第1讲 外汇与汇率

1.1外汇与汇率的标示随堂测验

1、Use the two ways to state the rates according to the sheet: Saying that the British pound sterling equals( ) U.S. dollars is the same as saying that the U.S. dollar is worth 0.5968 British pounds

2、Use the two ways to state the rates according to the sheet: 1Chian yuan =0.16$即 1 $= ( ) Chian yuan

1.2汇率的种类随堂测验

1、银行买卖外汇支付凭证时标出的汇率称为( )。 A.现钞价 B.现汇价 C.中间价 D.官方汇率
    A、现钞价
    B、现汇价
    C、中间价
    D、官方汇率

1.3影响汇率变动的主要因素随堂测验

1、当一国的利率水平相对高于其他国家时,会吸引外国资本流入该国,从而增加对该国货币的需求,使该国货币趋于( )。 A.升值 B.贬值 C.不确定 D.不变
    A、升值
    B、贬值
    C、不确定
    D、不变

1.5外汇市场概述随堂测验

1、外汇市场的交易主体是银行同业间的外汇交易( )。

3.6 套汇与远期外汇交易随堂测验

1、升水是指远期汇率低于即期汇率。

3.6 套汇与远期外汇交易随堂测验

1、You have access to the following three spot exchange rates: $0. 01/yen $0.20/krone 25 yen/krone You start with dollars and want to end up with dollars. If the only rate change is the cross rate, What must the value of the cross-rate be to eliminate the opportunity for triangular arbitrage?
    A、20 yen per krone
    B、20 krone per yen
    C、22 yen per krone
    D、22 krone per yen

1.7外汇套利、掉期和互换交易随堂测验

1、外汇套利交易包括未抵补套利和( )。

1.8外汇期货交易随堂测验

1、期货市场的保证金种类有( )。 A.初始保证金 B.追加保证金 C.维持保证金 D.减少保证金
    A、初始保证金
    B、追加保证金
    C、维持保证金
    D、减少保证金

1.9外汇期权交易随堂测验

1、按期权持有者的交易目的,可分为( )。 A.买入期权 B.卖出期权 C.欧式期权 D.美式期权
    A、买入期权
    B、卖出期权
    C、欧式期权
    D、美式期权

4.9 购买力平价理论随堂测验

1、相对购买力平价是反映两国()的相对变化。

4.9 购买力平价理论随堂测验

1、For your next foreign vacation, would it be better to go to a country whose currency is overvalued relative to PPP or one whose currency is undervalued relative to PPP (other attractions being equal)? 翻译:如果你将要出国度假,去一个相对于购买力平价货币价值高估的国家好,还是去一个相对于购买力平价货币价值低估的国家好(在其他条件相同的前提下)?
    A、undervalued
    B、overvalued
    C、无
    D、无

1.11利率平价理论随堂测验

1、利率平价理论是考察金融市场中汇率的决定( )。

1.13汇率理论的新发展随堂测验

1、新闻消息不会影响外汇市场汇率波动()。

3.3 外汇需求与供给随堂测验

1、A U.S. import company pays for glassware purchased from a small Japanese producer. Is it part of demand for yen or supply of yen in the foreign exchange market?
    A、demand for yen
    B、supply of yen
    C、无
    D、无

2、A U.S. farm cooperative receives payment from a Japanese importer of U.S oranges. Is it part of demand for yen or supply of yen in the foreign exchange market?
    A、demand for yen
    B、supply of yen
    C、无
    D、无

3、A U.S. pension fund uses some incoming contributions to buy equity shares of several Japanese companies through the Tokyo stock exchange. Is it part of demand for yen or supply of yen in the foreign exchange market?
    A、demand for yen
    B、supply of yen
    C、无
    D、无

4、A Japanese firm sells its U. S. government securities to obtain funds to buy real estate in japan. Is it part of demand for yen or supply of yen in the foreign exchange market?
    A、demand for yen
    B、supply of yen
    C、无
    D、无

3.5 固定汇率随堂测验

1、In Figure 3. 2 A (在图表3.2 A中), consider an officially declared “par value” is $2.00 per pound(假设官方宣布的“平价”汇率为每英镑2美元), its market-clearing rate is$1.60 per pound(英镑的市场出清价格1.6美元). British officials have announced that they will support the pound at 1 percent below par(about $1.98)and the dollar at 1 percent above par(about $2.02)(英国官方已宣布其将在平价的1%以下(约为1.98美元)支持英镑,在平价的1%以上(约为2.02美元)支持美元). In Figure 3.2A, the official are forced to make good on this pledge by officially intervening in the foreign exchange market: buying £50 billion, and ( )(政府当局被迫通过对外汇市场的干预来履行这一承诺具体做法是在外汇市场中买入500亿英镑, 同时( ))。
    A、buying $99 billion (equal to £ 50 billion times $1. 98 per pound)
    B、selling $99 billion (equal to £ 50 billion times $1. 98 per pound)
    C、buying 50 billion dollars
    D、selling 50 billion dollars

