国际金融管理（英）智慧树知到课后章节答案2023年下上海对外经贸大学

国际金融管理（英）智慧树知到课后章节答案2023年下上海对外经贸大学上海对外经贸大学

第一章测试

Recently,financialmarketshavebecomehighlyintegrated.Thisdevelopment

A:allowsminorityinvestorstobuyandsellstocks.

B:answersaandcarebothcorrect.

C:hasincreasedthecostofcapitalforfirms.

D:allowsinvestorstodiversifytheirportfoliosinternationally.

答案:allowsinvestorstodiversifytheirportfoliosinternationally.

Althoughtheworldeconomyismuchmoreintegratedtodaythanwasthecase10or20yearsago,avarietyofbarriersstillhamperfreemovementsofpeople,goods,services,andcapitalacrossnationalboundaries.Thesebarriersinclude

A:legalrestrictions.

B:informationasymmetry.

C:alloftheabove

D:excessivetransportationcosts.

答案:alloftheabove

Apurelydomesticfirmsourcesitsproducts,sellsitsproducts,andraisesitsfundsdomestically

A:alloftheabovearetrue

B:canstillfaceexchangeraterisk,justlikeaMNC.

C:canbemorecompetitivethanaMNConitshometurfduetosuperiorknowledgeofthelocalmarket.

D:

canfacestiffcompetitionfromamultinationalcorporationthatcansourceitsproductsinonecountry,selltheminseveralcountries,andraiseitsfundsinathirdcountry.

答案:alloftheabovearetrue

Supposeyourfirminvests$100,000inaprojectinItaly.Atthetimetheexchangerateis$1.25=€1.00.Oneyearlatertheexchangerateisthesame,buttheItaliangovernmenthasexpropriatedyourfirm'sassetspayingonly€80,000incompensation.Thisisanexampleof

A:politicalrisk.

B:exchangeraterisk.C:noneoftheabove,since$100,000=€80,000×$1.25/€1.002

D:

marketimperfections.

答案:politicalrisk.

Theultimateguardiansofshareholderinterestinacorporation,arethe

A:rankandfileworkers.

B:boardsofdirectors.

C:

alloftheabove.D:seniormanagement.

答案:boardsofdirectors.

第二章测试

Theprice-specie-flowmechanismwillworkonlyifgovernmentsarewillingtoplaybytherulesofthegamebylettingthemoneystockriseandfallasgoldflowsinandout.Oncethegovernmentdemonetizes(neutralizes)gold,themechanismwillbreakdown.Inaddition,theeffectivenessofthemechanismdependson

A:

thepriceelasticityofthedemandforimports.B:thepriceelasticityofthesupplyofimports.

C:

theincomeelasticityofthedemandforimports.D:theincomeelasticityofthesupplyofimports.

答案:

thepriceelasticityofthedemandforimports.

UndertheBrettonWoodssystemeachcountryestablishedaparvalueforitscurrencyinrelationtothedollar.AndtheU.S.dollarwaspeggedtogoldat

A:$900perounce.

B:

$350perounce.C:$35perounce.

D:

$1perounce.

答案:$35perounce.

Whenmoneycanmovefreelyacrossborders,policymakersmustchoosebetween

A:exchange-ratestabilityandaneconomicgrowth.

B:exchange-ratestabilityandcapitalcontrols.

C:exchange-ratestabilityandinflation.

D:exchange-ratestabilityandanindependentmonetarypolicy.

答案:exchange-ratestabilityandanindependentmonetarypolicy.

DuringtheperiodbetweenWorldWarIandWorldWarII,

A:

themajorEuropeanpowersandtheU.S.returnedtothegoldstandardandfixedexchangerates.B:whilemostcountriesabandonedthegoldstandardduringWorldWarI,internationaltradeandinvestmentflourishedduringtheinterwarperiodunderacoherentinternationalmonetarysystem.

C:theU.S.dollaremergedasthedominantworldcurrency,graduallyreplacingtheBritishpoundfortherole.

D:

Noneoftheabove.

答案:theU.S.dollaremergedasthedominantworldcurrency,graduallyreplacingtheBritishpoundfortherole.

Duringtheperiodoftheclassicalgoldstandard(1875-1914)therewere

A:

noexchangerates.B:stableexchangerates.

C:volatileexchangerates.

D:moderatelyvolatileexchangerates.

