Tài chính quốc tế là lĩnh vực nghiên cứu và quản lý các tài nguyên tài chính ở quy mô toàn cầu, tập trung vào ảnh hưởng của các yếu tố quốc tế đối với hệ thống tài chính và kinh tế của các quốc gia. Nó bao gồm việc phân tích tác động của các sự kiện và chính sách quốc tế đến các thị trường tài chính, ngân hàng, và doanh nghiệp toàn cầu.
TRẮC NGHIỆM TÀI CHÍNH QUỐC TẾ The commonly accepted goal of the MNC is to: a maximize short-term earnings b maximize shareholder wealth c minimize risk d A and C e maximize international sales Which of the following is not a form of corporate control that could reduce agency problems for an MNC? a stock options b hostile takeover threat c investor monitoring d all of the above are forms of corporate control that could reduce agency problems for an MNC Which of the following theories suggests that firms seek to penetrate new markets over time? a theory of comparative advantage c product cycle theory b imperfect markets theory d none of the above Licensing is the process by which a firm provides its technology (copyrights, patents, trademarks, or trade names) in exchange for fees or some other specified benefits a true b false According to the text, products and services are generally becoming _ standardized across countries, which tends to _ the globalization of business a more; encourage c less; discourage b more; discourage d less; encourage The Single European Act of 1987: a reduced competition in most industries b eliminated competition in many industries c reduced efficiency in most industries d increased competition in most industries _ are most commonly classified as a direct foreign investment a Foreign acquisitions c Licensing agreements b Purchases of international stocks d Exporting transactions Which of the following is not mentioned in the text as a constraint interfering with the MNC goal? a economic constraints c regulatory constraints b environmental constraints d ethical constraints Which of the following is not a way in which agency problems can be reduced through corporate control? a executive compensation c acquisition of a foreign subsidiary b threat of hostile takeover d monitoring by large shareholders 10 Due to the larger opportunity set of funding sources around the world from which an MNC can choose, an MNC may be able to obtain capital at a lower cost than a purely domestic firm a true b false 11 One of the most prevalent factors conflicting with the realization of the goal of an MNC is the existence of agency problems a true b false 12 A centralized management style for an MNC results in relatively high agency costs a true b false 13 Recently, the UK experienced an annual balance of trade representing a a large surplus (exceeding £100c level of zero billion) b small surplus d deficit 14 An increase in the current account deficit will place _ pressure on the home currency value, other things equal a upward b downward c no d upward or downward (depending on the size of the deficit) 15 Which of the following would likely have the least direct influence on a country's current account? a inflation b national income c exchange rates d tariffs e a tax on income earned from foreign stocks 16 The North American Free Trade Agreement (NAFTA) increased restrictions on: a trade between Canada and Mexico b trade between Canada and the U.S c direct foreign investment in Mexico by U.S firms d none of the above 17 The primary component of the current account is the: a balance of trade c balance of capital market flows b balance of money market flows d unilateral transfers 18 A General Agreement on Tariffs and Trade (GATT) accord in 1993 called for: a increased trade restrictions outside of North America b lower trade restrictions around the world c uniform environmental standards around the world d uniform worker health laws 19 is (are) income received by investors on foreign investments in financial assets (securities) a Portfolio income c Unilateral transfers b Direct foreign income d Factor income 20 The World Bank's Multilateral Investment Guarantee Agency (MIGA): a offers various forms of export insurance b offers various forms of import insurance c offers various forms of exchange rate risk insurance d provides loans to developing countries e offers various forms of political risk insurance 21 A weakening of the U.S dollar with respect to the British pound would likely reduce the U.S exports to Britain and increase U.S imports from Britain a true b false 22 Changes in country ownership of long-term and short-term assets are measured in the balance of payments with the capital account a true b false 23 Direct foreign investment by UK.