國(guó)際金融中英文版答案

國(guó)際金融中英文版答案)國(guó)際金融中英文版答案)/NUMPAGES58國(guó)際金融中英文版答案)國(guó)際金融中英文版答案)國(guó)際金融中英文版Chapter2:PaymentsamongNationsSingle-ChoiceQuestionsAcountry’sbalanceofpaymentsrecords:一個(gè)國(guó)家的國(guó)際收支平衡記錄了BThevalueofallexportsofgoodsandservicesfromthatcountryforaperiodoftime.Allflowsofvaluebetweenthatcountry’sresidentsandresidentsoftherestoftheworldduringaperiodoftime.在一定時(shí)間段里,一個(gè)國(guó)家居民的資產(chǎn)和其它世界居民資產(chǎn)的流動(dòng)Allflowsoffinancialassetsthatcrossthatcountry’sbordersduringaperiodoftime.Allflowsofgoodsintothatcountryduringaperiodoftime.Acredititeminthebalanceofpaymentsis:在國(guó)際收支平衡里的貸項(xiàng)是AAnitemforwhichthecountrymustbepaid.一個(gè)國(guó)家必須收取的條款A(yù)nitemforwhichthecountrymustpay.Anyimporteditem.Anitemthatcreatesamonetaryclaimowedtoaforeigner.Everyinternationalexchangeofvalueisenteredintothebalance-of-paymentsaccounts__________time(s).每一次國(guó)際等價(jià)交換都記進(jìn)國(guó)際收支帳戶(hù)２次B1234Adebititeminthebalanceofpaymentsis:在國(guó)際收支平衡中的借項(xiàng)是BAnitemforwhichthecountrymustbepaid.Anitemforwhichthecountrymustpay.一個(gè)國(guó)家必須支付的條款A(yù)nyexporteditem.Anitemthatcreatesamonetaryclaimonaforeigner.Inanation'sbalanceofpayments,whichoneofthefollowingitemsisalwaysrecordedasapositiveentry?D在國(guó)際收支中,下列哪個(gè)項(xiàng)目總被視為有利條項(xiàng)Changesinforeigncurrencyreserves.Importsofgoodsandservices.Militaryforeignaidsuppliedtoalliednations.Purchasesbyforeigntravelersvisitingthecountry.國(guó)外游客在本國(guó)發(fā)生的購(gòu)買(mǎi)Thesumofallofthedebititemsinthebalanceofpayments:在收支平衡中,所有貸項(xiàng)的總和BEqualstheoverallbalance.Equalsthesumofallcredititems.等于所有借項(xiàng)的總和Equals‘compensating’transactions.Equalsthesumofcredititemsminuserrorsandomissions.WhichofthefollowingcapitaltransactionsareenteredasdebitsintheU.S.balanceofpayments?下列哪個(gè)資本交易在美國(guó)的收支平衡中當(dāng)作借項(xiàng)？BAU.S.residenttransfers$100fromhisaccountatCreditSuisseinBasel(Switzerland)tohisaccountataSanFranciscobranchofWellsFargoBank.AFrenchresidenttransfers$100fromhisaccountatWellsFargoBankinSanFranciscotohisCreditSuisseaccountinBasel.一個(gè)法國(guó)居民在舊金山的FargoBank用其帳戶(hù)轉(zhuǎn)帳１００美金到位于巴塞爾的瑞士信貸戶(hù)口AU.S.residentsellshisIBMstocktoaFrenchresident.AU.S.residentsellshisCreditSuissestocktoaFrenchresident.Anincreaseinanation'sfinancialliabilitiestoforeignresidentsisa:一個(gè)國(guó)家對(duì)另一個(gè)國(guó)家金融負(fù)債的增加是一種CReserveinflow.Reserveoutflow.Capitalinflow.資本流入Capitaloutflow.___A_______aremoney-likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方國(guó)際儲(chǔ)備資產(chǎn)是一種類(lèi)似于錢(qián)的資產(chǎn)，這種資產(chǎn)由政府掌握并作為政府間的一種支付手段得到充分認(rèn)可.Officialinternationalreserveassets官方國(guó)際儲(chǔ)備資產(chǎn)UnofficialinternationalreserveassetsOfficialdomesticreserveassetsUnofficialdomesticreserveassetsWhichofthefollowingisconsideredacapitalinflow?下列哪項(xiàng)被視為資本流入AAsaleofU.S.financialassetstoaforeignbuyer.美國(guó)一金融資產(chǎn)賣(mài)給一外國(guó)買(mǎi)家AloanfromaU.S.banktoaforeignborrower.ApurchaseofforeignfinancialassetsbyaU.S.buyer.AU.S.citizen’srepaymentofaloanfromaforeignbank.Inacountry’sbalanceofpayments,whichofthefollowingtransactionsaredebits?一個(gè)國(guó)家的收支平衡表中,哪個(gè)交易屬于借項(xiàng)？ADomesticbankbalancesownedbyforeignersaredecreased.