国际金融(武汉大学出版胡东华)课后习题答案

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国际金融课后答案

国际金融课后答案

第六章国际金融风险管理本章重要概念国际金融风险:是指在国际贸易和国际投融资过程中,由于各种事先无法预料的不确定因素带来的影响,使参与主体的实际收益与预期收益发生一定的偏差,从而有蒙受损失和获得额外收益的机会或可能性。

外汇风险:外汇风险又称“汇率风险”,是指经济实体以外币定值和衡量的资产与负债、收入、支出以及未来的经营活动可望产生现金流的本币价值因货币汇率的变化而产生损失的可能性。

(构成要素:本币,外币,时间;可能产生影响:经济风险>交易风险>会计风险)交易风险:又称商业性风险,当进出口商以外币计价进行贸易或非贸易的进出口业务时,即面临交易结算风险。

进出口商从签订进出口合同到债权债务的最终清偿,通常要经历一段时间,而这段时间内汇率可能会发生变化,于是,以外币表示的未结算的金额就成为承担风险的受险部分。

因此,交易结算风险是由进出口商承担的,基于进出口合同而在未来通过外汇交易将本币与外币或外币与本币进行兑换,由于未来进行外汇交易时汇率的不确定性所带来的风险。

会计风险:又称折算风险,是指企业在会计处理和外币债权、债务决算时,将必须转换成本币的各种外币计价项目加以折算时所产生的风险。

也就是将外币债权、债务折算成本币时,由于使用的汇率与当初入账时的汇率不同而产生的账面上损益方面的差异。

折算风险的大小涉及到折算方式,历史上西方各国曾先后出现过四种折算方法:流动/非流动折算法、货币/非货币折算法、时态法和现行汇率法。

经济风险:又称经营风险,是指由于意料之外的汇率变动,使企业在将来特定时期的收益发生变化的可能性。

经济风险是由于汇率的变动产生的,而汇率的变动又通过影响企业的生产成本、销售价格,进而引起产销数量的变化,并由此最终带来获利状况的变化。

1. 什么是国际金融风险,国际金融活动中通常会遇到哪些风险?答:所谓国际金融风险,是指在国际贸易和国际投融资过程中,由于各种事先无法预料的不确定因素带来的影响,使参与主体的实际收益与预期收益发生一定的偏差,从而有蒙受损失和获得额外收益的机会或可能性。

《国际金融》习题及参考答案

《国际金融》习题及参考答案

《国际金融》习题及参考答案一、选择题1. 国际金融市场的核心是()A. 国际货币市场B. 国际资本市场C. 国际外汇市场D. 国际黄金市场答案:C2. 以下哪种汇率制度属于固定汇率制度?()A. 浮动汇率制度B. 币值盯住制度C. 管理浮动汇率制度D. 自由浮动汇率制度答案:B3. 以下哪个国家采用了独立货币政策?()A. 美国B. 欧元区C. 日本D. 英国答案:A4. 国际收支平衡表中,经常账户包括以下哪项?()A. 货物贸易B. 服务贸易C. 收益D. 以上都对答案:D二、判断题1. 国际货币基金组织(IMF)的主要任务是促进国际货币合作和平衡国际收支。

()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,不受政府干预。

()答案:错误3. 国际金融市场一体化有利于全球资源的优化配置,提高金融市场的效率。

()答案:正确4. 汇率上升,本币贬值,有利于出口,不利于进口。

()答案:正确三、简答题1. 简述国际金融市场的功能。

答:国际金融市场的功能主要包括以下几点:(1)资金融通功能:国际金融市场为全球各国政府、企业及金融机构提供资金筹集和投资渠道。

(2)风险转移功能:国际金融市场通过金融衍生品等工具,为参与者提供风险转移和避险手段。

(3)价格发现功能:国际金融市场为各类金融产品提供价格发现机制,有助于市场参与者做出合理的投资决策。

(4)促进国际贸易和投资:国际金融市场为国际贸易和投资提供金融支持,降低交易成本,提高交易效率。

2. 简述固定汇率制度和浮动汇率制度的优缺点。

答:固定汇率制度优点:(1)降低汇率波动风险,有利于国际贸易和投资。

(2)有利于国内经济政策的稳定。

缺点:(1)可能导致资源配置扭曲。

(2)容易产生货币危机。

浮动汇率制度优点:(1)自动调节国际收支。

(2)减少政府干预,提高市场效率。

缺点:(1)汇率波动可能导致国际贸易和投资风险增加。

(2)可能引发货币危机。

四、计算题1. 假设我国某年国际收支平衡表如下:经常账户:出口100亿美元,进口80亿美元;资本账户:净流出10亿美元。

(完整)国际金融答案

(完整)国际金融答案

第一章外汇与汇率一、填空1、外汇是指以(外币)所表示的用于(国际结算)的支付手段。

2、外汇可分为自由外汇与(记账外汇)两类。

3、汇率的表示方法可分为三种,即直接标价法、(间接标价法)与(美元标价法).4、表示汇率变化性质的概念有(法定升值)与法定贬值。

5、远期汇率有两种基本的报价方法:(直接报价法)与(点数报价法)。

6、外汇远期或外汇期货相对于外汇即期的三种基本关系是(升水)、(贴水)和(平价)。

7、买入汇率与卖出汇率的算术平均值被称为(中间汇率).8、信汇汇率与票汇汇率都是以(电汇汇率)为基础计算出来的.9、套算汇率的计算方法有(交叉相除)与(同边相乘)两种。

10、政府制定官方汇率,一是用于(官方之间的货币互换),二是为(政府干预市场)提供一个标准.11、购买力平价理论有两种形式:(购买力绝对平价)和(购买力相对平价)。

