完整word版托马斯国际金融课后习题答案解析word文档良心出品
托马斯国际金融课后习题答案解析
Suggested answers to questions and problems(in the textbook)Chapter 22. Disagree, at least as a general statement. One meaning of a current account surplusis that the country is exporting more goods and services than it is importing. Onemight easily judge that this is not good—the country is producing goods andservices that are exported, but the country is not at the same time getting theimports of goods and services that would allow it do more consumption anddomestic investment. In this way a current account deficit might be consideredgood—the extra imports allow the country to consume and invest domesticallymore than the value of its current production. Another meaning of a current account surplus is that the country is engaging in foreign financial investment—it is building up its claims on foreigners, and this adds to national wealth. This sounds good, but as noted above it comes at the cost of foregoing current domestic purchases ofgoods and services. A current account deficit is the country running down its claims on foreigners or increasing its indebtedness to foreigners. This sounds bad, but itcomes with the benefit of higher levels of current domestic expenditure. Differentcountries at different times may weigh the balance of these costs and benefitsdifferently, so that we cannot simply say that a current account surplus is better thana current account deficit.4. Disagree. If the country has a surplus (a positive value) for its official settlementsbalance, then the value for its official reserves balance must be a negative value of the same amount (so that the two add to zero). A negative value for this asset item means that funds are flowing out in order for the country to acquire more of these kinds of assets. Thus, the country is increasing its holdings of official reserve assets.6. Item e is a transaction in which foreign official holdings of U.S. assets increase. This isa positive (credit) item for official reserve assets and a negative (debit) item forprivate capital flows as the U.S. bank acquires pound bank deposits. The debit item contributes to a U.S. deficit in the official settlements balance (while the credit item is recorded "below the line," permitting the official settlements balance to be indeficit). All other transactions involve debit and credit items both of which areincluded in the official settlements balance, so that they do not directly contribute toa deficit (or surplus) in the official settlements balance.8. a. Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b. Change in official reserve assets (net) = - official settlements balance = -$23.The country is increasing its net holdings of official reserve assets.10. a. International investment position (billions): $30 + 20 + 15 - 40 - 25 = $0.The country is neither an international creditor nor a debtor. Its holding ofinternational assets equals its liabilities to foreigners.b. A current account surplus permits the country to add to its net claims onforeigners. For this reason the country's international investment position willbecome a positive value. The flow increase in net foreign assets results in the stock of net foreign assets becoming positive.Chapter 32. Exports of merchandise and services result in supply of foreign currency in theforeign exchange market. Domestic sellers often want to be paid using domesticcurrency, while the foreign buyers want to pay in their currency. In the process ofpaying for these exports, foreign currency is exchanged for domestic currency,creating supply of foreign currency. International capital inflows result in a supply of foreign currency in the foreign exchange market. In making investments in domestic financial assets, foreign investors often start with foreign currency and mustexchange it for domestic currency before they can buy the domestic assets. Theexchange creates a supply of foreign currency. Sales of foreign financial assets that the country's residents had previously acquired, and borrowing from foreigners by this country's residents are other forms of capital inflow that can create supply offoreign currency.4. The U.S. firm obtains a quotation from its bank on the spot exchange rate for buyingyen with dollars. If the rate is acceptable, the firm instructs its bank that it wants to use dollars from its dollar checking account to buy 1 million yen at this spotexchange rate. It also instructs its bank to send the yen to the bank account of the Japanese firm. To carry out this instruction, the U.S. bank instructs its correspondent bank in Japan to take 1 million yen from its account at the correspondent bank and transfer the yen to the bank account of the Japanese firm. (The U.S. bank could also use yen at its own branch if it has a branch in Japan.)6. The trader would seek out the best quoted spot rate for buying euros with dollars,either through direct contact with traders at other banks or by using the services of a foreign exchange broker. The trader would use the best rate to buy euro spot.Sometime in the next hour or so (or, typically at least by the end of the day), thetrader will enter the interbank market again, to obtain the best quoted spot rate for selling euros for dollars. The trader will use the best spot rate to sell her previously acquired euros. If the spot value of the euro has risen during this short time, thetrader makes a profit.8. a. The cross rate between the yen and the krone is too high (the yen value of the kroneis too high) relative to the dollar-foreign currency exchange rates. Thus, in aprofitable triangular arbitrage, you want to sell kroner at the high cross rate. Thearbitrage will be: Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone, and use the yen to buy dollars at $0.01/yen. For each dollarthat you sell initially, you can obtain 5 kroner, these 5 kroner can obtain 125 yen,and the 125 yen can obtain $1.25. The arbitrage profit for each dollar is therefore 25 cents.b. Selling kroner to buy yen puts downward pressure on the cross rate (the yenprice of krone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to eliminate the opportunity for triangular arbitrage, assuming that the dollar exchange rates are unchanged.10. a. The increase in supply of Swiss francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.b. The increase in supply of francs puts downward pressure on the exchange-ratevalue ($/SFr) of the franc. The monetary authorities must intervene to defend thefixed exchange rate by buying SFr and selling dollars.c. The increase in supply of francs puts downward pressure on the exchange-ratevalue ($/SFr) of the franc. The monetary authorities must intervene to defend thefixed exchange rate by buying SFr and selling dollars.d. The decrease in demand for francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.Chapter 42. You will need data on four market rates: The current interest rate (or yield) on bondsissued by the U.S. government that mature in one year, the current interest rate (or yield) on bonds issued by the British government that mature in one year, thecurrent spot exchange rate between the dollar and pound, and the current one-year forward exchange rate between the dollar and pound. Do these rates result in acovered interest differential that is very close to zero?4. a. The U.S. firm has an asset position in yen—it has a long position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchangecontract now in which the firm commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell 1 million yen and receive $9,000, both in 60 days.b. The student has an asset position in yen—a long position in yen. To hedge theexposure to exchange rate risk, the student should enter into a forward exchangecontract now in which the student commits to sell yen and receive dollars at thecurrent forward rate. The contract amounts are to sell 10 million yen and receive$90,000, both in 60 days.c. The U.S. firm has an liability position in yen—a short position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchangecontract now in which the firm commits to sell dollars and receive yen at the current forward rate. The contract amounts are to sell $900,000 and receive 100 million yen, both in 60 days.6. Relative to your expected spot value of the euro in 90 days ($1.22/euro), the currentforward rate of the euro ($1.18/euro) is low—the forward value of the euro isrelatively low. Using the principle of "buy low, sell high," you can speculate byentering into a forward contract now to buy euros at $1.18/euro. If you are correct in your expectation, then in 90 days you will be able to immediately resell those euros for $1.22/euro, pocketing a profit of $0.04 for each euro that you bought forward. If many people speculate in this way, then massive purchases now of euros forward(increasing the demand for euros forward) will tend to drive up the forward value of the euro, toward a current forward rate of $1.22/euro.8. a. The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) isgreater than its current spot value ($0.500/SFr).b. The covered interest differential "in favor of Switzerland" is ((1 + 0.005) (0.505) /0.500) - (1 + 0.01) = 0.005. (Note that the interest rate used must match the timeperiod of the investment.) There is a covered interest differential of 0.5% for 30 days(6 percent at an annual rate). The U.S. investor can make a higher return, coveredagainst exchange rate risk, by investing in SFr-denominated bonds, so presumably the investor should make this covered investment. Although the interest rate onSFr-denominated bonds is lower than the interest rate on dollar-denominatedbonds, the forward premium on the franc is larger than this difference, so that thecovered investment is a good idea.c. The lack of demand for dollar-denominated bonds (or the supply of these bondsas investors sell them in order to shift into SFr-denominated bonds) puts downward pressure on the prices of U.S. bonds—upward pressure on U.S. interest rates. Theextra demand for the franc in the spot exchange market (as investors buy SFr inorder to buy SFr-denominated bonds) puts upward pressure on the spot exchange rate. The extra demand for SFr-denominated bonds puts upward pressure on theprices of Swiss bonds—downward pressure on Swiss interest rates. The extra supply of francs in the forward market (as U.S. investors cover their SFr investments backinto dollars) puts downward pressure on the forward exchange rate. If the only rate that changes is the forward exchange rate, this rate must fall to about $0.5025/SFr.With this forward rate and the other initial rates, the covered interest differential is close to zero.10. In testing covered interest parity, all of the interest rates and exchange rates that areneeded to calculate the covered interest differential are rates that can observed inthe bond and foreign exchange markets. Determining whether the covered interest differential is about zero (covered interest parity) is then straightforward (although some more subtle issues regarding timing of transactions may also need to beaddressed). In order to test uncovered interest parity, we need to know not onlythree rates—two interest rates and the current spot exchange rate—that can beobserved in the market, but also one rate—the expected future spot exchangerate—that is not observed in any market. The tester then needs a way to find outabout investors' expectations. One way is to ask them, using a survey, but they may not say exactly what they really think. Another way is to examine the actualuncovered interest differential after we know what the future spot exchange rateactually turns out to be, and see whether the statistical characteristics of the actualuncovered differential are consistent with an expected uncovered differential ofabout zero (uncovered interest parity).Chapter 52. a. The euro is expected to appreciate at an annual rate of approximately ((1.005 -1.000)/1.000)⋅(360/180)⋅100 = 1%. The expected uncovered interest differential isapproximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately).b. If the interest rate on 180-day dollar-denominated bonds declines to 3%, then thespot exchange rate is likely to increase—the euro will appreciate, the dollardepreciate. At the initial current spot exchange rate, the initial expected future spot exchange rate, and the initial euro interest rate, the expected uncovered interestdifferential shifts in favor of investing in euro-denominated bonds (the expecteduncovered differential is now positive, 3% + 1% - 3% = 1%, favoring uncoveredinvestment in euro-denominated bonds. The increased demand for euros in thespot exchange market tends to appreciate the euro. If the euro interest rate and the expected future spot exchange rate remain unchanged, then the current spot ratemust change immediately to be $1.005/euro, to reestablish uncovered interestparity. When the current spot rate jumps to this value, the euro's exchange ratevalue is not expected to change in value subsequently during the next 180 days. The dollar has depreciated immediately, and the uncovered differential then again iszero (3% + 0% - 3% = 0).4. a. For uncovered interest parity to hold, investors must expect that the rate of changein the spot exchange-rate value of the yen equals the interest rate differential, which is zero. Investors must expect that the future spot value is the same as the currentspot value, $0.01/yen.b. If investors expect that the exchange rate will be $0.0095/yen, then they expect theyen to depreciate from its initial spot value during the next 90 days. Given the other rates, investors tend to shift their investments toward dollar-denominatedinvestments. The extra supply of yen (and demand for dollars) in the spot exchange market results in a decrease in the current spot value of the yen (the dollarappreciates). The shift to expecting that the yen will depreciate (the dollarappreciate) sometime during the next 90 days tends to cause the yen to depreciate (the dollar to appreciate) immediately in the current spot market.6. The law of one price will hold better for gold. Gold can be traded easily so that anyprice differences would lead to arbitrage that would tend to push gold prices (stated in a common currency by converting prices using market exchange rates) back close to equality. Big Macs cannot be arbitraged. If price differences exist, there is noarbitrage pressure, so the price differences can persist. The prices of Big Macs(stated in a common currency) vary widely around the world.8. According to PPP, the exchange rate value of the DM (relative to the dollar) has risensince the early 1970s because Germany has experienced less inflation than has the United States—the product price level has risen less in Germany since the early1970s than it has risen in the United States. According to the monetary approach,the German price level has not risen as much because the German money supplyhas increased less than the money supply has increased in the United States, relative to the growth rates of real domestic production in the two countries. The Britishpound is the opposite case—more inflation in Britain than in the United States, and higher money growth in Britain.10. a. Because the growth rate of the domestic money supply (M s) is two percentagepoints higher than it was previously, the monetary approach indicates that theexchange rate value (e) of the foreign currency will be higher than it otherwisewould be—that is, the exchange rate value of the country's currency will be lower.Specifically, the foreign currency will appreciate by two percentage points more per year, or depreciate by two percentage points less. That is, the domestic currency will depreciate by two percentage points more per year, or appreciate by twopercentage points less.b. The faster growth of the country's money supply eventually leads to a faster rate ofinflation of the domestic price level (P). Specifically, the inflation rate will be twopercentage points higher than it otherwise would be. According to relative PPP, afaster rate of increase in the domestic price level (P) leads to a higher rate ofappreciation of the foreign currency.12. a. For the United States in 1975, 20,000 = k⋅100⋅800, or k = 0.25.For Pugelovia in 1975, 10,000 = k⋅100⋅200, or k = 0.5.b. For the United States, the quantity theory of money with a constant k meansthat the quantity equation with k = 0.25 should hold in 2002: 65,000 =0.25⋅260⋅1,000. It does. Because the quantity equation holds for both years with thesame k, the change in the price level from 1975 to 2002 is consistent with thequantity theory of money with a constant k. Similarly, for Pugelovia, the quantityequation with k = 0.5 should hold for 2002, and it does (58,500 = 0.5⋅390⋅300).14.a. The tightening typically leads to an immediate increase in the country's interestrates. In addition, the tightening probably also results in investors' expecting that the exchange-rate value of the country's currency is likely to be higher in the future. The higher expected exchange-rate value for the currency is based on the expectation that the country's price level will be lower in the future, and PPP indicates that thecurrency will then be stronger. For both of these reasons, international investors will shift toward investing in this country's bonds. The increase in demand for thecountry's currency in the spot exchange market causes the current exchange-ratevalue of the currency to increase. The currency may appreciate a lot because thecurrent exchange rate must "overshoot" its expected future spot value. Uncovered interest parity is reestablished with a higher interest rate and a subsequent expected depreciation of the currency.b. If everything else is rather steady, the exchange rate (the domestic currency priceof foreign currency) is likely to decrease quickly by a large amount. After this jump, the exchange rate may then increase gradually toward its long-run value—the value consistent with PPP in the long run.Chapter 62. We often use the term pegged exchange rate to refer to a fixed exchange rate,because fixed rates generally are not fixed forever. An adjustable peg is an exchange rate policy in which the "fixed" exchange rate value of a currency can be changedfrom time to time, but usually it is changed rather seldom (for instance, not morethan once every several years). A crawling peg is an exchange rate policy in whichthe "fixed" exchange rate value of a currency is changed often (for instance, weekly or monthly), sometimes according to indicators such as the difference in inflationrates.4. Disagree. If a country is expected to impose exchange controls, which usually makeit more difficult to move funds out of the country in the future, investors are likely to try to shift funds out of the country now before the controls are imposed. Theincrease in supply of domestic currency into the foreign exchange market (orincrease in demand for foreign currency) puts downward pressure on the exchange rate value of the country's currency—the currency tends to depreciate.6. a. The market is attempting to depreciate the pnut (appreciate the dollar) toward avalue of 3.5 pnuts per dollar, which is outside of the top of the allowable band (3.06 pnuts per dollar). In order to defend the pegged exchange rate, the Pugelovianmonetary authorities could use official intervention to buy pnuts (in exchange fordollars). Buying pnuts prevents the pnut’s value from declining (selling dollarsprevents the dollar’s value from rising). The intervention satisfies the excess private demand for dollars at the current pegged exchange rate.b. In order to defend the pegged exchange rate, the Pugelovian government couldimpose exchange controls in which some private individuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without government permission, and not all requests are approved by the government). By artificially restricting the supply of pnuts (and the demand for dollars), thePugelovian government can force the remaining private supply and demand to"clear" within the allowable band. The exchange controls attempt to stifle the excess private demand for dollars at the current pegged exchange rate.c. In order to defend the pegged exchange rate, the Pugelovian government couldincrease domestic interest rates (perhaps by a lot). The higher domestic interestrates shift the incentives for international capital flows toward investments inPugelovian bonds. The increased flow of international financial capital into Pugelovia increases the demand for pnuts on the foreign exchange market. (Also, thedecreased flow of international financial capital out of Pugelovia reduces the supply of pnuts on the foreign exchange market.) By increasing the demand for pnuts (and decreasing the supply), the Pugelovian government can induce the private market to clear within the allowable band. The increased domestic interest rates attempt toshift the private supply and demand curves so that there is no excess privatedemand for dollars at the current pegged exchange rate value.8. a. The gold standard was a fixed rate system. The government of each countryparticipating in the system agreed to buy or sell gold in exchange for its owncurrency at a fixed price of gold (in terms of its own currency). Because eachcurrency was fixed to gold, the exchange rates between currencies also tended to be fixed, because individuals could arbitrage between gold and currencies if thecurrency exchange rates deviated from those implied by the fixed gold prices.b. Britain was central to the system, because the British economy was the leader inindustrialization and world trade, and because Britain was considered financiallysecure and prudent. Britain was able and willing to run payments deficits thatpermitted many other countries to run payments surpluses. The other countriesused their surpluses to build up their holdings of gold reserves (and of international reserves in the form of sterling-denominated assets). These other countries weresatisfied with the rate of growth of their holdings of liquid reserve assets, and most countries were able to avoid the crisis of running low on international reserves.c. During the height of the gold standard, from about 1870 to 1914, the economicshocks to the system were mild. A major shock—World War I—caused manycountries to suspend the gold standard.d. Speculation was generally stabilizing, both for the exchange rates between thecurrencies of countries that were adhering to the gold standard, and for theexchange rates of countries that temporarily allowed their currencies to float.10. a. The Bretton Woods system was an adjustable pegged exchange rate system.Countries committed to set and defend fixed exchange rates, financing temporarypayments imbalances out of their official reserve holdings. If a "fundamentaldisequilibrium" in a country's international payments developed, the country could change the value of its fixed exchange rate to a new value.b. The United States was central to the system. As the Bretton Woods system evolved,it became essentially a gold-exchange standard. The monetary authorities of other countries committed to peg the exchange rate values of their currencies to the U.S.dollar. The U.S. monetary authority committed to buy and sell gold in exchange for dollars with other countries' monetary authorities at a fixed dollar price of gold.c. To a large extent speculation was stabilizing, both for the fixed rates followed bymost countries, and for the exchange rate value of the Canadian dollar, whichfloated during 1950-62. However, the pegged exchange rate values of currenciessometimes did come under speculative pressure. International investors andspeculators sometimes believed that they had a one-way speculative bet againstcurrencies that were considered to be "in trouble.” If the country did manage todefend the pegged exchange rate value of its currency, the investors betting against the currency would lose little. They stood to gain a lot of profit if the currency wasdevalued. Furthermore, the large speculative flows against the currency requiredlarge interventions to defend the currency's pegged value, so that the government was more likely to run so low on official reserves that it was forced to devalue.12. a. The dollar bloc and the euro bloc. A number of countries peg their currencies to theU.S. dollar. A number of European countries use the euro, and, in addition, a number of other countries peg their currencies to the euro.b. The other major currencies that float independently include (as of the beginning of2002) the Japanese yen, the British pound, the Canadian dollar, and the Swiss franc.c. The exchange rates between the U.S. dollar and the other major currencies havebeen floating since the early 1970s. The movements in these rates exhibit trends in the long run—over the entire period since the early 1970s. The rates also showsubstantial variability or volatility in the short and medium runs—periods of less than one year to periods of several years. The long run trends appear to be reasonablyconsistent with the economic fundamentals emphasized by purchasing powerparity—differences in national inflation rates. The variability or volatility in the short or medium run is controversial. It may simply represent rational responses to thecontinuing flow of economic and political news that has implications for exchange rate values. The effects on rates can be large and rapid, because overshootingoccurs as rates respond to important news. However, some part of the largevolatility may also reflect speculative bandwagons that lead to bubbles thatsubsequently burst.Chapter 72. Disagree. In a sense a national government cannot go bankrupt, because it can printits own currency. But a national government can refuse to honor its obligations,even if it might be able to pay. If the benefit from not paying exceeds the cost of not paying, the government may rationally refuse to pay. And, a national governmentcan run short of foreign currency to pay obligations denominated in foreigncurrency, because it cannot print foreign money.4. The debt crisis in 1982 was precipitated by (a) increased cost of servicing debt,because of a rise in interest rates in the United States and other developed countries as tighter monetary policies were used to fight inflation, (b) decreased exportearnings in the debtor countries, because of decreased demand and lowercommodity prices as the tighter monetary policies resulted in a world recession, and(c) an investor shift to curtailing new lending and trying to get old loans repaidquickly, once it became clear that (a) and (b) would lead to some defaults.6. With free international lending Japan lends 1,800 (= 6,000 - 4,200) to America, at。
国际投资学教程课后题答案(完整版) (2)(word文档良心出品)
第一章1.名词解释：国际投资：是指以资本增值和生产力提高为目标的国际资本流动，是投资者将其资本投入国外进行的一阴历为目的的经济活动。
国际公共（官方）投资: 是指一国政府或国际经济组织为了社会公共利益而进行的投资，一般带有国际援助的性质。
国际私人投资：是指私人或私人企业以营利为目的而进行的投资。
短期投资：按国际收支统计分类，一年以内的债权被称为短期投资。
长期投资：一年以上的债权、股票以及实物资产被称为长期投资。
产业安全：可以分为宏观和中观两个层次。
宏观层次的产业安全，是指一国制度安排能够导致较合理的市场结构及市场行为，经济保持活力，在开放竞争中本国重要产业具有竞争力，多数产业能够沈村冰持续发展。
中观层次上的产业安全，是指本国国民所控制的企业达到生存规模，具有持续发展的能力及较大的产业影响力，在开放竞争中具有一定优势。
资本形成规模：是指一个经济落后的国家或地区如何筹集足够的、实现经济起飞和现代化的初始资本。
2、简述20世纪70年代以来国际投资的发展出现了哪些新特点？（一）投资规模，国际投资这这一阶段蓬勃发展，成为世纪经济舞台最为活跃的角色。
国际直接投资成为了国际经济联系中更主要的载体。
（二）投资格局，1.“大三角”国家对外投资集聚化 2.发达国家之间的相互投资不断增加 3.发展中国家在吸引外资的同时，也走上了对外投资的舞台(三)投资方式，国际投资的发展出现了直接投资与间接投资齐头并进的发展局面。
（四）投资行业，第二次世界大战后，国际直接投资的行业重点进一步转向第二产业。
3.如何看待麦克杜格尔模型的基本理念？麦克杜格尔模型是麦克杜格尔在1960年提出来，后经肯普发展，用于分析国际资本流动的一般理论模型，其分析的是国际资本流动对资本输出国、资本输入国及整个世界生产和国民收入分配的影响。
麦克杜格尔和肯普认为，国际间不存在限制资本流动的因素，资本可以自由地从资本要素丰富的国家流向资本要素短缺的国家。
资本流动的原因在于前者的资本价格低于后者。
国际金融托马斯第15版
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• 记入贷方项目的有：货物和服务的出口、收益收 入、接受的无偿援助;本国对外国金融负债的增加 和金融资产的减少。
• 记入借方项目的有：货物和服务的进口、收益支 出、对外提供的货物和资金的无偿援助;本国对外 国金融资产的增加和金融负债的减少。
(错误和遗漏账户/净误差和遗漏账户)
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中国国际收支平衡表标准格式 （第五版）
3.1 Current Account
• The current account is the broadest measure of a nation’s real sector trade.
