国际金融01之欧阳语创编.docx

国际金融01之欧阳语创编.docx

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国际金融01之欧阳语创编

1、“Nationalsavingcanbeuseddomesticallyorinternationally.”Explainthebasisforthis

时间：

2021.03.01

创作：

欧阳语

Answers:

Savingcanbeusedtomakeinvestments.Thecountrycanuseitsnationalsavingtomakedomesticrealinvestmentsinnewproductioncapital（buildings,machineryandsoftware）,innewhousing,andinadditionstoinventories,oritcanuseitsnationalsavingtoinvestinforeignfinancialassets.Ifitusesitsnationalsavingtomakedomesticrealinvestment,benefitstothenationincludetheincreasesinproductioncapacityandcapabilitiesthatresultfromnewproductioncapitalandthehousingservicesthatflowfromalargerstockofhousing.Ifitusesitsnationalsavingtomakeforeigninvestments,benefitstothenationincludethedividends,interestpayments,andcapitalgainsthatitearnsonitsforeigninvestments,whichaddtothenationalincomeofthecountryinthefuture.

2.“Foracountrythathasasurplusinitscurrentaccountandwantstoreducethissurplus,oneAnswers:

Disagree.Ashifttosavingmorewouldtendtoincreasethesurplus,notreduceit.Thecurrentaccountbalanceequalsnetforeigninvestments,andnetforeigninvestmentisthedifferencebetweennationalsavinganddomesticrealinvestment.Ifnationalsavingincreases,thennetforeigninvestmenttendtoincreases,andthecurrentaccountbalancetendstoincrease（thesurplustendstoincrease）.

3.Whatarethemajortypesoftransactionsoractivitiesthatresultinsupplyofforeigncurrencyin

Answers:

Importsofgoodsandservicesresultindemandforforeigncurrencyintheforeignexchangemarket.Domesticbuyersoftenwanttopayusingdomesticcurrency,whiletheforeignsellerswanttoreceivepaymentintheircurrency.Intheprocessofpayingfortheseimports,domesticcurrencyisexchangedforforeigncurrency,creatingdemandforforeigncurrency.Internationalcapitaloutflowsresultinademandforforeigncurrencyintheforeignexchangemarket.Inmakinginvestmentsinforeignfinancialassets,domesticinvestorsoftenstartwithdomesticcurrencyandmustexchangeitforforeigncurrencybeforetheycanbuytheforeignassets.Theexchangecreatesdemandforforeigncurrency.Foreignsalesofthiscountry’sfinancialassetsthattheforeignershadpreviouslyacquiredandforeignborrowingfromthiscountryareotherformsofcapitaloutflowthatcancreatedemandforforeigncurrency.

4.ABritishbankhasacquiredalargenumberofdollarsinitsdealingswithitsclients.

Answers:

TheBritishbankcouldusetheinterbankmarkettofindanotherbankthatwaswillingtobuydollarsandsellpounds.TheBritishbankcouldsearchdirectlywithotherbanksforagoodexchangerateforthetransaction,oritcoulduseaforeignexchangebrokertoidentifyagoodratefromanotherbank.TheBritishbankshouldbeabletosellitsdollarstoanotherbankquicklyandwithverylowtransactionscosts.

5.Foraninvestmentinaforeigncurrencydenominatedfinancialasset,partofthereturncomes

Answers:

Agree.Asaninvestor,Ithinkofmywealthandreturnsfrominvestmentsintermsofmyowncurrency.WhenIinvestinaforeigncurrencydenominatedfinancialasset,Iam（actuallyoreffectively）buyingboththeforeigncurrencyandtheasset,Partofmyoverallreturncomesfromthereturnontheassetitselfforinstance,theyieldorrateofinterestthatitpays.Theotherpartofmyreturncomesfromchangesintheexchangeratevalueofforeigncurrency.Iftheforeigncurrencyincreasesinvalue（relativetomyowncurrency）whileIamholdingtheforeignasset,thevalueofmyinvestment（intermsofmyowncurrency）increases,andIhavemadeanadditionalreturnonmyinvestment.（Ofcourse,iftheexchangeratevalueoftheforeigncurrencygoesdown,Imakealossonthecurrencyvalue,whichreducesmyoverallreturn.）

6、Whatisthedifferencebetweenacleanfloatandamanagedfloat?

Answers:

Inthecleanboat,thegovernmentallowstheexchangeratevalueofitscurrencytobedeterminedsolelybyprivate（ornonofficial）supplyanddemandintheforeignexchangemarket,thegovernmenttakesnodirectactionstoinfluenceexchangerates.Inamanagedfloat,thegovernmentiswillingtoandsometimesdoestakedirectactionstoattempttoinfluencetheexchangeratevalueofitscurrency.Forinstance,themonetaryauthoritiesofthecountrymaysometimesinterveneinthemarket,buyingorsellingforeigncurrency（inexchangefordomesticcurrency）inanefforttoinfluencethelevelortrendofthefloatingexchangerate.

7.Agovernmenthasjustimposedatotalsetofexchange

Answers:

Theexchangecontrolsareintendedtorestraintheexcessprivatedemandforforeigncurrency（thesourceofthedownwardpressureontheexchangeratevalueofthecountry'scurrency）.Thus,somepeoplewhowanttoobtainforeigncurrency,andwhowou