4.3 抵补的国际投资随堂测验

1、The following rates are available in the markets: Current spot exchange rate: $1.000/SFr Current 30-day forward exchange rate: $1.000/SFr Annualized interest rate in 30 day dollar-denominated bonds:12% (1.0% for 30 days) Annualized interest rate in 30 day Swiss franc-denominated bonds:6% (0.5% for 30 days) Is the Swiss franc at a forward premium or discount?
    A、The Swiss franc at a forward premium
    B、The Swiss franc at a forward discount
    C、无
    D、无

2、The following rates are available in the markets: Current spot exchange rate: $1.000/SFr Current 30-day forward exchange rate: $1.000/SFr Annualized interest rate in 30 day dollar-denominated bonds:12% (1.0% for 30 days) Annualized interest rate in 30 day Swiss franc-denominated bonds:6% (0.5% for 30 days) Should a U.S.-based investor make a covered investment in Swiss franc-denominated 30-day bonds, or investing in 30-day dollar-denominated bonds?
    A、The U.S.-based investor should make a covered investment in Swiss franc-denominated 30-day bonds
    B、The U.S.-based investor should invest in 30-day dollar-denominated bonds
    C、无
    D、无

第一次单元测验by杨玲

1、If the U.S. dollar is worth 129.68 Japanese yen, then the (one) Japanese yen is worth __________ US dollars.
    A、0.007711
    B、129.68
    C、0.002289
    D、354.25

2、If the Canadian dollar is worth 0.6378 U.S. dollars, then the (one) U.S. dollar is worth __________ Canadian dollars.
    A、1.5679
    B、0.6378
    C、2.2058
    D、3.7826

3、The foreign exchange market is:
    A、a single gathering place where traders shout buy and sell orders at each other.
    B、a grouping, by electronic means, of banks and traders who work at banks that conduct foreign exchange trades.
    C、located in New York.
    D、located in London.

4、__________ foreign exchange trading involves currency exchanges done between individuals.
    A、interbank
    B、retail
    C、special
    D、government

5、__________ foreign exchange trading is foreign exchange trading done between the banks active in the market.
    A、interbank
    B、retail
    C、customer
    D、government

6、Nearly half of all foreign exchange trading involves banks in __________ and __________.
    A、New York; Frankfurt
    B、New York; London
    C、London; Frankfurt
    D、Tokyo; New York

7、The U.S. dollar is called a __________ because it is often used as an intermediary to accomplish trading between two other currencies.
    A、common currency
    B、main currency
    C、trade currency
    D、vehicle currency

8、The foreign exchange spot market provides __________ that permit payments to flow between individuals, businesses, and other organizations that prefer to use different currencies.
    A、trade services
    B、government authority
    C、clearing services
    D、technological services

9、The main benefit of using a foreign exchange broker is that the broker provides ___________ to the trades until an exchange rate is agreed on for a trade.
    A、technological resources
    B、low-cost information
    C、anonymity
    D、low-cost trading services

10、Interbank trading is conducted directly between __________ or through the use of __________ that provide anonymity until the trade is complete.
    A、traders; the government
    B、traders; brokers
    C、individual consumers; the government
    D、individual consumers; brokers

11、U.S. exports of goods and services will create a __________ foreign currency and a __________ U.S. dollars.
    A、demand for; supply of
    B、supply of; demand for
    C、shortage of; supply of
    D、surplus of; demand for

12、U.S. imports of goods and services will create a __________ foreign currency and a __________ U.S. dollars.
    A、demand for; supply of
    B、supply of; demand for
    C、shortage of; supply of
    D、surplus of; demand for

13、U.S. capital __________ will create a demand for foreign currency and a supply of U.S. dollars.
    A、shortages
    B、surpluses
    C、inflows
    D、outflows

14、U.S. capital __________ will create a supply of foreign currency and a demand for U.S. dollars.
    A、shortages
    B、surpluses
    C、inflows
    D、outflows

15、In a __________ exchange rate system there is no intervention by the government or central bankers.
    A、fixed
    B、floating
    C、managed float
    D、pegged

16、As long as a higher exchange rate lowers the quantity demanded, the demand curve for foreign exchange will __________.
    A、slope upward
    B、slope downward
    C、be vertical
    D、be horizontal

17、The demand curve for foreign currency slopes downward because as the exchange rate __________ the quantity demanded __________.
    A、increases; decreases
    B、decreases; increases
    C、Both a. and b.
    D、None of the above.