12、绝对购买力平价理论认为,汇率为(两国物价)之比。

13、相对购买力平价理论认为,汇率的变化幅度取决于(两国通胀的差异)。

14、利率平价理论所揭示的是在抵补套利存在的条件下(远期汇率)与(利率)之间的关系。

15、利率平价理论认为,外汇市场上,利率高的货币远期(贴水),利率低的货币(升水),其升贴水的幅度大约相当于(两国货币的利率差)。

16、汇率的货币决定理论认为,汇率是由货币的(供给)与(需求)的均衡来决定的。

17、资产组合理论认为,外汇价格与利率都是(由各国国内财富持有者的资产平衡条件)决定的。

18、影响汇率变化的主要因素有国际收支、(通货膨胀)、利率水平、(经济增长率)、(财政赤字)与(心理预期)。

19、狭义上的货币危机主要发生在(固定汇率)制下。

20、货币危机按其性质不同,可分为(经济条件恶化所造成的货币危机)与(心理预期所导致的货币危机).21、货币危机最容易传播到以下三类国家:一是(与货币危机发生国有较密切的贸易关系或出口上存在竞争关系)的国家、二是(与货币危机发生国存在较为相近的经济结构、发展模式及潜在经济问题)的国家、三是过分依赖国外资金流入的国家.二、名词解释1、外汇2、自由外汇3、记帐外汇4、汇率5、直接标价法6、间接标价法7、美元报价法8、基准货币9、报价货币 10、法定升值 11、法定贬值 12、升值13、贬值 14、买入价15、卖出价16、中间价17、基本汇率18、套算汇率 19、名义汇率 20、实际汇率 21、有效汇率22、即期汇率 23、远期汇率 24、直接报价法 25、点数报价法 26、贴水 27、升水 28、电汇汇率 29、信汇汇率30、票汇汇率 31、官方汇率 32、市场汇率33、同业汇率 34、商业汇率 35、一价定律 36、相对购买力平价37、绝对购买力平价 38、货币危机答案:1、以外国货币所表示的用于国际结算的支付手段。

国际金融课后习题及答案

国际金融课后习题及答案

第一章国际收支一、选择题1. 《国际收支和国际投资头寸手册》(第六版)将国际收支账户分为( )。

A.经常账户B.资本账户C.储备账户D.金融账户2. 国际收支反映的内容是以交易为基础的,其中交易包括( )。

A.交换B.转移C.移居D.其他根据推论而存在的交易3. 经常账户包括( )。

A.商品的输出和输入B.运输费用C.资本的输出和输入D.财产继承款项4.下列项目应记入贷方的是( )。

A.反映进口实际资源的经常项目B.反映出口实际资源的经常项目C.反映资产增加或负债减少的金融项目D.反映资产减少或负债增加的金融项目5.若在国际收支平衡表中,储备资产项目为–100亿美元,表示该国( )。

A.增加了100亿美元的储备B.减少了100亿美元的储备C.人为的账面平衡,不说明问题D.无法判断6.下列( )账户能够较好地衡量国际收支对国际储备造成的压力。

A.货物和服务账户差额B.经常账户差额C.资本和金融账户差额D.综合账户差额7.因经济和产业结构变动滞后所引起的国际收支失衡属于( )。

A.临时性不平衡B.结构性不平衡C.货币性不平衡D.周期性不平衡E.收入性不平衡8.国际收支顺差会引起( )。

A.外汇储备增加B.国内经济萎缩C.国内通货膨胀D.本币汇率下降二、判断题1.国际收支是一个流量的、事后的概念。

( )2.国际货币基金组织采用的是狭义的国际收支概念。

( )3.资产减少、负债增加的项目应记入借方。

( )4.由于一国的国际收支不可能正好收支相抵,因而国际收支平衡表的最终差额绝不恒为零。

( )5.理论上说,国际收支的不平衡指自主性交易的不平衡,但在统计上很难做到。

6.因经济增长率的变化而产生的国际收支不平衡,属于持久性失衡。

( ) 7.资本和金融账户可以无限制地为经常账户提供融资。

( )8.综合账户差额比较综合地反映了自主性国际收支状况,对于全面衡量和分析国际收支状况具有重大意义。

( )三、填空题1.国际收支是一个货币的、流量的、事后的概念,它反映的内容以交易为基础,其范围局限于一国居民与非居民之间的交易。

国际金融第三版课后习题集与答案解析

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。

国际金融课后习题答案

国际金融课后习题答案

《国际金融》课后习题答案第一章国际收支本章重要概念国际收支:国际收支是指一国或地区居民与非居民在一定时期全部经济交易的货币价值之和。

它体现的是一国的对外经济交往,是货币的、流量的、事后的概念。

国际收支平衡表:国际收支平衡表是将国际收支根据复式记账原则和特定账户分类原则编制出来的会计报表。

它可分为经常项目、资本和金融项目以及错误和遗漏项目三大类。

丁伯根原则:1962 年,荷兰经济学家丁伯根在其所著的《经济政策:原理与设计》一书中提出:要实现若干个独立的政策目标,至少需要相互独立的若干个有效的政策工具。

这一观点被称为“丁伯根原则”。

米德冲突:英国经济学家米德于1951 年在其名著《国际收支》当中最早提出了固定汇率制度下外均衡冲突问题。

米德指出,如果我们假定失业与通货膨胀是两种独立的情况,那么,单一的支出调整政策(包括财政、货币政策)无法实现部均衡和外部均衡的目标。

分派原则:这一原则由蒙代尔提出,它的含义是:每一目标应当指派给对这一目标有相对最大的影响力,因而在影响政策目标上有相对优势的工具。

自主性交易:亦称事前交易,是指交易当事人自主地为某项动机而进行的交易。

国际收支失衡:国际收支失衡是指自主性交易发生逆差或顺差,需要用补偿性交易来弥补。

它有不同的分类,根据时间标准进行分类,可分为静态失衡和动态失衡;根据国际收支的容,可分为总量失衡和结构失衡;根据国际收支失衡时所采取的经济政策,可分为实际失衡和潜在失衡。

复习思考题1.一国国际收支平衡表的经常账户是赤字的同时,该国的国际收支是否可能盈余,为什么?答:可能,通常人们所讲的国际收支盈余或赤字就是指综合差额的盈余或赤字.这里综合差额的盈余或赤字不仅包括经常账户,还包括资本与金融账户,这里,资本与金融账户和经常账户之间具有融资关系。

