国际金融Chapter 3

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。

Chapter 15Price Levels and the Exchange Ratein the Long RunChapter OrganizationThe Law of One PricePurchasing Power ParityThe Relationship Between PPP and the Law of One PriceAbsolute PPP and Relative PPPA Long-Run Exchange-Rate Model Based on PPPThe Fundamental Equation of the Monetary ApproachOngoing Inflation, Interest Parity, and PPPThe Fisher EffectEmpirical Evidence on PPP and the Law of One PriceBox: Some Meaty Evidence on the Law of One PriceExplaining the Problems with PPPTrade Barriers and NontradablesDepartures from Free CompetitionDifferences in Consumption Patterns and Price Level MeasurementPPP in the Short Run and in the Long RunBox: Sticky Prices and the Law of One Price: Evidence From Scandinavian Duty-free ShopsCase Study: Why Price Levels are Lower in Poorer CountriesBeyond Purchasing Power Parity: A General Model of Long-Run Exchange RatesChapter 15 Price Levels and the Exchange Rate in the Long Run 71The Real Exchange RateDemand, Supply, and the Long-Run Real Exchange RateNominal and Real Exchange Rates in Long-Run EquilibriumInternational Interest Rate Differences and the Real Exchange RateReal Interest ParitySummaryAppendix: The Fisher Effect, the Interest Rate, and the Exchange Rate under the Flexible-PriceMonetary Approach72 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionChapter OverviewThe time frame of the analysis of exchange rate determination shifts to the long run in this chapter. An analysis of the determination of the long-run exchange rate is required for the completion of the short-run exchange rate model since, as demonstrated in the previous two chapters, the long-run expected exchange rate affects the current spot rate. Issues addressed here include both monetary and real-side determinants of the long-run real exchange rate. The development of the model of the long-run exchange rate touches on a number of issues, including the effect of ongoing inflation on the exchange rate, the Fisher effect, and the role of tradables and nontradables. Empirical issues, such as the breakdown of purchasing power parity in the 1970s and the correlation between price levels and per capita income, are addressed within this framework.The law of one price, which holds that the prices of goods are the same in all countries in the absence of transport costs or trade restrictions, presents an intuitively appealing introduction to long-run exchange rate determination. An extension of this law to sets of goods motivates the proposition of absolute purchasing power parity. Relative purchasing power parity, a less restrictive proposition, relates changes in exchange rates to changes in relative price levels and may be valid even when absolute PPP is not. Purchasing power parity provides a cornerstone of the monetary approach to the exchange rate, which serves as the first model of the long-run exchange rate developed in this chapter. This first model also demonstrates how ongoing inflation affects the long-run exchange rate.The monetary approach to the exchange rate uses PPP to model the exchange rate as the price level inthe home country relative to the price level in the foreign country. The money market equilibrium relationship is used to substitute money supply divided by money demand for the price level. TheFisher relationship allows us to substitute expected inflation for the nominal interest rate. The resulting relationship models the long-run exchange rate as a function of relative money supplies, the inflation differential and relative output in the two countries;E (M/M *) l(p e–p*e, (Y*/Y))The l function represents the ratio of foreign to domestic money demand; thus, both the difference in expected inflation rates and the output ratio enter the function with aChapter 15 Price Levels and the Exchange Rate in the Long Run 73positive sign. An increase in inflation at home means higher home interest rates (through the Fisher equation) and lower home money demand. An increase in foreign output raises foreign money demand.One result from this model that students may find initially confusing concerns the relationship between the long-run exchange rate and the nominal interest rate. The model in this chapter provides an example of an increase in the interest rate associated with exchange rate depreciation. In contrast, the short-run analysis in the previous chapter provides an example of an increase in the domestic interest rate associated with an appreciation of the currency. These different relationships between the exchange rate and the interest rate reflect different causes for the rise in the interest rate as well as different assumptions concerning price rigidity. In the analysis of the previous chapter, the interest rate rises dueto a contraction in the level of the nominal money supply. With fixed prices, this contraction of nominal balances is matched by a contraction in real balances. Excess money demand is resolved through a rise in interest rates which is associated with an appreciation of the currency to satisfy interest parity. In this chapter, the discussion of the Fisher effect demonstrates that the interest rate will rise in response to an anticipated increase in expected inflation due to an anticipated increase in the rate of growth of the money supply. There is incipient excess money supply with this rise in the interest rate. With perfectly flexible prices, the money market clears through an erosion of real balances due to an increase in the price level.This price level increase implies, through PPP, a depreciation of the exchange rate. Thus, with perfectly flexible prices (and its corollary PPP), an increase in the interest rate due to an increase in expected inflation is associated with a depreciation of the currency.74 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionEmpirical evidence presented in the chapter suggests that both absolute and relative PPP perform poorly for the period since 1971. Even the law of one price fails to hold across disaggregated commodity groups. The rejection of these theories is related to trade impediments (which help give rise to nontraded goods and services), to shifts in relative output prices and to imperfectly competitive markets. Since PPPserves as a cornerstone for the monetary approach, its rejection suggests that a convincing explanationof the long-run behavior of exchange rates must go beyond the doctrine of purchasing power parity. The Fisher effect is discussed in more detail and accompanied by a diagrammatic exposition in an appendix to the chapter.A more general model of the long-run behavior of exchange rates in which real-side effects are assigned a role concludes