short answer国际经济学Word下载.docx
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Acountryisanetcreditorwhenitsclaimsonforeignnationsexceedforeignclaimsonit.Thenationisanetdebtorwhenforeignnations'
claimsonitexceeditsclaimsonforeignnations.
ESSAY
1.HowdowemeasuretheinternationalinvestmentpositionoftheUnitedStatesatanypointintime?
HowdidtheU.S.becomeanetdebtornationsorapidly?
TheinternationalinvestmentpositionoftheUnitedStatesismeasuredbythemonetaryvalueofU.S.assetsabroadversusforeignassetsintheUnitedStates.Unlikethebalanceofpayments,whichisaflowconcept,thebalanceofinternationalindebtednessisastockconcept.ThereasonfortheU.S.becominganetdebtornationisthatforeigninvestorshaveplacedmorefundsintheUnitedStatesthantheU.S.residentshaveinvestedabroad.TheUnitedStateshasbeenconsideredattractivetoforeigninvestors.
2.Whatdoesacurrentaccountdeficitmean?
Whenacountryrealizesadeficitinitscurrentaccount,ithasanexcessofimportsoverexportsofgoods,services,income,andunilateraltransfers.Thisleadstoanincreaseinnetforeignclaimsuponthehomecountry.Thehomecountrybecomesanetdemanderoffundsfromabroad,thedemandbeingmetthroughborrowingfromothercountriesorliquidatingforeignassets.Theresultisaworseningofthehomecountry'
snetforeigninvestmentposition.
1.Whatforeignexchangetransactionsdobankstypicallyengagein?
Bankstypicallyengageinspot,forward,andswaptransactions.
2.Howistheequilibriumrateofexchangedetermined?
Theequilibriumrateofexchangeinafreemarketisdeterminedbytheintersection(交集)ofthesupplyanddemandschedulesofforeignexchange.
1.Isitpossibletotradeforeignexchangeinthefuturesmarket?
Howdoessuchtradingdifferfromtheforwardmarket?
Yes.Inthefuturesmarket,contractingpartiesagreetofutureexchangesofcurrenciesandsetapplicableexchangeratesinadvance.Thefuturesmarketisdistinguishedfromtheforwardmarketinthatonlyalimitednumberofleadingcurrenciesaretraded;
moreover,tradingtakesplaceinastandardizedcontractamountandinaspecificgeographiclocation.
2.Whereareforeigncurrencyoptionstraded?
Foreign-currencyoptionsaretradedinavarietyofcurrenciesinEuropeandtheUnitedStates.Thebankmarketforforeign-currencyoptionsconsistsoflargeU.S.banksthatwriteoptionsfortheircorporatecustomers.Inaddition,theAmsterdam,Montreal,andPhiladelphiaexchangesprovidecentralizedtradingfloorsdevotedtoforeign-currency-optiontrading.
1.Whatisthepurchasingpowerparityapproachtoexchangeratedetermination?
Thepurchasingpowerparityapproachassertsthatchangesinrelativenationalpricelevelsdeterminechangesinexchangeratesoverthelongrun.Acurrencymaintainsitspurchasingpowerparityifitdepreciates(appreciates)byanamountequaltotheexcessofdomestic(foreign)inflationoverforeign(domestic)inflation.
2.Whatisexchangerateovershooting?
Anexchangerateissaidtoovershootwhenitsshort-runresponsetoachangeinmarketfundamentalsisgreaterthanitslong-runresponse.
1.Inafreemarket,whatdeterminesexchangeratesinthelongrunandtheshortrun?
Thelong-rundeterminantsofexchangeratesincludemarketfundamentalssuchasconsumerpreferencesfordomesticandforeigngoods,governmenttradepolicies,productivitylevels,andrelativepricelevels.Intheshortrun,exchangeratesaredeterminedbyinterestratedifferentialsandmarketexpectationsconcerningeconomicgrowth,inflationrates,andinterestrates.
2.Whatistheassetmarketapproachtoexchangeratedetermination?
Overshortperiodsoftime,decisionstoholddomesticorforeignfinancialassetsplayamuchgreaterroleinexchangeratedeterminationthanthedemandforimportsandexportsdoes.Accordingtotheassetmarketapproach,investorsconsidertwokeyfactorswhendecidingbetweendomesticandforeigninvestments:
relativeinterestratesandexpectedchangesinexchangerates.Changesinthesefactors,inturn,accountforfluctuationsinexchangeratesthatweobserveintheshortrun.
1.Comparedtoclassicaleconomists,howdidKeynesianeconomicschangethediscussionoftradeadjustment?
Keynesianeconomicsputagreateremphasisontheincomeeffectsoftradeinexplainingtradeadjustment.Theclassicaleconomistsemphasizedpriceandinterestrateadjustments.
2.Whatistheforeignrepercussioneffect?