-based MNCs occurs primarily in the Bahamas and Brazil a true b false 24 A tariff is a maximum limit on imports a true b false 25 Assume that a bank's bid rate on Swiss francs is £0.25 and its ask rate is £0.26 Its bid-ask percentage spread is: a 4.00% c about 3.85% b 4.26% d about 4.17% 26 The forward rate is the exchange rate used for immediate exchange of currencies a true b false 27 Assume the Canadian dollar is equal to £0.51 and the Peruvian Sol is equal to £0.16 The value of the Peruvian Sol in Canadian dollars is: a about 3621 Canadian dollars c about 2.36 Canadian dollars b about 3137 Canadian dollars d about 2.51 Canadian dollars 28 _ is not a bank characteristic important to customers in need of foreign exchange a Quote competitiveness b Speed of execution c Forecasting advice d Advice about current market conditions e All of the above are important bank characteristics to customers in need of foreign exchange 29 LIBOR is: a the interest rate commonly charged for loans between banks b the average inflation rate in European countries c the maximum loan rate ceiling on loans in the international money market d the maximum deposit rate ceiling on deposits in the international money market e the maximum interest rate offered on bonds that are issued in London 30 From 1944 to 1971, the exchange rate between any two currencies was typically: a fixed within narrow boundaries b floating, but subject to central bank intervention c floating, and not subject to central bank intervention d nonexistent; that is currencies were not exchanged, but gold was used to pay for all foreign transactions 31 Futures contracts are typically _; forward contracts are typically _ a sold on an exchange; sold on an exchange b offered by commercial banks; sold on an exchange c sold on an exchange; offered by commercial banks d offered by commercial banks; offered by commercial banks 32 When the foreign exchange market opens in the UK each morning, the opening exchange rate quotations will be based on the: a closing prices in the U.S during the previous day b closing prices in Canada during the previous day c prevailing prices in locations where the foreign exchange markets have been open d officially set by central banks before the U.S market opens 33 Under the gold standard, each currency was convertible into gold at a specified rate, and the exchange rate between two currencies was determined by their relative convertibility rates per ounce of gold a true b false 34 The strike price is also known as the premium price a true b false 35 Eurobonds are certificates representing bundles of stock a true b false 36 A share of the ADR of a Dutch firm represents one share of that firm's stock that is traded on a Dutch stock exchange The share price of the firm was 15 euros when the Dutch market closed As the U.S market opens, the euro is worth $1.10 Thus, the price of the ADR should be _ a $13.64 b $15.00 c $16.50 d 16.50 euros e none of the above 37 The value of the Australian dollar (A$) today is £0.41 Yesterday, the value of the Australian dollar was £0.38 The Australian dollar by _% a depreciated; 7.90 c appreciated; 7.90 b depreciated; 7.30 d appreciated; 7.30 38 An increase in UK interest rates relative to euro interest rates is likely to the UK demand for euros and _ the supply of euros for sale a reduce; increase c reduce; reduce b increase; reduce d increase; increase 39 In general, when speculating on exchange rate movements, the speculator will borrow the currency that is expected to appreciate and invest in the country whose currency is expected to depreciate a true b false 40 Assume the following information regarding UK and European annualized interest rates: Currency Lending Rate Borrowing Rate UK pound (£) 6.73% 7.20% Euro (€) 6.80% 7.28% Milly Bank can borrow either £20 million or €20 million The current spot rate of the euro is £0.75 Furthermore, Milly Bank expects the spot rate of the euro to be £0.76 in 90 days What is Milly Bank’s pound profit from speculating if the spot rate of the euro is indeed £0.76 in 90 days? a £251,200 b £251,386 c £541,324 d £561,813 e £502,713 41 The equilibrium exchange rate of pounds is $1.70 At an exchange rate of $1.72 per pound: a U.S demand for pounds would exceed the supply of pounds for sale and there would be a shortage of pounds in the foreign exchange market b U.S demand for pounds would be less than the supply of pounds for sale and there would be a shortage of pounds in the foreign exchange market c U.S demand for pounds would exceed the supply of pounds for sale and there would be a surplus of pounds in the foreign exchange market d U.S demand for pounds would be less than the supply of pounds for sale and there would be a surplus of pounds in the foreign exchange market e U.S demand for pounds would be equal to the supply of pounds for sale and there would be a shortage of pounds in the foreign exchange market 42 If inflation in New Zealand suddenly increased while euro area inflation stayed the same, there would be: a an inward shift in the demand schedule for NZ$ and an outward shift in the supply schedule for NZ$ b an outward shift in the demand schedule for NZ$ and an inward shift in the supply schedule for NZ$ c an outward shift in the demand schedule for NZ$ and an outward shift in the supply schedule for NZ$ d an inward shift in the demand schedule for NZ$ and an inward shift in the supply schedule for NZ$ 43 The exchange rates of smaller countries are very stable because the market for their currency is very liquid a true b false 44 Any event that reduces the euro area demand for Japanese yen should result in a(n) _ in the value of the Japanese yen