国金习题及答案.docx
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国金习题及答案.docx
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国金习题及答案
SUGGESTEDANSWERSANDSOLUTIONSTO
END-OF-CHAPTERQUESTIONSANDPROBLEMS
CHAPTER2INTERNATIONALMONETARYSYSTEM
SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTER
QUESTIONSANDPROBLEMS
QUESTIONS
2.Explainthemechanismwhichrestoresthebalanceofpaymentsequilibriumwhenitisdisturbedunderthegoldstandard.
Answer:
Theadjustmentmechanismunderthegoldstandardisreferredtoastheprice-specie-flowmechanismexpoundedbyDavidHume.Underthegoldstandard,abalanceofpaymentdisequilibriumwillbecorrectedbyacounter-flowofgold.SupposethattheU.S.importsmorefromtheU.K.thanitexportstothelatter.Undertheclassicalgoldstandard,gold,whichistheonlymeansofinternationalpayments,willflowfromtheU.S.totheU.K.Asaresult,theU.S.(U.K.)willexperienceadecrease(increase)inmoneysupply.ThismeansthatthepricelevelwilltendtofallintheU.S.andriseintheU.K.Consequently,theU.S.productsbecomemorecompetitiveintheexportmarket,whileU.K.productsbecomelesscompetitive.ThischangewillimproveU.S.balanceofpaymentsandatthesametimehurttheU.K.balanceofpayments,eventuallyeliminatingtheinitialBOPdisequilibrium.
3.Supposethatthepoundispeggedtogoldat6poundsperounce,whereasthefrancispeggedtogoldat12francsperounce.This,ofcourse,impliesthattheequilibriumexchangerateshouldbetwofrancsperpound.Ifthecurrentmarketexchangerateis2.2francsperpound,howwouldyoutakeadvantageofthissituation?
Whatwouldbetheeffectofshippingcosts?
Answer:
Supposethatyouneedtobuy6poundsusingFrenchfrancs.Ifyoubuy6poundsdirectlyintheforeignexchangemarket,itwillcostyou13.2francs.Alternatively,youcanfirstbuyanounceofgoldfor12francsinFranceandthenshipittoEnglandandsellitfor6pounds.Inthiscase,itonlycostsyou12francstobuy6pounds.Itisthusbeneficialtoshipgoldduetotheoverpricingofthepound.Ofcourse,youcanmakeanarbitrageprofitbyselling6poundsfor13.2francsintheforeignexchangemarket.Thearbitrageprofitwillbe1.2francs.Sofar,weassumedthatshippingcostsdonotexist.Ifitcostsmorethan1.2francstoshipanounceofgold,therewillbenoarbitrageprofit.
9.Thereareargumentsforandagainstthealternativeexchangerateregimes.
a.Listtheadvantagesoftheflexibleexchangerateregime.
b.Criticizetheflexibleexchangerateregimefromtheviewpointoftheproponentsofthefixedexchangerateregime.
c.Rebuttheabovecriticismfromtheviewpointoftheproponentsoftheflexibleexchangerateregime.
Answer:
a.Theadvantagesoftheflexibleexchangeratesysteminclude:
(I)automaticachievementofbalanceofpaymentsequilibriumand(ii)maintenanceofnationalpolicyautonomy.
b.Ifexchangeratesarefluctuatingrandomly,thatmaydiscourageinternationaltradeandencouragemarketsegmentation.This,inturn,mayleadtosuboptimalallocationofresources.
c.Economicagentscanhedgeexchangeriskbymeansofforwardcontractsandothertechniques.Theydon’thavetobearitiftheychoosenotto.Inaddition,underafixedexchangerateregime,governmentsoftenrestrictinternationaltradeinordertomaintaintheexchangerate.Thisisaself-defeatingmeasure.What’sgoodaboutthefixedexchangerateifinternationaltradeneedtoberestricted?
10.Inanintegratedworldfinancialmarket,afinancialcrisisinacountrycanbequicklytransmittedtoothercountries,causingaglobalcrisis.WhatkindofmeasureswouldyouproposetopreventtherecurrenceofaAsia-typecrisis.
Answer:
First,thereshouldbeamultinationalsafetynettosafeguardtheworldfinancialsystemfromtheAsia-typecrisis.Second,internationalinstitutionslikeIMFandtheWorldBankshouldmonitorproblematiccountriesmorecloselyandprovidetimelyadvicetothosecountries.Countriesshouldberequiredtofullydiscloseeconomicandfinancialinformationsothatdevaluationsurprisescanbeprevented.Third,countriesshoulddependmoreondomesticsavingsandlong-termforeigninvestments,ratherthanshort-termportfoliocapital.Therecanbeothersuggestions.
11.Discussthecriteriafora‘good’internationalmonetarysystem.
Answer:
Agoodinternationalmonetarysystemshouldprovide(i)sufficientliquiditytotheworldeconomy,(ii)smoothadjustmentstoBOPdisequilibriumasitarises,and(iii)safeguardagainstthecrisisofconfidenceinthesystem.
12.Oncecapitalmarketsareintegrated,itisdifficultforacountrytomaintainafixedexchangerate.Explainwhythismaybeso.
Answer:
Oncecapitalmarketsareintegratedinternationally,vastamountsofmoneymayflowinandoutofacountryinashorttimeperiod.Thiswillmakeitverydifficultforthecountrytomaintainafixedexchangerate.
