国际金融01之欧阳理创编.docx

国际金融01之欧阳理创编.docx

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国际金融01之欧阳理创编

1、“Nationalsavingcanbeuseddomesticallyorinternationally.”Explainthebasisforthis

时间：

2021.03.05

创作：

欧阳理

Answers:

Savingcanbeusedtomakeinvestments.Thecountrycanuseitsnationalsavingtomakedomesticrealinvestmentsinnewproductioncapital（buildings,machineryandsoftware）,innewhousing,andinadditionstoinventories,oritcanuseitsnationalsavingtoinvestinforeignfinancialassets.Ifitusesitsnationalsavingtomakedomesticrealinvestment,benefitstothenationincludetheincreasesinproductioncapacityandcapabilitiesthatresultfromnewproductioncapitalandthehousingservicesthatflowfromalargerstockofhousing.Ifitusesitsnationalsavingtomakeforeigninvestments,benefitstothenationincludethedividends,interestpayments,andcapitalgainsthatitearnsonitsforeigninvestments,whichaddtothenationalincomeofthecountryinthefuture.

2.“Foracountrythathasasurplusinitscurrentaccountandwantstoreducethissurplus,oneAnswers:

Disagree.Ashifttosavingmorewouldtendtoincreasethesurplus,notreduceit.Thecurrentaccountbalanceequalsnetforeigninvestments,andnetforeigninvestmentisthedifferencebetweennationalsavinganddomesticrealinvestment.Ifnationalsavingincreases,thennetforeigninvestmenttendtoincreases,andthecurrentaccountbalancetendstoincrease（thesurplustendstoincrease）.

3.Whatarethemajortypesoftransactionsoractivitiesthatresultinsupplyofforeigncurrencyin

Answers:

Importsofgoodsandservicesresultindemandforforeigncurrencyintheforeignexchangemarket.Domesticbuyersoftenwanttopayusingdomesticcurrency,whiletheforeignsellerswanttoreceivepaymentintheircurrency.Intheprocessofpayingfortheseimports,domesticcurrencyisexchangedforforeigncurrency,creatingdemandforforeigncurrency.Internationalcapitaloutflowsresultinademandforforeigncurrencyintheforeignexchangemarket.Inmakinginvestmentsinforeignfinancialassets,domesticinvestorsoftenstartwithdomesticcurrencyandmustexchangeitforforeigncurrencybeforetheycanbuytheforeignassets.Theexchangecreatesdemandforforeigncurrency.Foreignsalesofthiscountry’sfinancialassetsthattheforeignershadpreviouslyacquiredandforeignborrowingfromthiscountryareotherformsofcapitaloutflowthatcancreatedemandforforeigncurrency.

4.ABritishbankhasacquiredalargenumberofdollarsinitsdealingswithitsclients.

Answers:

TheBritishbankcouldusetheinterbankmarkettofindanotherbankthatwaswillingtobuydollarsandsellpounds.TheBritishbankcouldsearchdirectlywithotherbanksforagoodexchangerateforthetransaction,oritcoulduseaforeignexchangebrokertoidentifyagoodratefromanotherbank.TheBritishbankshouldbeabletosellitsdollarstoanotherbankquicklyandwithverylowtransactionscosts.

5.Foraninvestmentinaforeigncurrencydenominatedfinancialasset,partofthereturncomes

Answers:

Agree.Asaninvestor,Ithinkofmywealthandreturnsfrominvestmentsintermsofmyowncurrency.WhenIinvestinaforeigncurrencydenominatedfinancialasset,Iam（actuallyoreffectively）buyingboththeforeigncurrencyandtheasset,Partofmyoverallreturncomesfromthereturnontheassetitselfforinstance,theyieldorrateofinterestthatitpays.Theotherpartofmyreturncomesfromchangesintheexchangeratevalueofforeigncurrency.Iftheforeigncurrencyincreasesinvalue（relativetomyowncurrency）whileIamholdingtheforeignasset,thevalueofmyinvestment（intermsofmyowncurrency）increases,andIhavemadeanadditionalreturnonmyinvestment.（Ofcourse,iftheexchangeratevalueoftheforeigncurrencygoesdown,Imakealossonthecurrencyvalue,whichreducesmyoverallreturn.）

6、Whatisthedifferencebetweenacleanfloatandamanagedfloat?

Answers:

Inthecleanboat,thegovernmentallowstheexchangeratevalueofitscurrencytobedeterminedsolelybyprivate（ornonofficial）supplyanddemandintheforeignexchangemarket,thegovernmenttakesnodirectactionstoinfluenceexchangerates.Inamanagedfloat,thegovernmentiswillingtoandsometimesdoestakedirectactionstoattempttoinfluencetheexchangeratevalueofitscurrency.Forinstance,themonetaryauthoritiesofthecountrymaysometimesinterveneinthemarket,buyingorsellingforeigncurrency（inexchangefordomesticcurrency）inanefforttoinfluencethelevelortrendofthefloatingexchangerate.

