国际金融学习题汇总Word格式文档下载.docx

国际金融学习题汇总Word格式文档下载.docx

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Exportsofservices 

279 

Importsofservices 

210

Netunilateraltransfers 

-49 

Incomereceipts 

284

Incomepayments 

269 

Statisticaldiscrepancy 

11

2. 

UsingthedatainQuestion1,calculatethecapitalaccountbalance.Isthecapitalaccountbalanceasurplusordeficit?

3. 

Whatisabalance-of-paymentsequilibrium?

ConsideringyouranswerstoQuestions1and2,isthiscountryexperiencingabalance-of-paymentsdeficitofsurplus?

4. 

UsingthedatainTable1-2,isthereabalance-of-paymentssurplusofdeficitfortheUnitedStatesin2003?

5. 

Writeoutapositiveandnegativeaspectofanationbeinganetdebtor.Dothesamethingforanationthatisanetcreditor.

6. 

Explainwhyanationmightdesiretoreceivebothportfolioinvestmentanddirectinvestmentfromabroad.

7. 

Writeoutasingleequationshowingtherelationshipbetweenthecurrentaccountandnetcapitalinflows,includingchangesinofficialreservesandothergovernmentassets,astheyrelatetoinvestmentspendinganddomesticsaving.

8. 

Supposeanationspends10percentofitsincomeoninvestmentandtheprivatesector5percent.Further,supposethenationalgovernmentrunsadeficitof1percent.UsingtheequationyouderivedforQuestion7andthesedata,explainwhattheaboveconditionsmeanforthenation’scapitalaccountandcurrentaccount.Howmighttheimbalancebecorrected?

Ch03

Listallofthevarioustypesofexchange-ratearrangementsdescribedinthischapter.（Hint:

therearesevendescribedinthischapter.）Orderthelistofexchange-ratearrangementsfromfixedtomostflexible.

DescribetwoprimaryfunctionsoftheInternationalMonetaryFund.

SupposethevalueoftheU.S.dollarispeggedtogoldatarateof$50perounce.NextsupposethatthevalueoftheBritishpoundispeggedtotheU.S.dollaratarateof$1.50perpound,andthevalueoftheCanadiandollarispeggedtotheU.S.dollaratarateof$1.38CanadiandollarsperU.S.dollars.CalculatethevalueoftheCanadiandollarandtheBritishpoundrelativetogold.

UsingtheinformationinProblem3,calculatetheexchangeratebetweentheCanadiandollarandtheBritishpound.

SupposeArgentinadecidestopegthevalueofitscurrency,thepeso,toabasketconsistingof0.50U.S.dollarsand0.50Euros.FurthersupposetheexchangeratebetweentheU.S.dollarandtheeurois1.10$/€.Ifthebasketconstitutesonepeso,whatistheappropriateexchangevaluebetweenthepesoandthedollar,andbetweenthepesoandtheeuro?

BasedontheinformationinProblem5,whatistheweightassignedtotheU.S.dollarinthecurrencybasket?

Whatistheweightassignedtotheeuro?

Explainthemaindifferencebetweentheexchange-ratesystemsoftheSmithsonianagreementandtheBrettonWoodssystem.Basedonthisdifference,whydoyouthinktheSmithsonianagreementwassoshortlived?

Whatistheprincipleresponsibilityofacurrencyboard?

Whatthreemainrestrictionsonacurrencyboardmakeitdifferentfromatypicalcentralbank?

9. 

ExplainhowtheLouvreAccordrepresentedatypeofexchange-ratesystem.

10. 

Whatfactorsdoyouthinkshouldbeconsideredwhendeterminingtherateofcrawlforacrawling-pegexchange-ratesystem?

11. 

What,inyouropinion,isthechiefdifferencebetweenacurrency-boardsystemanddollarization?

Ch06

SupposethataJapanesebankhastotalassetsof¥

1,000million.Oftheseassets,80percentareloanstobusinesses,andtheremainderareholdingsofcashassetsandgovernmentsecurities.ThebankengagesinderivativestradingthatJapaneseregulatorsassignacreditequivalenceexposurevalueof¥

400million.Thebank’sequitycapitalamountsto¥

100million,andthebankhasnosubordinateddebt.Doesthisbankmeetcurrentcapitalrequirements?

InwhatwaysdothecurrentfunctionsandobjectivesoftheInternationalMonetaryFundandtheWorldBankoverlap?

Inwhatwaysdotheyhavedifferentfunctionsandpursuedifferentgoals?

Ch07

Explainthedifferencebetweendirectandindirectfinancing.Nextexplainwhyanationmightdesireastrongandstablesystemoffinancialintermediariesandarobustbondmarket.

Listthreebenefitsofportfoliocapitalandthreebenefitsofforeigndirectinvestment.Giveonenegativeaspectofeach.Explainwhyitisundesirabletorelyonportfoliocapitalonly.ExplainwhyitisundesirabletorelyonFDIonly.

