国际金融（英文版）智慧树知到期末考试答案章节答案2024年吉林财经大学

国际金融（英文版）智慧树知到期末考试答案+章节答案2024年吉林财经大学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.

（

）

答案:对“Dollarization”

can

be

classified

as

a

form

of

a

fixed

exchange

rate.（

）

答案:对Exports

depend

on

income

in

the

exporting

country

and

on

the

relative

prices

between

the

exporting

and

importing

countries.（

）

答案:错If

the

domestic

interest

rate

increases,

while

the

foreign

interest

rate

and

the

expected

spot

exchange

rate

remain

constant,

the

return

comparison

shifts

in

favor

of

investments

in

bonds

denominated

in

the

foreign

currency.（

）

答案:错For

a

country

with

a

fixed

exchange

rate

and

no

sterilization:

When

the

FE

curve

is

steeper

than

the

LM

curve,

a

negative

domestic

spending

shock

to

the

IS

curve

creates

a

balance

of

payments

surplus,

which

then

causes

the

LM

curve

to

shift

to

the

right.（

）

答案:对At

present,

the

majority

of

a

nation’s

official

reserve

transactions

are

done

by

using

foreign

exchange

assets

instead

of

gold.（

）

答案:对Exchange

rates

are

much

more

volatile

in

the

long-run

than

in

the

short-run.（

）

答案:错The

cash

flows

under

a

futures

contract

should

be

settled

on

a

daily

basis

with

a

marking

to

market

system.（

）

答案:对If

a

country's

currency

is

a

reserve

currency,

then

intervention

in

the

foreign

exchange

market

to

maintain

a

pegged

exchange

rate

is

unnecessary.（

）

答案:错Government

officials

wanting

to

defend

a

fixed

exchange

rate

may

not

have

sufficient

reserves

of

foreign

currency

to

keep

the

price

fixed

indefinitely.

（

）

答案:对Exchange

rates

are

equalized

in

different

locations

due

to(

)

答案:arbitrage.Assume

that

the

FE

curve

is

flatter

than

the

LM

curve.

A

negative

external

capital-flow

shock

shifts

the

FE

curve

left.

Under

zero

sterilization,

which

one

of

the

following

will

happen

next?

(

)

答案:Because

of

the

incipient

balance

of

payments

deficit,

LM

curve

will

shift

leftwardEverything

else

remaining

unchanged,

the

effect

of

domestic

spending

shocks

on

a

country

with

a

floating

exchange

rate

differs

depending

on:（

）

答案:the

mobility

of

capital

across

countries.Underafloatingexchangerateregime,theloosemonetarypolicycarriedoutbythemonetaryofficialwill(

).

答案:induce

financial

capital

to

leave

the

country.Company

X

is

a

perfume

manufacturer

and

one

of

its

popular

products

involves

rosewood.

It

is

deeply

concerned

with

the

market

price

fluctuations

of

rosewood.

To

protect

this,

it

enters

into

a

contract

which

would

allow

the

company

to

buy

rosewood

at

a

specific

price

at

a

given

future

date.

This

is

an

example

of(

)

答案:hedging.Whichofthefollowingstatementswithrespecttotheimplicationsofthedefenseoffixedexchangerateregimeisaccurate?(

)

答案:Fixed

exchange

rates

greatly

constrain

a

country's

ability

to

pursue

an

independent

monetary

policy.The

central

feature

of

the

Bretton

Woods

system

was(

)

答案:the

use

of

an

adjustable

pegged

exchange

rate

regime.The

exchange

rate

set

for

an

immediate

trade

is

often

referred

to

as

a(

)

答案:spot

exchange

rate.The

_____

measures

the

sum

of

the

current

account

balance

plus

the

nonofficial

financial

account

balance.(

)

答案:official

settlements

balanceWhenever

the

official

settlements

balance

is

in

_____,

there

can

be

an

increase

in

domestic

official

holdings

of

reserve

assets

or

a

decrease

in

foreign

official

holdings

of

domestic

assets.(

)

答案:surplusEverything

else

remaining

unchanged,

an

increase

in

interest

rates

in

the

United

States

is

most

likely

to

result

in:(

)

答案:capital

inflows

into

the

United

States.Which

of

the

following

is

NOT

one

of

the

rules

for

a

gold

standard?

