国际金融 第14版 (托马斯.A.普格尔 著) 课后答案

1、 课后答案网 w w w .h a c k s h p .c n 课后答案网课后答案网 您最真诚的朋友您最真诚的朋友 网团队竭诚为学生服务，免费提供各门课后答案，不用积分，甚至不用注 册，旨在为广大学生提供自主学习的平台！ 网团队竭诚为学生服务，免费提供各门课后答案，不用积分，甚至不用注 册，旨在为广大学生提供自主学习的平台！ 课后答案网：课后答案网： 视频教程网：视频教程网： ppt课件网：课件网： 课后答案网：w w w .h a c k s h p .c n 若侵犯了您的版权利益，敬请来信告知！ w w w .h a c k s h p .c n 课后答案网 w w w .h a c k

2、 s h p .c n - 1 - 国际金融国际金融课后题的答案，托马斯-a-普格尔主编。 suggestedsuggestedsuggestedsuggestedansweransweransweranswer forforforfor internationalinternationalinternationalinternational financefinancefinancefinance chapchapchapchap 2 2 2 2 2.disagree, at least as a general statement. one meaning of a current acc

3、ount surplus is that the country is exporting more goods and services thanitis importing. one might easily judge that this is not goodthecountry is producing goods and services that are exported, but the country is not at the same time getting the imports of goods and services that would allowitdo m

4、ore 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 of its current production. another meaning of a current account surplus is that the country is engaginginf

5、oreign financial investmentitis building up its claims on foreigners, and this adds to national wealth. this sounds good, but as noted aboveitcomes at the cost of foregoing current domestic purchases of goods and services.acurrent account deficit is the country running down its claims on foreigners

6、or increasing its indebtedness to foreigners. this sounds bad, butit comes with the benefit of higher levels of current domestic expenditure. different countries at different times may weigh the balance of these costs and benefits differently, so that we cannot simply say that a current account surp

7、lus is better than a current account deficit. 4.disagree. if the country has a surplus (apositive value) for its official settlements balance, then the value for its official reserves balance must be a negative value of the same amount (so that the two add to zero).anegative value for this asset ite

8、m means that funds are flowing outinorder for the country to acquire more of thesekinds of assets. thus, the country is increasing its holdings of official reserveassets. 6.item e is a transactioninwhich foreign official holdings of u.s. assets increase. this is a positive (credit) item for official

9、 reserve assets and a negative (debit) item for private capital flows as the u.s. bank acquires pound bank deposits. thedebit item contributes to a u.s. deficitinthe official settlements balance (while the credit item is recorded below the line, permitting the official settlements balance to beindef

10、icit). all other transactions involve debit and credit items both of which are includedinthe official settlements balance, so that they do not directly contribute to a deficit (or surplus)inthe official settlements balance. 8.a.merchandise tradebalance: $330 - 198 = $132 goods and servicesbalance: $

11、330 - 198 + 196 - 204 = $124 课后答案网：w w w .h a c k s h p .c n 若侵犯了您的版权利益，敬请来信告知！ w w w .h a c k s h p .c n 课后答案网 w w w .h a c k s h p .c n - 2 - current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119 official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23 b.changein

12、official reserveassets(net) = - official settlements balance= -$23. thecountry is increasing its net holdings of official reserveassets. 10. a.international investment position (billions): $30 + 20 + 15 - 40 - 25 = $0. the country is neither an international creditor nor a debtor. its holding of int

13、ernational assetsequals its liabilities to foreigners. b.acurrent 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 increaseinnet foreign assets resultsinthe stock of net f

14、oreign assets becoming positive. chapchapchapchap 3 3 3 3 2.exports of merchandise and services resultinsupply of foreign currencyinthe foreign exchange market. domestic sellers often want to be paid using domestic currency, while the foreign buyers want to payintheir currency. in the process of pay

