国际金融 阿普亚尔德 习题 作业 练习题Assignment2.docx
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国际金融 阿普亚尔德 习题 作业 练习题Assignment2.docx
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国际金融阿普亚尔德习题作业练习题Assignment2
Assignment2
CHAPTER4
THEMONETARYANDPORTFOLIOBALANCEAPPROACHESTOEXTERNALBALANCE
Part1.Multiple-ChoiceQuestions(onlyoneanswerisright)
1.Supposethat,foracountry,itsmoneysupply(Ms)isatthemomentequaltoitsdemandformoney(Md).Nowsupposethatthecountry’scentralbankpumpsnewmoneyintotheeconomy.Theresultofthiscentralbankaction,otherthingsequal,isthattherewillbe__________underflexibleexchangeratesandaconsequent__________ofthecountry’scurrency.
a.anincipientbalance-of-paymentssurplusforthecountry;appreciation
b.anincipientbalance-of-paymentssurplusforthecountry;depreciation
c.anincipientbalance-of-paymentsdeficitforthecountry;appreciation
d.anincipientbalance-of-paymentsdeficitforthecountry;depreciation
2.Inthemonetaryapproachtothebalanceofpaymentsandtheexchangerate,ifthereisanexcessdemandformoney,theresultisabalance-of-payments__________inafixedexchangeratesituationand__________ofthecountry’scurrencyinaflexibleexchangeratesituation.
a.surplus;anappreciationb.surplus;adepreciation
c.deficit;anappreciationd.deficit;adepreciation
3.Ifidisthedomesticinterestrate,ifistheforeigninterestrate,xaistheexpectedrateofappreciationoftheforeigncurrency(ortheexpectedrateofdepreciationofthehomecurrency),andfinancialcapitalismobileacrosscountries(andassumingnoriskpremium),thenequilibriumininternationalfinancialassetmarketsisindicatedbytheexpression
a.xa=(id/if).b.xa=id+if.c.if=id+xa.d.id=if+xa
4.IfMsisthemoneysupply,BR=reservesofcommercialbanks(depositoryinstitutions),C=currencyheldbythenonbankpublic,anda=themoneymultiplier,then
a.Ms=aBR+Cb.Ms=a(BR+C)
c.BR=Ms–Cd.aC=Ms-BR
5.Intheassetmarketorportfoliobalanceapproach,otherthingsequal,adepreciationofthehomecurrencywouldbecausedby__________ininflationaryexpectationsinthehomecountryandby__________inrealincomeinthehomecountry.
a.anincrease;anincreaseb.anincrease;adecreasec.adecrease;anincreased.adecrease;adecrease
6.Intheportfoliobalanceapproach,whichoneofthefollowing,otherthingsequal,willcauseanincreaseinthedemandfordomesticbondsbyhomecountrycitizens?
a.adecreaseinthehomecountryinterestrate
b.aincreaseinthehomecountrypricelevel
c.anincreaseinthehomecountryrealincomelevel
d.adecreaseintheexpectedrateofappreciationoftheforeigncurrency(oradecreaseintheexpectedrateofdepreciationofthehomecurrency)
7.Inthemonetaryapproachtothebalanceofpaymentsandtheexchangerate,
a.anincreaseinthedemandformoney(withafixedsupply)wouldcauseabalance-of-paymentsdeficitunderfixedexchangerates.
b.anincreaseinthesupplyofmoney(withafixeddemand)wouldcauseabalance-of-paymentssurplusunderfixedexchangerates.
c.adecreaseinthedemandformoney(withafixedsupply)wouldcauseabalance-of-paymentsdeficitunderfixedexchangerates.
d.anincreaseinthesupplyofmoney(withafixeddemand)wouldcausethedomesticcurrencytoappreciateunderflexibleexchangerates.
8.Whichoneofthefollowing,otherthingsequal,wouldNOTcauseanincreaseintheamountofmoneydemandedincountryA?
a.anincreaseinA’snationalincome
b.anincreaseinthepricelevelincountryA
c.afallininterestratesincountryA
d.anincreaseintherateofexpectedinflationinA
9.Inthemonetaryapproachtothebalanceofpayments,underflexibleexchangerates,anincreaseintheproportionofincomethatpeopleincountryAwishtoholdasmoneywould,otherthingsequal,leadtoan__________incountryA’sbalanceofpaymentsandthereforeto__________ofA’scurrencyintheforeignexchangemarkets.
a.incipientsurplus;adepreciation
b.incipientsurplus;anappreciation
c.incipientdeficit;adepreciation
d.incipientdeficit;anappreciation
10.Inconsideringthedemandformoneyinthemonetaryapproachtothebalanceofpayments,itcanbesaidthatthemoneydemandwouldincreaseifhomerealincome__________andifthehomeinterestrate__________.
a.decreases;alsodecreasesb.decreases;increases
c.increases;decreasesd.increases;alsoincreases
11.IntheDornbusch“overshooting”model,assetmarketsadjust__________rapidlytodisturbancesthandogoodsmarkets,andthereforetheexchangerateandthepricelevel__________proportionatelytoeachotherintheshortrun.
a.more;moveb.more;donotmovec.less;moved.less;donotmove
12.Intheportfoliobalancemodel,otherthingsequal,theissuanceofnewbondsbyahomecorporationwill__________thedomesticinterestrateand,especiallyifhomeandforeignbondsareverygoodsubstitutesforeachother,willleadto__________ofthehomecurrency.
a.decrease;adepreciationb.decrease;anappreciationc.increase;adepreciationd.increase;anappreciation
13.Ifeisthecurrentspotrate(unitsofhomecurrencyperunitofforeigncurrency),efwdisthecurrentthree-monthsforwardrate,E(e)istheexpectedspotrateinthreemonths,andxaistheexpectedrateofdepreciationofthehomecurrencyinthreemonths,then,inanefficientforeignexchangemarket,
a.E(e)=efwd.b.e=efwd.c.xa=efwd.d.E(e)=e.
