課程名稱︰國際金融
課程性質︰必修
課程教師︰曹添旺
開課學院：社會科學院
開課系所︰經濟學系
考試日期（年月日）︰2019.04.18
考試時限（分鐘）：110分鐘
試題 :
一. Multiple choice(45%)
(Choose the one alternative that best completes the statement or answers the question)
(答題時，請清楚標示每小題題號，否則不予計分)
1. GNP equals GDP
A) minus net receipts of factoe income from the rest of the world
B) plus receipts of factor income from the rest of the world
C) minus receipts of factor income from the rest of the world
D) plus net receipts of factor income from the rest of the world
E) minus depreciation
2. Which of the following is TRUE？
A) A country with a current account surplus is earning more from its exports
B) A country could finance a current account deficit by using previously accu
C) A country with a current account deficit must be increasing its foreign de
D) We can describe the corrent account surplus as the difference between inco
E) All of the above are true of current account balances.
3. In an open economy，private saving，S(p)，is equal to
A) I - CA + (G-T)
B) I + CA - (G-T)
C) I + CA + (G-T)
D) I - CA - (G-T)
E) I + CA + (G+T)
4. Which of the following statesments about the central bank is TRUE？
A) Only the central bank may hold foreign reserves and intervene officially i
B) Central banks have little power to affect macroeconomic conditions.
C) Today,central banks' reserves consist largely of gold.
D) The Federal Reserve holds only a small level of official reserve other tha
E) Central banks never inrct money into the economy.
5. The profits of a Spanish factory with British owners are
A) counted in Spain's GNP.
B) not part of Britian's GNP.
C) counted in Britian's GDP.
D) part of Spain's GNP.
E) counted in Spain's GDP.
6. A(n) ________ of nation's currency will cause imports to ________ end exports
A) depreciation；increase；decrease
B) appreciation；decrease；increase
C) depreciation；decrease；increase
D) appreciation；increase；increase
E) depreciation；decrease；decrease
7. Which one of the following statesments is the MOST accurate？
A) Spot exchange rates are always higher than forward exchange rates.
B) Spot exchange rates are always lower than forward exchange rates.
C) Spot exchange rates and forward exchange rates are always equal.
D) Spot exchange rates and forward exchange rates are equal when the value da
E) Spot exchange rates and forward exchange rates never move closely together
8. Future contracts differ from forward contracts in that
A) future contracts ensures you will receive a certain amount of foreign currency at a spectified future date.
B) future contracts bind your end of the deal.
C) future contracts allow you to sell your contract on organized futures exchange.
D) future contracts are a disadvantage if your views about the future spot exchange rate are to change.
E) future contracts don't allow you to realize a profit or a loss right away.
9. What is the expected dollar rate of return on euro deposits if today's exchange rate is $1.167 per euro, next year's expected exchange rate is $1.097 per euro, the dollar interest rate is 10%, and the euro interest rate is 5%？
A) 5%
B) 4%
C) 0%
D) -1%
E) -6%
10. If the dollar interest rate is 10 percent, the euro interest rate is 6 percent, then
A) an investor should invest only in dollars if the expected dollar depreciation against the euro is 4 percent.
B) an investor should invest only in euros if the expected dollar depreciation against the euro is 4 percent.
C) an investor should be indifferent between dollars and euros if the expected dollar depreciation against the euro is 4 percent.
D) an investor should be indifferent between dollars and euros if the expected dollar appreciation against the euro is 4 percent.
E) an investor should invest only in dollars.
11. Suppose that the one-year forward price of euros in terms of dollars is equal to $1.092 per euro. Further, assume that the spot exchange rate is $1.05 per euro, and the interest rate on dollar deposits is 10 percent and on euro it is 4 percent. Under these assumptions
A) interest parity does not hold.
B) interest parity does hold.
C) it is hard to tell whether interest parity does or does not hold.
D) interest parity fluctuates.
E) Not enough information is given to answer the question.
12. Which one of the following statesments is the MOST accurate？
A) A rise in the interest rate offered by dollar deposits causes the dollar to appreciate.
B) A rise in the interest rate offered by dollar deposits causes the dollar to depreciate.
C) A rise in the interest rate offered by dollar deposits does not affect the U.S. dollar.
D) For a given euro interest rate and constant expected exchange rate, a rise in the interest rate offered by dollar deposits causes the dollar to appreciate.
E) A rise in the interest rate offered by the dollar causes the euro to appreciate.
13. Which one of the the following statesments is the MOST accurate？
A) For a fixed interest rate, a rise in the expected future exchange rate cause a rise in the current exchange rate.
B) For a fixed interest rate, a rise in the expected future exchange rate causes a fall in he current exchange rate.
C) For a fixed interest rate, a rise in the exoected future exchange rate does not cause a change in the current exchange rate.
D) For a given dollar interest rate and a constant expected rate, a rise in the interest rate of the euro causes the dollar to depreciate.
E) For a ficed interest rate, a fall in the expected future exchange rate causes a rise in the current exchange rate.
14.Which one of the following statesments is the MOST accurate？
A) A rise in the average value of transactions carried out by a household or a firm causes its demand for money to fall.
B) A reduction in the average value of transactions carried out by a household or a firm causes its demand for money to rise.
C) A rise in the average value of transactions carried out by a household or a furm causes its demand for money to rise.
D) A rise in the average value of transactions carried out by a household or a firm causes its demand for real money to rise.
E) A decrease in the average value of transactions carried out by a household or a firm causes its demand for real money to rise.
15. Individuaks base their demand for an asset on
A) the expected return the asset offers compared with the returns offered by other assets.
B) the riskiness of the asset's expected return.
C) the asset's liquidity.
D) the expected return, how risky that expected return is, and the asset's liquidity.
E) the aesthetic qualities of the asset.
二、Essay Question (55%)
(答題時，請詳細說明過程，並清楚標示每小題題號，否則不予計分)
1.(10%) Show how the following transactions create two offsetting bookkeeping entries in Taiwan's balance of payment. Please follow the table form below to answer this question.
Transaction(Classified Account) Credit Debit
$XXX
$XXX
a.A college student in Taiwan travels abroad during a break from school, spending $1600 on hotels and food. Lacking cash, he places the on his credit card.
b.A company in Taiwan issues $8000 bonds in the U.S. to purchase equipment from a U.S. company in use to build a new factory a new factory in Taoyuan.
2.(10%) Construct a model of foreign exchange markets to discuss the effects of a rise in the foreign interest rate on the exchange rate. Pkease use a diagram to explain.
3.(10%) Use the interest parity condition to explain why(holding interest rates constant) a decrease in the expected exchange rate in a country's currency leads to an appreciation of that currency today.
4.(15%) Use the money market equilibrium condition to discuss the effects on interest rate caused by a rise in money supply and domestic income respectively. Please use a diagram to explain.
5.(10%) Given that U.S. foreign assets are equal to 120% of GDP and foreign liabilities are equal to 145% of GDP. Furthermore, 65% of U.S. foreign assets are in foreign currencies,
and 80% of U.S. foreign liabilities are in dollars. Please compute how a 5% dollar depreciation affects U.S. net foreign wealth and show the size of the effect on foreigners' net foreign claims on the United States measured in dollars (as a percent of U.S. GDP)