外國(guó)人擁有的國(guó)內(nèi)銀行資產(chǎn)的下降Foreignbankbalancesownedbydomesticresidentsaredecreased.Assetsownedbydomesticresidentsaresoldtononresidents.Securitiesaresoldbydomesticresidentstononresidents.Theroleof___D_______istodirectonenation’ssavingsintoanothernation’sinvestments:資金流的作用是指導(dǎo)一個(gè)國(guó)家的儲(chǔ)蓄進(jìn)入到另一個(gè)國(guó)家的投資MerchandisetradeflowsServicesflowsCurrentaccountflowsCapitalflows資金流Thenetvalueofflowsofgoods,services,income,andunilateraltransfersiscalledthe:商品,服務(wù),收入和單方面轉(zhuǎn)讓等現(xiàn)金流的凈收益叫經(jīng)常賬目（戶(hù)）BCapitalaccount.Currentaccount.經(jīng)常賬目（戶(hù)）Tradebalance.Officialreservebalance.Thenetvalueofflowsoffinancialassetsandsimilarclaims(excludingofficialinternationalreserveassetflows)iscalledthe:金融資產(chǎn)和類(lèi)似的資產(chǎn)（官方國(guó)際儲(chǔ)備資產(chǎn)流除外）的凈值流叫AFinancialaccount.金融帳Currentaccount.Tradebalance.Officialreservebalance.ThefinancialaccountintheU.S.balanceofpaymentsincludes:美國(guó)國(guó)家收支表中的金融帳包括：BEverythinginthecurrentaccount.U.S.governmentpaymentstoothercountriesfortheuseofmilitarybases.美政府采用其它國(guó)家軍事基地所需支付款項(xiàng)ProfitsthatNissanofAmericasendsbacktoJapan.NewU.S.investmentsinforeigncountries.ＡU.S.residentincreasingherholdingsofaforeignfinancialassetcausesa:一個(gè)美國(guó)居民增持一外國(guó)金融資產(chǎn)會(huì)引起DCreditintheU.S.currentaccount.DebitintheU.S.currentaccount.CreditintheU.S.capitalaccount.DebitintheU.S.capitalaccount.美國(guó)資本帳的借帳AforeignresidentincreasingherholdingsofaU.S.financialassetcausesa:一個(gè)美國(guó)居民增持本國(guó)一金融資產(chǎn)會(huì)引起CCreditintheU.S.currentaccount.DebitintheU.S.currentaccount.CreditintheU.S.capitalaccount.美國(guó)資本帳的貸帳DebitintheU.S.capitalaccount.Adeficitinthecurrentaccount:經(jīng)常帳戶(hù)中的赤字ATendstocauseasurplusinthefinancialaccount.會(huì)導(dǎo)致金融帳中的盈余Tendstocauseadeficitinthefinancialaccount.Hasnorelationshiptothefinancialaccount.Istheresultofincreasingexportsanddecreasingimports.InSeptember,2005,exportsofgoodsfromtheU.S.decreased$3.3billionto$73.4billion,andimportsofgoodsincreased$3.8billionto$144.5billion.Thisincreasedthedeficitin:2005年8月,美國(guó)商品出口降低了33億美元,共734億美元；商品進(jìn)口上升到1145億美元,上長(zhǎng)了38億.這樣增加了哪個(gè)方面的赤字？CThebalanceofpayments.Thefinancialaccount.Thecurrentaccount.經(jīng)常帳戶(hù)Unilateraltransfers.WhichofthefollowingwouldcontributetoaU.S.currentaccountsurplus?以下哪項(xiàng)有助于美國(guó)現(xiàn)金帳的盈余？BTheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.美國(guó)削減在日本的軍事人員U.S.touriststravelinlargenumberstoAsia.RussianvodkabecomesincreasinglypopularintheUnitedStates.Whichofthefollowingtransactionsisrecordedinthefinancialaccount?以下哪個(gè)交易會(huì)被當(dāng)作金融帳AFordmotorcompanybuildsanewplantinChina福特摩托公司在中國(guó)設(shè)立車(chē)間AChinesebusinessmanimportsFordautomobilesfromtheUnitedStates.AU.S.touristspendsmoneyonatriptoChina.TheNewYorkYankeesarepaid$10millionbytheChinesetoplayanexhibitiongameinBeijing,China.IfaBritishbusinessbuysU.S.governmentsecurities,howwillthisbeenteredinthebalanceofpayments?如果一英國(guó)商人購(gòu)買(mǎi)了美國(guó)政府的債券,那么這個(gè)交易在收支平衡表中會(huì)被當(dāng)作是？CItwillappearinthetradeaccountasanimport.Itwillappearinthetradeaccountasanexport.ItwillappearinthefinancialaccountasanincreaseinU.S.assetsheldbyforeigners.