ClassroomExercises國際金融課堂練習(xí)

ClassroomExercises國際金融課堂練習(xí)

Chapter1InternationalBalanceofPayments

I.Answerthefollowingquestions.

1.Doesthebalanceofpaymentsrecordstocksorflows?

2.InU.S.,aretransactionsgivingrisetothedemandforthe

dollarrecordedasdebitsorcreditsinthebalanceofpayments?

3.Whatare“invisibles”inthebalanceofpayments?

4.McGraw-HillInc.hasearningsofroyaltiesonbooks.How

doesthistransactionberecordedintheU.S.balanceofpayments?

5.Sincegoldisapartofofficialreserves,howwouldthe

balanceofpaymentsstatisticsshowthesaleofdomesticallyminedgoldtothecountry’scentralbank?Whathappensiftheminingcompanysellsthegoldtoforeignprivatebuyers?

II.RecordthefollowingtransactionsintheUSbalanceofpaymentsinT-accounts.

1.U.S.exports$10,000graintoJapan.Itispaidbycheckin

dollars.

2.U.S.touristsspendSwissfrancswhichisequivalentto

$2,000inGeneva.

3.AU.S.investorbuysa2-yearCanadiantreasurynoteof

$3,000,paysbycheck.

4.U.S.shipisleasedtocarrybeeffromAustraliatoBritain.

Paymentforfreightchargesis$50,000.

5.FederalReservesells$1milliongoldtosupportthevalueof

thedollar.

6.U.S.Red-CrossAssociationdonated1,000tentstothe

disasterareainChina.Thosetentsworth$10,000.

III.Whichofthefollowingtransactionswouldcontributeto

aU.S.currentaccountsurplus?

1.Boeingbartersa$100millionplanetoMexicoinexchange

for$100millionworthofhotelservicesontheMexicancoast.

2.TheUnitedStatesborrows$100millionlongtermfrom

SaudiArabiatobuy$100millionofSaudioilthisyear.

3.TheUnitedStatessellsa$100millionjettoTurkeyfor$100

millioninbankdeposits.

4.TheU.S.governmentmakesagiftof$100milliontothe

governmentofGreece,intheformofNewYorkbankdeposits,topayforinjuriescausedbyTurkishjetattacks.5.TheBritishcentralbankbuys$100millioninU.S.dollar

bankdepositsfromaNewYorkbank,payingbyprovidingpoundbankdepositstotheNewYorkbank.

IV.WhataretheeffectsofeachofthefollowingontheU.S.internationalinvestmentposition?

1.ForeigncentralbanksincreasetheirofficialholdingsofU.S.

governmentsecurities.

2.U.S.residentsincreasetheirholdingsofstocksissuedby

Japanesecompanies.

3.ABritishpensionfundsellssomeofitsholdingsofthestocks

ofU.S.companiesinordertobuyU.S.corporatebonds.

Chapter2ForeignExchangeMarket

1.TheinflationrateinCountryAisexpectedtobe4percentper

year,andtheinflationrateinCountryBisexpectedtobe6percentperyear.IfthecurrentspotrateisSB/A=12.50,whatistheexpectedspotrateintwoyears?

2.AssumethepoundsterlingisworthFfr8.3347inLondonand

Sfr2.0556inZurich.IfSwissfrancisworthFfr4.0156inParis,canBritisharbitrageursmakeprofitsontheseexchangerates?Ifso,showhow.WhatwouldbetheeventualoutcomeonexchangeratesinParisandZurichgivensucharbitrage?

HowwouldanytransactioncostaffectFrenchfrancpricesforSwissfrancsinParis?

3.TheFrenchfrancisquotedasFfr/$=5.1524-30.TheGerman

markisquotedasDM/$=1.5249-53.WhatistheimplicitcrossrateFfr/DMquotation?

Chapter4ForeignExchangeRisksandForeignExchangeTransactions

1.Giventhefollowingspotandforwardquotes,calculateforwardpremiumsonJapaneseyenas(a)abasispointpremium,and(b)anannualizedpercentagepremium.

Spot($/￥)Forward($/￥)DaysForward

0.00910.009030

0.00910.008890

0.00910.0085180

0.00910.0079360

2.AforeignexchangedealerinWarsawprovidesquotesforspotand1-month,3-month,and6-monthforwardratesforthePolishzlotyagainstthedollar:

Bid(PZ/$)Ask(PZ/$)Spotrate4.00404.0200

1-monthforward3.99204.0090

3-monthforward3.96903.9888

6-monthforward3.93603.9580a.WhatwouldyoureceiveindollarsifyousoldPZ5millionatthespotrate?

b.WhatwoulditcostyouindollarstopurchasePZ20millionforwardthreemonths.Whenwouldyoumakepayment?

3.Indicatewhethereachofthefollowingindividualsusestechnicalorfundamentalanalysisinforecastingcurrencyvalues.

a.Aninvestoruseschartsofhistoricalexchangeratemovementstopredictfutureexchangeratemovements.

b.Ahedgerusesacomputerprogramcalledaneuralnetworktoidentifypatternsinexchangerate.Theneutralnetworkusespastpriceinformationtogenerateasignalindicatingwhetheraparticularcurrencyexposureshouldbehedged.

c.AspeculatorgathersthemostrecentbalanceofpaymentsdatafromcountriesparticipatinginEuropeanmonetaryunion.Sheusesthisdatatomakelong-termforecastsofthevalueoftheeuroagainsttheU.S.dollar.

d.Acurrencyhasbeentradinginanarrowrangeduringthelastseveralmonths.Thecurrencyfallsinvaluedaysafterthegovernmentannouncesithassuspendedpaymentsondollar-denominatedloans.Ahedgefundmanagersel