《国际货币与金融经济学》课后习题答案.docx

《国际货币与金融经济学》课后习题答案.docx

《《国际货币与金融经济学》课后习题答案.docx》由会员分享，可在线阅读，更多相关《《国际货币与金融经济学》课后习题答案.docx（32页珍藏版）》请在冰点文库上搜索。

《国际货币与金融经济学》课后习题答案

AnswerstoEndofChapterQuestions

Chapter1

KeepingUpWithaChangingWorld-TradeFlows,CapitalFlows,

andtheBalanceOfPayments

红色我们考的（我们只考前面5个chapter）

1.Thebalanceonmerchandisetradeisthedifferencebetweenexportsofgoods,719andtheimportsofgoods,1,145,foradeficitof426.Thebalanceongoods,servicesandincomeis719+279+284T145-210-269,foradeficitof342.Addingunilateraltransferstothisgivesacurrentaccountdeficitof391,[-342+（-49）=-391].（Notethatincomereceiptsarecreditsandincomepaymentsaredebits.）

2.Becausethecurrentaccountbalanceisadeficitof391,thenwithoutastatisticaldiscrepancy,thecapitalaccountisasurplusof391.Inthisproblem,however,thestatisticaldiscrepancyisrecordedasapositiveamount（credit）of11.Hence,thesumofthedebitsinthebalanceofpaymentsmustexceedthecreditsby11.So,thedeficitofthecurrentaccountmustbegreaterthanthesurplusonthecapitalaccountby11.Thecapitalaccount,therefore,isasurplusof391-11=380.

3.Abalance-of-paymentsequilibriumiswhenthedebitsandcreditsinthecurrentaccountandtheprivatecapitalaccountsumtozero.Intheproblemabovewedonotknowtheprivatecapitalaccountbalance.Wecannotsay,therefore,whetherthiscountryisexperiencingabalance-of-paymentssurplusordeficitorifitisinequilibrium.

4Thecurrentaccountisadeficitof$541,830andtheprivatecapitalaccountbalanceisasurplusof$369,068.TheU.S.,therefore,hasabalanceofpaymentsdeficit.

5Positiveaspectsofbeinganetdebtorincludethepossibilityoffinancingdomesticinvestmentthatisnotpossiblethroughdomesticsavings;therebyallowingfordomesticcapitalstockgrowthwhichmayallowjob,productivity,andincomegrowth.Negativeaspectsincludethefactthatforeignsavingsmaybeusedtofinancedomesticconsumptionratherthandomesticsavings;whichwillcompromisethegrowthsuggestedabove.

Positiveaspectsofbeinganetcreditorineludetheownershipofforeignassetswhichcanrepresentanincomeflowstothecreditingcountry.Further,thenetcreditorpositionalsoimpliesanetexportingposition.Anegativeaspectofbeinganetcreditorincludesthefactthatforeigninvestmentmaysubstitutefordomesticinvestment.

6Anationmaydesiretoreceivebothportfolioanddirectinvestmentdueto

thetypeofinvestmenteachrepresents.Portfolioinvestmentisafinancialinvestmentwhiledirectinvestmentisdominatedbythepurchaseofactual,real,productiveassets.Totheextentthatacountrycanbenefitbyeachtypeofinvestment,itwilldesirebothtypesofinvestment.Further,

portfolioinvestmenttendstobeshort-runinnature,whileFDItendstobelong-runinnature.ThisisalsoaddressedinmuchgreaterdetailinChapter7.

7.DomesticSavings-DomesticInvestment=CurrentAccountBalanee

DomesticSavings-DomesticInvestment=NetCapitalFlowsTherefore,CurrentAccountBalanee=NetCapitalFlows

8Usingtheequationsabove,privatesavingsof5percentofincome,governmentsavingsof-1percent,andinvestmentexpendituresof10percentwouldresultsinacurrentaccountdeficitof6percentofincomeandacapitalaccountsurplus（netcapitalinflows）of6percentofincome.Thiscouldbecorrectedwithareductioninthegovernmentdeficit（toasurplus）and/oranincreaseinprivatesavings.

