaidsuppliedtoalliednations.Purchasesbyforeigntravelersvisitingthecountry.國外游客在本國發(fā)生的購買Thesumofallofthedebititemsinthebalanceofpayments:在收支平衡中,所有貸項的總和BEqualstheoverallbalance.Equalsthesumofallcredititems.等于所有借項的總和Equals‘compensating’transactions.Equalsthesumofcredititemsminuserrorsandomissions.WhichofthefollowingcapitaltransactionsareenteredasdebitsintheU.S.balanceofpayments?下列哪個資本交易在美國的收支平衡中當作借項？BAU.S.residenttransfers$100fromhisaccountatCreditSuisseinBasel(Switzerland)tohisaccountataSanFranciscobranchofWellsFargoBank.AFrenchresidenttransfers$100fromhisaccountatWellsFargoBankinSanFranciscotohisCreditSuisseaccountinBasel.一個法國居民在舊金山的FargoBank用其帳戶轉(zhuǎn)帳１００美金到位于巴塞爾的瑞士信貸戶口AU.S.residentsellshisIBMstocktoaFrenchresident.AU.S.residentsellshisCreditSuissestocktoaFrenchresident.Anincreaseinanation'sfinancialliabilitiestoforeignresidentsisa:一個國家對另一個國家金融負債的增加是一種CReserveinflow.Reserveoutflow.Capitalinflow.資本流入Capitaloutflow.___A_______aremoney-likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方國際儲備資產(chǎn)是一種類似于錢的資產(chǎn)，這種資產(chǎn)由政府掌握并作為政府間的一種支付手段得到充分認可.Officialinternationalreserveassets官方國際儲備資產(chǎn)UnofficialinternationalreserveassetsOfficialdomesticreserveassetsUnofficialdomesticreserveassetsWhichofthefollowingisconsideredacapitalinflow?下列哪項被視為資本流入AAsaleofU.S.financialassetstoaforeignbuyer.美國一金融資產(chǎn)賣給一外國買家AloanfromaU.S.banktoaforeignborrower.ApurchaseofforeignfinancialassetsbyaU.S.buyer.AU.S.citizen’srepaymentofaloanfromaforeignbank.Inacountry’sbalanceofpayments,whichofthefollowingtransactionsaredebits?一個國家的收支平衡表中,哪個交易屬于借項？ADomesticbankbalancesownedbyforeignersaredecreased.外國人擁有的國內(nèi)銀行資產(chǎn)的下降Foreignbankbalancesownedbydomesticresidentsaredecreased.Assetsownedbydomesticresidentsaresoldtononresidents.Securitiesaresoldbydomesticresidentstononresidents.Theroleof___D_______istodirectonenation’ssavingsintoanothernation’sinvestments: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MerchandisetradeflowsServicesflowsCurrentaccountflowsCapitalflows資金流Thenetvalueofflowsofgoods,services,income,andunilateraltransfersiscalledthe:商品,服務,收入和單方面轉(zhuǎn)讓等現(xiàn)金流的凈收益叫經(jīng)常賬目（戶）BCapitalaccount.Currentaccount.經(jīng)常賬目（戶）Tradebalance.Officialreservebalance.Thenetvalueofflowsoffinancialassetsandsimilarclaims(excludingofficialinternationalreserveassetflows)iscalledthe:金融資產(chǎn)和類似的資產(chǎn)（官方國際儲備資產(chǎn)流除外）的凈值流叫AFinancialaccount.金融帳Currentaccount.Tradebalance.Officialreservebalance.ThefinancialaccountintheU.S.balanceofpaymentsincludes:美國國家收支表中的金融帳包括：BEverythinginthecurrentaccount.U.S.governmentpaymentstoothercountriesfortheuseofmilitarybases.美政府采用其它國家軍事基地所需支付款項ProfitsthatNissanofAmericasendsbacktoJapan.NewU.S.investmentsinforeigncountries.ＡU.S.residentincreasingherholdingsofaforeignfinancialassetcausesa:一個美國居民增持一外國金融資產(chǎn)會引起DCreditintheU.S.currentaccount.DebitintheU.S.currentaccount.CreditintheU.S.capitalaccount.DebitintheU.S.capitalaccount.美國資本帳的借帳AforeignresidentincreasingherholdingsofaU.S.financialassetcausesa:一個美國居民增持本國一金融資產(chǎn)會引起CCreditintheU.S.currentaccount.DebitintheU.S.currentaccount.CreditintheU.S.capitalaccount.美國資本帳的貸帳DebitintheU.S.capitalaccount.Adeficitinthecurrentaccount:經(jīng)常帳戶中的赤字ATendstocauseasurplusinthefinancialaccount.