国际金融学习题汇总

1、个人收集整理勿做商业用途1. Using the following data(billions of dollars)for a given year, calculate the balanee on mereha ndise trade bala nee on goods, services, and in come and the eurre nt aeeo unt bala nee. In dicate whether these bala nces are deficits or surpluses.Exports of goods719Imports of goods1.145个

2、人收集整理勿做商业用途Exports of services整理勿做商业用途279Imports of services210 个人收集Net un ilateral tran sfers-49In come receipts284个人收集整理勿做商业用途In come payme nts269Statistical discrepa ncy11个人收集整理勿做商业用途2. Using the data in Question 1, calculate the capital aeeount balanee. Is the capitalaeeount balanee a surplus or

3、 deficit?个人收集整理 勿做商业用途3. What is a balanee-of-payments equilibrium? Considering your answers toQuestions 1 and 2, is this country experiencing a balanee-of-payments deficit ofsurplus?个人收集整理勿做商业用途4. Using the data in Table 1-2, is there a balanee-of-payments surplus of deficit forthe Uni ted States i

4、n 2003? 个人收集整理 勿做商业用途5. Write out a positive and negative aspect of a nation being a net debtor. Do thesame thing for a nation that is a net creditor.个人收集整理 勿做商业用途6. Explain why a nation might desire to receive both portfolio investment and directinvestment from abroad.个人收集整理勿做商业用途7. Write out a sin

5、 gle equatio n show ing the relati on ship betwee n the eurre nt aeeo untand net capital in flows, in cludi ng cha nges in official reserves and other gover nmentassets, as they relate to investment spending and domestic saving.个人收集整理 勿做商业 用途8. Suppose a n ati on spe nds 10 perce nt of its in come o

6、n in vestme nt and the private sector 5 percent. Further, suppose the national government runs a deficit of 1 percent.Using the equation you derived for Question 7 and these data, explain what the abovecon diti ons mean for the n ati on capital acco unt and curre nt acco unt. How might theimbalanee

7、be corrected?个人收集整理 勿做商业用途Ch031. Listall of the various types of exchange-rate arrangementsdescribedin thischapter. (Hint: there are sevendescribed inthis chapter.)Order thelist ofexchange-rate arrangements from fixed to most flexible.个人收集整理 勿做商业用途2. Describe two primary functions of the Internation

8、al Monetary Fund.个人收集整理 勿做商业用途3. Suppose the value of the U.S. dollar is pegged to gold at a rate of $50 per ounce.Next suppose that the value of the British pound is pegged to the U.S. dollar at a rateof $1.50 per pound, and the value of the Can adia n dollar is pegged to the U.S. dollarat a rate o

9、f $1.38 Can adia n dollars per U.S. dollars. Calculate the value of theCanadian dollar and the British pound relative to gold.个人收集整理 勿做商业用途4. Using the information in Problem 3, calculate the exchange rate between theCanadian dollar and the British pound.个人收集整理 勿做商业用途5. Suppose Argentina decides to

10、peg the value of its currency, the peso, to a basketcon sisti ng of 0.50 U.S. dollars and 0.50 Euros. Further suppose the excha nge ratebetween the U.S. dollar and the euro is 1.10$/? . If the basket constitutes one peso,what is the appropriate exchange value between the peso and the dollar, and bet

11、ween the peso and the euro?个人收集整理 勿做商业用途6. Based on the information in Problem 5, what is the weight assigned to the U.S.dollar in the currency basket? What is the weight assigned to the euro?个人收集整理 勿做商业用途7. Explainthe maindiffereneebetweenthe exchange-ratesystems of theSmiths onian agreeme nt and t

12、he Brett on Woods system. Based on this differe nee, whydo you think the Smithsonian agreement was so short lived?个人收集整理 勿做商业用途8. What is the principle responsibility of a currency board? What three mainrestrict ions on a curre ncy board make it differe nt from a typical cen tral bank?个人收集整 理勿做商业用途9

13、. Explain how the Louvre Accord represented a type of exchange-rate system.个人收 集整理勿做商业用途10. What factors do you think should be considered when determining the rate ofcrawl for a crawling-peg exchange-rate system?个人收集整理 勿做商业用途11. What, in your opinion, is the chief differenee between a currency-boar

