《国际货币与金融经济学》课后习题答案文档格式.doc
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therebyallowingfordomesticcapitalstockgrowthwhichmayallowjob,productivity,andincomegrowth.Negativeaspectsincludethefactthatforeignsavingsmaybeusedtofinancedomesticconsumptionratherthandomesticsavings;
whichwillcompromisethegrowthsuggestedabove.
Positiveaspectsofbeinganetcreditorincludetheownershipofforeignassetswhichcanrepresentanincomeflowstothecreditingcountry.Further,thenetcreditorpositionalsoimpliesanetexportingposition.Anegativeaspectofbeinganetcreditorincludesthefactthatforeigninvestmentmaysubstitutefordomesticinvestment.
6 Anationmaydesiretoreceivebothportfolioanddirectinvestmentduetothetypeofinvestmenteachrepresents.Portfolioinvestmentisafinancialinvestmentwhiledirectinvestmentisdominatedbythepurchaseofactual,real,productiveassets.Totheextentthatacountrycanbenefitbyeachtypeofinvestment,itwilldesirebothtypesofinvestment.Further,portfolioinvestmenttendstobeshort-runinnature,whileFDItendstobelong-runinnature.ThisisalsoaddressedinmuchgreaterdetailinChapter7.
7. DomesticSavings-DomesticInvestment=CurrentAccountBalance
DomesticSavings-DomesticInvestment=NetCapitalFlows
Therefore,CurrentAccountBalance=NetCapitalFlows
8 Usingtheequationsabove,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[(1.2168–1.2201)/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
1.45
Switzerland
0.90
2.11
0.94
1.37
UnitedStates
1.54
0.69
0.73
3 Thecrossrateis1.702/1.234=1.379(€/£
),whichissmallerinvaluethanthatobservedintheLondonmarket.Thearbitrageurwouldpurchase£
587,544($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.
5 Therealeffectiveexchangerate(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[(1.19–1.05)/1.05]•100=13.3percent.
7. TheJanuary200realexchangerateis1.05•(107.5/112.7)=1.0016.TheMay2004realrateis1.19•(116.4/122.2)=1.1335.
8 InrealtermstheeuroappreciatedrelativetotheU.S.dollar.Therateofappreciationis[(1.1335–1.0016)/1.0016]*100=13.17percent.
9 AbsolutePPPsuggeststheMay2004exchangerateshouldbe122.2/116.4=1.0498.Theactualexchangerateis1.19.Hence,theeuroisovervaluedrelativetotheU.S.dollarby(1.19–1.0498)/1.0498]•100=13.35percent.
10RelativePPPcanbeusedtocalculateapredictedvalueoftheexchangerateas:
SPPP=1.05•[(122.2/112.7)/(116.4/107.5)]=1.0014.
11. Theactualexchangerateis1.19.Hence,theeuroisovervaluedrelativetotheU.S.dollarby(1.19–1.0014)/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)andthevalueoftheBritishpoundrelativetogoldis£
33.33($50/1.50).
4. TheexchangeratebetweentheCanadiandollarandtheBritishpoundisC$/£
2.07(1.38•1.50).
5. Thecurrencyvalueofthepesocanbeexpressedas$0.50+€.50=P1.Theexchangeratebetweenthedollarandtheeurocanbeusedtoconverttheeuroamounttoitsdollarequivalentof$0.55.Hence,$1.05=P1,orandexchangevalueof0.952P/$.Usingtheexchangeratebetweenthedollarandtheeuroagain,theexchangeratebetweenthepesoandtheeurois0.1.048P/€(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
TheForwardCurrencyMarketandInternationalFinancialArbitrage
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)