国际金融管理（英）智慧树知到期末考试答案章节答案2024年上海对外经贸大学

国际金融管理（英）智慧树知到期末考试答案+章节答案2024年上海对外经贸大学Monetarygoldareberecordedinthe“goodsandservicesaccount”undercurrentaccount.

答案:错Productionofgoodsandserviceshasbecomeglobalizedtoalargeextentasaresultofmultinationalcorporations'effortstosourceinputsandlocateproductionanywherewherecostsarelowerandprofitshigher.

答案:对Fromtheperspectiveofthewriterofaputoptionwrittenon€62,500.Ifthestrikepriceis$1.55/€,andtheoptionpremiumis$1,875,atwhatexchangeratedoyoustarttolosemoney?

答案:$1.52/€Thelargestandmostactivefinancialmarketintheworldis

答案:theFXmarket.TheJapaneseautomobilecompanyHondadecidedtoestablishproductionfacilitiesinOhio,mainlyto

答案:circumventtradebarriers.Therearetwotypesofequityrelatedbonds:

答案:convertiblebondsandbondswithequitywarrantsSpecialDrawingRights(SDR)are

答案:alloftheaboveYouareaU.S.-basedtreasurerwith$1,000,000toinvest.Thedollar-euroexchangerateisquotedas$1.50=€1.00andthedollar-poundexchangerateisquotedat$2.00=£1.00.Ifabankquotesyouacrossrateof£1.00=€1.25howcanyoumakemoney?

答案:Buyeuroat$1.50/€,buy£at€1.25/£,sell£at$2/£.Mostinterbanktradesare

答案:speculativeorarbitragetransactions.SupposeMexicoisamajorexportmarketforyourU.S.-basedcompanyandtheMexicanpesoappreciatesdrasticallyagainsttheU.S.dollar.Thismeans

答案:bothbandcarecorrectPutthefollowingincorrectdateorder:

答案:JamaicaAgreement,PlazaAgreement,LouvreAccord.Underthegoldstandard,internationalimbalancesofpaymentwillbecorrectedautomaticallyunderthe

答案:Price-specie-flowmechanism.Theinternationalmonetarysystemcanbedefinedastheinstitutionalframeworkwithinwhich

答案:alloftheabovePubliclytradedYankeebondsmustmeetthesameregulationsasEurobondsifsoldtoEuropeans.

答案:错Supposethattheone-yearinterestrateis5.0percentintheUnitedStates;thespotexchangerateis$1.20/€;andtheone-yearforwardexchangerateis$1.16/€.Theone-yearinterestrateintheeurozonetoavoidarbitrageis8.62%.

答案:对Thegoalofshareholderwealthmaximizationisinconflictwiththeprivatizationprocesstakingplaceinthird-worldcountries.

答案:错Theprimaryreasonsforacounterpartytouseacurrencyswaparetoplayinthefuturesandforwardmarkets.

答案:错FollowingthedemiseoftheBrettonWoodssystem,theIMFbecamethesoleagentresponsibleformaintainingfixedexchangerates.

答案:错Manyofthesecurrencies,suchastheChineseyuan,Russianrubleandsoon,aretradedinnon-deliverableforwardcontracts.

答案:对Afirmmaycross-listitsshareto

答案:alloftheaboveSupposeyouobserveaspotexchangerateof$2.00/£.Ifinterestratesare5%APRintheU.S.and2%APRintheU.K.,whatistheno-arbitrage1-yearforwardrate?

答案:$2.0588/£Theextenttowhichthevalueofthefirmwouldbeaffectedbyexpectedchangesintheexchangerateis

答案:noneoftheaboveIfacountryisgrapplingwithamajorbalance-of-paymentdifficulty,itmaynotbeabletoexpandimportsfromtheoutsideworld.Instead,thecountrymaybetemptedto

答案:BothaandbAboomingeconomywithafixedorstablenominalexchangerate

答案:inevitablybringsaboutanappreciationoftherealexchangerate.AhigherU.S.interestrate(i$↑)willresultin

答案:astrongerdollar.IncountrieslikeFranceandGermany,

答案:managershaveoftenviewedshareholdersasoneofthe"stakeholders"ofthefirm,othersbeingemployees,customers,suppliers,banksandsoforth.SupposethatyouarethetreasurerofIBMwithanextraU.S.$1,000,000toinvestforsixmonths.YouareconsideringthepurchaseofU.S.T-billsthatyield1.810%(that'sasixmonthrate,notanannualratebytheway)andhaveamaturityof26weeks.Thespotexchangerateis$1.00=¥100,andthesixmonthforwardrateis$1.00=¥110.TheinterestrateinJapan(onaninvestmentofcomparablerisk)is13percent.Whatisyourstrategy?

