托马斯国际金融课后习题答案精品文档Word文档格式.docx

1、（in the textbook）Chapter 22. Disagree, at least as a general statement. One meaning of a current account surplus is that the country is exporting more goods and services than it is importing. One might easily judge that this is not goodthe country is producing goods and services that are exported, b

2、ut the country is not at the same time getting the imports of goods and services that would allow it do more consumption and domestic investment. In this way a current account deficit might be considered goodthe extra imports allow the country to consume and invest domestically more than the value o

3、f its current production. Another meaning of a current account surplus is that the country is engaging in foreign financial investmentit is building up its claims on foreigners, and this adds to national wealth. This sounds good, but as noted above it comes at the cost of foregoing current domestic

4、purchases of goods and services. A current account deficit is the country running down its claims on foreigners or increasing its indebtedness to foreigners. This sounds bad, but it comes with the benefit of higher levels of current domestic expenditure. Different countries at different times may we

5、igh the balance of these costs and benefits differently, so that we cannot simply say that a current account surplus is better than a current account deficit.4. Disagree. If the country has a surplus （a positive value） for its official settlements balance, then the value for its official reserves ba

6、lance must be a negative value of the same amount （so that the two add to zero）. A negative value for this asset item means that funds are flowing out in order for the country to acquire more of these kinds of assets. Thus, the country is increasing its holdings of official reserve assets.6. Item e

7、is a transaction in which foreign official holdings of U.S. assets increase. This is a positive （credit） item for official reserve assets and a negative （debit） item for private capital flows as the U.S. bank acquires pound bank deposits. The debit item contributes to a U.S. deficit in the official

8、settlements balance （while the credit item is recorded below the line, permitting the official settlements balance to be in deficit）. All other transactions involve debit and credit items both of which are included in the official settlements balance, so that they do not directly contribute to a def

9、icit （or surplus） in the official settlements balance.8. a. Merchandise trade balance: $330 - 198 = $132 Goods and services balance: $330 - 198 + 196 - 204 = $124 Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119 Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 +

10、 4 = $23 b. Change in official reserve assets （net） = - official settlements balance = -$23. The country is increasing its net holdings of official reserve assets.10. a. International investment position （billions）: $30 + 20 + 15 - 40 - 25 = $0. The country is neither an international creditor nor a

11、 debtor. Its holding of international assets equals its liabilities to foreigners. b. A current account surplus permits the country to add to its net claims on foreigners. For this reason the countrys international investment position will become a positive value. The flow increase in net foreign as

12、sets results in the stock of net foreign assets becoming positive.Chapter 32. Exports of merchandise and services result in supply of foreign currency in the foreign exchange market. Domestic sellers often want to be paid using domestic currency, while the foreign buyers want to pay in their currenc

13、y. In the process of paying for these exports, foreign currency is exchanged for domestic currency, creating supply of foreign currency. International capital inflows result in a supply of foreign currency in the foreign exchange market. In making investments in domestic financial assets, foreign in

14、vestors often start with foreign currency and must exchange it for domestic currency before they can buy the domestic assets. The exchange creates a supply of foreign currency. Sales of foreign financial assets that the countrys residents had previously acquired, and borrowing from foreigners by thi

15、s countrys residents are other forms of capital inflow that can create supply of foreign currency.4. The U.S. firm obtains a quotation from its bank on the spot exchange rate for buying yen with dollars. If the rate is acceptable, the firm instructs its bank that it wants to use dollars from its dol

16、lar checking account to buy 1 million yen at this spot exchange rate. It also instructs its bank to send the yen to the bank account of the Japanese firm. To carry out this instruction, the U.S. bank instructs its correspondent bank in Japan to take 1 million yen from its account at the correspondent bank and transfer the yen to the bank account of the Japanese firm. （The U.S. bank could