整理版国际金融 英文思考题汇总yg.docx
- 文档编号:6785363
- 上传时间:2023-05-10
- 格式:DOCX
- 页数:15
- 大小:31.16KB
整理版国际金融 英文思考题汇总yg.docx
《整理版国际金融 英文思考题汇总yg.docx》由会员分享,可在线阅读,更多相关《整理版国际金融 英文思考题汇总yg.docx(15页珍藏版)》请在冰点文库上搜索。
整理版国际金融英文思考题汇总yg
国际金融课后思考题汇总10金2
1.What’sRealEffectiveExchangeRate?
Realeffextiveexchangerateisaneffectiveexchangeratebasedonrealexchangeratesasopposedtonominalexchagerates.Ontheonehand,itisakindofeffectiveexchangeratewhichisameasureoftheweighted-averagevalueofacurrencyrelativetoaselectedgroupofcurrencies.Ontheotherhand,itisbasedonrealenchangeratealthoughcalculatedinmuchthesamewayasanominaleffectiveexchangerate.Incontrasttocalculatingeffectivenominalexchagerates,however,weuserealexchageratesincomputngtherealeffectiveexchangerate.
2.TalkaboutthemeasurementofExchangerate change.
Ingeneral,therearemainlythreemeasurementofexchangeratechange.
Thefirstisthe"point"ofenchangeratechange.
Thesecondisthepercentageofexchangeratechange,whichisthedifferencebetweenthefinalexchangerateandtheinitialexchangerateasapercentageoftheinitialexchangerateduringacertainperiod.
Thethirdmeasurementistheexchangerateindex,includingthebilateralexchangerateindexandtheeffectiveexchangerareindex.
3.TheThreelevel(三个层次)offoreignexchangemarket.
①Foreignexchangetransactionbetweenthecentrebankandbank.
②Foreignexchangetransactionbetweenbanks
③Foreignexchangetransactionbetweenbankandclient.
3.7
1.What'stheforeignexchangearbitrage(套汇)?
Foreignexchangearbitrageistheactofbuyingacurrencyatonepriceandimmediatelysellingitatadifferentprice.Spatialarbitragereferstoarbitrageactivitiesthatspanseparatemarkets.Triangulararbitragereferstoarbitrageactivitiesinwhichtheforeignexchangetransactioninvolvesmorethantwocurrencies.
2.What'stheinterestparity?
(coveredinterestparity)?
weassumethatthereisnotransactioncost,andcapitalcanflowfreely,andcapitalscaleforarbitrageisunlimited.
Coveredinterestparityisaconditionthatsaysthatthedifferencebetweentheinterestrateonadomesticfinancialassetandtheinterestrateonaforeignfinancialassetshouldapproximatelyequaltheforwardpremiumordiscount.
3.Lookatchapter5,talkaboutinwhatwaysdoesacurrencyfutures(货币期货)contractdifferfromaforwardcurrencycontract?
期货与远期合约比较:
Futurescontractsspecifystandardizedquantitiesandtermsofexchange.Futurescontractsrequiredailycash-flowsettlements.ThefuturesexchangeisanorganizedmarketandhashighLiquidity.
货币期货与远期外汇:
一、国际金融英语版P123
1、Currencyfuturescontractsentaildailycashfollowsettlements,whereascurrencyforwardcontractsentailasinglesettlementonlyatthedateofmaturity.(期货每日清算制度)
2、Futurescontractstypicallyinvolvesmallercurrencydenominationsascomparedwithforwardcontracts.
3、Largebankinginstitutionsandcorporationsthattransmitlargevolumesofforeigncurrenciesaretheprimaryusersofforwardcontracts.individualsandsmallerfirmsthatwishtoundertakehedgingorspeculativestrategiestypicallytradecurrencyfutures.(远期外汇交易主要参与者是金融机构和企业,外汇期货则自然人和机构)
二、补充(书P43)
4、Currencyfuturescontractshavehigherliquidityandcanbetransferredfreelywhilecurrencyforwardcontractscannot.
5、buyersandsellersofCurrencyfuturescontractsneedtopayFutureguaranteebyacertainratio.
以上感谢828蝈蝈丹梅泥巴蚊子~写得巨详细有木有(后面就省略评论了)
3.19
1.What’sthedeterminantofoption’spremium(期权费)?
Thedeterminantofoptionpremiumisthecompetitionbetweensupplyanddemandoftheoptioninthemarket,whichwasinfluencedbythefollowing3factors:
theoption’sintrinsicvalue,theoption’stimevalueandpotentialvariabilityoftheunderlyingasset.
Intrinsicvalueistheassetappreciationfromperformingtheoptioncontract.Itdependsonthedifferencebetweenspotexchangerateandtradingexchangerate.Ahigherorlowerdifferencewillinfluencethebuyers’possibilityofperformingthecontract,thanmakeadifferentonoptionpremium.
Timevalueisthepartofvaluedecidedbythelengthfromtradingdatetoexpirydate.Inmostcases,thelongerthetimeis,thehighertheoptionpremiumwillbe.
Whenotherconditionsaresame,agreaterpotentialvariabilityoftheunderlyingassetwillmakesahigheroptionpremium.
2.Whatisforeignexchangerisk(外汇风险)?
Foreignexchangeriskistheeffectthatuncertainfuturevaluesoftheexchangeratemayhaveonthevalueofaforeign-currency-denominatedobligation,receipt,asset,orliability.Ifeconomicentitiesareinforeignexchangeactivities,theyarelikelytosufferthelossduetoachangeinforeignexchangerates.Therearethreetypesofexposuretoforeignexchangerisk:
transactionexposure,translationexposure,andeconomicexposure.Inprinciple,anindividualorfirmcanoffset,orhedge,someoralloftheexposuretoforeignexchangerisk.Theindividualorfirmcoverstheexposurebycompletelyeliminatingtherisk.
