国际金融01之欧阳计创编.docx
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国际金融01之欧阳计创编.docx
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国际金融01之欧阳计创编
1、“Nationalsavingcanbeuseddomesticallyorinternationally.”Explainthebasisforthis
时间:
2021.02.11
创作:
欧阳计
Answers:
Savingcanbeusedtomakeinvestments.Thecountrycanuseitsnationalsavingtomakedomesticrealinvestmentsinnewproductioncapital(buildings,machineryandsoftware),innewhousing,andinadditionstoinventories,oritcanuseitsnationalsavingtoinvestinforeignfinancialassets.Ifitusesitsnationalsavingtomakedomesticrealinvestment,benefitstothenationincludetheincreasesinproductioncapacityandcapabilitiesthatresultfromnewproductioncapitalandthehousingservicesthatflowfromalargerstockofhousing.Ifitusesitsnationalsavingtomakeforeigninvestments,benefitstothenationincludethedividends,interestpayments,andcapitalgainsthatitearnsonitsforeigninvestments,whichaddtothenationalincomeofthecountryinthefuture.
2.“Foracountrythathasasurplusinitscurrentaccountandwantstoreducethissurplus,oneAnswers:
Disagree.Ashifttosavingmorewouldtendtoincreasethesurplus,notreduceit.Thecurrentaccountbalanceequalsnetforeigninvestments,andnetforeigninvestmentisthedifferencebetweennationalsavinganddomesticrealinvestment.Ifnationalsavingincreases,thennetforeigninvestmenttendtoincreases,andthecurrentaccountbalancetendstoincrease(thesurplustendstoincrease).
3.Whatarethemajortypesoftransactionsoractivitiesthatresultinsupplyofforeigncurrencyin
Answers:
Importsofgoodsandservicesresultindemandforforeigncurrencyintheforeignexchangemarket.Domesticbuyersoftenwanttopayusingdomesticcurrency,whiletheforeignsellerswanttoreceivepaymentintheircurrency.Intheprocessofpayingfortheseimports,domesticcurrencyisexchangedforforeigncurrency,creatingdemandforforeigncurrency.Internationalcapitaloutflowsresultinademandforforeigncurrencyintheforeignexchangemarket.Inmakinginvestmentsinforeignfinancialassets,domesticinvestorsoftenstartwithdomesticcurrencyandmustexchangeitforforeigncurrencybeforetheycanbuytheforeignassets.Theexchangecreatesdemandforforeigncurrency.Foreignsalesofthiscountry’sfinancialassetsthattheforeignershadpreviouslyacquiredandforeignborrowingfromthiscountryareotherformsofcapitaloutflowthatcancreatedemandforforeigncurrency.
4.ABritishbankhasacquiredalargenumberofdollarsinitsdealingswithitsclients.
Answers:
TheBritishbankcouldusetheinterbankmarkettofindanotherbankthatwaswillingtobuydollarsandsellpounds.TheBritishbankcouldsearchdirectlywithotherbanksforagoodexchangerateforthetransaction,oritcoulduseaforeignexchangebrokertoidentifyagoodratefromanotherbank.TheBritishbankshouldbeabletosellitsdollarstoanotherbankquicklyandwithverylowtransactionscosts.
5.Foraninvestmentinaforeigncurrencydenominatedfinancialasset,partofthereturncomes
Answers:
Agree.Asaninvestor,Ithinkofmywealthandreturnsfrominvestmentsintermsofmyowncurrency.WhenIinvestinaforeigncurrencydenominatedfinancialasset,Iam(actuallyoreffectively)buyingboththeforeigncurrencyandtheasset,Partofmyoverallreturncomesfromthereturnontheassetitselfforinstance,theyieldorrateofinterestthatitpays.Theotherpartofmyreturncomesfromchangesintheexchangeratevalueofforeigncurrency.Iftheforeigncurrencyincreasesinvalue(relativetomyowncurrency)whileIamholdingtheforeignasset,thevalueofmyinvestment(intermsofmyowncurrency)increases,andIhavemadeanadditionalreturnonmyinvestment.(Ofcourse,iftheexchangeratevalueoftheforeigncurrencygoesdown,Imakealossonthecurrencyvalue,whichreducesmyoverallreturn.)
6、Whatisthedifferencebetweenacleanfloatandamanagedfloat?
Answers:
Inthecleanboat,thegovernmentallowstheexchangeratevalueofitscurrencytobedeterminedsolelybyprivate(ornonofficial)supplyanddemandintheforeignexchangemarket,thegovernmenttakesnodirectactionstoinfluenceexchangerates.Inamanagedfloat,thegovernmentiswillingtoandsometimesdoestakedirectactionstoattempttoinfluencetheexchangeratevalueofitscurrency.Forinstance,themonetaryauthoritiesofthecountrymaysometimesinterveneinthemarket,buyingorsellingforeigncurrency(inexchangefordomesticcurrency)inanefforttoinfluencethelevelortrendofthefloatingexchangerate.
