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.
3. 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.
4. 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
5. 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.
6. 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
7. 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.
8. 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.
9. 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.
10. ___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
11. 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.
12. In a country?s balance of payments, which of the following transactions are debits?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.
13. The role of ___D_______ is to direct one nation?s savings 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
14. 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.
15. 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. Ａ U.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. b. c. d.
Ford motor company builds a new plant in China 福特摩托公司在中国设立车间 A Chinese businessman imports Ford automobiles from the United States. A U.S. tourist spends money on a trip to China.
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券,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=0，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? 以下哪项不等同于现金帐 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抯 holding of foreign assets, net (excluding official reserves assets) $352 Increase in foreign holdings of the country抯 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 . increasing the holding of official reserve assets.
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 呢题太简单,不屑翻译…自己睇 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 计算题,到时出中文题自己计啦…唔翻啦
a. 1 franc per pound b. 2 francs per pound c. 3 francs per pound d. 4 francs per pound
11. Which of the following is NOT a function of the interbank operations of the foreign 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. d. Both (a) and (b).
13. Interbank trading is conducted directly between ___A_______ or through the use of __________ that provide anonymity until the trade is complete and reduce search costs. 银行间的交易是在交易者之间进行的或者通过经纪人提供操作直到交易结束. a. Traders; brokers b. Brokers; traders
c. Individual consumers; the government d. Individual consumers; brokers
14. A country?s demand for foreign currency is derived from:A 一个国家对外汇的需求来自于（表示外国货币需求增加，本国货币流出）
a. International transactions entering the debit column of its balance of payments accounts. 国际交易进入到其收款帐户的借方栏里
b. International transactions entering the surplus column of its balance of payments accounts.
c. The country?s demand for currency to finance exports and capital inflows. d. The country?s demand for currency to finance its government?s compensating transactions.
15. U.S. exports of goods and services will create a ___B_______ foreign currency and a __________ U.S. dollars. 美国商品与服务的出口会创造出外汇的供给以及美元的需求
a. Demand for; supply of b. Supply of; demand for c. Shortage of; demand for
d. Supply of; shortage of
16. U.S. imports of goods and services will create a ___A_______ foreign currency and a __________ U.S. dollars. 美国商品与服务的进口会创造出外汇的需求以及美元的供给
a. Demand for; supply of b. Supply of; demand for c. Shortage of; demand for d. Supply of; shortage of
17. U.S. capital inflows will create a ____B______ foreign currency and a __________ U.S. dollars. 美国资本流入会创造出外汇的供给和美元的需求 a. Demand for; supply of b. Supply of; demand for c. Shortage of; demand for d. Supply of; shortage of
18. In a ____C______ exchange rate system there is no intervention by the government or central bankers. 浮动汇率制度里, 政府与中央银行不得进行干涉 a. Fixed b. Pegged c. Floating
d. Managed float
19. As the value of the yen falls relative to the U.S. dollar:C 如果日元对美元的汇率下降了,那么对日元的需求会上升
a. Japanese goods become more expensive to U.S. consumers. b. The supply of dollars will fall. c. The demand for yen will rise.
d. U.S. goods become less expensive to Japanese consumers.
20. The demand curve for foreign currency slopes downward because as the exchange rate ___A_______ the quantity demanded __________. 外汇的需求曲线会下降是因为随着汇率的上升,需求量就下降 a. Increases; decreases b. Increases; increases c. Decreases; decreases d. Decreases; stays fixed
21. Shifts in demand away from French products and toward U.S. products (caused by forces other than changes in the exchange rate) would result in extra attempts to ___C_______ euros and __________ dollars. 如果法国商品的需求下降并转稳到美国商品身上（由外力而是汇率引起），会引起欧元的额外卖与美元的购入 a. Buy; buy b. Sell; sell c. Sell; buy d. Buy; sell
22. Other things equal, if American exports to Japan increase and American imports from Japan decrease, then under a floating exchange rate system, we would expect the dollar to:D 其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强。 a. Weaken against the Japanese yen. b. Depreciate against the Japanese yen. c. Devalue against the Japanese yen. d. Strengthen against the Japanese yen.
23. A decrease in German residents' willingness to invest in dollar-denominated assets will shift the demand curve for: D 德国居民投资于美元计价资产的意欲下降的话，美元的需求将会下降。
a. Euros to the right. b. Euros to the left. c. Dollars to the right. d. Dollars to the left.
