国际金融英文版习题Chapter3Word文件下载.docx
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国际金融英文版习题Chapter3Word文件下载.docx
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B.demanddepositsinforeignbanks
C.foreignsecuritiesthatcanbeeasilycashed
D.alloftheabove
4.Thefunctionsoftheforeignexchangemarketcomedownto__________.
A.convertingthecurrencyofonecountryintothecurrencyofanother
B.providingsomeinsuranceagainsttheforeignexchangerisk
C.makingtheforeignexchangespeculationeasy
D.OnlyAandBaretrue.
5.WhichofthefollowingisNOTtrueregardingtheforeignexchangemarket?
A.Itistheplacethroughwhichpeopleexchangeonecurrencyforanother.
B.Theexchangeratenowadaysismainlydeterminedbythemarketforces.
C.Mostforeignexchangetransactionsarephysicallycompletedinthismarket.
D.Alloftheabovearetrue.
6.Theworldlargestforeignexchangemarketsare__________respectively.
A.London,NewYorkandTokyo
B.London,ParisandFrankfurt
C.London,HongKongandSingapore
D.London,ZurichandBahrain
7.TheforeignexchangemarketisNOTefficientbecause__________.
A.monetaryauthoritiesdominatetheforeignexchangemarketandeverybodyknowsthatbydefinition,centralbanksareinefficient
B.commercialbanksandotherparticipantsofthemarketdonotcompetewithoneanotherduetothefactthattransactiontakesplacearoundtheworldandnotinasinglecentralizedlocation
C.foreignexchangedealershavedifferentpricessuchasbidandaskprices
D.Noneofthereasonslistedarecorrectbecausetheforeignexchangemarketisanefficientmarket
8.__________earnaprofitbyabid-askspreadoncurrenciestheybuyandsell.__________ontheotherhand,earnaprofitbybringingtogetherbuyersandsellersofforeignexchangesandearningacommissiononeachsaleandpurchase.
A.Foreignexchangebrokers;
foreignexchangedealers
B.Foreignexchangedealers;
foreignexchangebrokers
C.arbitragers;
speculators
D.commercialbanks;
centralbanks
9.MostforeignexchangetransactionsarethroughtheU.S.dollars.Ifthetransactionisexpressedasthecurrenciesperdollar,thisisknownas__________whereas__________areexpressedasdollarspercurrency.
A.directquote;
indirectquote
B.indirectquote;
directquote
C.Europeanquote;
Americanquote
D.Americanquote,Europeanquote
10.FromtheviewpointofaJapaneseinvestor,whichofthefollowingwouldbeadirectquote?
A.SFr1.25/€
B.$1.55/₤
C.¥
110/€
D.€0.0091/¥
11.Whichofthefollowingistrueabouttheforeignexchangemarket?
A.Itisaglobalnetworkofbanks,brokers,andforeignexchangedealersconnectedbyelectroniccommunicationssystem.
B.Theforeignexchangemarketisusuallylocatedinaparticularplace.
C.Theforeignexchangeratesareusuallydeterminedbytherelatedmonetaryauthorities.
D.Themainparticipantsinthismarketarecurrencyspeculatorsfromdifferentcountries.
12.Theextenttowhichtheincomefromindividualtransactionsisaffectedbyfluctuationsinforeignexchangevaluesisconsideredtobe_________.
A.Translationexposure
B.economicexposure
C.transactionexposure
D.accountingexposure
13.Whichofthefollowingexchangeratesisadjustedforpricechanges?
A.nominalexchangerate
B.realexchangerate
C.effectiveexchangerate
D.equilibriumexchangerate
14.SupposetheexchangerateoftheRMBversusU.S.dollaris¥
6.8523/$now.IftheRMBweretoundergoa10%depreciation,thenewexchangerateintermsof¥
/$wouldbe:
A.6.1671B.7.5375C.6.9238D.7.6135
15.AtleastinaU.S.MNC’sfinancialaccountingstatement,ifthevalueoftheeurodepreciatesrapidlyagainstthatofthedollaroverayear,thiswouldreducethedollarvalueoftheeuroprofitmadebytheEuropeansubsidiary.Thisisatypical__________.
A.transactionexposure
B.translationexposure
C.economicexposure
D.operatingexposure
16.AJapanese-basedfirmexpectstoreceivepound-paymentin6months.Thecompanyhasa(an)__________.
A.economicexposure
B.accountingexposure
C.longpositioninsterling
D.shortpositioninsterling
17TheexposuretoforeignexchangeriskknownasTranslationExposuremaybedefinedas__________.
A.changeinreportedowner’sequityinconsolidatedfinancialstatementscausedbyachangeinexchangerates
B.theimpactofsettlingoutstandingobligationsenteredintobeforechangeinexchangeratesbuttobesettledafterchangeinexchangerates
C.thechangeinexpectedfuturecashflowsarisingfromanunexpectedchangeinexchangerates
D.Alloftheabove
18Whenafirmdealswithforeigntradeorinvestment,itusuallyhasforeignexchangeriskexposure.SoifanAmericanfirmexpectstoreceiveadollar-paymentfromaChinesecompanyinthenext30days,theU.S.firmhasthepossible__________.
