国际货币与金融经济学习题答案.docx
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国际货币与金融经济学习题答案.docx
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国际货币与金融经济学习题答案
.
AnswerstoEndofChapterQuestions
Chapter1
KeepingUpWithaChangingWorld-TradeFlows,CapitalFlows,
andtheBalanceOfPayments
1.Thebalanceonmerchandisetradeisthedifferencebetweenexports
ofgoods,719andtheimportsofgoods,1,145,foradeficitof426.
Thebalanceongoods,servicesandincomeis719+279+284
–1145
-210–269,foradeficitof342.Addingunilateraltransferstothisgivesacurrentaccountdeficitof391,[-342+(-49)=-391].(Notethatincomereceiptsarecreditsandincomepaymentsaredebits.)
2.Becausethecurrentaccountbalanceis
adeficitof391,
thenwithout
astatisticaldiscrepancy,thecapitalaccountisasurplusof391.
Inthisproblem,
however,thestatistical
discrepancyis
recordedas
apositiveamount(credit)of11.Hence,thesumofthedebitsin
thebalanceofpaymentsmustexceedthecreditsby11.So,the
deficitofthecurrentaccountmustbegreaterthanthesurpluson
thecapitalaccountby11.Thecapitalaccount,therefore,isa
surplusof391
–11=380.
3.Abalance-of-paymentsequilibriumiswhenthedebitsandcreditsin
thecurrentaccountandtheprivatecapitalaccountsumtozero.Intheproblemabovewedonotknowtheprivatecapitalaccountbalance.Wecannotsay,therefore,whetherthiscountryisexperiencingabalance-of-paymentssurplusordeficitorifitisinequilibrium.
4Thecurrentaccountisadeficitof$541,830andtheprivatecapital
accountbalanceisasurplusof$369,068.TheU.S.,therefore,hasabalanceofpaymentsdeficit.
5Positiveaspectsofbeinganetdebtorincludethepossibilityoffinancingdomesticinvestmentthatisnot
possiblethroughdomesticsavings;therebyallowingfordomesticcapitalstockgrowthwhichmayallowjob,
productivity,andincomegrowth.Negativeaspectsinclude
...
.
thefactthatforeignsavingsmaybeusedtofinancedomesticconsumptionratherthandomesticsavings;whichwillcompromisethegrowthsuggestedabove.
Positiveaspectsofbeinganetcreditorincludetheownershipofforeignassetswhichcanrepresentanincomeflowstothecrediting
country.Further,thenetcreditorpositionalsoimpliesanet
exportingposition.Anegativeaspectofbeinganetcreditor
includesthefactthatforeigninvestmentmaysubstitutefordomestic
investment.
6Anationmaydesiretoreceivebothportfolioanddirectinvestment
duetothetypeofinvestmenteachrepresents.Portfolioinvestment
isafinancialinvestmentwhiledirectinvestmentisdominatedbythe
purchaseofactual,real,productiveassets.Totheextentthata
countrycanbenefitbyeachtypeofinvestment,itwilldesireboth
typesofinvestment.Further,portfolioinvestmenttendstobe
short-runinnature,whileFDItendstobelong-run
innature.This
isalsoaddressedinmuchgreaterdetailinChapter7.
7.
DomesticSavings-DomesticInvestment=Current
AccountBalance
DomesticSavings-DomesticInvestment=NetCapitalFlowsTherefore,CurrentAccountBalance=NetCapitalFlows
8Usingtheequationsabove,privatesavingsof5percentofincome,governmentsavingsof-1percent,andinvestmentexpendituresof10percentwouldresultsinacurrentaccountdeficitof6percentofincomeandacapitalaccountsurplus(netcapitalinflows)of6percentofincome.Thiscouldbecorrectedwithareductioninthegovernmentdeficit(toasurplus)and/oranincreaseinprivatesavings.
Chapter2
TheMarketforForeignExchange
1.Becauseitcostsfewerdollarstopurchaseaeuroaftertheexchangeratechange,theeurodepreciatedrelativetothedollar.Therate
ofdepreciation(inabsolutevalue)was[(1.2168–1.2201)/1.2201]100=0.27percent.
...
.
2.Notethattheratesprovidedaretheforeigncurrencypricesofthe
U.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
-
3Thecross
rateis
1.702/1.234
=1.379(?
/
£),whichis
smaller
invalue
thanthatobservedintheLondonmarket.Thearbitrageurwould
purchase
£587,544($1,000,000/1.702)withthe$1millionintheNew
Yorkmarket.Next
theywouldusethe£587,544inLondonto
purchase
?
837,250
(£587,544*1.425).Finally,
theywouldsellthe
?
837,250
intheNewYorkmarketfor$1,033,167(?
