当前位置：文档之家 › THE NOTES ON INTERNATIONAL FINANCEreview

THE NOTES ON INTERNATIONAL FINANCEreview

  • 格式：pdf
  • 大小：12.44 KB
  • 文档页数：3

Questions for Review (6/3/02)I suggest you write out answers to the following questions, looking back at your book only afterward to check yourself. The questions on the exam also may ask you to apply the concepts here to particular situations.Chapter 12: National Income Accounting and Balance of Payments (whole chapter)1) Write the national income account identity for an open economy. Define the components.2) Use the above to show that national saving does not need to equal national investment.3) Use the above to show the relationship between the government budget deficit and the current accountdeficit.4) Under what conditions might a large current account deficit be justified?5) In balance of payments accounting, list the components of the current account balance and the capitalaccount balance.Chapter 13: Foreign Exchange Market (whole chapter and appendix)1)Define the following: forward exchange rate, swap, futures contract, currency call option.2) In words, characterize the difference between the asset approach to exchange rate determination andthe monetary approach.3)Write the interest parity condition, and explain why it holds as an equilibrium condition for theforeign exchange market.4) Draw a graph of this market, and explain how it corresponds to the interest parity condition.5)How is covered interest parity different from the above?First half of Chapter 14: The Asset Approach and Monetary Policy in the Short Run (pp.363-378)1)Why is money demand a function of the interest rate and output?2)How is equilibrium in the money market achieved in the short run? Draw a graph.3)Combine graphs for the money market and foreign exchange market (interest rate parity), and use itto tell the short-run story of a temporary increase in money supply.Chapter 15 and the rest of chapter 14: The Monetary Approach, and Monetary Policy in the Long Run (pp.378-390, 394-428)1)What is the law of one price, and under what three conditions does it hold?2)What is PPP, and under what four conditions does it hold?3)What are the predictions of the monetary approach for exchange rates and price level from a moneysupply increase?4) What is the real exchange rate?5)What is the equilibrium approach to exchange rates?6)Combine the monetary and asset approach to tell the story of a permanent increase in money supply.7) Why do we get exchange rate overshooting? What is the role of the interest parity condition in this?Of prices that adjust slowly?Chapter 16 Including Output: AA and DD Curves: (whole chapter and appendix I)1)Show in a graph equilibrium in the goods market, as aggregate demand equal production.2)Use this graph to derive the DD curve. Why is the DD curve upsloping?3)List four things that could shift the DD curve to the right.4)Use the asset market graph to derive the AA curve? Why is it downsloping?5)How is equilibrium achieved jointly in the asset and goods markets?6)Graph and tell the story of a temporary increase in money supply.7)Do the same for a temporary fiscal policy.8)Show a taste shock. Show how monetary and fiscal policy could be used to keep equilibrium outputfrom changing. What is the difference between the two policies?9)Do the same for a money demand shock.10)Graph and tell the story of a permanent increase in money supply.11)What does an XX curve represent? Use it to show what happens to the current account under amonetary expansion. Then under a fiscal expansion.12) How does the effect of monetary policy change if consumption or investment demand are functions ofthe interest rate?13)Explain the J-curve.Chapter 17: Fixed Exchange Rates (whole chapter)1)How does a central bank intervene in the foreign exchange market to keep the market exchange rateat the officially fixed level?2)Use a central bank balance sheet to show a sale of foreign reserves. What will this do to the moneysupply?3)Why can’t monetary policy be used under a fixed exchange regime?4) Use the AA-DD graph to depict a temporary fiscal policy under fixed exchange rates? Use the assetmarket graph to show what happens to the money supply and interest rate.Chapter 18: History of Fixed Exchange Rates (whole chapter)1)List all the benefits of fixed exchange rates, and all the costs.2)How does the price-specie-flow mechanism work?3)How did the gold standard amplify the Great Depression?4)How is the Bretton Woods system different from the Gold Standard?5)What is the difference between internal and external balance?6)How did U.S. policy during the 1970s undermine the Bretton Woods system?7)What are the steps of a currency crisis?Chapter 19: History of Flexible Exchange Rates (whole chapter and current events discussed in class)1)give an explanation for why the dollar had a high value in the 1980s.2)How can governments affect the equilibrium exchange rate just by making announcements of theirintentions?3)What is the approximate current value of the dollar against the Yen and Deutschmark. What has thetrend been over the last two years?Chapter 20: EMS and EMU (whole chapter plus current events discussed in class)1)What are the differences between the mechanics of the EMS and the Bretton Woods system?2)Explain how German policies after unification caused trouble for its neighbors. How did this spark acurrency crisis in 1992.3)What are the main differences between the current condition of economies in Europe and that of theU.S. economy?4)What factors determines an optimal currency area?5)How do these apply to Europe?Chapter 21: International Capital Markets (not responsible for this chapter in spring 2002)1) What is the benefit of intertemporal trade?2)What is the benefit of portfolio diversification?3)How are Eurocurrencies created, and what effect do they have on the money supply?4)Why is international banking difficult to regulate?Chapter 22: Developing Country issues (whole chapter plus current events discussed in class)1)What is seigniorage?2)Describe the causes of the Mexican debt crisis of the 1980s.3)What are the novel features of the Brady plan?4)How has the role of the IMF changed from under the Bretton-Woods system?5)Describe the Mexican currency crisis of the 1990s.6)How does a program of inflation stabilization typically work?。