15、ing for theseexports, foreign currency is exchanged for domestic currency, creating supply of foreign currency. international capital inflows resultina supply of foreign currencyinthe foreign exchange market. in making investmentsindomestic financial assets, foreign investors often start with foreig

16、n currency and must exchangeitfor 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 this countrys residents are other fo

17、rms 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 thatitwants to usedollars from its dollar checking account to buy 1 millio

18、n 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 bankinjapan to take 1 million yen from its account at thecorrespondent bank and transfer theyen to the bank

19、account of the japanese firm. (the u.s. bank could also use yen at its own branchifithas a branch injapan.) 6.the trader would seek out the best quoted spot rate for buying euros with dollars, either through direct contact with traders at other banks or by using the services of a foreign exchange br

20、oker. the trader would use the best rate to buy euro spot. sometimeinthe next hour or so (or, typically at least by the end of the day), the trader will enter the 课后答案网：w w w .h a c k s h p .c n 若侵犯了您的版权利益，敬请来信告知！ w w w .h a c k s h p .c n 课后答案网 w w w .h a c k s h p .c n - 3 - interbank market again

21、, to obtain the best quoted spot rate for selling euros for dollars. the trader will use the best spot rate to sell her previously acquired euros. if the spot value of the euro has risen during this short time, the trader makes a profit. 8.a.thecross rate between the yen and the kroneis too high (th

22、e yen value of the krone is too high) relative to the dollar-foreign currency exchange rates. thus,ina profitable triangular arbitrage, you want to sell kroner at the high cross rate. the arbitrage willbe: usedollars to buy kroner at $0.20/krone, usethesekroner to buy yen at 25 yen/krone, and use th

23、e yen to buy dollars at $0.01/yen. for each dollar that you sell initially, you can obtain 5 kroner, these5 kroner can obtain 125 yen, and the 125 yen can obtain $1.25.the arbitrage profit for each dollar is therefore25 cents. b.selling kroner to buy yen puts downward pressure on the cross rate (the

24、 yen price of krone). the value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to eliminate the opportunity for triangulararbitrage, assuming that the dollar exchange rates are unchanged. 10. a.the increaseinsupply of swiss francs puts downward pressure on the exchange-rate value ($/sfr) o

25、f the franc. the monetary authorities must intervene to defend the fixed exchangerate by buying sfrand selling dollars. b.the increaseinsupply of francs puts downward pressure on the exchange-rate value ($/sfr) of the franc. the monetary authorities must intervene to defend the fixed exchangerate by

26、 buying sfrand selling dollars. c.the increaseinsupply of francs puts downward pressure on the exchange-rate value ($/sfr) of the franc. the monetary authorities must intervene to defend the fixed exchangerate by buying sfrand selling dollars. d.the decreaseindemand for francs puts downward pressure

27、 on the exchange-rate value ($/sfr) of the franc. the monetary authorities must intervene to defend the fixed exchangerate by buying sfrand selling dollars. chapchapchapchap 4 4 4 4 2.you will need data on four market rates: the current interest rate (or yield) on bonds issued by the u.s. government

28、 that matureinone year, the current interest rate (or yield) on bonds issued by the british government that matureinone year, the current spot exchange rate between the dollar and pound, and the current one-year forward exchange rate between the dollar and pound. do these rates resultina covered int

29、erest differential that is very close to zero? 课后答案网：w w w .h a c k s h p .c n 若侵犯了您的版权利益，敬请来信告知！ w w w .h a c k s h p .c n 课后答案网 w w w .h a c k s h p .c n - 4 - 4.a.the u.s. firm has an asset positioninyenithas a long positioninyen. to hedge its exposure to exchange rate risk, the firm should enter

30、 into a forward exchange contract nowinwhich the firm commits to sell yen and receive dollars at the current forward rate. thecontract amounts areto sell 1 million yen and receive $9,000, bothin60 days. b.thestudent has an asset positioninyena long positioninyen. to hedge theexposureto exchange rate