CHAPTER3BALANCEOFPAYMENTS
SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTER
QUESTIONSANDPROBLEMS
QUESTIONS
2.Whywoulditbeusefultoexamineacountry’sbalanceofpaymentsdata?
Answer:
Itwouldbeusefultoexamineacountry’sBOPforatleasttworeasons.First,BOPprovidesdetailedinformationaboutthesupplyanddemandofthecountry’scurrency.Second,BOPdatacanbeusedtoevaluatetheperformanceofthecountryininternationaleconomiccompetition.Forexample,ifacountryisexperiencingperennialBOPdeficits,itmaysignalthatthecountry’sindustrieslackcompetitiveness.
9.Sincetheearly1980s,foreignportfolioinvestorshavepurchasedasignificantportionofU.S.treasurybondissues.Discusstheshort-termandlong-termeffectsofforeigners’portfolioinvestmentontheU.S.balanceofpayments.
Answer:
AsforeignerspurchaseU.S.Treasurybonds,U.S.BOPwillimproveintheshortrun.Butinthelongrun,U.S.BOPmaydeterioratebecausetheU.S.shouldpayinterestsandprincipalstoforeigners.IfforeignfundsareusedproductivelyandcontributestothecompetitivenessofU.S.industries,however,U.S.BOPmayimproveinthelongrun.
10.Describethebalanceofpaymentsidentityanddiscussitsimplicationsunderthefixedandflexibleexchangerateregimes.
Answer:
Thebalanceofpaymentsidentityholdsthatthecombinedbalanceonthecurrentandcapitalaccountsshouldbeequalinsize,butoppositeinsign,tothechangeintheofficialreserves:
BCA+BKA=-BRA.Underthepureflexibleexchangerateregime,centralbanksdonotengageinofficialreservetransactions.Thus,theoverallbalancemustbalance,i.e.,BCA=-BKA.Underthefixedexchangerateregime,however,acountrycanhaveanoverallBOPsurplusordeficitasthecentralbankwillaccommodateitviaofficialreservetransactions.
PROBLEMS
1.2000U.S.BalanceofPayments
Solution:
Merchandise-1224.43
Balanceoncurrentaccount-444.69
Balanceoncapitalaccount444.26
Statisticaldiscrepancies.73
CHAPTER5THEMARKETFORFOREIGNEXCHANGE
SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTER
QUESTIONSANDPROBLEMS
QUESTIONS
2.Whatisthedifferencebetweentheretailorclientmarketandthewholesaleorinterbankmarketforforeignexchange?
Answer:
Themarketforforeignexchangecanbeviewedasatwo-tiermarket.Onetieristhewholesaleorinterbankmarketandtheothertieristheretailorclientmarket.InternationalbanksprovidethecoreoftheFXmarket.Theystandwillingtobuyorsellforeigncurrencyfortheirownaccount.Theseinternationalbanksservetheirretailclients,corporationsorindividuals,inconductingforeigncommerceormakinginternationalinvestmentinfinancialassetsthatrequiresforeignexchange.Retailtransactionsaccountforonlyabout14percentofFXtrades.Theother86percentisinterbanktradesbetweeninternationalbanks,ornon-bankdealerslargeenoughtotransactintheinterbankmarket.
3.Whoarethemarketparticipantsintheforeignexchangemarket?
Answer:
ThemarketparticipantsthatcomprisetheFXmarketcanbecategorizedintofivegroups:
internationalbanks,bankcustomers,non-bankdealers,FXbrokers,andcentralbanks.InternationalbanksprovidethecoreoftheFXmarket.Approximately100to200banksworldwidemakeamarketinforeignexchange,i.e.,theystandwillingtobuyorsellforeigncurrencyfortheirownaccount.Theseinternationalbanksservetheirretailclients,thebankcustomers,inconductingforeigncommerceormakinginternationalinvestmentinfinancialassetsthatrequiresforeignexchange.Non-bankdealersarelargenon-bankfinancialinstitutions,suchasinvestmentbanks,mutualfunds,pensionfunds,andhedgefunds,whosesizeandfrequencyoftradesmakeitcost-effectivetoestablishtheirowndealingroomstotradedirectlyintheinterbankmarketfortheirforeignexchangeneeds.
Mostinterbanktradesarespeculativeorarbitragetransactionswheremarketparticipantsattempttocorrectlyjudgethefuturedirectionofpricemovementsinonecurrencyversusanotherorattempttoprofitfromtemporarypricediscrepanciesincurrenciesbetweencompetingdealers.
FXbrokersmatchdealerorderstobuyandsellcurrenciesforafee,butdonottakeapositionthemselves.Interbanktradersuseabrokerprimarilytodisseminateasquicklyaspossibleacurrencyquotetomanyotherdealers.
Centralbankssometimesinterveneintheforeignexchangemarketinanattempttoinfluencethepriceofitscurrencyagainstthatofamajortradingpartner,oracountrythatit“fixes”or“pegs”itscurrencyagainst.Interventionistheprocessofusingforeigncurrencyreservestobuyone’sowncurrencyinordertodecreaseitssupplyandthusincreaseitsvalueintheforeignexchangemarket,oralternatively,sellingone’sowncurrencyforforeigncurrencyinordertoincreaseitssupplyandloweritsprice.
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