完整word版托马斯国际金融课后习题答案解析.docx

完整word版托马斯国际金融课后习题答案解析.docx

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完整word版托马斯国际金融课后习题答案解析

完美WORD格式

Suggestedanswerstoquestionsandproblems

（inthetextbook）

Chapter2

2.Disagree,atleastasageneralstatement.Onemeaningofacurrentaccount

surplusisthatthecountryisexportingmoregoodsandservicesthanitis

importing.Onemighteasilyjudgethatthisisnotgood—thecountryis

producinggoodsandservicesthatareexported,butthecountryisnotat

thesametimegettingtheimportsofgoodsandservicesthatwouldallowit

domoreconsumptionanddomesticinvestment.Inthiswayacurrentaccount

deficitmightbeconsideredgood—theextraimportsallowthecountryto

consumeandinvestdomesticallymorethanthevalueofitscurrent

production.Anothermeaningofacurrentaccountsurplusisthatthecountry

isengaginginforeignfinancialinvestment—itisbuildingupitsclaims

onforeigners,andthisaddstonationalwealth.Thissoundsgood,butas

notedaboveitcomesatthecostofforegoingcurrentdomesticpurchasesof

goodsandservices.Acurrentaccountdeficitisthecountryrunningdown

itsclaimsonforeignersorincreasingitsindebtednesstoforeigners.This

soundsbad,butitcomeswiththebenefitofhigherlevelsofcurrentdomestic

expenditure.Differentcountriesatdifferenttimesmayweighthebalance

ofthesecostsandbenefitsdifferently,sothatwecannotsimplysaythat

acurrentaccountsurplusisbetterthanacurrentaccountdeficit.

4.Disagree.Ifthecountryhasasurplus（apositivevalue）foritsofficial

settlementsbalance,thenthevalueforitsofficialreservesbalancemust

beanegativevalueofthesameamount（sothatthetwoaddtozero）.Anegative

valueforthisassetitemmeansthatfundsareflowingoutinorderforthe

countrytoacquiremoreofthesekindsofassets.Thus,thecountryis

increasingitsholdingsofofficialreserveassets.

6.ItemeisatransactioninwhichforeignofficialholdingsofU.S.assets

increase.Thisisapositive（credit）itemforofficialreserveassetsand

anegative（debit）itemforprivatecapitalflowsastheU.S.bankacquires

poundbankdeposits.ThedebititemcontributestoaU.S.deficitinthe

officialsettlementsbalance（whilethecredititemisrecordedelowthe

line,permittingtheofficialsettlementsbalancetobeindeficit）.All

othertransactionsinvolvedebitandcredititemsbothofwhichareincluded

intheofficialsettlementsbalance,sothattheydonotdirectlycontribute

toadeficit（orsurplus）intheofficialsettlementsbalance.

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8.a.Merchandisetradebalance:

$330-198=$132

Goodsandservicesbalance:

$330-198+196-204=$124

Currentaccountbalance:

$330-198+196-204+3-8=$119

Officialsettlementsbalance:

$330-198+196-204+3-8+102-202+

4=$23

b.Changeinofficialreserveassets（net）=-officialsettlementsbalance

=-$23.

Thecountryisincreasingitsnetholdingsofofficialreserveassets.

10.a.Internationalinvestmentposition（billions）:

$30+20+15-40-25=

$0.

Thecountryisneitheraninternationalcreditornoradebtor.Itsholding

ofinternationalassetsequalsitsliabilitiestoforeigners.

b.Acurrentaccountsurpluspermitsthecountrytoaddtoitsnetclaims

onforeigners.Forthisreasonthecountry'sinternationalinvestment

positionwillbecomeapositivevalue.Theflowincreaseinnetforeignassets

resultsinthestockofnetforeignassetsbecomingpositive.

Chapter3

Exportsofmerchandiseandservicesresultinsupplyof2.foreigncurrencyin

theforeignexchangemarket.Domesticsellersoftenwanttobepaidusing

domesticcurrency,whiletheforeignbuyerswanttopayintheircurrency.

Intheprocessofpayingfortheseexports,foreigncurrencyisexchanged

Internationalfordomesticcurrency,creatingsupplyofforeigncurrency.

capitalinflowsresultinasupplyofforeigncurrencyintheforeignexchange

market.Inmakinginvestmentsindomesticfinancialassets,foreign

investorsoftenstartwithforeigncurrencyandmustexchangeitfordomestic

currencybeforetheycanbuythedomesticassets.Theexchangecreatesa

supplyofforeigncurrency.Salesofforeignfinancialassetsthatthe

country'sresidentshadpreviouslyacquired,andborrowingfromforeigners

bythiscountry'sresidentsareotherformsofcapitalinflowthatcancreate

supplyofforeigncurrency.

4.TheU.S.firmobtainsaquotationfromitsbankonthespotexchangerate

forbuyingyenwithdollars.Iftherateisacceptable,thefirminstructs

itsbankthatitwantstousedollarsfromitsdollarcheckingaccountto

buy1millionyenatthisspotexchangerate.Italsoinstructsitsbankto

sendtheyentothebankaccountoftheJapanesefirm.Tocarryoutthis

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instruction,theU.S.bankinstructsitscorrespondentbankinJapantotake

1millionyenfromitsaccountatthecorrespondentbankandtransferthe

yentothebankaccountoftheJapanesefirm.（TheU.S.bankcouldalsouse

yenatitsownbranchifithasabranchinJapan.）

6.