會(huì)被當(dāng)作是外國(guó)人所有的美國(guó)資產(chǎn)增長(zhǎng)ItwillappearinthefinancialaccountasadecreaseinU.S.assetsheldbyforeigners.Inthebalanceofpayments,thestatisticaldiscrepancyorerrortermisusedto:在收支平衡表中,統(tǒng)計(jì)差異與錯(cuò)誤項(xiàng)目會(huì)用來(lái)確保借帳總和跟貸帳總和一致AEnsurethatthesumofalldebitsmatchesthesumofallcredits.Ensurethatimportsequalthevalueofexports.Obtainanaccurateaccountofabalance-of-paymentsdeficit.Obtainanaccurateaccountofabalance-of-paymentssurplus.Officialreserveassetsare:官方儲(chǔ)備資產(chǎn)是BThegoldholdingsinthenation’scentralbank.Moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方國(guó)際儲(chǔ)備資產(chǎn)是一種類(lèi)似于錢(qián)的資產(chǎn)，這種資產(chǎn)由政府掌握并作為政府間的一種支付手段得到充分認(rèn)可GovernmentT-billsandT-bonds.GovernmentholdingsofSDR’sWhichofthefollowingconstitutesthelargestcomponentoftheworld’sinternationalreserveassets?下列哪項(xiàng)構(gòu)成了世界國(guó)際儲(chǔ)備資產(chǎn)的大部份？DGold.SpecialDrawingRights.IMFReservePositions.ForeignCurrencies.外匯（幣）Thenetaccumulationofforeignassetsminusforeignliabilitiesis:海外凈資產(chǎn)的積累減去外債等于CNetofficialreserves.Netdomesticinvestment.Netforeigninvestment.國(guó)外投資凈值Netforeigndeficit.Acountryexperiencingacurrentaccountsurplus:一個(gè)國(guó)家經(jīng)歷經(jīng)常帳戶(hù)的盈余BNeedstoborrowinternationally.Isabletolendinternationally.就有能力向外放貸Mustalsohavehadasurplusinits"overall"balance.Spentmorethanitearnedonitsmerchandiseandservicetrade,internationalincomepaymentsandreceiptsandinternationaltransfers.The___C_______measuresthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalance.官方結(jié)算差額是指經(jīng)常帳戶(hù)余額的總和加上私人資本帳（B=CA+FA,FA:為非官方投資和儲(chǔ)備）OfficialcapitalbalanceUnofficialcapitalbalanceOfficialsettlementsbalance官方結(jié)算差額UnofficialsettlementsbalanceIftheoverallbalanceisin__A________,thereisanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.如果綜合差額處于盈余，那么會(huì)出現(xiàn)本國(guó)官方儲(chǔ)備資產(chǎn)的積累或者國(guó)外官方儲(chǔ)備的減少（B=CA+FA,B+OR=0，OR:官方儲(chǔ)備金額）Surplus盈余DeficitBalanceForeignhandsWhichofthefollowingisthecurrentaccountbalanceNOTequalto?以下哪項(xiàng)不等同于現(xiàn)金帳DThedifferencebetweendomesticproductanddomesticexpenditure.Thedifferencebetweennationalsavinganddomesticinvestment.Netforeigninvestment.Thedifferencebetweengovernmentsavingandgovernmentinvestment.政府儲(chǔ)蓄與政府投資的差值True/FalseQuestionsCapitalinflowsaredebitsandcapitaloutflowsarecredits.資金流入是借項(xiàng)，資金外流是貸項(xiàng)Thenetvalueoftheflowofgoods,services,income,andgiftsisthecurrentaccountbalance.(T)商品,服務(wù),收入和單方面轉(zhuǎn)讓等現(xiàn)金流的凈收益叫經(jīng)常賬目余額Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.金融資產(chǎn)和類(lèi)似的資產(chǎn)的凈值叫經(jīng)常帳目余額Themajorityofcountries'officialreservesassetsarenowforeignexchangeassets,financialassetsdenominatedinaforeigncurrencythatisreadilyacceptableininternationaltransactions.(T)大部份官方儲(chǔ)備資產(chǎn)作為以外匯資產(chǎn)和金融資產(chǎn)為命名的外幣在世界上交易與流通.Acountry'sfinancialaccountbalanceequalsthecountry'snetforeigninvestment.一個(gè)國(guó)家的金融帳差額相當(dāng)于一個(gè)國(guó)家的凈國(guó)外投資Acountryhasacurrentaccountdeficitifitissavingmorethanitisinvestingdomestically.一個(gè)國(guó)家如果在國(guó)內(nèi)的儲(chǔ)蓄比投資要大,那么會(huì)出現(xiàn)經(jīng)常賬目赤字Theofficialsettlementsbalancemeasuresthesumofthecapitalaccountbalanceplusthepubliccurrentaccountbalance.