国际金融课后答案.docx

1、国际金融课后答案CHAPTER 12 NATIONAL INCOME ACCOUNTING AND THE BALANCE OF PAYMENTSAnswers to Textbook Problems1. The reason for including only the value of final goods and services in GNP, as stated in the question, is to avoid the problem of double counting. Double counting will not occur if intermediate im

2、ports are subtracted and intermediate exported goods are added to GNP accounts. Consider the sale of U.S. steel to Toyota and to General Motors. The steel sold to General Motors should not be included in GNP since the value of that steel is subsumed in the cars produced in the United States. The val

3、ue of the steel sold to Toyota will not enter the national income accounts in a more finished state since the value of the Toyota goes towards Japanese GNP. The value of the steel should be subtracted from GNP in Japan since U.S. factors of production receive payment for it. 2. Equation 2 can be wri

4、tten as CA = (Sp - I) + (T - G). Higher U.S. barriers to imports may have little or no impact upon private savings, investment, and the budget deficit. If there were no effect on these variables then the current account would not improve with the imposition of tariffs or quotas. It is possible to te

5、ll stories in which the effect on the current account goes either way. For example, investment could rise in industries protected by the tariff, worsening the current account. (Indeed, tariffs are sometimes justified by the alleged need to give ailing industries a chance to modernize their plant and

6、 equipment.) On the other hand, investment might fall in industries that face a higher cost of imported intermediate goods as a result of the tariff. In general, permanent and temporary tariffs have different effects. The point of the question is that a prediction of the manner in which policies aff

7、ect the current account requires a general-equilibrium, macroeconomic analysis.3. a. The purchase of the German stock is a debit in the U.S. financial account. There is a corresponding credit in the U.S. financial account when the American pays with a check on his Swiss bank account because his clai

8、ms on Switzerland fall by the amount of the check. This is a case in which an American trades one foreign asset for another. b. Again, there is a U.S. financial account debit as a result of the purchase of a German stock by an American. The corresponding credit in this case occurs when the German se

9、ller deposits the U.S. check in its German bank and that bank lends the money to a German importer (in which case the credit will be in the U.S. current account) or to an individual or corporation that purchases a U.S. asset (in which case the credit will be in the U.S. financial account). Ultimatel

10、y, there will be some action taken by the bank which results in a credit in the U.S. balance of payments. c. The foreign exchange intervention by the French government involves the sale of a U.S. asset, the dollars it holds in the United States, and thus represents a debit item in the U.S. financial

11、 account. The French citizens who buy the dollars may use them to buy American goods, which would be an American current account credit, or an American asset, which would be an American financial account credit. d. Suppose the company issuing the travelers check uses a checking account in France to

12、make payments. When this company pays the French restaurateur for the meal, its payment represents a debit in the U.S. current account. The company issuing the travelers check must sell assets (deplete its checking account in France) to make this payment. This reduction in the French assets owned by

13、 that company represents a credit in the American financial account. e. There is no credit or debit in either the financial or the current account since there has been no market transaction. f. There is no recording in the U.S. Balance of Payments of this offshore transaction.4. The purchase of the

14、answering machine is a current account debit for New York, and a current account credit for New Jersey. When the New Jersey company deposits the money in its New York bank there is a financial account credit for New York and a corresponding debit for New Jersey. If the transaction is in cash then th

15、e corresponding debit for New Jersey and credit for New York also show up in their financial accounts. New Jersey acquires dollar bills (an import of assets from New York, and therefore a debit item in its financial account); New York loses the dollars (an export of dollar bills, and thus a financia

16、l account credit). Notice that this last adjustment is analogous to what would occur under a gold standard (see Chapter 19). 5. a. Since non-central bank capital inflows fell short of the current-account deficit by $500 million, the balance of payments of Pecunia (official settlements balance) was -$500 million. The country as a whole somehow had to finance its $1 billion current-account deficit, so Pecunias net foreign assets fell by $1 billion. b. By dipping