the chapter. The material in this section drops the assumption of a constant real exchange rate, an assumption that you may want to demonstrate to students is necessarily associated with the assumption of PPP. Motivating this more general approach is easily done by presenting students with a time series graph of the recent behavior of the real exchange rate of the dollar which will demonstrate large swings in its value. The real exchange rate, q, is the ratio of the foreign price index, expressed in domestic currency, to the domestic price index, or, equivalently, E q (P/P *). The chapter includes an informal discussion of the manner in which the long-run real exchange rate, q, is affected by permanent changes in the supply or demand for a country’s products.Answers to Textbook Problems1. Relative PPP predicts that inflation differentials are matched by changes in theexchange rate.Under relative PPP, the franc/ruble exchange rate would fall by 95 percent withinflation rates of 100% in Russia and 5% in Switzerland.Chapter 15 Price Levels and the Exchange Rate in the Long Run 752. A real currency appreciation may result from an increase in the demand fornontraded goodsrelative to tradables which would cause an appreciation of the exchange rate since the increase inthe 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 thedomestic 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 mayreduce 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 toappreciate as the price of nontraded goods relative to traded goods rises (thereal exchange rate can be expressed as the price of tradables to the price ofnontradables).b. A shift in foreign demand towards domestic exports causes an excess demandfor 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 toappreciate.4. Relative PPP implies that the pound/dollar exchange rate should be adjusted tooffset the inflation difference between the United States and Britain during the war.Thus, a central banker might compare the consumer price indices in the UnitedStates and the U.K. before and after the war. If America’s price level had risen by 10%, while that in Britain had risen by 20%, relative PPP would call for apound/dollar exchange rate 10% higher than before the war—a 10% depreciation of the pound against the dollar.76 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth EditionA comparison based only on PPP would fall short of the task at hand, however, if itignoredpossible changes in productivity, productive capacity, or in relative demands for goods producedin different countries in wake of the war. In general, one would expect largestructural upheavalsas a consequence of the war. For example, Britain’s productivity might have fallen dramatically asa result of converting factories to wartime uses (and as a result of bombing). Thiswould call for a real depreciation of the pound, that is, a postwar pound/dollarexchange rate more than 10% higher than the prewar rate.5. The real effective exchange rate series for Britain shows an appreciation of thepound from 1977 to 1981, followed by a period of depreciation. Note that theappreciation is sharpest after the increasein 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 MinisterMargaret Thatcher’s stringent monetary policies.)6. A permanent shift in the real money demand function will alter the long-runequilibrium nominal exchange rate, but not the long-run equilibrium real exchange rate. Since the real exchange ratedoes 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 aproportional 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 holdsfor a permanent decrease in money demand. The real exchange rate, however,depends upon relative prices and productivity terms which are not affected bygeneral price-level changes.Chapter 15 Price Levels and the Exchange Rate in the Long Run 777. The mechanism would work through expenditure effects with a permanent transferfrom Polandto the Czech Republic appreciating the koruna (Czech currency) in real terms against the zloty(Polish currency) if (as is reasonable to assume) the Czechs spent a higher proportion of theirincome on Czech goods relative to Polish goods than did the Poles.8. As discussed in the answer to Question 7, the koruna appreciates against the zloty inreal 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.9. 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 inmonetary conditions, there is along-run nominal appreciation as well.10. The balanced expansion in domestic spending will increase the amount of importsconsumed in the country that has a tariff in place, but imports cannot rise in thecountry 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.11. A permanent increase in the expected rate of real depreciation of the dollar againstthe 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 U.S. and Europe. This increase in the expected depreciation of the dollar causes the spot rate today to depreciate.78 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition12. Suppose there is a temporary fall in the real exchange rate in an economy, that is,the exchangerate 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 currentappreciation of the real exchange rate dominates the effect of the expecteddepreciation of the real exchange rate.13. International differences in expected real interest rates reflect expected changes inreal exchange rates. If the expected real interest rate in the United States is 9% and the expected real interest rate in Europe is 3%, then there is an expectation that the real dollar/euro exchange rate will depreciate by 6% (assuming that interest parity holds).14. The initial effect of a reduction in the money supply in a model with sticky prices isan increasein 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 differencebetween the domestic and the foreign real interest rate equals the expecteddepreciation 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 theinterest parity relationship, whichis a cornerstone of the sticky-price model of the determination of the exchange rate.Chapter 15 Price Levels and the Exchange Rate in the Long Run 7915. 