上一届国际金融管理总结

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1、国际金融管理一、名词解释：Currencyfuturescontracts:specifyastandardvolumeofaparticularcurrencytobeexchangedonaspecificsettlementdate,typicallythethirdWednesdaysinMarch,June,September,andDecember.Unlikeforwardcontractshowever,futurescontractsaresoldonexchangesForeignbonds:Bondsden

2、ominatedinthecurrencyofthecountrywheretheyareplacedbutissuedbyborrowersforeigntothecountryarecalledforeignbondsorparallelbondsFishereffect.：realinterestrate=nominalinterestrate-inflationrateThisrelationshipissometimescalledtheFishereffect.Technicalforecastinginvolves

3、theuseofhistoricaldatatopredictfuturevalues.ItincludesstatisticalanalysisandtimeseriesmodelsOpenAccounts（赊销）：Theexportershipsthemerchandiseandexpectsthebuyertoremitpaymentaccordingtotheagreed-upontermstransactionexposure：Thedegreetowhichthevalueoffuturecashtransactio

4、nscanbeaffectedbyexchangeratefluctuationsisreferredtoastransactionexposureEconomicexposure：referstothedegreetowhichafirm'spresentvalueoffuturecashflowscanbeinfluencedbyexchangeratefluctuationsTranslationexposure:TheexposureofanMNC'sconsolidatedfinancialstatementstoex

5、changeratefluctuationsTransactionexposureexistswhenthefuturecashtransactionsofafirmareaffectedbyexchangeratefluctuationsCross-Hedging：Whenacurrencycannotbehedged,anothercurrencythatcanbehedgedandishighlycorrelatedmaybehedgedinstead.二、判断题多集中在第一部分的章节。15道为了少看课件，把解答所用课件贴

6、了出来Dynamichedging（动态套期保值）referstothestrategyofhedgingwhenthecurrenciesheldareexpectedtodepreciate,andnothedgingwhentheyareexpectedtoappreciate.另外了解货币波动性和货币相关性的关系（C10-14）；ImpactofCashFlowandCorrelationConditionsonanMNC'sExposureExpectedNetCashFlowCorrelationbetweenCur

7、renciesxandjMNCysExposureCurrency^Currency^+Q+QHighlypositiveHigh+Q+QSlightlypositiveModerate+Q+QNegativeLow+Q_QHighlypositiveLow+Q_QSlightlypositiveModerate+Q_QNegativeHigh了解赊销货物的所冇权事先由出口商转移到进口商手中;了解利率、价格分别对资本流动与国际贸易的影响最大。三、计算题（跟作业相关，数据发生了变化，要借入即将贬值的货币（C4-22）Specula

8、tingonAnticipatedExchangeRatesChicagoBankexpectstheexchangerateoftheNewZealanddollartoappreciatefromitspresentlevelof$0.50to$0.52in