克鲁格曼国际经济学-理论与政策下册(国际金融)

CHAPTER 12

NATIONAL INCOME ACCOUNTING AND THE BALANCE OF PAYMENTS

ANSWERS TO TEXTBOOK PROBLEMS

1. The reason for including only the value of final goods and services in GNP, as

stated in the question, is to avoid the problem of double counting. Double counting will not occur if intermediate imports are subtracted and intermediate exported goods are added to GNP accounts. Consider the sale of U.S. steel to Toyota and to General Motors. The steel sold to General Motors should not be included in GNP since the value of that steel is subsumed in the cars produced in the United States. The value of the steel sold to Toyota will not enter the national income accounts in a more finished state since the value of the Toyota goes towards Japanese GNP. The value of the steel should be subtracted from GNP in Japan since U.S. factors of production receive payment for it.

2. Equation 2 can be written as CA = (S p - I) + (T - G). Higher U.S. barriers to

imports may have little or no impact upon private savings, investment, and the budget deficit. If there were no effect on these variables then the current account would not improve with the imposition of tariffs or quotas. It is possible to tell stories in which the effect on the current account goes either way. For example, investment could rise in industries protected by the tariff, worsening the current account. (Indeed, tariffs are sometimes justified by the alleged need to give ailing industries a chance to modernize their plant and equipment.) On the other hand, investment might fall in industries that face a higher cost of imported intermediate goods as a result of the tariff. In general, permanent and temporary tariffs have different effects. The point of the question is that a prediction of the manner in which policies affect the current account requires a general-equilibrium, macroeconomic analysis.

3. a. The purchase of the German stock is a debit in the U.S. financial account.

There is a corresponding credit in the U.S. financial account when the American pays with a check on his Swiss bank account because his claims on Switzerland fall by the amount of the check. This is a case in which an American trades one foreign asset for another.

b. Again, there is a U.S. financial account debit as a result of the purchase of a

German stock by an American. The corresponding credit in this case occurs when the German seller deposits the U.S. check in its German bank and that bank lends the money to a German importer (in which case the credit will be in the U.S. current account) or to an individual or corporation that purchases a U.S. asset (in which case the credit will be in the U.S. financial account).

Ultimately, there will be some action taken by the bank which results in a credit in the U.S. balance of payments.

c. The foreign exchange intervention by the French government involves the sale

of a U.S. asset, the dollars it holds in the United States, and thus represents a debit item in the U.S. financial account. The French citizens who buy the dollars may use them to buy American goods, which would be an American current account credit, or an American asset, which would be an American financial account credit.

d. Suppose the company issuing the traveler’s check uses a checking account in

France to make payments. When this company pays the French restaurateur for the meal, its payment represents a debit in the U.S. current account. The company issuing the traveler’s check must sell assets (deplete its checking account in France) to make this payment. This reduction in the French assets owned by that company represents a credit in the American financial account.

e. There is no credit or debit in either the financial or the current account since

there has been no market transaction.

f. There is no recording in the U.S. Balance of Payments of this offshore

transaction.

4. The purchase of the answering machine is a current account debit for New

York, and a current account credit for New Jersey. When the New Jersey company deposits the money in its New York bank there is a financial account credit for New York and a corresponding debit for New Jersey. If the transaction is in cash then the corresponding debit for New Jersey and credit for New York also show up in their financial accounts. New Jersey acquires dollar bills (an import of assets from New York, and therefore a debit item in its financial account); New York loses the dollars (an export of dollar bills, and thus a financial account credit). Notice that this last adjustment is analogous to what would occur under a gold standard (see Chapter 19).

5. a. Since non-central bank capital inflows fell short of the current-account deficit

by $500 million, the balance of payments of Pecunia (official settlements

balance) was -$500 million. The country as a whole somehow had to finance its $1 billion current-account deficit, so Pecunia's net foreign assets fell by $1 billion.

b. By dipping into its foreign reserves, the central bank of Pecunia financed the

portion of the country's current-account deficit not covered by private financial inflows. Only if foreign central banks had acquired Pecunian assets could the Pecunian central bank have avoided using $500 million in reserves to complete the financing of the current account. Thus, Pecunia's central bank lost $500 million in reserves, which would appear as an official financial inflow (of the same magnitude) in the country's balance of payments accounts.

c. If foreign official capital inflows to Pecunia were $600 million, the country had

a balance of payments surplus of $100 million. Put another way, the country

needed only $1 billion to cover its current-account deficit, but $1.1 billion flowed into the country. The Pecunian central bank must, therefore, have used the extra $100 million in foreign borrowing to increase its reserves. Purchases of Pecunian assets by foreign central banks enter their countries' balance of payments accounts as outflows, which are debit items. The rationale is that the transactions result in foreign payments to the Pecunians who sell the assets.

d. Along with non-central bank transactions, the accounts would show an increase

in foreign official reserve assets held in Pecunia of $600 million (a financial account credit, or inflow) and an increase Pecunian official reserve assets held abroad of $100 billion (a financial account debit, or outflow). Of course, total net financial inflows of $1 billion just cover the current-account deficit.

6. A current account deficit or surplus is a situation which may be unsustainable

in the long run. There are instances in which a deficit may be warranted, for example to borrow today to improve productive capacity in order to have a higher national income tomorrow. But for any period of current account deficit there must be a corresponding period in which spending falls short of income

(i.e. a current account surplus) in order to pay the debts incurred to foreigners.

In the absence of unusual investment opportunities, the best path for an economy may be one in which consumption, relative to income, is smoothed out over time.

The reserves of foreign currency held by a country's central bank change with nonzero values of its official settlements balance. Central banks use their foreign currency reserves to influence exchange rates. A depletion of foreign reserves may limit the central bank's ability to influence or peg the exchange rate. For some countries (particularly developing countries), central-bank

reserves may be important as a way of allowing the economy to maintain consumption or investment when foreign borrowing is difficult. A high level of reserves may also perform a signaling role by convincing potential foreign lenders that the country is credit-worthy. The balance of payments of a reserve-currency center (such as the United States under the Bretton Woods system) raises special issues best postponed until Chapter 18.

7. The official settlements balance, also called the balance of payments, shows the

net change in international reserves held by U.S. government agencies, such as the Federal Reserve and the Treasury, relative to the change in dollar reserves held by foreign government agencies. This account provides a partial picture of the extent of intervention in the foreign exchange market. For example, suppose the Bundesbank purchases dollars and deposits them in its Eurodollar account in a London bank. Although this transaction is a form of intervention, it would not appear in the official settlements balance of the United States.

Instead, when the London bank credits this deposit in its account in the United States, this transaction will appear as a private financial flow.

8. A country could have a current account deficit and a balance of payments

surplus at the same time if the financial and capital account surpluses exceeded the current account deficit. Recall that the balance of payments surplus equals the current account surplus plus the financial account surplus plus the capital account surplus. If, for example, there is a current account deficit of $100 million, but there are large capital inflows and the capital account surplus is $102 million, then there will be a $2 million balance of payments surplus.

This problem can be used as an introduction to intervention (or lack thereof) in the foreign exchange market, a topic taken up in more detail in Chapter 17.

The government of the United States did not intervene in any appreciable manner in the foreign exchange markets in the first half of the 1980s. The “textbook” consequence of this is a balance of payments of zero, while the actual figures showed a slight balance of payments surplus between 1982 and 1985. These years were also marked by large current account deficits. Thus, the financial inflows into the United States between 1982 and 1985 exceeded the current account deficits in those years.

CHAPTER 13

EXCHANGE RATES AND THE FOREIGN EXCHANGE MARKET: AN ASSET APPROACH

ANSWERS TO TEXTBOOK PROBLEMS

1. At an exchange rate of $1.50 per euro, the price of a bratwurst in terms of hot

dogs is 3 hot dogs per bratwurst. After a dollar appreciation to $1.25 per euro, the relative price of a bratwurst falls to 2.5 hot dogs per bratwurst.

2. The Norwegian krone/Swiss franc cross rate must be 6 Norwegian krone per

Swiss franc.

3. The dollar rates of return are as follows:

a. ($250,000 - $200,000)/$200,000 = 0.25.

b. ($216 - $180)/$180 = 0.20.

c. There are two parts of this return. One is the loss involved due to the

appreciation of the dollar; the dollar appreciation is ($1.38 - $1.50)/$1.50 = -0.08. The other part of the return is the interest paid by the London bank on the deposit, 10 percent. (The size of the deposit is immaterial to the calculation of the rate of return.) In terms of dollars, the realized return on the London deposit is thus 2 percent per year.

4. Note here that the ordering of the returns of the three assets is the same whether

we calculate real or nominal returns.

a. The real return on the house would be 25% - 10% = 15%. This return could

also be calculated by first finding the portion of the $50,000 nominal increase in the house's price due to inflation ($20,000), then finding the portion of the nominal increase due to real appreciation ($30,000), and finally finding the appropriate real rate of return ($30,000/$200,000 = 0.15).

b. Again, subtracting the inflation rate from the nominal return we get 20%- 10%

= 10%.

c. 2% - 10% = -8%.

