(2025年)国际金融英文试题及答案

(2025年)国际金融英文试题及答案I.MultipleChoiceQuestions(2pointseach,total20points)1.WhichofthefollowingisNOTacomponentofthecurrentaccountinthebalanceofpayments?A.ExportsofgoodsB.IncomefromforeigninvestmentsC.Foreigndirectinvestment(FDI)D.Remittancesfromoverseasworkers2.Accordingtotheuncoveredinterestrateparity(UIP),ifthedomesticinterestrateis3%andtheforeigninterestrateis2%,theexpectedchangeinthedomesticcurrency'sexchangerateshouldbeapproximately:A.+1%(appreciation)B.-1%(depreciation)C.+2%(appreciation)D.-3%(depreciation)3.Acountrywithapersistentcurrentaccountsurplusismostlikelytofacewhichofthefollowingchallenges?A.DomesticdeflationarypressuresB.ExcessiveforeigndebtaccumulationC.OvervaluationofitscurrencyD.Highunemploymentrates4.Whichofthefollowinginstrumentsisusedtohedgeagainsttransactionexposureinforeignexchange?A.CurrencyfuturescontractB.ForeigndirectinvestmentC.PortfolioinvestmentD.Sovereignwealthfund5.The"TriffinDilemma"primarilyrefersto:A.Theconflictbetweenareservecurrencycountry'sdomesticmonetarypolicyandgloballiquidityneedsB.ThedifficultyinmaintainingfixedexchangeratesundercapitalmobilityC.Thetrade-offbetweeninflationandunemploymentinopeneconomiesD.Thechallengeofcoordinatingfiscalpoliciesamongcurrencyunionmembers6.IfthespotexchangerateisUSD/EUR=1.08,andthe1-yearforwardrateisUSD/EUR=1.06,thisimpliesthat:A.TheeuroisataforwardpremiumagainstthedollarB.ThedollarisataforwardpremiumagainsttheeuroC.InterestratesintheU.S.arelowerthanintheEurozoneD.InflationintheEurozoneishigherthanintheU.S.7.Whichofthefollowingisacharacteristicofamanagedfloatingexchangeratesystem?A.CentralbankneverintervenesintheforeignexchangemarketB.ExchangeratesarestrictlyfixedtoabasketofcurrenciesC.CentralbankoccasionallyintervenestostabilizecurrencyfluctuationsD.Exchangeratesaredeterminedsolelybymarketsupplyanddemand8.Acountrywithahighdebt-to-GDPratioandlargeshort-termexternaldebtismostvulnerableto:A.AcurrencycrisisB.AcurrentaccountsurplusC.ApositivetermsoftradeshockD.Anincreaseinforeigndirectinvestment9.The"J-curveeffect"describesthephenomenonwhere:A.AcurrencydepreciationinitiallyworsensthetradebalancebeforeimprovingitB.AcurrencyappreciationleadstoaJ-shapedrecoveryinexportvolumesC.InterestratehikescauseaJ-shapeddeclineininflationD.CapitalinflowsresultinaJ-shapedincreaseindomesticassetprices10.WhichinstitutionisresponsibleforallocatingSpecialDrawingRights(SDRs)intheinternationalmonetarysystem?A.WorldBankB.InternationalMonetaryFund(IMF)C.BankforInternationalSettlements(BIS)D.WorldTradeOrganization(WTO)II.ShortAnswerQuestions(10pointseach,total40points)1.Explainthedifferencebetweencoveredinterestrateparity(CIP)anduncoveredinterestrateparity(UIP).ProvideonereasonwhyUIPmaynotholdinpractice.2.Identifythreemaincausesofacountry'sbalanceofpaymentsdeficitanddiscussonepolicymeasuretocorrectit.3.Definetransactionexposure,translationexposure,andeconomicexposureinforeignexchangeriskmanagement.Giveanexampleofeach.4.DiscusstheroleoftheIMFinresolvingsovereigndebtcrises.Whataretwocriticismsofitscrisisresponsemechanisms?III.CalculationQuestions(15pointseach,total60points)1.AssumethepricelevelintheU.S.(P_US)is120,andthepricelevelinJapan(P_JP)is150(bothmeasuredinlocalcurrency).Accordingtoabsolutepurchasingpowerparity(PPP),calculatetheequilibriumexchangerate(USD/JPY).IftheactualspotrateisUSD/JPY=0.007,istheyenovervaluedorundervaluedrelativetoPPP?2.Supposethe1-yearinterestrateintheU.K.is4%,andinCanada,itis2.5%.ThecurrentspotexchangerateisGBP/CAD=1.75.Usingcoveredinterestrateparity,calculatethe1-yearforwardexchangerate(GBP/CAD).Showyourformulaandsteps.3.Atraderobservesthefollowingexchangerates:USD/EUR=1.05EUR/CHF=1.08USD/CHF=1.15Isthereanarbitrageopportunity?Ifyes,calculatetheprofitfroma$1millionarbitragetransaction.Ifno,explainwhy.4.Acountryhasforeignexchangereservesof$80billion,short-termexternaldebtof$50billion,andimportsof$120billionannually.UsingtheGuidotti-Greenspanrule,determinewhetheritsreservesareadequate.Whatistherule’srationale?IV.EssayQuestions(20pointseach,total60points)1.Analyzetheimplicationsofde-dollarizationtrendsfortheinternationalmonetarysystem.Discusstwodriversofde-dollarizationandevaluatetheirpotentiallong-termeffectsonglobaltradeandfinancialstability.2.Theriseofcentralbankdigitalcurrencies(CBDCs)hassparkeddebatesabouttheirimpactoncross-borderpayments.AssesshowCBDCscouldalterthecurrentstructureofinternationalsettlements,includingpotentialbenefitsandchallengesforemergingmarketeconomies.3.In2024,amajoremergingmarketexperiencedacurrencycrisischaracterizedbya30%depreciationofitscurrencyanda20%increaseinsovereignbondyields.Usingthefirst-generationandsecond-generationcurrencycrisismodels,explainthepossibletriggersofthiscrisis.Proposethreepolicymeasurestopreventrecurrence.--AnswersI.MultipleChoice1.C(FDIispartofthefinancialaccount)2.B(UIP:(1+i_d)=(1+i_f)×E(e),soe≈i_di_f=1%,implyingdomesticcurrencydepreciatesby1%)3.C(Surplusesoftenleadtoupwardpressureonthecurrency)4.A(Futureshedgetransactionexposure)5.A(TriffinDilemma:U.S.needstorundeficitstosupplydollars,butdeficitserodeconfidence)6.B(Forwardrate<spotrate:dollarisatapremium)7.C(Managedfloatingallowsoccasionalintervention)8.A(Short-termdebtmakescountriesvulnerabletocapitalflight)9.A(J-curve:initialvolumelagcausesworsetradebalance)10.B(IMFallocatesSDRs)II.ShortAnswer1.CIPusesforwardcontractstoeliminateexchangerisk:(1+i_d)=(F/S)×(1+i_f).UIPreliesonexpectedfuturespotrates:(1+i_d)=E(S_future/S)×(1+i_f).UIPmayfailduetoriskpremiumsorirrationalexpectations.2.Causes:Overvaluedcurrency(reducesexports),highdomesticconsumption(increasesimports),declineincommodityprices(forexport-dependenteconomies).Policy:Currencydepreciationtoboostexportcompetitiveness(ifnotconstrainedbyfixedexchangerates).3.Transactionexposure:Riskfromfuturecashflows(e.g.,aU.S.firmwith€1Mreceivablein3months).Translationexposure:Riskfromconsolidatingforeignsubsidiaries’financialstatements(e.g.,aU.K.firmwithaJapanesesubsidiary;yendepreciationreducesreportedassets).Economicexposure:Riskfromlong-termcompetitiveness(e.g.,aGermancarmakerfacingeuroappreciation,makingexportspricier).4.IMFrole:Providesconditionalloans,coordinatesdebtrestructuring,andimposespolicyreforms.Criticisms:"One-size-fits-all"austeritymeasuresmaydeepenrecessions;votingpowerskewedtowardadvancedeconomies,reducinglegitimacyinemergingmarkets.III.Calculation1.AbsolutePPP:S=P_US/P_JP=120/150=0.8(USD/JPY).Actualrate:0.007USD/JPY=1JPY=0.007USD→1USD=142.86JPY.PPPimplies1USD=150JPY(since0.8USD/JPY=1JPY=0.8USD→1USD=1/0.8=1.25JPY?Wait,correction:AbsolutePPPformulaisS(domestic/foreign)=P_domestic/P_foreign.IfP_USisUSDprices(120),P_JPisJPYprices(150),thenS(USD/JPY)=P_US/P_JP=120/150=0.8USDperJPY?No,unitsmatter.CorrectPPP:S(JPY/USD)=P_JP/P_US=150/120=1.25JPYperUSD.IfactualrateisUSD/JPY=0.007→1USD=1/0.007≈142.86JPY.PPPrateis1.25JPY/USD?No,confusioninunits.Let’sclarify:LetSbeJPY/USD.PPP:S=P_JP/P_US=150JPY/120USD=1.25JPY/USD.ActualS=1/0.007≈142.86JPY/USD.Since142.86>1.25,yenisundervalued(becausemoreJPYneededtobuy1USDthanPPPsuggests).2.CIPformula:F=S×(1+i_d)/(1+i_f).Here,GBPisdomestic(i_d=4%),CADisforeign(i_f=2.5%).S=1.75GBP/CAD.F=1.75×(1+0.04)/(1+0.025)=1.75×1.04/1.025≈1.75×1.0146≈1.7755GBP/CAD.3.Cross-rateviaEUR:USD/CHF=USD/EUR×EUR/CHF=1.05×1.08=1.134.ActualUSD/CHF=1.15>1.134.Arbitrage:BuyEURwithUSD(1MUSD→1M/1.05≈952,381EUR),buyCHFwithEUR(952,381×1.08≈1,028,571CHF),sellCHFforUSD(1,028,571×1.15≈1,182,857USD).Profit:1,182,8571,000,000=$182,857.4.Guidotti-Greenspanrule:Reservesshouldcover100%ofshort-termexternaldebt.Here,reserves($80B)>short-termdebt($50B),soadequate.Rationale:Short-termdebtismostpronetosuddenstops;reservespreventliquiditycrises.IV.Essay1.De-dollarizationdrivers:Geopoliticaltensions(e.g.,sanctionspushingcountriestousealternativecurrencies)anddiversificationefforts(centralbanksreducingdollarreserves).Implications:Fragmentedcurrencysystemcouldincreasetransactioncostsintrade,butreduceexpos