24. In a _____A_____ exchange rate system the government or central bankers intervene to keep the exchange rate virtually steady. 在固定汇率制度下，政府或中央银行会尽力保持汇率的稳定。 a. Fixed
b. Market driven c. Floating d. Forward
Figure 17.1: The Market for British Pounds
Exchange Rate $/￡ 美元与英磅的汇率
英磅市场
S￡
2.50
2.00
5 5.5 6
D￡ ￡?s
(millions)
25. Referring to Figure 17.1, a downward movement along the vertical axis would correspond to a(n) ___C_______ of the U.S. dollar. 在17.1这图可知，纵轴线的下降会引起美元的升值
a. Arbitraging. b. Devaluation
c. Appreciation升值 d. Depreciation
26. Referring to Figure 17.1, at $2.50 per pound, there is a(n) __D________. Under the
system of flexible exchange rates, this would cause __________ the ________ curve(s).在图中可得知，如果2.5美元换１英磅,那么会有超过100万英磅的供应. 在弹性汇率制下,这个汇率会引起供求曲线的下降 （6-5=1，本币供过于求，应卖出外币，买进本币）
a. Excess demand of 1 million pounds, leftward shift of, demand b. Excess supply of 1 million pounds, rightward shift of, supply
c. Excess demand of 1 million pounds, downward movement along, demand & supply d. Excess supply of 1 million pounds, downward movement along, demand & supply
27. Referring to Figure 17.1, if the British government wants to peg the exchange rate of the pound at $2.50 per pound, what action would British monetary authorities have to
undertake?C 在图可得知，如果英政府想把英磅美元之间汇率控制在１比２.５的话,那么英国货币当局会采取什么措施？
a. Sell 1 million pounds and buy 2.5 million dollars. b. Buy 1 million pounds and sell 1 million dollars.
c. Buy 1 million pounds and sell 2.5 million dollars. 买一百万的英磅同时卖出二百五十万的美元
d. Buy 5.5 million pounds and sell 11 million dollars.
28. Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound the pound will be:A 在图可得知, 如果把英磅美元之间汇率控制在１比２.５的话,英磅会被估仁值过高
a. Overvalued.高估（估值过高） b. Undervalued. c. Devalued. d. In equilibrium.
29. Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound who will this help?B 从图可得知, 如果如果把英磅美元之间汇率控制在１比２.５的话, 谁会得益？（本币升值有利于进口，不利于出口） a. US importers.
b. British importers. 英国进口商 c. British exporters.
d. British import-competing producers.
30. Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound and the government gives up the peg and allows the pound to float, the pound will experience a(n):D 从图可知, 如果把英磅美元之间汇率控制在１比２.５,随后政府放弃控制,那么英磅会出现贬值 a. Revaluation. b. Devaluation. c. Appreciation. d. Depreciation.贬值
31. Referring to Figure 17.1, if the U.S. Federal Reserve was to conduct a contractionary monetary policy, the ______ curve would shift right and the pound would __C________. 从图可知,如果美国联邦储备采取紧缩政策,那么需求曲线会上升,同时,英磅贬值 （美元供给减少，必然会导致美元升值，英镑贬值） a. Supply, appreciate b. Demand, depreciate c. Supply, depreciate d. Demand, appreciate
32. Which of the following best characterizes the current U.S. exchange rate policy?C以下哪项最好地描绘出美国当今的汇率政策？ a. An adjustable pegged rate. b. A crawling pegged rate.
c. A freely floating.自由浮动汇率 d. A fixed exchange rate.
33. Other things equal, if American exports to Japan increase and American imports from Japan decrease, then, under a floating exchange rate system, we would expect the dollar to:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强 a. Weaken against the Japanese yen. b. Depreciate against the Japanese yen. c. Devalue against the Japanese yen. d. Strengthen against the Japanese yen.
34. Which of the following groups is most likely to benefit from a strengthening of the U.S. dollar against major currencies? C 如果美元对其它主要货币的汇率走强的话,以下哪一群人会得益？ a. U.S. exporters.
b. The U.S. government.
c. U.S. consumers. 美国消费者 d. Foreign consumers.
