国际金融题库(英文版)

(完整word版)国际金融题库(英文版)(完整word版)国际金融题库(英文版)Multiple—choicetest(onlyoneiscorrec：Gresham'sLawstatesthatBadmoneydrivesgoodmoneyoutofcirculation.Goodmoneydrivesbadmoneyoutofcirculationfayssynhdd,tnlee willbethemorevaluableofthetwometalsthatcirculate.Noneoftheabove.Balanceofpaymentsisdefinedasthestatisticalrecordofacountry’sinternationaltransactionsoveracertainperiodoftimepresentedintheformofadouble—entrybookkeepingprovidesdetailedinformationconcerningthedemandandsupplyofacountry'scurrencycanbeusedtoevaluatetheperformanceofacountryininternationaleconomiccompetitionalloftheaboveIftheUnitedStatesimportsmorethanitexports，thenThesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceteris。OnecaninferthattheU。S.dollarwouldbeunderpressuretodepreciateagainstothercurrenciesa）andb)Noneoftheabove4。Thecurrentspotexchangerateis＄1.55/£andthethree-monthforwardrateis$1.50/£.Youenterintoashortpositionon£1,000。Atmaturity，thespotexchangerateis$1.60/£.Howmuchhaveyoumadeorlost?Lost$100Made£100Lost＄50Made＄1505。Thesensitivityof“realized”domesticcurrencyvaluesofthefirm’scontractualcashflowsdenominated inforeigncurrencytounexpectedchangesintheexchangerateTransactionexposureTranslationexposureEconomicexposureNoneoftheabove6.Threedaysago，youenteredintoafuturescontracttosell€62,500at$1.20per€.Overetesetsdt，，d.wmuchyoumadeorlost？a) Lost＄0.04per€or$2,500Made。04per€or＄2,500Lost。06per€or$3,750Noneoftheabove7。AswapbankCanactasabringingtogethercounterpartiestoaswapCanactasadealer,standingreadytobuyandsellswapsBotha)andb)Onlysometimesa)butnevereverb)8。Supposethattheone—yearinterestrateis5.0percentintheUnitedStates,thespotexchangerateis＄1。20/€，andtheone—yearforwardexchangerateis ＄1.16/€.mustone-yearinterestratebeintheeurozone?5。0%b) c) d) Noneoftheabove.。eetke,Sa，s。90=0detee，＄｜£，s＄1.89=。.fueoy＄0hBritishpoundsandthensellthemfiveminuteshowmuchofyourwouldbe“eaten"bythespread？a) $1,000,000b) ＄52,910.05c) ＄100,000d) $52，631.5810。Underthegoldstandard,internationalimbalancesofpaymentwillbecorrectedautomaticallyundertheGreshamExchangeRateregimeEuropeanMonetarySystemPrice-specie-flowmechanismBrettonWoodsAccord11。WithanyhedgeYourlossesononesideshouldaboutequalyourgainsontheothersideYoushouldtrytomakemoneyonbothsidesofthetransaction:thatwayyoumakemoneycomingandgoingYoushouldspendatleastasmuchtimeworkingthehedgeasworkingtheunderlyingdealitselfYoushouldagreetoanythingyourbankerputsinfrontofyourfaceComparing “forward"and“futures”exchangecontracts，wecansaythat:Theyareboth“marked—to-market"daily.Theirmajordifferenceisinthewaytheunderlyingassetispricedforfuturepurchaseorsale：futuressettledailyandforwardssettleatmaturity。Afuturescontractisnegotiatedbyopenoutcrybetweenfloorbrokersortradersandistradedonorganizedexchanges，whileforwardcontractistailor—madebyaninternationalbankforitsclientsandistradedb）andc)An“option"isacontractgivingtheseller（writer)thebutnotthetobuyorsellagivenquantityofanassetataspecifiedpriceatsometimeinthefutureacontractgivingtheowner（buyer）thebutnottheobligation,tobuyorsellagivenquantityofanassetataspecifiedpriceatsometimeinthefuturenotaderivative,noracontingentclaim,securityunlikeafuturesorforwardcontractEconomicexposurereferstothesensitivityofrealizeddomesticcurrencyvaluesofthefirm’scontractualcashflowsdenominatedinforeigncurrenciestounexpectedexchangeratechangestheextenttowhichthevalueofthefirmwouldbeaffectedbyunanticipatedchangesinexchangeratethepotentialthatthefirm’sconsolidatedfinancial statementcanbeaffectedbychangesinexchangeratesexpostandexantecurrencyexposuresUnderapurelyfl