837,250*1.234).Theprofit
is#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.Theweightassignedtothe
eurois424,861/796,280=0.53andtheweightassignedtotheCanadiandollaris0.47.(Recalltheweightsmustsumtounity.)
Becausethebaseyearis2003,the2003EERis100.Thevalueofthe
2004EERis:
[(0.82/0.88)
?
0.53+(1.56/1.59)
?
0.47]?
100=(0.4939+0.4611)?
100
=95.4964,
or95.5.Thisrepresents
a4.5
percent
depreciationof
the
U.S.dollar.
5Therealeffectiveexchangerate(REER)for2003isstill100.The
realratesofexchangeare,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.The
value
ofthe2004REERis:
[(0.8530/0.9187)
?
0.53+(1.6059/1.6541)
?
0.47]?
100=(0.4921+
0.4563)?
100=94.84,or94.8.Thisrepresentsa5.2percent
depreciationoftheU.S.dollarinrealterms
6.Thisisanominal
appreciation
of
the
euro
relative
totheU.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.
...
.
8InrealtermstheeuroappreciatedrelativetotheU.S.dollar.The
rateofappreciationis[(1.1335–1.0016)/1.0016]*100=13.17percent.
9AbsolutePPPsuggeststheMay2004exchangerateshouldbe122.2/116.4
=1.0498.Theactualexchangerateis1.19.Hence,theeurois
overvaluedrelativetotheU.S.dollarby(1.19–
1.0498)/1.0498]?
100=13.35percent.
10RelativePPPcanbeusedtocalculateapredictedvalueoftheexchange
rateas:
SPPP=1.05?
[(122.2/112.7)/(116.4/107.5)]=1.0014.
11.Theactualexchangerateis1.19.Hence,theeuroisovervalued
relativetotheU.S.dollarby(1.19–1.0014)/1.0014]?
100=18.83
percent.
Chapter3
ExchangeRateSystems,PasttoPresent
1.Rankingthevariousexchangeratearrangementsbyflexibilityisnotsoclearcut.Nonethelessthearrangementsdescribedinthis
chapterare(fromfixedtoflexible):
dollarization,currencyboard,
commodity(standard)peg,dollar(standard)peg,currencybasketpeg,crawlingpeg,managedfloat,flexible.
2.ThetwoprimaryfunctionsoftheInternationalMonetaryFundare:
surveillanceofmembernations'macroeconomicpolicies,andtoprovideliquiditytomembernationsexperiencingpaymentsimbalances.
3.
The
valueofthe
Canadiandollarrelativeto
goldis
CAN$69(1.38
?
$50)andthevalueoftheBritishpoundrelativetogoldis
£33.33($50/1.50).
4.
Theexchangerate
betweentheCanadiandollar
andthe
Britishpound
isC$/£2.07(1.38
?
1.50).
5.Thecurrencyvalueofthepesocanbeexpressedas$0.50+?
.50=P1.Theexchangeratebetweenthedollarandtheeurocanbeusedto
converttheeuroamounttoitsdollarequivalentof$0.55.Hence,$1.05=P1,orandexchangevalueof0.952P/$.Usingtheexchange
...
.
ratebetweenthedollarandtheeuroagain,theexchangerate
betweenthepesoandtheeurois0.1.P/?
(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,inthe
Smithsoniansystem,thedollarwasnotpeggedtothevalueofgold.OnereasonthatthesystemwasshortwasbecausetherewaslittleconfidencethatU.S.economicpolicywouldbeconductedinamannerconducivetoasystemofpeggedexchangerates.
8.Theprincipleresponsibilitiesofacurrencyboardaretoissue
domesticcurrencynotesandpegthevalueofthedomesticcurrency.
Acurrencyboardisnotallowedtopurchasedomesticdebt,actas
alenderoflastresort,orsetreserverequirements.
9.TheLourveaccordestablishedunofficiallimitsoncurrencyvalue
movements.Inasense,itwaspegwithbandsforeachofthemaincurrencies(dollar,yenandmark).
10.Differencesinthefundamentaldeterminantsofcurrencyvaluesbetweenthepeggingcountryandtheothercountryshouldbe
considered.Tothispointofthetext,therateofinflationis
agoodexample.RelativePPPcanbeusedtodeterminetherateofcrawl.
11.
Underacurrencyboardsystem,anation
stillmaintains
its
domestic
currency.Hence,policymakerscanchangeexchangeratepolicies
andmonetarypolicies
iftheysodesire.Whenanation
dollarizes
anddisposesofits
domesticcurrency
itnolongerhasthis
option.
Chapter4
TheForwardCurrencyMarketandInternationalFinancial
Arbitrage
1.Giventhattheexchangerateisexpressedasdollarstoeuros,wetreatthedollarasthedomesticcurrency.Notealsothatinterestratesare
...
.
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