《国际货币与金融经济学》课后习题答案

Chapter11.Usingthefollowingdata(billionsofdollars)foragivenyear,calculatethebalanceonmerchandisetrade;balanceongoods,services,andincome;andthecurrentaccountbalance.Indicatewhetherthesebalancesaredeficitsorsurpluses.Exportsofgoods719Importsofgoods1,145Exportsofservices279Importsofservices210Netunilateraltransfers-49Incomereceipts284Incomepayments269Statisticaldiscrepancy11Thebalanceonmerchandisetradeisthedifferencebetweenexportsofgoods,719andtheimportsofgoods,1,145,foradeficitof426.Thebalanceongoods,servicesandincomeis719+279+284–1145-210–269,foradeficitof342.Addingunilateraltransferstothisgivesacurrentaccountdeficitof391,[-342+(-49)=-391].(Notethatincomereceiptsarecreditsandincomepaymentsaredebits.)2.Writeoutapositiveandnegativeaspectofanationbeinganetdebtor.Dothesamethingforanationthatisanetcreditor.Positiveaspectsofbeinganetdebtorincludethepossibilityoffinancingdomesticinvestmentthatisnotpossiblethroughdomesticsavings;therebyallowingfordomesticcapitalstockgrowthwhichmayallowjob,productivity,andincomegrowth.Negativeaspectsincludethefactthatforeignsavingsmaybeusedtofinancedomesticconsumptionratherthandomesticsavings;whichwillcompromisethegrowthsuggestedabove.Positiveaspectsofbeinganetcreditorincludetheownershipofforeignassetswhichcanrepresentanincomeflowstothecreditingcountry.Further,thenetcreditorpositionalsoimpliesanetexportingposition.Anegativeaspectofbeinganetcreditorincludesthefactthatforeigninvestmentmaysubstitutefordomesticinvestment.3.Explainwhyanationmightdesiretoreceivebothportfolioinvestmentanddirectinvestmentfromabroad.Anationmaydesiretoreceivebothportfolioanddirectinvestmentduetothetypeofinvestmenteachrepresents.Portfolioinvestmentisafinancialinvestmentwhiledirectinvestmentisdominatedbythepurchaseofactual,real,productiveassets.Totheextentthatacountrycanbenefitbyeachtypeofinvestment,itwilldesirebothtypesofinvestment.Further,portfolioinvestmenttendstobeshort-runinnature,whileFDItendstobelong-runinnature.4.Writeoutasingleequationshowingtherelationshipbetweenthecurrentaccountandnetcapitalinflows,includingchangesinofficialreservesandothergovernmentassets,astheyrelatetoinvestmentspendinganddomesticsaving.DomesticSavings-DomesticInvestment=CurrentAccountBalanceDomesticSavings-DomesticInvestment=NetCapitalFlowsTherefore,CurrentAccountBalance=NetCapitalFlows5.Supposeanationspends10percentofitsincomeoninvestmentandtheprivatesectorsaves5percent.Further,supposethenationalgovernmentrunsadeficitof1percent.Explainwhattheaboveconditionsmeanforthenation’scapitalaccountandcurrentaccount.Howmighttheimbalancebecorrected?Usingtheequationsabove,privatesavingsof5percentofincome,governmentsavingsof-1percent,andinvestmentexpendituresof10percentwouldresultsinacurrentaccountdeficitof6percentofincomeandacapitalaccountsurplus(netcapitalinflows)of6percentofincome.Thiscouldbecorrectedwithareductioninthegovernmentdeficit(toasurplus)and/oranincreaseinprivatesavings.Chapter21.SupposetheU.S.-dollar-per-currencyexchangerateoftheeurowas1.2201onThursdayand1.2168onFriday.DidtheeuroappreciateordepreciaterelativetotheU.S.dollar?Howmuchwastheappreciation/depreciation(inpercentagechangeterms)?Theeurodepreciatedrelativetothedollar.Therateofdepreciation(inabsolutevalue)was[(1.2168–1.2201)/1.2201]100=0.27percent.2.Completethefollowingcross-ratetable.A$£C$Sfr$Australia1.53Britain0.65Canada1.45Switzerland1.37UnitedStates—A$£C$Sfr$Australia-2.351.061.121.53Britain0.42-0.450.470.65Canada0.952.23-1.061.45Switzerland0.902.110.94-1.37UnitedStates0.651.540.690.73-3.SupposeinNewYorktheeuroandBritishpoundtradeatthefollowingexchangerates:1.234$/€,and$/£=1.702.InLondon,theeuroequivalentrateofthepoundis1.425€/£.Isthereanarbitrageopportunity?Whyorwhynot?Calculatetheprofittobemadeon$1,000,000.Thecrossrateis1.702/1.234=1.379(€/£).Thearbitrageurwouldpurchase£587,544($1,000,000/1.702)withthe$1millionintheNewYorkmarket.Nexttheywouldusethe£587,544inLondontopurchase€837,250(£587,544*1.425).Finally,theywouldsellthe€837,250intheNYmarketfor$1,033,167(€837,250*1.234).Theprofitis#33,167.4.Supposeweobservethefollowinginformationfortheeuroarea,Canada,andtheUnitedStates.S(2003)S(2004)CPI(2003)CPI(2004)2003U.S.Exports2004U.S.ImportsEuroarea0.880.82111.3114.4163,681261,180Canada1.591.56111.7115.6160,829210,590U.S116.2119.0Usingthisinformation,calculatethe2003and2004effectiveexchangevaluesfortheU.S.dollarusing2003asthebaseyear.DothevaluesyoucalculatedindicateanappreciationordepreciationoftheU.S.dollar?Whatistherateofappreciationordepreciation?Totaltradeis(163,681+160,829+261,180+210,590)=796,280.TradewiththeEuroareais(163,681+261,180)=424,861.TradewithCanadais(160,829+210,590)=371,419.Theweightassignedtotheeurois424,861/796,280=0.53andtheweightassignedtotheCanadiandollaris0.47.(Recalltheweightsmustsumtounity.)Becausethebaseyearis2003,the2003EERis100.Thevalueofthe2004EERis:[(0.82/0.88)•0.53+(1.56/1.59)•0.47]•100=(0.4939+0.4611)•100=95.4964,or95.5.Thisrepresentsa4.5percentdepreciationoftheU.S.dollar.5.InJanuary2000,thespotexchangeratefortheeurowas1.05$/€.InMay2004,theratew