国际金融(双语)复习大纲

（一）论述、简答、计算题：

1、What is the current account balance of France when the French budget surplus is 348

million Euros, private saving is 256 million Euros, domestic capital formation is 134 million Euros?

解答：

National saving = private saving + government saving = 256+348=604 million

Current account balance = national saving – domestic real investment = 604-134=470 million

附：Current account balance(CA)=net foreign investment(If)

National saving(S)=domestic real investment(Id)+net foreign investment(If)

If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total expenditures on goods and services)

2、Which of the following transactions could contribute to a British current account surplus? Explain why

a French firm sells defense equipment to the British government for 250 million pounds in bank deposits

b Great Britain makes a gift of $500 million to the Iraqi government to aid in reconstruction.

c The Unite

d States borrows 200 million pounds on a short-term basis from th

e British government to buy 200 million pounds in textiles from Great Britain.

C：merchandise exports——current account surplus

A：merchandise imports——current account deficit

B：unilateral transfer——current account deficit

3、You are provided with the following information about a country’s international transactions during a given year:

Service exports $346

Service imports $354

Merchandise exports $480

Merchandise imports $348

Income flows, net $153

Unilateral transfers, net $142

Increase in the country’s holding of foreign assets, net

(excluding official reserves assets) $352

Increase in forei gn holdings of the country’s assets, net

(excluding official reserve assets) $252

Statistical discrepancy, net $154

a.Calculate the official settlements balance and the current account balance.

b.Is the country increasing or decreasing its net holdings of official reserve assets?

Why?

A: Current account balance=net credits – net debits on(the flow of goods ,services ,income and unilateral transfer)=（346—354）+（480—348）+153—142 = 135

Financial account balance= foreign holdings of the country’s assets – the country’s holding

of foreign assets =—352 + 252 = —100

So, official settlement balance(B)=CA balance + financial account balance= 135 —100=35

B: Current account balance = 132—8+153—142=135

B = CA + FA = 135 + （—100）= 35

B + OR + Statistical discrepancy = 0

OR = —189

4、For each case below, state whether the euro has appreciated or depreciated and give an example

of an event that could cause the change in the exchange rate.

a.The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican peso.

b.The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.

c.The spot rate goes from 1.48 euros/British pound to 1.51 euros/British poun

d.

d.The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.

A: indirect quotation, euro appreciated

B: direct quotation, euro depreciated

C: indirect quotation, euro depreciated

D: direct quotation, euro appreciated

5、What are the two forms of interbank foreign exchange trading? Compare and contrast

he similarities and differences of the two forms.

Form 1 Interbank trading is conducted directly between the traders at different banks

Form 2 Interbank trading are conducted through foreign exchange broker

Similarities: Both are making the foreign exchange trades.

Differences:

①Form1,the traders know to whom they are quoting exchange rates for possible。Form2,the use of brokers provide anonymity to the traders until an exchange rate is agreed on for a trade.

②Form2,the use of brokers can also allow the bank to economize on the costs of searching for the best available exchange rates, because the broker’s business is to know the rates at which various banks are willing to trade. Brokers earn commission for their services.

6. The spot exchange rate between the dollar and the Japanese yen is a floating rate. What

effects will the following events have on the exchange rate? In each case, draw a graph

to illustrate the changes in the foreign exchange market caused by the event.

a.Political unrest in Japan causes U.S. investors to shift their investments out of Japan.

b.There is a large increase in Japanese demand for U.S. investments because Japanese

investors believe that the U.S. economy is experiencing strong growth.

c.There is an increase in demand in the U.S. for Japanese exports as Japan becomes a

low-cost producer of electronic devices.

A: Selling Japanese to dollars →increase in supply of Japanese yen →shift the supply curve →reduces the exchange rate value (＄/yen) of Japanese yen →so in a floating-rate system shift the supply curve for yen to right and the demand curve remains unchanged →the dollar appreciates

B: Increase in supply of Japanese yen, because Japanese need to sell yens to get U.S. dollars in the foreign exchange market and then use those dollars to make investment in the US

其余同part A

C: Demand for Japanese yen increase, because in most case, ten Japanese exports desire to be paid in yens but the U.S. importer desires to pay in dollars , so somewhere in the payment

yen

7、Assume that the spot exchange rate between the dollar and the Japanese yen is a fixed rate

within a narrow band around an announced rate. Assume that each of the following scenarios will shift the intersection of private supply and demand outside the band.