14、d systemand dollarization?个人收集整理勿做商业用途Ch061. Suppose that a Japanese bank has total assets of 1,000 million. Of these assets,80 perce nt are loa ns to bus in esses, and the rema in der are hold ings of cash assets and gover nment securities. The bank en gages in derivatives trad ing that Japa nese r

15、egulators assig n a credit equivale nee exposure value of 400 millio n. The ban k equity capital amounts to 100 millio n, and the bank has no subord in ated debt. Does this bank meet current capital requirements?个人收集整理 勿做商业用途2. In what ways do the current functions and objectives of the Internationa

16、l MonetaryFund and the World Bank overlap? In what ways do they have differe nt functions and pursue different goals? 个人收集整理 勿做商业用途Ch071. Expla in the differe nee betwee n direct and in direct financing. Next explain why anation might desire a strong and stable system of financial intermediaries and

17、 a robustbond market. 个人收集整理勿做商业用途2. List three ben efits of portfolio capital and three ben efits of foreig n direct in vestme nt.Give one n egative aspect of each. Expla in why it is un desirable to rely on portfoliocapital only. Explain why it is undesirable to rely on FDI only.个人收集整理 勿做商业用途3. Su

18、ppose a nation has a pegged-exchange-rate system and you are the nationchief cen tral ban ker. Con struct a supply and dema nd diagram of the spot excha ngemarket for the domestic curre ncy. Expla in, using the diagram, how the cen tral bank must react to portfolio cappital in flows and outflows so

19、as to maintain the curre ncypeg.个人收集整理勿做商业用途4. explain how allowing foreign banks to enter and compete in the domestic financial sector might improve capital market allocati ons. Expla in how, i n gen eral, competiti onamong financial intermediaries is important to financial stability.个人收集整理 勿做商业用途5

20、. explain how savers and borrowers might ben efit from regulati on of a n atio nfinan cial in termediaries. Does regulati on impose costs? How do these costs affectlong-run economic development?个人收集整理勿做商业用途6. suppose you are a policymaker in an emerging economy. Explain what types ofcapital flow you

21、 would try to encourage.What policy actions might you take toencourage these types of flows?个人收集整理 勿做商业用途7. you are the finance minister of an emerging economy. You have the responsibility of maintaining an excha nge-rate regime in which the value of the domestic curre ncy ispegged to the currency o

22、f a large trading partner.Explain what policy actions oroperati ons you would take to maintain the excha nge-rate regime un der the follow ing circumstances. 个人收集整理勿做商业用途a. there is an in creased inflow of short-term(portfolio) capital that you believe is only temporary in nature. 个人收集整理 勿做商业用途b. Th

23、ere is an in creased in flow of Ion g-term(direct in vestme nt) capital that youbelieve will persist for at least a few years.个人收集整理 勿做商业用途8. some observers have responded to harsh criticisms of World Bank policies byarguing that the World Bank members have saddled it with con flict ing goals. Do yo

24、uagree that the World Bank confronts conflicting objectives? If not, why not? If so,which of the allegedly con flict ing goals do you thi nk should take precede nee?个人收集整理勿做商业用途9. con struct a table with three colu mns that lists each of the views on the causes of intern ati on al fi nan cial crises

25、 in the left-ha nd colu mn. In the sec ond colu mn of the table, list at least one possible financial crisis indicator corresponding to each view that might be tracked in an IMF early waning system for predicting financial crises. In the third colu mn, propose how to evaluate whether each pote ntial

26、 in dicator you have proposed actually helps predict a crisis. Does this exercise help expla in why econo mists have a hard time con struct ing reliable early warni ng systems?个人收集整理 勿做商业用途10. Should mult in ati onal in stituti ons lend funds at in terest rates below, equivale nt to,or above private

27、-market in terest rates? Take a sta nd, and support your positi on.个人收集整理勿做商业用途Ch091. Write out an euqtion representing the monetary approach to balanee-of-paymentsand excha nge rate determ in ati on. Suppose that domestic credit euqls $1000 milli on, foreign exchange reserves equals $80 million, th

28、e money multiplier is 2, the fraction of no mial in come that in dividuals desire to hold in money bala nces is 20 perce nt, the foreign price level is 1.2, and the spot exchange value of the domestic currency is 2. using this information, what is:个人收集整理 勿做商业用途a. the money stock in the domestic econ

29、omy?个人收集整理 勿做商业用途b. The level of real in come of the domestic economy?个人收集整理 勿做商业用途2. Using the information in Question 5, suppose the domestic monetary authoritiedin creasedomestic credit by $10 millio n through an ope n-marketpurchase ofsecurities.个人收集整理勿做商业用途a. Under a fixed exchange-rate regime,