Chapter2（好像这章节都要看）

TheMarketforForeignExchange

1.Becauseitcostsfewerdollarstopurchaseaeuroaftertheexchangeratechange,theeurodepreciatedrelativetothedollar.Therateofdepreciation（inabsolutevalue）was[（1.2168T.2201）/1.2201]100=0.27percent.

2.NotethattheratesprovidedaretheforeigncurrencypricesoftheU.S.dollar.Everyvaluehasbeenroundedtotwodecimalplaceswhichmaycausesomedifferencesinanswers.

A$

£

C$

Sfr

$

Australia

-

2.35

1.06

1.12

1.53

Britain

0.42

-

0.45

0.47

0.65

Canada

0.95

2.23

-

1.06

1.45

Switzerland

0.90

2.11

0.94

-

1.37

UnitedStates

0.65

1.54

0.69

0.73

-

3Thecrossrateis1.702/1.234=1.379（?

/£）,whichissmallerinvaluethanthat

observedintheLondonmarket.Thearbitrageurwouldpurchase587,54£（$1,000,000/1.702）withthe$1millionintheNewYorkmarket.Nexttheywouldusethe£587,544inLondontopurchase?

837,250（£587,544*1.425）.

Finally,theywouldsellthe?

837,250intheNewYorkmarketfor$1,033,167（?

837,250*1.234）.Theprofitis#33,167.

4.Totaltradeis（163,681+160,829+261,180+210,590）=796,280.TradewiththeEuroareais（163,681+261,180）=424,861.TradewithCanadais（160,829+210,590）=371,419.Theweightassignedtotheeurois424,861/796,280=0.53andtheweightassignedtotheCanadiandollaris0.47.（Recalltheweightsmustsumtounity.）

Becausethebaseyearis2003,the2003EERis100.Thevalueofthe2004EERis:

[（0.82/0.88）?

0.53+（1.56/1.59）?

0.47]?

100=（0.4939+0.4611）?

100=95.4964,or95.5.Thisrepresentsa4.5percentdepreciationoftheU.S.dollar.

5Therealeffectiveexchangerate（REER）for2003isstill100.Therealratesofexchangeare,for2003,0.88?

（116.2/111.3）=.9187,1.59?

（116.2/111.7）=1.6541,andfor2004,0.82?

（119.0/114.4）=0.8530,1.56?

（119.0/115.6）=1.6059.Thevalueofthe2004REERis:

[（0.8530/0.9187）?

0.53+（1.6059/1.6541）?

0.47]?

100=（0.4921+0.4563）?

100=94.84,or94.8.Thisrepresentsa5.2percentdepreciationoftheU.S.dollarinrealterms

6.ThisisanominalappreciationoftheeurorelativetotheU.S.dollar.Thepercentchangeis[（1.19T.05）/1.05]?

100=13.3percent.

7.TheJanuary200realexchangerateis1.05?

（107.5/112.7）=1.0016.TheMay2004realrateis1.19?

（116.4/122.2）=1.1335.

8InrealtermstheeuroappreciatedrelativetotheU.S.dollar.Therateofappreciationis[（1.1335T.0016）/1.0016]*100=13.17percent.

9AbsolutePPPsuggeststheMay2004exchangerateshouldbe122.2/116.4=1.0498.Theactualexchangerateis1.19.Hence,theeuroisovervaluedrelativetotheU.S.dollarby（1.19T.0498）/1.0498]?

100=13.35percent.

10RelativePPPcanbeusedtocalculateapredictedvalueoftheexchangerateas:

SPPP=1.05?

[（122.2/112.7）/（116.4/107.5）]=1.0014.

