国际经济学第九版英文课后答案 第12单元.docx
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国际经济学第九版英文课后答案 第12单元.docx
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国际经济学第九版英文课后答案第12单元
CHAPTER12
INTERNATIONALRESOURCEMOVEMENTSAND
MULTINATIONALCORPORATIONS
OUTLINE
12.1Introduction
12.2SomeDataonInternationalCapitalFlows
CaseStudy12-1:
FluctuationofForeignDirectInvestmentFlowstotheUnitedStates
12.3MotivesforInternationalCapitalFlows
12.3aMotivesforInternationalPortfolioInvestments
12.3bMotivesforDirectForeignInvestmentstotheUnitedStates
CaseStudy12-2:
TheStockofForeignDirectInvestmentsAroundtheWorld
12.4WelfareEffectsofInternationalCapitalFlows
12.4aEffectsontheInvestingandHostCountries
12.4bOtherEffectsontheInvestingandHostCountries
12.5MultinationalCorporations
12.5aReasonsfortheExistenceofMultinationalCorporations
12.5bProblemsCreatedbyMultinationalCorporationsintheHomeCountry
CaseStudy12-3:
TheWorld'sLargestMultinationalIndustrialCorporations
CaseStudy12-4:
EmploymentofU.S.MNCsAbroad
12.5cProblemsCreatedbyMultinationalCorporationsintheHostCountry
12.6MotivesforandWelfareEffectsofInternationalLaborMigration
12.6aMotivesforInternationalLaborMigration
12.6bWelfareEffectsofInternationalLaborMigration
12.6cOtherWelfareEffectsofInternationalLaborMigration
CaseStudy12-5:
BritishandSovietBrainDrainIsU.S.BrainGain
CaseStudy12-6:
U.S.ImmigrationandDebateOverImmigrationPolicy
Appendix:
TheTransferProblem
KeyTerms
PortfolioinvestmentsVerticalintegration
DirectinvestmentsMultinationalcorporations(MNCs)
PortfoliotheoryTransferpricing
RiskdiversificationBraindrain
Horizontalintegration
LectureGuide:
ThisisnotacorechapterandIwouldskipitexceptforsection5onmultinationalcorporationsandsection6onimmigration.Otherwise,Iwouldpresenttwosectionsineachofthreeclasses.
AnswertoProblems:
1.SeeFigure1.
InFigure1,theoutflowofcapitalisshownbytheleftwardandupwardshiftoftheSKcurvetoS'K.Thisincreasesthereturnoncapitaluntilitisequaltothatinthehostorreceivingcountry.
2.SeeFigure2.
InFigure2,theoutflowofcapitalisshownbytherightwardanddownwardshiftoftheSKcurvetoS'K.Thisreducesthereturnoncapitaluntilitisequaltothatintheinvestingcountry.
3.ThedatatoupdateTable12-1isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.
4.ThedatatoupdateTable12-2isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.
5.ThedatatoupdateTable12-3isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.
6.ThedatatoupdateTable12-4isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.
7.TheStatementistrue.
Theprofitabilityofaportfolioisequaltotheweightedaverageoftheyieldofthesecuritiesincludedintheportfolio.Therefore,theprofitabilityofaportfolioofmanysecuritiescanneverexceedtheyieldofthehighest-yieldsecurityintheportfolio.Thesecondpartofthestatementisalsotrueiftheportfolioincludessecuritiesforwhichyieldsareinverselycorrelatedovertime.
8.SeeFigure3.ThegainoftheinvestingcountryisEGR.
9.SeeFigure4.ThegainofthehostorreceivingcountryisERM.
10.ThegeneralprinciplethatcanbededucedfromtheanswerstotheprevioustwoproblemsandfromFigure12-1isthatthenationwiththemorerapidlydecliningVMPKcurvegainsmore.WiththeVMPKcurvesdecliningatequalrates,bothnationsgainequalamounts.
TherateofreturnonU.S.directinvestmentindevelopingnationsoftenexceedstherateofreturnoninvestmentonitinvestmentsindevelopednationsbecauseofrelativescarcityofcapitalandtechnologyandlowerwageratesindevelopingthanindevelopednations.
11.U.S.laborgenerallyopposesU.S.investmentsabroadbecausetheyreducetheK/LratioandtheproductivityandwagesoflaborintheUnitedStates.
AninflowofforeigncapitalleadstoanincreaseintheK/Lratioandintheproductivityandwagesoflabororemploymentindevelopingnations.
12.ThedatatoupdateTable12-6arefoundintheWorldInvestmentReportpublishedyearlybytheUnitedNationsforthemostrecentyear.
App.SeeTable1.
Table1
(a)
(b)
(c)
(d)
Year
PetroleumPrice
OPECExports
OPECImports
USPetroleumImports
(US$/barrel)
(bill.$)
(bill.$)
(bill.$)
1973
2.7
39
20.1
7.6
1974
9.76
119.3
32.1
26.1
1975
10.72
109.8
51.3
26.5
1976
11.51
133
62.2
34.1
1977
12.4
146
83.8
44.2
1978
12.7
141.9
94.9
41.6
1979
16.97
208
101.6
58.6
1980
28.67
294.2
133.2
76.9
Source:
InternationalFinancialStatistics,1981Yearbook.
PetroleumpricesrefertoSaudiArabianprices
Multiple-choiceQuestions:
1.
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