會導致金融帳中的盈余Tendstocauseadeficitinthefinancialaccount.Hasnorelationshiptothefinancialaccount.Istheresultofincreasingexportsanddecreasingimports.InSeptember,2005,exportsofgoodsfromtheU.S.decreased$3.3billionto$73.4billion,andimportsofgoodsincreased$3.8billionto$144.5billion.Thisincreasedthedeficitin:2005年8月,美國商品出口降低了33億美元,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？CThebalanceofpayments.Thefinancialaccount.Thecurrentaccount.經(jīng)常帳戶Unilateraltransfers.WhichofthefollowingwouldcontributetoaU.S.currentaccountsurplus?以下哪項有助于美國現(xiàn)金帳的盈余？BTheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.美國削減在日本的軍事人員U.S.touriststravelinlargenumberstoAsia.RussianvodkabecomesincreasinglypopularintheUnitedStates.Whichofthefollowingtransactionsisrecordedinthefinancialaccount?以下哪個交易會被當作金融帳AFordmotorcompanybuildsanewplantinChina福特摩托公司在中國設(shè)立車間AChinesebusinessmanimportsFordautomobilesfromtheUnitedStates.AU.S.touristspendsmoneyonatriptoChina.TheNewYorkYankeesarepaid$10millionbytheChinesetoplayanexhibitiongameinBeijing,China.IfaBritishbusinessbuysU.S.governmentsecurities,howwillthisbeenteredinthebalanceofpayments?如果一英國商人購買了美國政府的債券,那么這個交易在收支平衡表中會被當作是？CItwillappearinthetradeaccountasanimport.Itwillappearinthetradeaccountasanexport.ItwillappearinthefinancialaccountasanincreaseinU.S.assetsheldbyforeigners.會被當作是外國人所有的美國資產(chǎn)增長ItwillappearinthefinancialaccountasadecreaseinU.S.assetsheldbyforeigners.Inthebalanceofpayments,thestatisticaldiscrepancyorerrortermisusedto:在收支平衡表中,統(tǒng)計差異與錯誤項目會用來確保借帳總和跟貸帳總和一致AEnsurethatthesumofalldebitsmatchesthesumofallcredits.Ensurethatimportsequalthevalueofexports.Obtainanaccurateaccountofabalance-of-paymentsdeficit.Obtainanaccurateaccountofabalance-of-paymentssurplus.Officialreserveassetsare:官方儲備資產(chǎn)是BThegoldholdingsinthenation’scentralbank.Moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方國際儲備資產(chǎn)是一種類似于錢的資產(chǎn)，這種資產(chǎn)由政府掌握并作為政府間的一種支付手段得到充分認可GovernmentT-billsandT-bonds.GovernmentholdingsofSDR’sWhichofthefollowingconstitutesthelargestcomponentoftheworld’sinternationalreserveassets?下列哪項構(gòu)成了世界國際儲備資產(chǎn)的大部份？DGold.SpecialDrawingRights.IMFReservePositions.ForeignCurrencies.外匯（幣）Thenetaccumulationofforeignassetsminusforeignliabilitiesis:海外凈資產(chǎn)的積累減去外債等于CNetofficialreserves.Netdomesticinvestment.Netforeigninvestment.國外投資凈值Netforeigndeficit.Acountryexperiencingacurrentaccountsurplus:一個國家經(jīng)歷經(jīng)常帳戶的盈余BNeedstoborrowinternationally.Isabletolendinternationally.就有能力向外放貸Mustalsohavehadasurplusinits"overall"balance.Spentmorethanitearnedonitsmerchandiseandservicetrade,internationalincomepaymentsandreceiptsandinternationaltransfers.The___C_______measuresthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalance.官方結(jié)算差額是指經(jīng)常帳戶余額的總和加上私人資本帳（B=CA+FA,FA:為非官方投資和儲備）OfficialcapitalbalanceUnofficialcapitalbalanceOfficialsettlementsbalance官方結(jié)算差額UnofficialsettlementsbalanceIftheoverallbalanceisin__A________,thereisanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.如果綜合差額處于盈余，那么會出現(xiàn)本國官方儲備資產(chǎn)的積累或者國外官方儲備的減少（B=CA+FA,B+OR=0，OR:官方儲備金額）Surplus盈余DeficitBalanceForeignhandsWhichofthefollowingisthecurrentaccountbalanceNOTequalto?