35. Under a fixed exchange rate system a fall in the market price (the exchange rate value) of a currency is called a(n) ____B______ of that currency. 在固定汇率制下,一外币的汇率下降了,这叫作法定贬值 a. Revaluation b. Devaluation c. Appreciation d. Depreciation
36. Exchange rates are equalized in different locations due to:A汇率在不同地方可以保持等同是因为套利
a. Arbitrage.套利（套汇）
b. Government intervention in foreign exchange markets. c. Free trade in goods and services.
d. The actions of importers and exporters.
37. How could you profit if the exchange rate in London was $2/￡ while in New York the exchange rate was $1.95 per pound?C 如果在伦敦的汇率是１英磅对２美元,而在纽约的汇率是１英磅对１.９５美元. 那么怎样做才能赚钱？ a. Buy dollars in New York and sell them in London. b. Buy pounds in London and sell them in New York.
c. Buy pounds in New York and sell them in London. 在纽约买英磅然后在伦敦卖 d. Buy dollars in London and sell pounds in New York.
38. The 2001-2007 rapid growth in global foreign exchange trading can be explained by:B ０１-０７年间全球外汇交易的急速增长是因为大型机构投资者对中长期外国金融投资的增长
a. Large increases in short-term international currency activities by hedge funds.
b. Increases in long-term foreign financial investments by large institutional investors. c. Increases in the U.S. long term government bond yields. d. Both (a) and (b)
True/False Questions
39. The greater part of the money assets traded in foreign exchange markets are demand deposits in banks.(T) 大部份在外汇市场交易的现金资产都是活期存款.
40. Most foreign exchange trading is done among the banks themselves in the retail part of the foreign exchange market. 多数外汇交易都是在银行间的散户外汇市场完成交易的
41. The spot exchange rate is the price now for an exchange that will take place sometime in the future. 即时汇率是指外币在未来一定时间内的汇价.
42. French imports of goods and services will create a demand for foreign currency and a supply of euros.(T) 法国对商品的进出口会创造出对外汇的需求和欧元的供给.
43. In the floating exchange rate system, government officials must intervene in the exchange rate market to keep the exchange rate from fluctuating.在浮动汇率制下,政府必须对外汇市场进行干涉以保证汇率不出现浮动. （固定汇率）
44. Assuming the Japanese have a floating exchange rate, an increase in Japanese exports of goods and services will tend to cause the value of the yen to appreciate.(T)在浮动汇率制下,日本商品出口的增长会造成日元的升值 （本币贬值有利出口，不利于进口）
45. To maintain an undervalued currency, monetary authorities must intervene in the foreign exchange market to buy its currency.如果要保持汇率偏低的货币,货币当局必须在外汇市场通过干涉,购买这种货币
46. Triangular arbitrage will not cause the exchange rate between two foreign currencies to equalize.三角套汇不会造成两种货币间汇率的均等（均衡）
47. From 2001 to 2007, global foreign exchange trading more than doubled.(T) 会０１到０７年间,全球外汇交易增长了两倍多
48. The Maastricht Treaty set a process for establishing a monetary union and a single union wide currency.(T) 马斯特里赫特条约为建立货币同盟和统一联盟制定了一套固定程序.
49. Suppose $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris, and 1 yen = $0.008 in Tokyo.
a. If you begin by holding $1, how could you profit from these exchange rates? What is your arbitrage profit per dollar initially traded?
b. Identify the forces at work that will make the cross exchange rates consistent in currency arbitrage. That is, what forces will lead to a situation in which no profitable arbitrage is possible? Essay Questions
1. A retailer in Mexico wants to buy $100,000 worth of Apple computers from the United States. The Mexican retailer has pesos while the seller in the United States wants to be paid in U.S. dollars. Explain how this transaction is completed with particular emphasis on the foreign exchange market and banks in the United States and Mexico. 课本P33倒数第二段有具体阐述：
The Mexican buyer has to sell pesos to get dollars to pay the U.S. exporter. The Mexican firm contacts its bank and requests a quotation of the exchange rate for selling pesos and
acquiring 100,000 dollars. If the rate is acceptable, the Mexican firm instructs its bank to take pesos from its checking account, convert into 100,000 dollars and transfer the dollars to the U.S. producer. The Mexican bank holds the dollar denominated deposits in the United States, at its correspondent bank in New York. The Mexican bank instructs its correspondent bank in New York to take dollars from its checking account and transfer the dollars to the U.S. producer. This completes the international payment for computers.
2. Suppose $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris, and 1 yen = $0.008 in Tokyo. a. If you begin by holding $1, how could you profit from these exchange rates? What is your arbitrage profit per dollar initially traded?