(

)

答案:Capital

controls

should

be

used

to

conserve

each

country’s

gold

holdings.In

a

_____

exchange

rate

system

the

government

or

central

bankers

intervene

to

keep

the

exchange

rate

virtually

steady.(

)

答案:fixedConsider

that

Britain

is

trying

to

maintain

a

fixed

exchange

rate

with

respect

to

the

U.S.

dollar.

However,

the

present

situation

in

the

foreign

exchange

market

is

conducive

for

the

British

pound

to

depreciate

with

respect

to

the

U.S.

dollar.

Which

of

the

following

interventions

will

stem

the

pressures

for

depreciation

of

the

pound?

(

)

答案:The

government

of

Britain

should

buy

pounds

and

sell

dollars.Other

things

equal,

the

domestic

currency

_____

when

the

domestic

money

supply

increases

relative

to

the

foreign

money

supply.(

)

答案:depreciates

in

the

long-run_____

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.(

)

答案:Covered

interest

arbitrageEvery

international

exchange

of

value

is

entered

into

the

balance-of-payments

accounts

_____

time(s).(

)

答案:twoFor

a

country

with

a

fixed

exchange

rate

that

is

running

continuous

overall

payments

surpluses(

)

答案:the

country’s

monetary

authority

will

suffer

losses

on

its

official

reserve

holdings

if

the

country’s

currency

is

revalued.The

international

investment

position

is

a

statement

of_____.

(

)

答案:the

stocks

of

a

country’s

foreign

assets

and

foreign

liabilities

at

a

point

in

time.If

the

marginal

propensity

to

save

is

0.3

and

the

marginal

propensity

to

import

is

0.2,

then

value

of

the

simple

spending

multiplier

is(

)

答案:2.0.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

that

includes

hedging?(

)

答案:Sell

dollars

at

the

spot

rate,

invest

the

proceeds

in

foreign

currency-denominated

financial

instruments,

and

sign

a

forward

exchange

contract

to

buy

dollarsOther

fundamental

things

equal,

a

decrease

in

the

exchange

rate

value

of

domestic

currency

will

cause

the

current

account

to:（

）

答案:move

toward

a

surplus.With

a(n)

_____,

the

government

allows

the

market

to

determine

the

exchange

rate

of

a

currency.

(

)

答案:clean

floatUnder

a

floating

exchange

rate

regime

with

a

high

degree

of

capital

mobility,

a

change

in

the

exchange

rate

value

of

domestic

currency

following

contractionary

fiscal

policy

is

most

likely

to:（

）

答案:improve

the

current

account.Which

one

of

the

following

is

NOT

a

way

for

a

country

to

defend

its

fixed

exchange

rate?

(

)

答案:Promote

real

appreciation

of

the

country’s

currencyA

debit

item

in

the

balance

of

payments

is

(

)

答案:an

item

for

which

the

country

must

pay.For

a

country

with

a

floating

exchange

rate

and,

initially,

an

overall

payments

balance

of

zero,

if

the

country

implements

expansionary

monetary

policy,

the

LM

curve

will

shift

to

the

_____

which

will

lead

to

the

country's

currency

to

__________.（

）

答案:right;

depreciateAssume

that

the

dollar

exchange

rate

against

euro

is

two

dollars

per

euro,

while

the

dollar

exchange

rate

against

Japanese

yen

is

50

cents

per

yen.

On

the

basis

of

the

two

given

exchange

rates,

the

yen

per

euro

exchange

rate

is_____.(

)

答案:4

yens

per

euro.The

LM

curve

has

a:（

）

答案:positive

slope

because

a

higher

interest

rate

leads

to

a

decrease

in

the

demand

for

money

and

thus

a

higher

level

of

domestic

production

is

needed

to

cause

people

to

continue

to

hold

the

same

amount

of

money.In

a

_____

contract

you

can

effectively

lock

in

the

price

at

which

you

buy

or

sell

a

foreign

currency

at

a

set

date

in

the

future.(

)

答案:currency

futuresAn

import-export

business

that

finds

itself

in

a

“short”

foreign-currency

position

risks

a

financial

loss

if(

)

答案:the

domestic

currency

depreciates

(more

than

expected).Which

of

the

following

can

be

considered

as

domestic

assets

of

a

country’s

central

bank?

(

)

答案:The

country’s

government

bonds

held

by

the

central

bankThe

quantity

theory

of

demand

for

money

posits

that

the

preference

for

holding

money

is

_________.

(

)

答案:positively

related

to

nominal

GDP

and

negatively

related

to

the

level

of

interest

rates

available

on

other

financial

assets.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(

)

答案:buy

500,000

euros

in

the

forward

exchange

market

for

delivery

in

60

days.The

initial

impact

of

_____

the

money

supply

_____

the

balance

of

payments.

