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1.Vào thời điểm hiện tại, một doanh nghiệp xuất nhập khẩu BABA tại Việt Nam thu về một khoản tiền xuất khẩu hàng hóa với trị giá 200,000 EUR. Công ty đang cần một khoản tiền là 1 tỷ đồng để tiếp tục thu mua nguyên liệu trong nước để chế biến hàng xuất khẩu đồng thời công ty cũng có kế hoạch thanh toán một khoản tiền cho đối tác cung cấp nguyên vật liệu ở nước ngoài là 100,000 USD trong 3 tháng sau. Theo kế hoạch kinh doanh của công ty, doanh nghiệp BABA thực hiện như sau:Tại thời điểm hiện tại, doanh nghiệp BABA sử dụng số tiền EUR thu về từ xuất khẩu mua ngoại tệ để thanh toán tiền cho đối tác nước ngoài. Tuy nhiên, khoản tiền này tại thời điểm hiện tại chưa sử dụng đến, nên doanh nghiệp A gửi tiết kiệm ngân hàng kỳ hạn 3 tháng và sau 3 tháng thanh toán tiền cho đối tác nước ngoài. Số EUR còn lại doanh nghiệp BABA sử dụng mua nội tệ để thanh toán việc thu mua nguyên liệu trong nước, số VND không sử dụng hết sẽ được gửi tiết kiệmTính số tiền VND còn lại của doanh nghiệp BABA sau 3 thángBiết rằng:Tỷ giá EUR USD: 1.4156 – 1.4190 Tỷ giá EUR VND:23500 – 23700 Lãi suất USD:6.00% – 10.00% Lãi suất VND:15.00% – 18.00%
BÀI TẬP You purchase a call option on pounds for a premium of $.03 per unit, with an exercise price of $1.64; the option will not be exercised until the expiration date, if at all If the spot rate on the expiration date is $1.65, What is your net profit per unit ? A U.S corporation has purchased currency put options to hedge a 100,000 Canadian dollar (C$) receivable The premium is $.01 and the exercise price of the option is $.75 If the spot rate at the time of maturity is $.85, what is the net amount received by the corporation if it acts rationally? A U.S corporation has purchased currency call options to hedge a 70,000 pound (£) payable The premium is $0.02 and the exercise price of the option is $0.50 If the spot rate at the time of maturity is $0.65, what is the total amount paid by the corporation if it acts rationally? Vào thời điểm tại, doanh nghiệp xuất nhập BABA Việt Nam thu khoản tiền xuất hàng hóa với trị giá 200,000 EUR Công ty cần khoản tiền tỷ đồng để tiếp tục thu mua nguyên liệu nước để chế biến hàng xuất đồng thời công ty có kế hoạch toán khoản tiền cho đối tác cung cấp nguyên vật liệu nước 100,000 USD tháng sau Theo kế hoạch kinh doanh công ty, doanh nghiệp BABA thực sau: Tại thời điểm tại, doanh nghiệp BABA sử dụng số tiền EUR thu từ xuất mua ngoại tệ để toán tiền cho đối tác nước Tuy nhiên, khoản tiền thời điểm chưa sử dụng đến, nên doanh nghiệp A gửi tiết kiệm ngân hàng kỳ hạn tháng sau tháng toán tiền cho đối tác nước Số EUR lại doanh nghiệp BABA sử dụng mua nội tệ để toán việc thu mua nguyên liệu nước, số VND không sử dụng hết gửi tiết kiệm Tính số tiền VND lại doanh nghiệp BABA sau tháng Biết rằng: Tỷ giá EUR / USD: 1.4156 – 1.4190 Tỷ giá EUR / VND: 23500 – 23700 Lãi suất USD: 6.00% – 10.00% Lãi suất VND: 15.00% – 18.00% A speculator is considering the purchase of 10three-month Japanese yen call options with a striking price of 95 cents per 100 yen The premium is cents per 100 yen The spot price is 92 cents per 100 yen and the 90-day forward rate is 92 cents The speculator believes the yen will appreciate to $1.00 per 100 yen over the next three months As the speculator’s assistant, you have been asked to prepare the following: A Determine the future spot price at which the speculator will only break even (at the money point) B Determine the speculator’s profit if the yen appreciates to $1.00/100 yen C Determine the speculator’s profit if the yen only appreciates to the forward rate Assume today’s settlement price on a GBP futures contract is $1.8050/£ You have a short position in two contracts The size of the contract is £70,000 Your performance bond account currently has a balance of $4,500 The next three days’ settlement prices are $1.8058, $1.8011, and $1.7995 A Calculate the daily changes in the performance bond account from daily markingto-market B Calculate the total the balance of the performance bond account after the third day Spot rate = £.8024/$; 3-month forward rate = £.8040/$ ABC Company is expecting a payment of £200 million in months If the firm hedges this transaction in forward market what is the US$ amount it will receive in three months? (Ignore transaction costs) CHAPTER_02_International Fund Flows 1) Vietnam exports goods to EU worth $100 million and imports goods from EU worth $50 million The rest of money is used to pay the United States for the debt What is Vietnam's BOP (($ million) ? a) CA: K: Export goods (to EU) $100 Liabilities decrease (pay Import goods (to EU) $50 the US for debt) b) CA: K: Export goods (to EU) ($100) Liabilities decrease (pay Import goods (to EU) $50 the US for debt) c) CA: K: Export goods (to EU) $100 Liabilities decrease (pay Import goods (to EU) $50 the US for debt) d) CA: K: Export goods (to EU) $100 Liabilities decrease (pay Import goods (to EU) ($50) the US for debt) Answer ($50) ($50) $100 ($50) 6) Vietnam exports goods to EU worth $300 million and imports goods from EU worth $250 million The rest of money is used to pay the United States for the debt What is 's Foreign countries' BOP ($ million (($ million) ? a) CA: K: Import goods (from VN) $300 Assets decrease Export goods (to VN) ($250) (VN pays for debt) b) CA: K: Import goods (from VN) ($300) Assets decrease Export goods (to VN) $250 (VN pays for debt) c) CA: K: Import goods (from VN) $300 Assets decrease Export goods (to VN) $250 (VN pays for debt) d) CA: K: Import goods (from VN) ($300) Assets decrease Export goods (to VN) $250 (VN pays for debt) $50 ($50) ($50) $50 Answer 11 ) Vietnam exports goods to Russia worth $100 million Then it uses $50 million to buy the US Treasury bonds, the rest of money is used for annual contributions to United Nations (UN) What is 's Foreign countries' BOP ($ million (($ million) ? a) CA: K: Import goods (from VN) ($100) Liabilities increase Export service (UN gets $50 (sell bonds to Vietnam) fees from VN) b) CA: K: Import goods (from VN) $100 Liabilities increase Export service (UN gets $50 (sell bonds to Vietnam) fees from VN) c) CA: K: Import goods (from VN) $100 Liabilities increase Export service (UN gets ($50) (sell bonds to Vietnam) fees from VN) d) CA: K: Import goods (from VN) ($100) Liabilities increase Export service (UN gets $50 (sell bonds to Vietnam) ($50) ($50) ($50) $50 fees from VN) Answer 16 ) a) b) c) d) Vietnam Petrolimex corporation issues international bonds worth $50 million It uses $30 million to pay for importing machines, and deposits the rest of money in short term in Hong Kong What is Vietnam's BOP (($ million) ? CA: K: Liabilities increase (issues Import goods ($30) bonds) $50 Assets increase (deposits in HK) ($20) CA: K: Liabilities increase (issues Import goods $30 bonds) $50 Assets increase (deposits in HK) ($20) CA: K: Liabilities increase (issues Import goods ($30) bonds) ($50) Assets increase (deposits in HK) ($20) CA: K: Liabilities increase (issues Import goods ($30) bonds) $50 Assets increase (deposits in HK) $20 Answer 21 ) Vietnam Petrolimex corporation issues international bonds worth $50 million It uses $30 million to pay for importing