但是,随着国际金融一体化的发展,资本和金融账户与经常账户之间的这种融资关系正逐渐发生深刻变化。

一方面,资本和金融账户为经常账户提供融资受到诸多因素的制约。

国际金融习题含答案 (2)(word文档良心出品)

国际金融习题含答案 (2)(word文档良心出品)

国际金融习题第一章一、单选题:二、1.下面哪些自然人属本国非居民?()A.该国驻外外交使节B.该国在他国留学生C.该国出国就医者D.该国在他国长期工作者答案与解析:选D。

在国际收支统计中,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和自然人。

在一国居住超过1年以上的法人和自然人均属该国的居民,而不管该法人和自然人的注册地和国籍。

但作为例外,一个国家的外交使节、驻外军事人员、出国留学和出国就医者,尽管在另一国居住1年以上,仍是本国居民,是居住国的非居民。

2.下面哪些交易应记入国际收支平衡表的贷方?()A.出口B.进口C.本国对外国的直接投资D.本国对外援助答案与解析:选A。

记入贷方的账目包括:①反映出口实际资源的经常账户;②反映资产减产或负债增加的资本和金融账户。

BCD三项应记入国际收支平衡表的借方。

3.资本转移包括在()中。

A.经常项目B.经常转移C.资本项目D.金融项目答案与解析:选C。

C项反映资产在居民与非居民之间的转移,它由资本转移和非生产、非金融资产交易两部分组成。

4.()的投资者主要是为了获得对被投资企业的长期经营管理权。

A.证券投资B.直接投资C.间接投资D.其他投资答案与解析:选B。

B项是指一国的经济组织直接在国外采用各种形式,对工矿、商业、金融等企业进行的投资和利润再投资。

通过这种投资方式,投资者对直接投资企业拥有经营管理的发言权。

5.一国国际收支失衡是指()收支失衡。

A.自主性交易B.补偿性交易C.事前交易D.事后交易答案与解析:选A。

国际收支差额指的就是自主性交易的差额。

当这一差额为零时就称为“国际收支平衡”;当这一差额为正时就称为“国际收支顺差”;当这一差额为负时称为“国际收支逆差”。

后两者统称为“国际收支不平衡”或“国际收支失衡”。

6.一国国际收支失衡调节的利率机制是通过影响()来发挥其作用的。

A.货币供应量B.国民收入C.利率D.相对价格水平答案与解析:选C。

利率机制是指一国国际收支不平衡时,该国的利率水平会发生变动,利率水平的变动反过来又会对国际收支不平衡起到一定的调节作用。

国际金融习题含答案word文档良心出品

国际金融习题含答案word文档良心出品

国际金融习题第一章一、单选题:二、1.下面哪些自然人属本国非居民?()A.该国驻外外交使节B.该国在他国留学生C.该国出国就医者D.该国在他国长期工作者答案与解析:选D。

在国际收支统计中,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和自然人。

在一国居住超过1年以上的法人和自然人均属该国的居民,而不管该法人和自然人的注册地和国籍。

但作为例外,一个国家的外交使节、驻外军事人员、出国留学和出国就医者,尽管在另一国居住1年以上,仍是本国居民,是居住国的非居民。

2.下面哪些交易应记入国际收支平衡表的贷方?()A.出口B.进口C.本国对外国的直接投资D.本国对外援助答案与解析:选A。

记入贷方的账目包括:①反映出口实际资源的经常账户;②反映资产减产或负债增加的资本和金融账户。

BCD三项应记入国际收支平衡表的借方。

3.资本转移包括在()中。

A.经常项目B.经常转移C.资本项目D.金融项目答案与解析:选C。

C项反映资产在居民与非居民之间的转移,它由资本转移和非生产、非金融资产交易两部分组成。

4.()的投资者主要是为了获得对被投资企业的长期经营管理权。

A.证券投资B.直接投资C.间接投资D.其他投资答案与解析:选B。

B项是指一国的经济组织直接在国外采用各种形式,对工矿、商业、金融等企业进行的投资和利润再投资。

通过这种投资方式,投资者对直接投资企业拥有经营管理的发言权。

5.一国国际收支失衡是指()收支失衡。

A.自主性交易B.补偿性交易C.事前交易D.事后交易答案与解析:选A。

国际收支差额指的就是自主性交易的差额。

当这一差额为零时就称为“国际收支平衡”;当这一差额为正时就称为“国际收支顺差”;当这一差额为负时称为“国际收支逆差”。

后两者统称为“国际收支不平衡”或“国际收支失衡”。

6.一国国际收支失衡调节的利率机制是通过影响()来发挥其作用的。

.相对价格水平D.利率C.国民收入B.货币供应量A答案与解析:选C。

利率机制是指一国国际收支不平衡时,该国的利率水平会发生变动,利率水平的变动反过来又会对国际收支不平衡起到一定的调节作用。

国际金融习题答案(全)

国际金融习题答案(全)