以下哪項不等同于現(xiàn)金帳DThedifferencebetweendomesticproductanddomesticexpenditure.Thedifferencebetweennationalsavinganddomesticinvestment.Netforeigninvestment.Thedifferencebetweengovernmentsavingandgovernmentinvestment.政府儲蓄與政府投資的差值True/FalseQuestionsCapitalinflowsaredebitsandcapitaloutflowsarecredits.資金流入是借項，資金外流是貸項Thenetvalueoftheflowofgoods,services,income,andgiftsisthecurrentaccountbalance.(T)商品,服務,收入和單方面轉(zhuǎn)讓等現(xiàn)金流的凈收益叫經(jīng)常賬目余額Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.金融資產(chǎn)和類似的資產(chǎn)的凈值叫經(jīng)常帳目余額Themajorityofcountries'officialreservesassetsarenowforeignexchangeassets,financialassetsdenominatedinaforeigncurrencythatisreadilyacceptableininternationaltransactions.(T)大部份官方儲備資產(chǎn)作為以外匯資產(chǎn)和金融資產(chǎn)為命名的外幣在世界上交易與流通.Acountry'sfinancialaccountbalanceequalsthecountry'snetforeigninvestment.一個國家的金融帳差額相當于一個國家的凈國外投資Acountryhasacurrentaccountdeficitifitissavingmorethanitisinvestingdomestically.一個國家如果在國內(nèi)的儲蓄比投資要大,那么會出現(xiàn)經(jīng)常賬目赤字Theofficialsettlementsbalancemeasuresthesumofthecapitalaccountbalanceplusthepubliccurrentaccountbalance.官方結(jié)算差額是資金帳戶余額的總額加上公共經(jīng)常帳戶余額Anation'sinternationalinvestmentpositionshowsitsstockofinternationalassetsandliabilitiesatamomentintime.(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(chǎn)股份以及債務情況.Anationisaborrowerifitscurrentaccountisindeficitduringatimeperiod.(T)在一段時間內(nèi),如果一個國家的經(jīng)常帳出現(xiàn)赤字,那么它就是借方.Anationisadebtorifitsnetstockofforeignassetsispositive.如果一個國家的國外資產(chǎn)凈儲備是正數(shù),那么它是借方（債務方）AtransactionleadingtoaforeignresidentincreasingherholdingsofaU.S.financialassetwillberecordedasadebitontheU.S.financialaccount.如果一項交易引起一外國居民增持美國金融資產(chǎn)的股份,那么這項交易在美國金融帳中會被當作借項Acredititemisanitemforwhichacountrymustpay.貸項是指一個國家必須還款的條項Goldisamajorreserveassetthatiscurrentlyoftenusedinofficialreservetransactions.黃金作為主要的儲備資產(chǎn),常被用在官方儲備交易當中.Thecurrentaccountbalanceisequaltothedifferencebetweendomesticproductandnationalexpenditure.(T)經(jīng)常項目余額等于國民生產(chǎn)與國民支出的差額In2007U.S.households,businessesandgovernmentwerebuyingmoregoodsandservicesthantheywereproducing.(T)２００７年,美國家庭,商業(yè),政府購買的商品和服務比他們生產(chǎn)（商品和服務）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:$346-354+480-348+153+142=$419；官方結(jié)算余額:$346-354+480-348+153+142+252-352+154=$473；Changeinofficialreserveassets(net)=官方結(jié)算余額=$473.increasingtheholdingofofficialreserveassets.Chapter3:TheForeignExchangeMarketSingle-ChoiceQuestionsForeignexchangeis:D外匯交易是Theactoftradingdifferentnations’monies.不用國家貨幣的交易Theholdingsofforeigncurrency.對不同貨幣的持有Theactofimportingforeigngoodsandservices.Both(a)and(b)arecorrect.IfthepriceofBritishpoundsintermsofU.S.dollarsis$1.80perpound,thenthepriceofU.S.dollarsintermsofBritishpoundsis:B如果英磅對美元的匯率是１比１.８,那么美元對英磅的匯率是１比０.５５５1.80￡perdollar.0.555￡perdollar.0.90￡perdollar.3.60￡perdollar.SupposetheexchangeratebetweentheJapaneseyenandtheU.S.dollaris100yenperdollar.AJapanesestereowithapriceof60,000yenwillcost:B假設(shè)日元對美元的匯率是１００比１,那么一臺日元為６００００的音響要花多少美元$1,667$600$6,000$100SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnitedStates.Thesepricessuggestthattheexchangeratebetweenthewonandthedollaris:A1.5wonperdollar呢題太簡單,不屑翻譯…自己睇0.75wonperdollar$1.50perwon$3perwonThe___D_______exchangerateisthepricefor“immediate”currencyexchange.