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Chapter_7_International_Arbitrage_and_Interest_Rate_Parity答案加解释
Chapter 7 International Arbitrage and Interest Rate Parity1. Due to _______, market forces should realign the relationship between the interest rate differential of two currencies and the forward premium (or discount) on the forward exchange rate between the two currencies. A) forward realignment arbitrage B) triangular arbitrage C) covered interest arbitrageD) locational arbitrageANSWER: C抛补套利（covered interest arbitrage）是指将套利arbitrage和掉期swap交易结合起来进行的外汇交易，套利者在把资金从甲地调往乙地以获取较高利息的同时，还在外汇市场上卖出远期的乙国货币以防止风险。2. Due to _______, market forces should realign the spot rate of a currency among banks.A) forward realignment arbitrage B) triangular arbitrage C) covered interest arbitrage D) locational arbitrage利用地点建不同汇率赚钱ANSWER: D3. Due to _______, market forces should realign the cross exchange rate between two foreign currencies based on the spot exchange rates of the two currencies against the U.S.dollar. A) forward realignment arbitrage B) triangular arbitrageC) covered interest arbitrage D) locational arbitrageANSWER: B 三角套利是利用多种汇价在不同市场间的差价进行套利动作4. If interest rate parity exists, then _______ is not feasible. A) forward realignment arbitrage B) triangular arbitrage C) covered interest arbitrage D) locational arbitrage套利者能不断进行抛补套利,直到利率平价成立ANSWER: C 5. In which case will locational arbitrage most likely be feasible? A) One banks ask price for a currency is greater than another banks bid price for the currency. B) One banks bid price for a currency is greater than another banks ask price for the currency.C) One banks ask price for a currency is less than another banks ask price for the currency. D) One banks bid price for a currency is less than another banks bid price for the currency.银行有货币买卖的差价 B银行的买入价大于A银行的卖出价ANSWER: B6. When using _______, funds are not tied up for any length of time. A) covered interest arbitrage B) locational arbitrage C) triangular arbitrage D) B and C抛补套利受时间限制ANSWER: D7. When using _______, funds are typically tied up for a significant period of time. A)
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