short answer国际经济学Word下载.docx

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Acountryisanetcreditorwhenitsclaimsonforeignnationsexceedforeignclaimsonit.Thenationisanetdebtorwhenforeignnations'

claimsonitexceeditsclaimsonforeignnations.

ESSAY

1.HowdowemeasuretheinternationalinvestmentpositionoftheUnitedStatesatanypointintime?

HowdidtheU.S.becomeanetdebtornationsorapidly?

TheinternationalinvestmentpositionoftheUnitedStatesismeasuredbythemonetaryvalueofU.S.assetsabroadversusforeignassetsintheUnitedStates.Unlikethebalanceofpayments,whichisaflowconcept,thebalanceofinternationalindebtednessisastockconcept.ThereasonfortheU.S.becominganetdebtornationisthatforeigninvestorshaveplacedmorefundsintheUnitedStatesthantheU.S.residentshaveinvestedabroad.TheUnitedStateshasbeenconsideredattractivetoforeigninvestors.

2.Whatdoesacurrentaccountdeficitmean?

Whenacountryrealizesadeficitinitscurrentaccount,ithasanexcessofimportsoverexportsofgoods,services,income,andunilateraltransfers.Thisleadstoanincreaseinnetforeignclaimsuponthehomecountry.Thehomecountrybecomesanetdemanderoffundsfromabroad,thedemandbeingmetthroughborrowingfromothercountriesorliquidatingforeignassets.Theresultisaworseningofthehomecountry'

snetforeigninvestmentposition.

1.Whatforeignexchangetransactionsdobankstypicallyengagein?

Bankstypicallyengageinspot,forward,andswaptransactions.

2.Howistheequilibriumrateofexchangedetermined?

Theequilibriumrateofexchangeinafreemarketisdeterminedbytheintersection（交集）ofthesupplyanddemandschedulesofforeignexchange.

1.Isitpossibletotradeforeignexchangeinthefuturesmarket?

Howdoessuchtradingdifferfromtheforwardmarket?

Yes.Inthefuturesmarket,contractingpartiesagreetofutureexchangesofcurrenciesandsetapplicableexchangeratesinadvance.Thefuturesmarketisdistinguishedfromtheforwardmarketinthatonlyalimitednumberofleadingcurrenciesaretraded;

moreover,tradingtakesplaceinastandardizedcontractamountandinaspecificgeographiclocation.

2.Whereareforeigncurrencyoptionstraded?

Foreign-currencyoptionsaretradedinavarietyofcurrenciesinEuropeandtheUnitedStates.Thebankmarketforforeign-currencyoptionsconsistsoflargeU.S.banksthatwriteoptionsfortheircorporatecustomers.Inaddition,theAmsterdam,Montreal,andPhiladelphiaexchangesprovidecentralizedtradingfloorsdevotedtoforeign-currency-optiontrading.

1.Whatisthepurchasingpowerparityapproachtoexchangeratedetermination?

Thepurchasingpowerparityapproachassertsthatchangesinrelativenationalpricelevelsdeterminechangesinexchangeratesoverthelongrun.Acurrencymaintainsitspurchasingpowerparityifitdepreciates（appreciates）byanamountequaltotheexcessofdomestic（foreign）inflationoverforeign（domestic）inflation.

2.Whatisexchangerateovershooting?

Anexchangerateissaidtoovershootwhenitsshort-runresponsetoachangeinmarketfundamentalsisgreaterthanitslong-runresponse.

1.Inafreemarket,whatdeterminesexchangeratesinthelongrunandtheshortrun?

Thelong-rundeterminantsofexchangeratesincludemarketfundamentalssuchasconsumerpreferencesfordomesticandforeigngoods,governmenttradepolicies,productivitylevels,andrelativepricelevels.Intheshortrun,exchangeratesaredeterminedbyinterestratedifferentialsandmarketexpectationsconcerningeconomicgrowth,inflationrates,andinterestrates.

2.Whatistheassetmarketapproachtoexchangeratedetermination?

Overshortperiodsoftime,decisionstoholddomesticorforeignfinancialassetsplayamuchgreaterroleinexchangeratedeterminationthanthedemandforimportsandexportsdoes.Accordingtotheassetmarketapproach,investorsconsidertwokeyfactorswhendecidingbetweendomesticandforeigninvestments:

relativeinterestratesandexpectedchangesinexchangerates.Changesinthesefactors,inturn,accountforfluctuationsinexchangeratesthatweobserveintheshortrun.

1.Comparedtoclassicaleconomists,howdidKeynesianeconomicschangethediscussionoftradeadjustment?

Keynesianeconomicsputagreateremphasisontheincomeeffectsoftradeinexplainingtradeadjustment.Theclassicaleconomistsemphasizedpriceandinterestrateadjustments.

2.Whatistheforeignrepercussioneffect?