即時匯率是指外匯的即時價格CurrentForwardFutureSpotThe___B_______exchangerateisthepricesetnowforanexchangethatwilltakeplacesometimeinthefuture.遠期匯率是指由協(xié)議雙方預訂的將來會發(fā)生的匯率CurrentForwardFuturespotSpotTheforeignexchangemarketis:C外匯市場是指Asinglegatheringplacewheretradersshoutbuyandsellordersateachother.LocatedinNewYork.Agrouping,byelectronicmeans,ofbanksandtraderswhoworkatbanksthatconductforeignexchangetrades.銀行和交易者以電子方式集聚于一起進行外匯的買賣LocatedinLondon.___D_______foreignexchangetradinginvolvescurrencyexchangesdonebetweenindividualsandbanks.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InterbankConsumerIntra-bankRetailTheU.S.dollariscalleda____A______becauseitisoftenusedasanintermediarytoaccomplishtradingbetweentwoothercurrencies.美元被稱為周轉(zhuǎn)貨幣,因為經(jīng)常被用來完成其它兩種貨幣的交易Vehiclecurrency周轉(zhuǎn)貨幣（交易通貨）MaincurrencyCommoncurrencyPrimarycurrencySupposethattheexchangevalueoftheBritishpoundis$2perpoundwhiletheexchangevalueoftheSwissfrancis50centsperfranc.Fromthiswecanconcludethattheexchangeratebetweenthepoundandthefrancis:D計算題,到時出中文題自己計啦…唔翻啦1francperpound2francsperpound3francsperpound4francsperpoundWhichofthefollowingisNOTafunctionoftheinterbankoperationsoftheforeignexchangemarket?D下列哪一個不是外匯交易市場中銀行間操作方式的一種？Providesabankwithacontinuousstreamofinformationonconditionsintheforeignexchangemarket.Providesabankthemeanstoreadjustitsownpositionquicklyandatlowcost.Permitsabanktotakeonapositioninaforeigncurrencyquickly.Providesabankwithtechnologicalresourcesforuseinforeignexchangetrading.提供技術(shù)資源給一間銀行,用來進行外匯交易Underthemanagedfloatsystemofexchangerates,afallinthemarketpriceofacurrencyiscalled:B在管理浮動匯率制度下,一種貨幣價格的下降被稱為Devaluation.Depreciation.貶值A(chǔ)ppreciation.Both(a)and(b).Interbanktradingisconducteddirectlybetween___A_______orthroughtheuseof__________thatprovideanonymityuntilthetradeiscompleteandreducesearchcosts.銀行間的交易是在交易者之間進行的或者通過經(jīng)紀人提供操作直到交易結(jié)束.Traders;brokersBrokers;tradersIndividualconsumers;thegovernmentIndividualconsumers;brokersAcountry’sdemandforforeigncurrencyisderivedfrom: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）Internationaltransactionsenteringthedebitcolumnofitsbalanceofpaymentsaccounts.國際交易進入到其收款帳戶的借方欄里Internationaltransactionsenteringthesurpluscolumnofitsbalanceofpaymentsaccounts.Thecountry’sdemandforcurrencytofinanceexportsandcapitalinflows.Thecountry’sdemandforcurrencytofinanceitsgovernment’scompensatingtransactions.U.S.exportsofgoodsandserviceswillcreatea___B_______foreigncurrencyanda__________U.S.dollars.美國商品與服務的出口會創(chuàng)造出外匯的供給以及美元的需求Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofU.S.importsofgoodsandserviceswillcreatea___A_______foreigncurrencyanda__________U.S.dollars.美國商品與服務的進口會創(chuàng)造出外匯的需求以及美元的供給Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofU.S.capitalinflowswillcreatea____B______foreigncurrencyanda__________U.S.dollars.美國資本流入會創(chuàng)造出外匯的供給和美元的需求Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofIna____C______exchangeratesystemthereisnointerventionbythegovernmentorcentralbankers.