5. The current equilibrium exchange rate must equal its expected future level

since, with equality of nominal interest rates, there can be no expected increase or decrease in the dollar/pound exchange rate in equilibrium. If the expected exchange rate remains at $1.52 per pound and the pound interest rate rises to 10

percent, then interest parity is satisfied only if the current exchange rate changes such that there is an expected appreciation of the dollar equal to 5 percent. This will occur when the exchange rate rises to $1.60 per pound (a depreciation of the dollar against the pound).

6. If market traders learn that the dollar interest rate will soon fall, they also revise

upward their expectation of the dollar's future depreciation in the foreign-exchange market. Given the current exchange rate and interest rates, there is thus a rise in the expected dollar return on euro deposits. The downward-sloping curve in the diagram below shifts to the right and there is an immediate dollar depreciation, as shown in the figure below where a shift in the interest-parity curve from II to I'I' leads to a depreciation of the dollar from E 0 to E 1.

I’

I’ I I

E

($/euro ) i E 0 E 1

Figure 13-2

7. The analysis will be parallel to that in the text. As shown in the accompanying

diagrams, a movement down the vertical axis in the new graph, however, is interpreted as a euro appreciation and dollar depreciation rather than the reverse. Also, the horizontal axis now measures the euro interest rate. Figure 13-3 demonstrates that, given the expected future exchange rate, a rise in the euro interest rate from R 0 to R 1 will lead to a euro appreciation from E 0 to E 1.

Figure 13-4 shows that, given the euro interest rate of i, the expectation of a

stronger euro in the future leads to a leftward shift of the downward-sloping curve from II to I'I' and a euro appreciation (dollar depreciation) from E to E'.

A rise in the dollar interest rate causes the same curve to shift rightward, so the

euro depreciates against the dollar. This simply reverses the movement in figure 13-4, with a shift from I'I' to II, and a depreciation of the euro from E' to E. All of these results are the same as in the text when using the diagram for the dollar rather than the euro.

E

E 0

rates of return (in euros) (euro /$)

E 1

i 0

i 1

Figure 13-3

I’E

i

E

I’

I

I rates of return (in euros)(euro/$)E’

Figure 13-4

8. a. If the Federal Reserve pushed interest rates down, with an unchanged expected

future exchange rate, the dollar would depreciate (note that the article uses the term "downward pressure" to mean pressure for the dollar to depreciate). In terms of the analysis developed in this chapter, a move by the Federal Reserve to lower interest rates would be reflected in a movement from R to R' in figure 13.5, and a depreciation of the exchange rate from E to E'.

If there is a "soft landing", and the Federal Reserve does not lower interest

rates, then this dollar depreciation will not occur. Even if the Federal Reserve does lower interest rates a little, say from R to R", this may be a smaller decrease then what people initially believed would occur. In this case, the expected future value of the exchange rate will be more appreciated than before, causing the interest-parity curve to shift in from II to I'I' (as shown in figure 13.6). The shift in the curve reflects the "optimism sparked by the expectation of a soft landing" and this change in expectations means that, with a fall in interest rates from R to R", the exchange rate depreciates from E to E", rather than from E to E *, which would occur in the absence of a change in expectations.

E

R’

E E*

R ($/foreign currency)

rates of return (in dollars)

Figure 13-5 E

E R ($/foreign currency)

rates of return (in dollars) E”

” E*

R” I’

I I I’

Figure 13-6

b.The "disruptive" effects of a recession make dollar holdings more risky. Risky

assets must offer some extra compensation such that people willingly hold them as opposed to other, less risky assets. This extra compensation may be in the form of a bigger expected appreciation of the currency in which the asset is held. Given the expected future value of the exchange rate, a bigger expected appreciation is obtained by a more depreciated exchange rate today.

Thus, a recession that is disruptive and makes dollar assets more risky will cause a depreciation of the dollar.

9. The euro is less risky for you. When the rest of your wealth falls, the euro tends

to appreciate, cushioning your losses by giving you a relatively high payoff in terms of dollars. Losses on your euro assets, on the other hand, tend to occur when they are least painful, that is, when the rest of your wealth is unexpectedly high. Holding the euro therefore reduces the variability of your total wealth.

10. The chapter states that most foreign-exchange transactions between banks

(which accounts for the vast majority of foreign-exchange transactions) involve exchanges of foreign currencies for U.S. dollars, even when the ultimate transaction involves the sale of one nondollar currency for another nondollar currency. This central role of the dollar makes it a vehicle currency in international transactions. The reason the dollar serves as a vehicle currency is that it is the most liquid of currencies since it is easy to find people willing to trade foreign currencies for dollars. The greater liquidity of the dollar as compared to, say, the Mexican peso, means that people are more willing to hold the dollar than the peso, and thus, dollar deposits can offer a lower interest rate, for any expected rate of depreciation against a third currency, than peso deposits for the same rate of depreciation against that third currency. As the world capital market becomes increasingly integrated, the liquidity advantages of holding dollar deposits as opposed to yen deposits will probably diminish.

The euro represents an economy as large as the United States, so it is possible that it will assume some of that vehicle role of the dollar, reducing the liquidity advantages to as far as zero. Since the euro has no history as a currency, though, some investors may be leary of holding it until it has established a track record.

Thus, the advantage may fade slowly.

11. Greater fluctuations in the dollar interest rate lead directly to greater

fluctuations in the exchange rate using the model described here. The movements in the interest rate can be investigated by shifting the vertical interest rate curve. As shown in figure 13.7, these movements lead directly to movements in the exchange rate. For example, an increase in the interest rate from i to i' leads to a dollar appreciation from E to E'. A decrease in the interest rate from i to i" leads to a dollar depreciation from E to E". This diagram demonstrates the direct link between interest rate volatility and exchange rate volatility, given that the expected future exchange rate does not change.

E

E

($/foreign currency)

rates of return (in dollars)i I

I E’i"i'

E”

Figure 13-7

12. A tax on interest earnings and capital gains leaves the interest parity condition

the same, since all its components are multiplied by one less the tax rate to obtain after-tax returns. If capital gains are untaxed, the expected depreciation term in the interest parity condition must be divided by 1 less the tax rate. The component of the foreign return due to capital gains is now valued more highly than interest payments because it is untaxed.

13. The forward premium can be calculated as described in the appendix. In this

case, we find the forward premium on euro to be (1.26 – 1.20)/1.20 = 0.05. The interest-rate difference between one-year dollar deposits and one-year euro deposits will be 5 percent because the interest difference must equal the

forward premium on euro against dollars when covered interest parity holds.

CHAPTER 14

MONEY, INTEREST RATES, AND EXCHANGE RATES

ANSWERS TO TEXTBOOK PROBLEMS

1. A reduction in real money demand has the same effects as an increase in the

nominal money supply. In figure 14.1, the reduction in money demand is depicted as a backward shift in the money demand schedule from L1 to L2. The

immediate effect of this is a depreciation of the exchange rate from E1 to E2, if

the reduction in money demand is temporary, or a depreciation to E3if the

reduction is permanent. The larger impact effect of a permanent reduction in money demand arises because this change also affects the future exchange rate expected in the foreign exchange market. In the long run, the price level rises to bring the real money supply into line with real money demand, leaving all relative prices, output, and the nominal interest rate the same and depreciating the domestic currency in proportion to the fall in real money demand. The long-run level of real balances is (M/P2), a level where the interest rate in the

long-run equals its initial value. The dynamics of adjustment to a permanent reduction in money demand are from the initial point 1 in the diagram, where the exchange rate is E1, immediately to point 2, where the exchange rate is E3

and then, as the price level falls over time, to the new long-run position at point 3, with an exchange rate of E4.

2. A fall in a country's population would reduce money demand, all else equal,

since a smaller population would undertake fewer transactions and thus demand less money. This effect would probably be more pronounced if the fall in the population were due to a fall in the number of households rather than a fall in the average size of a household since a fall in the average size of households implies a population decline due to fewer children who have a relatively small transactions demand for money compared to adults. The effect on the aggregate money demand function depends upon no change in income commensurate with the change in population -- else, the change in income would serve as a proxy for the change in population with no effect on the aggregate money demand function.

R L 2 L 1

I 2

I 1

2 3 1 (M/P 2)

E 1 E 4

E 2

E 3

E

(M/P 1)

Figure 14-1

3. Equation 14-4 is M s /P = L(R,Y). The velocity of money, V = Y/(M/P). Thus,

when there is equilibrium in the money market such that money demand equals money supply, V = Y/L(R,Y). When R increases, L(R,Y) falls and thus velocity rises. When Y increases, L(R,Y) rises by a smaller amount (since the elasticity of aggregate money demand with respect to real output is less than one) and the fraction Y/L(R,Y) rises. Thus, velocity rises with either an increase in the interest rate or an increase in income. Since an increase in interest rates as well as an increase in income cause the exchange rate to appreciate, an increase in velocity is associated with an appreciation of the exchange rate.

4. An increase in domestic real GNP increases the demand for money at any

nominal interest rate. This is reflected in figure 14-2 as an outward shift in the money demand function from L 1 to L 2. The effect of this is to raise domestic interest rates from R 1 to R 2 and to cause an appreciation of the domestic currency from E 1 to E 2.