E:

highlyvolatileexchangerates.

答案:stableexchangerates.

第三章测试

IftheUnitedStatesimportsmorethanitexports,thenthismeansthat

A:bothbandcarecorrect

B:thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus.

C:thedemandfordollarsislikelytoexceedthesupplyintheforeignexchangemarket,ceterisparibus.

D:theU.S.dollarwouldbeunderpressuretoappreciateagainstothercurrencies.

答案:thesupplyofdollarsislikelytoexceedthedemandintheforeignexchangemarket,ceterisparibus.

Amongitem(1)—(5),whichitemsarerecordedintheaccountof“otherinvestment”?

(1)otherequity;(2)currencyanddeposits;(3)loans(includinguseofIMFcreditandloansfromtheIMF);(4)tradecreditandadvances;(5)FDI

A:

(1)(2)(3)(4)

B:(2)(3)

C:(1)(3)(5)

D:

(1)(5)

答案:

(1)(2)(3)(4)

Portfolioinvestmentinvolves

A:alloftheabove

B:bankdeposits,currencyinvestment,tradecredit,andthelike.

C:investmentsinforeignstocksandbondsthatdonotinvolveacquisitionsofcontrol.

D:

acquisitionsofcontrollinginterestsinforeignbusinesses.

答案:investmentsinforeignstocksandbondsthatdonotinvolveacquisitionsofcontrol.

Foreigndirectinvestment(FDI)occurs

A:whenaninvestoracquiresameasureofcontrolofaforeignbusiness.

B:withsalesandpurchasesofforeignstocksandbondsthatdonotinvolveatransferofcontrol.

C:whenthereisanacquisition,byaforeignentityintheU.S.,of10percentormoreofthevotingsharesofabusiness.

D:bothaandb

答案:bothaandb

Ifacountrymustmakeanetpaymenttoforeignersbecauseofabalance-of-paymentsdeficit,thecountryshould

A:eitherincreaseitsofficialreserveassetsorborrowanewfromforeigners.

B:eitherrundownitsofficialreserveassetsorborrowanewfromforeigners.

C:

eitherrundownitsofficialreserveassetsorlendmoreforeigners.D:noneoftheabove

答案:eitherrundownitsofficialreserveassetsorborrowanewfromforeigners.

第四章测试

TheSF/$spotexchangerateisSF1.25/$andthe180dayforwardexchangerateisSF1.30/$.Theforwardpremium(discount)is

A:

thedollaristradingatan8%premiumtotheSwissfrancfordeliveryin180days.B:thedollaristradingata4%discounttotheSwissfrancfordeliveryin180days.

C:

thedollaristradingata4%premiumtotheSwissfrancfordeliveryin180days.D:thedollaristradingatan8%discounttotheSwissfrancfordeliveryin180days.

答案:

thedollaristradingatan8%premiumtotheSwissfrancfordeliveryin180days.

ThestructureofFXMarketrefersto

A:noneoftheabove

B:thebasicsofhowtomakesmall(micro-sized)currencytrades.

C:howmacroeconomicvariablessuchasGDPandinflationaredetermined.

D:

thebasicmechanicsofhowamarketplaceoperates.

答案:

thebasicmechanicsofhowamarketplaceoperates.

Ifonehasagreedtobuyforeignexchangeforward

A:youhavealongpositioninthespotmarket.

B:

youhaveashortpositionintheforwardcontract.C:untiltheexchangeratemoves,youhaven'tmademoney,soyou'reneithershortnorlong.

D:

youhavealongpositionintheforwardcontract.

答案:

youhavealongpositionintheforwardcontract.

TheBidprice

A:isthepricethatadealerstandsreadytosellat.

B:

isthepricethatthedealerhasjustpaidforsomething,hishistoricalcostofthemostrecenttrade.C:isthepricethatadealerstandsreadytopay.

D:refersonlytoauctionslikeeBay,notoverthecountertransactionswithdealers.

答案:isthepricethatadealerstandsreadytopay.

Findtheno-arbitragecrossexchangerate.Thedollar-euroexchangerateisquotedas$1.60=€1.00andthedollar-poundexchangerateisquotedat$2.00=£1.00.

A:€1.25/£1.00

B:€0.80/£1.00

C:£1.25/€1.00

D:$1.25/£1.00

答案:€1.25/£1.00

第五章测试

Amongitem(1)—(4),whicharethebasicassumptionsofinterestrateparity?

