国际金融中英文版复习资料

国际金融中英文版

国际金融中英文版

Chapter 2:

Payments among Nations

Single-Choice Questions

1.A country’s balance of payments records:一个国家的国际收支平衡记录了B

a.The value of all exports of goods and services from that country for a period of time. b.All flows of value between that country?s residents and residents of the rest of the world during a period of time在一定时间段里一个国家居民的资产和其它世 界居民资产的流动

c.All flows of financial assets that cross that country?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: 在国际收支平衡里的贷项是A a. An item for which the country must be paid.一个国家必须收取的条款 b. An item for which the country must pay. c. Any imported item.

d. An item that creates a monetary claim owed to a foreigner.

3.Every international exchange of value is entered into the balance-of-payments accounts

__________ time(s). 每一次国际等价交换都记进国际收支帐户２次B a.1 b.2 c.3 d.4

4.A debit item in the balance of payments is: 在国际收支平衡中的借项是B a. An item for which the country must be paid.

b. An item for which the country must pay.一个国家必须支付的条款 c. Any exported 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

在国际收支中下列哪个项目总被视为有利条项

a. Changes in foreign currency reserves.

b. Imports of goods and services.

c. Military foreign aid supplied to allied nations.

d. Purchases by foreign travelers visiting the country.国外游客在本国发生的购买

6.The sum of all of the debit items in the balance of payments: 在收支平衡中所有贷项的总和B

a. Equals the overall balance. b. Equals the sum of all credit items. 等于所有借项的总和

c. Equals ?compensating? transactions.

d. Equals the sum of credit items minus errors and omissions.

7.Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？B

a. A U.S. resident transfers $100 from his account at Credit Suisse in Basel (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 Suisse account in Basel.一个法国居民在旧金山的Fargo Bank 用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口 c. A U.S. resident sells his IBM stock to a French resident.

d. A U.S. resident sells his Credit Suisse stock to a French resident.

8.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种C a. Reserve inflow. b. Reserve outflow. c. Capital inflow. 资本流入

d. Capital outflow.

9___A_______ are money-like assets that are held by governments and that are recognized by

governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可

.a. Official international reserve assets 官方国际储备资产

b. Unofficial international reserve assets c. Official domestic reserve assets d. Unofficial domestic reserve assets

10.Which of the following is considered a capital inflow? 下列哪项被视为资本流入A

a. A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家

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

c. A purchase of foreign financial assets 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 debit?一个国家的收支平衡表中,哪个交易属于借项？A

a. Domestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降

b. Foreign bank balances owned by domestic residents are decreased. c. Assets 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’ ssavings into another nation?s investments:

资金流的作用是指导一个国家的储蓄进入到另一个国家的投资 a. Merchandise trade flows b. Services flows

c. Current account flows d. Capital flows资金流

13.The net value of flows of goods, services, income, and unilateral transfers is called the: 商

品服务,收入和单方面转让等现金流的净收益叫经常账目（户）B a. Capital account. b. Current account. 经常账目（户） c. Trade balance.

d. Official reserve balance.

14.The net value of flows of financial assets and similar claims (excluding official international

reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫A a. Financial account. 金融帐

b. Current account. c. Trade balance.

d. Official reserve balance.

15.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金

融帐包括：B

a. Everything in the current account.

b. U.S. government payments to other countries for the use of military bases. 美政府采用其它国家军事基地所需支付款项

c. Profits that Nissan of America sends back to Japan. d. New U.S. investments in foreign countries.

16.ＡU.S. resident increasing her holdings of a foreign financial asset causes a: 一个美国居

民增持一外国金融资产会引起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.美国资本帐的借帐

17. A foreign resident increasing her holdings of a U.S. financial asset causes a: 一个美国

居民增持本国一金融资产会引起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.美国资本帐的贷帐 d. Debit in the U.S. capital account.

18.A deficit in the current account: 经常帐户中的赤字A

a. Tends to cause a surplus in the financial account.会导致金融帐中的盈余 b. Tends to cause a deficit in the financial account. c. Has no relationship to the financial account.

d. Is the result of increasing exports and decreasing imports.

