Bài tập Tài Chính Quốc Tế Chương 4

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%

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BÀI TẬP

1 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 ?

2 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?

3 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?

4 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 kiệm Tính số tiền VND còn lại của doanh nghiệp BABA sau 3 tháng

Biết rằng:

Tỷ giá EUR / USD: 1.4156 – 1.4190

Tỷ giá EUR / VND: 23500 – 23700

5 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 2 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:

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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

6 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 marking-to-market

B Calculate the total the balance of the performance bond account after the third day

7 Spot rate = £.8024/$; 3-month forward rate = £.8040/$

ABC Company is expecting a payment of £200 million in 3 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) ?

Export goods (to EU) $100 Liabilities decrease (pay ($50) Import goods (to EU) $50 the US for debt)

Export goods (to EU) ($100) Liabilities decrease (pay ($50) Import goods (to EU) $50 the US for debt)

Export goods (to EU) $100 Liabilities decrease (pay $100 Import goods (to EU) $50 the US for debt)

Export goods (to EU) $100 Liabilities decrease (pay ($50) Import goods (to EU) ($50) the US for debt)

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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) ?

Export goods (to VN) ($250) (VN pays for debt)

Export goods (to VN) $250 (VN pays for debt)

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) ?

Import goods (from VN) ($100) Liabilities increase ($50) Export service (UN gets $50 (sell bonds to Vietnam)

fees from VN)

Import goods (from VN) $100 Liabilities increase ($50) Export service (UN gets $50 (sell bonds to Vietnam)

fees from VN)

Import goods (from VN) $100 Liabilities increase ($50) Export service (UN gets ($50) (sell bonds to Vietnam)

fees from VN)

Import goods (from VN) ($100) Liabilities increase $50

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Export service (UN gets $50 (sell bonds to Vietnam)

fees from VN)

Answer

16

) 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) ?

Import goods ($30) Liabilities increase (issues bonds) $50

Assets increase (deposits in

Import goods $30 Liabilities increase (issues bonds) $50

Import goods ($30) Liabilities increase (issues bonds) ($50)

Import goods ($30) Liabilities increase (issues bonds) $50

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) ?

Export goods (for VN) $30 Assets increase (buy bonds) ($50)

Liabilities increase (hold

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b) CA: K:

Export goods (for VN) ($30) Assets increase (buy bonds) ($50)

Export goods (for VN) $30 Assets increase (buy bonds) ($50)

Export goods (for VN) $30 Assets increase (buy bonds) $50

Answer

26

) 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)?

a) Vietnam's BOP ($ million) Foreign countries' BOP ($ million)

CA:Current transfer

OFB:Reserves increase ($100) K:Liabilities increase $100

b) Vietnam's BOP ($ million) Foreign countries' BOP ($ million)

OFB:Reserves increase $100 K:Liabilities increase $100

c)

Vietnam's BOP ($

million)

Foreign countries' BOP ($

million)

OFB:Reserves increase ($100) K:Liabilities increase $100

d)

million)

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OFB:Reserves increase ($100) K:Liabilities increase ($100) Answer

32

) Foreign countries donate the disaster-suffered provinces the consumptiongoods

million credited to Vietnam

Treasury account in the United States

million)?

CA:Current transfer inflow

K:Assets increase ($50) K: Liabilities increase $50

c)

million)

million) CA:Current transfer inflow

d) Vietnam's BOP ($ million) Foreign countries' BOP ($ million)

K:Assets increase ($50) K: Liabilities increase ($50) Answer

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)

Foreign countries donate the disaster-suffered provinces the consumption

goods

million)?

b)

million)

c) Vietnam's BOP ($ million) Foreign countries' BOP ($ million)

34

)

goods

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Treasury account in the United States.

million)?

K:Assets increase ($30) K: Liabilities increase ($30)

b)

million)

d)

million)

K:Assets increase ($30) K: Liabilities increase $30 Answer

35

)

goods

million)?

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c)

million)

36

) Paris club cleared a debt of $50 million for Vietnam

million)?

K:Capital transfer inflow $50 K:Capital transfer outflow ($50) Liabilities decrease ($50) Assets decrease $50

b)

million)

K:Capital transfer inflow ($50) K:Capital transfer outflow $50 Liabilities decrease $50 Assets decrease ($50)

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K:Capital transfer inflow $50 K:Capital transfer outflow ($50) Liabilities decrease ($50) Assets decrease $50

d)

million)

K:Capital transfer inflow ($50) K:Capital transfer outflow $50 Liabilities decrease $50 Assets decrease ($50) Answer

41

) MINH-PHUONG company imports deferred payment goods worth $15 million from Japan

million)?

K: Liabilities increase $15 K: Assets increase ($15)

b)

million)

K: Liabilities increase $15 K: Assets increase ($15)

K: Liabilities increase ($15) K: Assets increase ($15)

K: Liabilities increase $15 K: Assets increase ($15) Answer

46

) The US Government made a donation worth $100 million for Vietnam Payment is

credited to Vietnam Ministry of Finance's account in

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the US.

million)?

a) Vietnam's BOP ($ million) The US's BOP ($ million)

K:Assets increase (foreign ($100) K:Liabilities increase (non-resident $100

b) Vietnam's BOP ($ million) The US's BOP ($ million)

K:Assets increase (foreign $100 K:Liabilities increase (non-resident $100

c) Vietnam's BOP ($ million) The US's BOP ($ million)

K:Assets increase (foreign ($100) K:Liabilities increase (non-resident $100

d) Vietnam's BOP ($ million) The US's BOP ($ million)

K:Assets increase (foreign ($100) K:Liabilities increase (non-resident ($100)

Answer

54

) The US government made an aid in goods to a UK charity organization with value of £

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rate is What are US' BOP (($ million) and Foreign countries' BOP (($ million)?

a) The US's BOP ($ million) The UK's BOP (£ million)

-1.50 Current transfer

outflows -2.85 Current transfer inflows

-1.50

b) The US's BOP ($ million) The UK's BOP (£ million)

-1.50 Current transfer

c) The US's BOP ($ million) The UK's BOP (£ million)

Current transfer

d) The US's BOP ($ million) The UK's BOP (£ million)

Current transfer

Answer

55

)

The US government made an aid in goods to a UK charity organization with value

of £

2.00

million Exchange

What are US' BOP (($ million) and Foreign countries' BOP (($ million)?

a) The US's BOP ($ million) The UK's BOP (£ million)

Current transfer

b) The US's BOP ($ million) The UK's BOP (£ million)

Current transfer

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c) The US's BOP ($ million) The UK's BOP (£ million)

Current transfer

d) The US's BOP ($ million) The UK's BOP (£ million)

Current transfer

Answer

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