machines, and deposits the rest of money in short term in Hong Kong What is Foreign countries' BOP ($ million) ? a) CA: K: Export goods (for VN) $30 Assets increase (buy bonds) ($50) Liabilities increase (hold deposits) $20 b) CA: K: Export goods (for VN) c) CA: Export goods (for VN) d) CA: Export goods (for VN) ($30) $30 $30 Assets increase (buy bonds) Liabilities increase (hold deposits) K: Assets increase (buy bonds) Liabilities increase (hold deposits) K: Assets increase (buy bonds) Liabilities increase (hold deposits) ($50) $20 ($50) ($20) $50 ($20) Answer 26 ) a) b) c) d) Vietnam annually gets $100 million remittances The State Bank of Vietnam buys the whole amount to raise foreign exchange reserves in the form of foreign bonds What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ Foreign countries' BOP ($ million) million) CA:Current transfer CA:Current transfer inflows $100 outflows ($100) OFB:Reserves increase ($100) K:Liabilities increase $100 Vietnam's BOP ($ million) CA:Current transfer inflows OFB:Reserves increase Foreign countries' BOP ($ million) CA:Current transfer ($100) outflows $100 K:Liabilities increase ($100) $100 Vietnam's BOP ($ million) CA:Current transfer inflows OFB:Reserves increase Foreign countries' BOP ($ million) CA:Current transfer $100 outflows ($100) K:Liabilities increase $100 $100 Foreign countries' BOP ($ million) CA:Current transfer $100 Vietnam's BOP ($ million) CA:Current transfer $100 inflows OFB:Reserves increase outflows ($100) K:Liabilities increase ($100) Answer 32 Foreign countries donate the disaster-suffered provinces the consumption ) goods million credited to valued at $30 million, and $50 Vietnam Treasury account in the United States What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ Foreign countries' BOP ($ a) million) million) CA:Current transfer inflow (relief) ($80) CA:Current transfer outflow Import goods ($20) Export goods K:Assets increase ($50) K: Liabilities increase b) c) d) Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Answer ($80) $20 $50 Foreign countries' BOP ($ million) $80 CA:Current transfer outflow ($20) Export goods ($50) K: Liabilities increase ($80) $20 $50 Foreign countries' BOP ($ million) $80 CA:Current transfer outflow $20 Export goods ($50) K: Liabilities increase ($80) $20 $50 Foreign countries' BOP ($ million) $80 CA:Current transfer outflow ($20) Export goods ($50) K: Liabilities increase ($80) ($20) ($50) 33 Foreign countries donate the disaster-suffered provinces the consumption ) goods million credited to valued at $40 million, and $60 Vietnam Treasury account in the United States What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ Foreign countries' BOP ($ a) million) million) CA:Current transfer inflow (relief) $100 CA:Current transfer outflow ($100) Import goods $20 Export goods $20 K:Assets increase ($60) K: Liabilities increase $60 b) c) d) Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Foreign countries' BOP ($ million) ($100) CA:Current transfer outflow ($20) Export goods ($60) K: Liabilities increase ($100) $20 $60 Foreign countries' BOP ($ million) $100 CA:Current transfer outflow ($20) Export goods ($60) K: Liabilities increase ($100) $20 $60 Foreign countries' BOP ($ million) $100 CA:Current transfer outflow ($20) Export goods ($60) K: Liabilities increase Answer 34 Foreign countries donate the disaster-suffered provinces the consumption ) goods million credited to valued at $15 million, and $30 Vietnam Treasury account in the United States ($100) ($20) ($60) a) b) c) d) What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ Foreign