Thetraderwouldseekoutthebestquotedspotrateforbuyingeuroswith

dollars,eitherthroughdirectcontactwithtradersatotherbanksorbyusing

theservicesofaforeignexchangebroker.Thetraderwouldusethebestrate

tobuyeurospot.Sometimeinthenexthourorso（or,typicallyatleast

bytheendoftheday）,thetraderwillentertheinterbankmarketagain,

toobtainthebestquotedspotrateforsellingeurosfordollars.Thetrader

willusethebestspotratetosellherpreviouslyacquiredeuros.Ifthe

spotvalueoftheeurohasrisenduringthisshorttime,thetradermakes

aprofit.

8.a.Thecrossratebetweentheyenandthekroneistoohigh（theyenvalue

ofthekroneistoohigh）relativetothedollar-foreigncurrencyexchange

rates.Thus,inaprofitabletriangulararbitrage,youwanttosellkroner

atthehighcrossrate.Thearbitragewillbe:

Usedollarstobuykronerat

$0.20/krone,usethesekronertobuyyenat25yen/krone,andusetheyen

tobuydollarsat$0.01/yen.Foreachdollarthatyousellinitially,you

canobtain5kroner,these5kronercanobtain125yen,andthe125yencan

obtain$1.25.Thearbitrageprofitforeachdollaristherefore25cents.

b.Sellingkronertobuyyenputsdownwardpressureonthecrossrate（the

yenpriceofkrone）.Thevalueofthecrossratemustfallto20（=0.20/0.01）

yen/kronetoeliminatetheopportunityfortriangulararbitrage,assuming

thatthedollarexchangeratesareunchanged.

10.a.TheincreaseinsupplyofSwissfrancsputsdownwardpressureonthe

exchange-ratevalue（$/SFr）ofthefranc.Themonetaryauthoritiesmust

intervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.

b.Theincreaseinsupplyoffrancsputsdownwardpressureonthe

exchange-ratevalue（$/SFr）ofthefranc.Themonetaryauthoritiesmust

intervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.

c.Theincreaseinsupplyoffrancsputsdownwardpressureonthe

exchange-ratevalue（$/SFr）ofthefranc.Themonetaryauthoritiesmust

intervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.

知识分享专业整理

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d.Thedecreaseindemandforfrancsputsdownwardpressureonthe

exchange-ratevalue（$/SFr）ofthefranc.Themonetaryauthoritiesmust

intervenetodefendthefixedexchangeratebybuyingSFrandsellingdollars.

Chapter4

2.Youwillneeddataonfourmarketrates:

Thecurrentinterestrate（oryield）

onbondsissuedbytheU.S.governmentthatmatureinoneyear,thecurrent

interestrate（oryield）onbondsissuedbytheBritishgovernmentthatmature

inoneyear,thecurrentspotexchangeratebetweenthedollarandpound,

andthecurrentone-yearforwardexchangeratebetweenthedollarandpound.

Dotheseratesresultinacoveredinterestdifferentialthatisveryclose

tozero?

4.a.TheU.S.firmhasanassetpositioninyen—ithasalongpositioninyen.

Tohedgeitsexposuretoexchangeraterisk,thefirmshouldenterintoa

forwardexchangecontractnowinwhichthefirmcommitstosellyenand

receivedollarsatthecurrentforwardrate.Thecontractamountsaretosell

1millionyenandreceive$9,000,bothin60days.

b.Thestudenthasanassetpositioninyen—alongpositioninyen.To

hedgetheexposuretoexchangeraterisk,thestudentshouldenterintoa

forwardexchangecontractnowinwhichthestudentcommitstosellyenand

receivedollarsatthecurrentforwardrate.Thecontractamountsaretosell

10millionyenandreceive$90,000,bothin60days.

c.TheU.S.firmhasanliabilitypositioninyen—ashortpositioninyen.

Tohedgeitsexposuretoexchangeraterisk,thefirmshouldenterintoa

forwardexchangecontractnowinwhichthefirmcommitstoselldollarsand

receiveyenatthecurrentforwardrate.Thecontractamountsaretosell

$900,000andreceive100millionyen,bothin60days.

6.Relativetoyourexpectedspotvalueoftheeuroin90days（$1.22/euro）,

thecurrentforwardrateoftheeuro（$1.18/euro）islow—theforwardvalue

oftheeuroisrelativelylow.Usingtheprincipleofuylow,sellhigh,

youcanspeculatebyenteringintoaforwardcontractnowtobuyeurosat

$1.18/euro.Ifyouarecorrectinyourexpectation,thenin90daysyouwill

beabletoimmediatelyresellthoseeurosfor$1.22/euro,pocketingaprofit

of$0.04foreacheurothatyouboughtforward.Ifmanypeoplespeculatein

thisway,thenmassivepurchasesnowofeurosforward（increasi