31、 risk, the student should enter into a forward exchange contract nowin which the student commits to sell yen and receive dollars at the current forward rate. the contract amountsare to sell 10 million yen and receive $90,000, bothin60 days. c.the u.s. firm has an liability positioninyena short posit

32、ioninyen. to hedge its exposure to exchange rate risk, the firm should enter into a forward exchange contract nowinwhich the firm commits to sell dollars and receive yen at the current forward rate. thecontract amounts areto sell $900,000 and receive 100 million yen, bothin60 days. 6.relative to you

33、r expected spot value of the euroin90 days ($1.22/euro), the current forward rate of the euro ($1.18/euro) is lowthe forward value of the euro is relatively low. using the principle of buy low, sell high, you can speculate by entering into a forward contract now to buy euros at $1.18/euro. if you ar

34、e correctinyour expectation, thenin90 days you will be able to immediately resell those euros for $1.22/euro, pocketing a profit of $0.04 for each euro that you bought forward. if many people speculateinthis way, then massive purchases now of euros forward (increasing the demand for euros forward) w

35、ill tend to drive up the forward value of the euro, toward a current forward rateof $1.22/euro. 8.a.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.the covered interest differential in favor of switzerland is (1 +

36、 0.005)(0.505) / 0.500) - (1 + 0.01) = 0.005. (note that the interest rate used must match the time period of the investment.) 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, b

37、y investinginsfr-denominated bonds, so presumably the investor should make this covered investment. although the interest rate on sfr-denominated bonds is lower than the interest rate on dollar-denominated bonds, the forward premium on the franc is larger than this difference, so that the covered in

38、vestment is a good idea. c.the lack of demand for dollar-denominated bonds (or the supply of these bonds as investorsselltheminorder to shift into sfr-denominated bonds) puts downward pressure on the prices of u.s. bondsupward pressure on u.s. interest rates. the extra demand for the francinthe spot

39、 exchange market (as investors buy sfrinorder to buy sfr-denominated bonds) puts upward pressure on the spot exchange rate. the extra demand for sfr-denominated bonds puts upward pressure on the prices of swiss bondsdownward pressure on swiss interest rates. the extra supply of francsinthe 课后答案网：w w

40、 w .h a c k s h p .c n 若侵犯了您的版权利益，敬请来信告知！ w w w .h a c k s h p .c n 课后答案网 w w w .h a c k s h p .c n - 5 - forward market (as u.s. investors cover their sfr investments back into dollars) puts downward pressure on the forward exchange rate. if the only rate that changes is the forward exchange rate,

41、this ratemust fall to about $0.5025/sfr. with this forward rate and the other initial rates,the covered interest differential is closeto zero. 10.in testing covered interest parity,allof the interest rates and exchange rates that are needed to calculate the covered interest differential are rates th

42、at can observedinthe bond and foreign exchange markets. determining whether the covered interest differential is about zero (covered interest parity) is then straightforward (although some more subtle issues regarding timing of transactions may also need to be addressed). in order to test uncovered

43、interest parity, we need to know not only three ratestwo interest rates and the current spot exchange ratethat can be observedinthe market, but also one ratethe expected future spot exchange ratethat is not observedinany market. the tester then needs a way to find out about investors expectations. o

44、ne way is to ask them, using a survey, but they may not say exactly what they really think. another way is to examine the actual uncovered interest differential after we know what the futurespot exchange rate actually turns out to be, and see whether the statistical characteristics of the actual unc

45、overed differential are consistent with an expected uncovered differential of about zero (uncovered interest parity). chapchapchapchap 5 5 5 5 2.a.the euro is expected to appreciate at an annual rate of approximately (1.005 - 1.000)/1.000)(360/180)100 = 1%. the expected uncovered interest differenti