19. In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion,

and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit

in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？C a. The balance of payments. b. The financial account.

c. The current account.经常帐户 d. Unilateral transfers.

20.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？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. 美国削减在日本的军事人员

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

d. Russian vodka becomes increasingly popular in the United States.

21.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐A

a. Ford motor company builds a new plant in China 福特摩托公司在中国设立车间 b. A Chinese 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 Chinese to play an exhibition game in Beijing, China.

22.If a British business buys U.S. government securities, how will this be entered in

the balance

of payments? 如果一英国商人购买了美国政府的债,那么这个交易在收支平衡表中会被当作是？C

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

c. It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长

d. It will appear in the financial account as a decrease in U.S. assets held by foreigners.

23.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致A a. Ensure that the sum of all debits matches the sum of all credits. b. Ensure that imports equal the value of exports.

c. Obtain an accurate account of a balance-of-payments deficit. d. Obtain an accurate account of a balance-of-payments surplus.

24.Official reserve assets are: 官方储备资产是B a. The gold holdings in the nation’s central bank.

b. Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可

c. Government T-bills and T-bonds. d. Government holdings of SDR’s

25. Which of the following constitutes the largest component of the world?s international reserve

assets? 下列哪项构成了世界国际储备资产的大部份？D a. Gold.

b. Special Drawing Rights. c. IMF Reserve Positions.

d. Foreign Currencies.外汇（币）

26.The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于C a. Net official reserves.

b. Net domestic investment.

c. Net foreign investment.国外投资净值 d. Net foreign deficit.

27.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余B

a. Needs to borrow internationally.

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

c. Must also have had a surplus in its \

d. Spent more than it earned on its merchandise and service trade, international

income

payments and receipts and international transfers.

28.The ___C_______ measures the sum of the current account balance plus the private capital

account balance.官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备） a. Official capital balance b. Unofficial capital balance

c. Official settlements balance官方结算差额 d. Unofficial settlements balance

29.If the overall balance is in __A________, there is an accumulation of official reserve assets

by the country or a decrease in foreign official reserve holdings of the country's assets.

如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少

（B=CA+FA,B+OR=，OR:官方储备金额） a. Surplus盈余 b. Deficit c. Balance

d. Foreign hands

30. Which of the following is the current account balance NOT equal to? 以下哪项不等同于经常项目D

a. The difference between domestic product and domestic expenditure. b. The difference between national saving and domestic investment. c. Net foreign investment.

d. The difference between government saving and government investment. 政府储蓄与政府投资的差值

True/False Questions

31.Capital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项

32.The net value of the flow of goods, services, income, and gifts is the current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额

33.The net flow of financial assets and similar claims is the private current account balance.

金融资产和类似的资产的净值叫经常帐目余额

34.The majority of countries' official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international

transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世

界上交易与流通.

35.A country's financial account balance equals the country's net foreign investment. 一个国家的金融帐差额相当于一个国家的净国外投资

36.A country has a current account deficit if it is saving more than it is investing domestically. 一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字 37.The official settlements balance measures the sum of the capital account balance plus the

public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户 余额

38.A nation's international investment position shows its stock of international assets and

liabilities at a moment in time. (T)

一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.

39.A nation is a borrower if its current account is in deficit during a time period. (T) 在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.

40.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产

净储备是正数,那么它是借方（债务方）

41.A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.

如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项

42. A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项

43.Gold is a major reserve asset that is currently often used in official reserve transactions.

黄金作为主要的储备资产,常被用在官方储备交易当中.

44.The current account balance is equal to the difference between domestic product and national expenditure.(T)

经常项目余额等于国民生产与国民支出的差额

45.In 2007 U.S. households, businesses and government were buying more goods and services

than they were producing.(T)

2007年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多. 46你是提供以下信息,一个国家的国际交易,在一个特定年份: Service exports $346 Service imports $354

Merchandise exports $480 Merchandise imports $348 Income flows, net $153

Unilateral transfers, net $142

Increase in the country holding of foreign assets, net (excluding official reserves

assets) $352

Increase in foreign holdings of the country assets, net (excluding official reserve assets) $252