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。

国际金融课后答案

国际金融课后答案

CHAPTER 12NA TIONAL INCOME ACCOUNTING AND THE BALANCE OF PA YMENTSANSWERS TO TEXTBOOK PROBLEMS1. The reason for including only the value of final goods and services in GNP, as stated in thequestion, is to avoid the problem of double counting. Double counting will not occur if intermediate imports are subtracted and intermediate exported goods are added to GNP accounts. Consider the sale of U.S. steel to Toyota and to General Motors. The steel sold to General Motors should not be included in GNP since the value of that steel is subsumed in the cars produced in the United States. The value of the steel sold to Toyota will not enter the national income accounts in a more finished state since the value of the Toyota goes towards Japanese GNP. The value of the steel should be subtracted from GNP in Japan since U.S. factors of production receive payment for it.2. Equation 2 can be written as CA = (S p - I) + (T - G). Higher U.S. barriers to imports mayhave little or no impact upon private savings, investment, and the budget deficit. If there were no effect on these variables then the current account would not improve with the imposition of tariffs or quotas. It is possible to tell stories in which the effect on the current account goes either way. For example, investment could rise in industries protected by the tariff, worsening the current account. (Indeed, tariffs are sometimes justified by the alleged need to give ailing industries a chance to modernize their plant and equipment.) On the other hand, investment might fall in industries that face a higher cost of imported intermediate goods as a result of the tariff. In general, permanent and temporary tariffs have different effects. The point of the question is that a prediction of the manner in which policies affect the current account requires a general-equilibrium, macroeconomic analysis.3. a. The purchase of the German stock is a debit in the U.S. financial account. There is acorresponding credit in the U.S. financial account when the American pays with a check on his Swiss bank account because his claims on Switzerland fall by the amount of the check.This is a case in which an American trades one foreign asset for another.b. Again, there is a U.S. financial account debit as a result of the purchase of a German stockby an American. The corresponding credit in this case occurs when the German seller deposits the U.S. check in its German bank and that bank lends the money to a German importer (in which case the credit will be in the U.S. current account) or to an individual or corporation that purchases a U.S. asset (in which case the credit will be in the U.S.financial account). Ultimately, there will be some action taken by the bank which results ina credit in the U.S. balance of payments.c. The foreign exchange intervention by the French government involves the sale of a U.S.asset, the dollars it holds in the United States, and thus represents a debit item in the U.S.financial account. The French citizens who buy the dollars may use them to buy American goods, which would be an American current account credit, or an American asset, which would be an American financial account credit.d. Suppose the company issuing the traveler’s check uses a checking account in France tomake payments. When this company pays the French restaurateur for the meal, its payment represents a debit in the U.S. current account. The company issuing the traveler’s checkmust sell assets (deplete its checking account in France) to make this payment. This reduction in the French assets owned by that company represents a credit in the American financial account.e. There is no credit or debit in either the financial or the current account since there has beenno market transaction.f. There is no recording in the U.S. Balance of Payments of this offshore transaction.4. The purchase of the answering machine is a current account debit for New Y ork, and acurrent account credit for New Jersey. When the New Jersey company deposits the money in its New Y ork bank there is a financial account credit for New Y ork and a corresponding debit for New Jersey. If the transaction is in cash then the corresponding debit for New Jersey and credit for New Y ork also show up in their financial accounts. New Jersey acquires dollar bills (an import of assets from New Y ork, and therefore a debit item in its financial account); New Y ork loses the dollars (an export of dollar bills, and thus a financial account credit). Notice that this last adjustment is analogous to what w ould occur under a gold standard (see Chapter 19).5. a. Since non-central bank capital inflows fell short of the current-account deficit by $500million, the balance of payments of Pecunia (official settlements balance) was -$500 million. The country as a whole somehow had to finance its $1 billion current-account deficit, so Pecunia's net foreign assets fell by $1 billion.b. By dipping into its foreign reserves, the central bank of Pecunia financed the portion of thecountry's current-account deficit not covered by private financial inflows. Only if foreign central banks had acquired Pecunian assets could the Pecunian central bank have avoided using $500 million in reserves to complete the financ ing of the current account. Thus, Pecunia's central bank lost $500 million in reserves, which would appear as an official financial inflow (of the same magnitude) in the country's balance of payments accounts.c. If foreign official capital inflows to Pecunia were $600 million, the country had a balanceof payments surplus of $100 million. Put another way, the country needed only $1 billion to cover its current-account deficit, but $1.1 billion flowed into the country. The Pecunian central bank must, therefore, have used the extra $100 million in foreign borrowing to increase its reserves. Purchases of Pecunian assets by foreign central banks enter their countries' balance of payments accounts as outflows, which are debit items. The rationale is that the transactions result in foreign payments to the Pecunians who sell the assets.d. Along with non-central bank transactions, the accounts would show an increase in foreignofficial reserve assets held in Pecunia of $600 million (a financial account credit, or inflow) and an increase Pecunian official reserve assets held abroad of $100 billion (a financial account debit, or outflow). Of course, total net financial inflows of $1 billion just cover the current-account deficit.6. A current account deficit or surplus is a situation which may be unsustainable in the longrun. There are instances in which a deficit may be warranted, for example to borrow today to improve productive capacity in order to have a higher national income tomorrow. But for any period of current account deficit there must be a corresponding period in whichspending falls short of income (i.e. a current account surplus) in order to pay the debts incurred to foreigners. In the absence of unusual investment opportunities, the best path for an economy may be one in which consumption, relative to income, is smoothed out over time.The reserves of foreign currency held by a country's central bank change with nonzero values of its official settlements balance. Central banks use their foreign currency reserves to influence exchange rates. A depletion of foreign reserves may limit the central bank's ability to influence or peg the exchange rate. For some countries (particularly developing countries), central-bank reserves may be important as a way of allowing the economy to maintain consumption or investment when foreign borrowing is difficult. A high level of reserves may also perform a signaling role by convincing potential foreign lenders that the country is credit-worthy. The balance of payments of a reserve-currency center (such as the United States under the Bretton Woods system) raises special issues best postponed until Chapter 18.7. The official settlements balance, also called the balance of payments, shows the net changein international reserves held by U.S. government agencies, such as the Federal Reserve and the Treasury, relative to the change in dollar reserves held by foreign government agencies. This account provides a partial picture of the extent of intervention in the foreign exchange market. For example, suppose the Bundesbank purchases dollars and deposits them in its Eurodollar account in a London bank. Although this transaction is a form of intervention, it would not appear in the official settlements balance of the United States.Instead, when the London bank credits this deposit in its account in the United States, this transaction will appear as a private financial flow.8. A country could have a current account deficit and a balance of payments surplus at thesame time if the financial and capital account surpluses exceeded the current account deficit. Recall that the balance of payments surplus equals the current account surplus plus the financial account surplus plus the capital account surplus. If, for example, there is a current account deficit of $100 million, but there are large capital inflows and the capital account surplus is $102 million, then there will be a $2 million balance of payments surplus.This problem can be used as an introduction to intervention (or lack thereof) in the foreign exchange market, a topic taken up in more detail in Chapter 17. The government of the United States did not intervene in any appreciable manner in the foreign exchange markets in the first half of the 1980s. The “textbook” consequence of this is a balance of payments of zero, while the actual figures showed a slight balance of payments surplus between 1982 and 1985. These years were also marked by large current account deficits.Thus, the financial inflows into the United States between 1982 and 1985 exceeded the current account deficits in those years.CHAPTER 13EXCHANGE RA TES AND THE FOREIGN