18、The process of buying and selling a currency to make a (nearly) riskless pure profit is known as __________.
    A、appreciation of the currency
    B、arbitrage
    C、forward trading
    D、spot trading

19、__________ ensures that exchange rates in different locations are essentially the same.
    A、Appreciation of the currency
    B、Arbitrage
    C、Forward trading
    D、Spot trading

20、The process known as __________ takes advantage of an opportunity to make a riskless profit using three exchange rates.
    A、forward trading
    B、spot trading
    C、triangular arbitrage
    D、revaluation

21、__________ a position exposed to rate risk is the act of reducing and eliminating a net asset or net liability position in the foreign currency.
    A、Hedging
    B、Speculating
    C、Selling
    D、Buying

22、__________ is the act of taking a net asset position or a net liability position in some asset class.
    A、Hedging
    B、Speculating
    C、Selling
    D、Buying

23、A __________ exchange contract is an agreement to exchange one currency for another on some date in the future at a price set now.
    A、spot foreign
    B、forward foreign
    C、spot domestic
    D、forward domestic

24、A __________ exchange contract is a direct way to hedge.
    A、spot
    B、forward
    C、domestic
    D、foreign

25、__________ means committing oneself to an uncertain future value of one’s net worth in terms of home currency.
    A、Hedging
    B、Speculating
    C、Selling
    D、Buying

26、A(n) __________ contract locks in the price at which you buy or sell a foreign currency at a set date in the future.
    A、securities spot
    B、securities futures
    C、currency spot
    D、currency futures

27、An unhedged investment exposed to exchange rate risk is a(n) __________ international investment.
    A、covered
    B、uncovered
    C、traded
    D、untraded

28、An investment is __________ if it is fully hedged against exchange rate risk.
    A、covered
    B、uncovered
    C、traded
    D、untraded

29、The proportionate difference between the current forward exchange rate value of a currency and its current spot value is the __________ premium.
    A、spot
    B、forward
    C、exchange
    D、currency

30、The __________ differential is approximately equal to the forward premium on a currency plus the interest rate differential.
    A、covered interest
    B、uncovered interest
    C、covered currency
    D、uncovered currency

31、__________ arbitrage is buying a country’s currency spot and selling that country’s currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on the country’s currency.
    A、covered interest
    B、uncovered interest
    C、covered currency
    D、uncovered currency

32、__________ international financial investment involves investing in a financial asset denominated in a foreign currency without hedging the future proceeds of the investment back into one’s own currency.
    A、Spot
    B、Future
    C、Covered
    D、Uncovered

33、If the expected uncovered interest differential is __________, then the expected overall return favors uncovered investing in the foreign-denominated currency.
    A、positive
    B、negative
    C、zero
    D、unchanged

34、_________ parity is the condition where the expected uncovered differential equals zero.
    A、Covered interest
    B、Uncovered interest
    C、Covered currency
    D、Uncovered currency

35、The __________ approach to exchange rates emphasizes the role of portfolio repositioning by international financial investors.
    A、currency market
    B、asset market
    C、monetary
    D、investment

36、The exchange rate value of a foreign currency is __________ in the short run by a rise in the expected future spot exchange rate.
    A、raised
    B、lowered
    C、unchanged
    D、forced to zero

37、A decrease in the foreign interest rate relative to the domestic interest rate ___________ the exchange rate value of a foreign currency in the short run.
    A、increases
    B、decreases
    C、does not affect
    D、eliminates

38、The __________ approach to exchange rates emphasizes the importance of the supply and demand for money as a key to understanding the determinants of exchange rates.
    A、exchange
    B、investment
    C、asset
    D、monetary

39、Which of the following is NOT linked together by uncovered interest parity:
    A、the domestic interest rate
    B、the foreign interest rate
    C、the current spot exchange rate
    D、the current forward exchange rate

40、The spot exchange rate is ___________ when the domestic money supply increases relative to the foreign money supply.
    A、raised in the long run
    B、lowered in the long run
    C、unchanged in the long run
    D、raised in the short run but lowered in the long run

41、If the domestic interest rate decreases, with the foreign interest rate and the expected future spot rate remaining unchanged, the spot exchange rate value of the domestic currency is expected to __________.
    A、increase
    B、decrease
    C、remain unchanged
    D、converge to zero

