《国际经济学》教师手册及课后习题答案克鲁格曼第六版imch13.docx

《国际经济学》教师手册及课后习题答案克鲁格曼第六版imch13.docx

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《国际经济学》教师手册及课后习题答案克鲁格曼第六版imch13

HAPTER13

ExchangeRatesandtheForeignExchangeMarket:

AnAssetApproach

ChapterOrganization

ExchangeRatesandInternationalTransactions

DomesticandForeignPrices

ExchangeRatesandRelativePrices

Box:

ATaleofTwoDollars

TheForeignExchangeMarket

TheActors

CharacteristicsoftheMarket

SpotRatesandForwardRates

ForeignExchangeSwaps

FuturesandOptions

TheDemandforForeignCurrencyAssets

AssetsandAssetReturns

RiskandLiquidity

InterestRates

ExchangeRatesandAssetReturns

ASimpleRule

Return,Risk,andLiquidityintheForeignExchangeMarket

EquilibriumintheForeignExchangeMarket

InterestParity:

TheBasicEquilibriumCondition

HowChangesintheCurrentExchangeRateAffectExpectedReturns

TheEquilibriumExchangeRate

InterestRates,Expectations,andEquilibrium

TheEffectofChangingInterestRatesontheCurrentExchangeRate

TheEffectofChangingExpectationsontheCurrentExchangeRate

Box:

ThePerilsofForecastingExchangeRates

Summary

Appendix:

ForwardExchangeRatesandCoveredInterestParity

ChapterOverview

Thepurposeofthischapteristoshowtheimportanceoftheexchangerateintranslatingforeignpricesintodomesticvaluesaswellastobeginthepresentationofexchange-ratedetermination.Centraltothetreatmentofexchange-ratedeterminationistheinsightthatexchangeratesaredeterminedinthesamewayasotherassetprices.Thechapterbeginsbydescribinghowtherelativepricesofdifferentcountries'goodsareaffectedbyexchangeratechanges.Thisdiscussionillustratesthecentralimportanceofexchangeratesforcross-bordereconomiclinkages.Thedeterminationoftheleveloftheexchangerateismodeledinthecontextoftheexchangerate'sroleastherelativepriceofforeignanddomesticcurrencies,usingtheuncoveredinterestparityrelationship.

Theeuroisusedofteninexamples.Somestudentsmaynotbefamiliarwiththecurrencyorawareofwhichcountriesuseit;abriefdiscussionmaybewarranted.AfulltreatmentofEMUandthetheoriessurroundingcurrencyunificationappearsinChapter20.

Thedescriptionoftheforeign-exchangemarketstressestheinvolvementoflargeorganizations（commercialbanks,corporations,nonbankfinancialinstitutions,andcentralbanks）andthehighlyintegratednatureofthemarket.Thenatureoftheforeign-exchangemarketensuresthatarbitrageoccursquickly,sothatcommonratesareofferedworldwide.Forwardforeign-exchangetrading,foreign-exchangefuturescontractsandforeign-exchangeoptionsplayanimportantpartincurrencymarketactivity.Theuseofthesefinancialinstrumentstoeliminateshort-runexchange-rateriskisdescribed.

Theexplanationofexchange-ratedeterminationinthischapteremphasizesthemodernviewthatexchangeratesmovetoequilibrateassetmarkets.Theforeign-exchangedemandandsupplycurvesthatintroduceexchange-ratedeterminationinmostundergraduatetextsarenotfoundhere.Instead,thereisadiscussionofassetpricingandthedeterminationofexpectedratesofreturnonassetsdenominatedindifferentcurrencies.

Studentsmayalreadybefamiliarwiththedistinctionbetweenrealandnominalreturns.Thetextdemonstratesthatnominalreturnsaresufficientforcomparingtheattractivenessofdifferentassets.Thereisabriefdescriptionoftheroleplayedbyriskandliquidityinassetdemand,buttheseconsiderationsarenotpursuedinthischapter.（TheroleofriskistakenupagaininChapter17.）

Substantialspaceisdevotedtothetopicofcomparingexpectedreturnsonassetsdenominatedindomesticandforeigncurrency.Thetextidentifiestwopartsoftheexpectedreturnonaforeign-currencyasset（measuredindomestic-currencyterms）:

theinterestpaymentandthechangeinthevalueoftheforeigncurrencyrelativetothedomesticcurrencyovertheperiodinwhichtheassetisheld.Theexpectedreturnonaforeignassetiscalculatedasafunctionofthecurrentexchangerateforgivenexpectedvaluesofthefutureexchangerateandtheforeigninterestrate.

Theabsenceofriskandliquidityconsiderationsimpliesthattheexpectedreturnsonallassetstradedintheforeign-exchangemarketmustbeequal.Itisthusashortstepfromcalculationsofexpectedreturnsonforeignassetstotheinterestparitycondition.Theforeign-exchangemarketisshowntobeinequilibriumonlywhentheinterestparityconditionholds.Thus,forgiveninterestratesandgivenexpectationsaboutfutureexchangerates,interestparitydeterminesthecurrentequilibriumexchangerate.Theinterestparitydiagramintroducedhereisinstrumentalinlaterchaptersinwhichamoregeneralmodelispresented.Sinceacommandofthisinterestparitydiagramisanimportantbuildingblockforfuturework,werecommenddrillsthatemploythisdiagram.

Theresultthatadoll