(

)

答案:expanding;

worsensThe

money

like

assets

that

are

held

by

governments

and

that

are

recognized

by

governments

as

fully

acceptable

for

payments

between

them

are_______.(

)

答案:official

reserve

assets.Suppose

that

U.S.

prices

rise

4

percent

over

the

next

year

while

prices

in

Mexico

rise

6

percent.

According

to

the

purchasing

power

parity

theory

of

exchange

rates,

which

of

the

following

should

happen?(

)

答案:The

peso

will

depreciateIn

the

foreign

exchange

market,

what

could

be

a

possible

consequence

of

an

increase

in

the

purchase

of

stocks

of

Toyota,

a

Japanese

automobile

firm,

by

the

U.S.

residents?(

)

答案:Dollar

will

depreciateWhich

of

the

following

statements

is

true?

（

）

答案:Under

floating

exchange

rates,

external

capital-flow

shocks

can

have

effects

on

internal

balance

by

altering

the

exchange

rate

and

the

country's

international

competitiveness.Action

to

reverse

the

effect

of

official

intervention

on

the

domestic

money

supply

is

called(

)

答案:sterilization.The

greater

the

degree

of

international

capital

mobility:(

)

答案:the

flatter

is

the

FE

curve.The

effect

of

international

trade

shocks

on

internal

economy

in

a

country

with

a

floating

exchange

rate

regime

is

_____

by

the

resulting

change

in

the

_____.（

）

答案:mitigated;

exchange

rate._____

are

in

place

when

a

country's

government

places

restrictions

on

the

conversion

of

the

domestic

currency

into

foreign

currency

or

vice

versa.

(

)

答案:Exchange

controlsThe

retail

foreign

exchange

transactions

do

not

occur

between

bank

traders

and_______.

（

）

答案:traders

at

other

banks.Under

a

floating

exchange

rate

system,

the

value

of

the

dollar

per

euro

exchange

rate

rises

when(

)

答案:The

U.S.

trade

deficit

with

the

euro-area

countries

increases.Following

an

expansion

of

the

money

supply,

a

government

committed

to

maintaining

a

fixed

exchange

rate

must:（

）

答案:intervene

in

the

foreign

exchange

market

to

sell

foreign

currency

and

buy

domestic

currency.Official

intervention

in

the

foreign

exchange

market

to

defend

a

fixed

exchange

rate

when

the

value

of

the

country’s

currency

is

under

downward

pressure

causes:(

)

答案:the

domestic

money

supply

to

fall.Under

a

floating

exchange

rate

regime:（

）

答案:the

changes

in

the

exchange

rate

will

take

care

of

external

balance

leaving

macroeconomic

policy

to

take

care

of

internal

balance.If

the

price

of

British

pounds

in

terms

of

the

U.S.

dollars

is

$1.80

per

pound,

then

the

price

of

U.S.

dollars

in

terms

of

British

pounds

is(

)

答案:£0.555

per

dollar.Consider

a

country

that

has

an

official

settlements

balance

surplus

and

is

experiencing

upward

pressure

on

the

exchange

rate

value

of

its

currency.

Which

of

the

following

will

NOT

be

true

in

this

context?

(

)

答案:For

the

regular

bank

that

is

involved

in

the

intervention

transaction,

the

central

bank

decreases

the

bank’s

deposits

at

the

central

bank.Foreignsubsidiariescanraiseinternalsourcesoffundsfromthefollowingpartyorpartiesexcept(

).

答案:unrelatedpartieswithoutanyguaranteePackingloanisapre-shipmentfinancingfacilitymadebytheexporter’sbanktotheexporterontheinstructionoftheissuingbank.（

）

答案:错WhichofthefollowingpartiesisnotaprincipalpartyofaBOTfinance?

答案:homegovernmentSeasonedpublicofferingisreferredtoasthesubsequentissueofadditionalsharestothegeneralpublicafterinitialfloatation，whichisalsocalledthefollow-onofferings.（

）

答案:对Inthecaseofaccountsreceivablepledging,theownershipoftheaccountsreceivablestillrestswiththeseller,whileinthecaseofaccountsreceivablefactoring,theownershipofitistransferredtothefactor.（

）

答案:对Inthecaseof(

)

lettersofcredit,thebeneficiary(theexporter)canbepaidatsight,althoughitissuesusancedraft(s).