EXCHANGE MARKET: AN ASSET APPROACH ANSWERS TO TEXTBOOK PROBLEMS1. At an exchange rate of $1.50 per euro, the price of a bratwurst in terms of hot dogs is 3 hotdogs per bratwurst. After a dollar appreciation to $1.25 per euro, the relative price of a bratwurst falls to 2.5 hot dogs per bratwurst.2. The Norwegian krone/Swiss franc cross rate must be 6 Norwegian krone per Swiss franc.3. The dollar rates of return are as follows:a. ($250,000 - $200,000)/$200,000 = 0.25.b. ($216 - $180)/$180 = 0.20.c. There are two parts of this return. One is the loss involved due to the appreciation of thedollar; the dollar appreciation is ($1.38 - $1.50)/$1.50 = -0.08. The other part of the return is the interest paid by the London bank on the deposit, 10 percent. (The size of the deposit is immaterial to the calculation of the rate of return.) In terms of dollars, the realized return on the London deposit is thus 2 percent per year.4. Note here that the ordering of the returns of the three assets is the same whether wecalculate real or nominal returns.a. The real return on the house would be 25% - 10% = 15%. This return could also becalculated by first finding the portion of the $50,000 nominal increase in the house's price due to inflation ($20,000), then finding the portion of the nominal increase due to real appreciation ($30,000), and finally finding the appropriate real rate of return ($30,000/$200,000 = 0.15).b. Again, subtracting the inflation rate from the nominal return we get 20%- 10% = 10%.c. 2% - 10% = -8%.5. The current equilibrium exchange rate must equal its expected future level since, withequality of nominal interest rates, there can be no expected increase or decrease in the dollar/pound exchange rate in equilibrium. If the expected exchange rate remains at $1.52 per pound and the pound interest rate rises to 10 percent, then interest parity is satisfied only if the current exchange rate changes such that there is an expected appreciation of the dollar equal to 5 percent. This will occur when the exchange rate rises to $1.60 per pound(a depreciation of the dollar against the pound).6. If market traders learn that the dollar interest rate will soon fall, they also revise upwardtheir expectation of the dollar's future depreciation in the foreign-exchange market. Given the current exchange rate and interest rates, there is thus a rise in the expected dollar return on euro deposits. The downward-sloping curve in the diagram below shifts to the right and there is an immediate dollar depreciation, as shown in the figure below where a shift in the interest-parity curve from II to I'I' leads to a depreciation of the dollar from E0 to E1.E($/euro i E 0 E 1Figure 13-27. The analysis will be parallel to that in the text. As shown in the accompanying diagrams, amovement down the vertical axis in the new graph, however, is interpreted as a euro appreciation and dollar depreciation rather than the reverse. Also, the horizontal axis now measures the euro interest rate. Figure 13-3 demonstrates that, given the expected future exchange rate, a rise in the euro interest rate from R 0 to R 1 will lead to a euro appreciation from E 0 to E 1.Figure 13-4 shows that, given the euro interest rate of i, the expectation of a stronger euroin the future leads to a leftward shift of the downward-sloping curve from II to I'I' and a euro appreciation (dollar depreciation) from E to E'. A rise in the dollar interest rate causes the same curve to shift rightward, so the euro depreciates against the dollar. This simply reverses the movement in figure 13-4, with a shift from I'I' to II, and a depreciation of the euro from E' to E. All of these results are the same as in the text when using the diagram for the dollar rather than the euro.EE 0rates o f return (in euro s) (euro E 101Figure 13-3Ei E(euro/$)E ’Figure 13-48. a. If the Federal Reserve pushed interest rates down, with an unchanged expected futureexchange rate, the dollar would depreciate (note that the article uses the term "downward pressure" to mean pressure for the dollar to depreciate). In terms of the analysis developed in this chapter, a move by the Federal Reserve to lower interest rates would be reflected in a movement from R to R' in figure 13.5, and a depreciation of the exchange rate from E to E'.If there is a "soft landing", and the Federal Reserve does not lower interest rates, then thisdollar depreciation will not occur. Even if the Federal Reserve does lower interest rates a little, say from R to R", this may be a smaller decrease then what people initially believed would occur. In this case, the expected future value of the exchange rate will be more appreciated than before, causing the interest-parity curve to shift in from II to I'I' (as shown in figure 13.6). The shift in the curve reflects the "optimism sparked by the expectation of a soft landing" and this change in expectations means that, with a fall in interest rates from R to R", the exchange rate depreciates from E to E", rather than from E to E *, which would occur in the absence of a change in expectations.ER ’ EE*Rrates of return (in dollars)Figure 13-5EE Rrates of return (in dollars) E ”E *R ”Figure 13-6b. The "disruptive" effects of a recession make dollar holdings more risky. Risky assets mustoffer some extra compensation such that people willingly hold them as opposed to other, less risky assets. This extra compensation may be in the form of a bigger expected appreciation of the currency in which the asset is held. Given the expected future value of the exchange rate, a bigger expected appreciation is obtained by a more depreciated exchange rate today. Thus, a recession that is disruptive and makes dollar assets more risky will cause a depreciation of the dollar.9. The euro is less risky for you. When the rest of your wealth falls, the euro tends toappreciate, cushioning your losses by giving you a relatively high payoff in terms of dollars. Losses on your euro assets, on the other hand, tend to occur when they are leastpainful, that is, when the rest of your wealth is unexpectedly high. Holding the euro therefore reduces the variability of your total wealth.10. The chapter states that most foreign-exchange transactions between banks (which accountsfor the vast majority of foreign-exchange transactions) involve exchanges of foreign currencies for U.S. dollars, even when the ultimate transaction involves the sale of one nondollar currency for another nondollar currency . This central role of the dollar makes it a vehicle currency in international transactions. The reason the dollar serves as a vehicle currency is that it is the most liquid of currencies since it is easy to find people willing to trade foreign currencies for dollars. The greater liquidity of the dollar as compared to, say , the Mexican peso, means that people are more willing to hold the dollar than the peso, and thus, dollar deposits can offer a lower interest rate, for any expected rate of depreciation against a third currency, than peso deposits for the same rate of depreciation against that third currency. As the world capital market becomes increasingly integrated, the liquidity advantages of holding dollar deposits as opposed to yen deposits will probably diminish. The euro represents an economy as large as the United States, so it is possible that it will assume some of that vehicle role of the dollar, reducing the liquidity advantages to as far as zero. Since the euro has no history as a currency, though, some investors may be leary of holding it until it has established a track record. Thus, the advantage may fade slowly.11. Greater fluctuations in the dollar interest rate lead directly to greater fluctuations in theexchange rate using the model described here. The movements in the interest rate can be investigated by shifting the vertical interest rate curve. As shown in figure 13.7, these movements lead directly to movements in the exchange rate. For example, an increase in the interest rate from i to i' leads to a dollar appreciation from E to E'. A decrease in the interest rate from i to i" leads to a dollar depreciation from E to E". This diagram demonstrates the direct link between interest rate volatility and exchange rate volatility, given that the expected future exchange rate does not change.EE($/foreign currency)rates of return (in dollars)iE ’i"i'E ”Figure 13-712. A tax on interest earnings and capital gains leaves the interest parity condition the same,since all its components are multiplied by one less the tax rate to obtain after-tax returns. If capital gains are untaxed, the expected depreciation term in the interest parity condition must be divided by 1 less the tax rate. The component of the foreign return due to capital gains is now valued more highly than interest payments because it is untaxed.13. The forward premium can be calculated as described in the appendix. In this case, we findthe forward premium on euro to be (1.26 – 1.20)/1.20 = 0.05. The interest-rate difference between one-year dollar deposits and one-year euro deposits will be 5 percent because the interest difference must equal the forward premium on euro against dollars when covered interest parity holds.CHAPTER 14MONEY, INTEREST RA TES, AND EXCHANGE RA TESANSWERS TO TEXTBOOK PROBLEMS1. A reduction in real money demand has the same effects as an increase in the nominalmoney supply. In figure 14.1, the reduction in money demand is depicted as a backward shift in the money demand schedule from L1to L2. The immediate effect of this is a depreciation of the exchange rate from E1to E2, if the reduction in money demand is temporary, or a depreciation to E3 if the reduction is permanent. The larger impact effect ofa permanent reduction in money demand arises because this change also affects the futureexchange rate expected in the foreign exchange market. In the long run, the price level rises to bring the real money supply into line with real money demand, leaving all relative prices, output, and