(1)Capitalcontrol;(2)Notransactionscosts;(3)Perfectsubstitutabilityofdomesticandforeignassets;(4)Capitalmobility

A:

(1)(2)(3)B:(2)(3)(4)C:(1)(2)(3)(4)

D:(3)(4)

答案:(2)(3)(4)

PurchasingPowerParity(PPP)theorystatesthat

A:asthepurchasingpowerofacurrencysharplydeclines(duetohyperinflation)thatcurrencywilldepreciateagainststablecurrencies.

B:thepricesofstandardcommoditybasketsintwocountriesarenotrelated.

C:theexchangeratebetweencurrenciesoftwocountriesshouldbeequaltotheratioofthecountries'pricelevels.

D:bothaandb

答案:bothaandb

TheInternationalFisherEffectsuggeststhat

A:anyforwardpremiumordiscountisequaltotheactualchangeintheexchangerate.

B:anincrease(decrease)intheexpectedinflationrateinacountrywillcauseaproportionateincrease(decrease)intheinterestrateinthecountry.

C:

anyforwardpremiumordiscountisequaltotheexpectedchangeintheexchangerate.D:thenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.

答案:thenominalinterestratedifferentialreflectstheexpectedchangeintheexchangerate.

Ifaforeigncountyexperiencesahyperinflation,

A:itscurrencymaybeunaffected—it'sdifficulttosay.

B:noneoftheabove

C:itscurrencywilldepreciateagainststablecurrencies.

D:itscurrencymayappreciateagainststablecurrencies.

答案:itscurrencywilldepreciateagainststablecurrencies.

Theforwardprice

A:maybethesameasthespotprice.

B:alloftheabove.

C:maybehigherthanthespotprice.

D:maybelessthanthespotprice.

答案:alloftheabove.

第六章测试

Comparing"forward"and"futures"exchangecontracts,wecansaythat

A:afuturescontractisnegotiatedbyopenoutcrybetweenfloorbrokersortradersandistradedonorganizedexchanges,whileforwardcontractistailor-madebyaninternationalbankforitsclientsandistradedOTC.

B:

theyareboth"marked-to-market"daily.C:theirmajordifferenceisinthewaytheunderlyingassetispricedforfuturepurchaseorsale:futuressettledailyandforwardssettleatmaturity.

D:bothbandc

答案:bothbandc

Ifacurrencyfuturescontract(directquote)ispricedbelowthepriceimpliedbyInterestRateParity(IRP),arbitrageurscouldtakeadvantageofthemispricingbysimultaneously

A:goingshortinthefuturescontract,lendinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.

B:goinglonginthefuturescontract,borrowinginthedomesticcurrency,andgoingshortintheforeigncurrencyinthespotmarket.

C:goinglonginthefuturescontract,borrowingintheforeigncurrency,andgoinglonginthedomesticcurrency,investingtheproceedsatthelocalrateofinterest.

D:

goingshortinthefuturescontract,borrowinginthedomesticcurrency,andgoinglongintheforeigncurrencyinthespotmarket.

答案:goinglonginthefuturescontract,borrowingintheforeigncurrency,andgoinglonginthedomesticcurrency,investingtheproceedsatthelocalrateofinterest.

An"option"is

A:

acontractgivingtheseller(writer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.B:

acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(call)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.C:acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(put)orsell(sell)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.

D:acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.

答案:acontractgivingtheowner(buyer)oftheoptiontheright,butnottheobligation,tobuy(call)orsell(put)agivenquantityofanassetataspecifiedpriceatsometimeinthefuture.

Threedaysago,youenteredintoafuturescontracttosell€62,500at$1.50per€.Overthepastthreedaysthecontracthassettledat$1.50,$1.52,and$1.54.Howmuchhaveyoumadeorlost?

A:Noneoftheabove

B:Made$0.04per€or$2,500

C:

Lost$0.04per€or$2,500D:Lost$0.06per€or$3,750

答案:

Lost$0.04per€or$2,500

Yesterday,youenteredintoafuturescontracttobuy€62,500at$1.50per€.Supposethefuturespriceclosestodayat$1.46.Howmuchhaveyoumade/lost?

A:Youhavemade$2,500.00.

B:

Dependsonyourmarginbalance.C:Youhaveneithermadenorlostmoney,yet.