14.Intheportfoliobalancemodel,otherthingsequal,anincreaseinhomecountrywealthbecauseofacurrentaccountsurplus
a.willreducehomecountrydemandformoney.
b.willreducehomecountrydemandforforeignbonds.
c.willhaveanindeterminateeffectonthedomesticinterestrate(withoutmoreinformation).
d.willnotaffectthedomesticdemandforeitherforeignordomesticbonds.
15.Inthemonetaryapproachtotheexchangerate,adecreaseinincomeincountryI
will,otherthingsequal,leadtoan__________moneyincountryIandthereforeto
__________ofcountryI’scurrencyagainstothercurrencies.
a.excesssupplyof;adepreciation
b.excesssupplyof;anappreciation
c.excessdemandfor;adepreciation
d.excessdemandfor;anappreciation
16.Inthemonetaryapproachtotheexchangerate,whichoneofthefollowingwillcauseadepreciationofA’scurrencyrelativetoB’scurrency?
a.anincreaseintheamountofmoneydemandedateachincomelevelincountryB
b.anincreaseinthemoneysupplyincountryB
c.afallinrealincomeincountryB
d.adecreaseinthemoneysupplyincountryA
17.Underasystemofflexibleexchangerates,theportfoliobalanceapproachsuggeststhatanincreaseinrealincomeinahomecountrywillleadto__________ofthatcountry’scurrency;underflexiblerates,themonetaryapproachsuggeststhatanincreaseinrealincomeinahomecountry__________ofthatcountry’scurrency.
a.adepreciation;willleadtoanappreciation
b.adepreciation;alsowillleadtoadepreciation
c.anappreciation;alsowillleadtoanappreciation
d.anappreciation;willleadtoadepreciation
Part2Definition
Overshooting
Part3SimpleQuestions
Explaintheimplicationforacountry’sBOPinthemonetaryapproachofachangeinexpectationsbythecountry’scitizenssuchthatmoreinflationisexpectedinthefuture.
CHAPTER5
PRICEADJUSTMENTSANDBALANCE-OF-PAYMENTS
DISEQUILIBRIUM
Part1.Multiple-ChoiceQuestions(onlyoneanswerisright)
1.Inthe“goldstandard”frameworkoftheperiod1880-1914,supposethattheparvalueexchangerateis$2.00/£1.Ifthemarketexchangeraterisesto$2.12/£1becauseofariseinU.S.demandforBritishgoods,andifitcosts$0.05toshipgoldbetweenthetwocountries,therewouldbe__________.Then,ifthe“rulesofthegame”werebeingfollowed,themoneysupplyintheUnitedStateswould__________afterthismovementofgold.
a.aninflowofgoldtotheU.S.TreasuryfromtheBankofEngland;decrease
b.aninflowofgoldtotheU.S.TreasuryfromtheBankofEngland;increase
c.anoutflowofgoldfromtheU.S.TreasurytotheBankofEngland;decrease
d.anoutflowofgoldfromtheU.S.TreasurytotheBankofEngland;increase
2.Inwhichofthefollowingcasescanweconclude,withoutanyfurtherinformation,thatadepreciationofacountry’scurrencywillworsenthecountry’stradebalance(orcurrentaccountbalance).
a.demandcurveforexportsishorizontal;supplycurveofimportsishorizontal
b.demandcurveforexportsisvertical;demandcurveforimportsisvertical
c.demandcurveforexportsishorizontal;demandcurveforimportsishorizontal
d.supplycurveofexportsishorizontal;supplycurveofimportsishorizontal
3.Giventhefollowingtableshowingvarious$/£exchangeratesandtherespective
quantitiesofpoundsdemandedbyU.S.buyers:
$/£poundsdemanded
$2.50/£1£1,000
$2.00/£1£1,500
$1.50/£1£1,800
Thedemandforpoundsbetween$2.00/£1and$1.50/£1is
a.elastic.b.unit-elastic.c.inelastic.d.elastic,unit-elastic,orinelastic–cannotbedeterminedwithoutmoreinformation.
4.UsingtheinformationinthetableinQuestion#3above,thearcelasticityofdemandforpoundsbetweenthe$2.50/£1exchangerateandthe$2.00/£1exchangerateis(ignoringthenegativesign)__________.
a.0.56b.1.33c.1.80d.2.50
5.Theshapeofthecurvethatshowstheeffectofcurrencydepreciationuponacountry’scurrentaccountbalanceovertime,withthecurveitselfbeingknownasthe__________,reflectsthefactthatshort-rundemandelasticitiesaresufficiently__________thanlong-runelasticitiestogeneratethisparticularshape.(Ignorethen
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