国际金融试题A 答案.doc

《国际金融试题A 答案.doc》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、《国际金融A》试题A答案ITranslations（1*10）单方面转移exchangeovershooting官方结算差额currencyboardsystem外汇掉期one-wayspeculativegamble三角套汇realeffectiverate抵补利差crawlingpegIIMultipleChoice（1*30）(单选)123456789101112131415DCBADDDDAABBACA161718192021222324252627282930CDDBCBBCDDCBBBAIIIT

2、rue/FalseQuestions(pleasefillTfortrueandFforfalse)(1point*10)12345678910　TT　　TFT　　F　T　F　T　FIV.Whatisthecurrentaccountbalanceofanationwithagovernmentbudgetsurplusof$1500billion,privatesavingof$800billion,andadomesticcapitalformationof$3500billion?(10points)

3、Sp+Sg-Id=CA=1500+800-3500=-1200V.Suppose$1=0.85eurosinNewYork,1euro=150yeninParis,and1yen=$0.008inTokyo.Ifyoubeginbyholding$1,howcouldyouprofitfromtheseexchangerates?Whatisyourarbitrageprofitperdollarinitiallytraded? (10points)$1=0.85eurosinNewYork,1euro=1

4、50yeninParis1yen=$0.008inTokyoSell$1for0.85euroinNewYorkSell0.85eurofor0.85*150yeninParisSell0.85*150yenfor0.85*150*0.008$inTokyoProfit=150*0.85*0.008-1=0.02$VIThefollowingratesexit:Currentspotexchangerate:$1.8/£Annualizedinterestrateon90-daydollar-denomin

5、atedbonds8%(2%for90days);Annualizedinterestrateon90-daypound-denominatedbonds12%(3%for90days),Financialinvestorsexpectspotratetobe$1.77/£in90days.(1)Ifaninvestorbaseshisdecisiononthedifferenceintheexpectedrateofreturn,shouldaU.S.-basedinvestormakeanuncover

6、edinvestmentinpound-denominatedbondsratherthaninvestingindollar-denominatedbonds?(5points)NO.because3%-2%=1%lessthantheexpecteddiscountrateofpoundin3month=(1.8-1.77)/1.8=1.67%.oryoucansaytheUIP=-0.0072$(2)If3-monthforwardexchangerateis$1.78/£,isthereanypos

7、sibilityofCoveredinterestarbitrageforinvestors?(5points)(3)没有抵补套利机会CIP=1/1.8(1+.3%)*1.78-1(1+2%)=-0.00144usd.VIIwhydidtheBrettonWoodssystemoffixedexchangeratescollapse?Pleasepointoutthemaincauses.(10points)Answerforreference:制度设计缺陷（如特里芬难题）美国的经济相对地位的衰落，美国持续

8、的通胀政策高度流动的国际资本冲击(单向投机赌博)VIII.Adropintheforeigndemandforourexportshaslargereffectonourdomesticproductandincomeunderfloatingexchangeratethanitwouldunderfixedexchangerate.Doyouagree?Why(10points)不同意。浮动汇率下，外国对本国出