国际金融试题A 答案.docVIP

《国际金融A》试题A 答案 I Translations（1*10） 单方面转移 exchange overshooting 官方结算差额 currency board system 外汇掉期 one-way speculative gamble 三角套汇 real effective rate 抵补利差 crawling peg II Multiple Choice （1*30）(单选) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 D C B A D D D D A A B B A C A 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 C D D B C B B C D D C B B B A III True / False Questions( please fill T for true and F for false) (1point*10) 1 2 3 4 5 6 7 8 9 10 　T T　 　T F T　 　F 　T 　F 　T 　F IV. What is the current account balance of a nation with a government budget surplus of $1500 billion, private saving of $800 billion, and a domestic capital formation of $3500 billion?(10 points) Sp+Sg-Id=CA=1500+800-3500=-1200 V. Suppose $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris, and 1 yen = $0.008 in Tokyo. If you begin by holding $1, how could you profit from these exchange rates? What is your arbitrage profit per dollar initially traded??(10 points) $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris 1 yen = $0.008 in Tokyo Sell $1 for 0.85 euro in New York Sell 0.85 euro for 0.85*150 yen in Paris Sell 0.85*150 yen for 0.85*150*0.008 $ in Tokyo Profit =150*0.85*0.008-1=0.02$ VI The following rates exit: Current spot exchange rate:$1.8/￡ Annualized interest rate on 90-day dollar-denominated bonds 8%(2% for 90 days); Annualized interest rate on 90-day pound-denominated bonds 12%(3% for 90 days), Financial investors expect spot rate to be $1.77/￡ in 90 days. If an investor bases his decision on the difference in the expected rate of return, should a U.S.-based investor make an uncovered investment in pound-denominated bonds rather than investing in dollar-denominated bonds?(5 points) NO. because 3%-2%=1% less than the expected discount rate of pound in 3 month=(1.8-1.77)/1.8=1.67%. or you can say the UIP= -0.0072$ If 3-month forward exchange rate is $1.78/￡, is there a