3.Talkaboutthedifferencesamongthethreetypesofforeignexchangerisk.
Anindividualorfirmmaybeexposedtoforeignexchangeriskinanyofthreedifferentways.
Transactionexposureistheriskthatthecostofatransaction,ortheproceedsfromatransaction,intermsofthedomesticcurrency,maychange.Atransactionexposureiscreatedwhenafirmagreestocompleteaforeign-currency-denominatedtransactionsometimeinthefuture.
Thesecondtypeofforeignexchangeriskistranslationexposure,whichariseswhentranslatingthevaluesofforeign-currency-denominatedassetsandliabilitiesintoasinglecurrencyvalue.
Thefinaltypeofforeignexchangeriskiseconomicexposure,whichistheeffectthatexchange-ratechangeshaveonafirm'spresentvalueoffutureincomestreams.Economicexposureaffectstheabilityofafirmtocompeteinaparticularmarketoveranextendedperiod.Someeconomistsbelievethatatleastaportionofforeigndirectinvestmentresultsfromfirmstryingtoavoideconomicexposure.Byowningaplantorofficeinaforeignlocationofoperation,thefirmmayavoidsomeoftheforeignexchangeriskthatitwouldhaveincurredifallitsplantsandofficeswereindomesticlocationsonly.
thank董方同学
3.21
1.What'seconomicrisk?
Theeconomicriskistheeffectthatexchange-ratechangeshaveonafirm’svalueoffutureincomestreams.Economicexposureaffectstheabilityofafirmtocompeteaparticularmarketoveranextendedperiod.Byowningaplantorofficeinaforeignlocationofoperation,thefirmmayavoidsomeoftheforeignexchangeriskthatitwouldhaveincurredifallitsplantsandofficeswereindomesticlocationonly.
以上感谢830圈董方天哥贤姐~
2.What'sthetwomethodofforeignexchangerateprediction?
(参考第四讲ppt第19-28张ppt)
Thetwomethodsarefundamentalist(基本因素分析法)andchartist(技术分析法).
Fundamentalistisbasedonanalyzingtherelationshipbetweeneconomicvariables(suchasbalanceofpayment,moneysupply,thechangeofinflationrate,interestrateandthegrowthofGDP,etc.)andtheexchangerate.Fundamentalistcanbedividedintotwomethods:
主观判断法和计量经济模型法.Fundamentalistcanbetterpredictlongtermforeignexchangeratefluctuation.
ThepredictingmethodofChartistisbasedonanalyzingtheforeignexchangemarket’sinternalsupplyanddemand.Itmainlydependsonchartanalyzingandstatisticmethods,‘K线法’isoneofthem.Chartistcanbetterpredictshorttermforeignexchangeratefluctuation.Chartistfocusesonmarketprice,market’sturnoverandtheamountthathaven’tbeenclosedout(未平仓量).Chartistcanalsobedividedintographanalyzingandtrendanalyzing.
3.What'stheinternationalcapitalflow?
Howmanykindsofit?
Internationalcapitalisthebehaviorofcapital’sflowinginternationallytoseekprofit.Inmostcases,itmeansacapitalholder’sinvestinginaforeigncountry’sindustrialorfinancialdepartmentandtheprocedurewithdrawinghisinvestback.
Itincludesthreemainmethods:
Internationaldirectioninvestment,internationalportfolioinvestmentandinternationalloan.
3.31
1.LookattheEnglishTextbook,andtalkaboutthefeatureofcapitalflowstotheemergingeconomies(新兴经济体).
1.Capitalflowsareseparatedintoforeigndirectinvestmentandportfolioinvestment.In2000,portfoliocapitalflowsturnnegative.FDIflowsremainrelativelyrobust.2.Privatecapitalflowstotheemergingeconomieshavegrownataremarkableratesince1990.3.ThoughtheemergingeconomiesofEastAsiaattractedsubstantialFDIflowsduringthemid-1990s,theyreliedheavilyonportfolio,bankloansandothercapitalflows.
2.What'sthefundamentalreasonforcapitalflows?
Thefundamentalreasonofcapital’sinternationalflowisthedifferenceof资本收益率amongcountries.
Theabove4question’sanswersarefrom杨光and陈饶尤
4.9
1.What arethemajorconsequencesofinternationalcapitalflow?
1)Itwillhelptoimprovetheefficiencyofglobalcapitalandtherationalallocationofresources.
2)Itwillcontributetotheimprovementofglobalandnationaloutputandeconomicwelfareenhancing.
3)Internationalcapitalflowswillleadtotheredistributionofinterestsbetweendifferentclassesofthecountries
Othereconomicbenefitsofinternationalcapitalflows
1、Helptopromotethedevelopmentoftheglobalbalanceofpayments,topromoteinternationaltradeandinvestmentiscarriedoutsmoothly.
2、Contributetothespreadofscienceandtechnologyintheinternationalcommunity,andpromotetheprogressofworldtechnology.
3、(Fortheoutflowcountry)
GetmoreOverseasinvestmentincome;improvecurrentaccountandbalanceofpayments;promotecommodityexports;expandoverseasmarketshare;createemploymentopportunities
(Fortheinflowcountry)
adddomesticsavings;Increasesthecapitalaccumulation;introduceofforeigntechnologyandmanagementexperience;Promotefinancialdevelopm
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 整理版国际金融 英文思考题汇总yg 整理 国际金融 英文 思考题 汇总 yg