chapter3internationalfinancialmarkets练习答案+详解

Chapter3InternationalFinancialMarketsAssumethatabank'sbidrateonSwissfrancsis$.45anditsaskrateis$.47.Itsbid-askpercentagespreadis:about%.about%.about%.about%.ANSWER:Bbid/askspread=askrate—bidrateaskrateSOLUTION:Bid-askpercentagespread=($.47-$.45)/$.47=%Assumethatabank'sbidrateonJapaneseyenis$.0041anditsaskrateis$.0043.Itsbid-askpercentagespreadis:about%.about%.about%.about%.ANSWER:CSOLUTION:Bid-askpercentagespread=($.0043-$.0041)/$.0043=%Thebid/askspreadforsmallretailtransactionsiscommonlyintherangeofpercent;thebid/askspreadforwholesaletransactionsiscommonlyintherangeofpercent.3to7;.01to.032to5;.05to.1010to15;.01to.031to2;.05to.07ANSWER:A4.isnotafactorthataffectsthebid/askspread.OrdercostsInventorycostsVolumeAlloftheabovefactorsaffectthebid/askspreadANSWER:D5.Theforwardrateistheexchangerateusedforimmediateexchangeofcurrencies.A)true.B)false.ANSWER:BTheaskquoteisthepriceforwhichabankofferstosellacurrency.true.false.ANSWER:AAccordingtothetext,theforwardrateiscommonlyusedfor:hedging.Eurocurrencytransactions.Eurocredittransactions.Eurobondtransactions.ANSWER:AIfaU.S.firmdesirestoavoidtheriskfromexchangeratefluctuations,anditisreceiving100,000in90days,itcould:obtaina90-dayforwardpurchasecontractoneuros.obtaina90-dayforwardsalecontractoneuros.purchaseeuros90daysfromnowatthespotrate.selleuros90daysfromnowatthespotrate.ANSWER:BIfaU.S.firmdesirestoavoidtheriskfromexchangeratefluctuations,anditwillneedC$200,000in90daystomakepaymentonimportsfromCanada,itcould:obtaina90-dayforwardpurchasecontractonCanadiandollars.obtaina90-dayforwardsalecontractonCanadiandollars.purchaseCanadiandollars90daysfromnowatthespotrate.sellCanadiandollars90daysfromnowatthespotrate.ANSWER:AAssumetheCanadiandollarisequalto$.88andthePeruvianSolisequalto$.35.ThevalueofthePeruvianSolinCanadiandollarsis:about.3621Canadiandollars.about.3977Canadiandollars.aboutCanadiandollars.aboutCanadiandollars.ANSWER:BSOLUTION:$.35/$.88=.3977Whichofthefollowingisnottruewithrespecttospotmarketliquidity? 现货市场流动性Themorewillingbuyersandsellersthereare,themoreliquidamarketis.ThespotmarketsforheavilytradedcurrenciessuchastheJapaneseyenareveryliquid.Acurrency'sliquidityaffectstheeasewithwhichanMNCcanobtainorsellthatcurrency.Ifacurrencyisilliquid,anMNCistypicallyabletoquicklypurchasethatcurrencyatareasonableexchangerate.ANSWER:DForwardmarketsforcurrenciesofdevelopingcountriesare:prohibited.lessliquidthanmarketsfordevelopedcountries.moreliquidthanmarketsfordevelopedcountries.onlyavailableforusebygovernmentagencies.发展中国家现货市场流动性较低ANSWER:BAforwardcontractcanbeusedtolockintheofaspecifiedcurrencyforafuturepointintime.purchasepricesalepriceAorBnoneoftheaboveANSWER:CTheforwardmarket:foreurosisveryilliquid.forEasternEuropeancountriesisveryliquid.doesnotexistforsomecurrencies.noneoftheaboveANSWER:Cisnotabankcharacteristicimportanttocustomers inneedofforeignexchange.QuotecompetitivenessSpeedofexecutionForecastingadviceAdviceaboutcurrentmarketconditionsAlloftheaboveareimportantbankcharacteristicstocustomersinneedofforeignexchange.ANSWER:ETheBaselIIaccordwould:replacetheBaselAccord.reducetheamountofcapitalbanksarerequiredtohold.requirebankstotakemorerisksandtodocumenttheirrisk.correctsomeinconsistenciesthatstillexist.Operationrisk_1ANSWER:DTheinternationalmoneymarketprimarilyconcentrateson:short-termlending(oneyearorless).IMM 短期借款medium-termlending.long-termlending.placingbondswithinvestors.placingnewlyissuedstockinforeignmarkets.ANSWER:ATheinternationalcreditmarketprimarilyconcentrateson:short-termlending(lessthanoneyear).medium-termlending.long-termlending. 欧洲信用贷款市场providinganexchangeofforeigncurrenciesforfirmswhoneedthem.placingnewlyissuedstockinforeignmarkets.ANSWER:BThemainparticipantsintheinternationalmoneymarketare:consumers.smallfirms.largecorporations.smallEuropeanfirmsneedingEuropeancurrenciesforinternationaltrade.ANSWER:CLIBORis: 同业拆借利率theinterestratecommonlychargedforloansbetweenbanks.theaverageinflationrateinEuropeancountries.themaximumloanrateceilingonloansintheinternationalmoneymarket.themaximumdepositrateceilingondepositsintheinternationalmoneymarket.themaximuminterestrateofferedonbondsthatareissuedinLondon.ANSWER:AAsyndicatedEurocreditloan:representsaloanbyasinglebanktoasyndicateofcorporations.representsaloanbyasinglebanktoasyndicateofcountrygovernments.representsadirectloanbyasyndicateofoil-producingexporterstoalessdevelopedcountry.representsaloanbyagroupofbankstoaborrower.E)AandBANSWER:DTheinternationalmoneymarketisprimarilyservedby:thegovernmentsofEuropeancountries,whichdirectlyinterveneinforeigncurrency