What policy interventions are necessary by the monetary authorities in order to maintain the fixed rate?

a.Political unrest in Japan causes U.S. investors to shift their investments out of Japan.

b.There is a large increase in Japanese demand for U.S. investments because Japanese

investors believe that the U.S. economy is experiencing strong growth.

c.There is an increase in demand in the U.S. for Japanese exports as Japan becomes a

low-cost producer of electronic devices.

a、b U.S. government must intervene in the foreign exchange market by selling U.S. dollars and buying Japanese yen

c U.S. government must intervene in the foreign exchange market by selling Japanese yen an

d buying U.S. dollars

展开分析部分（见6题）

8、What is triangular arbitrage? Assume you have 100 U.S. dollars. Explain how you can make

a profit using triangular arbitrage with the following exchange rates:

U.S. dollars per Euro=1.0

Euros per British pound =6.0

British pound per U.S. dollar =3.20

triangular arbitrage：There is an opportunity to make riskless profit by arbitraging through the three rates.

Step 1 exchange 100 dollars for 320 pounds (100*3.2)

Step 2 exchange 320 pounds for 1920 euros (320*6)

Step 3 exchange 1920 euros for dollars (1920*1)

THEN, the net profit = 1920 – 100 = 1820 dollars

9、The current spot exchange rate is $1.14/Euro. The current 90-day forward exchange rate is

$1.11/Euro. How could a U.S firm, who must repay a 40 million Euro loan in 90 days, use a forward exchange contract to hedge its risk exposure?

One way to hedge its risk exposure is to enter into a forward contrast to buy 40 million Euro in 90-days. If the 90-day current forward exchange rate is ＄1.11/Euro , then the company must deliver ＄44.4 million in 90 days

10、You are asked to test if the forward exchange rate is equal to the average market expectation of

the future spot exchange rate. What information will you need to prove/disprove this statement?

Prove：（Forward exchange rate = future spot exchange rate）

We hypothesize that speculators’ pressure on supply and demand should drive the forward exchange rate to equal the average expected value of the future spot exchange rate

11. Covered interest parity states that the forward premium should be equal to the difference in interest rates. Does the empirical evidence support this statement? Explain.

①一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

②一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. Will the law of one price apply better to rare gems （宝石） or to computers? Explain. The law of one price apply better to Rare Gems. The transactions of rare gems are more convenient, so any price discrimination will lead to arbitrage activities, which will drive the price of rare gems in the same currency value to be equal. People couldn ’t arbitrage the price discrimination of computers, so the price cannot be equal. If the price discrimination continues to exist, the discrimination would exist all the time, in the computer market, there is no power to drive it to be equal. P = e · P f

13. You observe the following current rates:

Spot exchange rate: $1.25/SFr

Annual interest rate on 30-day U.S.-dollar-denominated bonds: 8%

Annual interest rate on 30-day SFr-denominated bonds: 2%

a. Does uncovered interest parity hold? If so, what spot exchange rate do investors

expect in 30 days?

b. What is likely to be the effect on the spot exchange rate if the interest rate on the

30-day SFr-denominated bond increases by 3%?

c.

a e ex —1.251.25

× （360÷30） = 8%—2% e ex —1.251.25

= 0.005 X=1.25625

b 瑞士法郎利率到3%;瑞士法郎升值

1.25625—ex ex

× （360÷30） = 8%—3% = Ex=1.25103

14. Explain the various aspects of PPP. Be sure to explain the differences between absolute and relative purchasing power. Explain the strengths and weaknesses of PPP. How well has PPP done in predicting actual exchange rates?

A 、PPP 的有三个层面的含义：

1）一价定理：P = e · P f

2）绝对PPP ：e = P P f

3） 相对PPP ：e t e =P t /P 0P ft /P f0

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 只是根据当期的情况来考察的

C 、PPP 的优势和劣势

对于一种大量交易的商品而言，PPP 假说的预测是准确的

对于所有的交易商品而言，PPP 假说的预测仅是中度准备的

对于整个经济中的全部产品而言，PPP假说的预测是最差的

绝对购买力平价：在某一时点上汇率的决定，在某一时点上两种货币货币间的均衡汇率实际上就等于两国物价水平的比率

相对购买力平价：说明一定时期内汇率的变动的原则，认为汇率的涨落是由于物价或货币购买了的变动而引起的，并主张，一定时期内汇率的变化应与同期两国物价水平的相对变动成比例

购买力评价的缺陷之处

?它以货币数量论为前提，把价格与汇率的关系完全看作是单向的因果关系其中价格是因，汇率是果，这也有悖现实。

?价格指数的选择亦无严格的标准，究竟应该以国内生产总值消胀指数、批发价格指数还是消费价格指数，很难从理论上提出科学的依据实际情况中难以满足各国相同可贸易品权数相同

评价：购买力平价论由于抓住了货币内在的特性──货币的购买力，即价格水平这一影响汇率的核心因素，并首次使理论汇率的确定得到了量化的尺度，比较直观，因而长期以来一直深受学术界的推崇，占据主流地位，至今仍有极大影响。尤其是在严重的通货膨胀时期，购买力平价论的可靠性更为突出。

15. Exchange controls result in considerable costs to a country whose government imposes them.

Describe these costs and the role that parallel markets play in economies with exchange controls.

