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国际金融英文版试题chapter7
INTERNATIONAL FINANCE Assignment Problems (7) Name: Student#: I. Choose the correct answer for the following questions (only correct answer) (4 credits for each question, total credits 3 x 21 = 63) 1. __________ are domestic currencies of one country on deposit in other countries. A. LIBORs B. Eurobonds C. Eurocurrencies D. Euronotes 2. Eurocredits are __________. A. bank loans to MNCs or others denominated in a currency other than that of a country where the bank is located B. typically variable rates which are tied to the LIBOR C. usually for maturities of six months or less D. all of the above are true 3. A Japanese firm had chosen to deposit money in a German bank and have it denominated in Japanese yen, this is an example of a __________ deposit. A. Eurobond B. Euronote C. Euroyen D. foreign yen 4. If a bond is issued by a domestic borrower, denominated by domestic currency, marketed and regulated by domestic monetary authorities, this is a __________. A. foreign bond B. Eurobond C. domestic bond D. global bond 5. A bond that trades in the Eurobond market as well as in one or more national bond markets is a __________. A. Eurobond B. global bond C. foreign bond D. domestic bond 6. __________ are issued in a domestic market by a foreign borrower, denominated in domestic currency, marketed to domestic residents, and regulated by domestic authorities. A. foreign bonds B. EurobondsC. domestic bonds D. Yankee bonds 7. The Federal National Mortgage Association (Fannie Mae) issued a dollar-denominated bond with a 7.25% annual coupon and a maturity date in 2030 to non-U.S. investors in an external market. This bond is typically a __________. A. foreign bond B. Eurobond C. domestic bond D. Yankee bond 8. A euro-denominated loan is traded in Eurocurrency market. This loan is called __________. A. euro loan B. Euroeuro loan C. foreign euro loan D. none of the above 9. Which of the following is true for a Eurocurrency market? A. A Eurocurrency market is not subject to any countries’ interest rate regulations. B. A Eurocurrency market does not need to meet any countries’ reserve requirements. C. A Eurocurrency market enjoys the privilege of free flow of capitals D. All of the above must be true 10. Citigroup in Los Angeles borrows a Canadian dollar-denominated deposit from Union Bank of Switzerland (UBS) in Geneva. This is a __________ deposit. A. Euronote B. Euro-Swiss franc C. Euro-Canadian dollar D. Eurobond 11. Which of the following is NOT true about the original Eurodollar? A. The Soviet Union maintained dollar-denominated deposits in U.S. banks in the early 1950s. The Soviet government feared that U.S. might freeze those deposits because of the Cold War. B. The Soviet Union moved those dollars to banks in London. C. Since the dollars were in Europe, they were called “Eurodollars”. D. The Soviet Union worried that the U.S. would not convert the U.S. dollar into the gold as promised. 12. There are many ways to classify financial markets. The category of money market and capital market is made according to __________. A. whether or not they are regulated by a single country B. whether or not a financial intermediary stands between borrowers and saversC. the maturity of the financial assets and liabilities D. the participants of the markets 13. A __________ is an agreement in which a borrower sells his T-bills to a bank and promises to buy them back later at an agreed price. A. commercial paper B. repo C. banker’s acceptance D. negotiable certificate of deposit 14. Accepted drafts refer to those time drafts issued by __________ and promised to pay by __________ at maturity. A. a bank B. a bank C. a firm D. an investor 15. Which of the following did NOT contribute to the prosperity of the Eurodollar market? A. increased regulation of banking activities prevailed in 1960s in U.S. B. easy access to U.S. capital market by foreign investors C. huge dollar income of OPEC countries in 1970s D. tremendous growth of international trade and investment 16. The most frequent quoted rate on Eurocurrency market is the __________. A. U.S. T-bill rate B. Bank of England’s rate C. LIBOR D. Federal funds’ rate 17. Which of the following is NOT a feature of the Eurobond? A. Eurobonds are usually issued in bearer form. B. Eurobonds are “straight” bonds. C. Eurobonds usually have longer maturities than those on domestic markets. D. Eurobonds do not have withholding taxes. 