国际金融(托马斯·普格尔)复习资料整理.doc

l 课后作业8. you are given the following information about a countrys international transactions during a year:Merchandise exports 商品出口 $330Merchandise imports 商品进口 198Service exports 劳务出口 196Service imports 劳务进口 204Imcome flows,net流量净额 3Unilateral transfers,net 单方面转移金额 -8Increase in the countrys holding of foreign assets,net 202(excluding official reserve assets)增加在该国的净外国资产Increase in foreign holding of the countrys assets,net 102(excluding official reserve assets)增加在该国的本国资产 Statistical discrepancy, net净统计误差 4A. Caculate the values of the countrys goods and services balance,current account balance经常账户余额,and official settlements balance官方储备资产余额.Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23B.What is the value of the change in official reserve assets(net)官方储备资产?Is the country increasing or decreasing its net holding of official reserve assets?Change in official reserve assets (net) = - official settlements balance = -$23.The country is increasing its net holdings of official reserve assets.l 课后作业8.You have access to the following three spot exchange rates即期汇率:$ 0.01 / yen$ 0.20 / krone25 yen / kroneA. how would engage in arbitrage（套利） to profit from these three rates? What is the profit for each dollar used initially?The arbitrage will be: Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone, and use the yen to buy dollars at $0.01/yen.For each dollar that you sell initially, you can obtain 5 kroner, these 5 kroner can obtain 125 yen, and the 125 yen can obtain $1.25. The arbitrage profit for each dollar is therefore 25 cents.l 课后练习8.The following rates are available in the markets:Current spot exchange rate即期汇率: $0.500/FrCurrent 30-day forward exchange rate当前30天远期汇率: $0.505/SFrAnnualized interest rate on 30-day dollar-denominated bonds 30天美元计价券的年利率 : 12%(1.0%for 30 days)Annualized interest rate on 30-day swiss franc -denominated bonds 30天瑞郎计价券的年利率 : 6%(0.5%for 30 days)A. Is the swiss franc at a forward premium or discount远期溢价或折价?The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) is greater than its current spot value ($0.500/SFr).B. Should a U.S-based investor make a covered investment in swiss franc-denominated 30-day bonds ,rather than investing in 30-day dollar-denominated bonds?explain.CD=F+ iuk -ius =( 0.505-0.5)/0.5+(0.005-0.01)=0.005, there is a covered interest differential of 0.5% for 30 days (6 percent at an annual rate). The U.S. investor can make a higher return, covered against exchange rate risk, by investing in SFr-denominated bonds.4.The effect of money supplies on an exchange rate货币供给对汇率的影响Example: （英国为外国，美国为本国）英国减少10的货币供给英镑减少，变得更值钱从紧货币政策，银行缩减信贷造成借贷困难，减少了总需求，产出，就业。价格水平下降10根据相对购买力平价说, 英镑汇率上升10The effect of real incomes on an exchange rate 实际收入对汇率的影响Example: （英国为外国，美国为本国）英国生产力上升，实际收入增加了10增加了人们对英镑的需求但假定英国货币存量没有增加，则物价会下降10根据相对购买力平价说，英镑汇率上升102.Well-Behaved International Lending(运转良好的国际借贷)Free international lending and borrowing.Two countries: Japan, AmericaJapanabundant wealth (WJ); less investment opportunities.Americaless wealth (WA); abundant investment opportunities.MPKmarginal-product-of-capital(资本的边际产出)（1）If international financial transactions are prohibited.若国际金融交易被禁止All WJ is used domestically with low rate of return (2%, point R)All WA is used domestically with high rate of return (8%, point S)Japans total production area under shaded MPKJAmericas total production area under shaded MPKATotal production of the worldshaded area.（2）Now imagine that there are no barriers to international finance, and the creditworthiness (资信) of the different borrowings is the same.假设没有国际金融壁垒、且不同借贷信誉相同Rate of return5%, point TWJ KJ = KA WA ( capitals flow from Japan to U.S.)Total production of the worldshaded area plus area RST.Reason for gainfreedom allows individual wealth holders the chance to seek the highest return anywhere in the world.The worlds gains are split between two countries.Japans national income-the product of the 4200 of its wealth-plus foreign source income on its investments 投资国外的收入(a+b+c+g+h)Japan gains area a+b+c Americas national income-the product of the total 5800 that is invested in America-Minus what it has to pay Japan 减去要支付给日本部分(a+b+c +g+h)America gains area d+e+fGainers: Japanese lenders and American borrowersLosers: Japanese borrowers and American lendersIS曲线:表示在产品市场上，投资等于储蓄（I=S）时利率和收入的各种组合的点的轨迹。 Domestic product market is in equilibrium w