Statistical discrepancy, net $154

CA 余额: $346-354+480-348+153+142=$419；

官方结算余额: $346-354+480-348+153+142+252-352+154=$473； Change in official reserve assets (net) =官方结算余额=$473

Chapter 3:

The Foreign Exchange Market

Single-Choice Questions

1.Foreign exchange is: D外汇交易是

a. The act of trading different nations? monies.不用国家货币的交易 b. The holdings of foreign currency.对不同货币的持有 c. The act of importing foreign goods and services. 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如果英磅对美元的汇率是1比1.8,那么美元对英磅的汇率是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. Suppose the exchange rate between the Japanese yen and the U.S. dollar is 100 yen per dollar. A Japanese stereo with a price of 60,000 yen will cost:B假设日元对美元的汇

率是100比1,那么一台日元为60000的音响要花多少美元 a.$1,667 b.$600 c.$6,000 d.$100

4. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United

States. These prices suggest that the exchange rate between the won and the dollar is:A

a.1.5 won per dollar b.0.75 won per dollar c.$1.50 per won d.$3 per won

5.The ___D_______ exchange rate is the price for ―immediate‖ currency exchange. 即时汇率是指外汇的即时价格 a. Current b. Forward c. Future d. Spot

6.The ___B_______ exchange rate is the price set now for an exchange that will take place sometime in the future.远期汇率是指由协议双方预订的将来会发生的汇率 a. Current b. Forward c. Future spot

d. Spot

7.The foreign exchange market is:C外汇市场是指

a. A single gathering place where traders shout buy and sell 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 exchange trades.

银行和交易者以电子方式集聚于一起进行外汇的买卖 d. Located in London.

8.___D_______ foreign exchange trading involves currency exchanges done between individuals and banks. 小额外汇交易（散户外汇交易）包含私人与银行间的外汇交易

a. Interbank b. Consumer c. Intra-bank d. Retail

9.The U.S. dollar is called a ____A______ because it is often used as an intermediary to

accomplish trading between two other currencies.

美元被称为周转货币,因为经常被用来完成其它两种货币的交易 a. Vehicle currency

周转货币（交易通货） b Main currency c. Common currency d. Primary currency

10. Suppose that the exchange value of the British pound is $2 per pound while the exchange value of the Swiss franc is 50 cents per franc. From this we can conclude that the exchange rate between the pound and the franc is: D 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 exchange market? D

下列哪一个不是外汇交易市场中银行间操作方式的一种？

a. Provides a bank with a continuous stream of information on conditions in the foreign

exchange 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 use in foreign exchange trading. 提供技术资源给一间银行,用来进行外汇交易

12. Under the managed float system of exchange rates, a fall in the market price of a currency

is called:B在管理浮动汇率制度下,一种货币价格的下降被称为 a. Devaluation. b. Depreciation.贬值 c. Appreciation.

6.Assume you are an American importer who must pay 500,000 euros at the end of 90 days when you receive 1,000 cases of French wine at your warehouse in New York. If you do not cover this transaction in the forward market, you face a risk of loss if the euro:B

假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天内付500,000欧元。如果你不在期货市场对这交易买保险的话，你可以因为欧元对美元的升值而蒙受损失

a. Depreciates against the dollar. b. Appreciates against the dollar.

c. Either appreciates or depreciates against the dollar. d. Is fixed.

7.Which financial instrument provides a buyer the right (but not the obligation) to purchase or sell a fixed amount of currency at a prearranged price, within a few days to a couple of years?B

外币期权给买家一种权利（不是义务）,这种权利可以在几天甚至几年内,通过预先定好的价格买卖一定数量的外币 a. Letter of credit.

b. Foreign currency option.外币期权 c. Currency swap. d. Forward contract.

8.Concerning the covering of exchange market risks, assuming that a depreciation of the domestic currency is feared, one can say that there is an incentive for:B

关于外汇风险的保险问题,假设一个国家的国内货币将出现贬值,那么这是进口商火速为未来需求买保险的诱因.(本币贬值将不利于进口商，有利于出口商) a. Exporters to rush to cover their future needs. b. Importers to rush to cover their future needs.

c. Both exporters and importers to rush to cover their future needs. d. Neither exporters nor importers to rush to cover their future needs.