42、If the expected future spot exchange rate decreases, with the interest rate differential unchanged, the current spot exchange rate value of the domestic currency __________.
    A、increases
    B、decreases
    C、remains unchanged
    D、converges to zero

43、A __________ occurs when investors extrapolate a recent trend in the exchange rate into the future.
    A、bubble
    B、bandwagon
    C、future position
    D、market forecast

44、The law of __________ states that a product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere.
    A、one price
    B、international trade
    C、market price
    D、international exchange

45、The law of one price works well for __________ traded commodities.
    A、lightly
    B、heavily
    C、domestically
    D、internationally

46、__________ purchasing power parity states that a bundle of tradable products will have the same cost in different countries if the cost is stated in the same currency.
    A、Absolute
    B、Relative
    C、Partial
    D、Full

47、___________ purchasing power parity states that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time.
    A、Absolute
    B、Relative
    C、Partial
    D、Full

48、__________ purchasing power parity must hold if __________ purchasing power parity holds for both the initial year and a later year.
    A、Relative; absolute
    B、Absolute; relative
    C、Partial; full
    D、Full; partial

49、Use the two ways to state the rates according to the sheet: Saying that the British pound sterling equals( ) U.S. dollars is the same as saying that the U.S. dollar is worth 0.5968 British pounds
    A、1.6756
    B、0.5968
    C、1.6753
    D、0.5969

50、In Figure 3. 2 A, consider an officially declared “par value” is $2.00 per pound, its market-clearing rate is$1.60 per pound. British officials have announced that they will support the pound at 1 percent below par(about $1.98)and the dollar at 1 percent above par(about $2.02. In Figure 3.2A, the official are forced to make good on this pledge by officially intervening in the foreign exchange market: buying £50 billion, and ( )。
    A、buying $99 billion (equal to £ 50 billion times $1. 98 per pound)
    B、selling $99 billion (equal to £ 50 billion times $1. 98 per pound)……
    C、buying 50 billion dollars
    D、selling 50 billion dollars

51、The asset market approach to exchange rates emphasizes the role of portfolio repositioning by international financial investors.

52、If the domestic interest rate increases, while the foreign interest rate and the spot exchange rate expected at some appropriate time in the future remain constant, the return comparison shifts in favor of investments in bonds denominated in the foreign currency.

53、The law of one price works well for heavily traded commodities, either at a point in time or for changes over time.

54、An unhedged international investment has a speculative element to it, and it is called a covered international investment.

55、Uncovered interest arbitrage is buying a county’s currency spot and selling that country’s currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on the country’s currency.

56、A country with an interest rate that is lower than the corresponding rate in the domestic country will have a forward premium on its currency.

57、The spot exchange rate is the price now for an exchange that will take place sometime in the future.

58、The foreign exchange trading done between banks active in the market is called retail foreign exchange trading.

59、Most foreign exchange trading is done among the banks themselves in the retail part of the foreign exchange market.

60、The use of foreign exchange brokers provides low cost information to the foreign exchange traders.

第二次单元测验 by杨玲

1、A(n) __________ is a flow for which a country is paid.
    A、debit
    B、credit
    C、import
    D、export

2、A(n) __________ is a flow for which a country must pay.
    A、debit
    B、credit
    C、import
    D、export

3、Any exchange automatically enters the balance-of-payments accounts __________ time(s).
    A、one
    B、two
    C、three
    D、four

4、__________ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them.
    A、Official international reserve assets
    B、Unofficial international reserve assets
    C、Official domestic reserve assets
    D、Unofficial domestic reserve assets

5、An increase in a nation’s financial liabilities to foreign residents is a __________.
    A、reserve inflow
    B、reserve outflow
    C、capital inflow
    D、capital outflow

6、A decrease in financial assets previously obtained from other countries is a __________
    A、reserve inflow
    B、reserve outflow
    C、capital inflow
    D、capital outflow

7、An transfer of a nation’s financial assets to foreign residents is a __________.
    A、reserve inflow
    B、reserve outflow
    C、capital inflow
    D、capital outflow

8、A decrease in financial liabilities previously obtained from other countries is a __________.
    A、reserve inflow
    B、reserve outflow
    C、capital inflow
    D、capital outflow

9、The __________ is the net value of the flows of goods, services, income, and gifts.
    A、capital account balance
    B、current account balance
    C、reserve account balance
    D、exchange account balance

10、The __________ is the net balance of trade in goods and services.
    A、exchange balance
    B、currency balance
    C、trade balance
    D、capital balance