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 torise and, by the interest parity relationship, the nominal exchange rate to appreciate.The real interest rate, which equals the nominal interest rate minus expectedinflation, increases both because of the increase in the nominal interest rate andbecause there is expected deflation. In a model with perfectly flexible prices, anincrease 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. Asdiscussed in the preceding paragraph, an increase in expected inflation causes the nominal interest rate to increase and the currency to depreciate, leaving theexpected 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 upward).16. If long term rates are higher than short term rates, it suggests that investors expectinterest rates to be higher in the future, that is why they demand a higher rate of return on a longer bond. If they expect interest rates to be higher in the future, they are either predicting higher inflation in the future or a higher real interest rate. We cannot tell which by simply looking at short and long rates.80 Krugman/Obstfeld •International Economics: Theory and Policy, Eighth Edition17. If we assume that the real exchange rate is constant, then the expected percentagechange in the exchange rate is simply the inflation differential. As the question notes, this relationship holds better over the long run. Starting from interest parity, we see that R R * %∆e E. The change in the exchange rate is π–π* when PPP holds, so if PPP holds over a horizon, we can say that R R *π–π*. This means r r*. So, real interest rate differentials at long maturities should be smaller.On the other hand, if the real exchange rate changes or is expected to change, we would say that %∆e E %∆e qπ–π*. In that case, there can be a significant wedge between r and r*. Thus, ifPPP does hold over the long run and people predict this (and consequently are not expecting large changes in the real exchange rate), we would expect to see smaller real interest rate differentials at long maturities.18. If markets are fairly segmented, then temporary moves in exchange rates may leadto wide deviations from PPP even for tradable goods. In the short run, firms may not be able to respondby opening up new trading relationships or distribution channels. On the other hand, if there are persistent deviations from PPP of tradable goods, we would expect firms to try to increase their presence in the high-price market. If they do this, it should reduce prices there and bring pricesback towards PPP.19. PPP for non-tradables would arise if technologies were similar across countries, andthus similar prices for goods in the long run would be consistent with competitive markets and similar labor costs. If the labor costs are similar, then (again assuming similar technologies) the costs of non-tradables should be similar also. Of course, as the chapter notes, differences in productivity thatvary across sector could result in Balassa Samuelson style effects where despitetradables PPP holding, non-tradables are still priced differently across countries.。

国际金融中英文版Chapter 2:Payments among NationsSingle-Choice QuestionsA country’s balance of payments records: 一个国家的国际收支平衡记录了 BThe value of all exports of goods and services from that country for a period of time.All flows of value between that country’s residents and residents of the rest of the world during a period of time.在一定时间段里,一个国家居民的资产和其它世界居民资产的流动All flows of financial assets that cross that country’s borders during a p eriod of time.All flows of goods into that country during a period of time.A credit item in the balance of payments is: 在国际收支平衡里的贷项是AAn item for which the country must be paid.一个国家必须收取的条款An item for which the country must pay.Any imported item.An item that creates a monetary claim owed to a foreigner.Every international exchange of value is entered into the balance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次B1234A debit item in the balance of payments is: 在国际收支平衡中的借项是BAn item for which the country must be paid.An item for which the country must pay.一个国家必须支付的条款Any exported item.An item that creates a monetary claim on a foreigner.In a nation's balance of payments, which one of the following items is always recorded as a positive entry? D在国际收支中,下列哪个项目总被视为有利条项Changes in foreign currency reserves.Imports of goods and services.Military foreign aid supplied to allied nations.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 BEquals the overall balance.Equals the sum of all credit items.等于所有借项的总和Equals the sum of credit items minus errors and omissions.Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？ BA U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口A U.S. resident sells his IBM stock to a French resident.A U.S. resident sells his Credit Suisse stock to a French resident.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种CReserve inflow.Reserve outflow.Capital inflow.资本流入Capital outflow.___A_______ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.Official international reserve assets 官方国际储备资产Unofficial international reserve assetsOfficial domestic reserve assetsUnofficial domestic reserve assetsWhich of the following is considered a capital inflow? 下列哪项被视为资本流入 AA sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家A loan from a U.S. bank to a foreign borrower.A purchase of foreign financial assets by a U.S. buyer.A U.S. citizen’s repayment of a loan from a foreign bank.In a country’s balance of payments, which of the following transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ ADomestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降Foreign bank balances owned by domestic residents are decreased.Assets owned by domestic residents are sold to nonresidents.Securities are sold by domestic residents to nonresidents.The role of ___D_______ is to d irect one nation’s savings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资Merchandise trade flowsServices flowsCurrent account flowsCapital flows资金流Capital account.Current account.经常账目（户）Trade balance.Official reserve balance.The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫AFinancial account.金融帐Current account.Trade balance.Official reserve balance.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括： BEverything in the current account.U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项Profits that Nissan of America sends back to Japan.New U.S. investments in foreign countries.ＡU.S. resident increasing her holdings of a foreign financial asset causes a:一个美国居民增持一外国金融资产会引起DCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.Debit in the U.S. capital account.美国资本帐的借帐A foreign resident increasing her holdings of a U.S. financial asset causes a:一个美国居民增持本国一金融资产会引起 CCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.美国资本帐的贷帐Debit in the U.S. capital account.A deficit in the current account: 经常帐户中的赤字 ATends to cause a surplus in the financial account.会导致金融帐中的盈余Tends to cause a deficit in the financial account.Has no relationship to the financial account.Is the result of increasing exports and decreasing imports.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:20xx年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？CThe balance of payments.The financial account.The current account.经常帐户Unilateral transfers.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？ BThe United States makes a unilateral tariff reduction on imported goods.The United States cuts back on American military personnel stationed in Japan.美国削减在日本的军事人员U.S. tourists travel in large numbers to Asia.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐AA Chinese businessman imports Ford automobiles from the United States.A U.S. tourist spends money on a trip to China.The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.If a British business buys U.S. government securities, how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ CIt will appear in the trade account as an import.It will appear in the trade account as an export.It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长It will appear in the financial account as a decrease in U.S. assets held by foreigners.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 AEnsure that the sum of all debits matches the sum of all credits.Ensure that imports equal the value of exports.Obtain an accurate account of a balance-of-payments deficit.Obtain an accurate account of a balance-of-payments surplus.Official reserve assets are: 官方储备资产是 BThe gold holdings in the nation’s central bank.Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可Government T-bills and T-bonds.Government holdings of SDR’sGold.Special Drawing Rights.IMF Reserve Positions.Foreign Currencies.外汇（币）The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于CNet official reserves.Net domestic investment.Net foreign investment.国外投资净值Net foreign deficit.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 BNeeds to borrow internationally.Is able to lend internationally.就有能力向外放贷Must also have had a surplus in its "overall" balance.The ___C_______ measures the sum of the current account balance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）Official capital balanceUnofficial capital balanceOfficial settlements balance官方结算差额Unofficial settlements balanceIf the overall balance is in __A________, there is an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）Surplus盈余DeficitBalanceForeign handsWhich of the following is the current account balance NOT equal to? 以下哪项不等同于现金帐 DThe difference between domestic product and domestic expenditure.The difference between national saving and domestic investment.Net foreign investment.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False QuestionsCapital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项The net flow of financial assets and similar claims is the private current account balance. 金融资产和类似的资产的净值叫经常帐目余额The majority of countries' official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.A country's financial account balance equals the country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资A country has a current account deficit if it is saving more than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字The official settlements balance measures the sum of the capital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额A nation's international investment position shows its stock of international assets and liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.A nation is a borrower if its current account is in deficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项Gold is a major reserve asset that is currently often used in official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.The current account balance is equal to the difference between domestic product and national expenditure.(T)经常项目余额等于国民生产与国民支出的差额In 2007 U.S. households, businesses and government were buying more goods and services than they were producing.(T)____年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.6。

Chapter 3The International Monetary SystemQuestions3-1. The Gold Standard and the Money Supply. Under the gold standard all national governments promised to follow the “rules of the game.” This meant defending a fixed exchange rate. What did this promise imply about a country’s money supply?A country’s money supply was limited to the amount of gold held by its central bank or treasury.For example, if a country had 1,000,000 ounces of gold and its fixed rate of exchange was100 local currency units per ounce of gold, that country could have 100,000,000 local currencyunits outstanding. Any change in its holdings of gold needed to be matched by a change in thenumber of local currency units outstanding.3-2. Causes of Devaluation. If a country follows a fixed exchange rate regime, what macroeconomic variables could cause the fixed exchange rate to be devalued?The following macroeconomic variables could cause the fixed exchange rate to be devalued:•An interest rate that is too low compared to other competing currencies• A continuing balance of payments deficit•An inflation rate consistently higher than in other countries.3-3. Fixed versus Flexible Exchange Rates. What are the advantages and disadvantages of fixed exchange rates?•Fixed rates provide stability in international prices for the conduct of trade. Stable prices aid in the growth of international trade and lessen risks for all businesses.•Fixed exchange rates are inherently anti-inflationary, requiring the country to follow restrictive monetary and fiscal policies. This restrictiveness, however, can often be a burden to a countrywishing to pursue policies that alleviate continuing internal economic problems, such as highunemployment or slow economic growth.•Fixed exchange rate regimes necessitate that central banks maintain large quantities of international reserves (hard currencies and gold) for use in the occasional defense of the fixedrate. As international currency markets have grown rapidly in size and volume, increasingreserve holdings has become a significant burden to many nations.•Fixed rates, once in place, may be maintained at rates that are inconsistent with economic fundamentals. As the structure of a nation’s economy changes, and as its trade relationshipsand balances evolve, the exchange rate itself should change. Flexible exchange rates allow thisto happen gradually and efficiently, but fixed rates must be changed administratively—usuallytoo late, too highly publicized, and at too large a one-time cost to the nation’s economic health.Chapter 3 The International Monetary System 13 3-4. The Impossible Trinity. Explain what is meant by the term impossible trinity and why it is true.•Countries with floating rate regimes can maintain monetary independence and financial integration but must sacrifice exchange rate stability.•Countries with tight control over capital inflows and outflows can retain their monetary independence and stable exchange rate, but surrender being integrated with the world’scapital markets.