普格尔第14版课后习题答案.docx
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普格尔第14版课后习题答案.docx
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普格尔第14版课后习题答案
Chapter2
PaymentsamongNations
Suggestedanswerstoquestionsandproblems
(inthetextbook)
2.Disagree,atleastasageneralstatement.Onemeaningofacurrentaccountsurplusisthatthecountryisexportingmoregoodsandservicesthanitisimporting.Onemighteasilyjudgethatthisisnotgood—thecountryisproducinggoodsandservicesthatareexported,butthecountryisnotatthesametimegettingtheimportsofgoodsandservicesthatwouldallowitdomoreconsumptionanddomesticinvestment.Inthiswayacurrentaccountdeficitmightbeconsideredgood—theextraimportsallowthecountrytoconsumeandinvestdomesticallymorethanthevalueofitscurrentproduction.Anothermeaningofacurrentaccountsurplusisthatthecountryisengaginginforeignfinancialinvestment—itisbuildingupitsclaimsonforeigners,andthisaddstonationalwealth.Thissoundsgood,butasnotedaboveitcomesatthecostofforegoingcurrentdomesticpurchasesofgoodsandservices.Acurrentaccountdeficitisthecountryrunningdownitsclaimsonforeignersorincreasingitsindebtednesstoforeigners.Thissoundsbad,butitcomeswiththebenefitofhigherlevelsofcurrentdomesticexpenditure.Differentcountriesatdifferenttimesmayweighthebalanceofthesecostsandbenefitsdifferently,sothatwecannotsimplysaythatacurrentaccountsurplusisbetterthanacurrentaccountdeficit.
4.Disagree.Ifthecountryhasasurplus(apositivevalue)foritsofficialsettlementsbalance,thenthevalueforitsofficialreservesbalancemustbeanegativevalueofthesameamount(sothatthetwoaddtozero).Anegativevalueforthisassetitemmeansthatfundsareflowingoutinorderforthecountrytoacquiremoreofthesekindsofassets.Thus,thecountryisincreasingitsholdingsofofficialreserveassets.
6.a.CA=If,soifnetforeigninvestmentincreases,thenthevalueofthecurrentaccountincreases.
b.Ifbothexports(apositiveitem)andimports(anegativeitem)increaseby$10billion,thevalueofthecurrentaccountbalancestaysthesame.
c.CA=YE,sothecombinationofanincreaseinproduction(Y)by$100billionandanincreaseinexpenditures(E)by$150billionresultsinadecreaseinthevalueofthecurrentaccountbalance.
d.Thetransportequipmentisanexportofgoods,soitisapositiveitemincurrentaccount.Itmustbepairedwithanegativeitemofthesameamountshowingtheunilateraltransfer(gift).Becausebothoftheseitemsareincludedinthecurrentaccount,thevalueofthecurrentaccountbalancestaysthesame.
8.a.Goodsandservicesbalance:
$330198+196204=$124
Currentaccountbalance:
$330198+196204+38=$119
Officialsettlementsbalance:
$330198+196204+38+102202+4=$23
b.Changeinofficialreserveassets(net)=officialsettlementsbalance=$23.
Thecountryisincreasingitsnetholdingsofofficialreserveassets.
10.a.Internationalinvestmentposition(billions):
$30+20+154025=$0.
Thecountryisneitheraninternationalcreditornoradebtor.Itsholdingofinternationalassetsequalsitsliabilitiestoforeigners.
b.Acurrentaccountsurpluspermitsthecountrytoaddtoitsnetclaimsonforeigners.Forthisreasonthecountry'sinternationalinvestmentpositionwillbecomeapositivevalue.Theflowincreaseinnetforeignassetsresultsinthestockofnetforeignassetsbecomingpositive.
Chapter3
TheForeignExchangeMarket
Suggestedanswerstoquestionsandproblems
(inthetextbook)
2.Exportsofmerchandiseandservicesresultinsupplyofforeigncurrencyintheforeignexchangemarket.Domesticsellersoftenwanttobepaidusingdomesticcurrency,whiletheforeignbuyerswanttopayintheircurrency.Intheprocessofpayingfortheseexports,foreigncurrencyisexchangedfordomesticcurrency,creatingsupplyofforeigncurrency.Internationalcapitalinflowsresultinsupplyofforeigncurrencyintheforeignexchangemarket.Inmakinginvestmentsindomesticfinancialassets,foreigninvestorsoftenstartwithforeigncurrencyandmustexchangeitfordomesticcurrencybeforetheycanbuythedomesticassets.Theexchangecreatessupplyofforeigncurrency.Salesofforeignfinancialassetsthatthecountry'sresidentshadpreviouslyacquired,andborrowingfromforeignersbythiscountry'sresidentsareotherformsofcapitalinflowthatcancreatesupplyofforeigncurrency.
4.TheU.S.firmobtainsaquotationfromitsbankonthespotexchangerateforbuyingyenwithdollars.Iftherateisacceptable,thefirminstructsitsbankthatitwantstousedollarsfromitsdollarcheckingaccounttobuy1millionyenatthisspotexchangerate.ItalsoinstructsitsbanktosendtheyentothebankaccountoftheJapanesefirm.Tocarryoutthisinstruction,theU.S.bankinstructsitscorrespondentbankinJapantotake1millionyenfromitsaccountatthecorrespondentbankandtransfertheyentothebankaccountoftheJapanesefirm.(TheU.S.bankcouldalsouseyenatitsownbranchifithasabranchinJapan.)
