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1、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 pegII Multiple Choice （1*30）(单选)123456789101112131415DCBADDDDAABBACA161718192021222324252627282930CDDBCBBCDDCBBBAIII True / False Questions( ple
2、ase fill T for true and F for false) (1point*10)12345678910TTTFTFTFTFIV. 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=-1200V. S
3、uppose $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 Paris1 yen = $
4、0.008 in TokyoSell $1 for 0.85 euro in New YorkSell 0.85 euro for 0.85*150 yen in ParisSell 0.85*150 yen for 0.85*150*0.008 $ in TokyoProfit =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 da
5、ys); Annualized interest rate on 90-day pound-denominated bonds 12%(3% for 90 days), Financial investors expect spot rate to be $1.77/ in 90 days.(1) If an investor bases his decision on the difference in the expected rate of return, should a U.S.-based investor make an uncovered investment in pound
6、-denominated bonds rather than investing in dollar-denominated bonds?(5 points)NO. because 3%-2%=1% less than the expected discount rate of pound in 3 month=(1.8-1.77)/1.8=1.67%. or you can say the UIP= -0.0072$(2) If 3-month forward exchange rate is $1.78/, is there any possibility of Covered inter
7、est arbitrage for investors?(5 points)(3) 没有抵补套利机会CIP=1/1.8(1+ .3%)*1.78-1(1+2%)= -0.00144usd. VII why did the Bretton Woods system of fixed exchange rates collapse? Please point out the main causes.(10 points) Answer for reference: 制度设计缺陷（ 如特里芬难题） 美国的经济相对地位的衰落，美国持续的通胀政策 高度流动的国际资本冲击( 单向投机赌博)VIII. A
8、drop in the foreign demand for our exports has larger effect on our domestic product and income under floating exchange rate than it would under fixed exchange rate. Do you agree? Why (10 points) 不同意。浮动汇率下，外国对本国出口的需求减少，会导致本币贬值，从而增加本国商品的竞争力，本国的出口和国民收入不会下降很多；而在固定汇率下，外国对本国产品的需求下降会导致逆差，本币贬值，维持固定汇率下的央行干预，会进一步紧缩国内经济，本国国民产出和收入会下降更大。