D:Youhavelost$2,500.00.

答案:Youhavelost$2,500.00.

第七章测试

Ifyouoweaforeigncurrencydenominateddebt,youcanhedgewith

A:buyingtheforeigncurrencytodayandinvestingitintheforeigncounty.

B:alongpositioninacurrencyforwardcontract.

C:aswapcontractwherepaythecashflowsofthebondinexchangefordollars.

D:alongpositioninanexchange-tradedfuturesoption.

答案:aswapcontractwherepaythecashflowsofthebondinexchangefordollars.

Thelinkbetweenafirm'sfutureoperatingcashflowsandexchangeratefluctuationsis

A:operatingexposure.

B:noneoftheabove

C:assetexposure.

D:

bothaandb

答案:operatingexposure.

Thesensitivityofthefirm'sconsolidatedfinancialstatementstounexpectedchangesintheexchangerateis

A:

transactionexposure.B:noneoftheabove

C:translationexposure

D:

economicexposure

答案:translationexposure

Anexporterfacedwithexposuretoanappreciatingcurrencycanreducetransactionexposurewithastrategyof

A:

payingorcollectinglate.B:

payingearly,collectinglate.C:

payingorcollectingearly.D:payinglate,collectingearly.

答案:

payingearly,collectinglate.

TherecognizedmethodsforconsolidatingthefinancialreportsofanMNCare

A:short/longtermmethod,current/futuremethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod.

B:temporalmethod,currentratemethod,flexible/inflexiblemethod,andeconomic/noneconomicmethod.

C:current/noncurrentmethod,monetary/nonmonetarymethod,short/longtermmethod,andcurrent/futuremethod.

D:current/noncurrentmethod,monetary/nonmonetarymethod,temporalmethod,andcurrentratemethod.

答案:current/noncurrentmethod,monetary/nonmonetarymethod,temporalmethod,andcurrentratemethod.

第八章测试

Theprimaryreasonsforacounterpartytouseacurrencyswapare

A:toplayinthefuturesandforwardmarkets.

B:

tohedgeandtospeculate.C:toobtaindebtfinancingintheswappedcurrencyataninterestcostreductionbroughtaboutthroughcomparativeadvantageseachcounterpartyhasinitsnationalcapitalmarket,andthebenefitofhedginglong-runexchangerateexposure.

D:bothaandb

答案:toobtaindebtfinancingintheswappedcurrencyataninterestcostreductionbroughtaboutthroughcomparativeadvantageseachcounterpartyhasinitsnationalcapitalmarket,andthebenefitofhedginglong-runexchangerateexposure.

Whichcombinationofthefollowingstatementsistrueaboutaswapbank?

(i)-itisagenerictermtodescribeafinancialinstitutionthatfacilitatesswapsbetweencounterparties

(ii)-itcanbeaninternationalcommercialbank

(iii)-itcanbeaninvestmentbank

(iv)-itcanbeamerchantbank

(v)-itcanbeanindependentoperator

A:

(i),(ii)and(iii)B:(i),(ii),(iii),(iv)and(v)

C:

(i)and(ii)D:(i),(ii),(iii)and(iv)

答案:(i),(ii),(iii),(iv)and(v)

Supposethequoteforafive-yearswapwithsemiannualpaymentsis8.50—8.60percent.Themeans

A:

theswapbankwillpaysemiannualfixed-ratedollarpaymentsof8.60percentagainstreceivingsix-monthdollarLIBOR.B:

iftheswapbankissuccessfulingettingcounterpartiestobothlegsoftheswapattheseprices,hewillhaveanannualprofitoftenbasispoints.C:

noneoftheaboveD:

theswapbankwillreceivesemiannualfixed-ratedollarpaymentsof8.50percentagainstpayingsix-monthdollarLIBOR.

答案:

iftheswapbankissuccessfulingettingcounterpartiestobothlegsoftheswapattheseprices,hewillhaveanannualprofitoftenbasispoints.

Aninterest-onlysinglecurrencyinterestrateswap

A:alloftheabove

B:isaboutassimpleasswapscanget.

C:isalsoknownasaninterestrateswap.

D:isalsoknownasaplainvanillaswap.

答案:alloftheabove

SupposeABCInvestmentBankerLtd.,isquotingswapratesasfollows:7.50-7.85annuallyagainstsix-monthdollarLIBORfordollars,and