•Countries that maintain exchange rate stability by having fixed rates give up the ability to have an independent monetary policy.3-5. Currency Board or Dollarization. Fixed exchange rate regimes are sometimes implemented through a currency board (Hong Kong) or dollarization (Ecuador). What is the difference between the two approaches?In a currency board arrangement, the country issues its own currency but that currency is backed 100% by foreign exchange holdings of a hard foreign currency—usually the U.S. dollar.In dollarization, the country abolishes its own currency and uses a foreign currency, such asthe U.S. dollar, for all domestic transactions.3-6. Emerging Market Exchange Rate Regimes. High capital mobility is forcing emerging market nations to choose between free-floating regimes and currency board or dollarization regimes. What are the main outcomes of each of these regimes from the perspective of emerging market nations?There is no doubt that for many emerging markets a currency board, dollarization, and freely-floating exchange rate regimes are all extremes. In fact, many experts feel that the global financial marketplace will drive more and more emerging market nations towards one of these extremes. As illustrated by Exhibit 3.6 (in the chapter and reproduced here), there is a distinct lack of “middle ground” left between rigidly fixed and freely floating. In anecdotal support of this argument,a poll of the general population in Mexico in 1999 indicated that 9 out of 10 people would preferdollarization over a floating-rate peso. Clearly, there are many in the emerging markets of theworld who have little faith in their leadership and institutions to implement an effective exchange rate policy.14 Eiteman/Stonehill/Moffett •Multinational Business Finance, Twelfth Edition3-7. Argentine Currency Board. How did the Argentine currency board function from 1991 to January 2002 and why did it collapse?Argentina’s currency board exchange regime of fixing the value of its peso on a one-to-one basis with the U.S. dollar ended for several reasons.•As the U.S. dollar strengthened against other major world currencies, including the euro, during the 1990s, Argentine export prices rose vis-à-vis the currencies of its major trading partners.•This problem was aggravated by the devaluation of the Brazilian real in the late 1990s.•These two problems, in turn, led to continued trade deficits and a loss of foreign exchange reserves by the Argentine central bank. (4) This problem, in turn, led Argentine residents toflee from the peso and into the dollar, further worsening Argentina’s ability to maintain itsone-to-one peg.Euro.On January 4, 1999, eleven member states of the European Union initiated the3-8. TheEuropean Monetary Union (EMU) and established a single currency, the euro, which replacedthe individual currencies of participating member states. Describe three of the main ways thatthe euro affects the members of the EMU.The euro affects markets in three ways: (1) countries within the euro zone enjoy cheaper transaction costs; (2) currency risks and costs related to exchange rate uncertainty are reduced; and (3) allconsumers and businesses both inside and outside the euro zone enjoy price transparency andincreased price-based competition.The United Kingdom, Denmark, and Sweden have chosen not to adopt the euro but 3-9. Maveri c ks.rather maintain their individual currencies. What are the motivations of each of these three countries that are also members of the European Union?The United Kingdom chose not to adopt the euro because of the extensive use of the U.K. pound in international trade and financial transactions. London is still the world’s most importantfinancial center. The British are also very proud of their long tradition in financial matters when “Britannia ruled the waves.” They are afraid that monetary and financial matters may eventually migrate to Frankfurt where the European Central Bank is located. The British are also worriedabout continued concentration of decision making in Brussels where the main European Unioninstitutions are located.Denmark is also worried about losing its economic independence as a small country surrounded by big neighbors. Denmark’s currency, the krone, is mostly tied to the euro anyway, so it does not suffer a misalignment with the primary currency unit of the surrounding economies. Sweden has strong economic ties to Denmark, Norway, and the United Kingdom, none of which adopted the euro so far. Sweden, like the others, is afraid of over-concentration of power within EuropeanUnion institutions.Despite popular fears and a certain amount of nationalism, all three countries have strong forces within that would like these countries to adopt the euro. This would usually require popularreferendums, so you may see them adopt the euro in the future.Chapter 3 The International Monetary System 15 3-10. International Monetary Fund (IMF). The IMF was established by the Bretton Woods Agreement (1944). What were its original objectives?The IMF was established to render temporary assistance to member countries trying to defend the value of their currencies against cyclical, seasonal, or random occurrences. Additionally it was to assist countries having structural trade problems. More recently it has attempted to help countries, such as Russia, Brazil, Argentina, and Indonesia, to resolve financial crises.3-11. Special Drawing Rights. What are Special Drawing Rights?The Special Drawing Right (SDR) is an international reserve asset created by the IMF to supplement existing foreign exchange reserves. It serves as a unit of account for the IMF and other international and regional organizations and is also the base against which some countries peg the exchangerate for their currencies.Defined initially in terms of a fixed quantity of gold, the SDR has been redefined several times.It is currently the weighted value of currencies of the five IMF members having the largest exports of goods and services. Individual countries hold SDRs in the form of deposits in the IMF. These holdings are part of each country’s international monetary reserves, along with official holdings of gold, foreign exchange, and its reserve position at the IMF. Members may settle transactionsamong themselves by transferring SDRs.3-12. Exchange Rate Regime Classifications. The IMF classifies all exchange rate regimes into eight specific categories that are summarized in this chapter. Under which exchange rate regime would you classify each of the following countries?a. France: Exchange arrangements with no separate legal tender.b. The United States: independent floating.c. Japan: independent floating.d. Thailand: managed floating with no pre-announced path for the exchange rate. Prior to theAsian