with respect to _, other things being equal a increase; euro c decrease; noneuro currencies b increase; noneuro currencies d decrease; euro 45 News of a potential surge in U.S inflation and zero Chilean inflation places _ pressure on the value of the Chilean peso The pressure will occur _ a upward; only after the U.S inflation surges b downward; only after the U.S inflation surges c upward; immediately d downward; immediately 46 If a country experiences high inflation relative to the UK, its exports to the UK should _, its imports should _, and there is pressure on its currency's equilibrium value a decrease; increase; upward b decrease; decrease; upward c increase; decrease; downward d decrease; increase; downward e increase; decrease; upward 47 Since supply and demand for a currency are constant (primarily due to government intervention), currency values seldom fluctuate a true b false 48 Relatively high Japanese inflation may result in an increase in the supply of yen for sale and a reduction in the demand for yen a true b false 49 Kalons ltd is a UK-based MNC that frequently imports raw materials from Canada Kalons is typically invoiced for these goods in Canadian dollars and is concerned that the Canadian dollar will appreciate in the near future Which of the following is not an appropriate hedging technique under these circumstances? a purchase Canadian dollars forward b purchase Canadian dollar futures contracts c purchase Canadian dollar put options d purchase Canadian dollar call options 50 Which of the following is the most likely strategy for a UK firm that will be receiving Swiss francs in the future and desires to avoid exchange rate risk (assume the firm has no offsetting position in francs)? a purchase a call option on francs b sell a futures contract on francs c obtain a forward contract to purchase francs forward d all of the above are appropriate strategies for the scenario described 51 Which of the following is true? a Most forward contracts between firms and banks are for speculative purposes b Most future contracts represent a conservative approach by firms to hedge foreign trade c The forward contracts offered by banks have maturities for only four possible dates in the future d none of the above 52 European currency options can be exercised _; American currency options can be exercised _ a any time up to the expiration date; any time up to the expiration date b any time up to the expiration date; only on the expiration date c only on the expiration date; only on the expiration date d only on the expiration date; any time up to the expiration date 53 A UK corporation has purchased currency call options to hedge a 70,000 dollar payable The premium is £0.015 and the exercise price of the option is £0.54 If the spot rate at the time of maturity is £0.59, what is the total amount paid by the corporation if it acts rationally? a £36,750 c £37,800 b £1,050 d £38,850 54 Conditional currency options are: a options that not require premiums b options where the premiums are canceled if a trigger level is reached c options that allow the buyer to decide what currency the option will be settled in d none of the above 55 Which of the following are true regarding the options markets? a Hedgers and speculators both attempt to lower risk b Hedgers attempt to lower risk, while speculators attempt to make riskless profits c Hedgers and speculators are both necessary in order for the market to be liquid d all of the above 56 The premium of a currency put option will increase if: a the volatility of the underlying asset goes up b the time to maturity goes up c the spot rate declines d none of the above 57 Which of the following is true of options? a The writer decides whether the option will be exercised b The writer pays the buyer the option premium c The buyer decides if the option will be exercised d More than one of these 58 The purchase of a currency put option would be appropriate for which of the following? a Investors who expect to buy a foreign bond in one month b Corporations who expect to buy foreign currency to finance foreign subsidiaries c Corporations who expect to collect on a foreign account receivable in one month d all of the above 59 The spot rate for the Singapore dollar is £0.320 The 30-day forward rate is £0.325 The forward rate contains an annualized of _% a discount; -18.75 b premium; 18.75 c discount; -18.46 d premium; 18.46 e premium; 1.56 60 Currency options are only traded on exchanges That is, there is no over-thecounter market for options a true b false 61 To force the value of the dollar to appreciate against the pound, the Federal Reserve should: a sell pounds for dollars in the foreign exchange market and the Bank of England should sell pounds for dollars in the foreign exchange market b sell dollars for pounds in the foreign exchange market and the Bank of England should sell pounds for dollars in the foreign exchange market c sell dollars for pounds in the foreign exchange market and the Bank of England should not intervene d sell dollars for pounds in the foreign exchange market and the Bank of England should sell dollars for pounds in the foreign