Identify the forces at work that will make the cross exchange rates consistent in currency arbitrage. That is, what forces will lead to a situation in which no profitable arbitrage is possible
a:套利收益0.02
b:出现以下三种情况之一，都会导致无套利机会存在：巴黎汇率:147、纽约汇率0.83、东京汇率0.0078（各减0.02） (以下为英文思路)：
a. Buy .85 euros, then buy 127.5 yen in Paris with .85 euros then convert 127.5 yen back to dollars which makes 1.02 dollars yielding a profit of $.02.
b. The forces of demand and supply will ensure that there is no arbitrage opportunity. For instance, this could happen by depreciating the euro in Paris to about 1 euro = 147 yen. 3. For each 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 pound. d. The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro. .euro：a&d升值；b&c贬值
（具体思路：The euro appreciates; there is an increased demand for euros. 欧元升值;有需求持续增加欧元。
a. The euro depreciates; there is an increased supply of euros. 欧元贬值;有供给的增多欧元。
b. The euro depreciates; there is an increased demand for the British pound. 欧元贬值。英镑日益增长的需求。
c. The euro appreciates; there is a decreased supply of euros. ）欧元升值;有一种减少供应的欧元。
Chapter 4:
Forward Exchange and International Financial Investment远期外汇和国际金融投资
Single-Choice Questions
1. __A_______ a position exposed to rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency. 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 a. Hedging b. Speculating c. Investing in d. Buying
2. ___B______ is the act of taking a net asset position or a net liability position in some asset class. 投机是一种在某些资产类别中取得净资产或者净负债的行为 a. Hedging b. Speculating c. Investing d. Buying
3. A ____D______ exchange contract is an agreement to exchange one currency for another on some date in the future at a price set now.
远期外汇合同是指交易双方在商议好的日期内按照交易商定的汇率进行外汇交易。
a. Spot domestic b. Forward domestic c. Spot foreign d. Forward foreign
4. ____C______ means committing oneself to an uncertain future value of one's net worth in terms of home currency. 投机是指致力于投资未来不确定的本国货币净值。 a. Selling b. Hedging c. Speculating d. Importing
5. Assume you are a Chinese exporter and expect to receive $250,000 at the end of 60 days. You can remove the risk of loss due to a devaluation of the dollar by:A假设你是一个中国出口商，你期望在60天内取得$250,000，你可以通过怎样的方法使美元贬值从而排除损失风险？
a. Selling dollars in the forward market for 60-day delivery. 购买60天的远期外汇合同通过期货市场卖出美元
b. Buying dollars now and selling it at the end of 60 days.
c. Selling the yuan equivalent in the forward market for 60-day delivery. d. Keeping the dollars in the United States after they are delivered to you.
6. Assume you are an American importer who must pay 500,000 euros at the end of 90 days when you receive 1,000 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. 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 hedge this transaction, you face exchange rate risk. The best way to remove the risk of loss due to currency fluctuations is to:A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。如果你不套头这项交易,你将会面临汇率变化的风险.最好的做法去排除货币浮动造成的风险是在交货期这６０天内在期货市场买500,000欧元
a. Buy 500,000 euros in the forward market for delivery in 60 days.
b. Buy 500,000 euros now, hold them for 60 days, and then sell them at the current spot rate.
c. Sell 500,000 euros in the forward market for delivery after 60 days. d. Sell 500,000 euros now in the spot market.
8. An import-export business that finds itself in a “short” foreign-currency position risks a
financial loss if:C 如果国内货币贬值的话,一个进出口商会因为处于一个外汇不足的景况而蒙受损失（本币供过于求，导致本币贬值，此时必须买本币，卖外币来补抵外汇缺口，本币贬值不利于进口商品） a. Exports fall.
b. Domestic currency appreciates.
c. Domestic currency depreciates.国内货币贬值 d. Foreign currency depreciates.
9. In a ____C______ contract you can effectively lock in the price at which you buy or sell a foreign currency at a set date in the future. 在外汇期货合约中,你可以通过有效地锁定一个价格,在未来特定的时间里,买卖外币. a. Securities spot b. Securities futures c. Currency futures
d. Spot foreign exchange
10. An investment exposed to exchange rate risk is a(n) __B________ international investment. 如果一项投资会面临汇率风险,那么这是一项未保险的国际投资 a. Covered
b. Uncovered 未保险的 c. Hedged d. Contracted
11. An investment is __A________ if it is fully hedged against exchange rate risk. 如果一项投资对汇率风险作出了避险措施,那么这项投资是被保险的 a. Covered b. Uncovered c. Speculative d. Contracted
12. 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.