Crisis of 1997 it was tied to the U.S. dollar.3-13. The Ideal Currency. What are the attributes of the ideal currency?If the ideal currency existed in today’s world, it would possess three attributes (illustrated inExhibit 3.4), often referred to as The Impossible Trinity.a.Exchange rate stability. The value of the currency would be fixed in relationship to othermajor currencies so traders and investors could be relatively certain of the foreign exchangevalue of each currency in the present and into the near future.b. Full financial integration. Complete freedom of monetary flows would be allowed, so tradersand investors could willingly and easily move funds from one country and currency to anotherin response to perceived economic opportunities or risks.c. Monetary independen c e. Domestic monetary and interest rate policies would be set by eachindividual country to pursue desired national economic policies, especially as they mightrelate to limiting inflation, combating recessions, and fostering prosperity and full employment.The reason that it is termed The Impossible Trinity is that a country must give up one of the three goals described by the sides of the triangle, monetary independence, exchange rate stability, orfull financial integration. The forces of economics do not allow the simultaneous achievement of all three.16 Eiteman/Stonehill/Moffett •Multinational Business Finance, Twelfth Edition3-14. Bretton Woods Failure. Why did the fixed exchange rate regime of 1945–1973 eventually fail?The fixed exchange rate regime of 1945–1973 failed because of widely diverging nationalmonetary and fiscal policies, differential rates of inflation, and various unexpected externalshocks. The U.S. dollar was the main reserve currency held by central banks and was the key to the web of exchange rate values. The United States ran persistent and growing deficits in itsbalance of payments, which required a heavy outflow of dollars to finance the deficits. Eventually the heavy overhang of dollars held by foreigners forced the United States to devalue the dollarbecause the United States was no longer able to guarantee conversion of dollars into its diminishing store of gold.3-15. EU and Euro Expansion. With so many new countries joining the European Union in 2004, when will they officially move to the euro—if ever?In January 2007 two more countries were added to the EU’s growing membership—Bulgaria and Romania. Their entry was little more than two years after the EU had added 10 more countriesto its ranks. As illustrated by Global Finance in Practice 3.2, to date only one of these new12 members has actually adopted the euro. Although all members are expected to eventuallyreplace their currencies with the euro, recent years have seen growing debates and continualpostponements by the new members in moving toward full euro adoption.。

《实用国际金融英语》参考答案Chapter 1Lead-in Activities1. Balance of payment data serve as record of the flows of goods, services and finance between an economy and the rest of the world. As one of the primary functions of the IMF is to prevent financial crises and assist countries in balance of payment difficulties, the collection of standardized, comparable balance of payment data is seen as a core task.BOP is a statistical statement that summarizes, for a specific period (typically a year or quarter), the economic transactions of an economy with the rest of the world. It covers:·All the goods, services, factor income and current transfers an economy receives from or provides to the rest of the world;·Capital transfers and changes in an economy’s external financial claims and liabilities.2. When a country has a surplus in its current account, i.e. when its exports exceed its imports, there will probably be a surplus in the balance of payment because the current account forms a very large proportion in the balance of payment. The surplus means the supply of foreign exchange exceeds demand. The monetary authority has to increase the purchase of the foreign currency and the stock of its international reserve. Meanwhile, the supply of domestic currency adds at an accelerated speed, which may lead to further issue of the local currency and cause inflation.3. When there is a long-lasting surplus in the balance of payment, particularly in the current account, there will also be excessive demand for its currency. The country’s exchange rate will rise, unless the central bank is willing to provide its currency to the market in exchange for foreign currencies. For example, when the export of the United States exceeds much more than import, a large quantity of US dollars are wanted by those importers to pay for the US goods. Thus, the exchange rate of US dollars rises.When the balance of payment has a long-lasting deficit, the payable debts denominated in foreign currencies are more than receivable claims; there will be a considerable demand for foreign currencies over the supply. As a result, the foreign currencies wanted appreciate, and the domestic one devalues.4.Temporary drop of surplus or moderate short-term deficit does not seriously affect a country’s economy or foreign trade. On one hand, deficit means larger amount of import than export in current account; on the other hand, it more likely shows an increasing demand of foreign currencies to pay for the imported goods. In other words, deficit may cause the raise of exchange rate of foreign hard currencies, which is conducive to the investors from the issuing countries of these appreciating currencies. This is surely good news to those that are in need of foreign investment. Temporary drop of surplus helps cool off the national economy and serves as a brake stopping ongoing inflation.5.The stock of international reserve should be neither more or less than necessary. The International Exchange Reserves are kept in the debit entry in BOP statements in that the monetary authority has to pay in exchange for the foreign hard currencies. Therefore, the amount and composition of exchange reserves are to be decided by taking the following factors into consideration.(1) The duration of the government’s external debt should be related to the duration of thereserves, with emphasis on the interest rate exposure risk.(2) High-risk-return assets should be limited within a safe range.(3) One of the most important issues raised in the context of investing the reserves of a centralbank is the choice of a reference basket.It is well recognized that the lowest level of the stock of international reserve should be no less than the amount payable for a 3-month import. And, the stronger an economy is, the less international reserve is to be kept.6. C7. CExercisesI. True or False1. F2. F3. F4. F5. F6. F7. F8. F9. F 10. F11. F 12. T 13. F 14. F 15. TII．Translation Task1.在与国际货币基金组织的技术援助使团于2000年上半年进行了磋商之后，国家外汇管理局吸取了国际通行的经验，以提高其国际收支报告的及时性。