Itreferstoasituationinwhichachangeinonenation'
smacroeconomicvariablesrelativetoanothernationwillinduceachainreactioninbothnations'
economies.Theconsequenceisthatariseinincomeofanationwithabalance-of-paymentssurplusandthefallinincomeofthenationwithabalance-of-paymentsdeficitaredampened.
1.ExplainDavidHume'
stheoryofautomaticadjustmentforbalanceofpaymentsdisequilibria.
DavidHume'
stheoryprovidedanexplanationoftheautomaticadjustmentprocessthatoccurredunderthegoldstandard.Startingfromaconditionofpaymentsbalance,anysurplusordeficitwouldautomaticallybeeliminatedbychangesindomesticpricelevels.Nationswithapaymentssurpluswouldexperienceinflation;
thiswouldleadtoalossofcompetitiveness,adecreaseinnetexports,andafallinthesurplus.Theoppositeappliestonationswithapaymentsdeficit.
2.Isthemonetaryapproachtothebalance-of-paymentspartofthetraditionaladjustmenttheories?
Themonetaryapproachtothebalanceofpaymentsispresentedasanalternative,ratherthanasupplementtotraditionaladjustmenttheories.Itmaintainsthat,overthelongrun,paymentsdisequilibriaarerootedintherelationshipbetweenthedemandforandthesupplyofmoney.Adjustmentinthebalanceofpaymentsisviewedasanautomaticprocess.
1.Howdodemandelasticitiesinfluenceacountry'
stradepositionwhenexchangerateschange?
Accordingtotheelasticitiesapproach,currencydepreciationleadstothegreatestimprovementinacountry'
stradepositionwhendemandelasticitiesarehigh.Thisisbecausetheresponseoftradevolumestoexchange-ratechangesishighestwhendemandiselastic.
2.Howistheabsorptionapproachusedforanalyzingtheeffectsofcurrencydevaluation?
Theabsorptionapproachprovidesinsightsaboutthechangesinthetradebalancebyconsideringtheimpactofdevaluationonthespendingbehaviorofthedomesticeconomyandtheinfluenceofdomesticspendingonthetradebalance.
1.Whatisapass-throughrelationship?
Theextenttowhichexchange-ratechangesleadtochangesinimportpricesandexportpricesisknownasthepass-throughrelationship.Complete(partial)pass-throughoccurswhenachangeintheexchangeratebringsaboutaproportionate(lessthanproportionate)changeinexportpricesandimportprices.Empiricalevidencesuggeststhatpass-throughtendstobepartialratherthancomplete.
2.Howdomovementsinexchangeratesaffectdomesticcosts,inthepresenceofforeignsourcing?
Manufacturersoftenobtaininputsfromabroadwhosecostsaredenominatedintermsofaforeigncurrency.Asforeign-currency-denominatedcostsbecomealargerportionofaproducer'
stotalcosts,anappreciationofthedomesticcurrencyleadstoasmallerincreaseintheforeign-currencycostofthefirm'
soutputandalargerdecreaseinthedomesticcostofthefirm'
soutput,comparedtothecostchangesthatoccurwhenallinputcostsaredenominatedinthedomesticcurrency.Theoppositeappliesforcurrencydepreciation.
1.Whichnationsusemultipleexchangeratesthemostandwhy?
Multipleexchangeratesareusedprimarilybythedevelopingnationswhowishtoensurethatnecessarygoodsareimportedandlessessentialgoodsarediscouraged.
2.WhatisanSDR?
TheSDRisacurrencybasketcomposedoffivecurrenciesestablishedbytheInternationalMonetaryFund.Nationsdesiringexchange-ratestabilityareattractedtotheSDRasacurrencybasketagainstwhichtoanchortheircurrencyvalues.
1.Whatisthedifferencebetweenthecrawlingpegandadjustablepeggedexchangerates?
Undertheadjustablepeg,currenciesaretiedtoaparvaluethatchangesinfrequentlybutsuddenly,usuallyinlargejumps.Thecrawlingpegallowsanationtomakesmallchangesinparvalues,perhapsseveraltimesayear,sothattheycreepalongslowlyinresponsetoevolvingmarketconditions.
2.Howcancurrencyboardsanddollarizationpreventcurrencycrises?
Acurrencyboardisamonetaryauthoritythatissuesnotesandcoinsconvertibleintoaforeigncurrencyatafixedexchangerate.Themostvitalcontributionacurrencyboardcanmaketoexchange-ratestabilityistoimposedisciplineontheprocessofmoneycreation.Thisresultsingreaterstabilityondomesticpriceswhich,inturn,stabilizesthevalueofthedomesticcurrency.DollarizationoccurswhenresidentsofacountyusetheU.S.dollaralongsideorinsteadoftheirowncurrency.Dollarizationisseenasawaytoprotectacountry'
sgrowthandprosperityfromboutsofinflation,currencydepreciation,andspeculativeattacksagainstthelocalcurrency.
PTS:
1
1.Whatpolicyinstrumentshouldbeusedwhendemand-
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