英文版国际金融试题和答案.pdf

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

2、foreigncurrenciestoinsulatethefirmagainstexchangeraterisk.(T)3.Theprimaryobjectiveofthemultinationalcorporationisstillthesameprimaryobjectiveofanyfirm,i.e.,tomaximizeshareholderwealth.(T)4.Alowinflationratetendstoincreaseimportsanddecreaseexports,therebydecreasingthecu

3、rrentaccountdeficit,otherthingsequal.(F)5.Acapitalaccountdeficitreflectsanetsaleofthehomecurrencyinexchangeforothercurrencies.Thisplacesupwardpressureonthathomecurrency(’Fsvalue.)6.Thetheoryofcomparativeadvantageimpliesthatcountriesshouldspecializeinproduction,therebyr

4、elyingonothercountriesforsomeproducts.(T)7.Coveredinterestarbitrageisplausiblewhentheforwardpremiumreflecttheinterestratedifferentialbetweentwocountriesspecifiedbytheinterestrateparityformula.(F)8．Thetotalimpactoftransactionexposureisontheoverallvalueofthefirm.(F)9.Apu

5、toptionisanoptiontosell-bythebuyeroftheoption-astatednumberofunitsoftheunderlyinginstrumentataspecifiedpriceperunitduringaspecifiedperiod.(T)10.Futuresmustbemarked-to-market.Optionsarenot.(T)PartⅡ:Cloze(20%)每题2分，答错不扣分1.Ifinflationinaforeigncountrydiffersfrominflationin

6、thehomecountry,theexchangeratewilladjusttomaintainequal(purchasingpower）2.Speculatorswhoexpectacurrencyto(appreciate)couldpurchasecurrencyfuturescontractsforthatcurrency.3.Coveredinterestarbitrageinvolvestheshort-terminvestmentinaforeigncurrencythatiscoveredbya(forward

7、contract)tosellthatcurrencywhentheinvestmentmatures.4.（Appreciation/Revalue）ofRMBreducesinflowssincetheforeigndemandforourgoodsisreducedandforeigncompetitionisincreased.5.(PPP)suggestsarelationshipbetweentheinflationdifferentialoftwocountriesandthepercentagechangeinthe

8、spotexchangerateovertime.6.IFEisbasedonnominalinterestrate(differentials),whichareinfluencedbyexpectedinflation.7.Tra