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
Lãi suất USD: 6.00% – 10.00%
Lãi suất VND: 15.00% – 18.00%
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:
 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) ?
a) CA: K:
Export goods (to EU) $100 Liabilities decrease (pay ($50)
Import goods (to EU) $50 the US for debt)
b) CA: K:
Export goods (to EU) ($100) Liabilities decrease (pay ($50)
Import goods (to EU) $50 the US for debt)
c) CA: K:
Export goods (to EU) $100 Liabilities decrease (pay $100
Import goods (to EU) $50 the US for debt)
d) CA: K:
Export goods (to EU) $100 Liabilities decrease (pay ($50)
Import goods (to EU) ($50) the US for debt)

Answer
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 $50
Export goods (to VN) ($250) (VN pays for debt)
b) CA: K:
Import goods (from VN) ($300) Assets decrease ($50)
Export goods (to VN) $250 (VN pays for debt)
c) CA: K:
Import goods (from VN) $300 Assets decrease ($50)
Export goods (to VN) $250 (VN pays for debt)
d) CA: K:
Import goods (from VN) ($300) Assets decrease $50
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) ?
a) CA: K:
Import goods (from VN) ($100) Liabilities increase ($50)
Export service (UN gets $50 (sell bonds to Vietnam)
fees from VN)
b) CA: K:
Import goods (from VN) $100 Liabilities increase ($50)
Export service (UN gets $50 (sell bonds to Vietnam)
fees from VN)
c) CA: K:
Import goods (from VN) $100 Liabilities increase ($50)
Export service (UN gets ($50) (sell bonds to Vietnam)
fees from VN)
d) CA: K:
Import goods (from VN) ($100) Liabilities increase $50
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) ?
a) CA: K:
Liabilities increase (issues
Import goods ($30) bonds) $50
Assets increase (deposits in
HK) ($20)
b) CA: K:
Liabilities increase (issues
Import goods $30 bonds) $50
Assets increase (deposits in
HK) ($20)
c) CA: K:
Liabilities increase (issues
Import goods ($30) bonds) ($50)
Assets increase (deposits in
HK) ($20)
d) 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) ($30) Assets increase (buy bonds) ($50)
 Liabilities increase (hold
deposits) $20
c) CA: K:
Export goods (for VN) $30 Assets increase (buy bonds) ($50)
Liabilities increase (hold
deposits) ($20)
d) CA: K:
Export goods (for VN) $30 Assets increase (buy bonds) $50
Liabilities increase (hold
deposits) ($20)
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)?
Vietnam's BOP ($ Foreign countries' BOP ($
a) million) million)
CA:Current transfer CA:Current transfer
inflows $100 outflows ($100)
OFB:Reserves increase ($100) K:Liabilities increase $100

Vietnam's BOP ($ Foreign countries' BOP ($

b) million) million)
CA:Current transfer CA:Current transfer
inflows ($100) outflows ($100)
OFB:Reserves increase $100 K:Liabilities increase $100

Vietnam's BOP ($ Foreign countries' BOP ($

c) million) million)
CA:Current transfer CA:Current transfer
inflows $100 outflows $100
OFB:Reserves increase ($100) K:Liabilities increase $100

Vietnam's BOP ($ Foreign countries' BOP ($

d) million) million)
CA:Current transfer CA:Current transfer
inflows $100 outflows $100
 OFB:Reserves increase ($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 ($80)
Import goods ($20) Export goods $20
K:Assets increase ($50) K: Liabilities increase $50

Vietnam's BOP ($ Foreign countries' BOP ($

b) million) million)
CA:Current transfer inflow
(relief) $80 CA:Current transfer outflow ($80)
Import goods ($20) Export goods $20
K:Assets increase ($50) K: Liabilities increase $50

Vietnam's BOP ($ Foreign countries' BOP ($

c) million) million)
CA:Current transfer inflow
(relief) $80 CA:Current transfer outflow ($80)
Import goods $20 Export goods $20
K:Assets increase ($50) K: Liabilities increase $50

Vietnam's BOP ($ Foreign countries' BOP ($

d) million) million)
CA:Current transfer inflow
(relief) $80 CA:Current transfer outflow ($80)
Import goods ($20) Export goods ($20)
K:Assets increase ($50) K: Liabilities increase ($50)

Answer

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

Vietnam's BOP ($ Foreign countries' BOP ($

b) 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

Vietnam's BOP ($ Foreign countries' BOP ($

c) 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

Vietnam's BOP ($ Foreign countries' BOP ($

d) 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)

Answer

34 Foreign countries donate the disaster-suffered provinces the consumption

) goods
million credited to
valued at $15 million, and $30 Vietnam
Treasury account in the United States.
What are Vietnam's BOP (($ million) and Foreign countries' BOP (($
 million)?
Vietnam's BOP ($ Foreign countries' BOP ($
a) million) million)
CA:Current transfer inflow
(relief) $45 CA:Current transfer outflow ($45)
Import goods ($15) Export goods ($15)
K:Assets increase ($30) K: Liabilities increase ($30)