官方結(jié)算差額是資金帳戶(hù)余額的總額加上公共經(jīng)常帳戶(hù)余額Anation'sinternationalinvestmentpositionshowsitsstockofinternationalassetsandliabilitiesatamomentintime.(T)一個(gè)國(guó)家的國(guó)際投資狀況反映出它在特定時(shí)間里的國(guó)際資產(chǎn)股份以及債務(wù)情況.Anationisaborrowerifitscurrentaccountisindeficitduringatimeperiod.(T)在一段時(shí)間內(nèi),如果一個(gè)國(guó)家的經(jīng)常帳出現(xiàn)赤字,那么它就是借方.Anationisadebtorifitsnetstockofforeignassetsispositive.如果一個(gè)國(guó)家的國(guó)外資產(chǎn)凈儲(chǔ)備是正數(shù),那么它是借方（債務(wù)方）AtransactionleadingtoaforeignresidentincreasingherholdingsofaU.S.financialassetwillberecordedasadebitontheU.S.financialaccount.如果一項(xiàng)交易引起一外國(guó)居民增持美國(guó)金融資產(chǎn)的股份,那么這項(xiàng)交易在美國(guó)金融帳中會(huì)被當(dāng)作借項(xiàng)Acredititemisanitemforwhichacountrymustpay.貸項(xiàng)是指一個(gè)國(guó)家必須還款的條項(xiàng)Goldisamajorreserveassetthatiscurrentlyoftenusedinofficialreservetransactions.黃金作為主要的儲(chǔ)備資產(chǎn),常被用在官方儲(chǔ)備交易當(dāng)中.Thecurrentaccountbalanceisequaltothedifferencebetweendomesticproductandnationalexpenditure.(T)經(jīng)常項(xiàng)目余額等于國(guó)民生產(chǎn)與國(guó)民支出的差額In2007U.S.households,businessesandgovernmentwerebuyingmoregoodsandservicesthantheywereproducing.(T)２００７年,美國(guó)家庭,商業(yè),政府購(gòu)買(mǎi)的商品和服務(wù)比他們生產(chǎn)（商品和服務(wù)）的要多.46。你是提供以下信息,一個(gè)國(guó)家的國(guó)際交易,在一個(gè)特定年份:CA余額:$346-354+480-348+153+142=$419；官方結(jié)算余額:$346-354+480-348+153+142+252-352+154=$473；Changeinofficialreserveassets(net)=官方結(jié)算余額=$473.increasingtheholdingofofficialreserveassets.Chapter3:TheForeignExchangeMarketSingle-ChoiceQuestionsForeignexchangeis:D外匯交易是Theactoftradingdifferentnations’monies.不用國(guó)家貨幣的交易Theholdingsofforeigncurrency.對(duì)不同貨幣的持有Theactofimportingforeigngoodsandservices.Both(a)and(b)arecorrect.IfthepriceofBritishpoundsintermsofU.S.dollarsis$1.80perpound,thenthepriceofU.S.dollarsintermsofBritishpoundsis:B如果英磅對(duì)美元的匯率是１比１.８,那么美元對(duì)英磅的匯率是１比０.５５５1.80￡perdollar.0.555￡perdollar.0.90￡perdollar.3.60￡perdollar.SupposetheexchangeratebetweentheJapaneseyenandtheU.S.dollaris100yenperdollar.AJapanesestereowithapriceof60,000yenwillcost:B假設(shè)日元對(duì)美元的匯率是１００比１,那么一臺(tái)日元為６００００的音響要花多少美元$1,667$600$6,000$100SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnitedStates.Thesepricessuggestthattheexchangeratebetweenthewonandthedollaris:A1.5wonperdollar呢題太簡(jiǎn)單,不屑翻譯…自己睇0.75wonperdollar$1.50perwon$3perwonThe___D_______exchangerateisthepricefor“immediate”currencyexchange.即時(shí)匯率是指外匯的即時(shí)價(jià)格CurrentForwardFutureSpotThe___B_______exchangerateisthepricesetnowforanexchangethatwilltakeplacesometimeinthefuture.遠(yuǎn)期匯率是指由協(xié)議雙方預(yù)訂的將來(lái)會(huì)發(fā)生的匯率CurrentForwardFuturespotSpotTheforeignexchangemarketis:C外匯市場(chǎng)是指Asinglegatheringplacewheretradersshoutbuyandsellordersateachother.LocatedinNewYork.Agrouping,byelectronicmeans,ofbanksandtraderswhoworkatbanksthatconductforeignexchangetrades.銀行和交易者以電子方式集聚于一起進(jìn)行外匯的買(mǎi)賣(mài)LocatedinLondon.___D_______foreignexchangetradinginvolvescurrencyexchangesdonebetweenindividualsandbanks.小額外匯交易（散戶(hù)外匯交易）包含私人與銀行間的外匯交易InterbankConsumerIntra-bankRetailTheU.S.dollariscalleda____A______becauseitisoftenusedasanintermediarytoaccomplishtradingbetweentwoothercurrencies.