5. Just as money simplifies economic calculations within a country, use of a

vehicle currency for international transactions reduces calculation costs. More

importantly, the more currencies used in trade, the closer the trade becomes to barter, since someone who receives payment in a currency she does not need must then sell it for a currency she needs. This process is much less costly when there is a ready market in which any nonvehicle currency can be traded against the vehicle currency, which then fulfills the role of a generally accepted medium of exchange.

R

E

Interest Parity Schedule (M/P)

R 1 R 2 M/P L 2 L 1

E 1

E 2

Figure 14-2

6. Currency reforms are often instituted in conjunction with other policies which

attempt to bring down the rate of inflation. There may be a psychological effect of introducing a new currency at the moment of an economic policy regime change, an effect that allows governments to begin with a "clean slate" and makes people reconsider their expectations concerning inflation. Experience shows, however, that such psychological effects cannot make a stabilization plan succeed if it is not backed up by concrete policies to reduce monetary growth.

7. The interest rate at the beginning and at the end of this experiment are equal.

The ratio of money to prices (the level of real balances) must be higher when full employment is restored than in the initial state where there is unemployment: the money-market equilibrium condition can be satisfied only with a higher level of real balances if GNP is higher. Thus, the price level rises, but by less than twice its original level. If the interest rate were initially below

its long-run level, the final result will be one with higher GNP and higher interest rates. Here, the final level of real balances may be higher or lower than the initial level, and we cannot unambiguously state whether the price level has more than doubled, less than doubled, or exactly doubled.

8. The 1984 - 1985 money supply growth rate was 12.4 percent in the United

States (100%*(641.0 - 570.3)/570.3) and 334.8 percent in Brazil (100%*(106.1 - 24.4)/24.4). The inflation rate in the United States during this period was 3.5 percent and in Brazil the inflation rate was 222.6 percent. The change in real money balances in the United States was approximately 12.4% - 3.5% = 8.9%, while the change in real money balances in Brazil was approximately 334.8% - 222.6% = 112.2%. The small change in the U.S. price level relative to the change in its money supply as compared to Brazil may be due to greater short-run price stickiness in the United States; the change in the price level in the United States represents 28 percent of the change in the money supply ((3.5/12.4)*100%) while in Brazil this figure is 66 percent ((222.6/334.8) *100%). There are, however, large differences between the money supply growth and the growth of the price level in both countries, which casts doubt on the hypothesis of money neutrality in the short run for both countries.

9. Velocity is defined as real income divided by real balances or, equivalently,

nominal income divided by nominal money balances (V=P*Y/M). Velocity in Brazil in 1985 was 13.4 (1418/106.1) while velocity in the United States was

6.3 (4010/641). These differences in velocity reflected the different costs of

holding cruzados compared to holding dollars. These different costs were due to the high inflation rate in Brazil which quickly eroded the value of idle cruzados, while the relatively low inflation rate in the United States had a much less deleterious effect on the value of dollars.

R

E

(M 1/P)

E 3

E 2

E 1

R 2 R 3 R 1 L 2

L 1 (M 2/P)

E 4

Figure 14-3

10. If an increase in the money supply raises real output in the short run, then the

fall in the interest rate will be reduced by an outward shift of the money demand curve caused by the temporarily higher transactions demand for money. In figure 14-3, the increase in the money supply line from (M 1/P) to (M 2/P) is coupled with a shift out in the money demand schedule from L 1 to L 2. The interest rate falls from its initial value of R 1 to R 2, rather than to the lower level R 3, because of the increase in output and the resulting outward shift in the money demand schedule. Because the interest rate does not fall as much when output rises, the exchange rate depreciates by less: from its initial value of E 1 to E 2, rather than to E 3, in the diagram. In both cases we see the exchange rate appreciate back some to E4 in the long run. The difference is the overshoot is much smaller if there is a temporary increase in Y. Note, the fact that the increase in Y is temporary means that we still move to the same IP curve, as LR prices will still shift the same amount when Y returns to normal and we still have the same size M increase in both cases. A permanent increase in Y would involve a smaller expected price increase and a smaller shift in the IP curve.

Undershooting occurs if the new short-run exchange rate is initially below its new long-run level. This happens only if the interest rate rises when the money supply rises – that is if GDP goes up so much that R does not fall, but increases.

This is unlikely because the reason we tend to think that an increase in M may boost output is because of the effect of lowering interest rates, so we generally don’t think that the Y response can be so great as to increase R.

CHAPTER 15

Price Levels and the Exchange Rate in the Long Run

ANSWERS TO TEXTBOOK PROBLEMS

1. Relative PPP predicts that inflation differentials are matched by changes in the

exchange rate. Under relative PPP, the franc/ruble exchange rate would fall by

95 percent with inflation rates of 100 percent in Russia and 5 percent in

Switzerland.

2. A real currency appreciation may result from an increase in the demand for

nontraded goods relative to tradables which would cause an appreciation of the exchange rate since the increase in the demand for nontradables raises their price, raising the domestic price level and causing the currency to appreciate.

In this case exporters are indeed hurt, as one can see by adapting the analysis in Chapter 3. Real currency appreciation may occur for different reasons, however, with different implications for exporters' incomes. A shift in foreign demand in favor of domestic exports will both appreciate the domestic currency in real terms and benefit exporters. Similarly, productivity growth in exports is likely to benefit exporters while causing a real currency appreciation.

If we consider a ceterus paribus increase in the real exchange rate, this is typically bad for exporters as their exports are now more expensive to foreigners which may reduce foreign export demand. In general, though, we need to know why the real exchange rate changed to interpret the impact of the change.

3. a. A tilt of spending towards nontraded products causes the real exchange rate to

appreciate as the price of nontraded goods relative to traded goods rises (the real exchange rate can be expressed as the price of tradables to the price of nontradables).

b. A shift in foreign demand towards domestic exports causes an excess demand

for the domestic country's goods which causes the relative price of these goods to rise; that is, it causes the real exchange rate of the domestic country to appreciate.

4. Relative PPP implies that the pound/dollar exchange rate should be adjusted to

offset the inflation difference between the United States and Britain during the war. Thus, a central banker might compare the consumer price indices in the United States and the U.K. before and after the war. If America's price level had risen by 10 percent while that in Britain had risen by 20 percent, relative PPP would call for a pound/dollar exchange rate 10 percent higher than before the war--a 10 percent depreciation of the pound against the dollar.

A comparison based only on PPP would fall short of the task at hand,

however, if it ignored possible changes in productivity, productive capacity or in relative demands for goods produced in different countries in wake of the war. In general, one would expect large structural upheavals as a consequence of the war. For example, Britain's productivity might have fallen dramatically as a result of converting factories to wartime uses (and as a result of bombing). This would call for a real depreciation of the pound, that is, a postwar pound/dollar exchange rate more than 10% higher than the prewar rate.

5. The real effective exchange rate series for Britain shows an appreciation of the

pound from 1977 to 1981, followed by a period of depreciation. Note that the appreciation is sharpest after the increase in oil prices starts in early 1979; the subsequent depreciation is steepest after oil prices soften in 1982. An increase in oil prices increases the incomes received by British oil exporters, raising their demand for goods. The supply response of labor moving into the oil sector is comparable to an increase in productivity which also causes the real exchange rate to appreciate. Of course, a fall in the price of oil has opposite effects. (Oil is not the only factor behind the behavior of the pound's real exchange rate. Instructors may wish to mention the influence of Prime Minister Margaret Thatcher's stringent monetary policies.)

6. The announcement puzzle is that interest rates rise when the market learns

money supply growth has been higher than expected (and fall in the opposite case), in contrast to what a simple money-market equilibrium analysis might seem to suggest. Were this phenomenon due to higher expected inflation, we

would expect to see the dollar depreciate against foreign currencies, since the expectation of future currency depreciation is one result of higher expected inflation. As demonstrated in the previous chapter, a depreciation of the expected future exchange rate causes the spot rate today to depreciate. If, however, nominal rates are higher because the market expects the Fed to adjust for excessive money growth by tightening, then the higher nominal interest rates reflect a decrease in money supply as banks adjust for expected lower high-powered money in the future. In this case, we would expect to see an appreciation of the currency. Thus, the foreign exchange market can help us distinguish between the two competing explanations for the phenomenon. In fact, Engel and Frankel found that in the early 1980s, the dollar tended to appreciate after unexpectedly high monetary growth was announced and depreciate in the opposite case. This implies expectations regarding Fed action are the likely cause of the increase in nominal interest rates.

7. A permanent shift in the real money demand function will alter the long-run

equilibrium nominal exchange rate, but not the long-run equilibrium real exchange rate. Since the real exchange rate does not change, we can use the

monetary approach equation, E = (M/M*)·{L(R*,Y*)/L(R,Y)}. A permanent

increase in money demand at any nominal interest rate leads to a proportional appreciation of the long-run nominal exchange rate. Intuitively, the level of prices for any level of nominal balances must be lower in the long run for money market equilibrium. The reverse holds for a permanent decrease in money demand. The real exchange rate, however, depends upon relative prices and productivity terms which are not affected by general price-level changes.