9.If Canadian speculators believed the euro was going to appreciate against the U.S. dollar, they would: C

如果加拿大投资者深信欧元会对美元升值的话,他们会大量买入欧元

a. Purchase Canadian dollars. b. Purchase U.S. dollars. c. Purchase euros. d. Sell euros.

9.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 maximize speculative gains by:C如果欧元的即时汇率是1.1美元每欧元,同时30天期货汇率是1美元1欧元,你相信即时汇率在30天赊会变成1.05美元每欧元,那么你怎样做才能利益最大化？（美元将会升值）

a. Buying euros in the spot market and selling the euros in 30 days at the future spot rate.

b. Signing a forward foreign exchange contract to sell the euros in 30 days.

c. Signing a forward foreign exchange contract to sell the dollars in 30 days. 签订一远期外汇合约以便在30天内卖出美元

d. Buying dollars in the spot market and selling the dollars in 30 days at the future spot rate.

10.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如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪一项投资不是明智的？ a. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange contract to buy the foreign

currency.用即时汇率卖出美元,用得到的收益投资于国外的金融工具,同时签订一份远期汇率合约用来买外币

b. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange 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 asset.

11. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example of uncovered international investment? C

如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪个选项是一种未保险国际投资的例子？

a. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange 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 exchange 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.

用即时汇率卖出美元,然后用收益投资于外国金融工具,再用未来即时汇率买回美元

d. Buy a dollar-denominated financial asset.

12. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example of hedging? B如果一个投资者想以美元投资,最后也以美元收取利益,以下哪个选项是一种套头交易？

a. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financial instruments, and sign a forward exchange 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 exchange contract to buy dollars.

以即时汇率卖出美元,用收益投资于外国金融工具,再签订一份远期汇率合约用来买回美元

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 asset.

13.The proportionate difference between the current forward exchange rate value of a currency

and its current spot value is the ___C_______ premium.

一种货币的即时远期汇率值与即时交易值的不同在于远期升水（f-e） a. Investment b. Spot c. Forward

d. Currency-option

14.The _____A_____ differential is approximately equal to the forward premium on a currency plus the interest rate differential.抵补套汇差异相当于一货币的远期升水加上利率差异 （CD=F+I-If） a. Covered interest b. Uncovered interest c. Covered currency d. Uncovered currency

15.___A_______ arbitrage 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 the country's currency.

抵补套汇是指以即时价买一个国家的货币然后在远期卖出,这样就可以通过利率的差异和货币的远期升水赚取净收益 a. Covered interest抵补套汇 b. Uncovered interest c. Covered currency d. Uncovered currency

16.Suppose 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 exchange rate risk, U.S. investors earn an extra return for the 6 months of: A a.0.5 percent. b.1.5 percent. c.3 percent.

d.It is not possible to determine without additional information.

17.Suppose 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-monthforward pound were to ____D________, U.S. investors would no longer earn an extra return by shifting funds to the United Kingdom. a. Rise to $1.99 b. Rise to $2.01 c. Fall to $1.96 d. Fall to $1.97

18.If the forward premium of the euro is positive, the exchange market’s consensus appears to be that over the period of a forward contract, the spot rate of the euro will: B

如果欧元的远期升水是正数,在远期外汇合约中的远期升水也是正数的话,那么欧元的即时汇率会升值 （f>e:远期汇率大于即期汇率） a. Depreciate. b. Appreciate. c. Remain constant. d. Fluctuate randomly.

19.If the covered interest differential is zero: C

如果抵补汇率差异为0,那么外币投资的总回报等于相应的国内货币投资回报,[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 comparable domestic-currency investment.

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/False Questions

1.Hedging a position exposed to exchange rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency.(T) 对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法

2. Speculating in a position exposed to exchange rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency. 投机是对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法

3.The profits and losses on a futures contract accrue to you daily, as the contract is ―marked to market‖ daily.(T)

在未来合约中,得益与损失每天都会产生,因为未来合约本来就是一种每天结算的合约

4.Forward exchange contracts are used for hedging but not for speculating. 远期汇率合约是用来避险,不是用来投资（机）的

5.In a currency swap two parties agree to exchange flows of different bonds during a specified period of time.