美元被稱(chēng)為周轉(zhuǎn)貨幣,因?yàn)榻?jīng)常被用來(lái)完成其它兩種貨幣的交易Vehiclecurrency周轉(zhuǎn)貨幣（交易通貨）MaincurrencyCommoncurrencyPrimarycurrencySupposethattheexchangevalueoftheBritishpoundis$2perpoundwhiletheexchangevalueoftheSwissfrancis50centsperfranc.Fromthiswecanconcludethattheexchangeratebetweenthepoundandthefrancis:D計(jì)算題,到時(shí)出中文題自己計(jì)啦…唔翻啦1francperpound2francsperpound3francsperpound4francsperpoundWhichofthefollowingisNOTafunctionoftheinterbankoperationsoftheforeignexchangemarket?D下列哪一個(gè)不是外匯交易市場(chǎng)中銀行間操作方式的一種？Providesabankwithacontinuousstreamofinformationonconditionsintheforeignexchangemarket.Providesabankthemeanstoreadjustitsownpositionquicklyandatlowcost.Permitsabanktotakeonapositioninaforeigncurrencyquickly.Providesabankwithtechnologicalresourcesforuseinforeignexchangetrading.提供技術(shù)資源給一間銀行,用來(lái)進(jìn)行外匯交易Underthemanagedfloatsystemofexchangerates,afallinthemarketpriceofacurrencyiscalled:B在管理浮動(dòng)匯率制度下,一種貨幣價(jià)格的下降被稱(chēng)為Devaluation.Depreciation.貶值A(chǔ)ppreciation.Both(a)and(b).Interbanktradingisconducteddirectlybetween___A_______orthroughtheuseof__________thatprovideanonymityuntilthetradeiscompleteandreducesearchcosts.銀行間的交易是在交易者之間進(jìn)行的或者通過(guò)經(jīng)紀(jì)人提供操作直到交易結(jié)束.Traders;brokersBrokers;tradersIndividualconsumers;thegovernmentIndividualconsumers;brokersAcountry’sdemandforforeigncurrencyisderivedfrom:A一個(gè)國(guó)家對(duì)外匯的需求來(lái)自于（表示外國(guó)貨幣需求增加，本國(guó)貨幣流出）Internationaltransactionsenteringthedebitcolumnofitsbalanceofpaymentsaccounts.國(guó)際交易進(jìn)入到其收款帳戶(hù)的借方欄里Internationaltransactionsenteringthesurpluscolumnofitsbalanceofpaymentsaccounts.Thecountry’sdemandforcurrencytofinanceexportsandcapitalinflows.Thecountry’sdemandforcurrencytofinanceitsgovernment’scompensatingtransactions.U.S.exportsofgoodsandserviceswillcreatea___B_______foreigncurrencyanda__________U.S.dollars.美國(guó)商品與服務(wù)的出口會(huì)創(chuàng)造出外匯的供給以及美元的需求Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofU.S.importsofgoodsandserviceswillcreatea___A_______foreigncurrencyanda__________U.S.dollars.美國(guó)商品與服務(wù)的進(jìn)口會(huì)創(chuàng)造出外匯的需求以及美元的供給Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofU.S.capitalinflowswillcreatea____B______foreigncurrencyanda__________U.S.dollars.美國(guó)資本流入會(huì)創(chuàng)造出外匯的供給和美元的需求Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofIna____C______exchangeratesystemthereisnointerventionbythegovernmentorcentralbankers.浮動(dòng)匯率制度里,政府與中央銀行不得進(jìn)行干涉FixedPeggedFloatingManagedfloatAsthevalueoftheyenfallsrelativetotheU.S.dollar:C如果日元對(duì)美元的匯率下降了,那么對(duì)日元的需求會(huì)上升JapanesegoodsbecomemoreexpensivetoU.S.consumers.Thesupplyofdollarswillfall.Thedemandforyenwillrise.U.S.goodsbecomelessexpensivetoJapaneseconsumers.Thedemandcurveforforeigncurrencyslopesdownwardbecauseastheexchangerate___A_______thequantitydemanded__________.外匯的需求曲線會(huì)下降是因?yàn)殡S著匯率的上升,需求量就下降Increases;decreasesIncreases;increasesDecreases;decreasesDecreases;staysfixedShiftsindemandawayfromFrenchproductsandtowardU.S.products(causedbyforcesotherthanchangesintheexchangerate)wouldresultinextraattemptsto___C_______eurosand__________dollars.