18. A Samurai bond is __________. A. a yen bond issued in the United States by an institution residing in Japan B. a yen bond issued in Japan by an institution residing outside of Japan C. a non-yen bond issued in Japan by an institution residing outside Japan D. none of the above are Samurai bond 19. If IBM issues registered bond in New York Stock Exchange, the __________ needs to keep the records of the owners of its bonds.A. IBM B. New York Stock Exchange C. IRS (Internal Revenue Service) D. U.S. Treasury Department 20. If the interest rates decline, one can expect that __________. A. prices of the bonds will usually be up B. prices of the bonds will usually be down. C. prices of the bonds will usually remain the same. D. prices of the bonds may be up or may be down, because the price of bond has no relation with the interest rate. 21. Eurobanks are __________. A. banks where Eurocurrencies are deposited B. major world banks that conduct a Eurocurrency business in addition to normal banking activities C. financial intermediaries that simultaneously bid for time deposits in and make loans in a currency other than that of the currency of where it is located D. all of the above are descriptions of a Eurobank. II. Problems (17 Credits) 1. Which of the following are Eurodollars and which are not? (1 credit for each question, total credits 1 x 10 = 10) a. A U.S. dollar deposit owned by a German corporation and held in Barclay’s Bank in London. b. A U.S. dollar deposit owned by German corporation and held in Bank of America’s office in London. c. A U.S. dollar deposit owned by German corporation and held in Sumitomo Bank in Tokyo. d. A U.S. dollar deposit owned by German corporation and held in Citibank in New York. e. A U.S. dollar deposit owned by German corporation and held in the New York branch of Deutsche Bank. f. A U.S. dollar deposit owned by a U.S. resident and held in Overseas Banking Corporation in Singapore g. A U.S. dollar deposit owned by German corporation and held in the Berlin branch of Deutsche Bank. h. A deposit of euros in Paribas Bank in Paris. i. A deposit of euros in Citibank in New York. j. A deposit of Australian dollars in Paribas Bank in Paris. 2. AireAsia, headquartered in Kunming, China, needs US$5,000,000 for one year to finance working capital. The airline has two alternatives for borrowing: (7 credits) a. Borrow US$5,000,000 in Eurodollars in London at 7.250% per annum.b. Borrow HK$39,000,000 in China Hong Kong at 7.00% per annum, and exchange these Hong Kong dollars at the present exchange rate of HK$7.8/US$ for U.S. dollar. At what ending exchange rate would AireAsia be indifferent between borrowing U.S. dollars and borrowing Hong Kong dollars? III. True or False (2 credits for each question, total credits 2 x 10 = 20) 1. Eurocurrency markets are outside the jurisdiction of any single regulatory authority. 2. Banker’s acceptance means that the draft issuer promises to pay the draft when it is due. 3. Domestic bonds are denominated in domestic currency by any borrower. 4. Most Eurobonds are issued in registered form in order to track the holder of the bonds. 5. The Eurocurrency market continues to thrive because it is a large international money market relatively free of government regulation and interference. 6. One of the attractive features of a bond is that it is free of withholding tax. 7. T-bill dealers purchases T-bills from an investor and later sells him at a higher price. This agreement is called a repo. 8. Syndicated credit is a loan by several lenders led by a lead manager to provide funds for several borrowers. 9. IET requires U.S. residents who hold foreign bonds should pay taxes to the federal government. 10. Eurocurrencies are not the same as the euro developed for the common European currency.Answers to Assignment (7) I. Choice questions (63 credits) 1. C 2. D 3. C 4.C 5. B 6. A 7. B 8. B 9. D 10. C 11. D 12. C 13. B 14. B 15. B 16. C 17. C 18. B 19. A 20. A 21. D II. Problems (17 credits) 1.a. yes b. yes c. yes d. no e. no f. yes g. yes h. no i. no j. no 2. If borrowing dollar, obligation: 5,000,000 x (1 + 7.25%) = $5,362,500 If borrowing HK dollar, obligation 39,000,000 x (1 + 7%) = HK$41,730,000 Ending exchange rate x 5,362,500 = 41,730,000 So, 41,730,000 / 5,362,500 = HK$7.7818/$ III. True or False (20 credits) 1. true 2. false 3. false 4. false 5. true 6. false 7. false 8. false 10. true 9. true
