国际金融英语卷子一份，高手帮忙答一下
1、Explain The Following International Finance Terms（10 Points）
a) in the money option
b) spot exchange rate
c) cross forwards
2、 True Or False Judgments: If True, Write “T” In The Parentheses; If False, Write “F” (20 Points)
a) If there is no transaction costs, the Euro-pound cross rate S(�/￡)= S(�/$) / S($/￡). ( )
b) When foreign exchange is trading against the U.S. dollar, the clearing house that is used is called SWIFT, an acronym for the Society for Worldwide International Financial Telecommunications. ( )
c) One of the assumptions for the holding of relative comparative advantages theory is that country A is more efficient than country B in producing one of the two products. ( )
d) A call option is said to be at the money when the strike exchange rats is lower than the spot exchange rate. ( )
e) International flow of capital makes smoothing of consumption possible and therefore enhances the utility level of a country. ( )
f) Country risk is the risk that comes from the changes of foreign exchange rates. ( )
g) The indirect broker-based foreign exchange market can be characterized as a quasi-centralized, continuous, limit-book, single-auction market. ( )
h) The difference between the Multinationals and Transnationals is that Multinationals consist of separately owned corporations in different countries working in cooperation, and Transnationals are commonly owned business operations in different countries. ( )
i) The quotation, number of dollars per foreign currency unit, is called as European terms. ( )
j) A swap-out Canadian consists of an agreement to buy Canadian dollars spot and to sell Canadian dollars forward. ( )
3、 Fill In The Blanks (20 Points)
a) On the International Money Market of the Chicago Mercantile Exchange futures buyers and sellers must post a ( ) and supplement it if it falls below the ( ) level.
b) In the United States, as in most other markets, there are two levels on which the foreign exchange market operates, a direct ( ) level and an indirect level via ( ).
c) ( ) are reserves created by International Monetary Fund and allocated by making ledger entries in the countries’ accounts at the IMF. When they are allocated, they appear as a ( ) entry, as would any other inflow of unilateral transfers.
d) The inflows and outflows are added to and subtracted from ( ) of outstanding international assets and liabilities. The account that shows them is called the ( ) account.
e) ( ) options can be exercised only on maturity date of the option; and ( ) options can be exercised on any date up to and including the maturity date of the option.
f) Option premium can be considered to consist of two parts: the ( ) value, if any, and the ( ) value of the option.
g) In U.S. Balance-of-Payment Account, credit transaction represent ( ) for U.S. dollars and are recorded with a ( ) sign.
h) When a currency costs less for forward delivery than for spot delivery, we say that the foreign currency is at a ( ); When a currency costs more for forward delivery than for spot delivery, we say that the foreign currency is at a ( ).
i) A deficit in the current account must be financed by ( ) from abroad or by ( ) of foreign assets.
j) Whichever way rates are quoted, the last digit of the quotation is referred to as a ( ) and the difference between bid and ask prices is called the ( ).
4、 Calculations (10 Points)
a) Please derive the inequalities for upper and lower limits of the cross rate when there are transaction costs. (7 Points)
b) Compute the outright forward quotations from the following swap quotations of the Euro in U.S. dollar equivalent. (3Points)
Spot 30-Day Swap 90-Day Swap 180-Day Swap
1.5910-15 10-9 12-10 15-12
5、 Briefly Answer The Questions (40 Points)
a) Under what condition(s) would spreads widen quickly as we move forward to longer maturities in the forward market?
b) What type of option would speculators write if they thought the pound would increase more than the market believed it would?
|