如果法國(guó)商品的需求下降并轉(zhuǎn)穩(wěn)到美國(guó)商品身上（由外力而是匯率引起），會(huì)引起歐元的額外賣(mài)與美元的購(gòu)入Buy;buySell;sellSell;buyBuy;sellOtherthingsequal,ifAmericanexportstoJapanincreaseandAmericanimportsfromJapandecrease,thenunderafloatingexchangeratesystem,wewouldexpectthedollarto:D其它條件一樣的情況下，美國(guó)出口到日本的商品上升而美國(guó)進(jìn)口日本的商品下降，在浮動(dòng)匯率制度下，美元將對(duì)日元走強(qiáng)。WeakenagainsttheJapaneseyen.DepreciateagainsttheJapaneseyen.DevalueagainsttheJapaneseyen.StrengthenagainsttheJapaneseyen.AdecreaseinGermanresidents'willingnesstoinvestindollar-denominatedassetswillshiftthedemandcurvefor:D德國(guó)居民投資于美元計(jì)價(jià)資產(chǎn)的意欲下降的話，美元的需求將會(huì)下降。Eurostotheright.Eurostotheleft.Dollarstotheright.Dollarstotheleft.Ina_____A_____exchangeratesystemthegovernmentorcentralbankersintervenetokeeptheexchangeratevirtuallysteady.在固定匯率制度下，政府或中央銀行會(huì)盡力保持匯率的穩(wěn)定。FixedMarketdrivenFloatingForwardExchangeRate$/￡美元與英磅的匯率ExchangeRate$/￡美元與英磅的匯率SS￡D￡2.502.00￡’s(millions)55.56ReferringtoFigure17.1,adownwardmovementalongtheverticalaxiswouldcorrespondtoa(n)___C_______oftheU.S.dollar.在17.1這圖可知，縱軸線的下降會(huì)引起美元的升值A(chǔ)rbitraging.DevaluationAppreciation升值DepreciationReferringtoFigure17.1,at$2.50perpound,thereisa(n)__D________.Underthesystemofflexibleexchangerates,thiswouldcause__________the________curve(s).在圖中可得知，如果2.5美元換１英磅,那么會(huì)有超過(guò)100萬(wàn)英磅的供應(yīng).在彈性匯率制下,這個(gè)匯率會(huì)引起供求曲線的下降（6-5=1，本幣供過(guò)于求，應(yīng)賣(mài)出外幣，買(mǎi)進(jìn)本幣）Excessdemandof1millionpounds,leftwardshiftof,demandExcesssupplyof1millionpounds,rightwardshiftof,supplyExcessdemandof1millionpounds,downwardmovementalong,demand&supplyExcesssupplyof1millionpounds,downwardmovementalong,demand&supplyReferringtoFigure17.1,iftheBritishgovernmentwantstopegtheexchangerateofthepoundat$2.50perpound,whatactionwouldBritishmonetaryauthoritieshavetoundertake?C在圖可得知，如果英政府想把英磅美元之間匯率控制在１比２.５的話,那么英國(guó)貨幣當(dāng)局會(huì)采取什么措施？Sell1millionpoundsandbuy2.5milliondollars.Buy1millionpoundsandsell1milliondollars.Buy1millionpoundsandsell2.5milliondollars.買(mǎi)一百萬(wàn)的英磅同時(shí)賣(mài)出二百五十萬(wàn)的美元Buy5.5millionpoundsandsell11milliondollars.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundthepoundwillbe:A在圖可得知,如果把英磅美元之間匯率控制在１比２.５的話,英磅會(huì)被估仁值過(guò)高Overvalued.高估（估值過(guò)高）Undervalued.Devalued.Inequilibrium.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundwhowillthishelp?B從圖可得知,如果如果把英磅美元之間匯率控制在１比２.５的話,誰(shuí)會(huì)得益？（本幣升值有利于進(jìn)口，不利于出口）USimporters.Britishimporters.英國(guó)進(jìn)口商Britishexporters.Britishimport-competingproducers.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundandthegovernmentgivesupthepegandallowsthepoundtofloat,thepoundwillexperiencea(n):D從圖可知,如果把英磅美元之間匯率控制在１比２.５,隨后政府放棄控制,那么英磅會(huì)出現(xiàn)貶值Revaluation.Devaluation.Appreciation.Depreciation.貶值ReferringtoFigure17.1,iftheU.S.FederalReservewastoconductacontractionarymonetarypolicy,the______curvewouldshiftrightandthepoundwould__C________.從圖可知,如果美國(guó)聯(lián)邦儲(chǔ)備采取緊縮政策,那么需求曲線會(huì)上升,同時(shí),英磅貶值（美元供給減少，必然會(huì)導(dǎo)致美元升值，英鎊貶值）Supply,appreciateDemand,depreciateSupply,depreciateDemand,appreciateWhichofthefollowingbestcharacterizesthecurrentU.S.exchangeratepolicy?C以下哪項(xiàng)最好地描繪出美國(guó)當(dāng)今的匯率政策？Anadjustablepeggedrate.Acrawlingpeggedrate.Afreelyfloating.自由浮動(dòng)匯率Afixedexchangerate.