2025年國(guó)際金融試題英文及答案2025InternationalFinanceExamination(EnglishVersion)PartI:MultipleChoiceQuestions(10questions,2pointseach)1.WhichofthefollowingisNOTakeyfeatureofamanagedfloatingexchangeratesystem?A.CentralbankoccasionalinterventioninforeignexchangemarketsB.ExchangeratedeterminedprimarilybymarketsupplyanddemandC.Strictadherencetoapre-announcedparitybandD.Flexibilitytorespondtoexternalshocks2.AccordingtotheJ-curveeffect,acurrencydepreciationwillinitiallycause:A.AdecreaseinthetradebalancebeforeimprovingitB.AnimmediateimprovementinthetradebalanceC.NochangeinthetradebalanceduetocontractrigiditiesD.Apermanentdeteriorationinthetradebalance3.The"trilemma"ininternationalfinancereferstotheimpossibilityofsimultaneouslyachieving:A.Freecapitalmobility,fixedexchangerate,andindependentmonetarypolicyB.Freetrade,fixedexchangerate,andfiscaldisciplineC.Capitalcontrols,floatingexchangerate,andmonetaryautonomyD.Currentaccountbalance,capitalaccountsurplus,andexchangeratestability4.WhichinstitutionisresponsibleforallocatingSpecialDrawingRights(SDRs)?A.WorldBankB.InternationalMonetaryFund(IMF)C.BankforInternationalSettlements(BIS)D.WorldTradeOrganization(WTO)5.Acountrywithacurrentaccountdeficitmusthave:A.AcapitalaccountdeficitB.AfinancialaccountsurplusC.PositivenetforeignassetsD.Negativenetforeignliabilities6.The"carrytrade"strategyinvolves:A.Borrowinginalow-interest-ratecurrencytoinvestinahigh-interest-ratecurrencyB.HedgingforeignexchangeriskusingforwardcontractsC.ArbitragingbetweenspotandforwardexchangeratesD.Speculatingoncurrencydepreciationthroughoptions7.Whichofthefollowingisaleadingindicatorofacurrencycrisisaccordingtothesecond-generationcrisismodels?A.LargefiscaldeficitsB.Self-fulfillingmarketexpectationsC.OvervaluationoftherealexchangerateD.Rapidgrowthofforeigndebt8.The"TriffinDilemma"primarilyrefersto:A.Theconflictbetweenareservecurrency'sdomesticandinternationalrolesB.ThedifficultyinmaintainingfixedexchangeratesundercapitalmobilityC.Thetrade-offbetweeninflationandunemploymentinopeneconomiesD.Thechallengeofcoordinatingmonetarypoliciesamongcurrencyunionmembers9.Offshorefinancialcentersarecharacterizedby:A.StrictcapitalcontrolsandhightaxratesB.LightregulationandlowtaxregimesC.MandatorylocalcurrencyconversionD.Governmentownershipoffinancialinstitutions10.Inthecontextofbalanceofpaymentsaccounting,remittancesfromforeignworkersareclassifiedunder:A.CapitalaccountB.FinancialaccountC.Secondaryincome(currenttransfers)D.Primaryincome(factorincome)PartII:ShortAnswerQuestions(10questions,5pointseach)1.Differentiatebetweencoveredinterestrateparity(CIP)anduncoveredinterestrateparity(UIP).2.Explaintheconceptof"currencymismatch"anditsimplicationsforemergingmarketeconomies.3.Whatarethemaincomponentsofacountry'sinternationalinvestmentposition(IIP)?Howdoesitrelatetothebalanceofpayments?4.DiscusstheroleoftheInternationalSwapsandDerivativesAssociation(ISDA)inglobalfinancialmarkets.5.Describethemechanismofsterilizedforeignexchangeintervention.Whymightacentralbankchoosetosterilize?6.Define"sovereignwealthfunds"(SWFs)andoutlinetheirtypicalinvestmentobjectives.7.Whatisthe"dollarization"ofaneconomy?Whatarethepotentialbenefitsandcosts?8.ExplainhowtheBaselIIIframeworkaddressesliquidityriskininternationalbanking.9.ComparethefunctionsoftheIMF'sGeneralResourcesAccount(GRA)andSpecialDrawingRights(SDR)Department.10.Analyzetheimpactofquantitativeeasing(QE)bymajorcentralbanksonglobalcapitalflowsandexchangerates.PartIII:CalculationQuestions(5questions,10pointseach)1.SupposethespotexchangerateisUSD/EUR=1.08,the1-yearU.S.interestrateis4%,andthe1-yeareurozoneinterestrateis2%.Accordingtocoveredinterestrateparity,whatshouldthe1-yearforwardexchangeratebe?Showyourcalculations.2.AU.S.firmimports€1,000,000worthofgoodsfromGermany,withpaymentduein3months.ThecurrentspotrateisUSD/EUR=1.05,andthe3-monthforwardrateis1.06.Alternatively,thefirmcanbuya3-monthcalloptiononeuroswithastrikepriceof1.05andapremiumof0.02USDpereuro.CalculatethetotalUSDcostunder:(a)forwardhedging;(b)optionhedgingifthespotratein3monthsis1.07;(c)optionhedgingifthespotratein3monthsis1.04.3.CountryXhasthefollowingbalanceofpaymentsdatafor2024(inbillionsofUSD):Exportsofgoods=500,Importsofgoods=600,Exportsofservices=200,Importsofservices=150,Primaryincomereceipts=80,Primaryincomepayments=120,Secondaryincomereceipts=30,Secondaryincomepayments=10,Financialaccountnetinflows=180.Calculatethecurrentaccountbalance,capitalaccountbalance(assumingnoerrorsandomissions),andoverallbalanceofpayments.4.Amultinationalcorporation(MNC)hasasubsidiaryinBrazilwithanetassetpositionofBRL500million.ThecurrentUSD/BRLexchangerateis4.80,andtheMNCexpectstherealtodepreciateto5.00in6months.Usingthemonetary/non-monetarymethod,calculatethetranslationgainorlossinUSDifallmonetaryassetsandliabilitiesareremeasuredatthecurrentrate.5.The1-yearrisk-freerateinJapanis0.5%,andinAustraliais3.5%.ThecurrentAUD/JPYspotrateis90.00.Ifuncoveredinterestrateparityholds,whatistheexpectedfuturespotratein1year?WhatdoesthisimplyaboutmarketexpectationsfortheAustraliandollar?PartIV:EssayQuestions(5questions,20pointseach)1.Withreferencetothe2024-2025globaleconomicenvironment,analyzethespillovereffectsoftheFederalReserve'smonetarytighteningonemergingmarketeconomies(EMEs).Discussbothtransmissionchannels(e.g.,exchangerates,capitalflows,debtsustainability)andpolicyresponsesavailabletoEMEpolicymakers.2.UsingtheMundell-Flemingmodel,comparetheeffectivenessoffiscalandmonetarypoliciesunderafixedexchangerateregimeversusafloatingexchangerateregime,assuminghighcapitalmobility.Howdoesthemodel'sconclusionchangeifcapitalmobilityislow?3.Theriseofdigitalcurrencies,includingcentralbankdigitalcurrencies(CBDCs)andstablecoins,hassparkeddebatesaboutthefutureoftheinternationalmonetarysystem.EvaluatethepotentialimpactsofCBDCson:(a)cross-borderpayments;(b)reservecurrencystatus;(c)monetarypolicysovereignty.4.In2023,CountryZexperiencedasuddenstopincapitalinflows,leadingtoacurrencycrisisanda30%depreciationofitscurrency.Usingthethird-generationcurrencycrisismodels(e.g.,moralhazardandbalancesheetapproaches),explaintheunderlyingcausesofthecrisis.Whatpolicymeasuresshouldthegovernmentandcentralbankimplementtorestorestability?5.TheIMF's2025WorldEconomicOutlookhighlightspersistentglobalimbalances,withsomecountriesrunninglargecurrentaccountsurplusesandothersfacingdeficits.Discussthestructuralfactorsdrivingtheseimbalances(e.g.,savings-investmentgaps,exchangeratepolicies,demographictrends)andassessthefeasibilityofinternationalcoordinationmechanisms(e.g.,G20,IMFsurveillance)inreducingthem.AnswersPartI:MultipleChoice1.C2.A3.A4.B5.B6.A7.B8.A9.B10.CPartII:ShortAnswer1.Coveredinterestrateparity(CIP)statesthattheforwardexchangeratepremium/discountequalstheinterestratedifferentialbetweentwocountries,eliminatingarbitrageopportunitiesusingforwardcontracts.Uncoveredinterestrateparity(UIP)assumesthattheexpectedchangeinthespotexchangerateequalstheinterestratedifferential,relyingonmarketexpectationsratherthanforwardcontracts.CIPisgenerallyempiricallyvalid,whileUIPoftenfailsduetoriskpremiumsandmarketinefficiencies.2.Currencymismatchoccurswhenanentity(household,firm,orgovernment)hasassetsandliabilitiesdenominatedindifferentcurrencies,leadingtobalancesheetvulnerabilities.ForEMEs,dollarizationofliabilities(borrowinginforeigncurrency)combinedwithincomeinlocalcurrencycreatesexposuretodepreciation.Depreciationincreasesdebtburdens,potentiallytriggeringdefaultsandfinancialcrises.3.TheIIPincludesacountry'sexternalfinancialassets(e.g.,foreigndirectinvestment,portfolioequity,debtsecurities)andliabilities(e.g.,foreignholdingsofdomesticassets).Itisastockmeasure,whilethebalanceofpayments(BOP)isaflowmeasure.TheBOP'sfinancialaccounttrackschangesintheIIPoveraperiod,withtheIIP'send-of-periodvalue=beginningvalue+BOPfinancialaccount+valuationchanges(e.g.,exchangeratefluctuations).4.ISDAstandardizesover-the-counter(OTC)derivativecontracts(e.g.,interestrateswaps,currencyswaps)throughmasteragreements,reducinglegalrisksandenhancingmarketliquidity.Italsodevelopsprotocolsforhandlingeventslikesovereigndebtrestructuringsandpromotesbestpracticesinriskmanagement.5.Sterilizedinterventioninvolvesacentralbankbuying/sellingforeigncurrencyintheforexmarketwhileoffsettingtheimpactondomesticmoneysupplyviaopenmarketoperations(e.g.,selling/buyinggovernmentbonds).Centralbankssterilizetomaintainmonetarypolicyindependence,preventinginterventionfromalteringdomesticinterestrates(whichcouldconflictwithinflationtargets).6.SWFsarestate-ownedinvestmentfundsfundedbyforeignexchangereserves,commodityexports,orfiscalsurpluses.Objectivesincludesavingforfuturegenerations(e.g.,Norway’sGovernmentPensionFund),stabilizinggovernmentrevenue(e.g.,AbuDhabiInvestmentAuthority),andstrategicinvestments(e.g.,Singapore’sTemasek).7.Dollarizationistheuseofaforeigncurrency(oftenUSD)alongsideorinsteadofthedomesticcurrency.Benefits:reducedexchangeraterisk,lowerinflationexpectations,andincreasedaccesstointernationalmarkets.Costs:lossofseigniorage,monetarypolicyautonomy,andlender-of-last-resortcapacity.8.BaselIIIintroducestheLiquidityCoverageRatio(LCR)toensurebanksholdsufficienthigh-qualityliquidassets(HQLA)tocover30-daynetcashoutflows,andtheNetStableFundingRatio(NSFR)topromotestablelong-termfunding.Theseaddressliquidityriskbyreducingrelianceonshort-termwholesalefunding.9.TheGRAprovidesloanstomembersusingquotasubscriptionsandborrowedresources,withconditionality.TheSDRDepartmentmanagestheSDRsystem,allocatingSDRstomembersasinternationalreserveassets.SDRsarenotloansbutsupplementaryreserves,whileGRAresourcesarerepayable.10.QEincreasesgloballiquidity,pushinginvestorstoseekhigheryieldsinEMEs,leadingtocapitalinflows,currencyappreciation,andassetpriceinflation.WhenQEistapered,reversalsoccur,causingdepreciation,capitaloutflows,andfinancialvolatility.Exchangeratesofcommodity-exportingcountriesareparticularlysensitiveduetotradelinkages.PartIII:Calculation1.Forwardrate(F)=Spotrate×(1+domesticinterestrate)/(1+foreigninterestrate).Here,domesticisUSD(4%),foreignisEUR(2%).F=1.08×(1.04)/(1.02)≈1.08×1.0196≈1.101.2.