11、The net flows of financial assets and similar claims (excluding official assets flows) is the __________.
    A、private capital account balance
    B、public capital account balance
    C、private current account balance
    D、public current account balance

12、The net result of errors and omissions on both the credit and debit sides is known as the ___________ discrepancy.
    A、exchange rate
    B、statistical
    C、error
    D、omissions

13、The net accumulation of foreign assets minus foreign liabilities is __________.
    A、net domestic investment
    B、net foreign investment
    C、average domestic investment
    D、average foreign investment

14、The __________ measures the sum of the current account balance plus the private capital account balance.
    A、official capital balance
    B、unofficial capital balance
    C、unofficial settlements balance
    D、official settlements balance

15、If the overall balance is in __________, it equals the accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country’s assets.
    A、surplus
    B、deficit
    C、balance
    D、unbalance

16、If the overall balance is in __________, it equals the decrease in the country’s holdings of official reserve assets or an accumulation of foreign official reserve holdings of the country’s assets.
    A、surplus
    B、deficit
    C、balance
    D、unbalance

17、A statement of the stocks of a nation’s international assets and foreign liabilities at a point in time is the country’s __________ investment position.
    A、public
    B、private
    C、domestic
    D、international

18、A nation is a(n) __________ if it’s current account is in surplus.
    A、importer
    B、exporter
    C、borrower
    D、lender

19、A nation is a(n) __________ if it’s current account is in deficit.
    A、importer
    B、exporter
    C、borrower
    D、lender

20、A country has a current account __________ if it is saving more than it is investing domestically.
    A、surplus
    B、deficit
    C、balance
    D、unbalance

21、A country has a current account __________ if it is spending more on goods and services than the value of the what it is producing.
    A、surplus
    B、deficit
    C、balance
    D、unbalance

22、A country has a current account __________ if it has positive net foreign investment.
    A、surplus
    B、deficit
    C、balance
    D、unbalance

23、Capital inflows are debits and capital outflows are credits.

24、The net value of the flow of goods, services, income, and gifts is the current account balance.

25、The net flow of financial assets and similar claims is the private current account balance.

26、The majority of countries’ official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions.

27、A country has a current account deficit if it is saving more than it is investing domestically

28、A nation is a borrower if its current account is in deficit during a time period.

第2讲 国际货币体系

2.2国际货币体系演化随堂测验

1、1944年布雷顿森林体系建立,改体系呈现的“双挂钩”形态,近似于国际( )。 A、金本位制 B、金块本位制 C、金汇兑本位制 D、信用本位制
    A、金本位制
    B、金块本位制
    C、金汇兑本位制
    D、信用本位制

2.3欧元的建立与发展随堂测验

1、欧元启动的时间为( )。 A.1997年1月1日 B.1999年1月1日 C.2000年1月1日 D.2002年1月1日
    A、1997年1月1日
    B、1999年1月1日
    C、2000年1月1日
    D、2002年1月1日

第4讲 国际收支

4.1国际收支平衡表的概念和基本内容随堂测验

1、国际收支中的经常账户包括()()()() A.货物 B.服务 C.初次收入 D.二次收入
    A、货物
    B、服务
    C、初次收入
    D、二次收入

4.2国际收支平衡表的分析随堂测验

1、综合账户差额是将国际收支账户中官方储备账户剔除后的差额( )

4.3国际收支失衡的表现和成因随堂测验

1、判断一国国际收支是否平衡,主要是看其调节性交易是否平衡( )

4.4国际收支的调节随堂测验

1、金本位制下国际收支通过黄金自由输出入而自动调节( )

4.5中国的国际收支平衡表分析与管理随堂测验

1、2018年,我国外贸依存度为( ) A.30% B.33.9% C.35% D.40%
    A、30%
    B、33.9%
    C、35%
    D、40%

第9讲 国际金融危机

9.1国际金融危机概述随堂测验

1、金融危机一般包括()()()() A.货币危机 B.银行危机 C.债务危机 D.系统性金融危机
    A、货币危机
    B、银行危机
    C、债务危机
    D、系统性金融危机

9.2国际金融危机的传导与防范随堂测验

1、国际金融危机的传导途径包括()()()() A.国际贸易 B.国际金融市场 C.国际债务 D.国际结算
    A、国际贸易
    B、国际金融市场
    C、国际债务
    D、国际结算

9.3 2007-2009美国金融危机随堂测验

1、2007-2009年美国金融危机属于综合性金融危机,影响大()

9.4欧洲主权债务危机随堂测验

1、希腊爆发主权债务危机的时间是2010年。