答案:apseudo-usanceTheterm

“forfaiting”

isderivedfrom

theFrench“aforfait”,whichmeans(

).

答案:tosurrenderorrelinquishrightsThefinanceofnegotiationinconnectionwithdocumentarycreditisalsoknownas(

).

答案:billpurchaseAPandabond

isaChinese-yuan-denominatedbondissuedinChinabyaChineseissuer.（

）

答案:错Documentarycreditisusuallyissuedinfavorofacustomerknownas(

).

答案:thebeneficiaryFromtheperspectiveoftheparentcompany,multinationalcapitalbudgetinginvolvesthefollowingcomplexitiesexcept(

).

答案:maximizationofforeign

currencydenominatedwealthPaybackperiod

referstonumberofyearsnecessaryforthefuturecashflowsfromthecapitalbudgetingprojecttorecoupitsinitialoutlay.（

）

答案:对Whichofthefollowingtechniquesisnotthediscounted-cash-flowcriterionusedtomakemultinationalcapitalbudgetingdecisions?

答案:AccountingrateofreturnInternationalinvestmentusuallydoesnotinvolve(

)risk.

答案:insuranceCertaintyequivalentapproachisamethodofincorporatingriskintointernationalcapitalbudgetingprojectbyadjustingthefuturecashflowsarisingfromitdownward.（

）

答案:对Suspensionoptiongrantsthemultinationalcorporationanoptionalrighttodeterminewhethertoshutdowntheinternationalcapitalbudgetingproject.

答案:错Whichofthefollowingexamplesisleastlikelypoliticalrisk.

答案:UsinganewaccountingbasisbymultinationalcorporationMultinationalcapitalbudgetingisusuallyexaminedfromtwoperspectives,includingtheviewpointoftheparentcompanyandthatofthehostgovernment.（

）

答案:错Optimalinternationalportfolioisthe(

).

答案:tangencyofinternationalcapitalmarketlineandinternationalportfolioopportunitysetAsfarastheparentviewpointanalysisisconcerned,

theadditionalrisk

thatstemsfromits

foreign

projects

canbemeasuredinatleasttwoways:adjusting

thediscountratesoradjustingthelifeoftheproject.（

）

答案:错Supposetheinterestrateon6-monthtreasurybillsis7percentperyearintheUnitedKingdomand4percentperyearintheUnitedStates.Also,today’sspotexchangepriceofthepoundis$2.00whilethe6-monthforwardexchangepriceofthepoundis$1.98.ByinvestinginU.K.treasurybillsratherthanU.S.treasurybills,andcoveringexchange-raterisk,U.S.investorsearnanapproximateextrareturnfor6monthsof:

答案:0.5percent.Operatingexposureismorelikelyknownas(

)exposure.

答案:competitiveThechangeinthefuturecashflowswhichhavenotbeencontractedforasaresultoftherandomchangesinexchangerateisknownas(

).

答案:operatingexposureIfCanadahasacurrent90dayforwardexchangeratevalueforitscurrencythatisabovethecurrentspotexchangeratevalueofitscurrency,thentheCanadian90-dayinterestrateisrelativelyhigh.（

）

答案:错AswapbankprovidesanAA-ratedcompanyXandaBB-ratedcompanyYwithafive-yearswapquotationof2.5%-3%againstLIBOR.Themeans:

答案:TheswapbankwillpaycompanyXwith2.5%againstreceivingLIBORfromit,andreceive3%fromcompanyYagainstpayingLIBORtoit.Iftheexpectedfuturespotrateislowerthanthebreakevenexchangerate,(

)willbemoredesirableformultinationalcorporationstohedgeagainstthetransactionexposurearisingfromholdingforeign-currencydenominatedaccountspayable.

答案:calloptionForaninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingchoicesisanexamplethatincludesspeculating?

答案:Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrateTheprofitsandlossesonafuturescontractaccruetoyoudaily,asthecontractis“markedtomarket”daily.（

）

答案:对Asforthesellerofcalloption,ifthefuturespotrateishigherthanthestrikeprice,theoptionwillbeknownas(

)option.

答案:out-of-the-moneyTranslationofthefinancialstatementspreparedbytheforeignsubsidiariesfromtheirrespectivelocalcurrenciesintothehomecurrencyoftheparentcompanyisusuallydonebytwomethods,including(

).