外汇管制旨在限制对外汇的过度私人需求（促使本币贬值的压力。）；在外汇管制中，一些人想得到外汇，并原因为此支付高于当前汇率的价格，但他们却不能买到外汇，由于一些净边际损失，这会带来整个国家的福利损失，此外，这些不能被满足的需求者，还会转向其它方法以得到外汇，他们可能会贿赂政府官员以得到稀缺的外汇，他们还可以逃避外汇管制，从非法外汇黑市得到外汇（一般以远远高于官方平价的价格）。

（二）名词解释：

Chapter 02

balance of payments：The set of accounts recording all flows of value between a nation’s residents and the residents of the rest of the world during a period of time.

the current account：Records the values of goods and services sold and purchased abroad, + net interest and other factor payments and net unilateral transfers and gifts.

the capital account：consists of capital transfer and the buying and selling of nonproductive assets and non-financial assets.

the double-entry bookkeeping：Any exchange automatically enters the balance-of-payment accounts twice: as a credit and as a debit of the same value. merchandise trade balance：equals the net credits - debits, on merchandise flows. current account balance：equals the net credits - debits on the flows of goods, services, income, and unilateral transfers. It also equals the change in the nation’s foreign assets minus foreign liabilities, also known as net foreign investment.

the overall balance：equals the sum of the current account balance + the private capital account balance.

the official reserve asset balance（OR）：官方黄金和外汇资产的余额；其它与IMF相关的官方储备的余额，以及被他国看作其官方资产的余额；称之为官方资产余额

the Errors and Omissions：is a suspicious item, called statistical discrepancy. residents：include all its governmental bodies (excluding central banks) and those individuals and organizations that reside permanently (usually more than a year) and have their economic “center of interest” in the country.

the international investment position:is a statement of the stocks of a nation’s international assets and foreign liabilities at a point in time, usually the end of a year. the IMF：The IMF was set up with contributions of gold and foreign exchange from member governments. It grants all member countries the right to borrow reserves to finance temporary deficits.

the reserve position in the IMF：指的是一个国家加入基金组织时，所缴纳的份额。按IMF规定，认缴份额的25%须以可兑换货币缴纳，其余75%用本国货币缴纳

SDRs：（Special Drawing Right）is an artificial "basket" currency used by the IMF for internal accounting purposes. The SDR is also used by some countries as a peg for their own currency, and is used as an international reserve asset.

Chapter 03

foreign exchange：Definition in broad sense: holdings of foreign currencies: (1) foreign currencies; (2) payment instruments denominated in foreign currencies, like demand bank deposits; (3) securities in terms of foreign currencies; (4) other claims on nonresidents in terms of foreign currencies.

Definition in narrow sense: the means which is used in international settlement. exchange rate：the price of one nation’s money in terms of another nation’s money. spot exchange rate：The spot exchange rate is the price for “immediate” exchange(delivery).

forward exchange：the price set now for an exchange (delivery) that will take place sometime in the future

intangible market：banks and traders who work at banks are at the center of the foreign exchange market. These banks and their traders use computers and telephones to conduct foreign exchange trades with their customers and also with each other.

a vehicle currency：One foreign currency is exchanged for dollars, and these dollars are then exchanged for the other foreign currency. The dollar is often used in this way to accomplish trading between two other currencies, and the dollar is called a vehicle currency.

SWIFT (Society for Worldwide Interbank Financial Telecommunications)：which is used to transmit instructions from one member bank to another

CHIPS (Clearing House International Payments System)：This system clears dollar transfers among its member banks, which include all large and internationally active banks.

floating exchange rate：It is the exchange rate system without intervention by governments or central bankers.

the equilibrium exchange rate：(market-clearing rate) means no tendency for change. It is at the intersection point of the supply and demand curves.

fixed exchange rate：Official strive to keep the exchange rate virtually fixed ( or pegged ) even if the rate they choose differs from the current equilibrium rate.

the depreciation(the appreciation)：Under the floating-rate system a fall in the market price (the exchange rate value) of a currency is called a depreciation of that currency; a rise is an appreciation.

the devaluation(the revaluation)：We refer to a discrete official reduction (rising) in the otherwise fixed par value of a currency as a devaluation (revaluation). arbitrage：The process of buying and selling to make a (nearly) riskless pure profit, ensures that rates in different locations are essentially the same, and that rates and cross-rates are related and consistent among themselves.

biangular arbitrage：Buy currencies where they are cheap and simultaneously sell them where they are expensive.

triangular arbitrage：There is an opportunity to make riskless profit by arbitraging through the three rates.

basic rates：Basic rates represent the dollar price of various foreign currencies cross rates：the cross-rates are the rates between foreign currencies.