13. 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.
14. If Canadian speculators believed the euro was going to appreciate against the U.S. dollar, they would: C 如果加拿大投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.
15. If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, you can 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.
16. If an investor starts with dollars and wants to end up with dollars in the future, which of the following is NOT an investment choice that can be made?A如果一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.
17. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an 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.
18. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an 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.
19. 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
20. 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
21. ___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
22. 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. 计算题,,唔翻啦
d. It is not possible to determine without additional information.
23. 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-month forward pound were to ____D________, U.S. investors would no longer earn an extra return by shifting funds to the United Kingdom. 同上 a. Rise to $1.99 b. Rise to $2.01 c. Fall to $1.96 d. Fall to $1.97
24. 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.
25. 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. 一
d. A currency is at a forward premium by as much as its interest rate is higher than the interest rate in the other country.
True/False Questions
26. 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
27. 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
28. 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
29. 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
30. 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
31. If a currency is at a forward premium by as much as its interest rate is lower than the interest rate in the other country, covered interest parity holds.(T)如果一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，)
32. A country with an interest rate that is lower than the corresponding rate in the domestic country will have a forward premium on its currency.(T) 如果一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
33. Covered interest parity is rarely found to hold empirically.利率平价很少会持续出现
34. 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）
35. 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
Essay Questions
Suppose that the U.S. dollar-pound sterling spot exchange rate equals $1.60/￡, while the 360-day forward rate is $1.64/￡. The yield on a one-year U.S. Treasury bill is 9% and on a one-year U.K. Treasury bill the yield is 8%. Calculate the covered interest differential in favor of London. On the basis of this result, which country would you expect to face capital inflows and which to face capital outflows? 36。 cd=0.017
(过程：cd=(1+8%)*1.64/1.60-(1+9%)=1.107-1.09=0.017)
Consider the case of a U.S. investor holding dollars and deciding whether to invest in Japanese Treasury bills or in U.S. Treasury bills. Assume that the investor wants to end up holding dollars. What THREE methods are available to this investor to turn present dollars into future dollars? In your answer present an equation that shows the return per dollar invested under each method. Which of these methods is the riskiest and why? 37岁。 三种方式：a.CIP:(1+iJP)f/e, b.UIP:(1+iJP)eex/e 买美圆资产,获得收益1+ius
总结：第二种风险最大，原因在于no covering （英文解释：
The three methods, each described by equation, per $1 invested, are: 1.) Covered international investment; covered return = (1 + iJP) * (f / e)
2.) Uncovered international investment; expected uncovered return = (1 + iJP) * (eex / e) 3.) Invest directly in U.S. Treasury bills; domestic return = (1 + iUS)
The riskiest is the second option because the investor is exposed to exchange rate risk and is not covered.）
1. Suppose that the dollar-yen spot exchange rate is $0.05/￥ and the 90-day forward exchange rate is $0.06/￥. Assuming that covered interest parity holds, are Japanese interest rates higher
or lower than U.S. interest rates? Explain why. （CD=0，F=Ius-Ijp,因为F=f-e=0.06-0.05=0.01>0,所以，Ius-Ijp>0, Ius>Ijp） 美国利率大于日本。
（英文解释：0 = (1 + iJP) * .06 / .05 - (1 + iUS) (1 + iJP) * .06 / .05 = (1 + iUS)
.06 / .05 = (1 + iUS) / (1 + iJP) For this equation to hold, the numerator has to be greater than the denominator, thus the U.S. interest rates must be higher than Japan?s.这个方程的分子已经比分母,因此,美国的利率要高于日本）
2. 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?（美元90天后将升值，利用远期外汇合同买进40*1.11=44.4美元，做套期保值，90天后卖出美元） 利用远期欧元合同，锁定未来支付欧元需要的成本44,4million USD.（英文解释：Enter into a forward contract to buy 40 million euros in 90 days. The forward rate is $1.11/euro, therefore the company must deliver $44.4 million in 90 days. This way the company has an asset position in euro through the forward contract that covers its liability of the 40 million euro loan.