合集下载

英文报刊国际商务阅读(第二版)Lesson (2)

英文报刊国际商务阅读(第二版)Lesson (2)

27. dysfunctional domestic banking system: 中国的银行体系改革取得了巨大成就，但仍存在一 些弊端，例如巨额的坏账和呆账，主要成因是在国 有体制下银行为亏损的国营企业提供贷款造成的。
英文报刊国际商务阅读（第二版）
28. crater: n., v. 凹陷，下降
A crater
29. the authorities: n.（复数）当局，官方
30. ensue: vi. 跟着发生 31. money supply: 货币供给 是指某一国或货币区的银行系统向经济体中投入、 创造、扩张（或收缩）货币的金融过程。 32. securities: n.（复数）证券
20. chip-maker: 芯片制造商 chip: n. 芯片 21. the two major stock markets in China: 指 中国的上海证券交易所和深圳证券交易所
英文报刊国际商务阅读（第二版）
22. trigger: vt. = trigger off 触发，引起 The report has triggered a fierce response from the governor. 报道引起了州长的强烈反应。 The racial killings at the weekend have triggered off a wave of protests throughout the country. 周末发生的种族屠杀引发了全国上下一片抗 议示威活动。 23. sell-off: n. 抛售
英文报刊国际商务阅读（第二版）
18. Procter & Gamble: 宝洁公司 简称P&G，是一家美国消费日用品生产商，也是目 前全球最大的日用品公司之一。总部位于美国俄亥 俄州辛辛那堤（Cincinnati , Ohio ），全球员工近 110,000人。2008年，宝洁公司是世界上市值第6大 公司，世界上利润第14大公司。我们身边很多著名 的品牌就是宝洁公司的产品，如吉列（Gillette ）、 佳洁士（Crest）、欧乐B（Oral-B）、碧浪 （Ariel ）、汰渍（Tide）、飘柔（Rejoice ）、 海飞丝（Head & Shoulders）、潘婷（Pantene ）、 沙宣（Sassoon ）、伊卡璐（Clairol）、舒肤佳 （Safeguard）、护舒宝（Whisper）、帮宝适 （Pampers）、SK-II、Olay等。
国际金融英文版第十五版复习资料

国际金融英文版第十五版复习资料

前言学弟学妹们,当你们看到这篇复习资料的时候, 学长已经在文档上传的当天上午参加了国际金融的考试, 本复习资料主要针对对象为成都信息工程学院(CUIT)英语系大三学生, 且立足教材也基于托马斯·A ·普格尔(Thomas A. Pugel)先生所著国际金融英文版·第15版, 其他版本或者相似教材也可作为参考, 本资料的整理除了参考维基百科,百度百科以及MBA 智库百科,当然最重要的是我们老师的课件. 为了帮助同学们顺利通过考试, 当然是拿到高分, 希望此资料能够帮助你们节省时间, 达到高效复习的效果.外国语学院2011级,陈爵歌(Louis) 2014年1月6日晚于宿舍 Chapter 2Transnationality Index (跨国化指数)(TNI ) is a means of ranking multinational corporations that is employed by economists and politicians. (反映跨国公司海外经营活动的经济强度，是衡量海外业务在公司整体业务中地位的重要指标) Foreign assets to total assets(外国资产占总资产比)Foreign sales to total sales(海外销售占总销售)Foreign employees to total employees(外籍雇员占总雇员)跨国化指数的构成联合国跨国公司与投资司使用的跨国化指数由三个指标构成：国外资产对公司总资产的百分比；国外销售对公司总销售的百分比；国外雇员人数对公司雇员总人数的百分比关于TNI 的计算公式:International Economic Integration( 国际经济一体化)International economic integration refers to the extent and strength of real -sector and financial -sector linkages among national economies.(国际经济一体化是指两个或两个以上的国家在现有生产力发展水平和国际分工的基础上，由政府间通过协商缔结条约，让渡一定的国家主权，建立两国或多国的经济联盟，从而使经济达到某种程度的结合以提高其在国际经济中的地位)Real Sector(实际经济部门): The sector of the economy engaged in the production and sale of goods and services(指物质的、精神的产品和服务的生产、流通等经济活动。