countries' BOP ($ million) million) CA:Current transfer inflow (relief) $45 CA:Current transfer outflow Import goods ($15) Export goods K:Assets increase ($30) K: Liabilities increase ($45) ($15) ($30) Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase ($45) $15 $30 Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Foreign countries' BOP ($ million) ($45) CA:Current transfer outflow ($15) Export goods ($30) K: Liabilities increase Foreign countries' BOP ($ million) $45 CA:Current transfer outflow $15 Export goods ($30) K: Liabilities increase ($45) $15 $30 Foreign countries' BOP ($ million) $45 CA:Current transfer outflow ($15) Export goods ($30) K: Liabilities increase ($45) $15 $30 Answer 35 Foreign countries donate the disaster-suffered provinces the consumption ) goods million credited to valued at $10 million, and $25 Vietnam Treasury account in the United States What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ Foreign countries' BOP ($ a) million) million) CA:Current transfer inflow $35 CA:Current transfer outflow ($35) (relief) Import goods K:Assets increase b) c) d) Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase Vietnam's BOP ($ million) CA:Current transfer inflow (relief) Import goods K:Assets increase ($15) Export goods ($25) K: Liabilities increase $15 $25 Foreign countries' BOP ($ million) ($35) CA:Current transfer outflow ($15) Export goods ($25) K: Liabilities increase ($35) $15 $25 Foreign countries' BOP ($ million) $35 CA:Current transfer outflow $15 Export goods ($25) K: Liabilities increase ($35) $15 $25 Foreign countries' BOP ($ million) $35 CA:Current transfer outflow ($15) Export goods ($25) K: Liabilities increase ($35) ($15) ($25) Answer 36 ) a) b) c) Paris club cleared a debt of $50 million for Vietnam What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ Foreign countries' BOP ($ million) million) K:Capital transfer inflow $50 K:Capital transfer outflow Liabilities decrease ($50) Assets decrease ($50) $50 Vietnam's BOP ($ million) K:Capital transfer inflow Liabilities decrease $50 ($50) Vietnam's BOP ($ Foreign countries' BOP ($ million) ($50) K:Capital transfer outflow $50 Assets decrease Foreign countries' BOP ($ d) million) K:Capital transfer inflow Liabilities decrease million) $50 K:Capital transfer outflow ($50) Assets decrease ($50) $50 Vietnam's BOP ($ million) K:Capital transfer inflow Liabilities decrease Foreign countries' BOP ($ million) ($50) K:Capital transfer outflow $50 Assets decrease $50 ($50) Answer 41 ) MINH-PHUONG company imports deferred payment goods worth million from Japan What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ Foreign countries' BOP ($ a) million) million) CA: Import goods ($15) CA:Export goods K: Liabilities increase $15 K: Assets increase b) c) d) Vietnam's BOP ($ million) CA: Import goods K: Liabilities increase $15 ($15) Foreign countries' BOP ($ million) CA:Export goods K: Assets increase $15 ($15) Vietnam's BOP ($ million) CA: Import goods K: Liabilities increase Foreign countries' BOP ($ million) ($15) CA:Export goods ($15) K: Assets increase $15 ($15) Vietnam's BOP ($ million) CA: Import goods K: Liabilities increase Foreign countries' BOP ($ million) ($15) CA:Export goods $15 K: Assets increase ($15) ($15) $15 $15 Answer 46 ) $15 The US Government made a donation worth $100 credited to Vietnam Ministry of Finance's account in the US million for Vietnam Payment is a) b) What are Vietnam's BOP (($ million) and Foreign countries' BOP (($ million)? Vietnam's BOP ($ million) The US's BOP ($ million) CA:Current transfer CA:Current transfer inflows $100 outflows