在货币套换中,双方同意在一个约定的时间内交接不同的债券

6.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)

如果一货币的远期升水跟利率都比其它国家低,那么套补利率平价持续(F,I都小于外国水平，抵补套汇机制将继续，CD=0，)

7.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)

如果一个国家的利率比国内折合利率低,那么这个国家会出现出现货币的远期升水

8.Covered interest parity is rarely found to hold empirically. 利率平价很少会持续出现

9. If Canada and Britain have 90 day forward exchange rate values for their currencies that are above their current spot exchange rate values, then Canadian and British interest rates are relatively high.

如果加拿大与英国有90天远期外汇利率值,这个外汇利率值高于其即时外汇利率值的话,那么加拿大与英国的利息相对比较高.（f-e>0,因为，f-e=两国利率差>0,所以加拿大的利息比英国的利息低）

10.Studies have shown that actual uncovered differentials are random and on average equal to zero.

研究表明, 非抵补利差是随机的,并且平均值在0附近

Others

1 Balance 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

2 If the United States imports more than it exports, then

a) The supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus(别无其他情形).

b) One can infer that the U.S. dollar would be under pressure to depreciate against other currencies c) a) and b)

d) None of the above Answer: c

3 If Japan exports more than it imports, then

a) The supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus.

b) One can infer that the yen would be likely to appreciate against other currencies c) a) and b)

d) None of the above Answer: b

4 Generally 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

5 Generally speaking, any transaction that results in a payment to 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 a.

6 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.

a) Payment by McDonalds will be recorded as a debit

b) The deposit of the funds by the seller will be recorded as a debit c) Payment by McDonalds will be recorded as a credit d) The deposit of the funds by the buyer will be credit Answer: a.

7 Since 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 b) Every debit in the account is balanced by a matching credit c) a) and b) are both true d) None of the above Answer c

Balance of Payments Accounts

8 A country’s international transactions can be grouped into the following three main types:

a) current account, medium term account, and long term capital account b) current account, long term capital account, and official reserve account c) current account, capital account, and official reserve account d) capital account, official reserve account, trade account Answer: c

9 Invisible trade refers to:

a) services that avoid tax payments

b) underground economy

c) legal, consulting, and engineering services d) tourist expenditures, only Answer: c

The Current Account

10 The current account is divided into four finer categories:

a) Merchandise trade, services, factor income, and statistical discrepancy. b) Merchandise trade, services, factor income, and unilateral transfers

c) Merchandise trade, services, portfolio investment, and unilateral transfers d) Merchandise trade, services, factor income, and direct investment Answer: b.

11 Factor income

a) Consists largely of interest, dividends, and other income on foreign investments. b) Is a theoretical construct of the factors of production, land, labor, capital, and entrepreneurial ability.

c) Is generally a very minor part of national income accounting, smaller than the statistical discrepancy. d) None of the above Answer: a

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT TWO QUESTIONS

The entries in the ―current account‖ and the ―capital account‖, combined together, can be outlined (in alphabetic order) as: (i)- direct investment (ii)- factor income (iii)- merchandise (iv)- official transfer (v)- other capital

(vi)- portfolio investment (vii)- private transfer (viii)- services

12 Current account includes a) (i), (ii), and (iii) b) (ii), (iii), and (vii) c) (iv), (v), and (vii) d) (i), (v), and (vi) Answer: b

13 Capital account includes a) (i), (ii), and (iii) b) (ii), (iii), and (vii) c) (iv), (v), and (vii) d) (i), (v), and (vi) Answer: d

14 A depreciation will begin to improve the trade balance immediately if

a) Imports and exports are responsive to the exchange rate changes. b) Imports and exports are inelastic to the exchange rate changes. c) Consumers exhibit brand loyalty and price inelasticity d) b) and c) Answer: a.

15 In the long run, both exports and imports tend to be a) Unresponsive to changes in exchange rates b) Responsive to changes in exchange rates c) Both a) and b) d) None of the above Answer: b.