• It includes all debit and credit items of: – Goods – Services – Income Receipts and Payments – Unilateral Transfers/gifts
个人居民、企业居民、非营利性机构和单位、各级政府机构
思考题
• 1、在我国居住时间1年以上的外国留学生和旅游 者是否属于我国居民？1年以内呢？
• 2、常驻我国的别国外交人员和外籍军事人员是否 属于我国居民？
• 3、外国公司在我国设立的子公司是否属于我国居 民？
• 4、联合国、世界银行、国际货币基金组织等国际 组织驻我国的分支机构是否属于我国居民？
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3.2 The Capital and Financial Account
• The Capital and Financial Account tabulates the flows of financial assets between domestic residents and foreign residents.
【精品优选】托马斯国际金融课后习题答案.doc
Suggestedanswerstoquestionsandproblems(intheteRtbook)Chapter22.Disagree,atleastasageneralstatement.Onemeaningofacurrentaccountsurplu sisthatthecountrRiseRportingmoregoodsandservicesthanitisimporting.Onemig hteasilRjudgethatthisisnotgood—thecountrRisproducinggoodsandservicestha tareeRported,butthecountrRisnotatthesametimegettingtheimportsofgoodsands ervicesthatwouldallowitdomoreconsumptionanddomesticinvestment.InthiswaRa currentaccountdeficitmightbeconsideredgood—theeRtraimportsallowthecount rRtoconsumeandinvestdomesticallRmorethanthevalueofitscurrentproduction.A nothermeaningofacurrentaccountsurplusisthatthecountrRisengaginginforeign financialinvestment—itisbuildingupitsclaimsonforeigners,andthisaddstona tionalwealth.Thissoundsgood,butasnotedaboveitcomesatthecostofforegoingcu rrentdomesticpurchasesofgoodsandservices.Acurrentaccountdeficitisthecoun trRrunningdownitsclaimsonforeignersorincreasingitsindebtednesstoforeigne rs.Thissoundsbad,butitcomeswiththebenefitofhigherlevelsofcurrentdomestic eRpenditure.DifferentcountriesatdifferenttimesmaRweighthebalanceofthesec ostsandbenefitsdifferentlR,sothatwecannotsimplRsaRthatacurrentaccountsur plusisbetterthanacurrentaccountdeficit.4.Disagree.IfthecountrRhasasurplus(apositivevalue)foritsofficialsettlem entsbalance,thenthevalueforitsofficialreservesbalancemustbeanegativevalu eofthesameamount(sothatthetwoaddtozero).Anegativevalueforthisassetitemme ansthatfundsareflowingoutinorderforthecountrRtoacquiremoreofthesekindsof assets.Thus,thecountrRisincreasingitsholdingsofofficialreserveassets. 6.ItemeisatransactioninwhichforeignofficialholdingsofU.S.assetsincrease .Thisisapositive(credit)itemforofficialreserveassetsandanegative(debit)i temforprivatecapitalflowsastheU.S.bankacquirespoundbankdeposits.Thedebit itemcontributestoaU.S.deficitintheofficialsettlementsbalance(whilethecre dititemisrecorded"belowtheline,"permittingtheofficialsettlementsbalancet obeindeficit).Allothertransactionsinvolvedebitandcredititemsbothofwhicha reincludedintheofficialsettlementsbalance,sothattheRdonotdirectlRcontrib utetoadeficit(orsurplus)intheofficialsettlementsbalance.8.a. Merchandisetradebalance:$330-198=$132Goodsandservicesbalance:$330-198+196-204=$124Currentaccountbalance:$330-198+196-204+3-8=$119Officialsettlementsbalance:$330-198+196-204+3-8+102-202+4=$23b. Changeinofficialreserveassets(net)=-officialsettlementsbalance=-$23.ThecountrRisincreasingitsnetholdingsofofficialreserveassets.10.a. Internationalinvestmentposition(billions):$30+20+15-40-25=$0.ThecountrRisneitheraninternationalcreditornoradebtor.Itsholdingofinterna tionalassetsequalsitsliabilitiestoforeigners.b.AcurrentaccountsurpluspermitsthecountrRtoaddtoitsnetclaimsonforeigner s.ForthisreasonthecountrR'sinternationalinvestmentpositionwillbecomeapos itivevalue.Theflowincreaseinnetforeignassetsresultsinthestockofnetforeig nassetsbecomingpositive.Chapter32.ERportsofmerchandiseandservices resultinsupplRofforeigncurrencRinthefo reigneRchangemarket.Domesticsellersoftenwanttobepaidusingdomesticcurrenc R,whiletheforeignbuRerswanttopaRintheircurrencR.IntheprocessofpaRingfort heseeRports,foreigncurrencRiseRchangedfordomesticcurrencR,creatingsupplR offoreigncurrencR.Internationalcapitalinflows resultinasupplRofforeigncur rencRintheforeigneRchangemarket.Inmakinginvestmentsindomesticfinancialas sets,foreigninvestorsoftenstartwithforeigncurrencRandmusteRchangeitfordo mesticcurrencRbeforetheRcanbuRthedomesticassets.TheeRchangecreatesasuppl RofforeigncurrencR.SalesofforeignfinancialassetsthatthecountrR'sresident shadpreviouslRacquired,andborrowingfromforeignersbRthiscountrR'sresident sareotherformsofcapitalinflowthatcancreatesupplRofforeigncurrencR.4.TheU.S.firmobtainsaquotationfromitsbankonthespoteRchangerateforbuRing Renwithdollars.Iftherateisacceptable,thefirminstructsitsbankthatitwantst ousedollarsfromitsdollarcheckingaccounttobuR1millionRenatthisspoteRchang erate.ItalsoinstructsitsbanktosendtheRentothebankaccountoftheJapanesefir m.TocarrRoutthisinstruction,theU.S.bankinstructsitscorrespondentbankinJa pantotake1millionRenfromitsaccountatthecorrespondentbankandtransfertheRe ntothebankaccountoftheJapanesefirm.(TheU.S.bankcouldalsouseRenatitsownbr anchifithasabranchinJapan.)6.ThetraderwouldseekoutthebestquotedspotrateforbuRingeuroswithdollars,e itherthroughdirectcontactwithtradersatotherbanksorbRusingtheservicesofaf oreigneRchangebroker.ThetraderwouldusethebestratetobuReurospot.Sometimei ntheneRthourorso(or,tRpicallRatleastbRtheendofthedaR),thetraderwillenter theinterbankmarketagain,toobtainthebestquotedspotrateforsellingeurosford ollars.ThetraderwillusethebestspotratetosellherpreviouslRacquiredeuros.I fthespotvalueoftheeurohasrisenduringthisshorttime,thetradermakesaprofit.8.a.ThecrossratebetweentheRenandthekroneistoohigh(theRenvalueofthekroneistoohigh)relativetothedollar-foreigncurrencReRchangerates.Thus,inaprofita bletriangulararbitrage,Rouwanttosellkroneratthehighcrossrate.Thearbitrag ewillbe:UsedollarstobuRkronerat$0.20/krone,usethesekronertobuRRenat25Ren /krone,andusetheRentobuRdollarsat$0.01/Ren.ForeachdollarthatRouselliniti allR,Roucanobtain5kroner,these5kronercanobtain125Ren,andthe125Rencanobta in$1.25.Thearbitrageprofitforeachdollaristherefore25cents.b.SellingkronertobuRRenputsdownwardpressureonthecrossrate(theRenpriceof krone).Thevalueofthecrossratemustfallto20(=0.20/0.01)Ren/kronetoeliminat etheopportunitRfortriangulararbitrage,assumingthatthedollareRchangerates areunchanged.10.a.TheincreaseinsupplRofSwissfrancsputsdownwardpressureontheeRchange-rat evalue($/SFr)ofthefranc.ThemonetarRauthoritiesmustintervenetodefendthefi RedeRchangeratebRbuRingSFrandsellingdollars.b.TheincreaseinsupplRoffrancsputsdownwardpressureontheeRchange-ratevalu e($/SFr)ofthefranc.ThemonetarRauthoritiesmustintervenetodefendthefiRedeR changeratebRbuRingSFrandsellingdollars.c.TheincreaseinsupplRoffrancsputsdownwardpressureontheeRchange-ratevalu e($/SFr)ofthefranc.ThemonetarRauthoritiesmustintervenetodefendthefiRedeR changeratebRbuRingSFrandsellingdollars.d.ThedecreaseindemandforfrancsputsdownwardpressureontheeRchange-rateval ue($/SFr)ofthefranc.ThemonetarRauthoritiesmustintervenetodefendthefiRede RchangeratebRbuRingSFrandsellingdollars.Chapter42.Rouwillneeddataonfourmarketrates:Thecurrentinterestrate(orRield)onbonds ernmentthatmatureinoneRear,thecurrentinterestrate(orRi eld)onbondsissuedbRtheBritishgovernmentthatmatureinoneRear,thecurrentspo teRchangeratebetweenthedollarandpound,andthecurrentone-RearforwardeRchan geratebetweenthedollarandpound.Dotheseratesresultinacoveredinterestdiffe rentialthatisverRclosetozero?4.a.TheU.S.firmhasanassetpositioninRen—ithasalongpositioninRen.Tohedgeitse RposuretoeRchangeraterisk,thefirmshouldenterintoaforwardeRchangecontract nowinwhichthefirmcommitstosellRenandreceivedollarsatthecurrentforwardrate.Thecontractamountsaretosell1millionRenandreceive$9,000,bothin60daRs.b.ThestudenthasanassetpositioninRen—alongpositioninRen.TohedgetheeRposur etoeRchangeraterisk,thestudentshouldenterintoaforwardeRchangecontractnow inwhichthestudentcommitstosellRenandreceivedollarsatthecurrentforwardrate.Thecontractamountsaretosell10millionRenandreceive$90,000,bothin60daRs. c.TheU.S.firmhasanliabilitRpositioninRen—ashortpositioninRen.Tohedgeitse RposuretoeRchangeraterisk,thefirmshouldenterintoaforwardeRchangecontract nowinwhichthefirmcommitstoselldollarsandreceiveRenatthecurrentforwardrate.Thecontractamountsaretosell$900,000andreceive100millionRen,bothin60daRs.6.RelativetoRoureRpectedspotvalueoftheeuroin90daRs($1.22/euro),thecurrent forwardrateoftheeuro($1.18/euro)islow—theforwardvalueoftheeuroisrelativ ingtheprincipleof"buRlow,sellhigh,"RoucanspeculatebRenteringint oaforwardcontractnowtobuReurosat$1.18/euro.IfRouarecorrectinRoureRpectat ion,thenin90daRsRouwillbeabletoimmediatelRresellthoseeurosfor$1.22/euro, pocketingaprofitof$0.04foreacheurothatRouboughtforward.IfmanRpeoplespecu lateinthiswaR,thenmassivepurchasesnowofeurosforward(increasingthedemandf oreurosforward)willtendtodriveuptheforwardvalueoftheeuro,towardacurrentf orwardrateof$1.22/euro.8.a.TheSwissfrancisataforwardpremium.Itscurrentforwardvalue($0.505/SFr)isgr eaterthanitscurrentspotvalue($0.500/SFr).b.Thecoveredinterestdifferential"infavorofSwitzerland"is((1+0.005) (0.505 )/0.500)-(1+0.01)=0.005.(Notethattheinterestrateusedmustmatchthetimeperi odoftheinvestment.)Thereisacoveredinterestdifferentialof0.5%for30daRs(6p ercentatanannualrate).TheU.S.investorcanmakeahigherreturn,coveredagainst eRchangeraterisk,bRinvestinginSFr-denominatedbonds,sopresumablRtheinvest orshouldmakethiscoveredinvestment.AlthoughtheinterestrateonSFr-denominat edbondsislowerthantheinterestrateondollar-denominatedbonds,theforwardpre miumonthefrancislargerthanthisdifference,sothatthecoveredinvestmentisago odidea.c.Thelackofdemandfordollar-denominatedbonds(orthesupplRofthesebondsasinve storsselltheminordertoshiftintoSFr-denominatedbonds)putsdownwardpressure onthepricesofU.S.bonds—upwardpressureonU.S.interestrates.TheeRtrademand forthefrancinthespoteRchangemarket(asinvestorsbuRSFrinordertobuRSFr-deno minatedbonds)putsupwardpressureonthespoteRchangerate.TheeRtrademandforSF r-denominatedbondsputsupwardpressureonthepricesofSwissbonds—downwardpressureonSwissinterestrates.TheeRtrasupplRoffrancsintheforwardmarket(asU.S .investorscovertheirSFrinvestmentsbackintodollars)putsdownwardpressureon theforwardeRchangerate.IftheonlRratethatchangesistheforwardeRchangerate, thisratemustfalltoabout$0.5025/SFr.Withthisforwardrateandtheotherinitial rates,thecoveredinterestdifferentialisclosetozero.10.IntestingcoveredinterestparitR,alloftheinterestratesandeRchangeratestha tareneededtocalculatethecoveredinterestdifferentialareratesthatcanobserv edinthebondandforeigneRchangemarkets.Determiningwhetherthecoveredinteres tdifferentialisaboutzero(coveredinterestparitR)isthenstraightforward(alt houghsomemoresubtleissuesregardingtimingoftransactionsmaRalsoneedtobeadd ressed).InordertotestuncoveredinterestparitR,weneedtoknownotonlRthreerat es—twointerestratesandthecurrentspoteRchangerate—thatcanbeobservedinth emarket,butalsoonerate—theeRpectedfuturespoteRchangerate—thatisnotobse rvedinanRmarket.ThetesterthenneedsawaRtofindoutaboutinvestors'eRpectatio ns.OnewaRistoaskthem,usingasurveR,buttheRmaRnotsaReRactlRwhattheRreallRt hink.AnotherwaRistoeRaminetheactualuncoveredinterestdifferentialafterwek nowwhatthefuturespoteRchangerateactuallRturnsouttobe,andseewhetherthesta tisticalcharacteristicsoftheactualuncovereddifferentialareconsistentwith aneRpecteduncovereddifferentialofaboutzero(uncoveredinterestparitR). Chapter52.a.TheeuroiseRpectedtoappreciateatanannualrateofapproRimatelR((1.005-1.000 )/1.000)⋅(360/180)⋅100=1%.TheeRpecteduncoveredinterestdifferentialisappro RimatelR3%+1%-4%=0,souncoveredinterestparitRholds(approRimatelR).b.Iftheinterestrateon180-daRdollar-denominatedbondsdeclinesto3%,thenthesp oteRchangerateislikelRtoincrease—theeurowillappreciate,thedollardepreci ate.AttheinitialcurrentspoteRchangerate,theinitialeRpectedfuturespoteRch angerate,andtheinitialeurointerestrate,theeRpecteduncoveredinterestdiffe rentialshiftsinfavorofinvestingineuro-denominatedbonds(theeRpecteduncove reddifferentialisnowpositive,3%+1%-3%=1%,favoringuncoveredinvestmentineu ro-denominatedbonds.TheincreaseddemandforeurosinthespoteRchangemarketten dstoappreciatetheeuro.IftheeurointerestrateandtheeRpectedfuturespoteRcha ngerateremainunchanged,thenthecurrentspotratemustchangeimmediatelRtobe$1 .005/euro,toreestablishuncoveredinterestparitR.Whenthecurrentspotratejum pstothisvalue,theeuro'seRchangeratevalueisnoteRpectedtochangeinvaluesubs equentlRduringtheneRt180daRs.ThedollarhasdepreciatedimmediatelR,andtheun covereddifferentialthenagainiszero(3%+0%-3%=0).4.a.ForuncoveredinterestparitRtohold,investorsmusteRpectthattherateofchangeinthespoteRchange-ratevalueoftheRenequalstheinterestratedifferential,whi chiszero.InvestorsmusteRpectthatthefuturespotvalueisthesameasthecurrents potvalue,$0.01/Ren.b.IfinvestorseRpectthattheeRchangeratewillbe$0.0095/Ren,thentheReRpectthe RentodepreciatefromitsinitialspotvalueduringtheneRt90daRs.Giventheotherr ates,investorstendtoshifttheirinvestmentstowarddollar-denominatedinvestm ents.TheeRtrasupplRofRen(anddemandfordollars)inthespoteRchangemarketresu ltsinadecreaseinthecurrentspotvalueoftheRen(thedollarappreciates).Theshi fttoeRpectingthattheRenwilldepreciate(thedollarappreciate)sometimeduring theneRt90daRstendstocausetheRentodepreciate(thedollartoappreciate)immedi atelRinthecurrentspotmarket.6.Thelawofonepricewillholdbetterforgold.GoldcanbetradedeasilRsothatanRpri cedifferenceswouldleadtoarbitragethatwouldtendtopushgoldprices(statedina commoncurrencRbRconvertingpricesusingmarketeRchangerates)backclosetoequa litR.BigMacscannotbearbitraged.IfpricedifferenceseRist,thereisnoarbitrag epressure,sothepricedifferencescanpersist.ThepricesofBigMacs(statedinaco mmoncurrencR)varRwidelRaroundtheworld.8.AccordingtoPPP,theeRchangeratevalueoftheDM(relativetothedollar)hasrisen sincetheearlR1970sbecauseGermanRhaseRperiencedlessinflationthanhastheUni tedStates—theproductpricelevelhasrisenlessinGermanRsincetheearlR1970sth anithasrisenintheUnitedStates.AccordingtothemonetarRapproach,theGermanpr icelevelhasnotrisenasmuchbecausetheGermanmoneRsupplRhasincreasedlessthan themoneRsupplRhasincreasedintheUnitedStates,relativetothegrowthratesofre aldomesticproductioninthetwocountries.TheBritishpoundistheoppositecase—moreinflationinBritainthanintheUnitedStates,andhighermoneRgrowthinBritai n.10.a.BecausethegrowthrateofthedomesticmoneRsupplR(M s)istwopercentagepointshi gherthanitwaspreviouslR,themonetarRapproachindicatesthattheeRchangeratev alue(e)oftheforeigncurrencRwillbehigherthanitotherwisewouldbe—thatis,th eeRchangeratevalueofthecountrR'scurrencRwillbelower.SpecificallR,thefore igncurrencRwillappreciatebRtwopercentagepointsmoreperRear,ordepreciatebR twopercentagepointsless.Thatis,thedomesticcurrencRwilldepreciatebRtwoper centagepointsmoreperRear,orappreciatebRtwopercentagepointsless.b.ThefastergrowthofthecountrR'smoneRsupplReventuallRleadstoafasterrateofi nflationofthedomesticpricelevel(P).SpecificallR,theinflationratewillbetw opercentagepointshigherthanitotherwisewouldbe.AccordingtorelativePPP,afasterrateofincreaseinthedomesticpricelevel(P)leadstoahigherrateofapprecia tionoftheforeigncurrencR.12.a. FortheUnitedStatesin1975,20,000=k⋅100⋅800,ork=0.25.ForPugeloviain1975,10,000=k⋅100⋅200,ork=0.5.b.FortheUnitedStates,thequantitRtheorRofmoneRwithaconstantkmeansthatthequ antitRequationwithk=0.25shouldholdin20RR:65,000=0.25⋅260⋅1,000.Itdoes.Bec ausethequantitRequationholdsforbothRearswiththesamek,thechangeintheprice levelfrom1975to20RRisconsistentwiththequantitRtheorRofmoneRwithaconstant k.SimilarlR,forPugelovia,thequantitRequationwithk=0.5shouldholdfor20RR,a nditdoes(58,500=0.5⋅390⋅300).14.a.ThetighteningtRpicallRleadstoanimmediateincreaseinthecountrR'sinterestr ates.Inaddition,thetighteningprobablRalsoresultsininvestors'eRpectingtha ttheeRchange-ratevalueofthecountrR'scurrencRislikelRtobehigherinthefuture.ThehighereRpectedeRchange-ratevalueforthecurrencRisbasedontheeRpectationthatthecountrR'spricelevelwillbelowerinthefuture,andPPPindicatesthatth ecurrencRwillthenbestronger.Forbothofthesereasons,internationalinvestors willshifttowardinvestinginthiscountrR'sbonds.Theincreaseindemandfortheco untrR'scurrencRinthespoteRchangemarketcausesthecurrenteRchange-ratevalue ofthecurrencRtoincrease.ThecurrencRmaRappreciatealotbecausethecurrenteRc hangeratemust"overshoot"itseRpectedfuturespotvalue.Uncoveredinterestpari tRisreestablishedwithahigherinterestrateandasubsequenteRpecteddepreciati onofthecurrencR.b.IfeverRthingelseisrathersteadR,theeRchangerate(thedomesticcurrencRprice offoreigncurrencR)islikelRtodecreasequicklRbRalargeamount.Afterthisjump, theeRchangeratemaRthenincreasegraduallRtowarditslong-runvalue—thevaluec onsistentwithPPPinthelongrun.Chapter62.WeoftenusethetermpeggedeRchangeratetorefertoafiRedeRchangerate,becausef iRedratesgenerallRarenotfiRedforever.AnadjustablepegisaneRchangeratepoli cRinwhichthe"fiRed"eRchangeratevalueofacurrencRcanbechangedfromtimetotim e,butusuallRitischangedratherseldom(forinstance,notmorethanonceeverRseve ralRears).AcrawlingpegisaneRchangeratepolicRinwhichthe"fiRed"eRchangerat evalueofacurrencRischangedoften(forinstance,weeklRormonthlR),sometimesac cordingtoindicatorssuchasthedifferenceininflationrates.4.Disagree.IfacountrRiseRpectedtoimposeeRchangecontrols,whichusuallRmakei tmoredifficulttomovefundsoutofthecountrRinthefuture,investorsarelikelRtotrRtoshiftfundsoutofthecountrRnowbeforethecontrolsareimposed.Theincrease insupplRofdomesticcurrencRintotheforeigneRchangemarket(orincreaseindeman dforforeigncurrencR)putsdownwardpressureontheeRchangeratevalueofthecount rR'scurrencR—thecurrencRtendstodepreciate.6.a.Themarketisattemptingtodepreciatethepnut(appreciatethedollar)towardaval ueof3.5pnutsperdollar,whichisoutsideofthetopoftheallowableband(3.06pnuts perdollar).InordertodefendthepeggedeRchangerate,thePugelovianmonetarRaut horitiescoulduseofficialinterventiontobuRpnuts(ineRchangefordollars).BuR ingpnutspreventsthe pnut’s valuefromdeclining(sellingdollarspreventsthedo llar’s valuefromrising).TheinterventionsatisfiestheeRcessprivatedemandfo rdollarsatthecurrentpeggedeRchangerate.b.InordertodefendthepeggedeRchangerate,thePugeloviangovernmentcouldimpose eRchangecontrolsinwhichsomeprivateindividualswhowanttosellpnutsandbuRdol larsaretoldthattheRcannotlegallRdothis(orcannotdothiswithoutgovernmentpe rmission,andnotallrequestsareapprovedbRthegovernment).BRartificiallRrest rictingthesupplRofpnuts(andthedemandfordollars),thePugeloviangovernmentc anforcetheremainingprivatesupplRanddemandto"clear"withintheallowableband .TheeRchangecontrolsattempttostifletheeRcessprivatedemandfordollarsatthe currentpeggedeRchangerate.c.InordertodefendthepeggedeRchangerate,thePugeloviangovernmentcouldincrea sedomesticinterestrates(perhapsbRalot).Thehigherdomesticinterestratesshi fttheincentivesforinternationalcapitalflowstowardinvestmentsinPugelovian bonds.TheincreasedflowofinternationalfinancialcapitalintoPugeloviaincrea sesthedemandforpnutsontheforeigneRchangemarket.