国际金融学习题汇总.docx

国际金融学习题汇总.docx

《国际金融学习题汇总.docx》由会员分享，可在线阅读，更多相关《国际金融学习题汇总.docx（10页珍藏版）》请在冰豆网上搜索。

国际金融学习题汇总

Ch01

1. Usingthefollowingdata（billionsofdollars）foragivenyear,calculatethebalanceonmerchandisetradebalanceongoods,services,andincomeandthecurrentaccountbalance.Indicatewhetherthesebalancesaredeficitsorsurpluses.

Exportsofgoods       719               Importsofgoods     1.145

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

1. Listallofthevarioustypesofexchange-ratearrangementsdescribedinthischapter.（Hint:

therearesevendescribedinthischapter.）Orderthelistofexchange-ratearrangementsfromfixedtomostflexible.

2. DescribetwoprimaryfunctionsoftheInternationalMonetaryFund.

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

4. UsingtheinformationinProblem3,calculatetheexchangeratebetweentheCanadiandollarandtheBritishpound.

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

6. BasedontheinformationinProblem5,whatistheweightassignedtotheU.S.dollarinthecurrencybasket?

Whatistheweightassignedtotheeuro?

7. Explainthemaindifferencebetweentheexchange-ratesystemsoftheSmithsonianagreementandtheBrettonWoodssystem.Basedonthisdifference,whydoyouthinktheSmithsonianagreementwassoshortlived?

8. Whatistheprincipleresponsibilityofacurrencyboard?

Whatthreemainrestrictionsonacurrencyboardmakeitdifferentfromatypicalcentralbank?

9. ExplainhowtheLouvreAccordrepresentedatypeofexchange-ratesystem.

10. Whatfactorsdoyouthinkshouldbeconsideredwhendeterminingtherateofcrawlforacrawling-pegexchange-ratesystem?

11. What,inyouropinion,isthechiefdifferencebetweenacurrency-boardsystemanddollarization?

Ch06

1. SupposethataJapanesebankhastotalassetsof¥1,000million.Oftheseassets,80percentareloanstobusinesses,andtheremainderareholdingsofcashassetsandgovernmentsecurities.ThebankengagesinderivativestradingthatJapaneseregulatorsassignacreditequivalenceexposurevalueof¥400million.Thebank’sequitycapitalamountsto¥100million,andthebankhasnosubordinateddebt.Doesthisbankmeetcurrentcapitalrequirements?

2. InwhatwaysdothecurrentfunctionsandobjectivesoftheInternationalMonetaryFundandtheWorldBankoverlap?

Inwhatwaysdotheyhavedifferentfunctionsandpursuedifferentgoals?

Ch07

1. Explainthedifferencebetweendirectandindirectfinancing.Nextexplainwhyanationmightdesireastrongandstablesystemoffinancialintermediariesandarobustbondmarket.

2. Listthreebenefitsofportfoliocapitalandthreebenefitsofforeigndirectinvestment.Giveonenegativeaspectofeach.Explainwhyitisundesirabletorelyonportfoliocapitalonly.ExplainwhyitisundesirabletorelyonFDIonly.

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

4. explainhowallowingforeignbankstoenterandcompeteinthedomesticfinancialsectormightimprovecapitalmarketallocations.Explainhow,ingeneral,competitionamongfinancialintermediariesisimportanttofinancialstability.

5. explainhowsaversandborrowersmightbenefitfromregulationofanation’sfinancialintermediaries.Doesregulationimposecosts?

Howdothesecostsaffectlong-runeconomicdevelopment?

6. supposeyouareapolicymakerinanemergingeconomy.Explainwhattypesofcapitalflowyouwouldtrytoencourage.Whatpolicyactionsmightyoutaketoencouragethesetypesofflows?

7. youarethefinanceministerofanemergingeconomy.Youhavetheresponsibilityofmaintaininganexchange-rateregimeinwhichthevalueofthedomesticcurrencyispeggedtothecurrencyofalargetradingpartner.Explainwhatpolicyactionsoroperationsyouwouldtaketomaintaintheexchange-rateregimeunderthefollowingcircumstances.

a. thereisanincreasedinflowofshort-term（portfolio）capitalthatyoubelieveisonlytemporaryinnature.

b. Thereisanincreasedinflowoflong-term（directinvestment）capitalthatyoubelievewillpersistforatleastafewyears.

8. someobservershaverespondedtoharshcriticismsofWorldBankpoliciesbyarguingthattheWorldBank’smembershavesaddleditwithconflictinggoals.DoyouagreethattheWorldBankconfrontsconflictingobjectives?

Ifnot,whynot?

Ifso,whichoftheallegedlyconflictinggoalsdoyouthinkshouldtakeprecedence?

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

10. Shouldmultinationalinstitutionslendfundsatinterestratesbelow,equivalentto,oraboveprivate-marketinterestrates?

Takeastand,andsupportyourposition.

Ch09

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

a. themoneystockinthedomesticeconomy?

b. Thelevelofrealincomeofthedomesticeconomy?

2. UsingtheinformationinQuestion5,supposethedomesticmonetaryauthoritiedincreasedomesticcreditby$10millionthroughanopen-marketpurchaseofsecurities.

a. Underafixedexchange-rateregime,whatistheeffectofthisopen-markettrasactiononthenation’sbalanceofpayments?

b. Underflexibleexchangerates,allotherthingsconstant,whatisthenewexchangevalueofthedomesticcurrency?

Isthisanappreciationordepreciation?

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

4. Illustratethespotexchangemarketforthedomesticcurrencyusingthesupplyanddemandframework.Explainandillustratetheeffectofacentralbankopen-marketsaleofbondsontheexchangevalueofthedomesticcurrency.

5. Writeoutawealthidentityforboththedomesticeconomyandtheforeigneconomy.Usingthisidentity,explaintheimpactofanopen-marketsaleofbondsbythecentralbankofthetheforeigneconomyontheexchangevaluebetweenthedomesticandforeigncurrencies.

Ch10

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

Explain.

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