8. The mechanism would work through expenditure effects with a permanent

transfer from Poland to The Czech Republic appreciating the zloty (Czech currency) in real terms against the koruna (Polish currency) if (as is reasonable to assume) the Czechs spent a higher proportion of their income on Czech goods relative to Polish goods than did the Poles.

9. As discussed in the answer to question 8, the zloty appreciates against the

koruna in real terms with the transfer from Poland to The Czech Republic if the Czechs spend a higher proportion of their income on Czech goods relative to Polish goods than did the Poles. The real appreciation would lead to a nominal appreciation as well.

10. Since the tariff shifts demand away from foreign exports and toward domestic

goods, there is a long-run real appreciation of the home currency. Absent changes in monetary conditions, there is a long-run nominal appreciation as well.

11. The balanced expansion in domestic spending will increase the amount of

imports consumed in the country that has a tariff in place, but imports cannot rise in the country that has a quota in place. Thus, in the country with the quota, there would be an excess demand for imports if the real exchange rate appreciated by the same amount as in the country with tariffs. Therefore, the real exchange rate in the country with a quota must appreciate by less than in the country with the tariff.

12. A permanent increase in the expected rate of real depreciation of the dollar

against the euro leads to a permanent increase in the expected rate of depreciation of the nominal dollar/euro exchange rate, given the differential in expected inflation rates across the US and Europe. This increase in the expected depreciation of the dollar causes the spot rate today to depreciate.

13. Suppose there is a temporary fall in the real exchange rate in an economy, that

is the exchange rate appreciates today and then will depreciate back to its original level in the future. The expected depreciation of the real exchange rate, by real interest parity, causes the real interest rate to rise. If there is no change in the expected inflation rate then the nominal interest rate rises with the rise in the real exchange rate. This event may also cause the nominal exchange rate to appreciate if the effect of a current appreciation of the real exchange rate dominates the effect of the expected depreciation of the real exchange rate.

14. International differences in expected real interest rates reflect expected changes

in real exchange rates. If the expected real interest rate in the United States is 9 percent and the expected real interest rate in Europe is 3 percent then there is an expectation that the real dollar/euro exchange rate will depreciate by 6 percent (assuming that interest parity holds).

15. The initial effect of a reduction in the money supply in a model with sticky

prices is an increase in the nominal interest rate and an appreciation of the nominal exchange rate. The real interest rate, which equals the nominal interest rate minus expected inflation, rises by more than the nominal interest rate since the reduction in the money supply causes the nominal interest rate to rise and

deflation occurs during the transition to the new equilibrium. The real exchange rate depreciates during the transition to the new equilibrium (where its value is the same as in the original state). This satisfies the real interest parity relationship which states that the difference between the domestic and the foreign real interest rate equals the expected depreciation of the domestic real exchange rate -- in this case, the initial effect is an increase in the real interest rate in the domestic economy coupled with an expected depreciation of the domestic real exchange rate. In any event, the real interest parity relationship must be satisfied since it is simply a restatement of the Fisher equation, which defines the real interest rate, combined with the interest parity relationship, which is a cornerstone of the sticky-price model of the determination of the exchange rate.

16. One answer to this question involves the comparison of a sticky-price with a

flexible-price model. In a model with sticky prices, a reduction in the money supply causes the nominal interest rate to rise and, by the interest parity relationship, the nominal exchange rate to appreciate. The real interest rate, which equals the nominal interest rate minus expected inflation, increases both because of the increase in the nominal interest rate and because there is expected deflation. In a model with perfectly flexible prices, an increase in expected inflation causes the nominal interest rate to increase (while the real interest rate remains unchanged) and the currency to depreciate since excess money supply is resolved through an increase in the price level and thus, by PPP, a depreciation of the currency.

An alternative approach is to consider a model with perfectly flexible prices.

As discussed in the preceding paragraph, an increase in expected inflation causes the nominal interest rate to increase and the currency to depreciate, leaving the expected real interest rate unchanged. If there is an increase in the expected real interest rate, however, this implies an expected depreciation of the real exchange rate. If this expected depreciation is due to a current, temporary appreciation, then the nominal exchange rate may appreciate if the effect of the current appreciation (which rotates the exchange rate schedule downward) dominates the effect due to the expected depreciation (which rotates the exchange rate schedule in the upwards).

17. Combining the Fisher relationship with the interest parity condition we find

that expected depreciation of the dollar/Swiss franc exchange rate equals the difference between U.S. and Swiss inflation rates less the difference between

克鲁格曼《国际经济学》(第8版)笔记和课后习题详解 第2章~第4章【圣才出品】

第1篇国际贸易理论 第2章世界贸易概览 2.1复习笔记 1．经济规模与进出口总额之间的关系 （1）规模问题：引力模型 现实证明一国的经济规模与其进出口总额息息相关。把整个世界贸易看成整体，可利用引力模型（gravity model）来预测任意两国之间的贸易规模。引力模型方程式如下： 其中， T是i国与j国的贸易额，A为常量，i Y是i国的国内生产总值，j Y是j国的国 ij 内生产总值， D是两国的距离。引力模型方程式表明：其他条件不变的情况下，两国间的 ij 贸易规模与两国的GDP成正比，与两国间的距离成反比。 （2）引力模型的内在逻辑 引力模型之所以能较好地拟合两国之间的实际贸易现状，其原因在于：大的经济体收入高，因而大量进口产品；大的经济体能生产更多品种的系列产品，因而更能满足其他国家的需求，进而大量出口产品。在两国贸易中，任一方的经济规模越大，则双方的贸易量就越大。 （3）引力模型的应用：寻找反例 当两国之间的贸易量与依照引力模型计算得出的结果相差较大时，就需要从其他因素进行分析，如文化的亲和性、地理位置、运输成本等因素。事实上，这也是引力模型的重要用

途之一，即有助于明确国际贸易中的异常现象。 （4）贸易障碍：距离、壁垒和疆界 距离、壁垒和疆界对国际贸易有负面作用，会使得两国之间的贸易额大大小于根据引力模型所计算出的结果。另外，在各国GDP和距离给定的情况下，有效贸易协定（trade agreement）比无效的贸易协定更能显著增加成员国的贸易量，这也是美国与其邻国的贸易量明显大于其和相同大小的欧盟的贸易量的原因之一。 2．正在演变的世界贸易模式 （1）世界变小了吗？ 人们认为，现代化的运输和通讯可以超越空间距离的束缚，世界因此成了小“村落”。事实的确如此。但是，有时候政治的力量可以超过技术进步的作用，两次世界大战、20世纪30年代的大萧条及战后全世界范围内的贸易保护主义等都严重制约着国际贸易的发展，使得国际贸易大幅萎缩，并且用了几十年才得以恢复。 （2）交易内容 从全世界范围来看，工业制成品是主要的交换产品，所占比重最大。矿产品特别是现代世界不可或缺的石油依旧是世界贸易的主要部分。引人注目的是发展中国家已经从初级产品出口国转变为主要的制成品出口国。另外，服务贸易在国际贸易中凸显重要，并且其重要性越来越突出。 （3）服务外包 随着现代信息技术的发展和应用，一种新的贸易形式——服务外包（service outsourcing）随之出现。服务外包也称之为离岸服务，是一种新兴的国际贸易现象，使得曾经必须在一国国内实现的服务现在可以在国外实现。 （4）旧规则依然可行吗？

国际金融期末试题试卷及答案

国际金融期末试题试卷 及答案 Document serial number【KKGB-LBS98YT-BS8CB-BSUT-BST108】

（本科）模拟试卷（第一套）及答案 《国际金融》试卷 一、名词解释（共 15 分，每题 3分） 1 汇率制度 2 普通提款权 3 套汇业务 4外汇风险 5 欧洲货币市场 1、汇率制度：是指一国货币当局对本国汇率真变动的基本规定。 2、普通提款权：是指国际货币基金组织的会员国需要弥补国际收支赤字， 按规定向基金组织申请贷款的权利。 3、套汇业务：是指利用同理时刻在不同外汇市场上的外汇差异，贱买贵卖，从中套取差价利 润的行为。 4、外汇风险：是指在国际贸易中心的外向计划或定值的债权债务、资产和负债，由于有关汇 率发生变动，使交易双方中的任何一方遭受经济损失的一种可能性。 5、欧洲货币市场：是指经营欧洲货币的市场。 二、填空题（共 10 分每题 1 分） 1、外汇是以外币表示的用于国际清偿的支付手段。 2、现货交易是期货交易的，期货交易能活跃交易市场。 3、按出票人的不同，汇票可分为和。 4、国际资本流动按投资期限长短分为和两种类型。 5、第一次世界大战前后，和是各国的储备资产。 三、判断题（共 10 分每题 1 分） 1、出口信贷的利率高于国际金融市场的利率。（）。 2、短期证券市场属于资本市场。（） 3、国际储备的规模越大越好。（） 4、国际借贷和国际收支是没有任何联系的概念。（） 5、信用证的开证人一般是出口商。（） 6、参与期货交易就等于参与赌博。（X ） 7、调整价格法不可以完全消灭外汇风险。（） 8、银行收兑现钞的汇率要高于外汇汇率。（ X ）