Supposeanationhasapegged-exchange-ratesystemandyouarethenation’schiefcentralbanker.Constructasupplyanddemanddiagramofthespotexchangemarketforthedomesticcurrency.Explain,usingthediagram,howthecentralbankmustreacttoportfoliocappitalinflowsandoutflowssoastomaintainthecurrencypeg.

explainhowallowingforeignbankstoenterandcompeteinthedomesticfinancialsectormightimprovecapitalmarketallocations.Explainhow,ingeneral,competitionamongfinancialintermediariesisimportanttofinancialstability.

explainhowsaversandborrowersmightbenefitfromregulationofanation’sfinancialintermediaries.Doesregulationimposecosts?

Howdothesecostsaffectlong-runeconomicdevelopment?

supposeyouareapolicymakerinanemergingeconomy.Explainwhattypesofcapitalflowyouwouldtrytoencourage.Whatpolicyactionsmightyoutaketoencouragethesetypesofflows?

youarethefinanceministerofanemergingeconomy.Youhavetheresponsibilityofmaintaininganexchange-rateregimeinwhichthevalueofthedomesticcurrencyispeggedtothecurrencyofalargetradingpartner.Explainwhatpolicyactionsoroperationsyouwouldtaketomaintaintheexchange-rateregimeunderthefollowingcircumstances.

a. 

thereisanincreasedinflowofshort-term（portfolio）capitalthatyoubelieveisonlytemporaryinnature.

b. 

Thereisanincreasedinflowoflong-term（directinvestment）capitalthatyoubelievewillpersistforatleastafewyears.

someobservershaverespondedtoharshcriticismsofWorldBankpoliciesbyarguingthattheWorldBank’smembershavesaddleditwithconflictinggoals.DoyouagreethattheWorldBankconfrontsconflictingobjectives?

Ifnot,whynot?

Ifso,whichoftheallegedlyconflictinggoalsdoyouthinkshouldtakeprecedence?

constructatablewiththreecolumnsthatlistseachoftheviewsonthecausesofinternationalfinancialcrisesintheleft-handcolumn.Inthesecondcolumnofthetable,listatleastonepossiblefinancialcrisisindicatorcorrespondingtoeachviewthatmightbetrackedinanIMFearlywaningsystemforpredictingfinancialcrises.Inthethirdcolumn,proposehowtoevaluatewhethereachpotentialindicatoryouhaveproposedactuallyhelpspredictacrisis.Doesthisexercisehelpexplainwhyeconomistshaveahardtimeconstructingreliableearlywarningsystems?

Shouldmultinationalinstitutionslendfundsatinterestratesbelow,equivalentto,oraboveprivate-marketinterestrates?

Takeastand,andsupportyourposition.

Ch09

Writeoutaneuqtionrepresentingthemonetaryapproachtobalance-of-paymentsandexchangeratedetermination.Supposethatdomesticcrediteuqls$1000million,foreignexchangereservesequals$80million,themoneymultiplieris2,thefractionofnomialincomethatindividualsdesiretoholdinmoneybalancesis20percent,theforeignpricelevelis1.2,andthespotexchangevalueofthedomesticcurrencyis2.usingthisinformation,whatis:

themoneystockinthedomesticeconomy?

Thelevelofrealincomeofthedomesticeconomy?

UsingtheinformationinQuestion5,supposethedomesticmonetaryauthoritiedincreasedomesticcreditby$10millionthroughanopen-marketpurchaseofsecurities.

Underafixedexchange-rateregime,whatistheeffectofthisopen-markettrasactiononthenation’sbalanceofpayments?

Underflexibleexchangerates,allotherthingsconstant,whatisthenewexchangevalueofthedomesticcurrency?

Isthisanappreciationordepreciation?

Writeoutthewealthidentity.Usingthisidentity,explaintheimpactofacentralbankopen-marketsaleofbondsontheexchangevalueofthedomesticcurrency.Nowsupposethattheexchangerateispegged.Usingthewealthidentity,explaintheimpactoftheopen-marketoperationonthedomesticnation’sbalanceofpayments.

Illustratethespotexchangemarketforthedomesticcurrencyusingthesupplyanddemandframework.Explainandillustratetheeffectofacentralbankopen-marketsaleofbondsontheexchangevalueofthedomesticcurrency.

Writeoutawealthidentityforboththedomesticeconomyandtheforeigneconomy.Usingthisidentity,explaintheimpactofanopen-marketsaleofbondsbythecentralbankofthetheforeigneconomyontheexchangevaluebetweenthedomesticandforeigncurrencies.

Ch10

Refertothecircular-flowdiagraminFigure10-1（p.339）,andidentifyflowsthatconstituteleakagesfromtheeconomy’soverallspendingflow.Nowidentifytheflowsthatarereinjectionsintotheoverallflowofexpenditures.Whatisdefinitionallytrueoftheseleakagesandreinjections?

Explain.

SupposethattheU.S.SGDPdeflatorisequaltooneandthattheU.S.nominalmoneystockisequalto$1.8trillion.Ifthedemandscheduleforrealmoneybalancesisgivenbythestraight-linefunction（measuredintril