Chapter 04

exchange rate risk：the possibility of loss or gain of foreign exchange (currencies) assets (or liabilities) held by persons because of changes of exchange rates. international financial investment：investment on foreign-currency assets. international investment with cover：if the rate at which the future sale of foreign currency will occur is locked in now through a forward exchange contract, we have~. international investment without cover：involves investing in a financial asset denominated in a foreign currency without hedging or covering the future proceeds of the investment back into one’s own currency.

hedging：Hedging a position exposed to rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency.

hedgers：are persons who have a home currency and seek a balance between their liabilities and assets in foreign currencies.

speculating：Speculating is the act of taking a net asset position (“long”) or a net liability position (“short”) in the foreign currency, thereby gambling on its future exchange value.

speculators：A speculator is anybody who is willing to take a net position in a foreign currency, whatever his motives or expectations about the future of the exchange rate. the forward premium：F = (f –e)/e If F is positive, the pound is at a forward premium because it gains value between buying current spot pounds and selling current forward pounds.

the forward discount：If F is negative, the pound is at a forward discount because it loses.

covered interest arbitrage：It is buying a country’s currency spot and selling that country’s currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on that country’s currency.

uncovered interest arbitrage：

covered interest parity：The condition Covered Interest Differential (CD) = 0 is referred as covered interest parity.

uncovered interest parity：The condition Expected Uncover Interest Differential (EUD) = 0 is called the uncovered interest parity. This parity is also called the “international Fisher effect,”

Chapter 05

PPP：The principle that unit of currency will purchase the same basket of goods anywhere in the world

the law of one price：A product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere, once the prices at different places are expressed in the same currency.Pi = e · Pi*.It works well for heavily traded commodities(gold, metal, crude oil, agricultural commodities)either at a point in time or for exchanges over time.

absolute PPP：Posits that a basket or bundle of tradable products will have the same cost in different countries if the cost is stated in the same currency.

relative PPP：Posits that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time.

overshooting：Investors can react rationally to news by driving the exchange rate past what they know to be its ultimate long run equilibrium value. The actual exchange rate then moves slowly back to that long-run rate later on. That is, the short run the actual exchange rate overshoots its long-run value and then reverts back toward it. bandwagon effects：Some investors, especially for expectations regarding the near-term future(the next minutes, hours, days, or weeks),may expect that the recent trend in the exchange rate will continue. They extrapolate the recent trend into the future.

nominal bilateral exchange rate：is the regular market rate between two currencies. nominal effective exchange rate：is a weighted average of the market rates across a number of foreign currencies.

real bilateral exchange rate：incorporates both the market exchange rate and the product price levels for two countries.

real effective exchange rate：is a weighted average of real bilateral exchange rates across a number of foreign countries.

Chapter 06

convertible currency：the currency is fully convertible into foreign currency for all uses, for both trade in goods and services and international financial activities. exchange control：the government places some restrictions on the conversation of the domestic currency into foreign currency or vice versa.

a clean float：The float of exchange rate which goes where private supply and demand drive it is called a clean float.

a dirty float(a managed float)：The float of exchange rate which is generally floating

but with official intervention is called a managed float (if you are an optimist, commendatory) or a dirty float(if you are an pessimist, derogatory).

adjustable peg：In the face of a substantial or “fundamental” disequilibrium in the country’s international position, the governm ent may change the pegged-rate value. This approach is called an adjustable peg.

crawling peg：In other situations, the government may recognize that a specific pegged-rate value cannot be maintained for long. For instance, if the country has a relatively high inflation rate, then an attempt to maintain a pegged rate against the currency of a low-inflation country will quickly lead to large violations of purchasing power parity and declining international price competitiveness.

Nonetheless, the country may prefer to maintain some form of pegged exchange rate, perhaps because it believes that floating exchange rate would be too volatile. The solution chosen by some countries in this position is a crawling peg.

reserve currencies：

foreign exchange market intervention：

sterilized intervention：If the authority does take action to prevent the domestic money supply from changing, then the authority is relying only on intervention to defend the fixed rate. This is called sterilized intervention.

non-sterilized intervention：If the authority instead allows the intervention to reduce the monetary supply, then we have a clear interrelationship with two of the other defense methods. The change in the domestic money supply is likely to alter domestic interest rates, and these changes are likely to influence the entire macro-economy of the country. This is called non-sterilized intervention.

