（一）论述、简答、计算题：
1、What is the current account balance of France when the French budget surplus is 348 million Euros, private saving is 256 million Euros, domestic capital formation is 134 million Euros? 解答：
National saving = private saving + government saving = 256+348=604 million
Current account balance = national saving – domestic real investment = 604-134=470 million
附：Current account balance(CA)=net foreign investment(If)
National saving(S)=domestic real investment(Id)+net foreign investment(If)
If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total expenditures on goods and services)
2、Which of the following transactions could contribute to a British current account surplus? Explain why
a French firm sells defense equipment to the British government for 250 million pounds in bank deposits
b Great Britain makes a gift of $500 million to the Iraqi government to aid in reconstruction.
c The United States borrows 200 million pounds on a short-term basis from the British government to buy 200 million pounds in textiles from Great Britain. C：merchandise exports——current account surplus A：merchandise imports——current account deficit B：unilateral transfer——current account deficit
3、You are provided with the following information about a country’s international transactions during a given year:
Service exports $346 Service imports $354 Merchandise exports $480 Merchandise imports $348 Income flows, net $153 Unilateral transfers, net $142 Increase in the country’s holding of foreign assets, net (excluding official reserves assets) $352 Increase in foreign holdings of the country’s assets, net
(excluding official reserve assets) $252
Statistical discrepancy, net $154
a. Calculate the official settlements balance and the current account balance.
b. Is the country increasing or decreasing its net holdings of official reserve assets?
Why?
A: Current account balance=net credits – net debits on(the flow of goods ,services ,income and unilateral transfer)=（346—354）+（480—348）+153—142 = 135
Financial account balance= foreign holdings of the country’s assets – the country’s holding
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of foreign assets =—352 + 252 = — 100
So, official settlement balance(B)=CA balance + financial account balance= 135 — 100=35
B: Current account balance = 132—8+153—142=135 B = CA + FA = 135 + （—100） = 35 B + OR + Statistical discrepancy = 0 OR = —189
Increase in net holdings of official reserve asset Goods Services Income Unilateral transfer Private capital flows OR Statistical discrepancy Debit (-) 348 354 142 352 189 Credit (+) 480 346 252 Balance 132 -8 153 -142 -100 -189 154
4、For each case below, state whether the euro has appreciated or depreciated and give an example
of an event that could cause the change in the exchange rate.
a. The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican peso. b. The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro. c. The spot rate goes from 1.48 euros/British pound to 1.51 euros/British pound. d. The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.
A: indirect quotation, euro appreciated B: direct quotation, euro depreciated C: indirect quotation, euro depreciated D: direct quotation, euro appreciated
5、What are the two forms of interbank foreign exchange trading? Compare and contrast he similarities and differences of the two forms.
Form 1 Interbank trading is conducted directly between the traders at different banks Form 2 Interbank trading are conducted through foreign exchange broker
Similarities: Both are making the foreign exchange trades. Differences:
①Form1,the traders know to whom they are quoting exchange rates for possible。Form2,the use of brokers provide anonymity to the traders until an exchange rate is agreed on for a trade.
②Form2,the use of brokers can also allow the bank to economize on the costs of searching for the best available exchange rates, because the broker’s business is to know the rates at which various banks are willing to trade. Brokers earn commission for their services.
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6.
The spot exchange rate between the dollar and the Japanese yen is a floating rate. What effects will the following events have on the exchange rate? In each case, draw a graph to illustrate the changes in the foreign exchange market caused by the event.
a. Political unrest in Japan causes U.S. investors to shift their investments out of Japan. b. There is a large increase in Japanese demand for U.S. investments because Japanese
investors believe that the U.S. economy is experiencing strong growth.
c. There is an increase in demand in the U.S. for Japanese exports as Japan becomes a
low-cost producer of electronic devices.
A: Selling Japanese to dollars → increase in supply of Japanese yen → shift the supply curve → reduces the exchange rate value (＄/yen) of Japanese yen → so in a floating-rate system shift the supply curve for yen to right and the demand curve remains unchanged →the dollar appreciates Exchange rate(＄/yen) S S’ D yen B: Increase in supply of Japanese yen, because Japanese need to sell yens to get U.S. dollars in the foreign exchange market and then use those dollars to make investment in the US 其余同part A
C: Demand for Japanese yen increase, because in most case, ten Japanese exports desire to be paid in yens but the U.S. importer desires to pay in dollars , so somewhere in the payment process dollars must be exchanged for yens Exchange rate(＄/yen) S D’ D yen
7、Assume that the spot exchange rate between the dollar and the Japanese yen is a fixed rate
within a narrow band around an announced rate. Assume that each of the following scenarios will shift the intersection of private supply and demand outside the band. What policy interventions are necessary by the monetary authorities in order to maintain the fixed rate?
a. Political unrest in Japan causes U.S. investors to shift their investments out of Japan.
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b. There is a large increase in Japanese demand for U.S. investments because Japanese
investors believe that the U.S. economy is experiencing strong growth.
c. There is an increase in demand in the U.S. for Japanese exports as Japan becomes a
low-cost producer of electronic devices.
a、b U.S. government must intervene in the foreign exchange market by selling U.S. dollars and buying Japanese yen
c U.S. government must intervene in the foreign exchange market by selling Japanese yen and buying U.S. dollars 展开分析部分（见6题） 8、What is triangular arbitrage? Assume you have 100 U.S. dollars. Explain how you can make
a profit using triangular arbitrage with the following exchange rates:
U.S. dollars per Euro=1.0 Euros per British pound =6.0
British pound per U.S. dollar =3.20
triangular arbitrage：There is an opportunity to make riskless profit by arbitraging through the three rates.
Step 1 exchange 100 dollars for 320 pounds (100*3.2) Step 2 exchange 320 pounds for 1920 euros (320*6) Step 3 exchange 1920 euros for dollars (1920*1) THEN, the net profit = 1920 – 100 = 1820 dollars
9、The current spot exchange rate is $1.14/Euro. The current 90-day forward exchange rate is
$1.11/Euro. How could a U.S firm, who must repay a 40 million Euro loan in 90 days, use a forward exchange contract to hedge its risk exposure?
One way to hedge its risk exposure is to enter into a forward contrast to buy 40 million Euro in 90-days. If the 90-day current forward exchange rate is ＄1.11/Euro , then the company must deliver ＄44.4 million in 90 days 10、You are asked to test if the forward exchange rate is equal to the average market expectation of
the future spot exchange rate. What information will you need to prove/disprove this statement?
Prove：（Forward exchange rate = future spot exchange rate）
We hypothesize that speculators’ pressure on supply and demand should drive the forward exchange rate to equal the average expected value of the future spot exchange rate
11. Covered interest parity states that the forward premium should be equal to the difference in interest rates. Does the empirical evidence support this statement? Explain.
①一项基本的检验是考察由同一机构提供但以不同货币计值的金融资产；一种好的选择是由大型银行向其国际客户提供一套欧洲货币存款。活跃于欧洲货币市场的银行愿意接受以任何数种货币计值，而不只是以银行所在国货币计值的支付；利息存款。各种不同的检验已证明，抵补的利率平价几乎完全地适用于欧洲货币存款；例如欧洲美元和欧洲英镑之差，等于英镑的远期升水
②一项更为严格的抵补的利率平价检验是由不同机构在不同国家金融市场发行的严格可比
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