国际财政THE NOTES ON INTERNATIONAL FINANCE lec3

国际财政THE NOTES ON INTERNATIONAL FINANCE lec3


L(R,Y) = real money demand Real money holdings
1
3) Equilibrium in the Money Market Equilibrium is when Ms = Md. Or in real terms Ms /p = L(R,Y) We could take P as the price that adjusts to clear the market. But in the short run P is assumed fixed. We aalso take Y as given. Def: short run: Price level is fixed. So R is what adjusts to clear the money market in the short run (given P fixed).
0 MsUS/PUS
Total returns R$ L(R,Y) U.S. real money supply
So a rise in the U.S. money supply here will cause the value of the $ to depreciate in the spot foreign exchange market. (rise in E$/euro)
3
Consider Experiment: a fall in money demand: This may be due to a fall in the level of output, as in the case of a recession. 1) This shifts the money demand curve L(R,Y) in an upward direction, toward the zero point in the vertical axis. This means there is an excess supply of money in the U.S., and people will lower their interest rates to attract more borrowers. The rest of the story is just like the case above (the rise in money supply case). 2) Given initial E and lower R$, total expected return on euro assets greater than the total $ return. So euro assets are more attractive and $ deposits are in excess supply 3) Dollar depreciates as holders of dollar deposits bid for euro deposits. E$/euro
国际财政THE NOTES ON INTERNATIONAL FINANCE hw1160

国际财政THE NOTES ON INTERNATIONAL FINANCE hw1160

Homework #1: Chapters 12 & 13Econ 160B: International MacroeconomicsDue in class April 13th1. Suppose that you have the following information on the values of some Japanese economic variables forlast year, in billions of yen.Exports = 17,000 Budget Deficit = 6,000 GNP = 104,000Investment = 28,000 Financial Account = 3,000 Taxes = 22,000The official settlements balance, the capital account, and the statistical discrepancy all are zero.Compute consumption, private savings, and imports.2. One strategy for growth that developing countries have used is to encourage large inflows of foreignfinancial capital. Additionally, some analysts of developing countries hold the notion that exportsshould be encouraged and imports discouraged in order to promote growth. Is it possible to undertake both of the above strategies simultaneously? Show why or why not using your knowledge of national income accounts and balance of payments accounts.3. Classify the following transactions as either debit or credit entries in either the current or financialaccounts in the U.S. balance of payments accounts:a.A California computer manufacturer purchases a hard disk from a Malaysian companyb.The U.S. central bank sells some of its holdings of U.S. Treasury bonds to a British financial firm.c.A U.S. tourist to Japan sells a pair of his used Levis jeans to a Japanese acquaintance.d.The U.S. tourist from part (c ) above keeps the Japanese yen he receives in return as a souvenir.4. Suppose you have $50,000 you wish to invest. For each of the following scenarios explain whetheryou would be better off putting your money in the foreign or domestic alternative presented. Assume that the level of risk is same for the two alternatives in each case.a. You don’t anticipate needing your money for 10 years. Historically the U.S. stock market has along run return of about 15% per year. You expect that trend to continue. The stock market inTaiwan has historically yielded a return of 22% per year, though you expect only half that returnover the next ten years due to the financial turmoil in Asia. A U.S. dollar is currently worth 33Taiwanese dollars. You expect the exchange rate to hold steady over the next ten years.b. You know you will need your money in 2 years. The interest rate on corporate bonds in the U.S. is5% while corporate bonds in Peru carry an interest rate of 14%. The current exchange rate is 3.34New Sol per dollar. You expect that in two years the exchange rate will be 4.8 New Sol per dollar.c. You only want to invest for four months. The interest rate on bank deposits on Euros is 4.5%while that on dollar deposits is 3.5%. The current exchange rate is 0.92 Euros per dollar. Youexpect the exchange rate to be 0.93 Euros per dollar four months from now.5. a. Suppose that the South African interest rate is 4% and the U.S. interest rate is 6%. If the expectedfuture spot exchange rate one year from now is 6.05 Rand per dollar and uncovered interest rateparity holds, what must the current spot exchange rate be in order to clear the foreign exchangemarket?b. Suppose that the expected future spot rate is 6.25 rather than 6.05. How does that alter theequilibrium exchange rate you calculated in part a?c. Using the expected exchange rate from part b, explain what would happen if the South African interestrate happened to be 6.7%. Can your answer to part b also be the answer to this question? Explain.d. Ignoring your expectations about the future spot rate, what would be the equilibrium forwardexchange rate using the information given in part c if there is no risk premium and if coveredinterest rate parity holds? (3/30/04)。