国际金融复习提纲

国际金融复习提纲 题型：1、名词解释(每题5分，共4题，20分) 2、计算题(每题10分，共3题，30分) 3、案例分析题(每题13分，共2题，26分) 4、论述题(每题12分，共2题，24分) 福费廷 保付代理业务 一价定律 三元悖论 米德冲突 汇率超调 马歇尔—勒纳条件 蒙代尔分配原则 特里芬难题 J曲线效应 外汇管制 “价格-铸币流动机制” 丁伯根法则 1、我国某外贸公司3月1日已知3个月后用美元支付400万瑞士法郎的进口货款，预计瑞士法朗汇价到时会有大幅度波动，准备以外汇期权交易保值。 已知： 3月1日即期汇率：＄1＝SF2 协议价格：SF1=＄0.5050 保险费：SF1＝＄0.0169 期权交易佣金：SF1=＄0.0025 假设3个月后瑞士法郎市场汇价分别为＄1＝SF1.7和＄1＝SF2.3两种情况，该公司各需支付多少美元？ 2、假设现在东京,纽约和伦敦的外汇市场上有如下的外汇行情: 东京外汇市场:1美元=130.00日元 纽约外汇市场:1美元=0.7500英镑 伦敦外汇市场:1英镑=150.00日元 在这三个市场上,是否存在套汇机会?如存在套汇机会，100万美元,又该如 何套汇呢，套汇后变成多少美元呢? 3、×年×月×日，巴黎外汇市场美元／法国法郎的汇率是4.4350／4.4550，香港一出口商出口某仪表原报价8000法郎，现应进口商要求改美元报价。应该 如何报价？

4、新加坡进口商进口一批货物，一个月后须支付货款10万美元；该进口商将这批货物转口外销，预计3个月后能收回以美元计价的10万元货款。为避免风险，该进口商如何运用掉期业务来操作？付出掉期成本是多少？ 新加坡外汇市场的汇率如下： 1个月期美元汇率：3个月期美元汇率：USD1＝SGD（1.8213-1.8243）USD1＝SGD（1.8123-1.8234） 5、已知：1月20日即期汇率：￡1＝＄1.4865 协议价格：￡1＝＄1.4950 保险费：￡1＝＄0.0212 期权交易佣金：￡1＝＄0.0074 假设3个月后￡对＄的市场汇价分别为￡1＝＄1.4和￡1＝＄1.6时，该公司各收入多少美元？ 6、纽约、法兰克福及伦敦市场的现汇价分别为： USD1=DEMl.9100—1.9105，GBP1=DEM3.7795—3.7800， GBP1=USD2.0040—2.0045， 问有无套汇机会?若有套汇机会，用10万美元套汇的套汇收益为多少? 7、我食品公司出口棉布，原报价为每匹1000英镑，6个月后付款，现客户要求改法国法郎报价。设某日伦敦外汇市场：GBP／FFR即期汇率：9.4545／9.4575，年率3.17％。求该公司应报多少法国法郎？ 8、某一时期，美国金融市场上的6个月定期存款为年率8％，英国金融市场上的6个月定期存款利率为年率6％。一英国套利者以年利率6％借入100万英镑，打算到美国进行6个月的投资。若现汇汇率为GBP1=USD1.6245/65，试计算到期时现汇汇率分别为不变、GBP1=USD1.6545/65和GBP1=USD1.6145/65时，该套利者的收益。 9、已知： 即期汇率1个月远期 美元/瑞士法郎 1.4860-70 37-28 英镑/美元 1.6400-10 8-16 求：英镑兑瑞士法郎的一个月远期汇率是多少？

国际金融学复习大纲

对外经济贸易大学继续教育与远程教育学院 2017-2018学年第二学期 《国际金融学》复习大纲 一、单选题 1. 证券投资收入(如红利)在新的国际收支平衡表中应列入（）。 A. 经常帐户 B. 资本帐户 C. 金融帐户 D. 错误与遗漏帐户 2. 在国际收支调节中，应付货币性失衡一般使用（）。 A. 直接管制 B. 汇率政策 C. 货币政策 D. 外汇缓冲政策 3. 1973年以后，世界各国基本上实行的都是（）。 A. 固定汇率制 B. 浮动汇率制 C. 联系汇率制 D. 钉住汇率制 4. 一国货币在外汇市场上因供小于求导致汇率上升，称为（）。 A. 法定贬值 B. 法定升值 C. 货币贬值 D. 货币升值 5. 外汇银行同业之间的交易形成的外汇市场也称为（）。 A. 批发市场 B. 零售市场 C. 直接市场 D. 间接市场 6. 当不能使用本币作为合同货币时，以下哪种货币对于防范外汇风险是最佳的？ （） A. 第三国货币 B. 复合货币 C. 软硬搭配货币 D. 使用已有的货币 7. 关于择期交易，以下说法错误的是（）。 A. 买方有权在合约的有效期内选择交割日 B. 买方必须履行合约 C. 买方可以放弃合约的执行