克鲁格曼《国际经济学》(国际金融)习题答案要点

〈〈国际经济学》（国际金融）习题答案要点 第12章国民收入核算与国际收支 1、如问题所述，GNP仅仅包括最终产品和服务的价值是为了避免重复计算的问题。 在国民收入账户中，如果进口的中间品价值从GNP中减去，出口的中间品价值加 到GNP中，重复计算的问题将不会发生。例如：美国分别销售钢材给日本的丰田公司和美国的通用汽车公司。其中出售给通用公司的钢材，作为中间品其价值不被计算到美国的GNP中。出售给日本丰田公司的钢材，钢材价值通过丰田公司进入日本的GNP，而最终没有进入美国的国民收入账户。所以这部分由美国生产要素创造的中间品价值应该从日本的GNP中减去，并加入美国的GNP。 2、（1）等式12-2可以写成CA =（S P-I）? （T -G）。美国更高的进口壁垒对私人储蓄、投资和政府赤字有比较小或没有影响。（2）既然强制性的关税和配额对这些变量没有影响，所以贸易壁垒不能减少经常账户赤字。 不同情况对经常账户产生不同的影响。例如，关税保护能提高被保护行业的投资，从而使经常账户恶化。（当然，使幼稚产业有一个设备现代化机会的关税保护是合理的。）同时，当对投资中间品实行关税保护时，由于受保护行业成本的提高可能使该行业投资下降，从而改善经常项目。一般地，永久性和临时性的关税保护有不同的效果。这个问题的要点是：政策影响经常账户方式需要进行一般均衡、宏观分析。 3、 （1）、购买德国股票反映在美国金融项目的借方。相应地，当美国人通过他的瑞士银行账户用支票支付时，因为他对瑞士请求权减少，故记入美国金融项目的贷方。这是美国用一个外国资产交易另外一种外国资产的案例。 （2）、同样，购买德国股票反映在美国金融项目的借方。当德国销售商将美国支票存入德国银行并且银行将这笔资金贷给德国进口商（此时，记入美国经常项目的贷 方）或贷给个人或公司购买美国资产（此时，记入美国金融项目的贷方）。最后，银行采取的各项行为将导致记入美国国际收支表的贷方。 （3）、法国政府通过销售其持有在美国银行的美元存款干预外汇市场，代表美国金融项目的借方项目。购买美元的法国公民如果使用它们购买美国商品，这将记入美国国际收支账户经常项目的贷方；如果用来购买美国资产，这将记入美国国际收支账户金融项目的贷方。 （4）假定签发旅行支票的公司使用支票账户在法国进行支付。当此公司支付餐费给 法国餐馆时，记入美国经常项目的借方。签发旅行支票的公司必须销售资产（消耗 其在法国的支票账户）来支付，从而减少了公司在法国拥有的资产，这记入美国金融项目的贷方。 （5）、没有市场交易发生。 （6）离岸交易不影响美国国际收支账户。 4、购买answering machine记入New York收支账户的经常项目借方，记入New Jersey 收支账户经常项目的贷方。当New Jersey的公司将货款存入New York银行时，记入New York的金融项目的贷方和New Jersey金融项目的借方。如果交易用现金进 行支付，则记入New Jersey金融项目的借方和New York金融项目的贷方。New Jersey 获得美元现钞（从New York进口资产），而New York则减少了美元（出口美元资产）。最后的调整类似于金本位制下发生的情况。5、

国际经济学课后答案解析

第一章绪论 1、列举出体现当前国际经济学问题的一些重要事件，他们为什么重要？他们都是怎么影响中国与欧、美、日的经济和政治关系的？当前的国际金融危机最能体现国际经济学问题，其深刻地影响了世界各国的金融、实体经济、政治等领域，也影响了各国之间的关系因此显得尤为重要；其对中国与欧、美、日的政治和经济关系的影响为：减少中国对上述国家的出口，影响中国外汇储备，贸易摩擦加剧，经济联系加强，因而也会导致中国与上述国家在政治上的对话与合作。 2、我们如何评价一国与他国之间的相互依赖程度？我们可以通过一国的对外贸易依存度来评价该国与他国之间的相互依赖程度，也可以通过其他方式来评价比如一国政府政策的溢出效应和回震效应以及对外贸易对国民生活水平的影响。 3、国际贸易理论及国际贸易政策研究的内容是什么？为什么说他们是国际经济学的微观方面?国际贸易理论分析贸易的基础和所得，国际贸易政策考察贸易限制和新保护主义的原因和效果。国际贸易理论和政策是国际经济学的微观方面，因为他们把国家看作基本单位，并研究单个商品的（相对）价格。 4、什么是外汇交易市场及国际收支平衡表？调节国际收支平衡意味着什么？为什么说他们是国际经济学的宏观方面？什么是宏观开放经济学及国际金融？外汇交易市场描述一国货币与他国货币交换的框架，国际收支平衡表测度了一国与外部世界交易的总收入与总支出的情况。调节国际收支平衡意味着调节一国与外部世界交易出现的不均衡（赤字或盈余）；由于国际收支平衡表涉及总收入和总支出，调节政策影响国家收入水平和价格总指数，因而他们是国际经济学的宏观方面；外汇交易及国际收支平衡调节涉及总收入和总支出，调整政策影响国家收入水平和价格总指数，这些内容被称为宏观开放经济学或国际金融。 5、浏览报刊并做下列题目：（1）找出5条有关国际经济学的新闻（2）每条新闻对中国经济的重要性或影响（3）每条新闻对你个人有何影响 A (1) 国际金融危机: 影响中国整体经济,降低出口、增加失业、经济减速等 (2) 美国大选：影响中美未来经济政治关系 (3) 石油价格持续下跌：影响中国的能源价格及相关产业 (4) 可口可乐收购汇源被商务部否决：《反垄断法》的第一次实施，加强经济法治 (5) 各国政府经济刺激方案：对中国经济产生外部性效应B 以上5条新闻对个人影响为：影响个人消费水平和就业前景 第二章比较优势理论 1、重商主义者的贸易观点如何？他们的国家财富概念与现在有何不同？重商主义者主张政府应当竭尽所能孤立出口，不主张甚至限制商品（尤其是奢侈类消费品）。重商主义者认为国家富强的方法是尽量使出口大于进口，而出超的结果是金银等贵重金属流入，而一个国家拥有越多的金银，就越富有越强大。现在认为一个国家生产力即生产商品的能力越高则一国越富强 2、亚当.斯密主张的贸易基础和贸易模式分别是什么？贸易所得是如何产生的？斯密倡导什么样的国际贸易基础？他认为政府在经济生活中的适当功能是什么？亚当.斯密主张的贸易基础是绝对优势；贸易模式为两国通过专门生产自己有绝对优势的产品并用其中一部分来交换器有绝对劣势的商品。通过生产绝对优势商品并交换，资源可以被最有效的使用，而且两种商品的产出会有很大的增长，通过交换就会消费比以前更多的商品从而产生了贸易所得；斯密倡导自由贸易，主张自由放任也就是政府尽可能少干涉经济

国际经济学试题及答案

三、名词解释 1.生产者剩余 答：生产者剩余是指生产者愿意接受的价格和实际接受的价格之间的差额。 2.罗伯津斯基定理 答：罗伯津斯基定理是指在生产两种产品的情况下，如果商品的国际比价保持不变，一种生产要素增加所导致的密集使用该生产要素的产品产量增 加，会同时减少另外一种产品的产量。 3.产品生命周期 答：产品生命周期是指新产品经历发明、应用、推广到市场饱和、产品衰落，进而被其他产品所替代四个阶段。 4.购买力平价 答：购买力平价是指两种货币之间的汇率决定于它们单位货币购买力之间的比例。 5.市场内部化 答：市场内部化是指企业为减少交易成本，减少生产和投资风险，而将该跨国界的各交易过程变成企业内部的行为。 6.黄金输送点 答：黄金输送点包括黄金输入点和黄金输出点，是黄金输入、输出的价格上限和下限，它限制着一个国家货币对外汇率的波动幅度。 7.要素禀赋 答：要素禀赋，即要素的丰裕程度，是指在不同国家之间，由于要素的稀缺程度不同导致的可利用生产要素价格相对低廉的状况。赫克歇尔-俄林 定理认为，要素禀赋构成一个国家比较优势的基础 8.比较优势 答：比较优势也称为比较成本或比较利益，是由英国古典经济学家大卫李·嘉图提出的。李嘉图通过两个国家两种产品的模型阐明，比较优势是一国 在绝对优势基础上的相对较大的优势，在绝对劣势基础上的相对较小的 劣势，遵循“两利相权取其重，两弊相衡取其轻”的原则。根据各自的 比较优势来来确定国际分工并进行贸易往来，双方便都可以获得比较利 益。 9.人力资本 答：所谓人力资本是资本与劳动力结合而形成的一种新的生产要素，然们通过劳动力进行投资（如进行教育、职业培训、保健等），可以提高原有 劳动力的素质和技能，劳动生产率得到提升，从而对一个国家参加国际 分工的比较优势产生作用与影响。 10.布雷顿森林体系 答：布雷顿森林体系是指从第二次世界大战结束到1971年所实行的金汇兑本位制。这一以美元为中心的固定汇率制度的特征简而言之便是“美元