B.transactionexposure
C.translationexposure
D.noneoftheabove
19.Inordertoavoidthepossiblelossbecauseoftheexchangeratefluctuations,afirmthathasa__________positioninforeignexchangescan__________thatpositionintheforwardmarket.
A.short;
sell
B.long;
C.long;
buy
20.AforwardcontracttodeliverJapaneseyensforSwissfrancscouldbedescribedeitheras__________or__________,
A.sellingyensforward;
buyingfrancsforward
B.buyingfrancsforward;
buyingyensforward
C.sellingyensforward;
sellingfrancsforward
D.sellingfrancsforward;
21.DollarsaretradingatS0SFr/$=SFr0.7465/$inthespotmarket.The90-dayforwardrateisF1SFr/$=SFr0.7432/$.Sotheforward__________onthedollarinbasispointsis__________:
A.discount,0.0033
B.discount,33
C.premium,0.0033
D.premium,33
22.Ifthespotrateis$1.35/€,3-monthforwardrateis$1.36/€,whichofthefollowingisNOTtrue?
A.euroisatforwardpremiumby100points.
B.dollarisatforwarddiscountby100points.
C.dollarisatforwarddiscountby55points.
D.euroisatforwardpremiumby2.96%p.a.
23.IfthespotC$/$rateis1.0305/15,forwarddollaris25/30premium,theoutrightforwardquoteinAmericantermshouldbe__________.
A.1.0330–1.0345
B.1.0280–1.0285
C.0.9681–0.9667
D.0.9728–0.9723
24.IfthespotC$/$rateis1.0305/15,forwarddollaris25/30premium,the$/C$forwardquoteintermsofpointsshouldbe__________.
A.30/25
B.25/30
C.–(23/28)
D.–(28/23)
25.ThecurrentU.S.dollarexchangerateis¥
85/$.Ifthe90-dayforwarddollarrateis¥
90/$,thentheyenissellingataperannum__________of__________.
A.premium;
5.88%
B.discount;
5.56%
C.premium;
23.52%
D.discount;
22.23%
II.Problems
Questions1through10arebasedontheinformationpresentedinTable3.1.(2creditsforeachquestion,totalcredits2x10=20)
Table3.1
CountryExchangerateExchangerateCPIVolumeofVolumeof
(2008)(2009)(2008)exportstoU.SimportsfromU.S.
Germany€0.75/$€0.70/$102.5$200m$350m
MexicoMex$11.8/$Mex$12.20/$110.5$120m$240m
U.S.105.3
1.Therealexchangerateofthedollaragainsttheeuroin2009was__________.
2.Therealexchangerateofthedollaragainstthepesoin2009was__________.
3.Thedollarwas__________againsttheeuroinnominaltermby__________.
A.appreciated;
6.67%
B.depreciated;
C.appreciated;
7.14%
Ddepreciated;
4.TheMexicanpesowas__________againstthedollarinnominaltermby__________.
3.39%
3.28%
D.depreciated;
5.ThevolumeoftheGermanforeigntradewiththeU.S.was__________.
6.ThevolumeoftheMexicanforeigntradewiththeU.S.was__________.
7.AssumetheU.S.tradesonlywiththeGermanyandMexico.Nowifwewanttocalculatethedollareffectiveexchangeratein2009againstabasketofcurrenciesofeuroandMexicanpeso,theweightassignedtotheeuroshouldbe__________.
8.Theweightassignedtothepesoshouldbe__________.
9.Assumethe2008isthebaseyear.Thedollareffectiveexchangeratein2009was__________.
10.Wasthedollargenerallystrongerorweakerin2009accordingtoyourcalculation?
11.Thefollowingexchangeratesareavailabletoyou.
FujiBank¥
80.00/$
UnitedBankofSwitzerlandSFr0.8900/$
DeutscheBank¥
95.00/SFr
AssumeyouhaveaninitialSFr10million.Canyoumakeaprofitviatriangulararbitrage?
Ifso,showstepsandcalculatetheamountofprofitinSwissfrancs.(8credits)
12.Ifthedollarappreciates1000%againsttheruble,bywhatpercentagedoestherubledepreciateagainstthedollar?
(5credits)
13.Asapercentageofanarbitrarystartingamount,abouthowlargewouldtransactionscostshavetobetomakearbitragebetweentheexchangeratesSSFr/$=SFr1.7223/$,S$/¥=$0.009711/¥
andS¥/SFr=¥
61.740/SFrunprofitable?
Explain.(7credits
14.Youaregiventhefollowingexchangerates:
S¥/A$=67.05–68.75
S£/A$=0.3590–0.3670
CalculatethebidandaskrateofS¥/£:
1
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