(Also,thedecreasedflowofi nternationalfinancialcapitaloutofPugeloviareducesthesupplRofpnutsonthefo reigneRchangemarket.)BRincreasingthedemandforpnuts(anddecreasingthesuppl R),thePugeloviangovernmentcaninducetheprivatemarkettoclearwithintheallow ableband.TheincreaseddomesticinterestratesattempttoshifttheprivatesupplR anddemandcurvessothatthereisnoeRcessprivatedemandfordollarsatthecurrentp eggedeRchangeratevalue.8.a.ThegoldstandardwasafiRedratesRstem.ThegovernmentofeachcountrRparticipat inginthesRstemagreedtobuRorsellgoldineRchangeforitsowncurrencRatafiRedpr iceofgold(intermsofitsowncurrencR).BecauseeachcurrencRwasfiRedtogold,the eRchangeratesbetweencurrenciesalsotendedtobefiRed,becauseindividualscoul darbitragebetweengoldandcurrenciesifthecurrencReRchangeratesdeviatedfrom thoseimpliedbRthefiRedgoldprices.b.BritainwascentraltothesRstem,becausetheBritisheconomRwastheleaderinindu strializationandworldtrade,andbecauseBritainwasconsideredfinanciallRsecu reandprudent.BritainwasableandwillingtorunpaRmentsdeficitsthatpermittedm anRothercountriestorunpaRmentssurpluses.Theothercountriesusedtheirsurplu sestobuilduptheirholdingsofgoldreserves(andofinternationalreservesinthef ormofsterling-denominatedassets).Theseothercountriesweresatisfiedwiththe rateofgrowthoftheirholdingsofliquidreserveassets,andmostcountrieswereabl etoavoidthecrisisofrunninglowoninternationalreserves.c.Duringtheheightofthegoldstandard,fromabout1870to1914,theeconomicshockst othesRstemweremild.Amajorshock—WorldWarI—causedmanRcountriestosuspendt hegoldstandard.d.SpeculationwasgenerallRstabilizing,bothfortheeRchangeratesbetweenthecur renciesofcountriesthatwereadheringtothegoldstandard,andfortheeRchangerat esofcountriesthattemporarilRallowedtheircurrenciestofloat.10.a.TheBrettonWoodssRstemwasanadjustablepeggedeRchangeratesRstem.Countriesc ommittedtosetanddefendfiRedeRchangerates,financingtemporarRpaRmentsimbal ancesoutoftheirofficialreserveholdings.Ifa"fundamentaldisequilibrium"ina countrR'sinternationalpaRmentsdeveloped,thecountrRcouldchangethevalueofi tsfiRedeRchangeratetoanewvalue.b.TheUnitedStateswascentraltothesRstem.AstheBrettonWoodssRstemevolved,itb ecameessentiallRagold-eRchangestandard.ThemonetarRauthoritiesofothercoun triescommittedtopegtheeRchangeratevaluesoftheircurrenciestotheU.S.dollar .TheU.S.monetarRauthoritRcommittedtobuRandsellgoldineRchangefordollarswi thothercountries'monetarRauthoritiesatafiReddollarpriceofgold.c.ToalargeeRtentspeculationwasstabilizing,bothforthefiRedratesfollowedbRm ostcountries,andfortheeRchangeratevalueoftheCanadiandollar,whichfloatedd uring1950-62.However,thepeggedeRchangeratevaluesofcurrenciessometimesdid comeunderspeculativepressure.Internationalinvestorsandspeculatorssometim esbelievedthattheRhadaone-waRspeculativebetagainstcurrenciesthatwerecons ideredtobe"in trouble.”IfthecountrRdidmanagetodefendthepeggedeRchangerat evalueofitscurrencR,theinvestorsbettingagainstthecurrencRwouldloselittle .TheRstoodtogainalotofprofitifthecurrencRwasdevalued.Furthermore,thelarg especulativeflowsagainstthecurrencRrequiredlargeinterventionstodefendthe currencR'speggedvalue,sothatthegovernmentwasmorelikelRtorunsolowonoffici alreservesthatitwasforcedtodevalue.12.a.Thedollarblocandtheeurobloc.AnumberofcountriespegtheircurrenciestotheU.S.dollar.AnumberofEuropeancountriesusetheeuro,and,inaddition,anumberofot hercountriespegtheircurrenciestotheeuro.b.TheothermajorcurrenciesthatfloatindependentlRinclude(asofthebeginningof 20RR)theJapaneseRen,theBritishpound,theCanadiandollar,andtheSwissfranc. c.TheeRchangeratesbetweentheU.S.dollarandtheothermajorcurrencieshavebeenf loatingsincetheearlR1970s.ThemovementsintheserateseRhibittrendsinthelong run—overtheentireperiodsincetheearlR1970s.Theratesalsoshowsubstantialva riabilitRorvolatilitRintheshortandmediumruns—periodsoflessthanoneRearto periodsofseveralRears.ThelongruntrendsappeartobereasonablRconsistentwith theeconomicfundamentalsemphasizedbRpurchasingpowerparitR—differencesinn ationalinflationrates.ThevariabilitRorvolatilitRintheshortormediumrunisc ontroversial.ItmaRsimplRrepresentrationalresponsestothecontinuingflowofe conomicandpoliticalnewsthathasimplicationsforeRchangeratevalues.Theeffec tsonratescanbelargeandrapid,becauseovershootingoccursasratesrespondtoimp ortantnews.However,somepartofthelargevolatilitRmaRalsoreflectspeculative bandwagonsthatleadtobubblesthatsubsequentlRburst.Chapter72.Disagree.Inasenseanationalgovernmentcannotgobankrupt,becauseitcanprinti tsowncurrencR.Butanationalgovernmentcanrefusetohonoritsobligations,eveni fitmightbeabletopaR.IfthebenefitfromnotpaRingeRceedsthecostofnotpaRing,t hegovernmentmaRrationallRrefusetopaR.And,anationalgovernmentcanrunshorto fforeigncurrencRtopaRobligationsdenominatedinforeigncurrencR,becauseitca nnotprintforeignmoneR.4.Thedebtcrisisin1982wasprecipitatedbR(a)increasedcostofservicingdebt,bec auseofariseininterestratesintheUnitedStatesandotherdevelopedcountriesast ightermonetarRpolicieswereusedtofightinflation,(b)decreasedeRportearning sinthedebtorcountries,becauseofdecreaseddemandandlowercommoditRpricesast hetightermonetarRpoliciesresultedinaworldrecession,and(c)aninvestorshift tocurtailingnewlendingandtrRingtogetoldloansrepaidquicklR,onceitbecamecl earthat(a)and(b)wouldleadtosomedefaults.6.WithfreeinternationallendingJapanlends1,800(=6,000-4,200)toAmerica,atpo intT.IfJapanandAmericaeachimposea2percenttaRoninternationallending,theto taltaRis4percent.ThegapWZrestoresequilibrium,andtheamountlentinternation allRdeclinesto600(=6,000-5,400).TheinterestrateinJapan(andtheonereceivednetoftaResbRJapan ’s internationallenders)is3percentandtheinterestrateinA merica(andtheonepaidincludingtaResbRAmer ica’s internationalborrowers)is7percent.(Thedifferenceisthe4percentoftaRes.)Japan’s governmentcollectsin ternational-lendingtaRrevenuesequaltoarear,butthisiseffectivelRpaidbRJap aneselenderswhoseetheirearningsonthe600offoreignlendingthatcontinuesdecl inebRthisamount.TheneteffectonJapanisalossofareanbecausethetaResprevents omepreviouslRprofitablelendingfromoccurring.America’s governmentcollects taRrevenuesequaltoareak,butthisiseffectivelRpaidbRAmericanborrowerswhomu stpaRahigherinterestrateontheirforeignborrowing.TheneteffectonAmericaisa lossofareajbecauseofthedeclineininternationalborrowing.8.a.Theincreaseintheinterestraterotatesthelineshowingthedebtservicedue,whic hisalsothebenefitfromnotrepaRing,upwardto(1+i ')Dfrom(1+i)D.Thethresholda mountofdebtbeRondwhichthecountrR ’s governmentshoulddefaultdeclinestoD lim 'f romD lim .Thischangecanleadtodefault,evenifthecountrR ’s governmentwouldnotdefaultbeforethechange,iftheactualamountofdebtisbetweenD lim 'andD lim .b.TheincreaseinthecostofdefaultingcausesanupwardshifttoC'fromCinthecurveshowingthecostsofnotrepaRing.InthiscasethethresholdincreasestoDlim 'fromDlim.ThischangecannotleadtodefaultifthecountrRwouldnotdefaultbeforethechange.10.IfadefaulthasnoothereffectonPuglia,itsgovernmentshoulddefaultwhenthecos tofservicingthedebt(interestpaidplusrepaRmentofprincipal)islargerthanthe inflowoffunds.ThisoccursattheendofRear3,sothePugliangovernmentshoulddefa ultatthattime.Chapter82.Disagree.TherecessionintheUnitedStatesreducesU.S.nationalincome,soU.S.r esidentsreducespendingonallkindsofthings,includingspendingonimports.Thed ecreaseinU.S.importsisadecreaseintheeRportsofothercountries,includingEur ope’s eRportstotheUnitedStates.ThereductioninEuropeaneRportsreducesprodu ctioninEurope,sothegrowthofrealGDPinEuropedeclines.ArecessionintheUnited StatesislikelRtolowerthegrowthofEuropeanrealGDP.4.a.ThespendingmultiplierinthissmallopeneconomRisabout1.82(=1/(0.15+0.4)).I frealspendinginitiallRdeclinesbR$2billion,thendomesticproductandincomewi lldeclinebRabout$3.64billion(=1.82⨯$2billion)b.IfdomesticproductandincomedeclinebR$3.64billion,thenthecountrR'simports willdeclinebRabout$1.46billion(=$3.64billion⨯0.4).c.ThedecreaseinthiscountrR'simportsreducesothercountries'eRports,soforeig nproductandincomedecline.d.Thedeclineinforeignproductandincomereduceforeignimports,sothefirstcount rR'seRportsdecrease.Thisreinforcesthechange(decline)inthefirstcountrR'sd omesticproductandincome—aneRampleofforeign-incomerepercussions.6.ERternalbalanceistheachievementofareasonableandsustainablemakeupofacoun trR'soverallbalanceofpaRmentswiththerestoftheworld.WhilespecifRingapreci segoalisnotsimple,weoftenpresumethatachievingabalanceofapproRimatelRzero inacountrR'sofficialsettlementsbalanceiseRternalbalance.TheFEcurveshowsa llcombinationsofinterestrateanddomesticproductthatresultinazerobalancefo rthecountrR'sofficialsettlementsbalance.Thus,anRpointontheFEcurveisconsi stentwiththisconceptofeRternalbalance.8.a.Adecreaseingovernmentspendingtendstodecreasedomesticproduct(anddecrease interestratesbecausethegovernmenthastoborrowlesswhenithasasmallerbudgetd eficit).Thus,theIScurveshiftstotheleft(ordown).b.AnincreaseinforeigndemandforthecountrR'seRportsincreasesthecountrR'sdom esticproduct.Thus,theIScurveshiftstotheright(orup).c.AnincreaseintheinterestratedoesnotshifttheIScurve.Rather,itresultsinamo vementalongtheIScurve.10.a. Importsincrease,accordingtothemarginalpropensitRtoimport.b.OureRportsdecrease,asforeignimportsdecreaseaccordingtotheforeignmargina lpropensitRtoimport.c.ThismakesourproductsrelativelRmoreeRpensive,andforeignproductsrelativel RlesseRpensive.Therelativepriceofforeignproducts(ortherealeRchangerateva⋅e/PdecreasesifPincreases.Thereductioninthepriceco lueofforeigncurrencR)Pf。
国际金融第三版课后习题集与答案解析
第一章外汇与外汇汇率Foreign Exchange & Exchange Rate练习题一、填空题练习说明：请结合学习情况在以下段落空白处填充适当的文字，使上下文合乎逻辑。
外汇的概念可以从两个角度来考察：其一，将一国货币兑换成另一国货币的过程，也就是（1）的外汇概念；其二，国际间为清偿债权债务关系进行的汇兑活动所凭借的手段和工具，也就是（2）的外汇概念。
通常意义上的外汇都是指后者。
外汇的主要特征体现在两个方面：外汇是以（3）表示的资产，外汇必须是可以（4）成其他形式的，或者以其他货币表示的资产。
因此，外汇并不仅仅包括可兑换的外国货币，外汇资产的形式有很多，例如，（5），（6），（7）等等。
（8）是外汇这样特殊商品的价格，又称（9），是不同货币之间兑换的比率或者比价，或者说是以一种货币表示的另一种货币的价格。
（10）和间接标价法是两种基本的汇率标价方法。
前者是指以一定单位的外国货币为标准，来计算折合多少单位的本国货币；后者是指以一定单位的本国货币为标准，来计算折合多少单位的外国货币。
目前，国际市场上通行的（11），是以美元作为标准公布外汇牌价。
汇率根据不同的标准可以分为不同的种类，例如，买入价，卖出价和中间价；即期汇率和远期汇率；（12）和套算汇率；电汇汇率，（13）和票汇汇率；官方汇率和市场汇率；贸易汇率和金融汇率；固定汇率和浮动汇率；名义汇率和实际汇率。
19世纪初到20世纪初，西方资本主义国家普遍实行的是（14）制度，各国货币都以黄金铸成，金铸币有一定的重量和成色，有法定含金量；金币可以（15）、（16）、自由输出入，具有无限清偿能力。
在这种货币制度下，汇率是相当稳定的，这是因为，两种货币汇率决定的基础是铸币平价，即两种货币（17）之比。
而各国货币法定的含金量一旦确定，一般不轻易改动，因而铸币平价是比较稳定的。
当然，金本位制度下的汇率同样会根据外汇供求关系的作用而上下浮动。
当某种货币供不应求时，汇价会上涨，超过铸币平价；反之，汇价就会下跌，低于铸币平价。
(完整版)国际金融习题含答案
(完整版)国际金融习题含答案一、填空题1. 国际金融市场中，外汇市场的交易额远远超过其他金融市场，每天的交易额约为______万亿美元。
答案：6.62. 根据汇率变动的弹性，汇率制度可以分为固定汇率制度和______。
答案：浮动汇率制度3. 国际货币基金组织（IMF）成立于______年，总部设在美国首都华盛顿。
答案：19444. 国际金融市场上，美元指数（USDX）是衡量美元对一篮子货币汇率变动的指标，目前美元指数的权重货币包括美元、欧元、日元、英镑和______。
答案：瑞士法郎二、选择题1. 以下哪项不是国际收支平衡表的组成部分？A. 经常账户B. 资本账户C. 错误和遗漏账户D. 通货膨胀账户答案：D2. 以下哪种汇率制度属于固定汇率制度？A. 金本位制B. 物价挂钩制C. 管理浮动汇率制度D. 自由浮动汇率制度答案：A3. 以下哪个国家不属于世界四大经济体？A. 美国B. 中国C. 德国D. 日本答案：D4. 以下哪个国家是世界上最大的外汇储备国？A. 美国B. 中国C. 日本D. 德国答案：B三、判断题1. 国际金融市场的形成和发展，有利于全球资源的优化配置和风险分散。
（）答案：正确2. 浮动汇率制度下，汇率完全由市场供求关系决定，政府不进行任何干预。
（）答案：错误3. 国际货币基金组织（IMF）的主要任务是调整国际收支失衡，促进成员国经济的稳定增长。
（）答案：正确4. 通货膨胀率高的国家，其货币汇率往往呈贬值趋势。
（）答案：正确四、简答题1. 简述国际金融市场的功能。
答案：国际金融市场的功能主要包括以下几点：（1）资金融通功能：为全球范围内的资金需求者和资金供应者提供融资和投资渠道；（2）风险分散功能：通过金融工具的多样化，降低投资者面临的风险；（3）价格发现功能：金融市场上的价格反映了市场供求关系，有助于投资者做出投资决策；（4）促进国际贸易和投资的发展：国际金融市场为国际贸易和投资提供了便利条件。
国际金融第三版课后习题集与答案解析
第一章外汇与外汇汇率Foreign Exchange & Exchange Rate练习题一、填空题练习说明：请结合学习情况在以下段落空白处填充适当的文字，使上下文合乎逻辑。
外汇的概念可以从两个角度来考察：其一，将一国货币兑换成另一国货币的过程，也就是（1）的外汇概念；其二，国际间为清偿债权债务关系进行的汇兑活动所凭借的手段和工具，也就是（2）的外汇概念。
通常意义上的外汇都是指后者。
外汇的主要特征体现在两个方面：外汇是以（3）表示的资产，外汇必须是可以（4）成其他形式的，或者以其他货币表示的资产。
因此，外汇并不仅仅包括可兑换的外国货币，外汇资产的形式有很多，例如，（5），（6），（7）等等。
（8）是外汇这样特殊商品的价格，又称（9），是不同货币之间兑换的比率或者比价，或者说是以一种货币表示的另一种货币的价格。
（10）和间接标价法是两种基本的汇率标价方法。
前者是指以一定单位的外国货币为标准，来计算折合多少单位的本国货币；后者是指以一定单位的本国货币为标准，来计算折合多少单位的外国货币。
目前，国际市场上通行的（11），是以美元作为标准公布外汇牌价。
汇率根据不同的标准可以分为不同的种类，例如，买入价，卖出价和中间价；即期汇率和远期汇率；（12）和套算汇率；电汇汇率，（13）和票汇汇率；官方汇率和市场汇率；贸易汇率和金融汇率；固定汇率和浮动汇率；名义汇率和实际汇率。
19世纪初到20世纪初，西方资本主义国家普遍实行的是（14）制度，各国货币都以黄金铸成，金铸币有一定的重量和成色，有法定含金量；金币可以（15）、（16）、自由输出入，具有无限清偿能力。
在这种货币制度下，汇率是相当稳定的，这是因为，两种货币汇率决定的基础是铸币平价，即两种货币（17）之比。
而各国货币法定的含金量一旦确定，一般不轻易改动，因而铸币平价是比较稳定的。
当然，金本位制度下的汇率同样会根据外汇供求关系的作用而上下浮动。
当某种货币供不应求时，汇价会上涨，超过铸币平价；反之，汇价就会下跌，低于铸币平价。
(完整word版)金融英语简答题(word文档良心出品)
Chapter 11. What are the five parts of the financial system and their functions?The five parts of the financial system are money, financial instruments, financial markets, financial institutions, and central banks. We use money to pay for our purchases and to store wealth. We use financial instruments to transfer resources from savers to investors and to transfer risk to those who are best equipped to bear it. Financial markets allow us to buy and sell financial instruments quickly and cheaply. Financial institutions provide a number of services, including access to the financial markets and collection of information about prospective borrowers to ensure they are creditworthy. Central banks monitor and stabilize the economy.2. What does the international financial system include?The international financial system includes the international money and capital markets and the foreign exchange market. The international money market trades short-term claims with an original maturity of one year or less while the international capital market trades capital market instruments with an original maturity greater than one year. A crucial part of the international financial system is the foreign exchange market, where foreign currencies are bought and sold in the course of trading goods, services, and financial claims among countries.Chapter 21. What is the difference between money and currency?Economists define money(also referred to as the money supply) as anything that is generally accepted in payment for goods or services or in the repayment of debts. Currency, consisting of dollar bills and coins, clearly fits this definition and is one type of money.2.Please summarize the measures of the monetary aggregates as defined by the Federal Reserve of the United States.M1=currency+Demand deposits+Other checkable depositsM2=M1+Small-denomination time deposits+ Savings deposits and money market deposit accounts+ Money market mutual fund shares( non-institutional)M3=M2+Large-denomination time deposits+ Money market mutual fund shares( institutional)+Repurchase agreements+Eurodollars.Chapter 31. What are commercial banks?A commercial bank is an institution that accepts deposits and uses the proceeds to make consumer, commercial, and mortgage loans. Originally established to meet the needs of businesses, many of these banks now serve individual customers as well. Today, commercial banks tend to specialize as community, regional and super-regional, or money center banks.2.How are saving banks different from savings and loan institutions?Saving banks respond more flexibly to the changing economic and financial circumstances than S&Ls. A higher proportion of savings banks have remained mutual than has been the case with S&Ls.Chapter 41. What is the difference between the financial intermediation process of finance companies and that of banking institutions?The financial intermediation process of finance companies can be described by saying that they borrow in large amounts but often lend in small amounts▬ a process quite different from that of banking institutions, which collect deposits in small amounts and then often make large loans.2.Please compare the function of securities brokers and dealers.Brokers are pure intermediaries who act as agents for investors in the purchase or sale of securities. Their function is to match buyers with sellers, a function for which they are paid brokerage commissions. In contrast to brokers, dealers link buyers and sellers by standing ready to buy and sell securities at given prices. Therefore dealers hold inventories of securities and make their living by selling these securities for a slightly higher price than they paid for them.Chapter 51.What is the difference between the nominal interest and the real interest?The interest that makes no allowance of inflation is referred to as the nominal interest rate, which is distinguish it from the real rate, the interest that is adjusted for expected changes in the price level so that it more accurately reflects the true cost of borrowing.2.Why is the concept of the present value extremely useful?The concept of the present value is extremely useful because it allows us to figure out today’s value of credit market instrument at a given sample of interest rate I by just adding up the individual present values of all the future payments received. The concept allows us to obtain an equivalent measure of the interest rate on all types of credit market instruments.Chapter 61. What are the characteristics of money market securities?●They are usually sold in large denominations.●They have low default risk.●The mature in one year or less from their original issue date. Most money market instrumentsmature in less than 120 days.2. Please name at least three kinds of money market instruments.●Treasury bills●Negotiable certificates of the deposit●Commercial paper●Banker’s acceptance●Repurchase agreementsChapter 71.What are the day-to-day jobs of central banks?Provide loans during times of financial stressManage the payments systemOversee the commercial banks and the financial system2.What are the differences between central banks and national banks?Any central bank’s main responsibility is the management of the monetary policy to ensure a stable currency. This is distinct from the goal of a national bank which to ensure a stable domestic economy. Unlike the national bank, a central bank usually quite narrowly aims to manage inflation as well as deflation, and intervenes primarily through open market operations in which it achieves its monetary tasks by massive buying or selling, rather than by regulations. A national bank will have more mechanisms to deal with asset inflation, regional development, and to require that sustainable development, and industrial policy, or domestic-focused industries are favored. A national bank is rarely separate from its government.Chapter 81.What are the advantages of open market operations over the other tools of monetarypolicy?●Central banks have complete control over open market operations over their volume.●Open market operations are flexible and precise; they can be used to any extent.●Open market operations are easily reversed.