international finance test.pdf

西南财经大学本科期末考试试卷 课程名称：《国际金融市场（双语）》 担任教师：刘攀 考试学期：2010 － 2011 学年第 1学期 专业： 证券与期货学院 学号： 年级： 2008级 姓名： 考试时间： 题 号 一 二 三 四 五 六 七 八 总分 阅卷 人 成 绩 出题教师必填：1、考试类型：闭卷[ ] 开卷[ ]（ 页纸开卷） 2、本套试题共 5 道大题，共 5 页，完卷时间 100 分 钟。 3、考试用品中除纸、笔、尺子外，可另带的用具有： 计算器[ ] 字典[ ] 等 （请在下划线上填上具体数字或内容，所选[ ]内打钩） 考生注意事项：1、出示学生证或身份证于桌面左上角，以备监考教师查验。 2、拿到试卷后清点并检查试卷页数，如有重页、页数不足、空白页 及刷模糊等举手向监考教师示意调换试卷。 3、做题前请先将专业、年级、学号、姓名填写完整。 4、考生不得携带任何通讯工具进入考场。 5、严格遵守考场纪律。 Part one: Explain the Following Key Terms in English （21 分） 1. Balance of payments 2. Arbitrage 3. Forward exchange rate 4. Law of one price 5. Hedge 6. Currency options 7. Managed float Part Two: Compute Questions （37 分） 1. （7 分）What’s the Current account balance of a nation with a government budget deficit of $128 billion, private saving of $806 billion, and domestic Capital formation of $777 billion ? 2. （10 分）You have access to the following three spot exchange rates: $0.01/yen $0.20/krone 25 yen/ krone You start with dollars and end up with dollars. A. How would you engage in arbitrage to profit from these three rates? What’s the profit for each dollar used initially ? B. As a result of this arbitrage, what’s the pressure on the cross-rate between yen and krone ? 3. （10 分）In 1975, the price level for the United States was 100, the price level for Pugelovia was also 100, and in the foreign exchange rate market one Pugelovia pnut was equal to $1. In 2008, the U.S. price level had risen to 260, and the Pugelovia price level had risen to390. A. According to PPP, what should the dollar- pnut exchange rate be in 2008 ? B. If the actual dollar- pnut exchange rate is $1/pnut in 2008, is the pnut overvalued or undervalued relative to