the nominal interest rate the same and depreciating the domestic currency in proportion to the fall in real money demand. The long-run level of real balances is (M/P2), a level where the interest rate in the long-run equals its initial value.The dynamics of adjustment to a permanent reduction in money demand are from the initial point 1 in the diagram, where the exchange rate is E1, immediately to point 2, where the exchange rate is E3and then, as the price level falls over time, to the new long-run position at point 3, with an exchange rate of E4.2. A fall in a country's population would reduce money demand, all else equal, since asmaller population would undertake fewer transactions and thus demand less money. This effect would probably be more pronounced if the fall in the population were due to a fall in the number of households rather than a fall in the average size of a household since a fall in the average size of households implies a population decline due to fewer children who have a relatively small transactions demand for money compared to adults. The effect on the aggregate money demand function depends upon no change in income commensurate with the change in population -- else, the change in income would serve as a proxy for the change in population with no effect on the aggregate money demand function.R(M /P E 1E 4E 2E 3E(M /PFigure 14-13. Equation 14-4 is M s /P = L(R,Y). The velocity of money, V = Y/(M/P). Thus, when there isequilibrium in the money market such that money demand equals money supply, V = Y/L(R,Y). When R increases, L(R,Y) falls and thus velocity rises. When Y increases, L(R,Y) rises by a smaller amount (since the elasticity of aggregate money demand with respect to real output is less than one) and the fraction Y/L(R,Y) rises. Thus, velocity rises with either an increase in the interest rate or an increase in income. Since an increase in interest rates as well as an increase in income cause the exchange rate to appreciate, an increase in velocity is associated with an appreciation of the exchange rate.4. An increase in domestic real GNP increases the demand for money at any nominal interestrate. This is reflected in figure 14-2 as an outward shift in the money demand function from L 1 to L 2. The effect of this is to raise domestic interest rates from R 1 to R 2 and to cause an appreciation of the domestic currency from E 1 to E 2.5. Just as money simplifies economic calculations within a country, use of a vehicle currencyfor international transactions reduces calculation costs. More importantly, the more currencies used in trade, the closer the trade becomes to barter, since someone who receives payment in a currency she does not need must then sell it for a currency she needs. This process is much less costly when there is a ready market in which any nonvehicle currency can be traded against the vehicle currency, which then fulfills the role of a generally accepted medium of exchange.RE(M M E 1E 2Figure 14-26. Currency reforms are often instituted in conjunction with other policies which attempt tobring down the rate of inflation. There may be a psychological effect of introducing a new currency at the moment of an economic policy regime change, an effect that allows governments to begin with a "clean slate" and makes people reconsider their expectations concerning inflation. Experience shows, however, that such psychological effects cannot make a stabilization plan succeed if it is not backed up by concrete policies to reduce monetary growth.7. The interest rate at the beginning and at the end of this experiment are equal. The ratio ofmoney to prices (the level of real balances) must be higher when full employment is restored than in the initial state where there is unemployment: the money-market equilibrium condition can be satisfied only with a higher level of real balances if GNP is higher. Thus, the price level rises, but by less than twice its original level. If the interest rate were initially below its long-run level, the final result will be one with higher GNP and higher interest rates. Here, the final level of real balances may be higher or lower than the initial level, and we cannot unambiguously state whether the price level has more than doubled, less than doubled, or exactly doubled.8. The 1984 - 1985 money supply growth rate was 12.4 percent in the United States(100%*(641.0 - 570.3)/570.3) and 334.8 percent in Brazil (100%*(106.1 - 24.4)/24.4). The inflation rate in the United States during this period was 3.5 percent and in Brazil the inflation rate was 222.6 percent. The change in real money balances in the United States was approximately 12.4% - 3.5% = 8.9%, while the change in real money balances in Brazil was approximately 334.8% - 222.6% = 112.2%. The small change in the U.S. price level relative to the change in its money supply as compared to Brazil may be due togreater short-run price stickiness in the United States; the change in the price level in the United States represents 28 percent of the change in the money supply ((3.5/12.4)*100%) while in Brazil this figure is 66 percent ((222.6/334.8) *100%). There are, however, large differences between the money supply growth and the growth of the price level in both countries, which casts doubt on the hypothesis of money neutrality in the short run for both countries.9. V elocity is defined as real income divided by real balances or, equivalently, nominalincome divided by nominal money balances (V=P*Y/M). V elocity in Brazil in 1985 was 13.4 (1418/106.1) while velocity in the United States was 6.3 (4010/641). These differences in velocity reflected the different costs of holding cruzados compared to holding dollars. These different costs were due to the high inflation rate in Brazil which quickly eroded the value of idle cruzados, while the relatively low inflation rate in the United States had a much less deleterious effect on the value of dollars.RE(M 1E 3E 2E 1(M 2E 4Figure 14-310. If an increase in the money supply raises real output in the short run, then the fall in theinterest rate will be reduced by an outward shift of the money demand curve caused by the temporarily higher transactions demand for money. In figure 14-3, the increase in the money supply line from (M 1/P) to (M 2/P) is coupled with a shift out in the money demand schedule from L 1 to L 2. The interest rate falls from its initial value of R 1 to R 2, rather than to the lower level R 3, because of the increase in output and the resulting outward shift in the money demand schedule. Because the interest rate does not fall as much when output rises, the exchange rate depreciates by less: from its initial value of E 1 to E 2, rather than to E 3, in the diagram. In both cases we see the exchange rate appreciate back some to E4 in the long run. The difference is the overshoot is much smaller if there is a temporaryincrease in Y. Note, the fact that the increase in Y is temporary means that we still move to the same IP curve, as LR prices will still shift the same amount when Y returns to normal and we still have the same size M increase in both cases. A permanent increase in Y would involve a smaller expected price increase and a smaller shift in the IP curve.Undershooting occurs if the new short-run exchange rate is initially below its new long-run level. This happens only if the interest rate rises when the money supply rises – that is if GDP goes up so much that R does not fall, but increases. This is unlikely because the reason we tend to think that an increase in M may boost output is because of the effect of lowering interest rat es, so we generally don’t think that the Y response can be so great as to increase R.CHAPTER 15PRICE LEVELS AND THE EXCHANGE RA TE IN THE LONG RUNANSWERS TO TEXTBOOK PROBLEMS1. Relative PPP predicts that inflation differentials are matched by changes in the exchangerate. Under relative PPP, the franc/ruble exchange rate would fall by 95 percent with inflation rates of 100 percent in Russia and 5 percent in Switzerland.2. A real currency appreciation may result from an increase in the demand for nontradedgoods relative to tradables which would cause an appreciation of the exchange rate since the increase in the demand for nontradables raises their price, raising the domestic price level and causing the currency to appreciate. In this case exporters are indeed hurt, as one can see by adapting the analysis in Chapter 3. Real currency appreciation may occur for different reasons, however, with different implications for exporters' incomes. A shift in foreign demand in favor of domestic exports will both appreciate the domestic currency in real terms and benefit exporters. Similarly, productivity growth in exports is likely to benefit exporters while causing a real currency appreciation. If we consider a ceterus paribus increase in the real exchange rate, this is typically bad for exporters as their exports are now more expensive to foreigners which may reduce foreign export demand. In general, though, we need to know why the real exchange rate changed to interpret the impact of the change.3. a. A tilt of spending towards nontraded products causes the real exchange rate to appreciateas the price of nontraded goods relative to traded goods rises (the real exchange rate can be expressed as the price of tradables to the price of nontradables).b. A shift in foreign demand towards domestic exports causes an excess demand for thedomestic country's goods which causes the relative price of these goods to rise; that is, it causes the real exchange rate of the domestic country to appreciate.4. Relative PPP implies that the pound/dollar exchange rate should be adjusted to offset theinflation difference between the United States and Britain during the war. Thus, a central banker might compare the consumer price indices in the United States and the U.K. before and after the war. If America's price level had risen by 10 percent while that in Britain had。