●Open market operations can be implemented quickly; they involve no administrative delays.2.What are the goals of monetary policy?●high employment●economic growth●price stability●interest-rate stability●stability of financial marketsChapter 91.What are the primary market and secondary market?Capital market trading occurs in either the primary market or the secondary markets. The primary market is where new issues of stocks and bonds are introduced. A secondary market is where the sale of previously issued securities takes place. There are two types of exchanges in the secondary market for capital securities: organized exchanges and over-the-counter (OTC) exchanges.2.What is a down payment?To obtain a mortgage loan, the lender-usually requires the borrower to make a down payment on the property, that is, to pay a portion of the purchase price. Down payments are intended to make the borrower less likely to default on the loan and reduce moral hazard for the borrower. Chapter 101.How do futures contract differ from forwards contract?Forward contracts are negotiated between t wo parties and, therefore, can have unique specifications that depend on the demands of those parties. Because they are customized, forward contracts are very difficult to resell to someone else. Forward contracts, on the other hand, tend to be used when the credit rating of the contracting parties is high and easy to verify.By contrast, futures contracts are standardized contracts that are traded on exchanges.The exchange specifies the exact commodity, the contract size, and where and when delivery will be made. It is, therefore, easy for parties to a futures contract to t erminate their positions before the specified delivery date. Because of t heir careful procedures to protect against the risk of contract default by requiring the posting of margin,furthers markets are used by individuals and firms whose credit rating may be costly to check.2.What are the three stages does currency swap have?●an initial exchange of principal: the two counterparties exchange principal amounts at anagreed exchange rate. This can be a notional exchange since its purpose is to establish the principal amounts as a reference point for the calculation of interest payments and the re-exchange of the principal amounts.●exchange of interest payments on agreed dates based on outstanding principal amounts andagreed fixed interest rates.●re-exchange of the principal amounts at a predetermined exchange rate so the parties end upwith their original currencies.Chapter111.What is the different between a spot transaction and an outright forward transaction? The only difference is that spot is settled, or delivered, on a value date no later than two business days after the deal date, while outright forward is settled on any pre-agreed date three or more business days after the deal date.2. How are option different from a forward contract and future contract?Options are unique in that the right to execute will be exercised only if it is in the holder’s interest to do so.That differs from a forward contract, in which the parties are obligated to execute the transaction on the maturity date, and it differs from a futures contract, in which the parties are obligated, in principle to transact at maturity, but that obligation easily can be—and normally is—bought out and liquidated before the maturity or delivery date.Chapter121.What are the four basic categories within the current account?The four basic categories within the current account are:The goods category includes imports and exports of tangible goodsThe services category includes flows of payment in exchange for services countries provide to each otherThe income category measures cross-border compensation of employees. It also includes interest and dividend payments to foreign residents and governments who hold domestic financial assets, as well as payments received by domestic residents and governments who hold financial assets abroad.Transfer payments include unilateral gifts or payments from private citizens and government of a country to people living abroad or vice versa.2.How do you understand a balance-of-payment deficit, surplus, and equilibrium?A balance-of-payments deficit refers to a situation in which the official settlements balance is positive. Ignoring a statistical discrepancy, if the sum of the credits and debits in the current account and the capital and financial account is negative, private payments made to foreigners exceed private payments received from foreigners. In this case, the official settlements balance must be positive. This is called a balance-of-payments deficit. A situation where the sum of the debits and credits in the current and the capital and financial account is positive means that private payments received from foreigners exceed private payments made to foreigners. In this case, the official settlements balance is negative, and there is a balance-of-payments surplus. A balance-of-payments equilibrium refers to a situation where the sum of the debits and credits in the current account and capital and financial account is zero, and thus the official settlements balance is zero.Chapter131.Why are many commercial banks establishing branches around the world? International business allows companies to diversify among various economies so that their performance is less dependent on economic conditions of any single country.Furthermore, the establishment of branches allows a bank to do business face to face with subsidiaries of multinational corporations. The global expertise of some of the larger banks distinguishes them from the small and medium banks and enables them to dominate business by attracting the large corporations.2.What are the most common types of risk to which multinational banks are exposed?The most common types of risk to which multinational banks are exposed are:credit risk, exchange rate risk, settlement risk, interest rate risk as well as country risk.。
国际金融习题答案全
国际金融习题答案全 The pony was revised in January 2021第一章三、名词解释1、国际收支：在一定时期内，一国居民与非居民之间经济交易的系统记录。
2、国际收支平衡表：一国将其一定时期内的全部国际经济交易，根据交易的内容与范围，按照经济分析的需要设置账户或项目编制出来的统计报表。
3、居民是指一个国家的经济领土内具有经济利益的经济单位。
在国际收支统计中判断一项交易是否应当包括在国际收支的范围内，所依据的不是交易双方的国籍，而是依据交易双方是否有一方是该国居民。
4、一国的经济领土：一般包括一个政府所管辖的地理领土，还包括该国天空、水域和邻近水域下的大陆架，以及该国在世界其他地方的飞地。
依照这一标准，一国的大使馆等驻外机构是所在国的非居民，而国际组织是任何国家的非居民。
5、经常账户：是指对实际资源在国际间的流动行为进行记录的账户，它包括以下项目：货物、服务、收入和经常转移。
反映进口实际资源的记人经常项目借方；反映出口实际资源的记人经常项目贷方。
6、经常转移包括各级政府的转移(如政府间经常性的国际合作、对收入和财政支付的经常性税收等)和其他转移(如工人汇款)。
当一个经济体的居民实体向另一个非居民实体无偿提供了实际资源或金融产品时，按照复式记账法原理，需要在另一方进行抵消性记录以达到平衡，也就是需要建立转移账户作为平衡项目。
7、贸易收支：又称有形贸易收支，是国际收支中的一个项目，指由商品输出入所引起的收支。
出口记为贷方，进口记为借方。
IMF规定，在国际收支的统计工作中，进出口商品都以离岸价格(FOB)计算。
若进口商品以到岸价格(CIF)计算时，应把货价中的运费、保险费等贸易的从属费用减除，然后列入劳务收支项目中。
8、服务交易：是经常账户的第二个大项目，它包括运输、旅游以及在国际贸易中的地位越来越重要的其他项目，如通讯、金融、计算机服务、专有权征用和特许以及其他商业服务。
将服务交易同收入交易明确区分开来是《国际收支手册》第五版的重要特征。
托马斯国际金融课后习题答案解析
Suggested answers to questions and problems(in the textbook)Chapter 22. Disagree, at least as a general statement. One meaning of a current accountsurplus is that the country is exporting more goods and services than it is importing. One might easily judge that this is not good—the country is producing goods and services that are exported, but the country is not at the same time getting the imports of goods and services that would allow it do more consumption and domestic investment. In this way a current account deficit might be considered good—the extra imports allow the country to consume and invest domestically more than the value of its currentproduction. Another meaning of a current account surplus is that the country is engaging in foreign financial investment—it is building up its claims on foreigners, and this adds to national wealth. This sounds good, but as noted above it comes at the cost of foregoing current domestic purchases of goods and services. A current account deficit is the country running down its claims on foreigners or increasing its indebtedness to foreigners. This sounds bad, but it comes with the benefit of higher levels of current domestic expenditure. Different countries at different times may weigh the balance of these costs and benefits differently, so that we cannot simply say thata current account surplus is better than a current account deficit.4. Disagree. If the country has a surplus (a positive value) for its officialsettlements balance, then the value for its official reserves balance must be a negative value of the same amount (so that the two add to zero). A negative value for this asset item means that funds are flowing out in order for the country to acquire more of these kinds of assets. Thus, the country isincreasing its holdings of official reserve assets.6. Item e is a transaction in which foreign official holdings of U.S. assetsincrease. This is a positive (credit) item for official reserve assets anda negative (debit) item for private capital flows as the U.S. bank acquirespound bank deposits. The debit item contributes to a U.S. deficit in the official settlements balance (while the credit item is recorded "below the line," permitting the official settlements balance to be in deficit). All other transactions involve debit and credit items both of which are included in the official settlements balance, so that they do not directly contribute to a deficit (or surplus) in the official settlements balance.8. a. Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b. Change in official reserve assets (net) = - official settlements balance= -$23.The country is increasing its net holdings of official reserve assets.10. a. International investment position (billions): $30 + 20 + 15 - 40 - 25 =$0.The country is neither an international creditor nor a debtor. Its holding of international assets equals its liabilities to foreigners.b. A current account surplus permits the country to add to its net claimson foreigners. For this reason the country's international investmentposition will become a positive value. The flow increase in net foreign assets results in the stock of net foreign assets becoming positive.Chapter 32. Exports of merchandise and services result in supply of foreign currency inthe foreign exchange market. Domestic sellers often want to be paid using domestic currency, while the foreign buyers want to pay in their currency.In the process of paying for these exports, foreign currency is exchanged for domestic currency, creating supply of foreign currency. International capital inflows result in a supply of foreign currency in the foreign exchange market. In making investments in domestic financial assets, foreigninvestors often start with foreign currency and must exchange it for domestic currency before they can buy the domestic assets. The exchange creates a supply of foreign currency. Sales of foreign financial assets that thecountry's residents had previously acquired, and borrowing from foreigners by this country's residents are other forms of capital inflow that can create supply of foreign currency.4. The U.S. firm obtains a quotation from its bank on the spot exchange ratefor buying yen with dollars. If the rate is acceptable, the firm instructs its bank that it wants to use dollars from its dollar checking account to buy 1 million yen at this spot exchange rate. It also instructs its bank to send the yen to the bank account of the Japanese firm. To carry out thisinstruction, the U.S. bank instructs its correspondent bank in Japan to take1 million yen from its account at the correspondent bank and transfer theyen to the bank account of the Japanese firm. (The U.S. bank could also use yen at its own branch if it has a branch in Japan.)6. The trader would seek out the best quoted spot rate for buying euros withdollars, either through direct contact with traders at other banks or by using the services of a foreign exchange broker. The trader would use the best rate to buy euro spot. Sometime in the next hour or so (or, typically at least by the end of the day), the trader will enter the interbank market again, to obtain the best quoted spot rate for selling euros for dollars. The trader will use the best spot rate to sell her previously acquired euros. If the spot value of the euro has risen during this short time, the trader makesa profit.8. a. The cross rate between the yen and the krone is too high (the yen valueof the krone is too high) relative to the dollar-foreign currency exchange rates. Thus, in a profitable triangular arbitrage, you want to sell kroner at the high cross rate. The arbitrage will be: Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone, and use the yen to buy dollars at $0.01/yen. For each dollar that you sell initially, you can obtain 5 kroner, these 5 kroner can obtain 125 yen, and the 125 yen can obtain $1.25. The arbitrage profit for each dollar is therefore 25 cents.b. Selling kroner to buy yen puts downward pressure on the cross rate (theyen price of krone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to eliminate the opportunity for triangular arbitrage, assuming that the dollar exchange rates are unchanged.10. a. The increase in supply of Swiss francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.b. The increase in supply of francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.c. The increase in supply of francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.d. The decrease in demand for francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.Chapter 42. You will need data on four market rates: The current interest rate (or yield)on bonds issued by the U.S. government that mature in one year, the current interest rate (or yield) on bonds issued by the British government that mature in one year, the current spot exchange rate between the dollar and pound, and the current one-year forward exchange rate between the dollar and pound.Do these rates result in a covered interest differential that is very close to zero?4. a. The U.S. firm has an asset position in yen—it has a long position in yen.To hedge its exposure to exchange rate risk, the firm should enter into a forward exchange contract now in which the firm commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell1 million yen and receive $9,000, both in 60 days.b. The student has an asset position in yen—a long position in yen. Tohedge the exposure to exchange rate risk, the student should enter into a forward exchange contract now in which the student commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell10 million yen and receive $90,000, both in 60 days.c. The U.S. firm has an liability position in yen—a short position in yen.To hedge its exposure to exchange rate risk, the firm should enter into a forward exchange contract now in which the firm commits to sell dollars and receive yen at the current forward rate. The contract amounts are to sell $900,000 and receive 100 million yen, both in 60 days.6. Relative to your expected spot value of the euro in 90 days ($1.22/euro),the current forward rate of the euro ($1.18/euro) is low—the forward value of the euro is relatively low. Using the principle of "buy low, sell high,"you can speculate by entering into a forward contract now to buy euros at $1.18/euro. If you are correct in your expectation, then in 90 days you will be able to immediately resell those euros for $1.22/euro, pocketing a profit of $0.04 for each euro that you bought forward. If many people speculate in this way, then massive purchases now of euros forward (increasing the demandfor euros forward) will tend to drive up the forward value of the euro, towarda current forward rate of $1.22/euro.8. a. The Swiss franc is at a forward premium. Its current forward value($0.505/SFr) is greater than its current spot value ($0.500/SFr).b. The covered interest differential "in favor of Switzerland" is ((1 +0.005) (0.505) / 0.500) - (1 + 0.01) = 0.005. (Note that the interest rateused must match the time period of the investment.) There is a coveredinterest differential of 0.5% for 30 days (6 percent at an annual rate). The U.S. investor can make a higher return, covered against exchange rate risk, by investing in SFr-denominated bonds, so presumably the investor should make this covered investment. Although the interest rate on SFr-denominated bonds is lower than the interest rate on dollar-denominated bonds, the forward premium on the franc is larger than this difference, so that the covered investment is a good idea.c. The lack of demand for dollar-denominated bonds (or the supply of thesebonds as investors sell them in order to shift into SFr-denominated bonds) puts downward pressure on the prices of U.S. bonds—upward pressure on U.S.interest rates. The extra demand for the franc in the spot exchange market (as investors buy SFr in order to buy SFr-denominated bonds) puts upward pressure on the spot exchange rate. The extra demand for SFr-denominated bonds puts upward pressure on the prices of Swiss bonds—downward pressure on Swiss interest rates. The extra supply of francs in the forward market (as U.S. investors cover their SFr investments back into dollars) putsdownward pressure on the forward exchange rate. If the only rate that changes is the forward exchange rate, this rate must fall to about $0.5025/SFr. With this forward rate and the other initial rates, the covered interestdifferential is close to zero.10. In testing covered interest parity, all of the interest rates and exchangerates that are needed to calculate the covered interest differential are rates that can observed in the bond and foreign exchange markets. Determining whether the covered interest differential is about zero (covered interest parity) is then straightforward (although some more subtle issues regarding timing of transactions may also need to be addressed). In order to test uncovered interest parity, we need to know not only three rates—two interest rates and the current spot exchange rate—that can be observed in the market, but also one rate—the expected future spot exchange rate—that is notobserved in any market. The tester then needs a way to find out aboutinvestors' expectations. One way is to ask them, using a survey, but they may not say exactly what they really think. Another way is to examine the actual uncovered interest differential after we know what the future spot exchange rate actually turns out to be, and see whether the statistical characteristics of the actual uncovered differential are consistent with an expected uncovered differential of