30、 what is the effect of this open-markettrasaction on the nationbalanee of payments?个人收集整理 勿做商业用途b. Under flexible exchange rates, all other things constant, what is the new exchangevalue of the domestic currency? Is this an appreciation or depreciation?个人收集整理 勿做商业用途5 / 18个人收集整理勿做商业用途3. Write out the

31、 wealth identity. Using this identity, explain the impact of a central bankope n-market sale of bonds on the excha nge value of the domestic curre ncy. Nowsuppose that the excha nge rate is pegged. Using the wealth ide ntity, expla in theimpact of the ope n-market operati on on the domestic n atio n

32、 bala nee of payme nts.个人收集整理勿做商业用途4. Illustrate the spot exchange market for the domestic currency using the supply anddema nd framework. Expla in and illustrate the effect of a cen tral bank ope n-marketsale of bonds on the exchange value of the domestic currency.个人收集整理 勿做商业用途5. Write out a wealth

33、 identity for both the domestic economy and the foreign economy.Using this ide ntity, expla in the impact of an ope n-market sale of bonds by the cen tralbank of the the foreig n economy on the excha nge value betwee n the domestic andforeign currencies.个人收集整理勿做商业用途Ch101. Refer to the circular-flow

34、diagram in Figure 10-1 (p.339), and identify flows thatcon stitute leakages from the economy overall spe nding flow. Now ide ntify the flowsthat are reinjectio ns into the overall flow of expe nditures. What is defi niti on ally true ofthese leakages and reinject ions? Explai n.个人收集整理 勿做商业用途2. Suppo

35、se that the U.S.S GDP deflator is equal to one and that the U.S. nominalmoney stock is equal to $1.8 trilli on .If the dema nd schedule for real money bala ncesis given by the straight-line function (measured in trillions of dollars),md+(0.9*y)-(100*R), then what is the equation for the economy LM s

36、chedule?Show your work, and solve for R on the left-hand side of the equation that you derive.Fin ally, if y is equal to $8 trilli on, the n what is the euqilibrium nominal in terest rate?个人收集整理勿做商业用途6 / 18Ch11个人收集整理勿做商业用途1. Suppose that a national government adopts, and is able to enforce, a system

37、 ofcapital controls that permits absolutely no flows of financial resources across its borders. What would be the shape of this n ati on BP schedule? Expla in, in your ownwords, what effects, if any, that an expansionary fiscal policy action would have on euqilibrium real in come in such an environm

38、ent.个人收集整理 勿做商业用途2. If the central bank of a small open economy maintains a fixed exchange rate butcon ducts un sterilized mon etary policies, how would a con tracti onary mon etary policyaction ultimately affect the n atio n bala nee of payme nts and its real in come level,assuming that the price l

39、evel is unchanged? Support your answer.个人收集整理 勿做商业用途3. Explain in your own words why the degree of capital mobility is a crucialdeterm inant of the in itial effects on a n ati on bala nee of payme nts and its equilibriumin come level followi ng a reducti on in gover nment spe nding with a fixed exch

40、a nge rate.个人收集整理勿做商业用途4. If the central bank of a small open economy with very high (through imperfect)capital mobility mai ntai ns a fixed-excha nge rate and con ducts un sterilized mon etarypolicies, would a con tract ionary fiscal policy acti onin duce the n ati on money stock toexpa nd or con t

41、ract as a result? Explia n.个人收集整理 勿做商业用途5. Consider a two-countrymodel in which the domestic centralbank fixes theexcha nge rate using un sterilized foreig n excha nge market in terve nti ons. Begi n with aninitial equilibrium like the one illustrated in Figure 11-12 on page 407, and work out the ef

42、fects of a foreig n fiscal con tract ion.个人收集整理 勿做商业用途6. In our two-country framework with perfect capital mobility, we assumed that thedomestic central bank acted alone to maintain a fixed exchange rate. Suppose in stead that both the foreig n and domestic cen tral banks work together to buy and se

43、ll foreig n and domestic curre ncies in sufficie nt qua ntities to keep the excha nge rate fixed.In such an environment, could a domestic mon etary expa nsion lead to a cha nge in equilibrium real in come in the foreig n n ati on? If so, would there be a locomotive effect or a beggar-thy-neighbor ef