D. 银行在汇率的选择上处于有利地位 8. 由于一国的国民收入发生相对变动而引起的国际收支失衡称为（）。 A. 周期性失衡 B. 收入性失衡 C. 结构性失衡 D. 货币性失衡 9. 储备资产在新的国际收支平衡表中应列入（）。 A. 经常帐户 B. 资本帐户 C. 金融帐户 D. 错误与遗漏帐户 10. 根据蒙代尔的指派原则，当一国同时面临通货膨胀和国际收支顺差时，政府应采取 （）。 A. 紧缩性财政政策和扩张性货币政策 B. 扩张性财政政策和紧缩性货币政策 C. 紧缩性财政政策和紧缩性货币政策 D. 扩张性财政政策和扩张性货币政策 11. 目前，世界上绝大多数国家采用的汇率标价法是（）。 A. 直接标价法 B. 间接标价法 C. 美元标价法 D. 欧元标价法 12. 国际金本位制度下的汇率制度属于（）。 A. 浮动汇率制 B. 固定汇率制 C. 钉住汇率制 D. 弹性汇率制 13. 一国货币在外汇市场上因供过于求导致汇率下跌，称为（）。 A. 法定贬值 B. 法定升值 C. 货币贬值 D. 货币升值 14. 以下不属70年代以来创新的外汇交易的是（）。 A. 远期外汇交易 B. 外汇期货交易 C. 外汇期权交易 D. 互换交易 15. 为了防范外汇风险，在选择合同货币时，以下哪种货币是最佳的？（） A. 本国货币 B. 第三国货币 C. 复合货币 D. 软硬搭配货币 16. 政府间贷款在新的国际收支平衡表中应列入（）。 A. 经常帐户 B. 资本帐户

国际金融学复习大纲含答案复习课程

对外经济贸易大学远程教育学院 2015-2016学年第二学期 《国际金融学》复习大纲 一、单选题 1. 浮动汇率制下主要是通过（）来自动调节国际收支的。 A. 黄金的输出入 B. 外汇储备的变动 C. 汇率的变动 D. 利率的变动 2. 中间汇率是指（）的平均数。 A. 即期汇率和远期汇率 B. 买入汇率和卖出汇率 C. 官方汇率和市场汇率 D. 贸易汇率和金融汇率 3. 1973年以后，世界各国基本上实行的都是（）。 A. 固定汇率制 B. 浮动汇率制 C. 联系汇率制 D. 钉住汇率制 4. 一国货币在外汇市场上因供小于求导致汇率上升，称为（）。 A. 法定贬值 B. 法定升值 C. 货币贬值 D. 货币升值 5. 外汇银行同业之间的交易形成的外汇市场也称为（）。 A. 批发市场 B. 零售市场 C. 直接市场 D. 间接市场 6. 以下哪个不是外汇期货交易的特点？（） A. 标准化合约 B. 双向报价 C. 最终交割较少 D. 有固定到期日 7. 当不能使用本币作为合同货币时，以下哪种货币对于防范外汇风险是最佳的？（） A. 第三国货币 B. 复合货币 C. 软硬搭配货币 D. 使用已有的货币 8. 关于择期交易，以下说法错误的是（）。 A. 买方有权在合约的有效期内选择交割日 B. 买方必须履行合约 C. 买方可以放弃合约的执行 D. 银行在汇率的选择上处于有利地位

9. 由于一国的国民收入发生相对变动而引起的国际收支失衡称为（）。 A. 周期性失衡 B. 收入性失衡 C. 结构性失衡 D. 货币性失衡 10. 大卫·休谟所揭示的价格-铸币流动机制主要是通过（）来自动调节国际收支的。 A. 黄金的输出入 B. 外汇储备的变动 C. 汇率的变动 D. 利率的变动 11. 根据蒙代尔的指派原则，当一国同时面临通货膨胀和国际收支顺差时，政府应采取（）。 A. 紧缩性财政政策和扩张性货币政策 B. 扩张性财政政策和紧缩性货币政 策 C. 紧缩性财政政策和紧缩性货币政策 D. 扩张性财政政策和扩张性货币政 策 12. 一国货币在外汇市场上因供过于求导致汇率下跌，称为（）。 A. 法定贬值 B. 法定升值 C. 货币贬值 D. 货币升值 13. 以下不属70年代以来创新的外汇交易的是（）。 A. 远期外汇交易 B. 外汇期货交易 C. 外汇期权交易 D. 互换交易 14. 以下哪个不是外汇期权交易的特点？（） A. 买卖双方的权利义务不对等 B. 期权费可以收回 C. 到期可以放弃履行合约 D. 多为场外交易 15. 为了防范外汇风险，在选择合同货币时，以下哪种货币是最佳的？（） A. 本国货币 B. 第三国货币 C. 复合货币 D. 软硬搭配货币 16. 以下哪个是对出口收汇的管制措施？（） A. 结汇制 B. 预交存款制 C. 售汇制 D. 征收外汇税 17. 根据蒙代尔的指派原则，当一国同时面临通货膨胀和国际收支逆差时，政府应采取（）。 A. 紧缩的财政政策和扩张的货币政策 B. 扩张的财政政策和紧缩的货币政 策 C. 紧缩的财政政策和紧缩的货币政策 D. 扩张的财政政策和扩张的货币政 策