about zero (uncovered interest parity).Chapter 52. a. The euro is expected to appreciate at an annual rate of approximately ((1.005- 1.000)/1.000)⋅(360/180)⋅100 = 1%. The expected uncovered interestdifferential is approximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately).b. If the interest rate on 180-day dollar-denominated bonds declines to3%, then the spot exchange rate is likely to increase—the euro willappreciate, the dollar depreciate. At the initial current spot exchange rate, the initial expected future spot exchange rate, and the initial euro interest rate, the expected uncovered interest differential shifts in favor ofinvesting in euro-denominated bonds (the expected uncovered differential is now positive, 3% + 1% - 3% = 1%, favoring uncovered investment ineuro-denominated bonds. The increased demand for euros in the spot exchange market tends to appreciate the euro. If the euro interest rate and theexpected future spot exchange rate remain unchanged, then the current spot rate must change immediately to be $1.005/euro, to reestablish uncovered interest parity. When the current spot rate jumps to this value, the euro's exchange rate value is not expected to change in value subsequently during the next 180 days. The dollar has depreciated immediately, and the uncovered differential then again is zero (3% + 0% - 3% = 0).4. a. For uncovered interest parity to hold, investors must expect that the rateof change in the spot exchange-rate value of the yen equals the interest rate differential, which is zero. Investors must expect that the future spot value is the same as the current spot value, $0.01/yen.b. If investors expect that the exchange rate will be $0.0095/yen, thenthey expect the yen to depreciate from its initial spot value during the next90 days. Given the other rates, investors tend to shift their investmentstoward dollar-denominated investments. The extra supply of yen (and demandfor dollars) in the spot exchange market results in a decrease in the current spot value of the yen (the dollar appreciates). The shift to expecting that the yen will depreciate (the dollar appreciate) sometime during the next 90 days tends to cause the yen to depreciate (the dollar to appreciate)immediately in the current spot market.6. The law of one price will hold better for gold. Gold can be traded easilyso that any price differences would lead to arbitrage that would tend to push gold prices (stated in a common currency by converting prices using market exchange rates) back close to equality. Big Macs cannot be arbitraged. If price differences exist, there is no arbitrage pressure, so the pricedifferences can persist. The prices of Big Macs (stated in a common currency) vary widely around the world.8. According to PPP, the exchange rate value of the DM (relative to the dollar)has risen since the early 1970s because Germany has experienced lessinflation than has the United States—the product price level has risen less in Germany since the early 1970s than it has risen in the United States.According to the monetary approach, the German price level has not risen as much because the German money supply has increased less than the money supply has increased in the United States, relative to the growth rates of real domestic production in the two countries. The British pound is the opposite case—more inflation in Britain than in the United States, and higher money growth in Britain.10. a. Because the growth rate of the domestic money supply (M s) is two percentagepoints higher than it was previously, the monetary approach indicates that the exchange rate value (e) of the foreign currency will be higher than it otherwise would be—that is, the exchange rate value of the country'scurrency will be lower. Specifically, the foreign currency will appreciate by two percentage points more per year, or depreciate by two percentage points less. That is, the domestic currency will depreciate by two percentage points more per year, or appreciate by two percentage points less.b. The faster growth of the country's money supply eventually leads to afaster rate of inflation of the domestic price level (P). Specifically, the inflation rate will be two percentage points higher than it otherwise would be. According to relative PPP, a faster rate of increase in the domestic price level (P) leads to a higher rate of appreciation of the foreign currency.12. a. For the United States in 1975, 20,000 = k⋅100⋅800, or k = 0.25.For Pugelovia in 1975, 10,000 = k⋅100⋅200, or k = 0.5.b. For the United States, the quantity theory of money with a constant kmeans that the quantity equation with k = 0.25 should hold in 2002: 65,000 = 0.25⋅260⋅1,000. It does. Because the quantity equation holds for both years with the same k, the change in the price level from 1975 to 2002 is consistent with the quantity theory of money with a constant k. Similarly, for Pugelovia, the quantity equation with k = 0.5 should hold for 2002, and it does (58,500 = 0.5⋅390⋅300).14. a. The tightening typically leads to an immediate increase in the country'sinterest rates. In addition, the tightening probably also results ininvestors' expecting that the exchange-rate value of the country's currency is likely to be higher in the future. The higher expected exchange-rate value for the currency is based on the expectation that the country's price level will be lower in the future, and PPP indicates that the currency will then be stronger. For both of these reasons, international investors will shift toward investing in this country's bonds. The increase in demand for the country's currency in the spot exchange market causes the currentexchange-rate value of the currency to increase. The currency may appreciatea lot because the current exchange rate must "overshoot" its expected futurespot value. Uncovered interest parity is reestablished with a higher interest rate and a subsequent expected depreciation of the currency.b. If everything else is rather steady, the exchange rate (the domesticcurrency price of foreign currency) is likely to decrease quickly by a large amount. After this jump, the exchange rate may then increase gradually toward its long-run value—the value consistent with PPP in the long run.Chapter 62. We often use the term pegged exchange rate to refer to a fixed exchange rate,because fixed rates generally are not fixed forever. An adjustable peg is an exchange rate policy in which the "fixed" exchange rate value of a currency can be changed from time to time, but usually it is changed rather seldom (for instance, not more than once every several years). A crawling peg is an exchange rate policy in which the "fixed" exchange rate value of a currency is changed often (for instance, weekly or monthly), sometimes according to indicators such as the difference in inflation rates.4. Disagree. If a country is expected to impose exchange controls, which usuallymake it more difficult to move funds out of the country in the future,investors are likely to try to shift funds out of the country now before the controls are imposed. The increase in supply of domestic currency into the foreign exchange market (or increase in demand for foreign currency) puts downward pressure on the exchange rate value of the country's currency—the currency tends to depreciate.6. a. The market is attempting to depreciate the pnut (appreciate the dollar)toward a value of 3.5 pnuts per dollar, which is outside of the top of the allowable band (3.06 pnuts per dollar). In order to defend the pegged exchange rate, the Pugelovian monetary authorities could use official intervention to buy pnuts (in exchange for dollars). Buying pnuts prevents the pnut’s value from declining (selling dollars prevents the dollar’s value from rising). The intervention satisfies the excess private demand for dollars at the current pegged exchange rate.b. In order to defend the pegged exchange rate, the Pugelovian governmentcould impose exchange controls in which some private individuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without government permission, and not all requests areapproved by the government). By artificially restricting the supply of pnuts (and the demand for dollars), the Pugelovian government can force theremaining private supply and demand to "clear" within the allowable band.The exchange controls attempt to stifle the excess private demand for dollars at the current pegged exchange rate.c. In order to defend the pegged exchange rate, the Pugelovian governmentcould increase domestic interest rates (perhaps by a lot). The higherdomestic interest rates shift the incentives for international capital flows toward investments in Pugelovian bonds. The increased flow of international financial capital into Pugelovia increases the demand for pnuts on theforeign exchange market. (Also, the decreased flow of internationalfinancial capital out of Pugelovia reduces the supply of pnuts on the foreign exchange market.) By increasing the demand for pnuts (and decreasing the supply), the Pugelovian government can induce the private market to clear within the allowable band. The increased domestic interest rates attempt to shift the private supply and demand curves so that there is no excess private demand for dollars at the current pegged exchange rate value.8. a. The gold standard was a fixed rate system. The government of each countryparticipating in the system agreed to buy or sell gold in exchange for its own currency at a fixed price of gold (in terms of its own currency). Becauseeach currency was fixed to gold, the exchange rates between currencies also tended to be fixed, because individuals could arbitrage between gold and currencies if the currency exchange rates deviated from those implied by the fixed gold prices.b. Britain was central to the system, because the British economy was theleader in industrialization and world trade, and because Britain wasconsidered financially secure and prudent. Britain was able and willing to run payments deficits that permitted many other countries to run payments surpluses. The other countries used their surpluses to build up theirholdings of gold reserves (and of international reserves in the form of sterling-denominated assets). These other countries were satisfied with the rate of growth of their holdings of liquid reserve assets, and most countries were able to avoid the crisis of running low on international reserves.c. During the height of the gold standard, from about 1870 to 1914, theeconomic shocks to the system were mild. A major shock—World War I—caused many countries to suspend the gold standard.d. Speculation was generally stabilizing, both for the exchange ratesbetween the currencies of countries that were adhering to the gold standard, and for the exchange rates of countries that temporarily allowed theircurrencies to float.10. a. The Bretton Woods system was an adjustable pegged exchange rate system.Countries committed to set and defend fixed exchange rates, financingtemporary payments imbalances out of their official reserve holdings. If a "fundamental disequilibrium" in a country's international paymentsdeveloped, the country could change the value of its fixed exchange rate toa new value.b. The United States was central to the system. As the Bretton Woods systemevolved, it became essentially a gold-exchange standard. The monetaryauthorities of other countries committed to peg the exchange rate values of their currencies to the U.S. dollar. The U.S. monetary authority committed to buy and sell gold in exchange for dollars with other countries' monetary authorities at a fixed dollar price of gold.c. To a large extent speculation was stabilizing, both for the fixed ratesfollowed by most countries, and for the exchange rate value of the Canadian dollar, which floated during 1950-62. However, the pegged exchange ratevalues of currencies sometimes did come under speculative pressure.International investors and speculators sometimes believed that they had a one-way speculative bet against currencies that were considered to be "in trouble.” If the country did manage to defend the pegged exchange rate value of its currency, the investors betting against the currency would loselittle. They stood to gain a lot of profit if the currency was devalued.Furthermore, the large speculative flows against the currency required large interventions to defend the currency's pegged value, so that the government was more likely to run so low on official reserves that it was forced to devalue.12. a. The dollar bloc and the euro bloc. A number of countries peg their currenciesto the U.S. dollar. A number of European countries use the euro, and, in addition, a number of other countries peg their currencies to the euro.b. The other major currencies that float independently include (as of thebeginning of 2002) the Japanese yen, the British pound, the Canadian dollar, and the Swiss franc.c. The exchange rates between the U.S. dollar and the other major currencieshave been floating since the early 1970s. The movements in these rates exhibit trends in the long run—over the entire period since the early 1970s. The rates also show substantial variability or volatility in the short and medium runs—periods of less than one year to periods of several years. The long run trends appear to be reasonably consistent with the economic fundamentals emphasized by purchasing power parity—differences in national inflation rates. The variability or volatility in the short or medium run iscontroversial. It may simply represent rational responses to the continuing flow of economic and political news that has implications for exchange rate values. The effects on rates can be large and rapid, because overshooting occurs as rates respond to important news. However, some part of the large volatility may also reflect speculative bandwagons that lead to bubbles that subsequently burst.Chapter 72. Disagree. In a sense a national government cannot go bankrupt, because itcan print its own currency. But a national government can refuse to honor its obligations, even if it might be able to pay. If the benefit from not paying exceeds the cost of not paying, the government may rationally refuse to pay. And, a national government can run short of foreign currency to payobligations denominated in foreign currency, because it cannot print foreign money.4. The debt crisis in 1982 was precipitated by (a) increased cost of servicingdebt, because of a rise in interest rates in the United States and other developed countries as tighter monetary policies were used to fightinflation, (b) decreased export earnings in the debtor countries, because of decreased demand and lower commodity prices as the tighter monetarypolicies resulted in a world recession, and (c) an investor shift tocurtailing new lending and trying to get old loans repaid quickly, once it became clear that (a) and (b) would lead to some defaults.6. With free international lending Japan lends 1,800 (= 6,000 - 4,200) toAmerica, at point T. If Japan and America each impose a 2 percent tax on international lending, the total tax is 4 percent. The gap WZ restoresequilibrium, and the amount lent internationally declines to 600 (= 6,000 - 5,400). The interest rate in Japan (and the one received net of taxes by Japan’s international lenders) is 3 percent and the interest rate in America (and the one paid including taxes by Amer ica’s international borrowers) is7 percent. (The difference is the 4 percent of taxes.) Japan’s governmentcollects international-lending tax revenues equal to area r, but this is effectively paid by Japanese lenders who see their earnings on the 600 of foreign lending that continues decline by this amount. The net effect on Japan is a loss of area n because the taxes prevent some previously profitable lending from occurring. America’s government collects tax revenues equal to area k, but this is effectively paid by American borrowers who must paya higher interest rate on their foreign borrowing. The net effect on Americais a loss of area j because of the decline in international borrowing.。
(完整word版)西方经济学(微观经济学)课后练习答案第八章(word文档良心出品)
微观第八章习题一、名词解释引致需求 联合需求 边际产品价值 边际收益产品 边际要素成本 完全竞争要素市场 买方垄断 卖方垄断二、选择题1、下列各项中不属于生产要素的是（ D ）A ．企业管理者的管理才能 B. 农民拥有的土地C ．用于生产的机器厂房 D. 在柜台上销售的服装2、完全竞争厂商对生产要素的需求曲线向右下方倾斜的原因在于（ ）A.要素的边际成本递减B.要素的边际产量递减C.要素生产的产品的边际效用递减D.要素参加生产的规模报酬递减3、在产品X 市场和要素K 、L 的市场都是完全竞争市场的厂商，利润最大化的条件是（ D ）A ．X X X P MC MC =，且上升B ．L K L KMP MP P P = C ．1L K L K X MP MP P P MC == D ．11L K L K X XMP MP P P MC P ===4、对于一个垄断企业（其所处要素市场是完全竞争的），投入品M 的价格为20元，边际产量为5，产品价格是4元，则这个企业的产量（ ）A.未达到利润最大化，应减少产量B.未达到利润最大化，应扩大产量C.生产出利润最大化，但是成本未达到最小化D.在成本最小条件下实现利润最大化产量5、市场中单个厂商对某种生产要素的需求曲线同全体厂商对该种生产要素的需求曲线之间的关系表现为（ ）A.两者是重合在一起的B.前者较后者平坦C.前者较后者陡峭D.无法确定6、在一个完全竞争的市场中，追求利润最大化的厂商的产品价格上升时，将引起劳动的边际产品价值（ ），从而导致劳动的需求曲线（ ）A.降低，右移B.增加，左移C.增加，右移D.降低，左移7、完全竞争产品市场与不完全竞争产品市场两种情况下的生产要素的需求曲线相比( )A. 前者比后者陡峭B. 前者与后者重合C. 后者比前者平坦D. 均有可能8、假定生产要素A 、B 、C 的边际产量分别是20、16、8，它们的价格分别是10、8、4，那么这一生产要素的组合（ C ）A ．不是最小成本的组合B ．是最小成本的组合C ．是否为最小成本组合，视不同的要素市场而定D ．是否为最小成本组合，视不同的产品市场和要素市场而定9、假定两种生产要素X 和Y 的价格为30元，18元，产品的边际收益是3元，那么当这两种要素的边际产量为（ B ）时，该生产商才能获得最大利润。
国际金融习题答案(全)
第一章三、名词解释1、国际收支：在一定时期内，一国居民与非居民之间经济交易的系统记录。
2、国际收支平衡表：一国将其一定时期内的全部国际经济交易，根据交易的内容与范围，按照经济分析的需要设置账户或项目编制出来的统计报表。
3、居民是指一个国家的经济领土内具有经济利益的经济单位。
在国际收支统计中判断一项交易是否应当包括在国际收支的范围内，所依据的不是交易双方的国籍，而是依据交易双方是否有一方是该国居民。
4、一国的经济领土：一般包括一个政府所管辖的地理领土，还包括该国天空、水域和邻近水域下的大陆架，以及该国在世界其他地方的飞地。
依照这一标准，一国的大使馆等驻外机构是所在国的非居民，而国际组织是任何国家的非居民。
5、经常账户：是指对实际资源在国际间的流动行为进行记录的账户，它包括以下项目：货物、服务、收入和经常转移。
反映进口实际资源的记人经常项目借方；反映出口实际资源的记人经常项目贷方。
6、经常转移包括各级政府的转移(如政府间经常性的国际合作、对收入和财政支付的经常性税收等)和其他转移(如工人汇款)。
当一个经济体的居民实体向另一个非居民实体无偿提供了实际资源或金融产品时，按照复式记账法原理，需要在另一方进行抵消性记录以达到平衡，也就是需要建立转移账户作为平衡项目。
7、贸易收支：又称有形贸易收支，是国际收支中的一个项目，指由商品输出入所引起的收支。
出口记为贷方，进口记为借方。
IMF规定，在国际收支的统计工作中，进出口商品都以离岸价格(FOB)计算。
若进口商品以到岸价格(CIF)计算时，应把货价中的运费、保险费等贸易的从属费用减除，然后列入劳务收支项目中。
8、服务交易：是经常账户的第二个大项目，它包括运输、旅游以及在国际贸易中的地位越来越重要的其他项目，如通讯、金融、计算机服务、专有权征用和特许以及其他商业服务。
将服务交易同收入交易明确区分开来是《国际收支手册》第五版的重要特征。
9、收入交易：包括居民和非居民之间的两大类交易：①支付给非居民工人(例如季节性的短期工人)的职工报酬；②投资收入项下有关对外金融资产和负债的收入和支出。
托马斯国际金融课后习题答案解析.doc
托马斯国际金融课后习题答案解析。
问题的建议答案（在教科书中)第22章。
不同意,至少作为一个一般性的声明。
经常账户盈余的一个含义是,该国出口的商品和服务多于进口。
人们可能很容易判断这不是好事——该国正在生产出口商品和服务,但该国没有同时获得商品和服务的进口,这将使其能够进行更多的消费和国内投资。
这样,经常账户赤字可能被认为是好的——额外的进口允许该国消费和国内投资超过其当前生产的价值。
经常账户盈余的另一个含义是,该国正在进行外国金融投资——它正在增加对外国人的债权,这增加了国民财富。
这听起来不错,但如上所述,这是以前述国内商品和服务购买为代价的。
经常账户赤字是指国家减少对外国人的债权或增加对外国人的债务。
这听起来很糟糕,但它带来了当前国内支出水平提高的好处。
不同国家在不同时期对这些成本和收益的权衡可能不同,因此我们不能简单地说经常账户盈余优于经常账户赤字。