答案:Take$1m,translateintoyenatthespot,investinJapan,hedgewithashortpositionintheforwardcontract.Consideratraderwhotakesalongpositioninasix-monthforwardcontractontheeuro.Theforwardrateis$1.75=€1.00;thecontractsizeis€62,500.Atthematurityofthecontractthespotexchangerateis$1.65=€1.00.

答案:Thetraderhaslost$6,250.Sincethebalanceofpaymentsispresentedasasystemofdouble-entrybookkeeping,

答案:answersaandbareboth对Whenindividualinvestorsbecomeawareofoverseasinvestmentopportunitiesandarewillingtodiversifytheirportfoliosinternationally,

答案:theybenefitfromanexpandedopportunityset.TheAUD/$spotexchangerateisAUD1.60/$andtheSF/$isSF1.25/$.TheAUD/SFcrossexchangerateis

答案:1.2800Abankmayestablishamultinationaloperationforthereasonofprestige.Theunderlyingrationalebeingthat

答案:verylargemultinationalbankshavehighperceivedprestige,liquidity,anddepositsafetythatcanbeusedtoattractclientsabroad.Whenaninterest-onlyswapisestablishedonanamortizingbasis

答案:thedebtserviceexchangesdecreaseperiodicallythroughtimeasthehypotheticalnotationalprincipalisamortized.Amultinationalfirmcanbedefinedasafirmthat

答案:incorporatedinonecountrythathasproductionandsalesoperationsinseveralothercountries.Translationexposure,alsofrequentlycalledaccountingexposure,referstotheeffectthatanunanticipatedchangeinexchangerateswillhaveonthe

答案:consolidatedfinancialreportsofaMNC.Mostexchangetradedcurrencyoptions

答案:haveoriginalmaturitiesof3,6,9,and12months.A"primary"stockmarketis

答案:amarketwherecorporationsissuenewsharestoinitialinvestors.Generallyspeaking,anytransactionthatresultsinareceiptfromforeignerswillberecordedasadebit,withanegativesign,inacountry'sbalanceofpayments.

答案:错Operatingexposuremeasures

答案:theextenttowhichthefirm'soperatingcashflowswillbeaffectedbyunexpectedchangesinexchangerates.SupposetheU.S.dollarsubstantiallydepreciatesagainsttheJapaneseyen.Thechangeinexchangerate

答案:willtendtostrengthenthecompetitivepositionofimport-competingU.S.carmakers.Afinancialderivativeisafinancialinstrumentwhichislinkedtoanotherspecificfinancialinstrumentorindicatororcommodityandthroughwhichspecificfinancialriskscanbetradedintheirownrightinfinancialmarkets.

答案:对Nondollarcurrencytransactionsarepricedbylookingatthepricethatmustexisttoeliminatearbitrage.

答案:对Amarketorder

isaninstructionfromacustomertoabrokertobuyorsellatthebestpriceavailablewhentheorderisreceived(immediately).

答案:对Thegoldstandardstillhasardentsupporterswhobelievethatitprovidesfixedexchangeratesbetweenallcurrencies.

答案:错Economicexposurereferstotheextenttowhichthevalueofthefirmwouldbeaffectedbyunanticipatedchangesinexchangerate.

答案:对Theownersofabusinessarethe

答案:shareholders.Ifyouthinkthatthedollarisgoingtoappreciateagainsttheeuro,youshouldsellcalloptionsontheeuro.

答案:错AMNCseekingtoreducetransactionexposurewithastrategyofleadingandlagging

答案:canprobablyemploythestrategymoreeffectivelywithintrafirmpayablesandreceivablesthanwithcustomersoroutsidesuppliers.Ifthe$/€bidandaskpricesare$1.50/€and$1.51/€,respectively,thecorresponding€/$bidandaskpricesare

答案:€0.6623and€0.6667.InviewofthefactthatPPPisthemanifestationofthelawofonepriceappliedtoastandardcommoditybasket,

答案:bothaandbWhenHonda,aJapaneseautomaker,builtafactoryinOhio,

答案:itwasengagedinforeigndirectinvestment.AlthoughIRPtendstohold,itmaynotholdpreciselyallthetime

答案:bothaandcUnderapurelyflexibleexchangeratesystem

答案:supplyanddemandsettheexchangerates.Aforeignbranchbankoperateslikealocalbank,butlegally