国际经济学克鲁格曼考试重点

绝对优势：是指以各国生产成本的绝对差异为基础进行的国际专业化分工，并通过自由贸易获得利益的一种国际贸易理论。 李嘉图模型：是一个单一要素模型，劳动是唯一的生产要素，劳动生产率的差异是不同国家各个产业部门之间唯一的不同之处，也是决定国际贸易的唯一因素。李嘉图模型的中心含义是如果每个国家都能够专门生产并出口本国劳动生产率较高的产品，那么他们之间的贸易就会给每个国家带来利益，他的两个核心含义：劳动生产率的差异在国际贸易中占据重要地位和贸易模式取决于比较优势而非绝对优势，至今仍能得到事实支持。 机会成本：是指因一种选择而放弃的最有替换物或失去最好机会的价值，即是指经济决策中影由中选的最优方案负担的，按所放弃的次优方案潜在收益计算的那部分资源损失。 要素比例理论/赫克歇尔俄林理论：是指从资源禀赋角度对国际贸易中的生产成本和价格的差异做出解释的国际贸易理论。其内容是：各国的贸易源于不同国家之间商品的价格存在差异，而价格差异的原因在于不同国家之间的生产成本有高有低，生产成本的高低是因为各国生产要素价格有差别，生产要素价格的差异又与各国生产要素丰裕程度密切相关。生产要素丰裕，其商品价格自认就相对低一些，生产要素稀缺，其价格相对高一些。生产要素丰裕度的差异是国际贸易产生的根本原因。 出口偏向性增长：是指一国的经济增长主要源于出口产品生产能力提高的经济增长方式，表现在生产可能性边界上就是使生产可能性边界扩张偏向出口产品。 福利恶化性增长：是指一国整体福利水平恶化的经济增长方式，是发展中国家的出口偏向型增长在严格假定下可能出现的一种极端情况。一国的出口偏向性增长可能导致该国的贸易条件恶化。因此，如果一国的经济增长方式表现为极强的出口偏向性，那么贸易条件恶化带来的负面影响就会抵消生产力提高带来的正面效应，使得该国整体的福利水平恶化。 出口补贴：是指国家为了降低出口商品的价格，提高其在国际上的竞争力，对出口商品给予的现金或财政上的补贴。 动态收益递增：成本随着累计产量下降而并非随着当前劳动生产率的上升而下降的情形就是动态收益递增 倾销：出口商以低于国内市场价格的价格，甚至以低于成本的价格在国际市场上销售商品的行为。 外部规模经济是指整个行业规模和产量的扩大而使单个企业平均成本下降或收益增加的经济现象。 边际收益：在生产的技术水平和其他投入要素的数量均保持不变情况下，新增加一个单位的某种投入要素所引起的产量的增加量。 幼稚工业论：认为新兴工业在发展初期需要国家提供保护以免在外国强大的竞争下夭折，并随着新兴工业的发展和竞争力的增强而逐步取消贸易保护，为自由贸易的实行创造条件。垄断竞争：介于完全竞争和完全垄断之间的一种市场结构，这种结构下既存在垄断，又存在竞争。 价格歧视：一家企业在销售同样的商品时，对不同的顾客索取不同价格的做法 完全垄断：完全排斥竞争的一种市场结构。 内部规模经济：单个企业生产规模不断扩大时，由其自身内部引起的平均成本不断下降，收益不断增加的经济现象。 相互倾销：不同国家生产同种或类似产品的厂商都对出口产品制定一个低于国内市场价的价格并进行双向贸易的现象。 行业内贸易：在国际贸易活动中，不同国家之间就同一产业的产品所进行的贸易。

国际金融学试题及答案

《国际金融学》试卷A 题号一二三四五六七总分 得分 得分评卷人 一、单项选择题（每题1分，共15分） 1、特别提款权是一种（）。 A．实物资产B．黄金C．账面资产D．外汇2、在国际货币市场上经常交易的短期金融工具是（）。 A．股票B．政府贷款C．欧洲债券D．国库券3、外汇管制法规生效的范围一般以（）为界限。 A．外国领土B．本国领土C．世界各国D．发达国家4、如果一种货币的远期汇率低于即期汇率，称之为（）。 A．升值B．升水C．贬值D．贴水5、商品进出口记录在国际收支平衡表的（）。 A．经常项目B．资本项目C．统计误差项目D．储备资产项目6、货币性黄金记录在国际收支平衡表的（）。 A．经常项目B．资本项目C．统计误差项目D．储备资产项目7、套利者在进行套利交易的同时进行外汇抛补以防汇率风险的行为叫（）。 A．套期保值B．掉期交易C．投机D．抛补套利 8、衡量一国外债期限结构是否合理的指标是（）。 A．偿债率B．负债率C．外债余额与GDP之比D．短期债务比率9、当一国利率水平低于其他国家时，外汇市场上本、外币资金供求的变化则会导致本国货币汇率的（）。 A．上升B．下降C．不升不降D．升降无常 10、是金本位时期决定汇率的基础是（）。 A．铸币平价B．黄金输入点C．黄金输出点D．黄金输送点11、以一定单位的外币为标准折算若干单位本币的标价方法是（）。 A．直接标价法B．间接标价法C．美元标价法D．标准标价法12、外债余额与国内生产总值的比率，称为（）。

A．负债率B．债务率C．偿债率D．外债结构指针 13、国际储备结构管理的首要原则是（）。 A．流动性B．盈利性C．可得性D．安全性 14、布雷顿森林体系的致命弱点是（）。 A．美元双挂钩B．特里芬难题C．权利与义务的不对称D．汇率波动缺乏弹性15、某日纽约的银行报出的英镑买卖价为￡1＝$1.6783/93，3个月远期贴水为80/70，那么3个月远期汇率为（）。 A．1.6703/23 B．1.6713/1.6723 C．1.6783/93 D．1.6863/63 得分评卷人 二、多项选择题（每题2分，共10分） 1、记入国际收支平衡表借方的交易有（） A．进口B．出口C．资本流入D．资本流出 2、下列属于直接投资的是（）。 A．美国一家公司拥有一日本企业8%的股权B．青岛海尔在海外设立子公司 C．天津摩托罗拉将在中国进行再投资D．麦当劳在中国开连锁店 3、若一国货币对外升值，一般来讲（） A．有利于本国出口B．有利于本国进口C．不利于本国出口 D．不利于本国进口 4、外汇市场的参与者有（）。 A．外汇银行B．外汇经纪人C．顾客D．中央银行 5、全球性的国际金融机构主要有（） A．IMF B．世界银行C．亚行D．国际金融公司 得分评卷人 三、判断正误（每题2分，共10分） 1、各国在动用国际储备时，可直接以黄金对外支付。（） 2、居民与非居民之间的经济交易是国际经济交易。（） 3、特别提款权可以在政府间发挥作用，也可以被企业使用。（） 4、欧洲货币市场是国际金融市场的核心。（） 5、净误差与遗漏是为了使国际收支平衡表金额相等而人为设置的项目。（） 得分评卷人

国际金融学 课后题答案 杨胜刚版 全

习题答案 第一章国际收支 本章重要概念 国际收支：国际收支是指一国或地区居民与非居民在一定时期内全部经济交易的货币价值之和。它体现的是一国的对外经济交往，是货币的、流量的、事后的概念。 国际收支平衡表：国际收支平衡表是将国际收支根据复式记账原则和特定账户分类原则编制出来的会计报表。它可分为经常项目、资本和金融项目以及错误和遗漏项目三大类。 丁伯根原则：1962年，荷兰经济学家丁伯根在其所著的《经济政策：原理与设计》一书中提出：要实现若干个独立的政策目标，至少需要相互独立的若干个有效的政策工具。这一观点被称为“丁伯根原则”。 米德冲突：英国经济学家米德于1951年在其名著《国际收支》当中最早提出了固定汇率制度下内外均衡冲突问题。米德指出，如果我们假定失业与通货膨胀是两种独立的情况，那么，单一的支出调整政策（包括财政、货币政策）无法实现内部均衡和外部均衡的目标。 分派原则：这一原则由蒙代尔提出，它的含义是：每一目标应当指派给对这一目标有相对最大的影响力，因而在影响政策目标上有相对优势的工具。 自主性交易：亦称事前交易，是指交易当事人自主地为某项动机而进行的交易。 国际收支失衡：国际收支失衡是指自主性交易发生逆差或顺差，需要用补偿性交易来弥补。它有不同的分类，根据时间标准进行分类，可分为静态失衡和动态失衡；根据国际收支的内容，可分为总量失衡和结构失衡；根据国际收支失衡时所采取的经济政策，可分为实际失衡和潜在失衡。 复习思考题 1．一国国际收支平衡表的经常账户是赤字的同时，该国的国际收支是否可能盈余，为什么？ 答：可能，通常人们所讲的国际收支盈余或赤字就是指综合差额的盈余或赤字.这里综合差额的盈余或赤字不仅包括经常账户，还包括资本与金融账户，这里，资本与金融账户和经常账户之间具有融资关系。但是，随着国际金融一体化的发展，资本和金融账户与经常账户之间的这种融资关系正逐渐发生深刻变化。一方面，资本和金融账户为经常账户提供融资受到诸多因素的制约。另一方面，资本和金融账户已经不再是被动地由经常账户决定，并为经常账户提供融资服务了。而是有了自己独立的运动规律。因此，在这种情况下，一国国际收支平衡表的经常账户是赤字的同时，该国的国际收支也可能是盈余。