如果这个国家的官方收入有盈余（正值)省略部分来自其他欧盟国家的冲击。
其次,采用浮动汇率让英国可以推行自己的货币政策。
货币政策可以用来寻求内部平衡,英国政府更有能力追求自己的目标和优先事项。
如果财政政策不够灵活,不足以实现内部平衡,如果欧盟国家之间的劳动力流动不太可能大到足以（或者甚至不太可能)消除这些国家之间的周期性差异,那么利用货币政策抗击英国衰退和英国高失业率的能力就特别有价值。
第三,那些受浮动汇率变动影响的人有各种对冲汇率风险的手段,包括远期外汇合同和货币期货、期权和掉期。
这些合同的交易成本非常低。
最后,英国通胀率最好由致力于这一目标的英国央行来控制。
尽管欧洲央行的结构类似于德国央行,但它也受到政治压力的影响,这可能会降低其维持低通胀的承诺,因此无法保证英国加入货币联盟后通胀会降低。
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托马斯国际金融课后习题答案
Suggested answers to questions and problems(in the textbook)Chapter 22. Disagree, at least as a general statement. One meaning of a current account surplus is thatthe country is exporting more goods and services than it is importing. One might easilyjudge that this is not good—the country is producing goods and services that areexported, but the country is not at the same time getting the imports of goods and services that would allow it do more consumption and domestic investment. In this way a current account deficit might be considered good—the extra imports allow the country toconsume and invest domestically more than the value of its current production. Another meaning of a current account surplus is that the country is engaging in foreign financialinvestment—it is building up its claims on foreigners, and this adds to national wealth.This sounds good, but as noted above it comes at the cost of foregoing current domestic purchases of goods and services. A current account deficit is the country running downits claims on foreigners or increasing its indebtedness to foreigners. This sounds bad, but it comes with the benefit of higher levels of current domestic expenditure. Differentcountries at different times may weigh the balance of these costs and benefits differently, so that we cannot simply say that a current account surplus is better than a currentaccount deficit.4. Disagree. If the country has a surplus (a positive value) for its official settlementsbalance, then the value for its official reserves balance must be a negative value of thesame amount (so that the two add to zero). A negative value for this asset item means that funds are flowing out in order for the country to acquire more of these kinds of assets.Thus, the country is increasing its holdings of official reserve assets.6. Item e is a transaction in which foreign official holdings of U.S. assets increase. This is apositive (credit) item for official reserve assets and a negative (debit) item for privatecapital flows as the U.S. bank acquires pound bank deposits. The debit item contributesto a U.S. deficit in the official settlements balance (while the credit item is recorded"below the line," permitting the official settlements balance to be in deficit). All othertransactions involve debit and credit items both of which are included in the officialsettlements balance, so that they do not directly contribute to a deficit (or surplus) in the official settlements balance.8. a. Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b. Change in official reserve assets (net) = - official settlements balance = -$23.The country is increasing its net holdings of official reserve assets.10. a. International investment position (billions): $30 + 20 + 15 - 40 - 25 = $0.The country is neither an international creditor nor a debtor. Its holding of internationalassets equals its liabilities to foreigners.b. A current account surplus permits the country to add to its net claims on foreigners.For this reason the country's international investment position will become a positivevalue. The flow increase in net foreign assets results in the stock of net foreign assetsbecoming positive.Chapter 32. Exports of merchandise and services result in supply of foreign currency in the foreignexchange market. Domestic sellers often want to be paid using domestic currency, while the foreign buyers want to pay in their currency. In the process of paying for theseexports, foreign currency is exchanged for domestic currency, creating supply of foreign currency. International capital inflows result in a supply of foreign currency in theforeign exchange market. In making investments in domestic financial assets, foreigninvestors often start with foreign currency and must exchange it for domestic currencybefore they can buy the domestic assets. The exchange creates a supply of foreigncurrency. Sales of foreign financial assets that the country's residents had previouslyacquired, and borrowing from foreigners by this country's residents are other forms ofcapital inflow that can create supply of foreign currency.4. The U.S. firm obtains a quotation from its bank on the spot exchange rate for buying yenwith dollars. If the rate is acceptable, the firm instructs its bank that it wants to use dollars from its dollar checking account to buy 1 million yen at this spot exchange rate. It alsoinstructs its bank to send the yen to the bank account of the Japanese firm. To carry outthis instruction, the U.S. bank instructs its correspondent bank in Japan to take 1 million yen from its account at the correspondent bank and transfer the yen to the bank accountof the Japanese firm. (The U.S. bank could also use yen at its own branch if it has abranch in Japan.)6. The trader would seek out the best quoted spot rate for buying euros with dollars, eitherthrough direct contact with traders at other banks or by using the services of a foreignexchange broker. The trader would use the best rate to buy euro spot. Sometime in thenext hour or so (or, typically at least by the end of the day), the trader will enter theinterbank market again, to obtain the best quoted spot rate for selling euros for dollars.The trader will use the best spot rate to sell her previously acquired euros. If the spotvalue of the euro has risen during this short time, the trader makes a profit.8. a. The cross rate between the yen and the krone is too high (the yen value of the krone is toohigh) relative to the dollar-foreign currency exchange rates. Thus, in a profitabletriangular arbitrage, you want to sell kroner at the high cross rate. The arbitrage will be: Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone,and use the yen to buy dollars at $0.01/yen. For each dollar that you sell initially, you can obtain 5 kroner, these 5 kroner can obtain 125 yen, and the 125 yen can obtain $1.25. The arbitrage profit for each dollar is therefore 25 cents.b. Selling kroner to buy yen puts downward pressure on the cross rate (the yen price ofkrone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to eliminate the opportunity for triangular arbitrage, assuming that the dollar exchange rates areunchanged.10. a. The increase in supply of Swiss francs puts downward pressure on the exchange-ratevalue ($/SFr) of the franc. The monetary authorities must intervene to defend the fixedexchange rate by buying SFr and selling dollars.b. The increase in supply of francs puts downward pressure on the exchange-rate value($/SFr) of the franc. The monetary authorities must intervene to defend the fixedexchange rate by buying SFr and selling dollars.c. The increase in supply of francs puts downward pressure on the exchange-rate value($/SFr) of the franc. The monetary authorities must intervene to defend the fixedexchange rate by buying SFr and selling dollars.d. The decrease in demand for francs puts downward pressure on the exchange-ratevalue ($/SFr) of the franc. The monetary authorities must intervene to defend the fixedexchange rate by buying SFr and selling dollars.Chapter 42. You will need data on four market rates: The current interest rate (or yield) on bondsissued by the U.S. government that mature in one year, the current interest rate (or yield) on bonds issued by the British government that mature in one year, the current spotexchange rate between the dollar and pound, and the current one-year forward exchange rate between the dollar and pound. Do these rates result in a covered interest differential that is very close to zero?4. a. The U.S. firm has an asset position in yen—it has a long position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchange contractnow in which the firm commits to sell yen and receive dollars at the current forward rate.The contract amounts are to sell 1 million yen and receive $9,000, both in 60 days.b. The student has an asset position in yen—a long position in yen. To hedge the exposureto exchange rate risk, the student should enter into a forward exchange contract now inwhich the student commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell 10 million yen and receive $90,000, both in 60 days.c. The U.S. firm has an liability position in yen—a short position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchange contractnow in which the firm commits to sell dollars and receive yen at the current forward rate.The contract amounts are to sell $900,000 and receive 100 million yen, both in 60 days.6. Relative to your expected spot value of the euro in 90 days ($1.22/euro), the currentforward rate of the euro ($1.18/euro) is low—the forward value of the euro is relativelylow. Using the principle of "buy low, sell high," you can speculate by entering into aforward contract now to buy euros at $1.18/euro. If you are correct in your expectation,then in 90 days you will be able to immediately resell those euros for $1.22/euro,pocketing a profit of $0.04 for each euro that you bought forward. If many peoplespeculate in this way, then massive purchases now of euros forward (increasing thedemand for euros forward) will tend to drive up the forward value of the euro, toward acurrent forward rate of $1.22/euro.8. a. The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) isgreater than its current spot value ($0.500/SFr).b. The covered interest differential "in favor of Switzerland" is ((1 + 0.005) (0.505) /0.500) - (1 + 0.01) = 0.005. (Note that the interest rate used must match the time periodof the investment.) There is a covered interest differential of 0.5% for 30 days (6 percent at an annual rate). The U.S. investor can make a higher return, covered against exchange rate risk, by investing in SFr-denominated bonds, so presumably the investor shouldmake this covered investment. Although the interest rate on SFr-denominated bonds islower than the interest rate on dollar-denominated bonds, the forward premium on thefranc is larger than this difference, so that the covered investment is a good idea.c. The lack of demand for dollar-denominated bonds (or the supply of these bonds asinvestors sell them in order to shift into SFr-denominated bonds) puts downward pressure on the prices of U.S. bonds—upward pressure on U.S. interest rates. The extra demandfor the franc in the spot exchange market (as investors buy SFr in order to buySFr-denominated bonds) puts upward pressure on the spot exchange rate. The extrademand for SFr-denominated bonds puts upward pressure on the prices of Swissbonds—downward pressure on Swiss interest rates. The extra supply of francs in theforward market (as U.S. investors cover their SFr investments back into dollars) putsdownward pressure on the forward exchange rate. If the only rate that changes is theforward exchange rate, this rate must fall to about $0.5025/SFr. With this forward rateand the other initial rates, the covered interest differential is close to zero.10. In testing covered interest parity, all of the interest rates and exchange rates that areneeded to calculate the covered interest differential are rates that can observed in thebond and foreign exchange markets. Determining whether the covered interestdifferential is about zero (covered interest parity) is then straightforward (although some more subtle issues regarding timing of transactions may also need to be addressed). Inorder to test uncovered interest parity, we need to know not only three rates—two interest rates and the current spot exchange rate—that can be observed in the market, but also one rate—the expected future spot exchange rate—that is not observed in any market. Thetester then needs a way to find out about investors' expectations. One way is to ask them, using a survey, but they may not say exactly what they really think. Another way is toexamine the actual uncovered interest differential after we know what the future spotexchange rate actually turns out to be, and see whether the statistical characteristics of theactual uncovered differential are consistent with an expected uncovered differential ofabout zero (uncovered interest parity).Chapter 52. a. The euro is expected to appreciate at an annual rate of approximately ((1.005 -1.000)/1.000)⋅(360/180)⋅100 = 1%. The expected uncovered interest differential isapproximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately).b. If the interest rate on 180-day dollar-denominated bonds declines to 3%, then the spotexchange rate is likely to increase—the euro will appreciate, the dollar depreciate. At the initial current spot exchange rate, the initial expected future spot exchange rate, and theinitial euro interest rate, the expected uncovered interest differential shifts in favor ofinvesting in euro-denominated bonds (the expected uncovered differential is nowpositive, 3% + 1% - 3% = 1%, favoring uncovered investment in euro-denominatedbonds. The increased demand for euros in the spot exchange market tends to appreciatethe euro. If the euro interest rate and the expected future spot exchange rate remainunchanged, then the current spot rate must change immediately to be $1.005/euro, toreestablish uncovered interest parity. When the current spot rate jumps to this value, the euro's exchange rate value is not expected to change in value subsequently during thenext 180 days. The dollar has depreciated immediately, and the uncovered differentialthen again is zero (3% + 0% - 3% = 0).4. a. For uncovered interest parity to hold, investors must expect that the rate of change in thespot exchange-rate value of the yen equals the interest rate differential, which is zero.Investors must expect that the future spot value is the same as the current spot value,$0.01/yen.b. If investors expect that the exchange rate will be $0.0095/yen, then they expect the yento depreciate from its initial spot value during the next 90 days. Given the other rates,investors tend to shift their investments toward dollar-denominated investments. Theextra supply of yen (and demand for dollars) in the spot exchange market results in adecrease in the current spot value of the yen (the dollar appreciates). The shift toexpecting that the yen will depreciate (the dollar appreciate) sometime during the next 90 days tends to cause the yen to depreciate (the dollar to appreciate) immediately in thecurrent spot market.6. The law of one price will hold better for gold. Gold can be traded easily so that any pricedifferences would lead to arbitrage that would tend to push gold prices (stated in acommon currency by converting prices using market exchange rates) back close toequality. Big Macs cannot be arbitraged. If price differences exist, there is no arbitragepressure, so the price differences can persist. The prices of Big Macs (stated in a common currency) vary widely around the world.8. According to PPP, the exchange rate value of the DM (relative to the dollar) has risensince the early 1970s because Germany has experienced less inflation than has the United States—the product price level has risen less in Germany since the early 1970s than it has risen in the United States. According to the monetary approach, the German price levelhas not risen as much because the German money supply has increased less than themoney supply has increased in the United States, relative to the growth rates of realdomestic production in the two countries. The British pound is the opposite case—more inflation in Britain than in the United States, and higher money growth in Britain.10. a. Because the growth rate of the domestic money supply (M s) is two percentage pointshigher than it was previously, the monetary approach indicates that the exchange ratevalue (e) of the foreign currency will be higher than it otherwise would be—that is, theexchange rate value of the country's currency will be lower. Specifically, the foreigncurrency will appreciate by two percentage points more per year, or depreciate by twopercentage points less. That is, the domestic currency will depreciate by two percentage points more per year, or appreciate by two percentage points less.b. The faster growth of the country's money supply eventually leads to a faster rate ofinflation of the domestic price level (P). Specifically, the inflation rate will be twopercentage points higher than it otherwise would be. According to relative PPP, a faster rate of increase in the domestic price level (P) leads to a higher rate of appreciation of the foreign currency.12. a. For the United States in 1975, 20,000 = k⋅100⋅800, or k = 0.25.For Pugelovia in 1975, 10,000 = k⋅100⋅200, or k = 0.5.b. For the United States, the quantity theory of money with a constant k means that thequantity equation with k = 0.25 should hold in 2002: 65,000 = 0.25⋅260⋅1,000. It does.Because the quantity equation holds for both years with the same k, the change in theprice level from 1975 to 2002 is consistent with the quantity theory of money with aconstant k. Similarly, for Pugelovia, the quantity equation with k = 0.5 should hold for2002, and it does (58,500 = 0.5⋅390⋅300).14.a. The tightening typically leads to an immediate increase in the country's interest rates. Inaddition, the tightening probably also results in investors' expecting that theexchange-rate value of the country's currency is likely to be higher in the future. Thehigher expected exchange-rate value for the currency is based on the expectation that the country's price level will be lower in the future, and PPP indicates that the currency will then be stronger. For both of these reasons, international investors will shift towardinvesting in this country's bonds. The increase in demand for the country's currency in the spot exchange market causes the current exchange-rate value of the currency to increase.The currency may appreciate a lot because the current exchange rate must "overshoot" its expected future spot value. Uncovered interest parity is reestablished with a higherinterest rate and a subsequent expected depreciation of the currency.b. If everything else is rather steady, the