国际财务管理(英文版)课后习题答案1.doc

《国际财务管理(英文版)课后习题答案1.doc》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、CHAPTER14INTERESTRATEANDCURRENCYSWAPSSUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.Describethedifferencebetweenaswapbrokerandaswapdealer.Answer:Aswapbrokerarrangesaswapbetweentwocounterpartiesforafeewithouttakingariskpositionintheswap.Aswapdealeris

2、amarketmakerofswapsandassumesariskpositioninmatchingoppositesidesofaswapandinassuringthateachcounterpartyfulfillsitscontractualobligationtotheother.2.Whatisthenecessaryconditionforafixed-for-floatinginterestrateswaptobepossible?Answer:Forafixed-for-floatinginterestrateswaptobe

3、possibleitisnecessaryforaqualityspreaddifferentialtoexist.Ingeneral,thedefault-riskpremiumofthefixed-ratedebtwillbelargerthanthedefault-riskpremiumofthefloating-ratedebt.3.Discussthebasicmotivationsforacounterpartytoenterintoacurrencyswap.Answer:Onebasicreasonforacounterpartyt

4、oenterintoacurrencyswapistoexploitthecomparativeadvantageoftheotherinobtainingdebtfinancingatalowerinterestratethancouldbeobtainedonitsown.Asecondbasicreasonistolockinlong-termexchangeratesintherepaymentofdebtserviceobligationsdenominatedinaforeigncurrency.4.Howdoesthetheoryof

5、comparativeadvantagerelatetothecurrencyswapmarket?Answer:Namerecognitionisextremelyimportantintheinternationalbondmarket.Withoutit,evenacreditworthycorporationwillfinditselfpayingahigherinterestrateforforeigndenominatedfundsthanalocalborrowerofequivalentcreditworthiness.Conseq

6、uently,twofirmsofequivalentcreditworthinesscaneachexploittheir,respective,namerecognitionbyborrowingintheirlocalcapitalmarketatafavorablerateandthenre-lendingatthesameratetotheother.5.Discusstherisksconfrontinganinterestrateandcurrencyswapdealer.Answer:Aninterestrateandcurrenc

7、yswapdealerconfrontsmanydifferenttypesofrisk.Interestrateriskreferstotheriskofinterestrateschangingunfavorablybeforetheswapdealercanlayoffonanopposingcounterpartytheunplacedsideofaswapwithanothercounterparty.Basisriskreferstothefloatingratesoftwocounterpartiesbeingpeggedtotwod

8、ifferentindices.Inthissituation,sincetheindexesarenotperfectl