其它條件一樣的情況下，美國(guó)出口到日本的商品上升而美國(guó)進(jìn)口日本的商品下降，在浮動(dòng)匯率制度下，美元將對(duì)日元走強(qiáng)WeakenagainsttheJapaneseyen.DepreciateagainsttheJapaneseyen.DevalueagainsttheJapaneseyen.StrengthenagainsttheJapaneseyen.WhichofthefollowinggroupsismostlikelytobenefitfromastrengtheningoftheU.S.dollaragainstmajorcurrencies?C如果美元對(duì)其它主要貨幣的匯率走強(qiáng)的話,以下哪一群人會(huì)得益？a.U.S.exporters.b.TheU.S.government.c.U.S.consumers. 美國(guó)消費(fèi)者d.Foreignconsumers.Underafixedexchangeratesystemafallinthemarketprice(theexchangeratevalue)ofacurrencyiscalleda(n)____B______ofthatcurrency.在固定匯率制下,一外幣的匯率下降了,這叫作法定貶值RevaluationDevaluationAppreciationDepreciationExchangeratesareequalizedindifferentlocationsdueto:A匯率在不同地方可以保持等同是因?yàn)樘桌鸄rbitrage.套利（套匯）Governmentinterventioninforeignexchangemarkets.Freetradeingoodsandservices.Theactionsofimportersandexporters.HowcouldyouprofitiftheexchangerateinLondonwas$2/￡whileinNewYorktheexchangeratewas$1.95perpound?C如果在倫敦的匯率是１英磅對(duì)２美元,而在紐約的匯率是１英磅對(duì)１.９５美元.那么怎樣做才能賺錢(qián)？BuydollarsinNewYorkandselltheminLondon.BuypoundsinLondonandselltheminNewYork.BuypoundsinNewYorkandselltheminLondon.在紐約買(mǎi)英磅然后在倫敦賣(mài)BuydollarsinLondonandsellpoundsinNewYork.The2001-2007rapidgrowthinglobalforeignexchangetradingcanbeexplainedby:B０１-０７年間全球外匯交易的急速增長(zhǎng)是因?yàn)榇笮蜋C(jī)構(gòu)投資者對(duì)中長(zhǎng)期外國(guó)金融投資的增長(zhǎng)Largeincreasesinshort-terminternationalcurrencyactivitiesbyhedgefunds.Increasesinlong-termforeignfinancialinvestmentsbylargeinstitutionalinvestors.IncreasesintheU.S.longtermgovernmentbondyields.Both(a)and(b)True/FalseQuestionsThegreaterpartofthemoneyassetstradedinforeignexchangemarketsaredemanddepositsinbanks.(T)大部份在外匯市場(chǎng)交易的現(xiàn)金資產(chǎn)都是活期存款.Mostforeignexchangetradingisdoneamongthebanksthemselvesintheretailpartoftheforeignexchangemarket.多數(shù)外匯交易都是在銀行間的散戶(hù)外匯市場(chǎng)完成交易的Thespotexchangerateisthepricenowforanexchangethatwilltakeplacesometimeinthefuture.即時(shí)匯率是指外幣在未來(lái)一定時(shí)間內(nèi)的匯價(jià).Frenchimportsofgoodsandserviceswillcreateademandforforeigncurrencyandasupplyofeuros.(T)法國(guó)對(duì)商品的進(jìn)出口會(huì)創(chuàng)造出對(duì)外匯的需求和歐元的供給.Inthefloatingexchangeratesystem,governmentofficialsmustinterveneintheexchangeratemarkettokeeptheexchangeratefromfluctuating.在浮動(dòng)匯率制下,政府必須對(duì)外匯市場(chǎng)進(jìn)行干涉以保證匯率不出現(xiàn)浮動(dòng).（固定匯率）AssumingtheJapanesehaveafloatingexchangerate,anincreaseinJapaneseexportsofgoodsandserviceswilltendtocausethevalueoftheyentoappreciate.(T)在浮動(dòng)匯率制下,日本商品出口的增長(zhǎng)會(huì)造成日元的升值（本幣貶值有利出口，不利于進(jìn)口）Tomaintainanundervaluedcurrency,monetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrency.如果要保持匯率偏低的貨幣,貨幣當(dāng)局必須在外匯市場(chǎng)通過(guò)干涉,購(gòu)買(mǎi)這種貨幣Triangulararbitragewillnotcausetheexchangeratebetweentwoforeigncurrenciestoequalize.三角套匯不會(huì)造成兩種貨幣間匯率的均等（均衡）From2001to2007,globalforeignexchangetradingmorethandoubled.(T)會(huì)０１到０７年間,全球外匯交易增長(zhǎng)了兩倍多TheMaastrichtTreatysetaprocessforestablishingamonetaryunionandasingleunionwidecurrency.(T)馬斯特里赫特條約為建立貨幣同盟和統(tǒng)一聯(lián)盟制定了一套固定程序.EssayQuestionsAretailerinMexicowantstobuy$100,000worthofApplecomputersfromtheUnitedStates.TheMexicanretailerhaspesoswhilethesellerintheUnitedStateswantstobepaidinU.S.dollars.ExplainhowthistransactioniscompletedwithparticularemphasisontheforeignexchangemarketandbanksintheUnitedStatesandMexico.