国际金融课后答案.docx

国际金融课后答案.docx

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国际金融课后答案

CHAPTER12

NATIONALINCOMEACCOUNTINGANDTHEBALANCEOFPAYMENTS

AnswerstoTextbookProblems

1.ThereasonforincludingonlythevalueoffinalgoodsandservicesinGNP,asstatedinthequestion,istoavoidtheproblemofdoublecounting.DoublecountingwillnotoccurifintermediateimportsaresubtractedandintermediateexportedgoodsareaddedtoGNPaccounts.ConsiderthesaleofU.S.steeltoToyotaandtoGeneralMotors.ThesteelsoldtoGeneralMotorsshouldnotbeincludedinGNPsincethevalueofthatsteelissubsumedinthecarsproducedintheUnitedStates.ThevalueofthesteelsoldtoToyotawillnotenterthenationalincomeaccountsinamorefinishedstatesincethevalueoftheToyotagoestowardsJapaneseGNP.ThevalueofthesteelshouldbesubtractedfromGNPinJapansinceU.S.factorsofproductionreceivepaymentforit.

2.Equation2canbewrittenasCA=（Sp-I）+（T-G）.HigherU.S.barrierstoimportsmayhavelittleornoimpactuponprivatesavings,investment,andthebudgetdeficit.Iftherewerenoeffectonthesevariablesthenthecurrentaccountwouldnotimprovewiththeimpositionoftariffsorquotas.Itispossibletotellstoriesinwhichtheeffectonthecurrentaccountgoeseitherway.Forexample,investmentcouldriseinindustriesprotectedbythetariff,worseningthecurrentaccount.（Indeed,tariffsaresometimesjustifiedbytheallegedneedtogiveailingindustriesachancetomodernizetheirplantandequipment.）Ontheotherhand,investmentmightfallinindustriesthatfaceahighercostofimportedintermediategoodsasaresultofthetariff.Ingeneral,permanentandtemporarytariffshavedifferenteffects.Thepointofthequestionisthatapredictionofthemannerinwhichpoliciesaffectthecurrentaccountrequiresageneral-equilibrium,macroeconomicanalysis.

3.a.ThepurchaseoftheGermanstockisadebitintheU.S.financialaccount.ThereisacorrespondingcreditintheU.S.financialaccountwhentheAmericanpayswithacheckonhisSwissbankaccountbecausehisclaimsonSwitzerlandfallbytheamountofthecheck.ThisisacaseinwhichanAmericantradesoneforeignassetforanother.

b.Again,thereisaU.S.financialaccountdebitasaresultofthepurchaseofaGermanstockbyanAmerican.ThecorrespondingcreditinthiscaseoccurswhentheGermansellerdepositstheU.S.checkinitsGermanbankandthatbanklendsthemoneytoaGermanimporter（inwhichcasethecreditwillbeintheU.S.currentaccount）ortoanindividualorcorporationthatpurchasesaU.S.asset（inwhichcasethecreditwillbeintheU.S.financialaccount）.Ultimately,therewillbesomeactiontakenbythebankwhichresultsinacreditintheU.S.balanceofpayments.

c.TheforeignexchangeinterventionbytheFrenchgovernmentinvolvesthesaleofaU.S.asset,thedollarsitholdsintheUnitedStates,andthusrepresentsadebititemintheU.S.financialaccount.TheFrenchcitizenswhobuythedollarsmayusethemtobuyAmericangoods,whichwouldbeanAmericancurrentaccountcredit,oranAmericanasset,whichwouldbeanAmericanfinancialaccountcredit.

d.Supposethecompanyissuingthetraveler’scheckusesacheckingaccountinFrancetomakepayments.WhenthiscompanypaystheFrenchrestaurateurforthemeal,itspaymentrepresentsadebitintheU.S.currentaccount.Thecompanyissuingthetraveler’scheckmustsellassets（depleteitscheckingaccountinFrance）tomakethispayment.ThisreductionintheFrenchassetsownedbythatcompanyrepresentsacreditintheAmericanfinancialaccount.

e.Thereisnocreditordebitineitherthefinancialorthecurrentaccountsincetherehasbeennomarkettransaction.

f.ThereisnorecordingintheU.S.BalanceofPaymentsofthisoffshoretransaction.

4.ThepurchaseoftheansweringmachineisacurrentaccountdebitforNewYork,andacurrentaccountcreditforNewJersey.WhentheNewJerseycompanydepositsthemoneyinitsNewYorkbankthereisafinancialaccountcreditforNewYorkandacorrespondingdebitforNewJersey.IfthetransactionisincashthenthecorrespondingdebitforNewJerseyandcreditforNewYorkalsoshowupintheirfinancialaccounts.NewJerseyacquiresdollarbills（animportofassetsfromNewYork,andthereforeadebititeminitsfinancialaccount）;NewYorklosesthedollars（anexportofdollarbills,andthusafinancialaccountcredit）.Noticethatthislastadjustmentisanalogoustowhatwouldoccurunderagoldstandard（seeChapter19）.

5.a.Sincenon-centralbankcapitalinflowsfellshortofthecurrent-accountdeficitby$500million,thebalanceofpaymentsofPecunia（officialsettlementsbalance）was-$500million.Thecountryasawholesomehowhadtofinanceits$1billioncurrent-accountdeficit,soPecunia'snetforeignassetsfellby$1billion.

b.Bydipping