国际金融课后习题答案(doc 48页)

国际金融课后习题答案(doc 48页)

国际金融课后习题答案(doc 48页)期性失衡,2.结构性失衡,3.货币性失衡,4.收入性失衡,5.贸易竞争性失衡,6.过度债务性失衡,7.其他因素导致的临时性失衡。

以上几方面原因不是截然分开的,而且,固定汇率制与浮动汇率制下国际收支不平衡,发展中国家与发达国家国际收支不平衡都是有区别和联系的。

5.汇率在国际收支失衡的协调中究竟意义何在?答:在国际收支失衡的调节中,有一类是市场自动调节机制,另一类为各国政府的政策调节,在前一类的调节机制中,在浮动汇率制下,国际收支的调节是通过汇率的变动来实现的,如当一国的国际收支为赤字时,外汇市场上的外汇需求会大于外汇供给,汇率上升,这将导致进口增加,出口减少,国际收支得到改善。

当自动调节机制不能完全解决国际收支失衡时,各国政府就会采取不同的政策进行调节,汇率政策就是其中的一类,如当一国的国际收支发生逆差时,该国可使本国货币贬值,以增强本国商品在国外的竞争力,扩大出口;同时,国外商品的本币价格上升,竞争力下降,进口减少,国际收支逐步恢复平衡。