7.Agovernmenthasjustimposedatotalsetofexchange
Answers:
Theexchangecontrolsareintendedtorestraintheexcessprivatedemandforforeigncurrency(thesourceofthedownwardpressureontheexchangeratevalueofthecountry'scurrency).Thus,somepeoplewhowanttoobtainforeigncurrency,andwhowouldbewillingtopaymorethanthecurrentexchangerate,donotgettobuytheforeigncurrency.Thiscreatesalossofwellbeingforthecountryasawholebecausesomenetmarginalbenefitsarebeinglost.Furthermore,thesefrustrateddemandersarelikelytoturntoothermeanstoobtainforeigncurrency.Theymaybribegovernmentofficialstoobtainthescarceforeigncurrency.Ortheymayevadetheexchangecontrolsbyusinganillegalparallelmarkettoobtainforeigncurrency(typicallyatamuchhigherpricethantheofficialrate).
8WhatarethekeyfeaturesoftheinternationalcurrencyexperienceintheperiodbetweentheAnswers:
Keyfeaturesoftheinterwarcurrencyexperiencewerethatexchangerateswerehighlyvariable,especiallyduringthefirstyearsafterWorldWarIandduringtheearly193Os.Speculationseemedtoaddtotheinstability,andgovernmentssometimesappearedtomanipulatetheexchangeratevaluesoftheircurrenciestogaincompetitiveadvantageOnelessonthatpolicymakerslearnedfromthisexperiencewasthatfixedexchangeratesweredesirabletoconstrainspeculationandvariabilityinexchangerates,aswellastoconstraingovernmentsfrommanipulatingexchangerates.Theselessonsarenowdebatedbecausesubsequentstudieshaveshownthattheexperiencecanbeexplainedorunderstoodinotherways.ExchangeratechangesintheyearsafterWorldWarItendedtomoveinwaysconsistentwithpurchasingpowerparity;whichsuggeststhatthefundamentalproblemsweregovernmentpoliciesthatledtohighinflationratesinsomecountries,Thecurrencyinstabilityortheearly193Osseemstobereflectingthelargeshockscausedbytheglobaldepression.Indeed,theresearchsuggeststhatitmaynotbepossibletokeepexchangeratesfixedwhenlargeshockshitthesystem.
13.WhywastheresomuchprivatelendingtodevelopingcountriesfromThesurgeinbanklendingtodevelopingcountriesduringI9741982hadthesemaincauses:
(1)ariseinbankfundsfromthe“petrodollar”depositsbynewlywealthyoilexportinggovernments,
(2)bankandinvestorconcernsthatinvestmentsinindustrializedcountrieswouldnotbeprofitable,becausetheoilshockshadcreateduncertaintyaboutthestrengthoftheseeconomies,(3)developingcountries'resistancetoforeigndirectinvestment,whichledthesecountriestopreferloansasthewaytoborrowinternationally,and(4)someamountofherdingbehaviorbybanklenders,whichbuiltonthemomentumoffactors
(1)through(3)andledtooverlending.
15.ExplaintheeffectofeachofthefollowingontheLMcure:
a.Thecountry'scentralbankdecreasesthemoneysupply.
b.Thecountry'sinterestrateincreases.
Answers:
a.Adecreaseinthemoneysupplytendstoraiseinterestrates(andlowerdomesticproduct).Thus,theLMcurveshiftsup(ortotheleft).
b.AnincreaseintheinterestratedoesnotshifttheLMcurve.Rather,itresultsinamovementalongtheLMcurve.
16.ExplaintheeffectofeachofthefollowingontheFEcurve:
a.Foreigndemandforthecountry'sexportsincreases.
b.Theforeigninterestrateincreases.
c.Thecountry'sinterestrateincreases.
Answers:
a.Anincreaseinforeigndemandforthecountry'sexportstendstodrivethecountry'soverallinternationalpaymentsintosurplus.Toreestablishpaymentsbalance,thecountry'sdomesticproductandincomecouldbehigher(soimportsincrease),orthecountry'sinterestratescouldbelower(tocreateacapitaloutflowandreducethecountry'sfinancialaccountbalance).Thus,theFEcurveshiftstotherightordown"
b.Anincreaseintheforeigninterestratetendstodrivethecountry'soverallinternationalpaymentsintodeficitbecauseofcapitaloutflowsseekingthehigherforeignreturns.Toreestablishpaymentsbalance,thecountry'sdomesticproductcouldbelower(toreduceimports),oritsinterestratescouldbehigher(toreversethecapitaloutflow).Thus,theFEcurveshiftstotheleftorup.
c.Anincreaseinthecountry'sinterestratedoesnotshifttheFEcurve.Rather,itresultsinamovementalongtheFEcurve.
17.“AcountrywithadeficitinitsoverallinternationalpaymentsrunstheriskofincreasingAnswers:
Disagree.Theriskisrisingunemployment,notrisinginflation.Thedeficitinitsoverallinternationalpaymentsputsdownwardpressureontheexchangeratevalueorthecountry'scurrency.Thecentralbankmustintervenetodefendthefixedexchangeratebybuyingdomesticcurrencyandsellingforeigncurrencyintheforeign.exchangemarket.Asthecentralbankbuysdomesticcurrency,itreducesthemonetarybaseandthecountry'smoneysupplyfalls.Thetighteningofthedomesticmoneysupplyputsupwardpressureonthecountry'sinterestrates.Risinginterestratesreduceinterestsensitivespending,loweringaggregatedemand,domesticproduct,andnationalincome,TheriskisfallingrealG
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