托馬斯國際金融課后習(xí)題答案

1、126Suggestedanswerstoquestionsproblems(inthetextbook)Chapter22.Disagreeatleastasageneralstatement.Onemeaningofacurrentaccountsurplusisthatthecountryisexptingmegoodsservicesthanitisimpting.Onemighteasilyjudgethatthisisnot

2、good—thecountryisproducinggoodsservicesthatareexptedbutthecountryisnotatthesametimegettingtheimptsofgoodsservicesthatwouldallowitdomeconsumptiondomesticinvestment.Inthiswayacurrentaccountdeficitmightbeconsideredgood—thee

3、xtraimptsallowthecountrytoconsumeinvestdomesticallymethanthevalueofitscurrentproduction.Anothermeaningofacurrentaccountsurplusisthatthecountryisengaginginfeignfinancialinvestment—itisbuildingupitsclaimsonfeignersthisadds

4、tonationalwealth.Thissoundsgoodbutasnotedaboveitcomesatthecostoffegoingcurrentdomesticpurchasesofgoodsservices.Acurrentaccountdeficitisthecountryrunningdownitsclaimsonfeignersincreasingitsindebtednesstofeigners.Thissound

5、sbadbutitcomeswiththebenefitofhigherlevelsofcurrentdomesticexpenditure.Differentcountriesatdifferenttimesmayweighthebalanceofthesecostsbenefitsdifferentlysothatwecannotsimplysaythatacurrentaccountsurplusisbetterthanacurr

6、entaccountdeficit.4.Disagree.Ifthecountryhasasurplus(apositivevalue)fitsofficialsettlementsbalancethenthevaluefitsofficialreservesbalancemustbeanegativevalueofthesameamount(sothatthetwoaddtozero).Anegativevaluefthisasset

7、itemmeansthatfundsareflowingoutinderfthecountrytoacquiremeofthesekindsofassets.Thusthecountryisincreasingitsholdingsofofficialreserveassets.6.ItemeisatransactioninwhichfeignofficialholdingsofU.S.assetsincrease.Thisisapos

8、itive(credit)itemfofficialreserveassetsanegative(debit)itemfprivatecapitalflowsastheU.S.bankacquirespoundbankdeposits.ThedebititemcontributestoaU.S.deficitintheofficialsettlementsbalance(whilethecredititemisrecded“belowt

9、heline“permittingtheofficialsettlementsbalancetobeindeficit).Allothertransactionsinvolvedebitcredititemsbothofwhichareincludedintheofficialsettlementsbalancesothattheydonotdirectlycontributetoadeficit(surplus)intheoffici

10、alsettlementsbalance.8.a.Merchisetradebalance:$330198=$132Goodsservicesbalance:$330198196204=$124Currentaccountbalance:$33019819620438=$119Officialsettlementsbalance:$330198196204381022024=$23b.Changeinofficialreserveass

11、ets()=officialsettlementsbalance=$23.Thecountryisincreasingitsholdingsofofficialreserveassets.128b.Sellingkronertobuyyenputsdownwardpressureonthecrossrate(theyenpriceofkrone).Thevalueofthecrossratemustfallto20(=0.200.01)

12、yenkronetoeliminatetheopptunityftriangulararbitrageassumingthatthedollarexchangeratesareunchanged.10.a.TheincreaseinsupplyofSwissfrancsputsdownwardpressureontheexchangeratevalue($SFr)ofthefranc.Themoaryauthitiesmustinter

13、venetodefendthefixedexchangeratebybuyingSFrsellingdollars.b.Theincreaseinsupplyoffrancsputsdownwardpressureontheexchangeratevalue($SFr)ofthefranc.ThemoaryauthitiesmustintervenetodefendthefixedexchangeratebybuyingSFrselli

14、ngdollars.c.Theincreaseinsupplyoffrancsputsdownwardpressureontheexchangeratevalue($SFr)ofthefranc.ThemoaryauthitiesmustintervenetodefendthefixedexchangeratebybuyingSFrsellingdollars.d.Thedecreaseindemffrancsputsdownwardp

15、ressureontheexchangeratevalue($SFr)ofthefranc.ThemoaryauthitiesmustintervenetodefendthefixedexchangeratebybuyingSFrsellingdollars.Chapter42.Youwillneeddataonfourmarketrates:Thecurrentinterestrate(yield)onbondsissuedbythe

16、U.S.governmentthatmatureinoneyearthecurrentinterestrate(yield)onbondsissuedbytheBritishgovernmentthatmatureinoneyearthecurrentspotexchangeratebetweenthedollarpoundthecurrentoneyearfwardexchangeratebetweenthedollarpound.D

17、otheseratesresultinacoveredinterestdifferentialthatisveryclosetozero4.a.TheU.S.firmhasanassetpositioninyen—ithasalongpositioninyen.Tohedgeitsexposuretoexchangerateriskthefirmshouldenterintoafwardexchangecontractnowinwhic

18、hthefirmcommitstosellyenreceivedollarsatthecurrentfwardrate.Thecontractamountsaretosell1millionyenreceive$9000bothin60days.b.Thestudenthasanassetpositioninyen—alongpositioninyen.Tohedgetheexposuretoexchangerateriskthestu

19、dentshouldenterintoafwardexchangecontractnowinwhichthestudentcommitstosellyenreceivedollarsatthecurrentfwardrate.Thecontractamountsaretosell10millionyenreceive$90000bothin60days.c.TheU.S.firmhasanliabilitypositioninyen—a

20、shtpositioninyen.Tohedgeitsexposuretoexchangerateriskthefirmshouldenterintoafwardexchangecontractnowinwhichthefirmcommitstoselldollarsreceiveyenatthecurrentfwardrate.Thecontractamountsaretosell$900000receive100millionyen