The Capital Account

16 The difference between Foreign Direct Investment and Portfolio Investment is that:

a) Portfolio Investment mostly represents the sale and purchase of foreign financial assets such as stocks and bonds that do not involve a transfer of control.

b) Foreign Direct Investment mostly represents the sale and purchase of foreign financial assets such as stocks whereas Portfolio Investment mostly involves the sales and purchase of foreign bonds.

c) Foreign direct investment is about buying land and building factories, whereas portfolio investment is about buying stocks and bonds. d) All of the above Answer: a.

17 In the latter half of the 1980s, with a strong yen, Japanese firms a) Faced difficulty exporting

b) Could better afford to acquire U.S. assets that had become less expensive in terms of yen.

c) Financed a sharp increase in Japanese FDI in the United States d) All of the above Answer: d.

18 International portfolio investments have boomed in recent years, as a result of a) A depreciating U.S. dollar

b) Increased gasoline and other commodity prices.

c) The general relaxation of capital controls and regulation in many countries d) None of the above Answer: c.

19 If the interest rate rises in the U.S. while other variables remain constant a) Capital inflows into the U.S. will increase

b) Capital inflows into the U.S. may not materialize c) Capital will flow out of the U.S. d) None of the above Answer: a.

20 If for a particular county an increase in the interest rate is more or less matched by an expected depreciation in the local currency.

a) Traders will probably be tempted to find another country to invest in

b) The interest rate increase per se will not be enough to spark capital flow into the country

c) Both a) and b) are true

d) Capital will glow out of the country as the disgruntled citizens riot and go to war with the neighbors. Answer: c.

21 The capital account measures

a) The sum of U.S. sales of assets to foreigners and U.S. purchases of foreign assets. b) The difference between U.S. sales of assets to foreigners and U.S. purchases of foreign assets.

c) The difference between U.S. sales of manufactured goods to foreigners and U.S. purchases of foreign products. d) None of the above Answer: b

22 When Honda, a Japanese auto maker, built a factory in Ohio, a) It was engaged in foreign direct investment b) It was engaged in portfolio investment

c) It was engaged in a cross-border acquisition d) None of the above. Answer: a.

23 The capital account may be divided into three categories:

a) Cross-border mergers and acquisitions, portfolio investment, and other investment

b) Direct investment, portfolio investment, and Cross-border mergers and acquisitions

c) Direct investment, mergers and acquisitions, and other investment d) Direct investment, portfolio investment, and other investment Answer: d

24 When Nestlé, a Swiss firm, bought the American firm Carnation, it was engaged in foreign direct investment. If Nestlé had only bought a non-controlling number of shares of the firm a) Nestlé would have been engaged in portfolio investment b) Nestlé would have been engaged in a cross-border acquisition

c) It would depend if they bought the shares from an American or a Canadian d) None of the above. Answer: a.

25 Transactions in currency, bank deposits and so forth

a) Tend to be insensitive to both changes in relative interest rates and the anticipated change in exchange rate.

b) Tend to be sensitive to both changes in relative interest rates and the anticipated change in exchange rate.

c) Tend to be sensitive to changes in relative interest rates but insensitive to the anticipated change in exchange rate.

d) Tend to be insensitive to changes in relative interest rates but sensitive to the anticipated change in exchange rate. Answer: b.

26 Since security returns tend to have low correlations among countries,

a) Investors can reduce risk more effectively if they diversify their portfolio holdings internationally rather than purely domestically.

b) Investors who have a domestically diversified portfolio, with exposures across industry types will not gain much from diversifying abroad.\\

c) Investors who diversify internationally will likely underperform investors who keep all their investments in one country. d) None of the above Answer: a.

27 Foreign direct investment (FDI) occurs

a) when an investor acquires a measure of control of a foreign business

b) when there is an acquisition, by a foreign entity in the U.S., of 10 percent or more of the voting shares of a business

c) with sales and purchases of foreign stocks and bonds that do not involve a transfer of control d) a and b Answer: d

Statistical Discrepancy

28 Statistical discrepancy, which by definition represents errors and omissions a) Cannot be calculated directly

b) Is calculated by taking into account the balance-of-payments identity

c) Probably has some elements that are honest mistakes, it can’t all be money laundering and drugs. d) All of the above Answer: d.