克鲁格曼 国际经济学第9版教材答案

Chapter 1 Introduction ?Chapter Organization What Is International Economics About? The Gains from Trade The Pattern of Trade How Much Trade? Balance of Payments Exchange Rate Determination International Policy Coordination The International Capital Market International Economics: Trade and Money ?Chapter Overview The intent of this chapter is to provide both an overview of the subject matter of international economics and to provide a guide to the organization of the text. It is relatively easy for an instructor to motivate the study of international trade and finance. The front pages of newspapers, the covers of magazines, and the lead reports on television news broadcasts herald the interdependence of the U.S. economy with the rest of the world. This interdependence may also be recognized by students through their purchases of imports of all sorts of goods, their personal observations of the effects of dislocations due to international competition, and their experience through travel abroad. The study of the theory of international economics generates an understanding of many key events that shape our domestic and international environment. In recent history, these events include the causes and consequences of the large current account deficits of the United States; the dramatic appreciation of the dollar during the first half of the 1980s followed by its rapid depreciation in the second half of the 1980s; the Latin American debt crisis of the 1980s and the Mexican crisis in late 1994; and the increased pressures for industry protection against foreign competition broadly voiced in the late 1980s and more vocally espoused in the first half of the 1990s. The financial crisis that began in East Asia in 1997 and spread to many countries around the globe and the Economic and Monetary Union in Europe highlighted the way in which various national economies are linked and how important it is for us to understand these connections. These global linkages have been highlighted yet again with the rapid spread of the financial crisis in the United States to the rest of the world. At the same time, protests at global economic meetings and a rising wave of protectionist rhetoric have highlighted opposition to globalization. The text material will enable students to understand the economic context in which such events occur. ? 2012 Pearson Education, Inc. Publishing as Addison-Wesley

克鲁格曼《国际经济学》(第8版)课后习题详解(第9章 贸易政策中的政治经济学)【圣才出品】

第9章贸易政策中的政治经济学 一、概念题 1．约束（binding） 答：在国际贸易中，约束一般是指税率的约束，即“约束”关税的税率。约束税率是指经过谈判达成协议而固定下来的关税税率。按关贸总协定规定，缔约各国应该在互惠互利的基础上通过有选择的产品对产品的方式，或者为有关缔约国所接受的多边的程序进行谈判，谈判结果固定下来的各国税则商品的税率为约束税率，汇总起来形成减让表，作为总协定的一个附属部分付诸实施。按关贸总协定规定，关税减让谈判有四种减让形式来约束关税的税率：①降低关税并约束在降低了的关税水平；②约束现行关税税率；③约束在现行关税水平以上的某个关税水平；④约束免税待遇。 2．支持自由贸易的政治依据（political argument for free trade） 答：支持自由贸易的政治依据是指，尽管理论上可能还有比自由贸易更好的政策，但从政治上认可和支持自由贸易的原则更重要。现实中的贸易政策经常会由具有特殊利益关系的集团所左右，而不考虑国家的成本与收益。虽然从理论上可以证明某些选择性的关税和出口补贴政策能够增进整体社会福利，但现实中，任何一个政府机构在制定一套干预贸易的详细计划时都有可能被利益集团所控制，从而成为在有政治影响的部门中进行收入再分配的工具。如果上述观点正确的话，那么倡导自由贸易无疑是最好的选择。 3．集体行动（collective action） 答：集体行动是指关于经济活动中个人理性并不必然导致集体理性。如果某项活动或者

福利的获得需要两个或者两个以上的人的共同努力才能完成，集体行动问题就出现了，即决策集体的每个成员必须单方面决定是否参与提供某种集体产品。因为集体产品具有非排他性和非竞争性的特征，所以使得不为集体产品的提供付出成本的集团成员也可以获得集体产品。集团越大，分享收益的人越多，个人的行动对集团利益的影响越小，集团内的成员“搭便车”的动机就越强烈。这就意味着仅仅依靠个人的自愿，集体产品的供给将是不足的，集体产品不可能依靠个人的自愿提供来解决。因此，个人理性并不必然导致集体理性，个人理性不是实现集体理性的充分条件。 4．特惠贸易协定（preferential trading agreement） 答：特惠贸易协定是指各签约方之间相互减让关税或实行其他贸易优惠措施，但不将其给予非签约方的贸易优惠协定。由于这种协定违反了最惠国待遇原则，因而一般被世界贸易组织所禁止。但是，如果它能够促进签约方之间的自由贸易，那么世界贸易组织就允许其存在。如下两种方式的特惠贸易协定是世界贸易组织允许的： （1）自由贸易区，各签约方设立对外关税率，但相互之间免除关税和取消非关税壁垒； （2）关税同盟，各成员国制定统一的对外关税率，而成员国之间则是“特惠”的。 5．关税同盟（customs union） 答：关税同盟是指两个或两个以上参加同盟的国家划为一个关税区域，在区域内取消关税和非关税壁垒，实行自由贸易，同时对区域外采取统一的关税及其他贸易限制等措施。关税同盟是跨国区域经济一体化的一种基本形式。关税同盟可以分为完全关税同盟和不完全关税同盟。完全关税同盟是指将各加盟国的关税完全废除，这种关税同盟按惯例不受最惠国待遇原则的约束。但事实上，当关税同盟成立时，各国原有的关税并不能立即完全废除，为避

克鲁格曼《国际经济学》计算题及答案

1. 在古典贸易模型中，假设A 国有120名劳动力，B 国有50名劳动力，如果生产棉花的话，A 国的人均产量是2吨，B 国也是2吨；要是生产大米的话，A 国的人均产量是10吨，B 国则是16吨。画出两国的生产可能性曲线并分析两国中哪一国拥有生产大米的绝对优势？哪一国拥有生产大米的比较优势？ 思路：B 国由于每人能生产16吨大米，而A 国每人仅生产10吨大米，所以B 国具有生产大米的绝对优 势。 从两国生产可能性曲线看出A 国生产大米的机会成本为，而B 国为，所以B 国生产大米的机会成本或相对成 本低于A 国，B 国生产大米具有比较优势。 2.下表列出了加拿大和中国生产1单位计算机和1单位小麦所需的劳动时间。假定生产计算机和小麦都只用劳动，加拿大的总劳动为600小时，中国总劳动为800小时。 （1） 计算不发生贸易时各国生产计算机和小麦的产量。 （2） 哪个国家具有生产计算机的比较优势？哪个国家具有生产小麦的比较优势？ （3） 如果给定世界价格是1单位计算机交换22单位的小麦，加拿大参与贸易可以从每单位的进 口中节省多少劳动时间？中国可以从每单位进口中节省多少劳动时间？如果给定世界价格是1 单位计算机交换24单位的小麦，加拿大和中国分别可以从进口每单位的货物中节省多少劳动 时间？ （4） 在自由贸易的情况下，各国应生产什么产品，数量是多少？整个世界的福利水平是提高还是 降低了？试用图分析。（以效用水平来衡量福利水平） 思路： （1） 中国生产计算机的机会成本为100/4=25，加拿大为60/3=20 （2） 因为加拿大生产计算机的机会成本比中国低，所以加拿大具有生产者计算机的比较优势，中国就具有生 产小麦的比较优势。 （3） 如果各国按照比较优势生产和出口，加拿大进口小麦出口计算机，中国进口计算机出口小麦。 加拿大进口一单位小麦需要出口1/22单位计算机，折合成劳动时间来算，生产一单位小麦本国要用3小 时，但生产1/22单位计算机本国要用60/22小时劳动，所以加拿大进口一单位小麦相当于用60/22小时 的劳动换回本国3小时生产的产品，节省了3-60/22=3/11小时的劳动时间。中国进口一单位计算机需要 出口22单位小麦，相当于用22*4=88小时的劳动换回本国需用100小时生产的产品，节省了100-88=12 小时的劳动时间。 如果世界价格是1单位计算机交换24单位的小麦，则相当于用60/24小时的劳动换回本国3小时生产的 产品，节省了3-60/24=1/2小时的劳动时间。中国进口一单位计算机需要出口24单位小麦，相当于用 24*4=96小时的劳动换回本国需用100小时生产的产品，节省了100-96=4小时的劳动时间。 （4） 在自由贸易的情况下，加拿大应专业生产计算机，数量为600/60=10单位；中国应专业生产小麦，数量 为800/4=200单位。 中国的福利水平从U 01上升到U 11，加拿大的福利水平从U 02上升到U 12，整个世界的福利水平上升了。 3. 假定中国总劳动为600小时，生产每单位钢铁Y 需要4小时，而生产每单位大米X 需要2小时，用图画出：

