托马斯国际金融课后习题答案托马斯国际金.docx
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托马斯国际金融课后习题答案托马斯国际金.docx
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托马斯国际金融课后习题答案托马斯国际金
托马斯国际金融课后习题答案托马斯国际金
Suggestedanswerstoquestionsandproblems
(inthetextbook)
Chapter2
2.Disagree,atleastasageneralstatement.Onemeaningofacurrentaccountsurplusisthat
thecountryisexportingmoregoodsandservicesthanitisimporting.Onemighteasily
judgethatthisisnotgood—thecountryisproducinggoodsandservicesthatare
exported,butthecountryisnotatthesametimegettingtheimportsofgoodsandservices
thatwouldallowitdomoreconsumptionanddomesticinvestment.Inthiswayacurrent
accountdeficitmightbeconsideredgood—theextraimportsallowthecountryto
consumeandinvestdomesticallymorethanthevalueofitscurrentproduction.Another
meaningofacurrentaccountsurplusisthatthecountryisengaginginforeignfinancial
investment—itisbuildingupitsclaimsonforeigners,andthisaddstonationalwealth.
Thissoundsgood,butasnotedaboveitcomesatthecostofforegoingcurrentdomestic
purchasesofgoodsandservices.Acurrentaccountdeficitisthecountryrunningdown
itsclaimsonforeignersorincreasingitsindebtednesstoforeigners.Thissoundsbad,but
itcomeswiththebenefitofhigherlevelsofcurrentdomesticexpenditure.Different
countriesatdifferenttimesmayweighthebalanceofthesecostsandbenefitsdifferently,
sothatwecannotsimplysaythatacurrentaccountsurplusisbetterthanacurrent
accountdeficit.
4.Disagree.Ifthecountryhasasurplus(apositivevalue)foritsofficialsettlements
balance,thenthevalueforitsofficialreservesbalancemustbeanegativevalueofthe
sameamount(sothatthetwoaddtozero).Anegativevalueforthisassetitemmeansthat
fundsareflowingoutinorderforthecountrytoacquiremoreofthesekindsofassets.
Thus,thecountryisincreasingitsholdingsofofficialreserveassets.
6.ItemeisatransactioninwhichforeignofficialholdingsofU.S.assetsincrease.Thisisa
positive(credit)itemforofficialreserveassetsandanegative(debit)itemforprivate
capitalflowsastheU.S.bankacquirespoundbankdeposits.Thedebititemcontributes
toaU.S.deficitintheofficialsettlementsbalance(whilethecredititemisrecorded
"belowtheline,"permittingtheofficialsettlementsbalancetobeindeficit).Allother
transactionsinvolvedebitandcredititemsbothofwhichareincludedintheofficial
settlementsbalance,sothattheydonotdirectlycontributetoadeficit(orsurplus)inthe
officialsettlementsbalance.
8.a.Merchandisetradebalance:
$330-198=$132
Goodsandservicesbalance:
$330-198+196-204=$124
Currentaccountbalance:
$330-198+196-204+3-8=$119
Officialsettlementsbalance:
$330-198+196-204+3-8+102-202+4=$23
b.Changeinofficialreserveassets(net)=-officialsettlementsbalance=-$23.
Thecountryisincreasingitsnetholdingsofofficialreserveassets.
126
10.a.Internationalinvestmentposition(billions):
$30+20+15-40-25=$0.
Thecountryisneitheraninternationalcreditornoradebtor.Itsholdingofinternational
assetsequalsitsliabilitiestoforeigners.
b.Acurrentaccountsurpluspermitsthecountrytoaddtoitsnetclaimsonforeigners.
Forthisreasonthecountry'sinternationalinvestmentpositionwillbecomeapositive
value.Theflowincreaseinnetforeignassetsresultsinthestockofnetforeignassets
becomingpositive.
Chapter3
2.Exportsofmerchandiseandservicesresultinsupplyofforeigncurrencyintheforeign
exchangemarket.Domesticsellersoftenwanttobepaidusingdomesticcurrency,while
theforeignbuyerswanttopayintheircurrency.Intheprocessofpayingforthese
exports,foreigncurrencyisexchangedfordomesticcurrency,creatingsupplyofforeign
currency.Internationalcapitalinflowsresultinasupplyofforeigncurrencyinthe
foreignexchangemarket.Inmakinginvestmentsindomesticfinancialassets,foreign
investorsoftenstartwithforeigncurrencyandmustexchangeitfordomesticcurrency
beforetheycanbuythedomesticassets.Theexchangecreatesasupplyofforeign
currency.Salesofforeignfinancialassetsthatthecountry'sresidentshadpreviously
acquired,andborrowingfromforeignersbythiscountry'sresidentsareotherformsof
capitalinflowthatcancreatesupplyofforeigncurrency.
4.TheU.S.firmobtainsaquotationfromitsbankonthespotexchangerateforbuyingyen
withdollars.Iftherateisacceptable,thefirminstructsitsbankthatitwantstousedollars
fromitsdollarcheckingaccounttobuy1millionyenatthisspotexchangerate.Italso
instructsitsbanktosendtheyentothebankaccountoftheJapanesefirm.Tocarryout
thisinstruction,theU.S.bankinstructsitscorrespondentbankinJapantotake1million
yenfromitsaccountatthecorrespondentbankandtransfertheyentothebankaccount
oftheJapanesefirm.(TheU.S.bankcouldalsouseyenatitsownbranchifithasa
branchinJapan.)