答案:bothaandbTheinternationalmonetarysystemwentthroughseveraldistinctstagesofevolution.Thesestagesaresummarized,inalphabeticorder,asfollows:(i)-Bimetallism(ii)-BrettonWoodssystem(iii)-Classicalgoldstandard(iv)-Flexibleexchangerateregime(v)-InterwarperiodThechronologicalorderthattheyactuallyoccurredis:

答案:(i),(iii),(v),(ii),and(iv)Relativetothespotpricetheforwardpricewillbe

答案:usuallylessthanormorethanthespotpricemoreoftenthanitisequaltothespotprice.TheTriffindilemma

答案:alloftheabovearecorrectAninterest-onlysinglecurrencyinterestrateswap

答案:alloftheaboveAswapbankhasidentifiedtwocompanieswithmirror-imagefinancingneedstheybothwanttoborrowequivalentamountsforthesameamountoftime.CompanyXhasagreedtoonelegoftheswapbutcompanyYis"playinghardtoget".

答案:BothaandbBalanceofpayments

答案:alloftheaboveThemonetarysystemofbimetallismisunstable.Duetothefluctuationofthecommercialvalueofthemetals,

答案:themetalwithacommercialvaluehigherthanthecurrencyvaluetendstobeusedasmetalandiswithdrawnfromcirculationasmoney(Gresham'sLaw).The"openinterest"shownincurrencyfuturesquotationsis

答案:thetotalnumberoflongorshortcontractsoutstandingfortheparticulardeliverymonth.Themanagementoftranslationexposureisbestdescribedas

答案:selectingamechanicalmeansforhandlingtheconsolidationprocessforMNCsthatlogicallydealswithexchangeratechanges.Internationalreserveassetsinclude"foreignexchanges".Theseare

答案:foreigncurrenciesheldbyacountry'scentralbank.Somecommoditiesneverenterintointernationaltrade.Examplesinclude

答案:alloftheaboveThepriceofaMcDonald'sBigMacsandwich

答案:variesconsiderablyacrosstheworldindollarterms.WhenInterestRateParity(IRP)doesnothold

答案:thereareopportunitiesforcoveredinterestarbitrage.Comparing"forward"and"futures"exchangecontracts,wecansaythat

答案:bothaandbThe€/$spotexchangerateis$1.50/€andthe120dayforwardexchangerateis1.45/€.Theforwardpremium(discount)is

答案:thedollaristradingata10%discounttotheeurofordeliveryin120days.Thelinkbetweenthehomecurrencyvalueofafirm'sassetsandliabilitiesandexchangeratefluctuationsis

答案:assetexposure.SincetheendofWorldWarI,thedominantglobalcurrencyhasbeenthe

答案:U.S.dollar.Thegoalofshareholderwealthmaximization

答案:meansthatallbusinessdecisionsandinvestmentsthatafirmmakesaredoneforthepurposeofmakingtheownersofthefirmbetterofffinancially.Thespotmarket

答案:involvesthealmost-immediatepurchaseorsaleofforeignexchange.Whichofthefollowingarereasonswhyabankmayestablishamultinationaloperation?

答案:AlloftheaboveBankingtendstobe

答案:alowmarginalcostindustry.Amajorriskfacedbyaswapdealerisexchangeraterisk.Thisis

答案:theprobabilityexchangerateswillmoveagainstthedealer.Withregardtoaswapbankactingasadealerinswaptransactions,interestrateriskrefersto

答案:theriskthatinterestrateschangingunfavorablybeforetheswapbankcanlayofftoanopposingcounterpartyontheothersideofaninterestrateswapenteredintowiththefirstcounterparty.ADRs

答案:alloftheaboveGlobalbondissues

答案:alloftheaboveGenerally,thelowertheturnoverratio,

答案:thelessliquidthesecondarystockmarket,indicatingdifficultyintrading.Banksthatbothperformtraditionalcommercialbankingfunctionsandengageininvestmentbankingactivitiesareoftencalled

答案:merchantbanks.Supposethequoteforafive-yearswapwithsemiannualpaymentsis8.50—8.60percent.Themeans

答案:iftheswapbankissuccessfulingettingcounterpartiestobothlegsoftheswapattheseprices,hewillhaveanannualprofitoftenbasispoints.Theprimaryreasonsforacounterpartytouseacurrencyswapare