国际金融复习提纲

第一章 在国际收支理论研究中，所有的交易都可以按照发生的动机分为自主性交易和补偿性交易。 自主性交易是指个人和企业为某种自主性目的（比如追逐利润，旅游，汇编瞻仰亲友等）而从事的交易。 补偿性交易是指为弥补国际收支不平衡而发生的交易（比如为弥补国际收支逆差而向外国政府或国际金融机构借款、动用官方储备等等。 国际收支差额，就是自主性交易的差额。当这一差额为零时，称为“国际收支平衡”,为正是，是顺差；为负时，是逆差。（也称为对外不平衡和外部不平衡） 国际收支均衡，即国内经济处于充分就业和物价稳定下的自主性国际收支平衡。 国际收支不平衡的口径： 1）贸易收支差额：商品进出口收支差额。 2）经常项目收支差额：包括贸易收支，无形收支（即服务和收入）和经常转移收支。前两项构 成经常项目主体。反映一个国家进出口状况。 3）资本和金融账户差额：通过资本和金融账户余额可以看出一个国家资本市场的开放程度和金 融市场的发达程度 资本与金融账户和经常账户之间具有融资关系，所以资本与融账户的余额可以折射出已过经常账户的状况和能力。（余额相加为零） *限制：1、资本和金融账户为经常账户提供融资受到诸多因素的 2、资本和金融账户已经不再是被动地由经常账户决定，并为经常账户提供融资服务了 3、资本和金融账户与经常账户的融资关系中，债务和收入因素也会对经常账户产生影响。4）综合账户差额或总差额：指经常账户与金融账户中的资本转移、直接投资、证券投资、其他 投资账户所构成的余额，也就是将国际收支账户中的官方储备账户 剔除后的余额。由于综合差额必然导致官方储备的反方向变动，所 以可以用它来衡量国际收支对一国储备造成的压力。 国际收支不平衡的性质： 1，临时性不平衡：短期的，由非确定或偶然因素引起的。程度一般较轻，持续时间不长 带有可逆性，可认为是正常现象。（一般不采取措施） 2，结构性不平衡：一国产出结构（主要是指可贸易产品结构）与世界市场需求结构脱节 引起的国际收支失衡。这种失衡具有长期性质。 3，货币性不平衡：在一定汇率水平下，由于国内货币供应增加，导致国内货币成本（假定商品价值不变，即表示同样的商品价值需要更多的货币）与一般物价上升而引起 的出口价格相对昂贵而进口价格相对便宜，进而导致的国际收支失衡。 4，周期性不平衡：经济周期波动引起的国际收支不平衡。经济衰退、社会总需求下降、进口需求下降、国际收支盈余；反之，则相反。其特征是：自动调整。 5，收入性不平衡：国民收入变化（周期性、货币性、经济运行的状态）导致的收入与国内产出之间变化而引起的国际收支失衡。如国民收入变化相对快速增长导致的进口 需求增加进而导致国际收支失衡。 国际收支的自动调节：是指由国际收支失衡引起的国内经济变量变动对国际收支的反作用过程程。 条件：国际收支自动调节只有在纯粹的自由经济中才能产生理论上所描述那些租用，政府的某些宏观经济政策会干扰自动调节过程，使其作用下降扭曲或 根本不起作用。

《国际金融学》复习大纲详解

一、单选题 1. 狭义外汇的主体是（）。 A. 外国货币 B. 外币票据 C. 国外银行存款 D. 外币有价证券 2. 目前，外汇市场上作为其他汇率的计算基础且汇率最高的是（）。 A. 电汇汇率 B. 信汇汇率 C. 票汇汇率 D. 即期汇率 3. 有远期外汇收入的出口商与银行签订远期外汇合同是为了（）。 A. 防止因外汇汇率上升而造成的损失 B. 获得因外汇汇率上升而带来的收益 C. 防止因外汇汇率下降而造成的损失 D. 获得因外汇汇率下降而获得的收益 4. 以下哪个不是外汇期货交易的特点？（） A. 标准化合约 B. 场外交易 C. 保证金制 D. 逐日盯市制 5. 以下哪种外汇交易属无风险获利？（） A. 远期外汇交易 B. 外汇期权交易 C. 套汇交易 D. 非抛补套利 6. 银行在外汇买卖中存在的外汇风险属于（）。 A. 交易风险 B. 折算风险 C. 经济风险 D. 信用风险 7. 以下属经济风险的是（）。 A. 对外贸易中的风险 B. 外汇买卖中的风险 C. 报表合并中的风险 D. 生产经营活动中的风险 8. 以下属折算风险的是（）。 A. 对外贸易中的风险 B. 外汇买卖中的风险 C. 报表合并中的风险 D. 生产经营活动中的风险 9. 假设某出口商3个月后有一笔外汇收入，为了防范因外汇汇率下跌带来的风险，该出口商可采取的措施为（）。