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国际金融学院;王旭假期马上就要到了，我们应该如何利用好假期生活呢？6月21日下午4点，国际金融学院室内生活部在115教室举办了“如何利用好假期生活”的活动，同学们一起计划了自己在假期的生活。有人说，大学这片浩瀚的宇宙中，有刻骨铭心、闪闪发光的天体，是名列前茅的成绩单；有终身难忘、神秘危险的黑洞，是无所事事寂寞的空虚……简单一句话就是，你要对自己的大学生活负责。我想告诉你，大学的时光是最有价值的，请不要低估大学对你今后人生带来的影响。当我们满怀憧憬踏入大学校园的那一刻，你的人生就有了一个新的开端，你将进入一个完全不同的世界，在这里，你可以拥有许多改变自己今后命运的机会，所以，请不要浪费大学的时光。孙校长曾说过，征服自然的人是英雄，但不是大英雄;征服别人的人是英雄，但不是大英雄;只有征服自己的人，才是大英雄。相信自己，坚持不懈，奋力拼搏，一定可以成为自己的大英雄。可以说大学是一个人如何发展的开始，因为它能够让每个人学到很多东西，所以我们更要学会很多技能，锻炼自己的能力，提升自身的素养与气质。比如在假期中，我们可以做假期工，挣多少钱并不重要，重要的是得到了锻炼，真正体会到了生活中苦的不易。英语是世界上最普遍的一种语言，所以英语对于我们每个人至关重要。作为一名大学生，考过英语四级是最基础的，六级八级是更高层次的追求。而英语四级并不是那么容易过的，因此我们可以利用假期，报培训班或者做练习卷，第一是为了接触到更多类型的题型，第二是为了练习语法，寻找做题的感觉，增加自信心。帮父母做家务，陪家人散散步，为他们做一顿简简单单的饭，和朋友去旅旅游，增进彼此之间的情谊。放假期间，大学生需要完成寒假作业或者相应的社会实践。所以我们可以每天用一个多小时完成学习内容，总之就是一定要保证完成这些学习活动所需的时间。不要把学习的事情集中到某一天或者某一阶段去做，而其他时间都是用来玩的。学习是要持续的，并且要能够坚持下去。几天的过度学习，知识来不及消化和理解，所以我们要长久坚持，一定会有学习的成效的。假期既要学习又要懂得享受生活。比如和朋友出去走旅游，看一看不同的世界，充实自己的内心，提升价值观。如今随着社会的发展，生活质量越来越高，所以汽车销售也随之上涨，每个人拥有驾驶证才是王道。利用假期时间，考驾驶证也是一种正确的选择。生活质量的提高带动了人民享受程度，可以利用假期时间，去健身房锻炼身体，为自己的健康提供一份完美的保障。请记得，将来的你一定会感激现在努力的自己。充分利用假期时间查漏补缺，补上自己的短板，追上别人的长处，成为最优秀的自己。别让任何借口成为你浪费时间的理由，别让任何人影响你对自己未来的规划，别让一时的懒惰阻碍你前行。相信自己，奋力拼搏，做最优秀的自己。&&&&&&&&&
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英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题 1 分，答错不扣分 1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T ) 2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places upward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula. ( F ) 8． The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) PartⅡ:Cloze (20%)每题 2 分，答错不扣分 1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ） 2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures. 4. （ Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected. 8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel. PartⅢ :Questions and Calculations (60%)过程正确结果计算错误扣 2 分 1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500. 2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in two years if the United Kingdom experiences an inflation rate of 7 percent per year while the United States 《国际金融（英文版）》试卷 A 卷 第 1 页 共 3 页experiences an inflation rate of 2 percent per year?(10%) ANSWER: According to PPP, forward rate/spot=indexdom/indexfor the exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 × [1 + (C.047)] = $1.8107 3. Assume that the spot exchange rate of the Singapore dollar is $0.70. The one-year interest rate is 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%) ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf) $.70 × (1 + .04) = $0.728 4. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%) ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars. 5. A U.S. company ordered a Jaguar sedan. In 6 months , it will pay ?30,000 for the car. It worried that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = ?35,000) with a strike price of $1.90 for a premium of 2.3 cents/?. (1)Is hedging in the options market better if the ? rose to $1.92 in 6 months? (2)what did the exchange rate have to be for the company to break even?（15%） Solution: (1)If the ? rose to $1.92 in 6 months, the U.S. company would the strike price and premium is $1.90 + $0.023 = $1.9230/? This is bigger than $1.92. So hedging in the options market is not better.exercise the pound call option. The sum of(2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate , hedging or not doesn’t matter. So, the exchange rate =$1.923/?. 6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%) textbook page50 答案以教材第 50 页为准 PART Ⅳ: Diagram(10%) The strike price for a call is $1.67/?. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call option Solution: Following diagram shows the profit and loss potential, and the break-even price of this put option:《国际金融（英文版）》试卷 A 卷 第 2 页 共 3 页PART Ⅴ:Additional Question Suppose that you are expecting revenues of Y 100,000 from Japan in one month. Currently, 1 month forward contracts are trading at $1 = $105 Yen. You have the following estimate of the Yen/$ exchange rate in one month. Price Probability 90 Yen/$ 4% 95 Yen/$ 25% 100 Y/$ 45% 105 Yen/$ 20% 110 Yen/$ 6% a) What position in forward contracts would you take to hedge your exchange risk? b) Calculate the expected value of the hedge. c) How could you replicate this hedge in the money market? You are expecting revenues of Y100,000 in one month that you will need to covert to dollars. You could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Yen). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to be Y100,000/ 105 = $952 On the other hand, you can wait and use the spot markets. Exchange Rate Probability Revenue Revenue w/out Value of Hedge w/Hedge Hedge 90 Y/$ 4% $1,111 $952 -$159 95 Y/$ 25% $1,052 $952 -$100 100 Y/$ 45% $1,000 $952 -$48 105 Y/$ 20% $952 $952 $0 110 Y/$ 6% $909 $952 $43 Expected Value = (.02)(-159) + (.25)(-100) + (.45)(-48) + (.20)(0) + (.08)(43) = -$24 You could replicate this hedge by using the following: a) Borrow in Japan b) Convert the Yen to dollars c) Invest the dollars in the US d) Pay back the loan when you receive the Y100,000《国际金融（英文版）》试卷 A 卷 第 3 页 共 3 页
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