7.Agovernmenthasjustimposedatotalsetofexchange

Answers:

Theexchangecontrolsareintendedtorestraintheexcessprivatedemandforforeigncurrency（thesourceofthedownwardpressureontheexchangeratevalueofthecountry'scurrency）.Thus,somepeoplewhowanttoobtainforeigncurrency,andwhowouldbewillingtopaymorethanthecurrentexchangerate,donotgettobuytheforeigncurrency.Thiscreatesalossofwellbeingforthecountryasawholebecausesomenetmarginalbenefitsarebeinglost.Furthermore,thesefrustrateddemandersarelikelytoturntoothermeanstoobtainforeigncurrency.Theymaybribegovernmentofficialstoobtainthescarceforeigncurrency.Ortheymayevadetheexchangecontrolsbyusinganillegalparallelmarkettoobtainforeigncurrency（typicallyatamuchhigherpricethantheofficialrate）.

8WhatarethekeyfeaturesoftheinternationalcurrencyexperienceintheperiodbetweentheAnswers:

Keyfeaturesoftheinterwarcurrencyexperiencewerethatexchangerateswerehighlyvariable,especiallyduringthefirstyearsafterWorldWarIandduringtheearly193Os.Speculationseemedtoaddtotheinstability,andgovernmentssometimesappearedtomanipulatetheexchangeratevaluesoftheircurrenciestogaincompetitiveadvantageOnelessonthatpolicymakerslearnedfromthisexperiencewasthatfixedexchangeratesweredesirabletoconstrainspeculationandvariabilityinexchangerates,aswellastoconstraingovernmentsfrommanipulatingexchangerates.Theselessonsarenowdebatedbecausesubsequentstudieshaveshownthattheexperiencecanbeexplainedorunderstoodinotherways.ExchangeratechangesintheyearsafterWorldWarItendedtomoveinwaysconsistentwithpurchasingpowerparity;whichsuggeststhatthefundamentalproblemsweregovernmentpoliciesthatledtohighinflationratesinsomecountries,Thecurrencyinstabilityortheearly193Osseemstobereflectingthelargeshockscausedbytheglobaldepression.Indeed,theresearchsuggeststhatitmaynotbepossibletokeepexchangeratesfixedwhenlargeshockshitthesystem.

13.WhywastheresomuchprivatelendingtodevelopingcountriesfromThesurgeinbanklendingtodevelopingcountriesduringI9741982hadthesemaincauses:

（1）ariseinbankfundsfromthe“petrodollar”depositsbynewlywealthyoilexportinggovernments,

（2）bankandinvestorconcernsthatinvestmentsinindustrializedcountrieswouldnotbeprofitable,becausetheoilshockshadcreateduncertaintyaboutthestrengthoftheseeconomies,（3）developingcountries'resistancetoforeigndirectinvestment,whichledthesecountriestopreferloansasthewaytoborrowinternationally,and（4）someamountofherdingbehaviorbybanklenders,whichbuiltonthemomentumoffactors

（1）through（3）andledtooverlending.

15.ExplaintheeffectofeachofthefollowingontheLMcure:

a.Thecountry'scentralbankdecreasesthemoneysupply.

b.Thecountry'sinterestrateincreases.

Answers:

a.Adecreaseinthemoneysupplytendstoraiseinterestrates（andlowerdomesticproduct）.Thus,theLMcurveshiftsup（ortotheleft）.

b.AnincreaseintheinterestratedoesnotshifttheLMcurve.Rather,itresultsinamovementalongtheLMcurve.

16.ExplaintheeffectofeachofthefollowingontheFEcurve:

a.Foreigndemandforthecountry'sexportsincreases.

b.Theforeigninterestrateincreases.

c.Thecountry'sinterestrateincreases.

Answers:

a.Anincreaseinforeigndemandforthecountry'sexportstendstodrivethecountry'soverallinternationalpaymentsintosurplus.Toreestablishpaymentsbalance,thecountry'sdomesticproductandincomecouldbehigher（soimportsincrease）,orthecountry'sinterestratescouldbelower（tocreateacapitaloutflowandreducethecountry'sfinancialaccountbalance）.Thus,theFEcurveshiftstotherightordown"

b.Anincreaseintheforeigninterestratetendstodrivethecountry'soverallinternationalpaymentsintodeficitbecauseofcapitaloutflowsseekingthehigherforeignreturns.Toreestablishpaymentsbalance,thecountry'sdomesticproductcouldbelower（toreduceimports）,oritsinterestratescouldbehigher（toreversethecapitaloutflow）.Thus,theFEcurveshiftstotheleftorup.

c.Anincreaseinthecountry'sinterestratedoesnotshifttheFEcurve.Rather,itresultsinamovementalongtheFEcurve.

17.“AcountrywithadeficitinitsoverallinternationalpaymentsrunstheriskofincreasingAnswers:

Disagree.Theriskisrisingunemployment,notrisinginflation.Thedeficitinitsoverallinternationalpaymentsputsdownwardpressureontheexchangeratevalueorthecountry'scurrency.Thecentralbankmustintervenetodefendthefixedexchangeratebybuyingdomesticcurrencyandsellingforeigncurrencyintheforeign.exchangemarket.Asthecentralbankbuysdomesticcurrency,itreducesthemonetarybaseandthecountry'smoneysupplyfalls.Thetighteningofthedomesticmoneysupplyputsupwardpressureonthecountry'sinterestrates.Risinginterestratesreduceinterestsensitivespending,loweringaggregatedemand,domesticproduct,andnationalincome,TheriskisfallingrealG