44、fect?个人收集整理 勿做商业用途Ch121. Explain, in your own words, why a currency depreciation shifts the BP schedulerightward.个人收集整理勿做商业用途2. suppose that a national government adopts, and is able to enforce, a system ofcapital con trols that permits absolutely no flows of finan cial resources across itsborders,

45、so that the BP schedule is vertical. Explain what effects an expansionaryfiscal policy actio n would have on euqilibrium real in come in such an environment.个人收集整理勿做商业用途3. The government of a small open economy with relatively low capital mobility and afloati ng excha nge rate decides that its top p

46、olicy objective is to reduce its budget deficit via a reduct ion in gover nment expe nditures. Trace through the likely effects of this policy action within the IS-LM-BP framework.个人收集整理 勿做商业用途4. The central bank of a small open economy with relatively high capital mobility anda float ing excha nge

47、rate impleme nts a con tract ionary mon etary policy. Trace throughthe likely effects of this policy action within the IS-LM-BP framework.个人收集整理 勿做商业用途5. Consider a two-country model in which both the domestic central bank and theforeign central bank permit the exchange rate to float. Begin with an

48、initial euqilibriumlike the one illustrated in Figure 11-12, and work out the effects of a foreig n fiscal contraction. 个人收集整理勿做商业用途6. Redo Questi on 5, but this time exam ine the effects of a domestic fiscal con tract ion.个人收集整理勿做商业用途7. In the early 1990s, as the United States struggled to emerge f

49、rom a short but sharp real-in come con tracti on, its gober nment prevailed upon the Japa nese gover nment toin crease gover nment spe nding and cut taxes. Assu ming that capital mobility betwee n the Un ited States and Japa n is n early perfect and that the dollar-ye n excha nge rate floats in the

50、foreig n excha nge market, would this request appear to have bee n consistent with U.S. interest? Justify your answer.个人收集整理 勿做商业用途8. Referring back to the situation described in Question 7, what monetary policyactions would the U.S. government have preferred the Japanese government to persue in the

51、 early 1990s? explain your reasoning.个人收集整理 勿做商业用途9. Following the late 1950s, most nations of Western Europe sought to maintian a system of n early fixed excha nge rates, on the grounds that such a system would promote greater effecie ncy by limit ing the n eed to hedge aga inst foreig n excha nge

52、risks that would arise under floating exchange rates. These nations realigned their excha nge rates over a doze n times betwee n 1979 and 1999. Did this fact stre ngthe n or weaken the case for fixed exchange rates in Western Europe? Explain.个人收集整理 勿做商业用途10. Con sider a n ati on in which the dema nd

53、 for money is relatively stable. Export andimport expenditureshave fluctuatedconsiderablyin recent years, however, andpolitical in stability has led to con siderable variati on in gover nment spe ndin g. If the country primary goal is real-in come stablity, should it adopt a system of fixed or float

54、ing exchange rates?Justify your answer.个人收集整理 勿做商业用途Ch131. Ture or false?“h today world with floating exchange rates and nearly perfectcapital mobility among in dustrialized n ati ons, the in dividual mon etary policy actions ofcentral banks are becoming irrelevant to their nationsinflation performa

55、nces. ” Explain.个人收集整理勿做商业用途2. When European Monetary Union nations moved toward a system of irrevocably fixed excvhange rates in 1999, they qualified for entry by restraining their fiscal policiesin clearly defined ways. Explain why such fiscal policy restraints might have madesense if one key goal

56、 of European countries was to limit inflation.个人收集整理 勿做商业用3. Use an aggregate demand-aggregate supply diagram to explain why, in a system of fixed excha nge rates, a curre ncy devaluati on typically results in domestic in flati on. If workers expectations are rational and if workers are able to rene

57、gotiate wage adjustme nts rapidly, un der what circumsta nces would a devaluati on in duce an in crease in real output? Un der what circumsta nces would a devaluati on fail togen erate a rise in real output? Expla in your reas oning.个人收集整理 勿做商业用途4. Suppose that workers in a country gain clout in the

58、 wage bargaining process andare able to raise their base wages. If no other eve nts occur, what would happe n to the nation price level and to its real GDP? Use an aggregate demand-aggregate supply diagram to explain your answer.个人收集整理 勿做商业用途5. Suppose that workers in a small open economy with a fixed exchange rate realize that their n ati on cen tral ba