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︰經濟系
考試日期（年月日）︰103/4/17
考試時限（分鐘）：180分鐘
試題 :
國立台灣大學經濟系「國際金融」(30347500)第一次考試試題
考試時間：2014 年 4 月 17 日(四) 上午9:10—12:10
授課教授：曹添旺
1.(20%) Please show how following transactions result in both credit and debit
entries and how they determine (i) the balance on merchandise trade, (ii)
balance on goods, services, and income, (iii) the current account balance, and
(iv) financial account balance. (The United States is the domestic country.)
a. An automobile dealer in the United States imports a Swedish automobile
and pays the Swedish auto manufacturer $25,000. The automobile manufacturer
deposits the $25,000 in its U.S. bank account.
b. A college student travels abroad during break from school, spending
$2,000 on hotels and food.
c. A foreign resident purchases a $20,000 U.S. treasury bill from US
brokerage firm.
d. The U .S Treasury makes a $600 interest payment to foreign resident that
holds a previously purchased U.S. treasury bill.
e. A U.S. charitable organization, as a humanitarian gesture, donates
$100,000 of wheat to a country that recently experienced a flood.
2.(20%) Using the following equation
CA = S^P - I - (G - T)
to discuss the effects Of government deficits on the current account.
3.(15%) Suppose the one-year forward $/€ exchange rate is $1.26 per euro and
the spot exchange rate is $1.2 Fr euro. What is the forward premium on euros
(the forward discount on dollars)? What is the difference between the interest
rate on one-year dollar deposits and that on one-year euro deposits (assuming
no repayment risk)?
4A.(15%) Calculate the dollar rates of return on the following assets:
a. A painting whose price rises from $200,000 to $250,000 in a year.
b. A bottle of a rate Burgundy, Domaine de la Romance-Conti 1978, whose
price rises from $255 to $275 between 2013 and 2014.
c. A ￡10,000 deposit in a London bank in a year when the interest rate on
pounds is 10 percent and the $/€ exchange rate moves from $1.50 per pound
to $1.38 pound.
4B.(5%) What would be the real rates of return on the assets in the preceding
question if the price changes described were accompanied by a simultaneous 10
percent increase in all dollar prices?
5.(30%) In our discussion of short-run exchange rate overshooting, we assumed
that real output was given. Assume instead that an increase in the money supply
raises real output in the short run. How does this affect the extent to which
the exchange rate overshoots when the money supply first increases? Is it
likely that the exchange rate undershoots?