国际金融(双语)复习大纲

1（一）论述、简答、计算题：1、WhatisthecurrentaccountbalanceofFrancewhentheFrenchbudgetsurplusis348millionEuros,privatesavingis256millionEuros,domesticcapitalformationis134millionEuros?解答：Nationalsaving=privatesaving+governmentsaving=256+348=604millionCurrentaccountbalance=nationalsaving–domesticrealinvestment=604-134=470million附：Currentaccountbalance(CA)=netforeigninvestment(If)Nationalsaving(S)=domesticrealinvestment(Id)+netforeigninvestment(If)If=CA=S-Id,CA=Y(domesticproductionofgoodsandservices)-E(totalexpendituresongoodsandservices)2、WhichofthefollowingtransactionscouldcontributetoaBritishcurrentaccountsurplus?ExplainwhyaFrenchfirmsellsdefenseequipmenttotheBritishgovernmentfor250millionpoundsinbankdepositsbGreatBritainmakesagiftof$500milliontotheIraqigovernmenttoaidinreconstruction.cTheUnitedStatesborrows200millionpoundsonashort-termbasisfromtheBritishgovernmenttobuy200millionpoundsintextilesfromGreatBritain.C：merchandiseexports——currentaccountsurplusA：merchandiseimports——currentaccountdeficitB：unilateraltransfer——currentaccountdeficit3、Youareprovidedwiththefollowinginformationaboutacountry’sinternationaltransactionsduringagivenyear:Serviceexports$346Serviceimports$354Merchandiseexports$480Merchandiseimports$348Incomeflows,net$153Unilateraltransfers,net$142Increaseinthecountry’sholdingofforeignassets,net(excludingofficialreservesassets)$352Increaseinforeignholdingsofthecountry’sassets,net(excludingofficialreserveassets)$252Statisticaldiscrepancy,net$154a.Calculatetheofficialsettlementsbalanceandthecurrentaccountbalance.b.Isthecountryincreasingordecreasingitsnetholdingsofofficialreserveassets?Why?A:Currentaccountbalance=netcredits–netdebitson(theflowofgoods,services,incomeandunilateraltransfer)=（346—354）+（480—348）+153—142=135Financialaccountbalance=foreignholdingsofthecountry’sassets–thecountry’sholding2offoreignassets=—352+252=—100So,officialsettlementbalance(B)=CAbalance+financialaccountbalance=135—100=35B:Currentaccountbalance=132—8+153—142=135B=CA+FA=135+（—100）=35B+OR+Statisticaldiscrepancy=0OR=—189IncreaseinnetholdingsofofficialreserveassetDebit(-)Credit(+)BalanceGoods348480132Services354346-8Income153Unilateraltransfer142-142Privatecapitalflows352252-100OR189-189Statisticaldiscrepancy1544、Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.a.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.b.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.c.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.d.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro.A:indirectquotation,euroappreciatedB:directquotation,eurodepreciatedC:indirectquotation,eurodepreciatedD:directquotation,euroappreciated5、Whatarethetwoformsofinterbankforeignexchangetrading?Compareandcontrasthesimilaritiesanddifferencesofthetwoforms.Form1InterbanktradingisconducteddirectlybetweenthetradersatdifferentbanksForm2InterbanktradingareconductedthroughforeignexchangebrokerSimilarities:Botharemakingtheforeignexchangetrades.Differences:①Form1,thetradersknowtowhomtheyarequotingexchangeratesforpossible。Form2,theuseofbrokersprovideanonymitytothetradersuntilanexchangerateisagreedonforatrade.②Form2,theuseofbrokerscanalsoallowthebanktoeconomizeonthecostsofsearchingforthebestavailableexchangerates,becausethebroker’sbusinessistoknowtheratesatwhichvariousbanksarewillingtotrade.Brokersearncommissionfortheirservices.36.ThespotexchangeratebetweenthedollarandtheJapaneseyenisafloatingrate.Whateffectswillthefollowingeventshaveontheexchangerate?Ineachcase,drawagraphtoillustratethechangesintheforeignexchangemarketcausedbytheevent.a.PoliticalunrestinJapancausesU.S.investorstoshifttheirinvestmentsoutofJapan.b.ThereisalargeincreaseinJapanesedemandforU.S.investmentsbecauseJapaneseinvestorsbelievethattheU.S.economyisexperiencingstronggrowth.c.ThereisanincreaseindemandintheU.S.forJapaneseexportsasJapanbecomesalow-costproducerofelectronicdevices.A:SellingJapanesetodollars→increaseinsupplyofJapaneseyen→shiftthesupplycurve→reducestheexchangeratevalue(＄/yen)ofJapaneseyen→soinafloating-ratesystemshiftthesupplycurveforyentorightandthedemandcurveremainsunchanged→thedollarappreciatesB:IncreaseinsupplyofJapaneseyen,becauseJapaneseneedtosellyenstogetU.S.dollarsintheforeignexchangemarketandthenusethosedollarstomakeinvestmentintheUS其余同partAC:DemandforJapaneseyenincrease,becauseinmostcase,tenJapaneseexportsdesiretobepaidinyensbuttheU.S.importerdesirestopayindollars,sosomewhereinthepaymentprocessdollarsmustbeexchangedforyens7、AssumethatthespotexchangeratebetweenthedollarandtheJapaneseyenisafixedratewithinanarrowbandaroundanannouncedrate.Assumethateachofthefollowingscenarioswillshifttheintersectionofprivatesupplyanddemandoutsidetheband.Whatpolicyinterventionsarenecessarybythemonetaryauthoritiesinordertomaintainthefixedrate?a.PoliticalunrestinJapancausesU.S.investorstoshifttheirinvestmentsoutofJapan.SS’DyenExchangerate(＄/yen)Exchangerate(＄/yen)yenSDD’4b.Thereisalargein