国际经济学第九版英文课后答案 第12单元Word格式文档下载.docx

国际经济学第九版英文课后答案 第12单元Word格式文档下载.docx

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CaseStudy12-2:

TheStockofForeignDirectInvestmentsAroundtheWorld

12.4WelfareEffectsofInternationalCapitalFlows

12.4aEffectsontheInvestingandHostCountries

12.4bOtherEffectsontheInvestingandHostCountries

12.5MultinationalCorporations

12.5aReasonsfortheExistenceofMultinationalCorporations

12.5bProblemsCreatedbyMultinationalCorporationsintheHomeCountry

CaseStudy12-3:

TheWorld'

sLargestMultinationalIndustrialCorporations

CaseStudy12-4:

EmploymentofU.S.MNCsAbroad

12.5cProblemsCreatedbyMultinationalCorporationsintheHostCountry

12.6MotivesforandWelfareEffectsofInternationalLaborMigration

12.6aMotivesforInternationalLaborMigration

12.6bWelfareEffectsofInternationalLaborMigration

12.6cOtherWelfareEffectsofInternationalLaborMigration

CaseStudy12-5:

BritishandSovietBrainDrainIsU.S.BrainGain

CaseStudy12-6:

U.S.ImmigrationandDebateOverImmigrationPolicy

Appendix:

TheTransferProblem

KeyTerms

PortfolioinvestmentsVerticalintegration

DirectinvestmentsMultinationalcorporations（MNCs）

PortfoliotheoryTransferpricing

RiskdiversificationBraindrain

Horizontalintegration

LectureGuide:

ThisisnotacorechapterandIwouldskipitexceptforsection5onmultinationalcorporationsandsection6onimmigration.Otherwise,Iwouldpresenttwosectionsineachofthreeclasses.

AnswertoProblems:

1.SeeFigure1.

InFigure1,theoutflowofcapitalisshownbytheleftwardandupwardshiftoftheSKcurvetoS'

K.Thisincreasesthereturnoncapitaluntilitisequaltothatinthehostorreceivingcountry.

2.SeeFigure2.

InFigure2,theoutflowofcapitalisshownbytherightwardanddownwardshiftoftheSKcurvetoS'

K.Thisreducesthereturnoncapitaluntilitisequaltothatintheinvestingcountry.

3.ThedatatoupdateTable12-1isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.

4.ThedatatoupdateTable12-2isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.

5.ThedatatoupdateTable12-3isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.

6.ThedatatoupdateTable12-4isfoundintheJulyissueofthemostrecentyearoftheSurveyofCurrentBusiness.

7.TheStatementistrue.

Theprofitabilityofaportfolioisequaltotheweightedaverageoftheyieldofthesecuritiesincludedintheportfolio.Therefore,theprofitabilityofaportfolioofmanysecuritiescanneverexceedtheyieldofthehighest-yieldsecurityintheportfolio.Thesecondpartofthestatementisalsotrueiftheportfolioincludessecuritiesforwhichyieldsareinverselycorrelatedovertime.

8.SeeFigure3.ThegainoftheinvestingcountryisEGR.

9.SeeFigure4.ThegainofthehostorreceivingcountryisERM.

10.ThegeneralprinciplethatcanbededucedfromtheanswerstotheprevioustwoproblemsandfromFigure12-1isthatthenationwiththemorerapidlydecliningVMPKcurvegainsmore.WiththeVMPKcurvesdecliningatequalrates,bothnationsgainequalamounts.

TherateofreturnonU.S.directinvestmentindevelopingnationsoftenexceedstherateofreturnoninvestmentonitinvestmentsindevelopednationsbecauseofrelativescarcityofcapitalandtechnologyandlowerwageratesindevelopingthanindevelopednations.

11.U.S.laborgenerallyopposesU.S.investmentsabroadbecausetheyreducetheK/LratioandtheproductivityandwagesoflaborintheUnitedStates.

AninflowofforeigncapitalleadstoanincreaseintheK/Lratioandintheproductivityandwagesoflabororemploymentindevelopingnations.

12.ThedatatoupdateTable12-6arefoundintheWorldInvestmentReportpublishedyearlybytheUnitedNationsforthemostrecentyear.

App.SeeTable1.

Table1

（a）

（b）

（c）

（d）

Year

PetroleumPrice

OPECExports

OPECImports

USPetroleumImports

（US$/barrel）

（bill.$）

1973

2.7

39

20.1

7.6

1974

9.76

119.3

32.1

26.1

1975

10.72

109.8

51.3

26.5

1976

11.51

133

62.2

34.1

1977

12.4

146

83.8

44.2

1978

12.7

141.9

94.9

41.6

1979

16.97

208

101.6

58.6

1980

28.67

294.2

133.2

76.9

Source:

InternationalFinancialStatistics,1981Yearbook.

PetroleumpricesrefertoSaudiArabianprices

Multiple-choiceQuestions:

1.