11.Theactualexchangerateis1.19.Hence,theeuroisovervaluedrelativetothe

U.S.dollarby（1.19T.0014）/1.0014]?

100=18.83percent.

Chapter3

ExchangeRateSystems,PasttoPresent

1.Rankingthevariousexchangeratearrangementsbyflexibilityisnotsoclearcut.Nonethelessthearrangementsdescribedinthischapterare（fromfixedtoflexible）:

dollarization,currencyboard,commodity（standard）peg,dollar（standard）peg,currencybasketpeg,crawlingpeg,managedfloat,flexible.

2.ThetwoprimaryfunctionsoftheInternationalMonetaryFundare:

surveillanceofmembernations'macroeconomicpolicies,andtoprovideliquiditytomembernationsexperiencingpaymentsimbalances.

3.ThevalueoftheCanadiandollarrelativetogoldisCAN$69（1.38?

$50）andthevalueoftheBritishpoundrelativetogoldis33.33（$50/1.50）.£

4.TheexchangeratebetweentheCanadiandollarandtheBritishpoundisC$/£2.07（1.38?

1.50）.

5.Thecurrencyvalueofthepesocanbeexpressedas$0.50+?

.50=P1T.heexchangeratebetweenthedollarandtheeurocanbeusedtoconverttheeuroamounttoitsdollarequivalentof$0.55.Hence,$1.05=P1,orandexchangevalueof0.952P/$.Usingtheexchangeratebetweenthedollarandtheeuroagain,theexchangeratebetweenthepesoandtheeuroisP/?

（0.952P/$?

1.10$/?

）.

6.Because$1.05isthecurrencycontentofthebasket,asshownabove,and$0.50ofthatcontentisattributabletothedollar,theweightassignedtothedollaris0.50/1.05=0.476,or47.6percent.Becausetheweightsmustsumtounity,theweightassignedtotheeurois52.4percent.

7.Themaindifferencebetweenthetwosystemswasthat,intheSmithsoniansystem,thedollarwasnotpeggedtothevalueofgold.OnereasonthatthesystemwasshortwasbecausetherewaslittleconfidencethatU.S.economicpolicywouldbeconductedinamannerconducivetoasystemofpeggedexchangerates.

8.Theprincipleresponsibilitiesofacurrencyboardaretoissuedomesticcurrencynotesandpegthevalueofthedomesticcurrency.Acurrencyboardisnotallowedtopurchasedomesticdebt,actasalenderoflastresort,orsetreserverequirements.

9.TheLourveaccordestablishedunofficiallimitsoncurrencyvaluemovements.Inasense,itwaspegwithbandsforeachofthemaincurrencies（dollar,yenandmark）.

10.Differencesinthefundamentaldeterminantsofcurrencyvaluesbetweenthepeggingcountryandtheothercountryshouldbeconsidered.Tothispointofthetext,therateofinflationisagoodexample.RelativePPPcanbeusedtodeterminetherateofcrawl.

11.Underacurrencyboardsystem,anationstillmaintainsitsdomesticcurrency.Hence,policymakerscanchangeexchangeratepoliciesandmonetarypoliciesiftheysodesire.Whenanationdollarizesanddisposesofitsdomesticcurrencyitnolongerhasthisoption.

Chapter4

TheForwardCurrencyMarketandInternationalFinancial

Arbitrage

1.Giventhattheexchangerateisexpressedasdollarstoeuros,wetreatthedollarasthedomesticcurrency.Notealsothatinterestratesarequotedonanannualbasiseventhoughthematurityperiodisonlyonemonth.Inthisproblemwedividetheinterestratesby12toputthemonaone-monthbasis.

a.Theinterestratedifferential,therefore,is（1.75%/12-3.25%/12）=-0.125%.Theforwardpremium/discount,expressedasapercentage,iscalculatedas:

（（F-S）/S）?

100=（（1.0891.072）/1.072）?

100=1.5858%

b.Transactioncostsareshowninthefigu