exchange market 62 A primary result of the Bretton Woods Agreement was: a the establishment of the European Monetary System (EMS) b establishing specific rules for when tariffs and quotas could be imposed by governments c establishing that exchange rates of most major currencies were to be allowed to fluctuate 1% above or below their initially set values d establishing that exchange rates of most major currencies were to be allowed to fluctuate freely without boundaries (although the central banks did have the right to intervene when necessary) 63 The currency of country X is pegged to the currency of country Y Assume that county Y's currency depreciates against the currency of country Z It is likely that country X will export _ to country Z and import _ from country Z a more; more c more; less b less; less d less; more 64 The Bank of England may use a stimulative monetary policy with least concern about causing inflation if the pound's value is expected to: a remain stable b strengthen c weaken d none of the above will have an impact on inflation 65 The exchange rate mechanism (ERM) crisis in 1992 represents the in German interest rates that caused other European interest rates to , and resulted in less aggregate spending a increase; increase c decrease; decrease b increase; decrease d decrease; increase 66 As foreign exchange activity has grown: a central bank intervention has become more effective b central bank intervention has become more frequent c central bank intervention has become less effective d none of the above 67 Which of the following are examples of currency controls? a import restrictions b prohibition of remittance of funds c ceilings on granting credit to foreign firms d all of the above 68 A major advantage of the euro is the complete elimination of exchange rate risk on transactions between participating European countries, which encourages more trade and capital flows within Europe a true b false 69 Currency devaluation can boost a country's exports, but currency revaluation can increase foreign competition a true b false 70 A potential advantage of exchange rate target zones is that they may stabilize international trade patterns by reducing exchange rate volatility a true b false 71 The Bretton Woods Agreement created a system under which exchange rates are determined by market forces without intervention by various governments a true.fr3 b false 72 Nonsterilized intervention is intervention by a central bank in the foreign exchange market without adjusting for the change in money supply a true b false 73 Due to _, market forces should realign the relationship between the interest rate differential of two currencies and the forward premium (or discount) on the forward exchange rate between the two currencies a forward realignment arbitrage c covered interest arbitrage b triangular arbitrage d locational arbitrage 74 In which case will locational arbitrage most likely be feasible? a One bank's ask price for a currency is greater than another bank's bid price for the currency b One bank's bid price for a currency is greater than another bank's ask price for the currency c One bank's ask price for a currency is less than another bank's ask price for the currency d One bank's bid price for a currency is less than another bank's bid price for the currency 75 If the interest rate is lower in the U.S than in the United Kingdom, and if the forward rate of the British pound is the same as its spot rate: a U.S investors could possibly benefit from covered interest arbitrage b British investors could possibly benefit from covered interest arbitrage c neither U.S nor British investors could benefit from covered interest arbitrage d A and B 76 Based on interest rate parity, the larger the degree by which the foreign interest rate exceeds the UK interest rate, the: a larger will be the forward discount of the foreign currency b larger will be the forward premium of the foreign currency c smaller will be the forward premium of the foreign currency d smaller will be the forward discount of the foreign currency 77 Assume the bid rate of a Singapore dollar is £0.20 while the ask rate is £0.21 at Bank X Assume the bid rate of a Singapore dollar is £0.22 while the ask rate is £0.23 at Bank Z Given this information, what would be your gain if you use £1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the £1,000,000 you started with? a £11,764 b £47,619 c £36,585 d £48,710 e £18,219 78 Assume the U.S dollar is worth £0.55, and the Canadian dollar is worth £0.47 What is the value of the Canadian dollar in U.S dollars to the nearest cent? a 1.54 b 0.42 c 0.15 d 0.85 e 1.17 79 Assume the bid rate of a Swiss franc is £0.42 while the ask rate is £0.45 at Bank X Assume the bid rate of the Swiss franc is £0.40 while the ask rate is £0.41 at Bank Y Given this information, what would be your gain if you use £1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the £1,000,000 you started with? a £24,340 c £150,000 b £125,000 d £12,550 80 Assume the bid rate of an Australian dollar is £0.40 while the ask rate is £0.42 at Bank Q Assume the bid rate of an Australian dollar is £0.415 while the ask