課本P33倒數(shù)第二段有具體闡述：TheMexicanbuyerhastosellpesostogetdollarstopaytheU.S.exporter.TheMexicanfirmcontactsitsbankandrequestsaquotationoftheexchangerateforsellingpesosandacquiring100,000dollars.Iftherateisacceptable,theMexicanfirminstructsitsbanktotakepesosfromitscheckingaccount,convertinto100,000dollarsandtransferthedollarstotheU.S.producer.TheMexicanbankholdsthedollardenominateddepositsintheUnitedStates,atitscorrespondentbankinNewYork.TheMexicanbankinstructsitscorrespondentbankinNewYorktotakedollarsfromitscheckingaccountandtransferthedollarstotheU.S.producer.Thiscompletestheinternationalpaymentforcomputers.a:套利收益0.02b:出現(xiàn)以下三種情況之一，都會(huì)導(dǎo)致無(wú)套利機(jī)會(huì)存在：巴黎匯率:147、紐約匯率0.83、東京匯率0.0078（各減0.02）Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro..euro：a&d升值；b&c貶值（具體思路：Theeuroappreciates;thereisanincreaseddemandforeuros.歐元升值;有需求持續(xù)增加歐元。a. Theeurodepreciates;thereisanincreasedsupplyofeuros.歐元貶值;有供給的增多歐元。b. Theeurodepreciates;thereisanincreaseddemandfortheBritishpound.歐元貶值。英鎊日益增長(zhǎng)的需求。c. Theeuroappreciates;thereisadecreasedsupplyofeuros.）歐元升值;有一種減少供應(yīng)的歐元。Chapter4:ForwardExchangeandInternationalFinancialInvestment遠(yuǎn)期外匯和國(guó)際金融投資Single-ChoiceQuestions__A_______apositionexposedtorateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.對(duì)利率風(fēng)險(xiǎn)作出的避險(xiǎn)操作實(shí)際上是外匯上的一種減少、清除凈資產(chǎn)或凈負(fù)債的手法HedgingSpeculatingInvestinginBuying___B______istheactoftakinganetassetpositionoranetliabilitypositioninsomeassetclass.投機(jī)是一種在某些資產(chǎn)類(lèi)別中取得凈資產(chǎn)或者凈負(fù)債的行為HedgingSpeculatingInvestingBuyingA____D______exchangecontractisanagreementtoexchangeonecurrencyforanotheronsomedateinthefutureatapricesetnow.遠(yuǎn)期外匯合同是指交易雙方在商議好的日期內(nèi)按照交易商定的匯率進(jìn)行外匯交易。SpotdomesticForwarddomesticSpotforeignForwardforeign____C______meanscommittingoneselftoanuncertainfuturevalueofone'snetworthintermsofhomecurrency.投機(jī)是指致力于投資未來(lái)不確定的本國(guó)貨幣凈值。SellingHedgingSpeculatingImportingAssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:A假設(shè)你是一個(gè)中國(guó)出口商，你期望在60天內(nèi)取得$250,000，你可以通過(guò)怎樣的方法使美元貶值從而排除損失風(fēng)險(xiǎn)？Sellingdollarsintheforwardmarketfor60-daydelivery.購(gòu)買(mǎi)60天的遠(yuǎn)期外匯合同通過(guò)期貨市場(chǎng)賣(mài)出美元Buyingdollarsnowandsellingitattheendof60days.Sellingtheyuanequivalentintheforwardmarketfor60-daydelivery.KeepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.AssumeyouareanAmericanimporterwhomustpay500,000eurosattheendof90dayswhenyoureceive1,000casesofFrenchwineatyourwarehouseinNewYork.Ifyoudonotcoverthistransactionintheforwardmarket,youfaceariskoflossiftheeuro:B假設(shè)你是一個(gè)美國(guó)進(jìn)口商，當(dāng)收到寄來(lái)的1000箱法國(guó)紅酒時(shí)，必須90天內(nèi)付500,000歐元。如果你不在期貨市場(chǎng)對(duì)這交易買(mǎi)保險(xiǎn)的話，你可以因?yàn)闅W元對(duì)美元的升值而蒙受損失Depreciatesagainstthedollar.Appreciatesagainstthedollar.Eitherappreciatesordepreciatesagainstthedollar.Isfixed.AssumeyouareanAmericanimporterwhomustpay500,000eurosattheendof90dayswhenyoureceive1,000casesofFrenchwineatyourwarehouseinNewYork.Ifyoudonothedgethistransaction,youfaceexchangeraterisk.Thebestwaytoremovetheriskoflossduetocurrencyfluctuationsisto:A假設(shè)