浮動匯率制度里,政府與中央銀行不得進行干涉FixedPeggedFloatingManagedfloatAsthevalueoftheyenfallsrelativetotheU.S.dollar:C如果日元對美元的匯率下降了,那么對日元的需求會上升JapanesegoodsbecomemoreexpensivetoU.S.consumers.Thesupplyofdollarswillfall.Thedemandforyenwillrise.U.S.goodsbecomelessexpensivetoJapaneseconsumers.Thedemandcurveforforeigncurrencyslopesdownwardbecauseastheexchangerate___A_______thequantitydemanded__________.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Increases;decreasesIncreases;increasesDecreases;decreasesDecreases;staysfixedShiftsindemandawayfromFrenchproductsandtowardU.S.products(causedbyforcesotherthanchangesintheexchangerate)wouldresultinextraattemptsto___C_______eurosand__________dollars.如果法國商品的需求下降并轉(zhuǎn)穩(wěn)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Buy;buySell;sellSell;buyBuy;sellOtherthingsequal,ifAmericanexportstoJapanincreaseandAmericanimportsfromJapandecrease,thenunderafloatingexchangeratesystem,wewouldexpectthedollarto: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。WeakenagainsttheJapaneseyen.DepreciateagainsttheJapaneseyen.DevalueagainsttheJapaneseyen.StrengthenagainsttheJapaneseyen.AdecreaseinGermanresidents'willingnesstoinvestindollar-denominatedassetswillshiftthedemandcurvefor:D德國居民投資于美元計價資產(chǎn)的意欲下降的話，美元的需求將會下降。Eurostotheright.Eurostotheleft.Dollarstotheright.Dollarstotheleft.Ina_____A_____exchangeratesystemthegovernmentorcentralbankersintervenetokeeptheexchangeratevirtuallysteady.在固定匯率制度下，政府或中央銀行會盡力保持匯率的穩(wěn)定。FixedMarketdrivenFloatingForwardExchangeRate$/￡美元與英磅的匯率ExchangeRate$/￡美元與英磅的匯率SS￡D￡2.502.00￡’s(millions)55.56ReferringtoFigure17.1,adownwardmovementalongtheverticalaxiswouldcorrespondtoa(n)___C_______oftheU.S.dollar.在17.1這圖可知，縱軸線的下降會引起美元的升值A(chǔ)rbitraging.DevaluationAppreciation升值DepreciationReferringtoFigure17.1,at$2.50perpound,thereisa(n)__D________.Underthesystemofflexibleexchangerates,thiswouldcause__________the________curve(s).在圖中可得知，如果2.5美元換１英磅,那么會有超過100萬英磅的供應.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）Excessdemandof1millionpounds,leftwardshiftof,demandExcesssupplyof1millionpounds,rightwardshiftof,supplyExcessdemandof1millionpounds,downwardmovementalong,demand&supplyExcesssupplyof1millionpounds,downwardmovementalong,demand&supplyReferringtoFigure17.1,iftheBritishgovernmentwantstopegtheexchangerateofthepoundat$2.50perpound,whatactionwouldBritishmonetaryauthoritieshavetoundertake?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,那么英國貨幣當局會采取什么措施？Sell1millionpoundsandbuy2.5milliondollars.Buy1millionpoundsandsell1milliondollars.Buy1millionpoundsandsell2.5milliondollars.買一百萬的英磅同時賣出二百五十萬的美元Buy5.5millionpoundsandsell11milliondollars.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundthepoundwillbe: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Overvalued.高估（估值過高）Undervalued.Devalued.Inequilibrium.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundwhowillthishelp?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）USimporters.Britishimporters.英國進口商Britishexporters.Britishimport-competingproducers.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundandthegovernmentgivesupthepegandallowsthepoundtofloat,thepoundwillexperiencea(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,那么英磅會出現(xiàn)貶值Revaluation.Devaluation.Appreciation.Depreciation.