答案:toobtaindebtfinancingintheswappedcurrencyataninterestcostreductionbroughtaboutthroughcomparativeadvantageseachcounterpartyhasinitsnationalcapitalmarket,andthebenefitofhedginglong-runexchangerateexposure.Whichcombinationofthefollowingstatementsistrueaboutaswapbank?(i)-itisagenerictermtodescribeafinancialinstitutionthatfacilitatesswapsbetweencounterparties(ii)-itcanbeaninternationalcommercialbank(iii)-itcanbeaninvestmentbank(iv)-itcanbeamerchantbank(v)-itcanbeanindependentoperator

答案:(i),(ii),(iii),(iv)and(v)SupposeABCInvestmentBankerLtd.,isquotingswapratesasfollows:7.50-7.85annuallyagainstsix-monthdollarLIBORfordollars,and11.00-11.30percentannuallyagainstsix-monthdollarLIBORforBritishpoundsterling.ABCwouldenterintoa$/£currencyswapinwhich:

答案:aandbAnexporterfacedwithexposuretoanappreciatingcurrencycanreducetransactionexposurewithastrategyof

答案:payingearly,collectinglate.Thelinkbetweenafirm'sfutureoperatingcashflowsandexchangeratefluctuationsis

答案:operatingexposure.Ifyouoweaforeigncurrencydenominateddebt,youcanhedgewith

答案:aswapcontractwherepaythecashflowsofthebondinexchangefordollars.TherecognizedmethodsforconsolidatingthefinancialreportsofanMNCare

答案:current/noncurrentmethod,monetary/nonmonetarymethod,temporalmethod,andcurrentratemethod.Thesensitivityofthefirm'sconsolidatedfinancialstatementstounexpectedchangesintheexchangerateis

答案:translationexposureYesterday,youenteredintoafuturescontracttobuy€62,500at$1.50per€.Supposethefuturespriceclosestodayat$1.46.Howmuchhaveyoumade/lost?

答案:Youhavelost$2,500.00.An"option"is

答案:acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.Threedaysago,youenteredintoafuturescontracttosell€62,500at$1.50per€.Overthepastthreedaysthecontracthassettledat$1.50,$1.52,and$1.54.Howmuchhaveyoumadeorlost?

答案:Lost$0.04per€or$2,500Ifacurrencyfuturescontract(directquote)ispricedbelowthepriceimpliedbyInterestRateParity(IRP),arbitrageurscouldtakeadvantageofthemispricingbysimultaneously

答案:goinglonginthefuturescontract,borrowingintheforeigncurrency,andgoinglonginthedomesticcurrency,investingtheproceedsatthelocalrateofinterest.Amongitem(1)—(4),whicharethebasicassumptionsofinterestrateparity?(1)Capitalcontrol;(2)Notransactionscosts;(3)Perfectsubstitutabilityofdomesticandforeignassets;(4)Capitalmobility

答案:(2)(3)(4)Ifaforeigncountyexperiencesahyperinflation,

答案:itscurrencywilldepreciateagainststablecurrencies.PurchasingPowerParity(PPP)theorystatesthat

答案:bothaandbTheforwardprice

答案:alloftheabove.TheInternationalFisherEffectsuggeststhat

答案:thenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.TheSF/$spotexchangerateisSF1.25/$andthe180dayforwardexchangerateisSF1.30/$.Theforwardpremium(discount)is

答案:thedollaristradingatan8%premiumtotheSwissfrancfordeliveryin180days.Findtheno-arbitragecrossexchangerate.Thedollar-euroexchangerateisquotedas$1.60=€1.00andthedollar-poundexchangerateisquotedat$2.00=£1.00.

答案:€1.25/£1.00Ifonehasagreedtobuyforeignexchangeforward

答案:youhavealongpositionintheforwardcontract.ThestructureofFXMarketrefersto

答案:thebasicmechanicsofhowamarketplaceoperates.TheBidprice

答案:isthepricethatadealerstandsreadytopay.Ifacountrymustmakeanetpaymenttoforeignersbecauseofabalance-of-paymentsdeficit,thecountryshould

答案:eitherrundownitsofficialreserveassetsorborrowanewfromforeigners.Foreigndirectinvestment(FDI)occurs

答案:bothaandbIftheUnitedStatesimportsmorethanitexports,thenthismeansthat

答案:thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus.Portfolioinvestmentinvolves

答案:investmentsinforeignstocksandbondsthatdonotinvolveacquisitionsofcontrol.Amongitem(1)—(5),whichitemsarerecordedintheaccountof“otherinvestment”?(1)otherequity;(2)currencyanddeposits;(3)loans(includinguseofIMFcreditandloansfromtheIMF);(4)tradecreditandadvances;(5)FDI

答案:(1)(2)(3)(4)Theprice-s