(a)Forwardhedging:€1,000,000×1.06=$1,060,000.(b)Optionhedgingat1.07:Exerciseoption(strike1.05<spot1.07).Cost=(1.05+0.02)×1,000,000=$1,070,000.(c)Optionhedgingat1.04:Donotexercise;buyatspot1.04.Cost=(1.04+0.02)×1,000,000=$1,060,000.3.Currentaccount=(500-600)+(200-150)+(80-120)+(30-10)=(-100)+50+(-40)+20=-$70billion.Capitalaccount=-CurrentaccountFinancialaccount=70180=-$110billion(assumingnoerrors/omissions).OverallBOP=0(byaccountingidentity).4.Netassetposition=BRL500million.CurrentUSDvalue=500/4.80≈$104.17million.Afterdepreciation:500/5.00=$100million.Translationloss=$4.17million.5.UIP:Expectedfuturespotrate(E(S))=S×(1+i_domestic)/(1+i_foreign).Here,domesticisAustralia(3.5%),foreignisJapan(0.5%).E(S)=90×(1.035)/(1.005)≈90×1.0298≈92.68.TheAUDisexpectedtoappreciate(higherfuturerate),consistentwithhigherAustralianinterestrates.PartIV:Essay1.SpilloverEffectsofFedTighteningonEMEs:Transmissionchannelsinclude:(1)Exchangerates:USDappreciationleadstoEMEcurrencydepreciation,increasingimportcostsandinflation.(2)Capitalflows:HigherU.S.ratesreduceriskappetite,causingportfoliooutflowsfromEMEs,pressuringequityandbondmarkets.(3)Debtsustainability:EMEswithhighUSD-denominateddebtfacerisingrepaymentcosts.Policyresponses:(a)Centralbanksmayhikeratestodefendcurrencies,butthisslowsgrowth.(b)Useforeignexchangereservestointerveneinforexmarkets.(c)Implementcapitalflowmanagementmeasures(CFMs)tolimitvolatility.(d)Strengthenfiscalbufferstoabsorbshocks.2.Mundell-FlemingModelAnalysis:Underfixedexchangeratesandhighcapitalmobility:Monetarypolicyisineffective(anyratechangetriggerscapitalflows,reversingmoneysupply).Fiscalpolicyishighlyeffective(governmentspendingraisesincome,attractscapitalinflows,andcentralbankintervenestomaintainparity,amplifyingtheeffect).Underfloatingexchangeratesandhighcapitalmobility:Monetarypolicyiseffective(ratecutsdepreciatecurrency,boostingexports).Fiscalpolicyislesseffective(spendingraisesrates,appreciatescurrency,crowdsoutnetexports).Withlowcapitalmobility:Fixedexchangeratesallowsomemonetaryautonomy(capitalflowsareslow),andfiscalpolicyimpactdependsonimportleakages.Floatingratesreducemonetaryeffectivenessasexchangeratepass-throughisweaker.3.ImpactofCBDCsonInternationalMonetarySystem:(a)Cross-borderpayments:CBDCscouldreducesettlementtimesandcostsviadirectpeer-to-peertransactions,bypassingcorrespondentbankingnetworks.However,interoperabilitychallenges(e.g.,differenttechnicalstandards)remain.(b)Reservecurrencystatus:WidelyadoptedCBDCs(e.g.,digitalUSD)mightreinforcethedollar’sdominance,butmulti-CBDCplatformscouldenablediversification.Smallereconomies’CBDCsmaystruggletogainglobalacceptance.(c)Monetarypolicysovereignty:ForeignCBDCscouldleadto"digitaldollarization,"reducingdomesticcurrencydemandandlimitingcentralbanks’controlovermoneysupply.Conversely,domesticCBDCsenhancemonetarypolicytransmissionbyenablingdirecttargeti