6.Thetraderwouldseekoutthebestquotedspotrateforbuyingeuroswithdollars,eitherbyusingtheservicesofaforeignexchangebrokerorthroughdirectcontactwithtradersatotherbanks.Thetraderwouldusethebestratetobuyeurospot.Sometimeinthenexthourorso(or,typicallyatleastbytheendoftheday),thetraderwillentertheinterbankmarketagain,toobtainthebestquotedspotrateforsellingeurosfordollars.Thetraderwillusethebestspotratetosellherpreviouslyacquiredeuros.Ifthespotvalueoftheeurohasrisenduringthisshorttime,thetradermakesaprofit.
8.a.Thecrossratebetweentheyenandthekroneistoohigh(theyenvalueofthekroneistoohigh)relativetothedollar-foreigncurrencyexchangerates.Thus,inaprofitabletriangulararbitrage,youwanttosellkroneratthehighcrossrate.Thearbitragewillbe:
Usedollarstobuykronerat$0.20/krone,usethesekronertobuyyenat25yen/krone,andusetheyentobuydollarsat$0.01/yen.Foreachdollarthatyousellinitially,youcanobtain5kroner,these5kronercanobtain125yen,andthe125yencanobtain$1.25.Thearbitrageprofitforeachdollaristherefore25cents.
b.Sellingkronertobuyyenputsdownwardpressureonthecrossrate(theyenpriceofkrone).Thevalueofthecrossratemustfallto20(=0.20/0.01)yen/kronetoeliminatetheopportunityfortriangulararbitrage,assumingthatthedollarexchangeratesareunchanged.
10.a.TheincreaseinsupplyofSwissfrancsputsdownwardpressureontheexchange-ratevalue($/SFr)ofthefranc.ThemonetaryauthoritiesmustintervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.
b.Theincreaseinsupplyoffrancsputsdownwardpressureontheexchange-ratevalue($/SFr)ofthefranc.ThemonetaryauthoritiesmustintervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.
c.Theincreaseinsupplyoffrancsputsdownwardpressureontheexchange-ratevalue($/SFr)ofthefranc.ThemonetaryauthoritiesmustintervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.
d.Thedecreaseindemandforfrancsputsdownwardpressureontheexchange-ratevalue($/SFr)ofthefranc.ThemonetaryauthoritiesmustintervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.
Chapter4
ForwardExchangeandInternationalFinancialInvestment
Suggestedanswerstoquestionsandproblems
(inthetextbook)
2.Youwillneeddataonfourmarketrates:
Thecurrentinterestrate(oryield)onbondsissuedbytheU.S.governmentthatmatureinoneyear,thecurrentinterestrate(oryield)onbondsissuedbytheBritishgovernmentthatmatureinoneyear,thecurrentspotexchangeratebetweenthedollarandpound,andthecurrentone-yearforwardexchangeratebetweenthedollarandpound.Dotheseratesresultinacoveredinterestdifferentialthatisveryclosetozero?
4.a.TheU.S.firmhasanassetpositioninyen—ithasalongpositioninyen.Tohedgeitsexposuretoexchangeraterisk,thefirmshouldenterintoaforwardexchangecontractnowinwhichthefirmcommitstosellyenandreceivedollarsatthecurrentforwardrate.Thecontractamountsaretosell1millionyenandreceive$9,000,bothin60days.
b.Thestudenthasanassetpositioninyen—alongpositioninyen.Tohedgetheexposuretoexchangeraterisk,thestudentshouldenterintoaforwardexchangecontractnowinwhichthestudentcommitstosellyenandreceivedollarsatthecurrentforwardrate.Thecontractamountsaretosell10millionyenandreceive$90,000,bothin60days.
c.TheU.S.firmhasanliabilitypositioninyen—ashortpositioninyen.Tohedgeitsexposuretoexchangeraterisk,thefirmshouldenterintoaforwardexchangecontractnowinwhichthefirmcommitstoselldollarsandreceiveyenatthecurrentforwardrate.Thecontractamountsaretosell$900,000andreceive100millionyen,bothin60days.
6.Relativetoyourexpectedspotvalueoftheeuroin90days($1.22/euro),thecurrentforwardrateoftheeuro($1.18/euro)islow—theforwardvalueoftheeuroisrelativelylow.Usingtheprincipleof"buylow,sellhigh,"youcanspeculatebyenteringintoaforwardcontractnowtobuyeurosat$1.18/euro.Ifyouarecorrectinyourexpectation,thenin90daysyouwillbeabletoimmediatelyresellthoseeurosfor$1.22/euro,pocketingaprofitof$0.04foreacheurothatyouboughtforward.Ifmanypeoplespeculateinthisway,thenmassivepurchasesnowofeurosforward(increasingthedemandforeurosforward)willtendtodriveuptheforwardvalueoftheeuro,towardacurrentforwardrateof$1.22/eu
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- 普格 14 课后 习题 答案