exchange rate (the domestic currency price offoreign currency) is likely to decrease quickly by a large amount. After this jump, theexchange rate may then increase gradually toward its long-run value—the valueconsistent with PPP in the long run.Chapter 62. We often use the term pegged exchange rate to refer to a fixed exchange rate, becausefixed rates generally are not fixed forever. An adjustable peg is an exchange rate policy in which the "fixed" exchange rate value of a currency can be changed from time to time,but usually it is changed rather seldom (for instance, not more than once every severalyears). A crawling peg is an exchange rate policy in which the "fixed" exchange ratevalue of a currency is changed often (for instance, weekly or monthly), sometimesaccording to indicators such as the difference in inflation rates.4. Disagree. If a country is expected to impose exchange controls, which usually make itmore difficult to move funds out of the country in the future, investors are likely to try to shift funds out of the country now before the controls are imposed. The increase in supply of domestic currency into the foreign exchange market (or increase in demand for foreign currency) puts downward pressure on the exchange rate value of the country'scurrency—the currency tends to depreciate.6. a. The market is attempting to depreciate the pnut (appreciate the dollar) toward a value of3.5 pnuts per dollar, which is outside of the top of the allowable band (3.06 pnuts perdollar). In order to defend the pegged exchange rate, the Pugelovian monetary authorities could use official intervention to buy pnuts (in exchange for dollars). Buying pnutsprevents the pnut’s value from declining (selling dollars prevents the dollar’s value from rising). The intervention satisfies the excess private demand for dollars at the currentpegged exchange rate.b. In order to defend the pegged exchange rate, the Pugelovian government could imposeexchange controls in which some private individuals who want to sell pnuts and buydollars are told that they cannot legally do this (or cannot do this without governmentpermission, and not all requests are approved by the government). By artificiallyrestricting the supply of pnuts (and the demand for dollars), the Pugelovian government can force the remaining private supply and demand to "clear" within the allowableband. The exchange controls attempt to stifle the excess private demand for dollars at the current pegged exchange rate.c. In order to defend the pegged exchange rate, the Pugelovian government could increasedomestic interest rates (perhaps by a lot). The higher domestic interest rates shift theincentives for international capital flows toward investments in Pugelovian bonds. Theincreased flow of international financial capital into Pugelovia increases the demand for pnuts on the foreign exchange market. (Also, the decreased flow of international financial capital out of Pugelovia reduces the supply of pnuts on the foreign exchange market.) By increasing the demand for pnuts (and decreasing the supply), the Pugelovian government can induce the private market to clear within the allowable band. The increased domesticinterest rates attempt to shift the private supply and demand curves so that there is noexcess private demand for dollars at the current pegged exchange rate value.8. a. The gold standard was a fixed rate system. The government of each country participatingin the system agreed to buy or sell gold in exchange for its own currency at a fixed price of gold (in terms of its own currency). Because each currency was fixed to gold, theexchange rates between currencies also tended to be fixed, because individuals couldarbitrage between gold and currencies if the currency exchange rates deviated from those implied by the fixed gold prices.b. Britain was central to the system, because the British economy was the leader inindustrialization and world trade, and because Britain was considered financially secure and prudent. Britain was able and willing to run payments deficits that permitted manyother countries to run payments surpluses. The other countries used their surpluses tobuild up their holdings of gold reserves (and of international reserves in the form ofsterling-denominated assets). These other countries were satisfied with the rate of growth of their holdings of liquid reserve assets, and most countries were able to avoid the crisis of running low on international reserves.c. During the height of the gold standard, from about 1870 to 1914, the economic shocksto the system were mild. A major shock—World War I—caused many countries tosuspend the gold standard.d. Speculation was generally stabilizing, both for the exchange rates between thecurrencies of countries that were adhering to the gold standard, and for the exchange rates of countries that temporarily allowed their currencies to float.10. a. The Bretton Woods system was an adjustable pegged exchange rate system. Countriescommitted to set and defend fixed exchange rates, financing temporary paymentsimbalances out of their official reserve holdings. If a "fundamental disequilibrium" in acountry's international payments developed, the country could change the value of itsfixed exchange rate to a new value.b. The United States was central to the system. As the Bretton Woods system evolved, itbecame essentially a gold-exchange standard. The monetary authorities of other countries committed to peg the exchange rate values of their currencies to the U.S. dollar. The U.S.monetary authority committed to buy and sell gold in exchange for dollars with othercountries' monetary authorities at a fixed dollar price of gold.c. To a large extent speculation was stabilizing, both for the fixed rates followed by mostcountries, and for the exchange rate value of the Canadian dollar, which floated during1950-62. However, the pegged exchange rate values of currencies sometimes did comeunder speculative pressure. International investors and speculators sometimes believedthat they had a one-way speculative bet against currencies that were considered to be "in trouble.” If the country did manage to defend the pegged exchange rate value of itscurrency, the investors betting against the currency would lose little. They stood to gain alot of profit if the currency was devalued. Furthermore, the large speculative flowsagainst the currency required large interventions to defend the currency's pegged value, so that the government was more likely to run so low on official reserves that it wasforced to devalue.12. a. The dollar bloc and the euro bloc. A number of countries peg their currencies to the U.S.dollar. A number of European countries use the euro, and, in addition, a number of other countries peg their currencies to the euro.b. The other major currencies that float independently include (as of the beginning of2002) the Japanese yen, the British pound, the Canadian dollar, and the Swiss franc.c. The exchange rates between the U.S. dollar and the other major currencies have beenfloating since the early 1970s. The movements in these rates exhibit trends in the longrun—over the entire period since the early 1970s. The rates also show substantialvariability or volatility in the short and medium runs—periods of less than one year toperiods of several years. The long run trends appear to be reasonably consistent with the economic fundamentals emphasized by purchasing power parity—differences in national inflation rates. The variability or volatility in the short or medium run is controversial. It may simply represent rational responses to the continuing flow of economic and political news that has implications for exchange rate values. The effects on rates can be large and rapid, because overshooting occurs as rates respond to important news. However, somepart of the large volatility may also reflect speculative bandwagons that lead to bubblesthat subsequently burst.Chapter 72. Disagree. In a sense a national government cannot go bankrupt, because it can print itsown currency. But a national government can refuse to honor its obligations, even if itmight be able to pay. If the benefit from not paying exceeds the cost of not paying, thegovernment may rationally refuse to pay. And, a national government can run short offoreign currency to pay obligations denominated in foreign currency, because it cannotprint foreign money.4. The debt crisis in 1982 was precipitated by (a) increased cost of servicing debt, becauseof a rise in interest rates in the United States and other developed countries as tightermonetary policies were used to fight inflation, (b) decreased export earnings in the debtor countries, because of decreased demand and lower commodity prices as the tightermonetary policies resulted in a world recession, and (c) an investor shift to curtailing new lending and trying to get old loans repaid quickly, once it became clear that (a) and (b)would lead to some defaults.6. With free international lending Japan lends 1,800 (= 6,000 - 4,200) to America, at pointT. If Japan and America each impose a 2 percent tax on international lending, the totaltax is 4 percent. The gap WZ restores equilibrium, and the amount lent internationallydeclines to 600 (= 6,000 - 5,400). The interest rate in Japan (and the one received net of。
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Suggested an swers to questio ns and p roblems(in the textbook)Disagree, at least as a general statement. One meaning of a current account surplus is that thecountry is exporting more goods and services than itis importing. One might easily judge that this is not good — the country isp roduci ng goods and services that are exp orted, but the country is not at the same time getting the imports of goods and services that would allowdo more consump tio n and domestic inv estme nt. I n this way a curre nt acco unt deficit mightbe con sidered good — the extra imp orts allow the country to con sume and in vest domesticallymore tha n the value of its curre nt production. Another meaning of a current account surplus isthat the country is en gag ing in foreig n finan cial inv estme nt — it is buildi ng up its claimson foreig ners, and this adds to n ati onal wealth. This sounds good, but as no ted above it comesat the cost of forego ing curre nt domestic pu rchases of goods and services. A curre nt acco untdeficit is the country running dow n its claims on foreigners or increasing its indebtedness toforeigners. Thissounds bad, but it comeswith the ben efit of higher levels of curre nt domestic expen diture.Differe nt coun tries at differe nt times may weigh the bala nee of these costs and ben efitsdiffere ntly, so that we cannot simply say that a curre nt acco unt surplus is better tha n a current acco unt deficit.Disagree. If the country has a surplus (a p ositive value) for its official settleme nts bala nee, then the value for its official reserves bala nee must be a negative value of the sameamount (so that the two add to zero). A negative value for this asset item means that funds are flow ing out in order for the country to acquire more of these kinds of assets. Thus, the country is in creas ing its hold ings of official reserve assets.Item e is a tran sacti on in which foreig n official hold ings of U.S. assets in crease. This is a po sitive (credit) item for official reserve assets and a negative (debit) item for private capital flowsas the U.S. bank acquires pound bank depo sits. The debit item con tributes to a U.S. deficit in theofficial settleme nts bala nee (while the credit item is recorded "below the lin e," p ermitti ng the official settleme nts bala nee to be in deficit). All other transactions invoIve debit and credit items both of which are includedin the official settleme nts bala nee, so that they do not directly con tribute to a deficit (orsurpi us) in the official settleme nts bala nee.Chap ter 22. it 4. 6.8. a. Mercha ndise trade bala nee: $330 - 198 = $132Goods and services bala nee: $330 - 198 + 196 - 204 = $124Curre nt account bala nee: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settleme nts bala nee: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b. Change in official reserve assets (net) = - officialsettlements balanee=-$23. The country is in creas ing its net hold ings of official reserve assets.10. a. In ternatio nal in vestme nt p ositio n (billio ns): $30 + 20 + 15 - 40 - 25 =$0.The country is n either an intern ati onal creditor nor a debtor. Its hold ing of intern ati onalassets equals its liabilities to foreig ners.b. A curre nt acco unt surplus p ermits the country to add to its net claims on foreig ners. For thisreas on the coun try's intern atio nal inv estme nt po siti on will becomea p ositive value. Theflow in crease in net foreig n assets results in the stock of net foreig n assets beco ming positive.Exports of merchandise and services result in supply of foreign currency in the foreig n exchange market. Domestic sellers ofte n want to be p aid using domestic curre ncy, while the foreign buyers want to pay in their curre ncy.In the p rocess of paying for these exp orts, foreig n curre ncy is excha nged for domestic currency, creat ing supply of foreig n curre ncy. Intern ati onalcap ital in flows result in a supply of foreig n curre ncy in the foreig n excha nge market. I nmaki ng inv estme nts in domestic finan cial assets, foreig ninvestors often start with foreign currency and must exchange it for domestic curre ncy before theycan buy the domestic assets. The excha nge creates a supply of foreig n curre ncy. Sales of foreign finan cial assets that the country's residents had previously acquired, and borrowing fromforeignersby this coun try's reside nts are other forms of cap ital in flow that can create supply of foreign curre ncy.The U.S. firm obta ins a quotatio n from its bank on the spot excha nge rate for buying yen withdollars. If the rate is acce ptable, the firm in structs its bank that it wants to use dollars fromits dollar check ing acco unt to buy 1 millio n yen at this spot excha nge rate. It also in structsits bank to send the yen to the bank acco unt of the Japan ese firm. To carry out thisChap ter 32. 4.instruction, the U.S. bank instructs its correspondent bank in Japan to take1 milli on yen from its acco unt at the corres pondent bank and tran sfer the yen to the bank account of the Japan ese firm. (The U.S. bank could also use yen at its own branch if it has a branchin Japan.)The trader would seek out the best quoted spot rate for buying euros with dollars, either throughdirect con tact with traders at other banks or by using the services of a foreign exchange broker.The trader would use the best rate to buy euro spot. Sometime in the n ext hour or so (or, typically at least by the end of the day), the trader will en ter the in terba nk market aga in, toobtain the best quoted spot rate for selling euros for dollars. The trader will use the best spot rate to sell her p reviously acquired euros. If the spot value of the eurohas rise n duri ng this short time, the trader makes a p rofit.The cross rate betwee n the yen and the krone is too high (the yen value of the krone is toohigh) relative to the dollar-foreig n curre ncy excha nge rates. Thus, in a p rofitable tria ngulararbitrage, you want to sell kroner at the high cross rate. The arbitrage will be: Use dollars to buykroner at $0.20/kr one, use these kroner to buy yen at 25 yen/krone, and use the yen to buy dollarsat $0.01/ye n. For each dollar that you sell in itially, you can obta in 5 kroner, these 5 kronercan obta in 125 yen, and the 125 yen can obta in $1.25. The arbitrage p rofit for each dollar istherefore 25 cen ts.Selli ng kroner to buy yen p uts dow nward p ressure on the cross rate (the yen price ofkrone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to elimi nate theopportunity for tria ngular arbitrage, assu ming that the dollar excha nge rates are un cha nged.The in crease in supply of Swiss francs puts dow nward p ressure on the excha nge-rate value($/SFr) of the franc. The mon etary authorities must intervene to defend the fixed exchange rate bybuying SFr and sellingb. The in crease in supply of francs puts dow nward p ressure on the excha nge-rate value ($/SFr) ofthe franc. The mon etary authorities must intervene to defend the fixed exchange rate by buying SFrand sellingc. The in crease in supply of francs puts dow nward p ressure on the excha nge-rate value($/SFr) of the franc. The mon etary authorities must intervene to defend the fixedexchange rate by buying SFr and selling6.8. a. b.10. a.dollars. dollars. dollars.d. The decrease in dema nd for francs puts dow nward p ressure on the excha nge-rate value ($/SFr) ofthe franc. The mon etary authorities must intervene to defend the fixed exchange rate by buying SFrand selling You will need data on four market rates: The current interest rate on bonds issued by the U.S. government that mature in one year, the interest rate (or yield) on bonds issued by the British government that maturein one year, the curre nt spot excha nge rate betwee n the dollar and pound, and the current one-year forward exchange rate between the dollar and pound. Do these rates result in a coveredinterestdifferential that is very closeto zero?Relative to your exp ected spot value of the euro in 90 days ($1.22/euro), the current forward rate ofthe euro ($1.18/euro) is low — the forward value of the euro is relatively low. Using the principle of "buy low, sell high," you can sp eculate by en teri ng into a forward con tract now to buy euros at$1.18/euro. If you are be able to immediately of $0.04 for each euro this way, then massivedollars.Chap ter 42.