A. 买入看涨期权 B. 投资法 C. 借款法 D. 延期收汇 10. 以下不存在外汇风险的情况是（）。 A. 以本币计价结算 B. 易货贸易 C. 使用已有的外币 D. 以上都是 11. 以下哪种货币对于防范外汇风险是最差的？（） A. 对方的货币 B. 复合货币 C. 软硬搭配货币 D. 本国货币 12. 在其他条件不变的情况下，以下哪种情况会导致一国汇率贬值？（） A. 通货膨胀 B. 国际收支顺差 C. 收入减少 D. 紧缩性政策 13. 在其他条件不变的情况下，以下哪种情况会导致一国货币升值？（） A. 通货膨胀 B. 国际收支顺差 C. 收入增加 D. 利率下降 14. 实行外汇管制的目的有（）。 A. 防止资本外逃 B. 稳定汇率 C. 平衡国际收支 D. 以上都是 15. 以下哪个不是实行复汇率的弊端？（） A. 不公平竞争 B. 官僚腐败 C. 奖出限入 D. 效率低下 16. 在实际中使用频率最低的储备资产是（）。 A. 黄金储备 B. 外汇储备 C. 在基金组织的储备头寸 D. 和特别提款权 17. 在特别提款权中占权数最大的货币是（）。 A. 美元 B. 欧元 C. 日元 D. 英镑 18. 流动性最差的储备资产是（）。 A. 黄金储备 B. 外汇储备 C. 在基金组织的储备头寸 D. 特别提款权 19. 盈利性最高的储备资产是（）。 A. 黄金储备 B. 外汇储备 C. 在基金组织的储备头寸 D. 特别提款权 20. 国际储备资产中的一级储备具有的特点是（）。

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国际金融学复习要点

国际金融学 本国货币升值（汇率下降）表示本国货币币值高估，本国货币贬值（汇率上升）表示本国货币币值低估。 一、名词解释 外汇外延式经济增长：指通过各种生产要素投入的增加而带来的经济增长。 内涵式经济增长：指要素生产率提高 而带来的经济增长。 国际资本市场：指1 年以上的中长期融资市场，参与者有银行、公司、证券商及政府机构。 汇率浮动汇率：指由外汇市场上的供求关系决定、本国货币当局不加干预的货币比价。 金本位制：是指以黄金作为基础的货币制度。 国际储备：是指一国货币当局能随时用来干预外汇市场、支付国际收支差额的资产。 国际收支：是指一国在一定时期内全部对外经济往来的系统的货币记录。/ 指一国对外经济活动中所发生的收入和支出，国际收支的差额需要由各国普遍接受的外汇来结算。 内部均衡：反映了国内总供给与国内总需求相等的状态。 、简答

1.国际收支平衡表基本原理 一、账户分类：一级账户：（1）经常账户（2）资本与金融账户（3）错误和遗漏账户 （1）经常账户：二级账户①货物②服务③收入④经常转移 （2）资本与金融账户：二级账户①直接投资②证券投资③其他投资 ④储备资产 二、复式记账法 （1 ）有借必有贷，借贷必平衡 （2）借方记录的是资金的使用和占用，贷方记录的是资金的来 源。 三、记账货币 为了使各种交易间具有记录和比较的基础，需要在记账时将其折算成同一种货币，这种货币就被称为记账货币。在国际收支平衡表记账时，以不同货币结算的对外交易需要按记账货币和具体交易货币之间的比价（即汇率）折算为记账货币。 2.影响汇率的经济因素 1 ）国际收支当一国的国际收入大于支出即国际收支顺差时，可以说是外汇的供应大于需求，因而本国货币升值，外国货币贬值。与之相反，当一国的国际收入小于国际支出即国际收支出现逆差时，可以说是外汇的供应小于需求，因而本国货币贬值，外国货币升值。 （2）相对通货膨胀率

国际金融英文版习题

Chapter1 balance of payments Balance of Payments Accounting 1Balance of payments a)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 b)provides detailed information concerning the demand and supply of a country’s currency c)can be used to evaluate the performance of a country in international economic competition d)all of the above Answer: d 2Generally speaking, any transaction that results in a receipt from foreigners a)Will be recorded as a debit, with a negative sign, in the U.S. balance of payments b)Will be recorded as a debit, with a positive sign, in the U.S. balance of payments c)Will be recorded as a credit, with a negative sign, in the U.S. balance of payments d)Will be recorded as a credit, with a positive sign, in the U.S. balance of payments Answer d 3 Generally speaking, any transaction that results in a payment to foreigners e)Will be recorded as a debit, with a negative sign, in the U.S. balance of payments f)Will be recorded as a debit, with a positive sign, in the U.S. balance of payments g)Will be recorded as a credit, with a negative sign, in the U.S. balance of payments h)Will be recorded as a credit, with a positive sign, in the U.S. balance of payments 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)Payment by McDonalds will be recorded as a debit j)The deposit of the funds by the seller will be recorded as a debit k)Payment by McDonalds will be recorded as a credit l)The deposit of the funds by the buyer will be credit Answer: a 5Since the balance of payments is presented as a system of double-entry bookkeeping, a)Every credit in the account is balanced by a matching debit