貶值ReferringtoFigure17.1,iftheU.S.FederalReservewastoconductacontractionarymonetarypolicy,the______curvewouldshiftrightandthepoundwould__C________.從圖可知,如果美國聯(lián)邦儲備采取緊縮政策,那么需求曲線會上升,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）Supply,appreciateDemand,depreciateSupply,depreciateDemand,appreciateWhichofthefollowingbestcharacterizesthecurrentU.S.exchangeratepolicy?C以下哪項最好地描繪出美國當今的匯率政策？Anadjustablepeggedrate.Acrawlingpeggedrate.Afreelyfloating.自由浮動匯率Afixedexchangerate.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WeakenagainsttheJapaneseyen.DepreciateagainsttheJapaneseyen.DevalueagainsttheJapaneseyen.StrengthenagainsttheJapaneseyen.WhichofthefollowinggroupsismostlikelytobenefitfromastrengtheningoftheU.S.dollaragainstmajorcurrencies?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.exporters.b.TheU.S.government.c.U.S.consumers. 美國消費者d.Foreignconsumers.Underafixedexchangeratesystemafallinthemarketprice(theexchangeratevalue)ofacurrencyiscalleda(n)____B______ofthatcurrency.在固定匯率制下,一外幣的匯率下降了,這叫作法定貶值RevaluationDevaluationAppreciationDepreciationExchangeratesareequalizedindifferentlocationsdueto:A匯率在不同地方可以保持等同是因為套利Arbitrage.套利（套匯）Governmentinterventioninforeignexchangemarkets.Freetradeingoodsandservices.Theactionsofimportersandexporters.HowcouldyouprofitiftheexchangerateinLondonwas$2/￡whileinNewYorktheexchangeratewas$1.95perpound?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.那么怎樣做才能賺錢？BuydollarsinNewYorkandselltheminLondon.BuypoundsinLondonandselltheminNewYork.BuypoundsinNewYorkandselltheminLondon.在紐約買英磅然后在倫敦賣BuydollarsinLondonandsellpoundsinNewYork.The2001-2007rapidgrowthinglobalforeignexchangetradingcanbeexplainedby:B０１-０７年間全球外匯交易的急速增長是因為大型機構(gòu)投資者對中長期外國金融投資的增長Largeincreasesinshort-terminternationalcurrencyactivitiesbyhedgefunds.Increasesinlong-termforeignfinancialinvestmentsbylargeinstitutionalinvestors.IncreasesintheU.S.longtermgovernmentbondyields.Both(a)and(b)True/FalseQuestionsThegreaterpartofthemoneyassetstradedinforeignexchangemarketsaredemanddepositsinbanks.(T)大部份在外匯市場交易的現(xiàn)金資產(chǎn)都是活期存款.Mostforeignexchangetradingisdoneamongthebanksthemselvesintheretailpartoftheforeignexchangemarket.多數(shù)外匯交易都是在銀行間的散戶外匯市場完成交易的Thespotexchangerateisthepricenowforanexchangethatwilltakeplacesometimeinthefuture.即時匯率是指外幣在未來一定時間內(nèi)的匯價.Frenchimportsofgoodsandserviceswillcreateademandforforeigncurrencyandasupplyofeuros.(T)法國對商品的進出口會創(chuàng)造出對外匯的需求和歐元的供給.Inthefloatingexchangeratesystem,governmentofficialsmustinterveneintheexchangeratemarkettokeeptheexchangeratefromfluctuating.在浮動匯率制下,政府必須對外匯市場進行干涉以保證匯率不出現(xiàn)浮動.（固定匯率）AssumingtheJapanesehaveafloatingexchangerate,anincreaseinJapaneseexportsofgoodsandserviceswilltendtocausethevalueoftheyentoappreciate.(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）Tomaintainanundervaluedcurrency,monetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrency.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涉,購買這種貨幣Triangulararbitragewillnotcausetheexchangeratebetweentwoforeigncurrenciestoequalize.三角套匯不會造成兩種貨幣間匯率的均等（均衡）From2001to2007,globalforeignexchangetradingmorethandoubled.(T)會０１到０７年間,全球外匯交易增長了兩倍多TheMaastrichtTreatysetaprocessforestablishingamonetaryunionandasingleunionwidecurrency.