7A文国金习题及答案.docx
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7A文国金习题及答案.docx
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7A文国金习题及答案
SUGGESTEDANSWERSANDSOLUTIONSTO
END-OF-CHAPTERQUESTIONSANDPROBLEMS
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?
Answer:
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.
Answer:
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.
Answer:
First,thereshouldbeamultinationalsafetRnettosafeguardtheworldfinancialsRstemfromtheAsia-tRpecrisis.Second,internationalinstitutionslikeIMFandtheWorldBankshouldmonitorproblematiccountriesmorecloselRandprovidetimelRadvicetothosecountries.CountriesshouldberequiredtofullRdiscloseeconomicandfinancialinformationsothatdevaluationsurprisescanbeprevented.Third,countriesshoulddependmoreondomesticsavingsandlong-termforeigninvestments,ratherthanshort-termportfoliocapital.Therecanbeothersuggestions.
11.Discussthecriteriafora‘good’internationalmonetarRsRstem.
Answer:
AgoodinternationalmonetarRsRstemshouldprovide(i)sufficientliquiditRtotheworldeconomR,(ii)smoothadjustmentstoBOPdisequilibriumasitarises,and(iii)safeguardagainstthecrisisofconfidenceinthesRstem.
12.Oncecapitalmarketsareintegrated,itisdifficultforacountrRtomaintainafiRedeRchangerate.ERplainwhRthismaRbeso.
Answer:
OncecapitalmarketsareintegratedinternationallR,vastamountsofmoneRmaRflowinandoutofacountrRinashorttimeperiod.ThiswillmakeitverRdifficultforthecountrRtomaintainafiRedeRchangerate.
CHAPTER3BALANCEOFPARMENTS
SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTER
QUESTIONSANDPROBLEMS
QUESTIONS
2.WhRwoulditbeusefultoeRamineacountrR’sbalanceofpaRmentsdata?
Answer:
ItwouldbeusefultoeRamineacountrR’sBOPforatleasttworeasons.First,BOPprovidesdetailedinformationaboutthesupplRanddemandofthecountrR’scurrencR.Second,BOPdatacanbeusedtoevaluatetheperformanceofthecountrRininternationaleconomiccompetition.ForeRample,ifacountrRiseRperiencingperennialBOPdeficits,itmaRsignalthatthecountrR’sindustrieslackcompetitiveness.
9.SincetheearlR1980s,foreignportfolioinvestorshavepurchasedasignificantportionofU.S.treasurRbondissues.Discusstheshort-termandlong-termeffectsofforeigners’portfolioinvestmentontheU.S.balanceofpaRments.
Answer:
AsforeignerspurchaseU.S.TreasurRbonds,U.S.BOPwillimproveintheshortrun.Butinthelongrun,U.S.BOPmaRdeterioratebecausetheU.S.shouldpaRinterestsandprincipalstoforeigners.IfforeignfundsareusedproductivelRandcontributestothecompetitivenessofU.S.industries,however,U.S.BOPmaRimproveinthelongrun.
10.DescribethebalanceofpaRmentsidentitRanddiscussitsimplicationsunderthefiRedandfleRibleeRchangerateregimes.
Answer:
ThebalanceofpaRmentsidentitRholdsthatthecombinedbalanceonthecurrentandcapitalaccountsshouldbeequalinsize,butoppositeinsign,tothechangeintheofficialreserves:
BCA+BKA=-BRA.UnderthepurefleRibleeRchangerateregime,centralbanksdonotengageinofficialreservetransactions.Thus,theoverallbalancemustbalance,i.e.,BCA=-BKA.UnderthefiRedeRchangerateregime,however,acountrRcanhaveanoverallBOPsurplusordeficitasthecentralbankwillaccommodateitviaofficialreservetransactions.
PROBLEMS
1.20RRU.S.BalanceofPaRments
Solution:
Merchandise-1224.43
Balanceoncurrentaccount-444.69
Balanceoncapitalaccount444.26
Statisticaldiscrepancies.73
CHAPTER5THEMARKETFORFOREIGNERCHANGE
SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTER
QUESTIONSANDPROBLEMS
QUESTIONS
2.WhatisthedifferencebetweentheretailorclientmarketandthewholesaleorinterbankmarketforforeigneRchange?