6.Thetraderwouldseekoutthebestquotedspotrateforbuyingeuroswithdollars,either
throughdirectcontactwithtradersatotherbanksorbyusingtheservicesofaforeign
exchangebroker.Thetraderwouldusethebestratetobuyeurospot.Sometimeinthe
nexthourorso(or,typicallyatleastbytheendoftheday),thetraderwillenterthe
interbankmarketagain,toobtainthebestquotedspotrateforsellingeurosfordollars.
Thetraderwillusethebestspotratetosellherpreviouslyacquiredeuros.Ifthespot
valueoftheeurohasrisenduringthisshorttime,thetradermakesaprofit.
8.a.Thecrossratebetweentheyenandthekroneistoohigh(theyenvalueofthekroneistoo
high)relativetothedollar-foreigncurrencyexchangerates.Thus,inaprofitable
triangulararbitrage,youwanttosellkroneratthehighcrossrate.Thearbitragewillbe:
Usedollarstobuykronerat$0.20/krone,usethesekronertobuyyenat25yen/krone,
andusetheyentobuydollarsat$0.01/yen.Foreachdollarthatyousellinitially,youcan
obtain5kroner,these5kronercanobtain125yen,andthe125yencanobtain$1.25.The
arbitrageprofitforeachdollaristherefore25cents.
127
b.Sellingkronertobuyyenputsdownwardpressureonthecrossrate(theyenpriceof
krone).Thevalueofthecrossratemustfallto20(=0.20/0.01)yen/kronetoeliminatethe
opportunityfortriangulararbitrage,assumingthatthedollarexchangeratesare
unchanged.
10.a.TheincreaseinsupplyofSwissfrancsputsdownwardpressureontheexchange-rate
value($/SFr)ofthefranc.Themonetaryauthoritiesmustintervenetodefendthefixed
exchangeratebybuyingSFrandsellingdollars.
b.Theincreaseinsupplyoffrancsputsdownwardpressureontheexchange-ratevalue
($/SFr)ofthefranc.Themonetaryauthoritiesmustintervenetodefendthefixed
exchangeratebybuyingSFrandsellingdollars.
c.Theincreaseinsupplyoffrancsputsdownwardpressureontheexchange-ratevalue
($/SFr)ofthefranc.Themonetaryauthoritiesmustintervenetodefendthefixed
exchangeratebybuyingSFrandsellingdollars.
d.Thedecreaseindemandforfrancsputsdownwardpressureontheexchange-rate
value($/SFr)ofthefranc.Themonetaryauthoritiesmustintervenetodefendthefixed
exchangeratebybuyingSFrandsellingdollars.
Chapter4
2.Youwillneeddataonfourmarketrates:
Thecurrentinterestrate(oryield)onbonds
issuedbytheU.S.governmentthatmatureinoneyear,thecurrentinterestrate(oryield)
onbondsissuedbytheBritishgovernmentthatmatureinoneyear,thecurrentspot
exchangeratebetweenthedollarandpound,andthecurrentone-yearforwardexchange
ratebetweenthedollarandpound.Dotheseratesresultinacoveredinterestdifferential
thatisveryclosetozero?
4.a.TheU.S.firmhasanassetpositioninyen—ithasalongpositioninyen.Tohedgeits
exposuretoexchangeraterisk,thefirmshouldenterintoaforwardexchangecontract
nowinwhichthefirmcommitstosellyenandreceivedollarsatthecurrentforwardrate.
Thecontractamountsaretosell1millionyenandreceive$9,000,bothin60days.
b.Thestudenthasanassetpositioninyen—alongpositioninyen.Tohedgetheexposure
toexchangeraterisk,thestudentshouldenterintoaforwardexchangecontractnowin
whichthestudentcommitstosellyenandreceivedollarsatthecurrentforwardrate.The
contractamountsaretosell10millionyenandreceive$90,000,bothin60days.
c.TheU.S.firmhasanliabilitypositioninyen—ashortpositioninyen.Tohedgeits
exposuretoexchangeraterisk,thefirmshouldenterintoaforwardexchangecontract
nowinwhichthefirmcommitstoselldollarsandreceiveyenatthecurrentforwardrate.
Thecontractamountsaretosell$900,000andreceive100millionyen,bothin60days.
128
6.Relativetoyourexpectedspotvalueoftheeuroin90days($1.22/euro),thecurrentforwardrateoftheeuro($1.18/euro)islow—theforwardvalueoftheeuroisrelatively
low.Usingtheprincipleof"buylow,sellhigh,"youcanspeculatebyenteringintoaforwardcontractnowtobuyeurosat$1.18/euro.Ifyouarecorrectinyourexpectation,thenin90daysyouwillbeabletoimmediatelyresellthoseeurosfor$1.22/euro,pocketingaprofitof$0.04foreacheurothatyouboughtforward.Ifmanypeoplespeculateinthisway,thenmassivepurchasesnowofeurosforward(increasingthedemandforeurosforward)willtendtodriveuptheforwardvalueoftheeuro,towardacurrentforwardrateof$1.22/euro.
8.a.TheSwissfrancisataforwardpremium.Itscurr
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