(T)馬斯特里赫特條約為建立貨幣同盟和統(tǒng)一聯(lián)盟制定了一套固定程序.EssayQuestionsAretailerinMexicowantstobuy$100,000worthofApplecomputersfromtheUnitedStates.TheMexicanretailerhaspesoswhilethesellerintheUnitedStateswantstobepaidinU.S.dollars.ExplainhowthistransactioniscompletedwithparticularemphasisontheforeignexchangemarketandbanksintheUnitedStatesandMexico.課本P33倒數(shù)第二段有具體闡述：TheMexicanbuyerhastosellpesostogetdollarstopaytheU.S.exporter.TheMexicanfirmcontactsitsbankandrequestsaquotationoftheexchangerateforsellingpesosandacquiring100,000dollars.Iftherateisacceptable,theMexicanfirminstructsitsbanktotakepesosfromitscheckingaccount,convertinto100,000dollarsandtransferthedollarstotheU.S.producer.TheMexicanbankholdsthedollardenominateddepositsintheUnitedStates,atitscorrespondentbankinNewYork.TheMexicanbankinstructsitscorrespondentbankinNewYorktotakedollarsfromitscheckingaccountandtransferthedollarstotheU.S.producer.Thiscompletestheinternationalpaymentforcomputers.a:套利收益0.02b:出現(xiàn)以下三種情況之一，都會導致無套利機會存在：巴黎匯率:147、紐約匯率0.83、東京匯率0.0078（各減0.02）Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro..euro：a&d升值；b&c貶值（具體思路：Theeuroappreciates;thereisanincreaseddemandforeuros.歐元升值;有需求持續(xù)增加歐元。a. Theeurodepreciates;thereisanincreasedsupplyofeuros.歐元貶值;有供給的增多歐元。b. Theeurodepreciates;thereisanincreaseddemandfortheBritishpound.歐元貶值。英鎊日益增長的需求。c. Theeuroappreciates;thereisadecreasedsupplyofeuros.）歐元升值;有一種減少供應的歐元。Chapter4:ForwardExchangeandInternationalFinancialInvestment遠期外匯和國際金融投資Single-ChoiceQuestions__A_______apositionexposedtorateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.對利率風險作出的避險操作實際上是外匯上的一種減少、清除凈資產(chǎn)或凈負債的手法HedgingSpeculatingInvestinginBuying___B______istheactoftakinganetassetpositionoranetliabilitypositioninsomeassetclass.投機是一種在某些資產(chǎn)類別中取得凈資產(chǎn)或者凈負債的行為HedgingSpeculatingInvestingBuyingA____D______exchangecontractisanagreementtoexchangeonecurrencyforanotheronsomedateinthefutureatapricesetnow.遠期外匯合同是指交易雙方在商議好的日期內(nèi)按照交易商定的匯率進行外匯交易。SpotdomesticForwarddomesticSpotforeignForwardforeign____C______meanscommittingoneselftoanuncertainfuturevalueofone'snetworthintermsofhomecurrency.投機是指致力于投資未來不確定的本國貨幣凈值。SellingHedgingSpeculatingImportingAssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:A假設(shè)你是一個中國出口商，你期望在60天內(nèi)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？Sellingdollarsintheforwardmarketfor60-daydelivery.購買60天的遠期外匯合同通過期貨市場賣出美元Buyingdollarsnowandsellingitattheendof60days.Sellingtheyuanequivalentintheforwardmarketfor60-daydelivery.KeepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.AssumeyouareanAmericanimporterwhomustpay500,000eurosattheendof90dayswhenyoureceive1,000casesofFrenchwineatyourwarehouseinNewYork.Ifyoudonotcoverthistransactionintheforwardmarket,youfaceariskoflossiftheeuro:B假設(shè)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天內(nèi)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Depreciatesagainstthedollar.Appreciatesagainstthedollar.Eitherappreciatesordepreciatesagainstthedollar.Isfixed.AssumeyouareanAmericanimporterwhomustpay500,000eurosattheendof90dayswhenyoureceive1,000casesofFrenchwineatyourwarehouseinNewYork.Ifyoudonothedgethistransaction,youfaceexchangeraterisk.Thebestwaytoremovetheriskoflossduetocurrencyfluctuationsisto:A假設(shè)