去年国际金融试题和答案.doc

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1、PartⅠ.Decidewhethereachofthefollowingstatementsistrueorfalse(10%)每题1分，答错不扣分1.Ifperfectmarketsexisted,resourceswouldbemoremobileandcouldthereforebetransferredtothosecountriesmorewillingtopayahighpriceforthem.(T)2.Theforwardcontractcanhedgefuturereceivablesorpayablesinforeigncurrenciestoinsulateth

2、efirmagainstexchangeraterisk.(T)3.Theprimaryobjectiveofthemultinationalcorporationisstillthesameprimaryobjectiveofanyfirm,i.e.,tomaximizeshareholderwealth.(T)4.Alowinflationratetendstoincreaseimportsanddecreaseexports,therebydecreasingthecurrentaccountdeficit,otherthingsequal.(F)5.Acapitalaccoun

3、tdeficitreflectsanetsaleofthehomecurrencyinexchangeforothercurrencies.Thisplacesupwardpressureonthathomecurrency’svalue.(F)6.Thetheoryofcomparativeadvantageimpliesthatcountriesshouldspecializeinproduction,therebyrelyingonothercountriesforsomeproducts.(T)7.Coveredinterestarbitrageisplausiblewhent

4、heforwardpremiumreflecttheinterestratedifferentialbetweentwocountriesspecifiedbytheinterestrateparityformula. (F)8．Thetotalimpactoftransactionexposureisontheoverallvalueofthefirm.(F)9.Aputoptionisanoptiontosell-bythebuyeroftheoption-astatednumberofunitsoftheunderlyinginstrumentataspecifiedpricep

5、erunitduringaspecifiedperiod.(T)10.Futuresmustbemarked-to-market.Optionsarenot.(T)PartⅡ:Cloze(20%)每题2分，答错不扣分1.Ifinflationinaforeigncountrydiffersfrominflationinthehomecountry,theexchangeratewilladjusttomaintainequal(purchasingpower）2.Speculatorswhoexpectacurrencyto(appreciate)couldpurchasecurren

6、cyfuturescontractsforthatcurrency. 3.Coveredinterestarbitrageinvolvestheshortterminvestmentinaforeigncurrencythatiscoveredbya(forwardcontract)tosellthatcurrencywhentheinvestmentmatures. 4.（Appreciation/Revalue）ofRMBreducesinflowssincetheforeigndemandforourgoodsisreducedandforeigncompetitionisin

7、creased.5.(PPP)suggestsarelationshipbetweentheinflationdifferentialoftwocountriesandthepercentagechangeinthespotexchangerateovertime. 6.IFEisbasedonnominalinterestrate(differentials),whichareinfluencedbyexpectedinflation.7.T