(新英文)“国际金融”课后计算题答案.pdf

Chapter 1Chapter 1：9 9.Net debtor nation of the amount$25 billion.1010.a.Merchandise trade balance,$75 billion deficit.Services balance,$60 billion surplus.Goodsand services balance,$15 billion deficit.Investment income balance,$5 billion surplus.Unilateraltransfers balance,$20 billion deficit.Current account balance,$30 billion deficit.b.Current account.The current account deficit implies that the United States is anet-demander of funds from the rest of the world.1111.a-debit;b-credit;c-credit;d-debit;e-debit;f-debit;g-credit;h-debit;i-debit.Chapter 2Chapter 2：1 1.An arbitrager could purchase 3 francs with$1,purchase 6 schilling with 3 francs,and sell 6schilling for$1.50.Ignoring transaction costs,the arbitrager realizes a$0.50 profit on thetransactions.2 2.a.b.The U.S.speculator should sell francs today for delivery in 3 months at todaysforward rate of the franc,which equals$0.50.After 3 months,if the francs spot rate is$0.40,the speculator can purchase francsat the price of$0.40 each and deliver them for the previously contracted rate of$0.50 per franc;the speculator realizes a profit of$0.10 on each franc which theforward contract specifies.If the francs spot rate after 3 months is$0.60,thespeculator must purchase francs at a price of$0.60 per franc and resell them at aprice of$0.50 per franc;the speculator would suffer losses of$0.10 on each francspecified in the forward contract.If the francs spot rate after 3 months is$0.50,the speculator realizes neither a profit nor a loss on the transaction.3 3.a.The U.S.importer can cover her foreign exchange risk by purchasing 20,000 poundsfor three-month delivery at todays three-month forward rate of$1.75 per pound.The importer is willing to pay 5 cents more per pound than todays spot rate toguard against the possibility that the spot rate in three months will exceed$1.70 perpound.In three months,when her payments are due,the importer will pay$35,000 and get the 20,000 pounds needed for payment,irrespective of what thepounds spot rate is at that time.b.If the spot rate of the pound in three months is$1.80 per pound,and the U.S.importer does not obtain forward cover,she must pay$36,000 for the 20,000pounds;this amount exceeds by$1000 the cost of the pounds she incurs byhedging.4 4.a.1.7090,1.7105,1.7084,1.7099,1.7081,1.7096,1.7090,1.7103.b.c.d.e.$0.5851 per franc,$1.7090 francs per dollar.Depreciated,appreciated.$58.51,170.9 francs.The 30-day forward franc was at a premium of$.0002 which equals 0.4 percent onan annual basis.The 90-day forward franc was at a premium of$.0003 whichequals 0.2 percent on an annual basis.5 5.Arbitragers will buy pounds in New York,at$1.69 per pound,and sell pounds in London,at$1.71 per pound,thus making a profit of 2 centson each pound.As pounds are bought inNew York,their prices rises;as pounds are sold in London,their price falls.When the dollarprice of the pound equalizes in the financial centers,the profitability of arbitrage ceases andthe practice stops.6 6.a.The U.S.investor would purchase pounds on the spot market at$2 per pound,anduse the pounds to buy U.K.treasury bills in London;he would earn 4 percentannually more than he would if he had purchased U.S.treasury bills in New York.7 7.a.b.$1.50 per pound.30 pounds are purchased at a cost of$45.Excess supply,20 pounds.Dollar price of the pound decreases,decrease,increase.b.Yes,by 0.5 percent.c.Excess demand,20 pounds.Dollar price of the pound increases,increase,decrease.Chapter 3Chapter 3：1 1.a.b.2 2.The dollars exchange rate will:a.b.c.d.e.f.g.3 3.a.b.c.d.Dollar depreciates by 10 percent,to approximately$0.55 per franc.Dollar appreciates by 10 percent,to approximately$0.45 per franc.Dollar appreciates by 15 percent,to approximately$0.43 per franc.Dollar depreciates by 5 percent,to approximately$0.53 per franc.DepreciateAppreciateAppreciateAppreciateDepreciateDepreciateAppreciate-2 percent in the U.S.,2 percent in the U.K.Investment would flow from the U.S.to the U.K.c.The dollar would depreciate against the pound.4 4.5.5.7 7.In the short run,changes in exchange rates are caused by relative interest rates and expectedchanges in exchange rates.More expensive,less expensive,increased,decreaseda.b.c.FalseTrueTrueChapter 5Chapter 5：1 1.a.Export quantityExport priceExport receiptsImport quantityImport priceTrade balanceb.1000$3000$3 million150$20,000$0Import payments$3 millionThe dollar depreciation improves(worsens)the U.S.trade balance when the sum ofthe export-demand elasticity and the import-demand elasticity are greater(less)than 1.0.c.3 3.7 7.The 50 percent dollar appreciation results in a 50 percent increase in the firms production costin terms of the peso.The 50 percent dollar appreciation results in a less-than 50 percent increase in the firmsproduction cost in terms of the peso.Because the sum of the export-demand elasticity and the import-demand elasticityare less than 1.0,the U.S.trade balance will worsen.。