国际金融课后答案.docx
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国际金融课后答案.docx
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国际金融课后答案
CHAPTER12
NATIONALINCOMEACCOUNTINGANDTHEBALANCEOFPAYMENTS
AnswerstoTextbookProblems
1.ThereasonforincludingonlythevalueoffinalgoodsandservicesinGNP,asstatedinthequestion,istoavoidtheproblemofdoublecounting.DoublecountingwillnotoccurifintermediateimportsaresubtractedandintermediateexportedgoodsareaddedtoGNPaccounts.ConsiderthesaleofU.S.steeltoToyotaandtoGeneralMotors.ThesteelsoldtoGeneralMotorsshouldnotbeincludedinGNPsincethevalueofthatsteelissubsumedinthecarsproducedintheUnitedStates.ThevalueofthesteelsoldtoToyotawillnotenterthenationalincomeaccountsinamorefinishedstatesincethevalueoftheToyotagoestowardsJapaneseGNP.ThevalueofthesteelshouldbesubtractedfromGNPinJapansinceU.S.factorsofproductionreceivepaymentforit.
2.Equation2canbewrittenasCA=(Sp-I)+(T-G).HigherU.S.barrierstoimportsmayhavelittleornoimpactuponprivatesavings,investment,andthebudgetdeficit.Iftherewerenoeffectonthesevariablesthenthecurrentaccountwouldnotimprovewiththeimpositionoftariffsorquotas.Itispossibletotellstoriesinwhichtheeffectonthecurrentaccountgoeseitherway.Forexample,investmentcouldriseinindustriesprotectedbythetariff,worseningthecurrentaccount.(Indeed,tariffsaresometimesjustifiedbytheallegedneedtogiveailingindustriesachancetomodernizetheirplantandequipment.)Ontheotherhand,investmentmightfallinindustriesthatfaceahighercostofimportedintermediategoodsasaresultofthetariff.Ingeneral,permanentandtemporarytariffshavedifferenteffects.Thepointofthequestionisthatapredictionofthemannerinwhichpoliciesaffectthecurrentaccountrequiresageneral-equilibrium,macroeconomicanalysis.
3.a.ThepurchaseoftheGermanstockisadebitintheU.S.financialaccount.ThereisacorrespondingcreditintheU.S.financialaccountwhentheAmericanpayswithacheckonhisSwissbankaccountbecausehisclaimsonSwitzerlandfallbytheamountofthecheck.ThisisacaseinwhichanAmericantradesoneforeignassetforanother.
b.Again,thereisaU.S.financialaccountdebitasaresultofthepurchaseofaGermanstockbyanAmerican.ThecorrespondingcreditinthiscaseoccurswhentheGermansellerdepositstheU.S.checkinitsGermanbankandthatbanklendsthemoneytoaGermanimporter(inwhichcasethecreditwillbeintheU.S.currentaccount)ortoanindividualorcorporationthatpurchasesaU.S.asset(inwhichcasethecreditwillbeintheU.S.financialaccount).Ultimately,therewillbesomeactiontakenbythebankwhichresultsinacreditintheU.S.balanceofpayments.
c.TheforeignexchangeinterventionbytheFrenchgovernmentinvolvesthesaleofaU.S.asset,thedollarsitholdsintheUnitedStates,andthusrepresentsadebititemintheU.S.financialaccount.TheFrenchcitizenswhobuythedollarsmayusethemtobuyAmericangoods,whichwouldbeanAmericancurrentaccountcredit,oranAmericanasset,whichwouldbeanAmericanfinancialaccountcredit.
d.Supposethecompanyissuingthetraveler’scheckusesacheckingaccountinFrancetomakepayments.WhenthiscompanypaystheFrenchrestaurateurforthemeal,itspaymentrepresentsadebitintheU.S.currentaccount.Thecompanyissuingthetraveler’scheckmustsellassets(depleteitscheckingaccountinFrance)tomakethispayment.ThisreductionintheFrenchassetsownedbythatcompanyrepresentsacreditintheAmericanfinancialaccount.
e.Thereisnocreditordebitineitherthefinancialorthecurrentaccountsincetherehasbeennomarkettransaction.
f.ThereisnorecordingintheU.S.BalanceofPaymentsofthisoffshoretransaction.
4.ThepurchaseoftheansweringmachineisacurrentaccountdebitforNewYork,andacurrentaccountcreditforNewJersey.WhentheNewJerseycompanydepositsthemoneyinitsNewYorkbankthereisafinancialaccountcreditforNewYorkandacorrespondingdebitforNewJersey.IfthetransactionisincashthenthecorrespondingdebitforNewJerseyandcreditforNewYorkalsoshowupintheirfinancialaccounts.NewJerseyacquiresdollarbills(animportofassetsfromNewYork,andthereforeadebititeminitsfinancialaccount);NewYorklosesthedollars(anexportofdollarbills,andthusafinancialaccountcredit).Noticethatthislastadjustmentisanalogoustowhatwouldoccurunderagoldstandard(seeChapter19).
