国际金融英文试题及答案

国际金融英文试题及答案

I.Multiple-ChoiceQuestions(2pointseach,10questionsintotal)1.Theexchangeratethatisagreedupontodaybutforafuturedateofcurrencyexchangeiscalled_____.A.spotexchangerateB.forwardexchangerateC.fixedexchangerateD.floatingexchangerate2.WhichofthefollowingisnotafunctionoftheInternationalMonetaryFund(IMF)?A.PromoteinternationalmonetarycooperationB.FacilitatetheexpansionandbalancedgrowthofinternationaltradeC.Providelong-termdevelopmentloanstodevelopingcountriesD.Assistintheestablishmentofamultilateralsystemofpayments3.Acountrywithacurrentaccountsurplusmeans_____.A.itimportsmoregoodsandservicesthanitexportsB.ithasanegativebalanceinthecurrentaccountC.itexportsmoregoodsandservicesthanitimportsD.ithasalargeamountofforeigndebt4.TheBrettonWoodssystemwasbasedon_____.A.agold-standardsystemB.apurefloatingexchange-ratesystemC.afixedexchange-ratesystemwiththeU.S.dollarpeggedtogoldD.amanagedfloatingexchange-ratesystem5.Whichofthefollowingfactorswillcausethedemandcurveforacurrencytoshifttotheright?A.AdecreaseinforeigninterestratesrelativetodomesticinterestratesB.AdecreaseindomesticincomeC.AdecreaseintheexpectedfutureexchangerateofthedomesticcurrencyD.Anincreaseinforeigndemandfordomesticgoods6.Inthebalanceofpayments,thecapitalaccountmainlyrecords_____.A.tradeingoodsandservicesB.incomeflowssuchasinvestmentincomeC.capitaltransfersandtheacquisitionanddisposalofnon-produced,non-financialassetsD.unilateraltransfers7.Acurrencyappreciationmeans_____.A.thevalueofacurrencydecreasesrelativetoothercurrenciesB.thevalueofacurrencyincreasesrelativetoothercurrenciesC.thecountry'sexportswillbecomemorecompetitiveD.thecountry'simportswillbecomemoreexpensive8.TheEurozoneisanexampleof_____.A.afree-tradeareaB.acustomsunionC.acommonmarketD.amonetaryunion9.TheJ-curveeffectdescribes_____.A.theshort-termandlong-termeffectsofacurrencydepreciationonthecurrentaccountbalanceB.therelationshipbetweeninterestratesandexchangeratesC.theimpactofinflationonexchangeratesD.theeffectofcapitalflowsonthebalanceofpayments10.Themainpurposeofforeignexchangeinterventionbycentralbanksisto_____.A.makeaprofitfromforeignexchangetradingB.influencetheexchangerateofthedomesticcurrencyC.increasethecountry'sforeignexchangereservesD.promoteinternationaltradeII.Multiple-ChoiceQuestions(Morethanoneanswer,2pointseach,10questionsintotal)1.Factorsthatcanaffectexchangeratesinclude_____.A.interestratedifferentialsB.inflationdifferentialsC.economicgrowthratesD.politicalstability2.Thebalanceofpaymentsconsistsof_____.A.thecurrentaccountB.thecapitalaccountC.thefinancialaccountD.theofficialreserveaccount3.Advantagesofafixedexchange-ratesysteminclude_____.A.reducingexchange-rateriskforinternationaltradeandinvestmentB.providinganominalanchorformonetarypolicyC.allowingthecountrytopursueanindependentmonetarypolicyD.promotinginternationalcompetitivenessthroughcurrencydevaluation4.Disadvantagesofafloatingexchange-ratesysteminclude_____.A.highexchange-ratevolatilityB.difficultyinpredictingexchange-ratemovementsC.potentialforcompetitivedevaluationsD.reducedneedforforeignexchangereserves5.ThefunctionsoftheWorldBankinclude_____.A.providinglong-termdevelopmentloanstodevelopingcountriesB.promotingeconomicdevelopmentandpovertyreductionC.providingtechnicalassistanceandpolicyadviceD.regulatinginternationalcapitalflows6.Internationalcapitalflowscanbeclassifiedinto_____.A.foreigndirectinvestment(FDI)B.portfolioinvestmentC.banklendingD.officialdevelopmentassistance7.Acurrencycrisismayoccurdueto_____.A.largecurrentaccountdeficitsB.excessiveforeigndebtC.asuddenlossofconfidenceinthedomesticcurrencyD.highinflation8.TheEuropeanCentralBank(ECB)isresponsiblefor_____.A.formulatingmonetarypolicyfortheEurozoneB.conductingforeignexchangeoperationsC.maintainingpricestabilityintheEurozoneD.supervisingcommercialbanksintheEurozone9.Effectsofacurrencydepreciationonacountry'seconomymayinclude_____.A.anincreaseinexportsB.adecreaseinimportsC.anincreaseininflationD.adecreaseindomesticemployment10.Theinternationalmonetarysystemhasevolvedthroughdifferentstages,including_____.A.thegold-standardsystemB.theBrettonWoodssystemC.theJamaicasystemD.theEuro-dollarsystemIII.TrueorFalseQuestions(2pointseach,10questionsintotal)1.Acountrywithacapitalaccountsurplusmusthaveacurrentaccountdeficit.()2.Thespotexchangerateisalwayshigherthantheforwardexchangerate.()3.Afixedexchange-ratesystemcompletelyeliminatesexchange-raterisk.()4.Internationalportfolioinvestmentismorestablethanforeigndirectinvestment.()5.TheIMFmainlyprovideslong-termdevelopmentloanstodevelopingcountries.()6.Acurrencyappreciationwillleadtoanincreaseinacountry'sexports.()7.Thebalanceofpaymentsmustalwaysbalanceintheaccountingsense.()8.Amanagedfloatingexchange-ratesystemallowstheexchangeratetobedeterminedsolelybymarketforces.()9.TheEurozonecountriesshareacommonfiscalpolicy.()10.Acountrywithahighinflationraterelativetoothercountrieswillseeitscurrencydepreciateinthelongrun.()IV.Short-AnswerQuestions(5pointseach,4questionsintotal)1.Brieflyexplaintheconceptofthebalanceofpayments.Thebalanceofpaymentsisarecordofalleconomictransactionsbetweentheresidentsofacountryandtherestoftheworldoveraspecificperiod.Itincludesthecurrentaccount(tradeingoodsandservices,incomeflows,andunilateraltransfers),thecapitalaccount,andthefinancialaccount.Itreflectsacountry'sinternationaleconomicposition.2.Whatarethemaindifferencesbetweenafixedexchange-ratesystemandafloatingexchange-ratesystem?Inafixedexchange-ratesystem,theexchangerateissetandmaintainedbythegovernmentorcentralbank.Itreducesexchange-rateriskbutlimitsmonetarypolicyindependence.Inafloatingexchange-ratesystem,theexchangerateisdeterminedbymarketsupplyanddemand.Itallowsforindependentmonetarypolicybuthashigherexchange-ratevolatility.3.ExplaintheroleoftheInternationalMonetaryFund(IMF).TheIMFpromotesinternationalmonetarycooperation,facilitatesinternationaltrade,providesfinancialassistancetocountriesinbalance-of-paymentsdifficulties,andofferspolicyadvice.Italsohelpsmaintainthestabilityoftheinternationalmonetarysystem.4.Howdoesacurrencydepreciationaffectacountry'sexportsandimports?Acurrencydepreciationmakesacountry'sexportscheaperforforeignbuyers,soexportstendtoincrease.Atthesametime,itmakesimportsmoreexpensivefordomesticconsumers,soimportstendtodecrease.Thiscanimprovethecountry'stradebalanceinthelongrun.V.DiscussionQuestions(5pointseach,4questionsintotal)1.Discussthepotentialimpactsofalargecurrentaccountdeficitonacountry'seconomy.Alargecurrentaccountdeficitmayleadtoabuild-upofforeigndebt.Itcouldalsocausethedomesticcurrencytodepreciate.Theremaybeariskofreducedinvestorconfidence,andthecountrymaybecomemorevulnerabletoexternaleconomicshocks.However,itcouldalsoindicatestrongdomesticdemandforimportsandinvestmentintheshortterm.2.AnalyzethechallengesfacedbycountriesintheEurozone.CountriesintheEurozonefacechallengessuchasalackofindependentmonetarypolicyastheECBsetsasinglepolicyforall.Therearealsoissuesoffiscalcoordinationamongmemberstates.Differencesineconomicstructuresandgrowthratescanleadtoimbalanceswithinthezone,anddealingwitheconomiccrisescanbecomplex.3.Howdointerestratedifferentialsbetweencountriesaffectexchangerates?Higherinterestratesinacountry