29 The statistical discrepancy in the balance-of-payments accounts

a) Arise since recordings of payments and receipts are done at different times, in different places, possibly using different methods.

b) Arise since some transactions (illegal transactions?) occur ―off the books‖. c) Represents omitted and misrecorded transactions. d) All of the above Answer: d.

30 Regarding the statistical discrepancy in the balance-of-payments accounts

a) There is some evidence that financial transactions may be mainly responsible for the discrepancy.

b) The sum of the balance on the capital account and the statistical discrepancy is very close to the balance of the current account in magnitude.

c) It tends to be positive one year and negative in others, so it’s safe to ignore it d) a) and b) Answer: d.

Official Reserve Account

31 When a country must make a net payment to foreigners because of a balance-of-payments deficit, the central bank of the country a) Should do nothing

b) Should run down its official reserve assets (e.g. gold, foreign exchanges, and SDRs)

c) Should borrow anew from foreign central banks. d) b) or c) will work Answer: d.

32 Continued U.S. trade deficits coupled with foreigners’ desire to diversify their currency holdings away from U.S. dollars

a) could further diminish the position of the dollar as the dominant reserve currency b) could affect the value of U.S. dollar (e.g. through the currency diversification decisions of Asian central banks)

c) Could lend steam to the emergence of the euro as a credible reserve currency d) All of the above Answer: d.

33 Currently, international reserve assets are comprised of

a) gold, platinum, foreign exchanges, and special drawing rights (SDRs)

b) gold, foreign exchanges, special drawing rights (SDRs), and reserve positions in the International Monetary Fund (IMF)

c) gold, diamonds, foreign exchanges, and special drawing rights (SDRs) d) reserve positions in the International Monetary Fund (IMF), only Answer: b

34 International reserve assets include ―foreign exchanges‖. These are a) Special Drawing Rights (SDRs) at the IMF

b) reserve positions in the International Monetary Fund (IMF) c) Foreign currency held by a country’s central bank d) None of the above Answer: c

35 The most important international reserve asset, comprising 94 percent of the total reserve assets held by IMF member countries is a) Gold

b) Foreign exchanges

c) Special Drawing Rights (SDRs)

d) Reserve positions in the International Monetary Fund (IMF) Answer: b.

36 The balance of payments identity is given by BCA + BKA + BRA = 0. Rearrange the identity for a country with a pure flexible exchange rate regime a) BCA + BKA + BRA = 0 b) BCA = –BKA

c) BCA + BKA = –BRA d) BRA = –BCA Answer: b

37 National income, or Gross National Product is given by:

a) GNP = Y = C + I + G + X + M b) GNP = Y = C + I + G + X – M c) GNP = I = C + Y + G + X – M d) GNP = Y = C + I + X + M – G Answer: b.

38 Which of the following is a true statement? a) BCA ≡ X – M b) BKA ≡ X – M

c) BKA – BCA ≡ X – M d) BKA ≡ X – M Answer a

39 There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. This relationship is given by BCA ≡ X – M ≡ (S – I) + (T – G). Given this, which of the following is a true statement?

a) If (S – I) < 0, it implies that a country’s domestic savings is insufficient to finance domestic investment.

b) If (T – G) < 0, it implies that a country’s tax revenue is insufficient to finance government spending c) both a) and b) are true d) none of the above Answer c

40 There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. This relationship is given by BCA ≡ X – M ≡ (S – I) + (T – G). Given this, which of the following is a true statement?

a) If (S – I) < 0, it implies that a country’s domestic savings is insufficient to finance domestic investment.

b) If (T – G) < 0, it implies that a country’s tax revenue is insufficient to finance government spending

c) when BCA is negative, it implies that government budget deficits an/or part of domestic investment are being finance with foreign-controlled capital d) all of the above are true Answer d.

41 There is an intimate relationship between a country’s BCA and how the country finances its domestic investment and pays for government expenditures. This relationship is given by BCA ≡ X – M ≡ (S – I) + (T – G). Given this, in order for a country to reduce a BCA deficit, which of the following must occur?

a) For a given level of S and I, the government budget deficit (T – G) must be reduced

b) For a given level of I and (T – G), S must be increased c) For a given level of S and (T – G), I must fall

d) All of the above would work to reduce a BCA deficit Answer d.