5.a.Sincenon-centralbankcapitalinflowsfellshortofthecurrent-accountdeficitby$500million,thebalanceofpaymentsofPecunia(officialsettlementsbalance)was-$500million.Thecountryasawholesomehowhadtofinanceits$1billioncurrent-accountdeficit,soPecunia'snetforeignassetsfellby$1billion.
b.Bydippingintoitsforeignreserves,thecentralbankofPecuniafinancedtheportionofthecountry'scurrent-accountdeficitnotcoveredbyprivatefinancialinflows.OnlyifforeigncentralbankshadacquiredPecunianassetscouldthePecuniancentralbankhaveavoidedusing$500millioninreservestocompletethefinancingofthecurrentaccount.Thus,Pecunia'scentralbanklost$500millioninreserves,whichwouldappearasanofficialfinancialinflow(ofthesamemagnitude)inthecountry'sbalanceofpaymentsaccounts.
c.IfforeignofficialcapitalinflowstoPecuniawere$600million,thecountryhadabalanceofpaymentssurplusof$100million.Putanotherway,thecountryneededonly$1billiontocoveritscurrent-accountdeficit,but$1.1billionflowedintothecountry.ThePecuniancentralbankmust,therefore,haveusedtheextra$100millioninforeignborrowingtoincreaseitsreserves.PurchasesofPecunianassetsbyforeigncentralbanksentertheircountries'balanceofpaymentsaccountsasoutflows,whicharedebititems.TherationaleisthatthetransactionsresultinforeignpaymentstothePecunianswhoselltheassets.
d.Alongwithnon-centralbanktransactions,theaccountswouldshowanincreaseinforeignofficialreserveassetsheldinPecuniaof$600million(afinancialaccountcredit,orinflow)andanincreasePecunianofficialreserveassetsheldabroadof$100billion(afinancialaccountdebit,oroutflow).Ofcourse,totalnetfinancialinflowsof$1billionjustcoverthecurrent-accountdeficit.
6.Acurrentaccountdeficitorsurplusisasituationwhichmaybeunsustainableinthelongrun.Thereareinstancesinwhichadeficitmaybewarranted,forexampletoborrowtodaytoimproveproductivecapacityinordertohaveahighernationalincometomorrow.Butforanyperiodofcurrentaccountdeficittheremustbeacorrespondingperiodinwhichspendingfallsshortofincome(i.e.acurrentaccountsurplus)inordertopaythedebtsincurredtoforeigners.Intheabsenceofunusualinvestmentopportunities,thebestpathforaneconomymaybeoneinwhichconsumption,relativetoincome,issmoothedoutovertime.
Thereservesofforeigncurrencyheldbyacountry'scentralbankchangewithnonzerovaluesofitsofficialsettlementsbalance.Centralbanksusetheirforeigncurrencyreservestoinfluenceexchangerates.Adepletionofforeignreservesmaylimitthecentralbank'sabilitytoinfluenceorpegtheexchangerate.Forsomecountries(particularlydevelopingcountries),central-bankreservesmaybeimportantasawayofallowingtheeconomytomaintainconsumptionorinvestmentwhenforeignborrowingisdifficult.Ahighlevelofreservesmayalsoperformasignalingrolebyconvincingpotentialforeignlendersthatthecountryiscredit-worthy.Thebalanceofpaymentsofareserve-currencycenter(suchastheUnitedStatesundertheBrettonWoodssystem)raisesspecialissuesbestpostponeduntilChapter18.
7.Theofficialsettlementsbalance,alsocalledthebalanceofpayments,showsthenetchangeininternationalreservesheldbyU.S.governmentagencies,suchastheFederalReserveandtheTreasury,relativetothechangeindollarreservesheldbyforeigngovernmentagencies.Thisaccountprovidesapartialpictureoftheextentofinterventionintheforeignexchangemarket.Forexample,supposetheBundesbankpurchasesdollarsanddepositstheminitsEurodollaraccountinaLondonbank.Althoughthistransactionisaformofintervention,itwouldnotappearintheofficialsettlementsbalanceoftheUnitedStates.Instead,whentheLondonbankcreditsthisdepositinitsaccountintheUnitedStates,thistransactionwillappearasaprivatefinancialflow.
8.Acountrycouldhaveacurrentaccountdeficitandabalanceofpaymentssurplusatthesametimeifthefinancialandcapitalaccountsurplusesexceededthecurrentaccountdeficit.Recallthatthebalanceofpaymentssurplusequalsthecurrentaccountsurplusplusthefinancialaccountsurplusplusthecapitalaccountsurplus.If,forexample,thereisacurrentaccountdeficitof$100million,buttherearelargecapitalinflowsandthecapitalaccountsurplusis$102million,thentherewillbea$2millionbalanceofpaymentssurplus.
Thisproblemcanbeusedasanintroductiontointervention(orlackthereof)intheforeignexchangemarket,atopictakenupinmoredetailinChapter17.ThegovernmentoftheUnitedStatesdidnotinterveneinanyappreciablemannerintheforeignexchangemarketsinthefirsthalfofthe1980s.The“textbook”consequenceofthisisabalanceofpaymentsofzero,whiletheactualfiguresshowedaslightbalanceofpaymentssurplusbetween1982and1985.Theseyearswerealsomarkedbylargecurrentaccountdeficits.Thus,thefinancialinflowsintotheUnitedStatesbetween1982and1985exceededthecurrentaccountdeficitsinthose
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