由此可见,汇率无论是在自动调节还是政策调节中都发挥着重要的作用,汇率的上升下降不仅引起外汇市场供求的变化,更重要的是,他将导致进出口贸易的变化,使得国际收支失衡得以解决。

6.一国应该如何选择政策措施来调节国际收支的失衡?答:一国的国际收支失衡的调节,首先取决于国际收支失衡的性质,其次取决于国际收支失衡时国内社会和宏观经济结构,再次取决于内部均衡与外部平衡之间的相互关系,由于有内外均衡冲突的存在。

正确的政策搭配成为了国际收支调节的核心。

国际收支失衡的政策调节包括有:货币政策,财政政策,汇率政策,直接管制政策,供给调节政策等,要相机的选择搭配使用各种政策,以最小的经济和社会代价达到国际收支的平衡或均衡。

其次,在国际收支的国际调节中,产生了有名的“丁伯根原则”,“米德冲突”,“分派原则”,他们一起确定了开放经济条件下政策调控的基本思想,即针对内外均衡目标,确定不同政策工具的指派对象,并且尽可能地进行协调以同时实现内外均衡。

《国际金融》参考答案

《国际金融》参考答案

《国际金融》参考答案复习思考题参考答案第一章一、名词解释国际收支:广义的国际收支是指一个国家或地区在一定时期(1年、1季或1个月)内,各种对外往来所产生的全部国际经济交易的统计。

国际收支平衡表:一个国家的国际收支状况可以用国际收支平衡表来表示。

国际收支平衡表是一个国家在一定时期内(1年、1季或1个月)全部经济交易的统计表。

经常项目:经常项目是国际收支平衡表中最重要、最基本的项目,它包括以下几个子项目:商品、劳务、收益和经常转移。

资本项目:资本项目主要记录以下一些内容:(1)资本转移,主要包括债务减免和移民的转移支付;(2)非生产、非金融资产的收买与出售,包括不是由生产创造出来的有形资产(如土地和地下资产)和无形资产(专利、版权、商标、经销权等)的购买或出售。

金融项目:是国际收支平衡表的重要组成部分,又分为直接投资、证券投资和和其他投资。

自主性交易:或称事前交易,是经济实体或个人出于某种经济动机和目的、独立自主进行的经济交易。

补偿性交易:或称调节性交易。

由于自主性交易不可避免要出现借方差额或贷方差额,就要运用另一种交易来弥补自主性交易所造成的外汇供求缺口,这个交易就是调节性交易。

线上项目:包括经常项目,资本和金融项目以及净误差与遗漏。

弹性:弹性是一种比例关系,描述的是价格变动对需求和供给数量的影响。

马歇尔—勒纳条件:马歇尔—勒纳条件研究的是货币贬值改善贸易收支的必要条件。

马歇尔-勒纳条件指的是货币贬值只有在出口商品的需求弹性和进口商品的需求弹性之和大于1的情况下,才能使贸易收支得到改善。

即,贬值取得成功的必要条件但不充分条件是: Ex+ Em>1。

J曲线效应:即使马歇尔—勒纳条件能够满足,货币贬值对贸易收支的影响也不能立竿见影。

本币贬值所带来的贸易收支改善需要一定的时间,在这段时间里,贸易收支有可能进一步恶化,从而形成一条类似于英文字母“J”的曲线,故又称为J曲线效应。

米德冲突:如果政府只运用开支变更政策而不同时运用开支转换政策和直接管制,不仅不能实现内部平衡与外部平衡,而且还会导致这两种平衡之间发生冲突,这种冲突称为“米德冲突”。

国际金融课后习题答案

国际金融课后习题答案

第二章1.为什么会存在全球外汇市场?答:通常认为,国际贸易是引起外汇市场建立的最主要原因。

由于各国的货币制度存在着差异,因此各国的货币币种不同。

国际贸易中债权债务的清偿需要用一定数量的一种货币去兑换另一种货币,这个问题的解决则需要依靠外汇市场交易。

透过国际贸易需要跨国货币收付这种现象,挖掘外汇市场起源的本质。

可以看出,外汇市场真正的起源在于:(1)主权货币的存在;(2)非主权货币对境外资源的支配权和索取权的存在;(3)金融风险的存在,对于与预期的外币负债有关的汇率风险,外币资产可能会起到直接的防范作用,而且即使没有任何外国购买计划,增加外国资产也有利于降低国际投资组合的风险;(4)投机获利动机的存在,本国居民也许仅仅是认为外币资产被低估,因此他们可能只是为了纯粹的投机目的而要求持有外汇,从而赚取更高额的回报。

2.外汇市场有哪些功能?答:外汇市场作为国际经济联系的纽带,集中地反映了国际经济、国际金融动态和各国汇率变化的趋势,外汇市场为促进国际贸易的发展、国际投资和各种国际经济往来的实现提供r便利条件。

其功能主要表现在以下方面:(1)反映和调节外汇供求。

一国对外经济、贸易的收支以及资本金融项目的变化都最终反映到外汇市场供求状况上,政府、企业、个人通过外汇市场可以解决自己的外汇供求问题。

(2)形成外汇价格体系。

银行接受顾客买卖外汇后,需要在银行间市场进行调节.因而自然产生外汇的供需,加上银行本身自发性的供需,在市场通过竞价过程,便会产生汇率,随后,银行对顾客交易的汇率再根据上述银行间成交汇率加以确定。

(3)实现购买力的国际转移。

结清国际债权债务关系,实现货币购买力的国际转移,是外汇市场最基本的功能。

(4)提供外汇资金融通。

外汇市场是理想的外汇资金集散中心,从而成为世界资本再分配的重要渠道,为银行外汇业务提供平衡头寸的蓄水池作用。

限制的外汇资金大量涌向外汇市场,为外汇需求者提供越来越多的可筹资金,还对促进国际贸易发展,促进投资的国际化起着不可忽视的作用。

国际金融习题答案(全)

国际金融习题答案(全)

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。

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