K:Liabilities increase (nonK:Assets increase (foreign ($100) resident Assets increase) deposits increase) Vietnam's BOP ($ million) CA:Current transfer inflows K:Assets increase (foreign Assets increase) c) Vietnam's BOP ($ million) CA:Current transfer inflows K:Assets increase (foreign Assets increase) d) Vietnam's BOP ($ million) CA:Current transfer inflows K:Assets increase (foreign Assets increase) The US's BOP ($ million) CA:Current transfer ($100) outflows K:Liabilities increase (non$100 resident deposits increase) The US's BOP ($ million) CA:Current transfer $100 outflows K:Liabilities increase (non($100) resident deposits increase) The US's BOP ($ million) CA:Current transfer $100 outflows K:Liabilities increase (non($100) resident deposits increase) ($100) $100 ($100) $100 $100 $100 $100 ($100) Answer 54 ) The US government made an aid in goods to a UK charity organization with value of £ million Exchange 1.50 rate is 1.90 $/£ a) What are US' BOP (($ million) and Foreign countries' BOP (($ million)? The US's BOP ($ million) The UK's BOP (£ million) CA:Export goods Current transfer outflows b) d) -2.85 The US's BOP ($ million) CA:Export goods Current transfer outflows c) 2.85 The US's BOP ($ million) CA:Export goods Current transfer outflows Current transfer inflows 1.50 1.50 The UK's BOP (£ million) -2.85 CA:Import goods 1.50 2.85 Current transfer inflows 1.50 2.85 The UK's BOP (£ million) CA:Import goods 1.50 -2.85 Current transfer inflows 1.50 The US's BOP ($ million) CA:Export goods Current transfer outflows CA:Import goods The UK's BOP (£ million) 2.85 -2.85 CA:Import goods Current transfer inflows 1.50 1.50 Answer 55 ) a) b) c) The US government made an aid in goods to a UK charity organization with value of £ million Exchange 2.00 rate is 2.10 $/£ What are US' BOP (($ million) and Foreign countries' BOP (($ million)? The US's BOP ($ million) The UK's BOP (£ million) CA:Export goods 4.2 CA:Import goods -2.00 Current transfer outflows -4.2 Current transfer inflows 2.00 The US's BOP ($ million) CA:Export goods Current transfer outflows The US's BOP ($ million) -4.2 The UK's BOP (£ million) CA:Import goods -2.00 4.2 Current transfer inflows 2.00 The UK's BOP (£ million) CA:Export goods Current transfer outflows d) The US's BOP ($ million) CA:Export goods Current transfer outflows Answer 4.2 CA:Import goods 2.00 -4.2 Current transfer inflows 2.00 4.2 The UK's BOP (£ million) CA:Import goods -2.00 -4.2 Current transfer inflows -2.00 [...]... countries' BOP (($ million)? The US's BOP ($ million) The UK's BOP (£ million) CA:Export goods 4. 2 CA:Import goods -2.00 Current transfer outflows -4. 2 Current transfer inflows 2.00 The US's BOP ($ million) CA:Export goods Current transfer outflows The US's BOP ($ million) -4. 2 The UK's BOP (£ million) CA:Import goods -2.00 4. 2 Current transfer inflows 2.00 The UK's BOP (£ million) CA:Export goods Current transfer... The UK's BOP (£ million) CA:Export goods Current transfer outflows d) The US's BOP ($ million) CA:Export goods Current transfer outflows Answer 4. 2 CA:Import goods 2.00 -4. 2 Current transfer inflows 2.00 4. 2 The UK's BOP (£ million) CA:Import goods -2.00 -4. 2 Current transfer inflows -2.00 ... resident deposits increase) The US's BOP ($ million) CA:Current transfer $100 outflows K:Liabilities increase (non($100) resident deposits increase) ($100) $100 ($100) $100 $100 $100 $100 ($100) Answer 54 ) The US government made an aid in goods to a UK charity organization with value of £ million Exchange 1.50 rate is 1.90 $/£ a) What are US' BOP (($ million) and Foreign countries' BOP (($ million)?