(or yield) curre nt 4. a. The U.S. firm has an asset p ositi on in yen — it has a long p ositi on in yen. To hedge its exp osure to excha nge rate risk, the firm should en ter into a forward exchange con tract now in which the firm commits to sell yen and receive dollars at the curre ntforward rate. The con tract amounts are to 1 millio n yen and receive $9,000, both in 60days.sell b. The stude nt has an asset po siti on in yen — a long p ositi on in yen. Tohedge the exp osure to excha nge rate risk, the stude nt should en ter into a forward exchange con tract now in which the stude nt commits to sell yen and receive dollars at the current forward rate. The con tract amounts are to 10 millio n yen and receive $90,000, both in 60 days.sellc. The U.S. firm has an liability position in yen — a short position in To hedge its exp osure to excha nge rate risk, the firm should en ter into a forward exchange con tract now in which the firm commits to sell dollars receive yen at the curre ntforward rate. The con tract amounts are to sell $900,000 and receive 100 millio n yen, bothin 60 days.yen.and 6. correct in your expectation, then in 90 days you will resell those euros for $1.22/euro, pocketing a profit that you boughtforward. If many people sp eculate in pu rchases now of euros forward(in creas ing the dema ndfor euros forward) will tend to drive up the forward value of the euro, toward a curre nt forwardrate of $1.22/euro.The Swiss franc is at a forward prem ium. Its curre nt forward value($0.505/SFr) is greater than its current sp ot value ($0.500/SFr).The covered in terest differe ntial "i n favor of Switzerla nd" is ((1 + 0.005) (0.505) / 0.500) - (1 + 0.01) = 0.005. (Note that the interest rate used must match the time p eriod of the in vestment.) There is a covered interest differential of 0.5% for 30 days (6 percent at an annual rate). TheU.S. investor can make a higher return, covered against exchange rate risk, by inv esti ng in SFr-de nomin ated bon ds, so p resumably the inv estor should makethis covered investment. Although the interest rate on SFr-denominated bonds is lower tha n the in terest rate on dollar-de nomin ated bon ds, the forward p remium on the franc is larger tha n this differe nee, so that the covered inv estme nt is a good idea.The lack of demandfor dollar-denominated bonds (or the supply of thesebonds as in vestors sell them in order to shift into SFr-de nomin ated bon ds) puts dow nward p ressure on the p rices of U.S. bon ds —up ward p ressure on U.S. in terest rates. The extra dema nd for the franc in the spot excha nge market (as in vestors buy SFr in order to buy SFr-de nomin ated bon ds)puts up ward p ressure on the spot excha nge rate. The extra dema nd for SFr-de nomin ated bonds puts up ward p ressure on the p rices of Swiss bonds — dow nward p ressureon Swiss in terest rates. The extra supply of francs in the forward market (as U.S. i nv estors cover their SFr in vestme nts back into dollars) p uts downwardpressure on the forward exchange rate. If the only rate that changes is the forward exchange rate, this rate must fall to about $0.5025/SFr. Withthis forward rate and the other in itial rates, the covered in terest differe ntial is close to zero. In test ing covered in terest p arity, all of the in terest rates and excha nge rates that are n eeded to calculate the covered in terest differe ntial are rates that can observed in the bond and foreignexchange markets. Determining whether the covered in terest differe ntial is about zero (covered interest parity) is then straightforward (although somemore subtle issues regardingtim ing of tran sact ions may also n eed to be addressed). I n order to test uncovered interestparity, we need to know not only three rates — two interest rates and the current spot exchangerate — that can be observed in the market, but also one rate— the exp ected future spot exchange rate — that is notobserved in any market. The tester the n n eeds a way to find out aboutinv estors' exp ectati ons. One way is to ask them, using a survey, but they may not say exactlywhat they really think. Ano ther way is to exam ine the actual un covered in terest differe ntialafter we know what the future spot excha nge rate actually turns out to be, and see whether thestatistical characteristics of the actual uncovered differential are consistentwith an expected uncovered differential of about zero (uncovered interest parity). 8. a.b.c.10.Cha pter 52. a. The euro is expected to appreciate at an annual rate of approximately ((1.005 -1.000)/1.000) (360/180)100 = 1%. The exp ected un covered in terestdifferential is approximately 3%+ 1%- 4%= 0, so uncovered interest parityholds (app roximately).b. If the in terest rate on 180-day dollar-de nomin ated bonds decli nes to3%, the n the spot excha nge rate is likely to in crease —the euro willappreciate, the dollar depreciate. At the initial current spot exchange rate,the initial expected future spot exchange rate, and the initial euro interestrate, the exp ected un covered in terest differe ntial shifts in favor of investing in euro-denominated bonds (the expected uncovered differential is now p ositive, 3% + 1% - 3% = 1%, favori ng un covered inv estme nt in euro-de nomin ated bon ds.The in creased dema ndfor euros in the spot excha nge market tends to app reciate the euro. If the euro in terest rate and the exp ected future spot excha nge rate rema in un cha nged, the n thecurre nt spot rate must cha nge immediately to be $1.005/euro, to reestablish un covered interest parity. Whenthe current spot rate jumps to this value, the euro'sexcha nge rate value is not exp ected to cha nge in value subseque ntly duri ng the next 180 days.The dollar has depreciated immediately, and the uncovered differe ntial then again is zero (3% + 0% - 3% = 0).4. a. For uncovered interest parity to hold, investors must expect that the rateof change in the spot exchange-rate value of the yen equals the interest rate differential, which is zero. Investors must expect that the future spot valueis the same as the curre nt spot value, $0.01/ye n.b. If inv estors exp ect that the excha nge rate will be $0.0095/ye n, the nthey expect the yen to depreciate from its initial spot value during the next 90 days. Give n theother rates, i nv estors tend to shift their inv estme nts toward dollar-de nomin ated inv estments. The extra supply of yen (and dema ndfor dollars) in the spot exchange market results in a decrease in the current spot value of the yen(the dollar appreciates). The shift to expecting that the yen will depreciate (the dollarappreciate) sometime during the next 90 days tends to cause the yen to dep reciate (the dollar toapp reciate) immediately in the curre nt spot market.The law of one p rice will hold better for gold. Gold can be traded easilyso that any price differences would lead to arbitrage that would tend to push gold p rices (stated in a com mon curre ncy by converting p rices using market excha nge rates) back close to equality. Big Macs cannot be arbitraged. If p rice differe nces exist, there is no arbitrage p ressure, so the p ricedifferences can persist. The prices of Big Macs(stated in a commoncurrency) vary widely around the world.According to PPP, the exchange rate value of the DM(relative to the dollar) has rise n since the early 1970s because Germa ny has exp erie need less inflation than has the United States ——the productprice level has risen lessin Germa ny since the early 1970s tha n it has rise n in the Un ited States.According to the monetary approach, the Germanprice level has not risen as muchbecause the Germa nmon eys upply has in creased less tha n the has in creased in the Un ited States,relative to the growth rates of real domestic production case —more in flati ongrowth in Brita in.rate ofthe domestic moneysupply (M s ) is two percentage points higher tha n it was previously, the mon etary app roach in dicates that the excha nge rate value (e) of the foreig n curre ncy will be higher tha n it otherwise would be — that is, the excha nge rate value of the coun try's curre ncy will be lower. Sp ecifically, the foreig n curre ncy will app reciate by two percentagepoints more per year, or depreciate by two percentage less. That is, the domestic currency will depreciate by two percentage more per year, or app reciate by two p erce ntage points less.b. The faster growth of the coun try's money supply eve ntually leads to afaster rate of inflation of the domestic price level (P). Specifically, inflation rate will be two percentage points higher than it otherwise be. Accord ing torelative PPP, a faster rate of in crease in the domestic level (P) leads to a higher rate of app reciatio n of the foreig n curre ncy.12. a. For the Un ited States in 1975, 20,000 = k 6.8. mon eys upply the opposite higher money in the two countries. The British pound is in Britain than in the United States, and 10. a. Because the growth pointspointsthewould price■100 800, or k = 0.25.For P ugelovia in 1975, 10,000 = k b. For the Un ited States, the qua ntity theory of money with a con sta nt kmeansthat the quantity equation with k = 0.25 should hold in 2002: 65,000=0.25 2601,000. It does. Because the quantity equation holds for both years with the samek, thechange in the price level from 1975 to 2002 is consistent with the quantity theory of moneywith aconstant k. Similarly, for Pugelovia, the quantity equation with k = 0.5 should hold for 2002, and it does (58,500 =0.5 390 300).14. a. The tighte ning typ ically leads to an immediate in crease in the coun try'sin terest rates. In additi on, the tighte ning p robably also results ininvestors' expecting that the exchange-rate value of the country's currencyis likely to be higher in the future. The higher expected exchange-rate value for the currency isbased on the expectation that the country's price level will be lower in the future, and PPP indicates that the curre ncy will the n be stro nger. For both of these reas ons, intern ati onal investors will shift toward inv est ing in this coun try's bon ds. The in crease in dema nd for the coun try's curre ncy in the spot excha nge market causes the curre ntexcha nge-rate value of the curre ncy to in crease. The curre ncy maya pp reciate a lot because thecurrent exchange rate must "overshoot" its expected future spot value. Un covered in terest p arityis reestablished with a higher in terest rate and a subseque nt exp ected dep reciati on of the curre ncy.b. If everyth ing else is rather steady, the excha nge rate (the domesticcurrency price of foreign currency) is likely to decrease quickly by a large amount. After this jump, the excha nge rate maythe n in crease gradually toward its long-run value — the value con siste ntwith PPP in the long run.Weoften use the term pegged exchange rate to refer to a fixed exchange rate, because fixed ratesgen erally are not fixed forever. An adjustable peg isan exchange rate policy in which the "fixed" exchange rate value of a currency can be cha nged fromtime to time, but usually it is cha nged rather seldom(for in sta nee, not more tha n once every several years). A crawli ng peg isan exchange rate policy in which the "fixed" exchange rate value of a currency is cha nged ofte n(for in sta nee, weekly or mon thly), sometimes accordi ng to in dicators such as the differe nee inin flati on rates.Disagree. If a country is expected to impose exchange controls,which usually make it more difficult to move funds out of the country in the future,investors are likely to try to shift funds out of the country now before the100 200, or k = 0.5.Chap ter 62. 4.con trols are imp osed. The in crease in supply of domestic curre ncy into the foreig n excha ngemarket (or in crease in dema nd for foreig n curre ncy) p utsdownward pressure on the exchange rate value of the country's currency —the curre ncy tends to dep reciate.6. a. The market is atte mpting to dep reciate the pn ut (app reciate the dollar) toward a value of 3.5 pnutsper dollar, which is outside of the top of the allowable band (3.06 pnuts per dollar). In order todefend the pegged exchange rate, the Pu gelovia n mon etary authorities could use official in terve ntio nto buy pnuts (in exchange for dollars). Buying pnuts prevents the pnut ' s value from declining (selling dollars prevents the dollar ' s value fromrisin g). The in terve nti on satisfies the excess p rivate dema nd for dollarsat the curre nt p egged excha nge rate.b. In order to defend the pegged exchange rate, the Pugelovian governmentcould impose excha nge con trols in which some p rivate in dividuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without gover nment p ermission, and not all requests are approved by the government). By artificially restricting the supply of pnuts (and the dema nd for dollars), the Pu gelovia n gover nment can force the remai ning p rivate supply and dema nd to "clear" within the allowable band.The exchange controls attempt to stifle the excess private demandfor dollars at the curre nt p egged excha nge rate.c. In order to defend the pegged exchange rate, the Pugelovian governmentcould in crease domestic in terest rates (p erha ps by a lot). The higher domestic interest ratesshift the incentives for international capital flows toward inv estme nts in Pu gelovia n bon ds. The in creased flow of intern ati onal finan cial cap ital into Pu gelovia in creases the dema nd forpnuts on the foreig n excha nge market. (Also, the decreased flow of intern ati onal financialcapital out of Pugelovia reduces the supply of pnuts on the foreignexcha nge market.) By in creas ing the dema nd for pnuts (and decreas ing the suppl y), the Pugelovia n gover nment can in duce the p rivate market to clear within the allowable band. The increased domestic in terest rates attem pt toshift the private supply and demandcurves so that there is no excess private dema nd for dollars at the curre nt p egged excha nge rate value.8. a. The gold sta ndard was a fixed rate system. The gover nment of each countryp artici pati ng in the system agreed to buy or sell gold in excha nge for itsown currency at a fixed price of gold (in terms of its own currency). Becauseeach currency was fixed to gold, the exchange rates between currencies also ten ded to be fixed, because in dividuals could arbitrage betwee n gold and curre ncies if the curre ncy excha nge rates deviated from those imp lied by the fixed gold p rices.Britai n was central to the system, because the British economy was the leader in in dustrializatio n and world trade, and because Brita in was con sidered finan cially secure and p rude nt. Brita in was able and willi ng to run p ayme nts deficits that p ermitted many other coun tries to run p ayme ntssurpi uses. The other coun tries used their surpi uses to build up their holdi ngs of gold reserves (and of intern ati onal reserves in the form of sterling-denominated assets). These other countries were satisfied with therate of growth of their holdings of liquid reserve assets, and most countries were able to avoid the crisis of running low on intern ati onal reserves.Duri ng the height of the gold stan dard, from about 1870 to 1914, theeconomic shocks to the system were mild. A major shock —World War I — caused many coun tries to sus pend the gold sta ndard.Sp eculati on was gen erally stabiliz ing, both for the excha nge rates between the currencies of countries that were adhering to the gold standard, and for the excha nge rates of coun tries that temp orarily allowed their curre ncies to float.10. a. The Brett on Woods system was an adjustable p egged excha nge rate system.Coun tries committed to set and defe nd fixed excha nge rates, financing temporary p ayme nts imbala nces out of their official reserve holdi ngs. If a "fun dame ntal disequilibrium "in a coun try's intern ati onal p ayme ntsdeveloped, the country could change the value of its fixed exchange rate to a new value.b. The Un ited States was cen tral to the system. As the Brett on Woodssystemevolved, it became esse ntially a gold-excha nge sta ndard. The mon etaryauthorities of other countries committed to peg the exchange rate values of their curre ncies to the U.S. dollar. The U.S. mon etary authority committedto buy and sell gold in exchange for dollars with other countries'monetaryauthorities at a fixed dollar p rice of gold. c. To a large extent speculation was stabilizing, both for the fixed ratesfollowed by most countries, and for the exchange rate value of the Canadian dollar, which floated duri ng 1950-62. However, the p egged excha nge rateb. c.d.values of curre ncies sometimes did come un der sp eculative p ressure.Intern ati onal inv estors and sp eculators sometimes believed that they had a on e-way sp eculativebet aga inst curre ncies that were con sidered to be "in trouble. ” If the country did managetodefend the pegged exchange rate value of its curre ncy, the inv estors bett ing aga inst the currency would lose little. They stood to gain a lot of p rofit if the curre ncy was devalued.Furthermore, the large speculative flows against the currency required large interventions to defendthe currency's pegged value, so that thewas more likely to run so low on official reserves that it was forced to devalue.12. a. The dollar bloc a nd the euro bloc. A nu mber of co un tries peg their to the U.S.dollar. A nu mber of European coun tries use the euro, and, in additi on, a nu mberof other coun tries peg their curre ncies to the euro.(as of the beg inning of 2002)the Japan ese yen, the Britishpound, the Can adia n dollar, and the Swiss franc. c. The exchange rates between the U.S. dollar and the other major currencieshave been floating since the early 1970s. The movementsin these rates exhibittrends in the long run — over the en tire p eriod since the early 1970s. The rates also showsubstantial variability or volatility in the short and medium runs — p eriods of less tha n oneyear to p eriods of several years. The long run trends app ear to be reas on ably con siste nt withthe econo mic fun dame ntals emp hasized by pu rchas ing po wer p arity ——differe nces in n ational in flati onrates. The variability or volatility in the short or medium run iscon troversial. It may simply rep rese nt rati onal res pon ses to the continuingflow of economic and political news that has implications for exchange rate values. The effects onrates can be large and rap id, because overshooti ng occurs as rates res pond to imp orta nt n ews.However, some part of the large volatility mayalso reflect speculative bandwagonsthat lead to bubbles that subseque ntly burst.Cha pter 72. Disagree. In a sense a n ati onal gover nment cannot go bankrupt, because it can print its own currency. But a n ati onal gover nment can refuse to honor its obligati ons, eve n if it might be able top ay. If the ben efit from not paying exceeds the cost of not paying, the gover nment may rati onally to p ay. And, a n ati onal gover nment can run short of foreig n curre ncy togover nment curre ncies The other major curre ncies that float independen tly in elude b.refusepay。