42 The spot market

a) Involves the almost-immediate purchase or sale of foreign exchange. b) Involves the sale of futures, forwards, and options on foreign exchange c) Takes place only on the floor of a physical trading floor d) All of the above. Answer: a)

43 Spot foreign exchange trading

a) accounts for about 5 percent of all foreign exchange trading b) accounts for about 20 percent of all foreign exchange trading c) accounts for about 35 percent of all foreign exchange trading d) accounts for about 70 percent of all foreign exchange trading Answer: d)

Spot Rate Quotations U.S. $ equiv. Currency per U.S. $ Country Tuesday Monday Tuesday Monday Britain (Pound) 1.6000 1.6100 0.625 0.6211 ￡62,500 1 Month 1.6100 1.6300 0.6211 0.6173 Forward 3 Months Forward 1.6300 1.6600 0.6173 0.6024 6 Months Forward 1.6600 1.7200 0.6024 0.5814 12 Months Forward 1.7200 1.8000 0.5814 0.5556 1 Using the table shown, what is the most current spot exchange rate shown for British pounds? Use a direct quote a) $1.61 = ￡1.00 b) $1.60 = ￡1.00 c) $1.00 = ￡0.625 d) $1.72 = ￡1.00 Answer: b)

44. The Singapore dollar—U.S. dollar (S$/$) spot exchange rate is S$1.60/$, the Canadian dollar—U.S. dollar (CD/$) spot rate is CD1.33/$ and the

S$/CD1.15. Determine the triangular arbitrage profit that is possible if you have $1,000,000. a) $44,063 profit b) $46,093 loss

c) No profit is possible d) $46,093 profit Answer: d)

Rationale: $1,000,000?S$1.60CD1.00$1???$1,046,093 $1S$1.15CD1.3345.The forward price

a) May be higher than the spot price b) May be the same as the spot price

c) May be less than the spot price d) All of the above Answer: d)

46.Relative to the spot price the forward price will be a) Usually less than the spot price b) Usually more than the spot price c) Usually equal to the spot price

d) Usually less than or more than the spot price more often than it is equal to the spot price. Answer: d)

47.For a U.S. trader working in American quotes, if the forward price is higher than the spot price

a) The currency is trading at a premium in the forward market b) The currency is trading at a discount in the forward market c) Then you should buy at the spot, hold on to it and sell at the forward—it’s a built-in arbitrage.

d) All of the above—it really depends if you’re talking American or European quotes Answer: a)

Rationale: d) is tricky and you will get some students lobbying hard for it—until you remind them to read the question carefully. 48. The forward market

a) Involves contracting today for the future purchase of sale of foreign exchange at the spot rate that will prevail at the maturity of the contract.

b) Involves contracting today for the future purchase of sale of foreign exchange at a price agreed upon today.

c) Involves contracting today for the right but not obligation to the future purchase of sale of foreign exchange at a price agreed upon today. d) None of the above Answer: b)

49. Suppose that you are the treasurer of IBM with an extra US$1,000,000 to invest for six months. You are considering the purchase of U.S. T-bills that yield 1.810% (that’s a six month rate, not an annual rate by the way) and have a maturity of 26 weeks. The spot exchange rate is $1.00 = ￥100, and the six month forward rate is $1.00 = ￥110. The interest rate in Japan (on an investment of comparable risk) is 13 percent. What is your strategy? a) take $1m, invest in U.S. T-bills

b) take $1m, translate into yen at the spot, invest in Japan, repatriate your yen earnings back into dollars at the spot rate prevailing in six months. c) take $1m, translate into yen at the spot, invest in Japan, hedge with a short position in the forward contract

d) take $1m, translate into yen at the forward rate, invest in Japan, hedge with a short position in the spot contract

Answer: c)

50. A U.S.-based currency dealer has good credit and can borrow $1,000,000 for one year. The one-year interest rate in the U.S. is i$ = 2% and in the euro zone the one-year interest rate is i

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