国际金融学试题及答案

《国际金融学》试卷A 、单项选择题（每题 1分，共15分） 1、特别提款权是一种（ ）° A .实物资产 B .黄金 C ?账面资产 2、 在国际货币市场上经常交易的短期金融工具是（ ）° A .股票 B .政府贷款 C .欧洲债券 3、 外汇管制法规生效的范围一般以（ ）为界限。 A .外国领土 B .本国领土 C .世界各国 4、如果一种货币的远期汇率低于即期汇率，称之为（ ）° A .升值 B .升水 5、 商品进出口记录在国际收支平衡表的（ A ?经常项目 B ?资本项目 6、 货币性黄金记录在国际收支平衡表的（ A ?经常项目 B ?资本项目 C .贬值 ）° C .统计误差项目 ）° C .统计误差项目 7、套禾睹在进行套利交易的同时进行外汇抛补以防汇率风险的行为叫（ A .套期保值 B .掉期交易 C .投机 8、衡量一国外债期限结构是否合理的指标是（ ）° A .偿债率 B .负债率 C .外债余额与GDP 之比 D .外汇 D .国库券 D .发达国家 D .贴水 D .储备资产项目 D .储备资产项目 ）° D .抛补套利 D .短期债务比率 9、当一国利率水平低于其他国家时，外汇市场上本、外币资金供求的变化则会导致本国货 币汇率的（ ）° A .上升 B .下降 10、是金本位时期决定汇率的基础是（ A .铸币平价 B .黄金输入点 C .不升不降 ）° C .黄金输出点 D .升降无常 11、以一定单位的外币为标准折算若干单位本币的标价方法是（ A .直接标价法 B .间接标价法 C .美元标价法 D .黄金输送点 ）° D .标准标价法 12、外债余额与国内生产总值的比率，称为（ ） ° A .负债率 B .债务率 C .偿债率 D .外债结构指针

[经济学]《国际经济学》练习题参考答案

一、单项选择题 1.从国际经济资源流动的难度看，最容易流动的要素是（A） A.商品 B.资本 C.人员 D.技术 2.在比较利益模型中，两种参与贸易商品的国际比价（C） A.在两国贸易前的两种商品的国内比价之上 B.在两国贸易前的两种商品的国内比价之下 C.在两国贸易前的两种商品的国内比价之间 D.与贸易前的任何一个国家的国内比价相同 3.比较利益理论认为国际贸易的驱动力是（A） A.劳动生产率的差异 B.技术水平的差异 C.产品品质的差异 D.价格的差异 4.在绝对技术差异理论与相对技术差异理论中，机会成本是（D） A.递增 B.递减 C.先递增后递减 D.不变 5.不能解释产业内贸易现象的理论有（B） A.重叠需求理论 B.要素比例理论 C.规模经济理论 D.垄断竞争理论 6.能反映规模经济理论本意的是（B） A.规模报酬递减 B.规模报酬递增 C.规模报酬不变 D.规模成本递增 7.不改变贸易结构，只改变贸易规模的增长方式有（C） A.偏向进口的生产要素增长 B.偏向出口的生产要素增长 C.生产要素等比例增长 D.悲惨的增长 8.最佳关税水平应等于（B） A.零进口关税 B.零进口关税与禁止性关税之间的水平

C.禁止性关税 D.禁止性关税以上 9.世界贸易组织秘书处设在（B） A.日内瓦 B.纽约 C.布鲁塞尔 D.乌拉圭 10.在国际卡特尔订价中，当产品的需求弹性越小，卡特尔订价水平就（B） A.越低 B.越高 C.不变 D.不确定 11.下述哪一种不属于投机性外汇交易（D） A.双边套汇 B.多边套汇 C.套利 D.套期保值 12.下述几种货币中，哪一种是实行联合浮动的货币（D） A.英镑 B.日元 C.美元 D.人民币 13.下述哪一种属于国际收支的事后项目（D） A.进出口 B.利息收支 C.直接投资 D.特别提款权变动 14.在分析货币贬值对贸易收支的影响时，小国所面临的供给弹性是（D） A.零 B.小于需求弹性 C.大于需求弹性 D.无穷大 15.发展中国家主要采取的汇率制度是（C） A.固定汇率制 B.浮动汇率制 C.钉住汇率制 D.联合浮动制 16.在1997年东南亚金融危机中，最早出现金融动荡的国家是（B） A.印度尼西业 B.泰国 C.日本 D.韩国 17.劳动力在各国间的流动通常会使劳动力流出国（D） A.财政总收入增加，公共设施利用率提高 B.财政总收入增加，公共设施利用率下降 C.财政总收入减少，公共设施利用率提高 D.财政总收入减少，公共设施利用率下降 18.产业内贸易更容易发生于（C） A.富国与穷国之间 B.类似的高手入国家之间

国际经济学(克鲁格曼)教材答案

Chapter 3 1．Home has 1200 units of labor available. It can produce two goods, apples and bananas. The unit labor requirement in apple production is 3, while in banana production it is 2. a ．Graph out the production possibilities frontier: b ．What is the opportunity cost of apples in terms of bananas? 5.1=Lb La a a c ．In the absence of trade, what would the price of apples in terms of bananas be? In the absence of trade, since labor is the only factor of production and supply decisions are determined by the attempts of individuals to maximize their earnings in a competitive economy, only when Lb La b a /a a /P P =will both goods be produced. So 1.5 /P P b a = 2．Home is as described in problem 1. There is now also another country, Foreign, with a labor force of 800. Foreign ’s unit labor requirement in apple production is 5, while in banana production it is 1. a ．Graph Foreign ’s production possibilities frontier: b ．Construct the world relative supply curve. Home's PPF 0200400600800 200400600800Q apple Q banana Foreign's PPF 02004006008001000 80160240320400Q*apple Q*banana

国际金融学试题及参考答案

《国际金融学》 试卷A 一、单项选择题(每题1分,共15分) 1、特别提款权就是一种账面资产 A.实物资产 B.黄金 C.账面资产 D.外汇 2、在国际货币市场上经常交易的短期金融工具就是国库券 A.股票 B.政府贷款 C.欧洲债券 D.国库券 3、外汇管制法规生效的范围一般以( B )为界限。 A.外国领土 B.本国领土 C.世界各国 D.发达国家 4、如果一种货币的远期汇率低于即期汇率,称之为( D )。 A.升值 B.升水 C.贬值 D.贴水 5、商品进出口记录在国际收支平衡表的经常项目 A.经常项目 B.资本项目 C.统计误差项目 D.储备资产项目 6、货币性黄金记录在国际收支平衡表的( D )。 A.经常项目 B.资本项目 C.统计误差项目 D.储备资产项目 7、套利者在进行套利交易的同时进行外汇抛补以防汇率风险的行为叫抛补套利 A.套期保值 B. 掉期交易 C.投机 D.抛补套利 8、衡量一国外债期限结构就是否合理的指标就是短期债务比率 A.偿债率 B.负债率 C.外债余额与GDP 之比 D.短期债务比率 9、当一国利率水平低于其她国家时,外汇市场上本、外币资金供求的变化则会导致本国货币汇率的( )。B A.上升 B.下降 C.不升不降 D.升降无常 10、就是金本位时期决定汇率的基础就是铸币平价 A.铸币平价 B.黄金输入点 C.黄金输出点 D.黄金输送点 11、以一定单位的外币为标准折算若干单位本币的标价方法就是简接标价法 A.直接标价法 B.间接标价法 C.美元标价法 D.标准标价法 12、外债余额与国内生产总值的比率,称为( A )。

A.负债率 B.债务率 C.偿债率 D.外债结构指针 13、国际储备结构管理的首要原则就是( A )。 A.流动性 B.盈利性 C.可得性 D.安全性 14、布雷顿森林体系的致命弱点就是(B )。 A.美元双挂钩 B.特里芬难题 C.权利与义务的不对称 D.汇率波动缺乏弹性15、某日纽约的银行报出的英镑买卖价为￡1＝$1、6783/93,3个月远期贴水为80/70,那么3个月远期汇率为(A )。 A.1、6703/23 B.1、6713/1、6723 C.1、6783/93 D.1、6863/63 二、多项选择题(每题2分,共10分) 1、记入国际收支平衡表借方的交易有( 进口 资本流出 ) A.进口 B.出口 C. 资本流入 D.资本流出 2、下列属于直接投资的就是( BCD )。 A.美国一家公司拥有一日本企业8%的股权 B.青岛海尔在海外设立子公司 C .天津摩托罗拉将在中国进行再投资 D.麦当劳在中国开连锁店 3、若一国货币对外升值,一般来讲( BC ) A.有利于本国出口 B.有利于本国进口 C.不利于本国出口 D.不利于本国进口 4、外汇市场的参与者有 ( ABCD )。 A.外汇银行 B.外汇经纪人 C.顾客 D.中央银行 5、全球性的国际金融机构主要有( AB D ) A.IMF B.世界银行 C.亚行 D.国际金融公司 三、判断正误(每题2分,共10分) 1、各国在动用国际储备时,可直接以黄金对外支付。( F ) 2、居民与非居民之间的经济交易就是国际经济交易。( T ) 3、特别提款权可以在政府间发挥作用,也可以被企业使用。( F ) 4、欧洲货币市场就是国际金融市场的核心。( T ) 5、净误差与遗漏就是为了使国际收支平衡表金额相等而人为设置的项目。(T )