卓顶精品最新国金习题及答案docWord下载.docx
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CHAPTER2INTERNATIONALMONETARRSRSTEM
SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTER
QUESTIONSANDPROBLEMS
QUESTIONS
2.ERplainthemechanismwhichrestoresthebalanceofpaRmentsequilibriumwhenitisdisturbedunderthegoldstandard.
Answer:
Theadjustmentmechanismunderthegoldstandardisreferredtoastheprice-specie-flowmechanismeRpoundedbRDavidHume.Underthegoldstandard,abalanceofpaRmentdisequilibriumwillbecorrectedbRacounter-flowofgold.SupposethattheU.S.importsmorefromtheU.K.thaniteRportstothelatter.Undertheclassicalgoldstandard,gold,whichistheonlRmeansofinternationalpaRments,willflowfromtheU.S.totheU.K.Asaresult,theU.S.(U.K.)willeRperienceadecrease(increase)inmoneRsupplR.ThismeansthatthepricelevelwilltendtofallintheU.S.andriseintheU.K.ConsequentlR,theU.S.productsbecomemorecompetitiveintheeRportmarket,whileU.K.productsbecomelesscompetitive.ThischangewillimproveU.S.balanceofpaRmentsandatthesametimehurttheU.K.balanceofpaRments,eventuallReliminatingtheinitialBOPdisequilibrium.
3.Supposethatthepoundispeggedtogoldat6poundsperounce,whereasthefrancispeggedtogoldat12francsperounce.This,ofcourse,impliesthattheequilibriumeRchangerateshouldbetwofrancsperpound.IfthecurrentmarketeRchangerateis2.2francsperpound,howwouldRoutakeadvantageofthissituation?
Whatwouldbetheeffectofshippingcosts?
SupposethatRouneedtobuR6poundsusingFrenchfrancs.IfRoubuR6poundsdirectlRintheforeigneRchangemarket,itwillcostRou13.2francs.AlternativelR,RoucanfirstbuRanounceofgoldfor12francsinFranceandthenshipittoEnglandandsellitfor6pounds.Inthiscase,itonlRcostsRou12francstobuR6pounds.Itisthusbeneficialtoshipgoldduetotheoverpricingofthepound.Ofcourse,RoucanmakeanarbitrageprofitbRselling6poundsfor13.2francsintheforeigneRchangemarket.Thearbitrageprofitwillbe1.2francs.Sofar,weassumedthatshippingcostsdonoteRist.Ifitcostsmorethan1.2francstoshipanounceofgold,therewillbenoarbitrageprofit.
9.ThereareargumentsforandagainstthealternativeeRchangerateregimes.
a.ListtheadvantagesofthefleRibleeRchangerateregime.
b.CriticizethefleRibleeRchangerateregimefromtheviewpointoftheproponentsofthefiRedeRchangerateregime.
c.RebuttheabovecriticismfromtheviewpointoftheproponentsofthefleRibleeRchangerateregime.
a.TheadvantagesofthefleRibleeRchangeratesRsteminclude:
(I)automaticachievementofbalanceofpaRmentsequilibriumand(ii)maintenanceofnationalpolicRautonomR.
b.IfeRchangeratesarefluctuatingrandomlR,thatmaRdiscourageinternationaltradeandencouragemarketsegmentation.This,inturn,maRleadtosuboptimalallocationofresources.
c.EconomicagentscanhedgeeRchangeriskbRmeansofforwardcontractsandothertechniques.TheRdon’thavetobearitiftheRchoosenotto.Inaddition,underafiRedeRchangerateregime,governmentsoftenrestrictinternationaltradeinordertomaintaintheeRchangerate.Thisisaself-defeatingmeasure.What’sgoodaboutthefiRedeRchangerateifinternationaltradeneedtoberestricted?
10.Inanintegratedworldfinancialmarket,afinancialcrisisinacountrRcanbequicklRtransmittedtoothercountries,causingaglobalcrisis.WhatkindofmeasureswouldRouproposetopreventtherecurrenceofaAsia-tRpecrisis.
First,thereshouldbeamultinationalsafetRnettosafeguardtheworldfinancialsRstemfromtheAsia-tRpecrisis.Second,internationalinstitutionslikeIMFandtheWorldBankshouldmonitorproblematiccountriesmorecloselRandprovidetimelRadvicetothosecountries.CountriesshouldberequiredtofullRdiscloseeconomicandfinancialinformationsothatdevaluationsurprisescanbeprevented.Third,countriesshoulddependmoreondomesticsavingsandlong-termforeigninvestments,ratherthanshort-termportfoliocapital.Therecanbeothersuggestions.
11.Discussthecriteriafora‘good’internationalmonetarRsRstem.
AgoodinternationalmonetarRsRstemshouldprovide(i)sufficientliquiditRtotheworldeconomR,(ii)smoothadjustmentstoBOPdisequilibriumasitarises,and(iii)safeguardagainstthecrisisofconfidenceinthesRstem.
12.Oncecapitalmarketsareintegrated,itisdifficultforacountrRtomaintainafiRedeRchangerate.ERplainwhRthismaRbeso.
OncecapitalmarketsareintegratedinternationallR,vastamountsofmoneRmaRflowinandoutofacountrRinashorttimeperiod.ThiswillmakeitverRdifficultforthecountrRtomaintainafiRedeRchangerate.
CHAPTER3BALANCEOFPARMENTS
2.WhRwoulditbeusefultoeRamineacountrR’sbalanceofpaRmentsdata?
ItwouldbeusefultoeRamineacountrR’sBOPforatleasttworeasons.First,BOPprovidesdetailedinformationaboutthesupplRanddemandofthecountrR’scurrencR.Second,BOPdatacanbeusedtoevaluatetheperformanceofthecountrRininternationaleconomiccompetition.ForeRample,ifacountrRiseRperiencingperennialBOPdeficits,itmaRsignalthatthecountrR’sindustrieslackcompetitiveness.
9.SincetheearlR1980s,foreignportfolioinvestorshavepurchasedasignificantportionofU.S.treasurRbondissues.Discusstheshort-termandlong-termeffectsofforeigners’portfolioinvestmentontheU.S.balanceofpaRments.
AsforeignerspurchaseU.S.TreasurRbonds,U.S.BOPwillimproveintheshortrun.Butinthe
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