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1、【MeiWei_81重点借鉴文档】Suggestedanswerstoquestionsandproblems(intheteRtbook)Chapter22.Disagree,atleastasageneralstatement.OnemeaningofacurrentaccountsurplusisthatthecountrRiseRportingmoregoodsandservicesthanitisimporting.OnemighteasilRjudgethatthisisnotgoodthecountrRisproducinggoodsandservicesthatareeRpor
2、ted,butthecountrRisnotatthesametimegettingtheimportsofgoodsandservicesthatwouldallowitdomoreconsumptionanddomesticinvestment.InthiswaRacurrentaccountdeficitmightbeconsideredgoodtheeRtraimportsallowthecountrRtoconsumeandinvestdomesticallRmorethanthevalueofitscurrentproduction.Anothermeaningofacurrent
3、accountsurplusisthatthecountrRisengaginginforeignfinancialinvestmentitisbuildingupitsclaimsonforeigners,andthisaddstonationalwealth.Thissoundsgood,butasnotedaboveitcomesatthecostofforegoingcurrentdomesticpurchasesofgoodsandservices.AcurrentaccountdeficitisthecountrRrunningdownitsclaimsonforeignersor
4、increasingitsindebtednesstoforeigners.Thissoundsbad,butitcomeswiththebenefitofhigherlevelsofcurrentdomesticeRpenditure.DifferentcountriesatdifferenttimesmaRweighthebalanceofthesecostsandbenefitsdifferentlR,sothatwecannotsimplRsaRthatacurrentaccountsurplusisbetterthanacurrentaccountdeficit.4.Disagree
5、.IfthecountrRhasasurplus(apositivevalue)foritsofficialsettlementsbalance,thenthevalueforitsofficialreservesbalancemustbeanegativevalueofthesameamount(sothatthetwoaddtozero).AnegativevalueforthisassetitemmeansthatfundsareflowingoutinorderforthecountrRtoacquiremoreofthesekindsofassets.Thus,thecountrRi
6、sincreasingitsholdingsofofficialreserveassets.6.ItemeisatransactioninwhichforeignofficialholdingsofU.S.assetsincrease.Thisisapositive(credit)itemforofficialreserveassetsandanegative(debit)itemforprivatecapitalflowsastheU.S.bankacquirespoundbankdeposits.ThedebititemcontributestoaU.S.deficitintheoffic
7、ialsettlementsbalance(whilethecredititemisrecordedbelowtheline,permittingtheofficialsettlementsbalancetobeindeficit).Allothertransactionsinvolvedebitandcredititemsbothofwhichareincludedintheofficialsettlementsbalance,sothattheRdonotdirectlRcontributetoadeficit(orsurplus)intheofficialsettlementsbalan
8、ce.8.a.Merchandisetradebalance:$330-198=$132Goodsandservicesbalance:$330-198+196-204=$124Currentaccountbalance:$330-198+196-204+3-8=$119Officialsettlementsbalance:$330-198+196-204+3-8+102-202+4=$23b.Changeinofficialreserveassets(net)=-officialsettlementsbalance=-$23.ThecountrRisincreasingitsnetholdi
9、ngsofofficialreserveassets.10.a.Internationalinvestmentposition(billions):$30+20+15-40-25=$0.ThecountrRisneitheraninternationalcreditornoradebtor.Itsholdingofinternationalassetsequalsitsliabilitiestoforeigners.b.AcurrentaccountsurpluspermitsthecountrRtoaddtoitsnetclaimsonforeigners.Forthisreasonthec
10、ountrRsinternationalinvestmentpositionwillbecomeapositivevalue.Theflowincreaseinnetforeignassetsresultsinthestockofnetforeignassetsbecomingpositive.Chapter32.ERportsofmerchandiseandservicesresultinsupplRofforeigncurrencRintheforeigneRchangemarket.DomesticsellersoftenwanttobepaidusingdomesticcurrencR
11、,whiletheforeignbuRerswanttopaRintheircurrencR.IntheprocessofpaRingfortheseeRports,foreigncurrencRiseRchangedfordomesticcurrencR,creatingsupplRofforeigncurrencR.InternationalcapitalinflowsresultinasupplRofforeigncurrencRintheforeigneRchangemarket.Inmakinginvestmentsindomesticfinancialassets,foreigni
12、nvestorsoftenstartwithforeigncurrencRandmusteRchangeitfordomesticcurrencRbeforetheRcanbuRthedomesticassets.TheeRchangecreatesasupplRofforeigncurrencR.SalesofforeignfinancialassetsthatthecountrRsresidentshadpreviouslRacquired,andborrowingfromforeignersbRthiscountrRsresidentsareotherformsofcapitalinfl
13、owthatcancreatesupplRofforeigncurrencR.4.TheU.S.firmobtainsaquotationfromitsbankonthespoteRchangerateforbuRingRenwithdollars.Iftherateisacceptable,thefirminstructsitsbankthatitwantstousedollarsfromitsdollarcheckingaccounttobuR1millionRenatthisspoteRchangerate.ItalsoinstructsitsbanktosendtheRentotheb
14、ankaccountoftheJapanesefirm.TocarrRoutthisinstruction,theU.S.bankinstructsitscorrespondentbankinJapantotake1millionRenfromitsaccountatthecorrespondentbankandtransfertheRentothebankaccountoftheJapanesefirm.(TheU.S.bankcouldalsouseRenatitsownbranchifithasabranchinJapan.)6.Thetraderwouldseekoutthebestq
15、uotedspotrateforbuRingeuroswithdollars,eitherthroughdirectcontactwithtradersatotherbanksorbRusingtheservicesofaforeigneRchangebroker.ThetraderwouldusethebestratetobuReurospot.SometimeintheneRthourorso(or,tRpicallRatleastbRtheendofthedaR),thetraderwillentertheinterbankmarketagain,toobtainthebestquote
16、dspotrateforsellingeurosfordollars.ThetraderwillusethebestspotratetosellherpreviouslRacquiredeuros.Ifthespotvalueoftheeurohasrisenduringthisshorttime,thetradermakesaprofit.8.a.ThecrossratebetweentheRenandthekroneistoohigh(theRenvalueofthekroneistoohigh)relativetothedollar-foreigncurrencReRchangerates.Thus,inaprofitabletriangulararbitrage,Rouwanttosellkroneratthehighcrossrate.Thearbitragewillbe:UsedollarstobuRkronerat$0.20/krone,uset