Vietnam's BOP ($ Foreign countries' BOP ($

b) million) million)
CA:Current transfer inflow
(relief) ($45) CA:Current transfer outflow ($45)
Import goods ($15) Export goods $15
K:Assets increase ($30) K: Liabilities increase $30

Vietnam's BOP ($ Foreign countries' BOP ($

c) million) million)
CA:Current transfer inflow
(relief) $45 CA:Current transfer outflow ($45)
Import goods $15 Export goods $15
K:Assets increase ($30) K: Liabilities increase $30

Vietnam's BOP ($ Foreign countries' BOP ($

d) million) million)
CA:Current transfer inflow
(relief) $45 CA:Current transfer outflow ($45)
Import goods ($15) Export goods $15
K:Assets increase ($30) K: Liabilities increase $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
(relief) $35 CA:Current transfer outflow ($35)
 Import goods ($15) Export goods $15
K:Assets increase ($25) K: Liabilities increase $25

Vietnam's BOP ($ Foreign countries' BOP ($

b) million) million)
CA:Current transfer inflow
(relief) ($35) CA:Current transfer outflow ($35)
Import goods ($15) Export goods $15
K:Assets increase ($25) K: Liabilities increase $25

Vietnam's BOP ($ Foreign countries' BOP ($

c) million) million)
CA:Current transfer inflow
(relief) $35 CA:Current transfer outflow ($35)
Import goods $15 Export goods $15
K:Assets increase ($25) K: Liabilities increase $25

Vietnam's BOP ($ Foreign countries' BOP ($

d) million) million)
CA:Current transfer inflow
(relief) $35 CA:Current transfer outflow ($35)
Import goods ($15) Export goods ($15)
K:Assets increase ($25) K: Liabilities increase ($25)

Answer

36
) 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 ($
a) million) million)
K:Capital transfer inflow $50 K:Capital transfer outflow ($50)
Liabilities decrease ($50) Assets decrease $50

Vietnam's BOP ($ Foreign countries' BOP ($

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

Vietnam's BOP ($ Foreign countries' BOP ($

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

Vietnam's BOP ($ Foreign countries' BOP ($

d) million) 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 $15
million from Japan.
What are Vietnam's BOP (($ million) and Foreign countries' BOP (($
million)?
Vietnam's BOP ($ Foreign countries' BOP ($
a) million) million)
CA: Import goods ($15) CA:Export goods $15
K: Liabilities increase $15 K: Assets increase ($15)

Vietnam's BOP ($ Foreign countries' BOP ($

b) million) million)
CA: Import goods $15 CA:Export goods $15
K: Liabilities increase $15 K: Assets increase ($15)

Vietnam's BOP ($ Foreign countries' BOP ($

c) million) million)
CA: Import goods ($15) CA:Export goods $15
K: Liabilities increase ($15) K: Assets increase ($15)

Vietnam's BOP ($ Foreign countries' BOP ($

d) million) million)
CA: Import goods ($15) CA:Export goods ($15)
K: Liabilities increase $15 K: Assets increase ($15)

Answer

46 The US Government made a donation million for Vietnam.

) worth $100 Payment is
credited to Vietnam Ministry of Finance's account in
the US.
What are Vietnam's BOP (($ million) and Foreign countries' BOP (($
 million)?
Vietnam's BOP ($
a) million) The US's BOP ($ million)
CA:Current transfer CA:Current transfer
inflows $100 outflows ($100)
K:Liabilities increase (non-
K:Assets increase (foreign ($100) resident $100
Assets increase) deposits increase)

Vietnam's BOP ($
b) million) The US's BOP ($ million)
CA:Current transfer CA:Current transfer
inflows ($100) outflows ($100)
K:Liabilities increase (non-
K:Assets increase (foreign $100 resident $100
Assets increase) deposits increase)

Vietnam's BOP ($
c) million) The US's BOP ($ million)
CA:Current transfer CA:Current transfer
inflows $100 outflows $100
K:Liabilities increase (non-
K:Assets increase (foreign ($100) resident $100
Assets increase) deposits increase)

Vietnam's BOP ($
d) million) The US's BOP ($ million)
CA:Current transfer CA:Current transfer
inflows $100 outflows $100
K:Liabilities increase (non-
K:Assets increase (foreign ($100) resident ($100)
Assets increase) deposits increase)

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 $/£
What are US' BOP (($ million) and Foreign countries' BOP (($ million)?
a) The US's BOP ($ million) The UK's BOP (£ million)
-
CA:Export goods 2.85 CA:Import goods 1.50
Current transfer -
outflows -2.85 Current transfer inflows 1.50

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

-
CA:Export goods -2.85 CA:Import goods 1.50
Current transfer
outflows 2.85 Current transfer inflows 1.50

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

CA:Export goods 2.85 CA:Import goods 1.50
Current transfer
outflows -2.85 Current transfer inflows 1.50

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

-
CA:Export goods 2.85 CA:Import goods 1.50
Current transfer
outflows -2.85 Current transfer inflows 1.50

Answer

55 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)?
a) 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

b) 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

c) 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

d) 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

Answer