國際金融全英試題及答案

一、單項選擇題（每題2分，共10題）1.Theexchangerateregimewherethecentralbankallowstheexchangeratetobedeterminedbymarketforcesiscalled()A.FixedexchangerateregimeB.FloatingexchangerateregimeC.ManagedfloatingexchangerateregimeD.Crawlingpegexchangerateregime2.Whichofthefollowingisacurrentaccountitem?()A.DirectinvestmentB.PortfolioinvestmentC.GoodstradeD.Loans3.Thetheorythatstatesexchangeratesadjusttoequalizethecostofabasketofgoodsindifferentcountriesis()A.InterestrateparitytheoryB.PurchasingpowerparitytheoryC.ExchangerateovershootingtheoryD.Balanceofpaymentstheory4.WhatdoesLIBORstandfor?()A.LondonInterbankOfferedRateB.LondonInternationalBusinessOfferedRateC.LowerInterestBankOfferedRateD.Long-termInterestBusinessOfferedRate5.Ifacountryhasacurrentaccountdeficit,itmeans()A.ItisimportinglessthanitisexportingB.ItisinvestinglessabroadthanitreceivesforeigninvestmentC.ItisimportingmorethanitisexportingD.Itsforeignexchangereservesareincreasing6.Acountry'sbalanceofpaymentsisa()A.RecordoftradeingoodsonlyB.RecordofinternationaltransactionsoveraperiodoftimeC.RecordofchangesindomesticincomeD.Measureofdomesticinflation7.Thecurrencymostwidelyusedininternationaltradeandfinanceis()A.EuroB.JapaneseyenC.USdollarD.Britishpound8.Foreignexchangemarketinterventionsbycentralbanksaremainlyto()A.IncreasedomesticinterestratesB.InfluencetheexchangerateC.ReducedomesticinflationD.Stimulatedomesticinvestment9.Forwardexchangecontractsareusedprimarilyfor()A.HedgingexchangeraterisksB.SpeculatingonexchangeratemovementsC.ArbitrageindifferentmarketsD.Facilitatinginternationaltrade10.Ifthedemandforacountry'scurrencyincreasesintheforeignexchangemarket,itsexchangeratewill()A.DepreciateB.AppreciateC.RemainunchangedD.Fluctuaterandomly二、多項選擇題（每題2分，共10題）1.Componentsofthebalanceofpaymentsinclude()A.CurrentaccountB.CapitalaccountC.FinancialaccountD.Officialreserveaccount2.Factorsthatcanaffectexchangeratesare()A.InterestratedifferentialsB.InflationdifferentialsC.EconomicgrowthdifferentialsD.Centralbankpolicies3.Typesofforeignexchangetransactionsinclude()A.SpottransactionsB.ForwardtransactionsC.FuturestransactionsD.Optionstransactions4.Functionsoftheinternationalmonetarysystemare()A.DeterminingexchangeratearrangementsB.FacilitatinginternationalpaymentsC.AllocatinginternationalliquidityD.Promotinginternationaleconomicgrowth5.Internationalreserveassetsusuallyinclude()A.GoldB.ForeignexchangereservesC.SpecialDrawingRights(SDRs)D.ReservepositionsintheIMF6.Multinationalcorporationsmayfacethefollowingexchangeraterisks()A.TransactionriskB.TranslationriskC.EconomicriskD.Interestraterisk7.Thefollowingareinternationalfinancialinstitutions()A.InternationalMonetaryFund(IMF)B.WorldBankC.AsianDevelopmentBank(ADB)D.BankforInternationalSettlements(BIS)8.Theobjectivesofcentralbank'sforeignexchangemarketinterventionmayinclude()A.StabilizingtheexchangerateB.InfluencingthelevelofexportsC.MaintainingdomesticeconomicstabilityD.Preventingcurrencyspeculation9.Intheforeignexchangemarket,marketparticipantsinclude()A.CommercialbanksB.CorporationsC.CentralbanksD.Foreignexchangebrokers10.Advantagesofaflexibleexchangerateregimeinclude()A.AutomaticadjustmentofthebalanceofpaymentsB.IndependenceofmonetarypolicyC.ReducedvulnerabilitytoexternalshocksD.Enhancedinternationalcompetitiveness三、判斷題（每題2分，共10題）1.Acurrentaccountsurplusmeansacountryislendingtotherestoftheworld.()2.Thefixedexchangerateregimecanbetterwithstandexternaleconomicfluctuations.