答案:CurrentratemethodandtemporalmethodTherearelimitstotheabilityofmonetaryauthoritiestousesterilizedinterventioninthecaseofadeficitbecause:

答案:thecentralbank’sabilitytoconstantlyobtainforeigncurrencyforthesterilizedinterventionisconstrained.Assumethattheexchangeratesarefixed.Whenmoneydemandislesssensitivetointerestratechangesthanareinternationalcapitalflows,_____policywillbe_____effectivethanwhenmoneydemandismoresensitivetointerestchangesthanareinternationalcapitalflows.

答案:expansionaryfiscal;moreForsmallopeneconomy,assumethatthemarginalpropensitytoimportis0.3,andthatinterestrates,exchangerates,andthepricelevelareallconstant.Ifanincreaseof$10billioningovernmentspendingresultsinanincreaseof$6billioninimports,then:

答案:realGDPincreasesby$4billion.Whichofthefollowingstatementsistrue？

答案:Underfloatingexchangerates,externalcapital-flowshockscanhaveeffectsoninternalbalancebyalteringtheexchangerateandthecountry'sinternationalcompetitiveness.Acentralbankcansterilizetheincreaseinthemoneysupplythatresultsfromaninterventiontodefendafixedexchangeratebysellingdomesticgovernmentbonds.（

）

答案:对Thelocomotivetheorypositsthatgrowthinoneormorelargecountries:

答案:canraisegrowthinothersmallercountriesthattradewiththeselargercountries.Internationalcrowdingoutisthetendencyofexpansionaryfiscalpolicytoappreciatethecountry’scurrencyandworsenthecurrentaccount.（

）

答案:对Perfectcapitalmobilityimplies:

答案:anFEcurvethatishorizontal.Withfloatingexchangerates,theeffectsofinternationaltradeshocksoninternalbalanceare_____bytheeffectsoftheresultingchangeinthe_____.

答案:mitigated;exchangerate.Thedemandformoneyis:

答案:positivelyrelatedtonominalGDPandnegativelyrelatedtothelevelofinterestratesavailableonotherfinancialassets.TheBrettonWoodsSystemisexposedtoadilemmaknownas_______.

答案:TriffinParadoxTomaintainanundervaluedcurrency,thecountry’smonetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrencyintheforeignexchangemarket.（

）

答案:错Underafloatingexchangeratesystem,anincreaseintheinternationaldemandforelectronicappliancesmanufacturedinJapanwillresultin:

答案:Anappreciationoftheyenvis-à-visothercurrencies.BasedonPPPandthequantitytheoryofmoney,everythingelseremainingunchanged,ifJapan’srealincomerisesrelativetorealincomeintheU.S.,therewouldbea(n):

答案:appreciationoftheyen.The_____effectsuggeststhatspeculationscansometimesbedestabilizingastheactionsoftheinternationalinvestorsmovetheexchangerateawayfromthelong-runequilibriumvalueconsistentwithfundamentaleconomicinfluences.

答案:bandwagonSupposethedollarperpoundexchangerateis$2perpoundwhilethedollarperSwissfrancexchangerateis50centsperfranc.FromthegiveninformationwecanconcludethattheSwissfrancperpoundexchangerateis:

答案:4francsperpound.Theretailpartoftheforeignexchangemarketdoesnotincludetradersatbankstradingwith:

答案:tradersatotherbanks.AssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:

答案:sellingdollarsinthe60-dayforwardexchangemarket.Price-specie-flowmechanismpositsthatthemisalignmentofexchangerateundertheclassicalgoldstandardcanbeautomaticallycorrected.（

）

答案:错RapidincreasesintheU.S.exportsofgoodsandserviceswillresultina(n)_____foreigncurrencyanda(n)_____theU.S.dollarsintheforeignexchangemarket.

答案:increaseinthesupplyof;increaseinthedemandforWhichofthefollowingwouldtendtocontributetoaU.S.currentaccountsurplus?

答案:TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.Marshall-Lernerconditionisthatthepaymentsdeficitwillbeimprovedasaresultofcurrencydepreciationonlyif_______.

答案:thesumofelasticityofdemandforgoodsimportandthatforgoodsexport

islargerthanone.Ifthebalanceofpaymentsaccountsofacountryshowsacurrentaccountdeficit,itmeansthat:

答案:itsforeignassetsaregrowingslowerthanitsforeignliabilities.Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.（）

答案:错Accordingtotheabsorptionapproachtobalanceofpayments,ifanation’snationalincomeislessthanitsnat