Itreferstoasituationinwhichachangeinonenation'

smacroeconomicvariablesrelativetoanothernationwillinduceachainreactioninbothnations'

economies.Theconsequenceisthatariseinincomeofanationwithabalance-of-paymentssurplusandthefallinincomeofthenationwithabalance-of-paymentsdeficitaredampened.

1.ExplainDavidHume'

stheoryofautomaticadjustmentforbalanceofpaymentsdisequilibria.

DavidHume'

stheoryprovidedanexplanationoftheautomaticadjustmentprocessthatoccurredunderthegoldstandard.Startingfromaconditionofpaymentsbalance,anysurplusordeficitwouldautomaticallybeeliminatedbychangesindomesticpricelevels.Nationswithapaymentssurpluswouldexperienceinflation;

thiswouldleadtoalossofcompetitiveness,adecreaseinnetexports,andafallinthesurplus.Theoppositeappliestonationswithapaymentsdeficit.

2.Isthemonetaryapproachtothebalance-of-paymentspartofthetraditionaladjustmenttheories?

Themonetaryapproachtothebalanceofpaymentsispresentedasanalternative,ratherthanasupplementtotraditionaladjustmenttheories.Itmaintainsthat,overthelongrun,paymentsdisequilibriaarerootedintherelationshipbetweenthedemandforandthesupplyofmoney.Adjustmentinthebalanceofpaymentsisviewedasanautomaticprocess.

1.Howdodemandelasticitiesinfluenceacountry'

stradepositionwhenexchangerateschange?

Accordingtotheelasticitiesapproach,currencydepreciationleadstothegreatestimprovementinacountry'

stradepositionwhendemandelasticitiesarehigh.Thisisbecausetheresponseoftradevolumestoexchange-ratechangesishighestwhendemandiselastic.

2.Howistheabsorptionapproachusedforanalyzingtheeffectsofcurrencydevaluation?

Theabsorptionapproachprovidesinsightsaboutthechangesinthetradebalancebyconsideringtheimpactofdevaluationonthespendingbehaviorofthedomesticeconomyandtheinfluenceofdomesticspendingonthetradebalance.

1.Whatisapass-throughrelationship?

Theextenttowhichexchange-ratechangesleadtochangesinimportpricesandexportpricesisknownasthepass-throughrelationship.Complete（partial）pass-throughoccurswhenachangeintheexchangeratebringsaboutaproportionate（lessthanproportionate）changeinexportpricesandimportprices.Empiricalevidencesuggeststhatpass-throughtendstobepartialratherthancomplete.

2.Howdomovementsinexchangeratesaffectdomesticcosts,inthepresenceofforeignsourcing?

Manufacturersoftenobtaininputsfromabroadwhosecostsaredenominatedintermsofaforeigncurrency.Asforeign-currency-denominatedcostsbecomealargerportionofaproducer'

stotalcosts,anappreciationofthedomesticcurrencyleadstoasmallerincreaseintheforeign-currencycostofthefirm'

soutputandalargerdecreaseinthedomesticcostofthefirm'

soutput,comparedtothecostchangesthatoccurwhenallinputcostsaredenominatedinthedomesticcurrency.Theoppositeappliesforcurrencydepreciation.

1.Whichnationsusemultipleexchangeratesthemostandwhy?

Multipleexchangeratesareusedprimarilybythedevelopingnationswhowishtoensurethatnecessarygoodsareimportedandlessessentialgoodsarediscouraged.

2.WhatisanSDR?

TheSDRisacurrencybasketcomposedoffivecurrenciesestablishedbytheInternationalMonetaryFund.Nationsdesiringexchange-ratestabilityareattractedtotheSDRasacurrencybasketagainstwhichtoanchortheircurrencyvalues.

1.Whatisthedifferencebetweenthecrawlingpegandadjustablepeggedexchangerates?

Undertheadjustablepeg,currenciesaretiedtoaparvaluethatchangesinfrequentlybutsuddenly,usuallyinlargejumps.Thecrawlingpegallowsanationtomakesmallchangesinparvalues,perhapsseveraltimesayear,sothattheycreepalongslowlyinresponsetoevolvingmarketconditions.

2.Howcancurrencyboardsanddollarizationpreventcurrencycrises?

Acurrencyboardisamonetaryauthoritythatissuesnotesandcoinsconvertibleintoaforeigncurrencyatafixedexchangerate.Themostvitalcontributionacurrencyboardcanmaketoexchange-ratestabilityistoimposedisciplineontheprocessofmoneycreation.Thisresultsingreaterstabilityondomesticpriceswhich,inturn,stabilizesthevalueofthedomesticcurrency.DollarizationoccurswhenresidentsofacountyusetheU.S.dollaralongsideorinsteadoftheirowncurrency.Dollarizationisseenasawaytoprotectacountry'

sgrowthandprosperityfromboutsofinflation,currencydepreciation,andspeculativeattacksagainstthelocalcurrency.

PTS:

1

1.Whatpolicyinstrumentshouldbeusedwhendemand-