46、al is approximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately). b.if the interest rate on 180-day dollar-denominated bonds declines to 3%, then the spot exchange rate is likely to increasethe euro will appreciate, the dollar depreciate. at the initial current spot exchange

47、rate, the initial expected future spot exchange rate, and the initial euro interest rate, the expected uncovered interest differential shiftsinfavor of investingineuro-denominated bonds (the expected uncovered differential is now positive, 3% + 1% - 3% = 1%, favoring uncovered investmentineuro-denom

48、inated bonds. the increased demand for eurosinthe spot exchange market tends to appreciate the euro. if the euro interest rate and the expected future spot exchange rate remain unchanged, then the current spot rate must change immediately to be $1.005/euro, to reestablish uncovered interest parity.

49、when the current spot rate jumps to this value, the euros exchange rate value is not expected to changeinvalue subsequently during the next 180 days. the dollar has depreciated immediately, and the uncovered differential then again is zero (3% + 0% - 3% = 0). 课后答案网：w w w .h a c k s h p .c n 若侵犯了您的版权

50、利益，敬请来信告知！ w w w .h a c k s h p .c n 课后答案网 w w w .h a c k s h p .c n - 6 - 4.a.for uncovered interest parity to hold, investors must expect that the rate of changeinthe spot exchange-rate value of the yen equals the interest rate differential, which is zero. investors must expect that the future spo

51、t value is the same as the current spot value, $0.01/yen. b.if investors expect that the exchange ratewill be $0.0095/yen, then they expect the yen to depreciate from its initial spot value during the next 90 days. given the other rates, investors tend to shift their investments toward dollar-denomi

52、nated investments. the extra supply of yen (and demand for dollars)inthe spot exchange market resultsina decreaseinthe current spot value of the yen (the dollar appreciates). the shift to expecting that the yen will depreciate (the dollar appreciate) sometime during the next 90 days tends to cause t

53、he yen to depreciate (the dollar to appreciate) immediatelyinthe current spot market. 6.the law of one price will hold better for gold. gold can be traded easily so that any price differences wouldleadto arbitrage that would tend to push gold prices (statedina common currency by converting prices us

54、ing market exchange rates) back close to equality. big macs cannot be arbitraged. if price differences exist, there is no arbitrage pressure, so the price differences can persist. the prices ofbigmacs (statedina common currency) vary widely around the world. 8.according to ppp, the exchange rate val

55、ue of the dm (relative to the dollar) has risen since the early 1970s becausegermany has experienced less inflation than has the united statesthe product price level has risen lessingermany sincethe early 1970s thanithas riseninthe united states. according to the monetary approach, the german price

56、level has not risen as much because the german money supply has increased less than the money supply has increasedinthe united states, relative to the growth rates of real domestic productioninthe two countries. the british pound is the opposite casemore inflationinbritain thanintheunited states,and

57、 higher money growthinbritain. 10. a.because the growth rate of the domestic money supply (ms) is two percentage points higher thanitwas previously, the monetary approach indicates that the exchange rate value (e) of the foreign currency will be higher thanitotherwise would bethat is, the exchange r

58、ate value of the countrys currency will be lower. specifically, the foreign currency will appreciate by two percentage points more per year, or depreciate by two percentage points less. that is, the domestic currency will depreciate by two percentage points moreper year, or appreciate by two percent

59、agepoints less. b.the faster growth of the countrys money supply eventually leads to a faster rate of inflation of the domestic price level (p). specifically, the inflation rate will be two percentage points higher thanitotherwise would be. according to relative ppp, a faster rate of increaseinthe domestic price level (p) leads to a higher rate of appreciation of the foreign currency. 课后答案网：w w w .h a c k s h p .c n 若侵犯了您的版权利益，敬请来信告知！ w w w .h a c k s h p .c n 课后答案网 w w w .h a c k s h p .c n - 7 - 12. a.for the united statesin1975, 20,000 = k100800, or k = 0.25. for pugel