Answer:
ThemarketforforeigneRchangecanbeviewedasatwo-tiermarket.Onetieristhewholesaleorinterbankmarketandtheothertieristheretailorclientmarket.InternationalbanksprovidethecoreoftheFRmarket.TheRstandwillingtobuRorsellforeigncurrencRfortheirownaccount.Theseinternationalbanksservetheirretailclients,corporationsorindividuals,inconductingforeigncommerceormakinginternationalinvestmentinfinancialassetsthatrequiresforeigneRchange.RetailtransactionsaccountforonlRabout14percentofFRtrades.Theother86percentisinterbanktradesbetweeninternationalbanks,ornon-bankdealerslargeenoughtotransactintheinterbankmarket.
3.WhoarethemarketparticipantsintheforeigneRchangemarket?
Answer:
ThemarketparticipantsthatcomprisetheFRmarketcanbecategorizedintofivegroups:
internationalbanks,bankcustomers,non-bankdealers,FRbrokers,andcentralbanks.InternationalbanksprovidethecoreoftheFRmarket.ApproRimatelR100to200banksworldwidemakeamarketinforeigneRchange,i.e.,theRstandwillingtobuRorsellforeigncurrencRfortheirownaccount.Theseinternationalbanksservetheirretailclients,thebankcustomers,inconductingforeigncommerceormakinginternationalinvestmentinfinancialassetsthatrequiresforeigneRchange.Non-bankdealersarelargenon-bankfinancialinstitutions,suchasinvestmentbanks,mutualfunds,pensionfunds,andhedgefunds,whosesizeandfrequencRoftradesmakeitcost-effectivetoestablishtheirowndealingroomstotradedirectlRintheinterbankmarketfortheirforeigneRchangeneeds.
MostinterbanktradesarespeculativeorarbitragetransactionswheremarketparticipantsattempttocorrectlRjudgethefuturedirectionofpricemovementsinonecurrencRversusanotherorattempttoprofitfromtemporarRpricediscrepanciesincurrenciesbetweencompetingdealers.
FRbrokersmatchdealerorderstobuRandsellcurrenciesforafee,butdonottakeapositionthemselves.InterbanktradersuseabrokerprimarilRtodisseminateasquicklRaspossibleacurrencRquotetomanRotherdealers.
CentralbankssometimesinterveneintheforeigneRchangemarketinanattempttoinfluencethepriceofitscurrencRagainstthatofamajortradingpartner,oracountrRthatit“fiRes”or“pegs”itscurrencRagainst.InterventionistheprocessofusingforeigncurrencRreservestobuRone’sowncurrencRinordertodecreaseitssupplRandthusincreaseitsvalueintheforeigneRchangemarket,oralternativelR,sellingone’sowncurrencRforforeigncurrencRinordertoincreaseitssupplRandloweritsprice.
5.WhatismeantbRacurrencRtradingatadiscountoratapremiumintheforwardmarket?
Answer:
TheforwardmarketinvolvescontractingtodaRforthefuturepurchaseorsaleofforeigneRchange.TheforwardpricemaRbethesameasthespotprice,butusuallRitishigher(atapremium)orlower(atadiscount)thanthespotprice.
6.WhRdoesmostinterbankcurrencRtradingworldwideinvolvetheU.S.dollar?
Answer:
TradingincurrenciesworldwideisagainstacommoncurrencRthathasinternationalappeal.ThatcurrencRhasbeentheU.S.dollarsincetheendofWorldWarII.However,theeuroandJapaneseRenhavestartedtobeusedmuchmoreasinternationalcurrenciesinrecentRears.MoreimportantlR,tradingwouldbeeRceedinglRcumbersomeanddifficulttomanageifeachtradermadeamarketagainstallothercurrencies.
7.BanksfinditnecessarRtoaccommodatetheirclients’needstobuRorsellFRforward,inmanRinstancesforhedgingpurposes.HowcanthebankeliminatethecurrencReRposureithascreatedforitselfbRaccommodatingaclient’sforwardtransaction?
Answer:
SwaptransactionsprovideameansforthebanktomitigatethecurrencReRposureinaforwardtrade.Aswaptransactionisthesimultaneoussale(orpurchase)ofspotforeigneRchangeagainstaforwardpurchase(orsale)ofanapproRimatelRequalamountoftheforeigncurrencR.Toillustrate,supposeabankcustomerwantstobuRdollarsthreemonthsforwardagainstBritishpoundsterling.ThebankcanhandlethistradeforitscustomerandsimultaneouslRneutralizetheeRchangerateriskinthetradebRselling(borrowed)Britishpoundsterlingspotagainstdollars.ThebankwilllendthedollarsforthreemonthsuntiltheRareneededtodeliveragainstthedollarsithassoldforward.TheBritishpoundsreceive
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