()3.Interestrateparitytheoryimpliesthatthedifferenceininterestratesbetweentwocountriesisequaltotheexpectedchangeintheexchangerate.()4.Foreignexchangefuturescontractsaremorestandardizedthanforwardcontracts.()5.Themainsourceofinternationalreserveassetsformostcountriesisgold.()6.Ifacountry'sinflationrateishigherthanthatofitstradingpartners,itscurrencywilltendtoappreciate.()7.Centralbanksdirectlyparticipateintheforeignexchangemarkettomakeaprofit.()8.Inthebalanceofpayments,capitalaccountrecordsmainlylong-termcapitalflows.()9.Internationalportfolioinvestmentmainlyfocusesoncontrollingthemanagementofforeigncompanies.()10.ThePurchasingPowerParitytheoryholdsperfectlyintherealworld.()四、簡答題（每題5分，共4題）1.brieflyexplainthemeaningofthecurrentaccount.Answer:Thecurrentaccountisacomponentofthebalanceofpayments.Itrecordsacountry'sinternationaltransactionsrelatedtothetradeofgoods(exportsandimports),services(suchastourismandtransport),income(includinginvestmentincome),andcurrenttransfers(likeforeignaid),reflectingthecountry'snetincomefrominternationalproductionandconsumptionactivities.2.Whataretheimpactsofacurrencydepreciationonacountry'seconomy?Answer:Acurrencydepreciationmakesexportscheaperandimportsmoreexpensive.Thiscanboostexport-relatedindustries,increasedomesticproductionandemploymentintheshort-run.However,itmayalsoleadtoimportedinflationasthecostofimportedmaterialsrises,andcouldaffectthelivingstandardsofconsumerswhorelyonimportedgoods.3.Explaintheconceptofinterestrateparity.Answer:Interestrateparitystatesthatthedifferenceininterestratesbetweentwocountriesshouldbeequaltotheexpectedchangeintheexchangerate.Ifthisparitydoesn'thold,therewillbeopportunitiesforarbitrage,whicheventuallyforcestherelationshiptoholdthroughtheadjustmentofexchangeratesandinterestratesintheinternationalfinancialmarket.4.Listtwofunctionsofinternationalfinancialinstitutions.Answer:Internationalfinancialinstitutions,suchastheIMFandWorldBank,playcrucialroles.Onefunctionistoprovidefinancialassistancetocountriesfacingbalanceofpaymentsdifficultiesorinneedofdevelopmentfunds.Anotherfunctionistopromoteinternationaleconomicstabilityandcooperationbysettingstandardsandprovidingpolicyguidanceformembercountries.五、討論題（每題5分，共4題）1.Discusstheadvantagesanddisadvantagesofafixedexchangerateregime.Answer:Theadvantagesofafixedexchangerateregimeincludeprovidingstabilityforinternationaltradeandinvestment,reducingexchangeraterisk.Italsohelpstoanchorinflationexpectations.However,disadvantagesexist.Centralbanksmayfacechallengesinmaintainingthefixedrate,losingmonetarypolicyindependence.Itcanalsoleadtospeculativeattacksduringeconomicimbalances,puttingpressureonforeignexchangereserves.2.Analyzehowcentralbankpoliciescanaffectexchangerates.Answer:Centralbankscaninfluenceexchangeratesinseveralways.Interestrateadjustmentsimpactcapitalflows.Higherinterestratesattractforeigncapital,increasingthedemandforthedomesticcurrency,leadingtoappreciation.Quantitativeeasingoropen-marketoperationscanchangethemoneysupply.Alargemoneysupplymayleadtocurrencydepreciation.Directforeignexchangemarketinterventions,buyingorsellingdomesticcurrency,alsodirectlyaffectitsvalue.3.Debateonthesignificanceoftheinternationalmonetarysystem.Answer:Theinternationalmonetarysystemishighlysignificant.Itprovidesaframeworkforinternationalpaymentsandsettlement,facilitatingglobaltradeandinvestment.Ithelpsallocateinternationalliquidityamongcountries.Astablesystemcanalsoreduceexch