Download 一、 解釋名詞，任選三小題作答

國際金融小考 (1)
10/4/2002
一、簡答題
1. 國際收支帳 (Balance of payments accounting)中包括那些要項。(12)
Using the principles of double--entry bookkeeping, indicate how the following
transactions are recorded in the balance of payments. Be sure to indicate whether a
particular transaction enters as a credit or debit and identify the particular sub-account in
which it is entered.
a) An American buys a share of German stock, paying by writing a check on an
account with a Swiss bank.(6)
b) The French government carries out an official foreign exchange intervention in
which it uses dollars held in an American bank to buy French currency from its
citizens.(6)
c) A California winegrower contributes a case of cabernet sauvignon for a London
wine tasting.(6)
2.
a.何謂利息平價說 (Interest rate parity)？假使新台幣之存款年利率為 6%，美元之存
款年利率為 4%，且此時之匯率是一美元可兌換 35 元台幣，預期一年後之匯率是多
少？從利息評價說中，假使本國存款利率上升、以及預期本國貨幣將貶值，則目前
支及其匯率會如何變動？(假設國外利率不變) (12)
b. Suppose the one-year forward $/ε is $1.26 per euro and the spot exchange rate is $1.2
per euro, what is the forward premium on euro? What is the difference between the
interest rate on one-year dollar deposits and that on one-year euro deposits?(12)
3.
a.經常帳赤字(current account deficit)一定是因為政府預算赤字(government budget
deficit)所造成。此敘述是否正確？說明理由。(10)
b.一個國家是否有可能經常帳有赤字，卻又同時其國際收支餘額有盈餘？說明之。
(10)
選擇題(36)
1) If the dollar equivalent exchange rate of the New Zealand dollar is 1.5, what is a New
Zealand dollar worth in terms of U.S. dollars?
a.) $0.50
b.) $0.67
c.) $1.00
d.) $1.50
2) Suppose the dollar equivalent exchange rate for the Canadian dollar is 1.37, while the
dollar Equivalent exchange rate for the British pound is 0.66. What is the cross rate of
British pounds per Canadian dollar?
a.) 2.08.
b.) 1.37.
c.) 0.66.
d.) 0.48.
3)
a.)
b.)
c.)
d.)
A debit entry in the balance of payments accounts represents
a transaction that includes a payment from abroad to a domestic resident.
a transaction that includes a payment abroad by a domestic resident.
a decrease in the current account deficit.
an increase in the capital account surplus.
4)
a.)
b.)
c.)
The balance of payments system
is another method for calculating GDP.
insures that the net exports are always equal to zero.
measures the total value of a domestic economy's transactions with the rest of the
world.
e.) attempts to limit the fluctuation in international exchange rates.
5) The current account is equal to
a) S(p)-I + T-G
b)C+I+G+X
c) I+X
d) T-G
6) A current account surplus implies that
a) The country is a net lender to the rest of the world
b) The country is running a net financial account surplus
c) Foreign investment in domestic securities is at very low levels
d) All of the above.