INTERNATIONAL FINANCEAssignment Problems (3) Name: Student#: I. Choose the correct answer for the following questions (only ONE correct answer) (2 credits for each question, total credits 2 x 25 = 50)1. Interbank quotations that include the United States dollars are conventionally given in __________, which state the foreign currency price of one U.S. dollar, such as a bid price of SFr 0.85/$.A. indirect quoteB. direct quoteC. American quoteD. European quote2. The spot exchange rate published in financial newspapers is usually the __________.A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate3. The foreign exchange refers to the __________.A. foreign bank notes and coinsB. demand deposits in foreign banksC. foreign securities that can be easily cashedD. all of the above4. The functions of the foreign exchange market come down to __________.A. converting the currency of one country into the currency of anotherB. providing some insurance against the foreign exchange riskC. making the foreign exchange speculation easyD. Only A and B are true.5. Which of the following is NOT true regarding the foreign exchange market?A. It is the place through which people exchange one currency for another.B. The exchange rate nowadays is mainly determined by the market forces.C. Most foreign exchange transactions are physically completed in this market.D. All of the above are true.6. The world largest foreign exchange markets are __________ respectively.A. London, New York and TokyoB. London, Paris and FrankfurtC. London, Hong Kong and SingaporeD. London, Zurich and Bahrain7. The foreign exchange market is NOT efficient because __________.A. monetary authorities dominate the foreign exchange market and everybody knows that by definition, central banks are inefficientB. commercial banks and other participants of the market do not compete with one another due to the fact that transaction takes place around the world and not in a single centralized locationC. foreign exchange dealers have different prices such as bid and ask pricesD. None of the reasons listed are correct because the foreign exchange market is an efficient market8. __________ earn a profit by a bid-ask spread on currencies they buy and sell. __________ on the other hand, earn a profit by bringing together buyers and sellers of foreign exchanges and earning a commission on each sale and purchase.A. Foreign exchange brokers; foreign exchange dealersB. Foreign exchange dealers; foreign exchange brokersC. arbitragers; speculatorsD. commercial banks; central banks9. Most foreign exchange transactions are through the U.S. dollars. If the transaction is expressed as the currencies per dollar, this is known as __________ whereas __________ are expressed as dollars per currency.A. direct quote; indirect quoteB. indirect quote; direct quoteC. European quote; American quoteD. American quote, European quote10. From the viewpoint of a Japanese investor, which of the following would be a direct quote?A. SFr 1.25/€B. $1.55/₤C. ¥ 110/€D. €0.0091/ ¥11. Which of the following is true about the foreign exchange market?A. It is a global network of banks, brokers, and foreign exchange dealers connected by electronic communications system.B. The foreign exchange market is usually located in a particular place.C. The foreign exchange rates are usually determined by the related monetary authorities.D. The main participants in this market are currency speculators from different countries.12. The extent to which the income from individual transactions is affected by fluctuations in foreign exchange values is considered to be _________.A. Translation exposureB. economic exposureC. transaction exposureD. accounting exposure13. Which of the following exchange rates is adjusted for price changes?A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate14. Suppose the exchange rate of the RMB versus U.S. dollar is ¥6.8523/$ now. If the RMB were to undergo a 10% depreciation, the new exchange rate in terms of ¥/$ would be:A. 6.1671B. 7.5375C. 6.9238D. 7.613515. At least in a U.S. MNC’s financial accounting statement, if the value of the euro depreciates rapidly against that of the dollar over a year, this would reduce the dollar value of the euro profit made by the European subsidiary. This is a typical __________.A. transaction exposureB. translation exposureC. economic exposureD. operating exposure16. A Japanese-based firm expects to receive pound-payment in 6 months. The company has a (an) __________.A. economic exposureB. accounting exposureC. long position in sterlingD. short position in sterling17 The exposure to foreign exchange risk known as Translation Exposure may be defined as __________.A. change in reported owner’s equity in consolidated financial statements caused by a change in exchange ratesB. the impact of settling outstanding obligations entered into before change in exchange rates but to be settled after change in exchange ratesC. the change in expected future cash flows arising from an unexpected change in exchange ratesD. All of the above18 When a firm deals with foreign trade or investment, it usually has foreign exchange risk exposure. So if an American firm expects to receive a dollar-paymentfrom a Chinese company in the next 30 days, the U.S. firm has the possible __________.A. economic exposureB. transaction exposureC. translation exposureD. none of the above19. In order to avoid the possible loss because of the exchange rate fluctuations, a firm that has a __________ position in foreign exchanges can __________ that position in the forward market.A. short; sellB. long; sellC. long; buyD. none of the above20. A forward contract to deliver Japanese yens for Swiss francs could be described either as __________ or __________,A. selling yens forward; buying francs forwardB. buying francs forward; buying yens forwardC. selling yens forward; selling francs forwardD. selling francs forward; buying yens forward21. Dollars are trading at S0SFr/$=SFr0.7465/$ in the spot market. The 90-day forward rate is F1SFr/$=SFr0.7432/$. So the forward __________ on the dollar in basis points is __________:A. discount, 0.0033B. discount, 33C. premium, 0.0033D. premium, 3322. If the spot rate is $1.35/€, 3-month forward rate is $1.36/€, which of the following is NOT true?A. euro is at forward premium by 100 points.B. dollar is at forward discount by 100 points.C. dollar is at forward discount by 55 points.D. euro is at forward premium by 2.96% p.a.23. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the outright forward quote in American term should be __________.A. 1.0330 – 1.0345B. 1.0280 – 1.0285C. 0.9681 – 0.9667D. 0.9728 – 0.972324. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the $/C$ forward quote in terms of points should be __________.A. 30/25B. 25/30C. – (23/28)D. – (28/23)25. The current U.S. dollar exchange rate is ¥85/$. If the 90-day forward dollar rate is ¥90/$, then the yen is selling at a per annum __________ of __________.A. premium; 5.88%B. discount; 5.56%C. premium; 23.52%D. discount; 22.23%II. ProblemsQuestions 1 through 10 are based on the information presented in Table 3.1. (2 credits for each question, total credits 2 x 10 = 20)Table 3.1Country Exchange rate Exchange rate CPI V olume of Volume of (2008) (2009) (2008) exports to U.S imports from U.S. Germany €0.75/$ €0.70/$ 102.5 $200m $350m Mexico Mex$11.8/$ Mex$12.20/$ 110.5 $120m $240mU.S. 105.31. The real exchange rate of the dollar against the euro in 2009 was __________.2. The real exchange rate of the dollar against the peso in 2009 was __________.3. The dollar was __________ against the euro in nominal term by __________.A. appreciated; 6.67%B. depreciated; 6.67%C. appreciated; 7.14%D depreciated; 7.14%4. The Mexican peso was __________ against the dollar in nominal term by __________.A. appreciated; 3.39%B. depreciated; 3.39%C. appreciated; 3.28%D. depreciated; 3.28%5. The volume of the German foreign trade with the U.S. was __________.6. The volume of the Mexican foreign trade with the U.S. was __________.7. Assume the U.S. trades only with the Germany and Mexico. Now if we want to calculate the dollar effective exchange rate in 2009 against a basket of currencies of euro and Mexican peso, the weight assigned to the euro should be __________.8. The weight assigned to the peso should be __________.9. Assume the 2008 is the base year. The dollar effective exchange rate in 2009 was __________.10. Was the dollar generally stronger or weaker in 2009 according to your calculation?11. The following exchange rates are available to you.Fuji Bank ¥80.00/$United Bank of Switzerland SFr0.8900/$Deutsche Bank ¥95.00/SFrAssume you have an initial SFr10 million. Can you make a profit via triangular arbitrage? If so, show steps and calculate the amount of profit in Swiss francs. (8 credits)12. If the dollar appreciates 1000% against the ruble, by what percentage does the ruble depreciate against the dollar? (5 credits)13. As a percentage of an arbitrary starting amount, about how large would transactions costs have to be to make arbitrage between the exchange rates S SFr/$= SFr1.7223/$, S$/￥= $0.009711/¥, and S￥/SFr = ¥61.740/SFr unprofitable? Explain. (7 credits14. You are given the following exchange rates:S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670Calculate the bid and ask rate of S￥/￡: (5 credits)15. Suppose the spot quotation on the Swiss franc (CHF) in New York is USD0.9442 –52 and the spot quotation on the Euro (EUR) is USD1.3460 –68. Compute the percentage bid-ask spreads on the CHF/EUR quote. ( 5 credits)Answers to Assignment Problems (3)Part II1. 0.70 x (105.3/102.5) = 0.7 x 1.0273 = 0.71912. 12.2 x (105.3/110.5) = 12.2 x .9529 = 11.62593. B (0.7 /.75) – 1 = -6.67%4. D (1/12.2)/(1/11.8) – 1 = -3.28%5. 5506. 3607. 550/910 = 60.44%8. 360/910 = 39.569. (0.70/0.75)(60.44%) + (12.2/11.8)(39.56%) = .5641 + 0.4090 = .9731 = 97.31%10. weaker, because dollar depreciated by 2.69%.11. Since S￥/$S$/SFr S SFr/￥= 80 x 1/0.8900 x 1/95.00 = 0.946186 < 1, there is an arbitrage opportunity.Steps:①Buy ¥ from Deutsche Bank, SFr10 million x 95.00 = ¥950 million②Buy $from Fuji Bank, $950 m / 80.00 = $11.875 m③Buy SFr from UBS, $11.875 x 0.8900 = SFr10.56875 mProfit (ignoring transaction fees):SFr10.56875 – SFr10 = 0.56875 million = 568,75012. (x – 1) = 1000%; 1/11 – 1 = 90.9%13. S SFr/$ S$/￥S￥/SFr = SFr1.7223/$ x $0.009711/¥ x ¥61.740/SFr = 1.0326If transaction costs exceed $0.0326 (3.26%), the arbitrage is unprofitable.14. Given: S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670So, S￥/₤ = 67.05/0.3670 = 182.70 (bid)S￡/₤ = 68.75/0.3590 = 191.50 (ask)15. Given: USD0.9442 – 52/SFrUSD1.3460 – 68/SFrSo, S SRr/€ = 1.3460/0.9452 =1.424 (bid)S SFr/€ = 1.3468/0.9442 = 1.4264 (ask)。

Suggested answers to questions and problems（in the textbook）Chapter 22. Disagree, at least as a general statement。

One meaning of a current accountsurplus is that the country is exporting more goods and services than it isimporting. One might easily judge that this is not good-the country is producing goods and services that are exported, but the country is not at the same timegetting the imports of goods and services that would allow it do moreconsumption and domestic investment. In this way a current account deficitmight be considered good—the extra imports allow the country to consume and invest domestically more than the value of its current production。

Anothermeaning of a current account surplus is that the country is engaging in foreign financial investment—it is building up its claims on foreigners, and this adds to national wealth。

Questions for Chapter 2I.Choices1.The U.S. current account does not include:A) net exports of goods. B) U.S. grants to foreign countries.C) the sale of U.S. bonds to foreign interests. D) income receipts from foreigners.2.The set of accounts recording all of the flows of value between a nation's residents and theresidents of the rest of the world during a specific period of time is called the:A) official settlements balance. B) international investment position.C) balance of payments. D) overall balance.3. A country's current account balance:A)is approximately equal to the difference between the value of the country's domesticproduction of goods and services and the country's expenditures on goods and services.B)is equal to the difference between the country's national saving and its domestic realinvestment.C) equals the country's net foreign investment.D) all of the above4.If an item in an international transaction results in a resident of a foreign country getting amonetary claim against a resident of the United States, then in the U.S. balance of payments that item is:a) a credit item (or addition).b)an official international reserve.c) a debit item (or subtraction).d) a credit item or a debit item, depending on which foreign country is involved.5.Importation of goods into a country, purchases by firms in a country of services from firmsoutside the country, and purchases by investors in a country of equity interests in a corporation outside of the country are all examples of:a)funds flowing out of the importing or purchasing country.b)funds flowing into the importing or purchasing country.c)transactions that are not included in national balance-of-payments accounting since thetransactions are private.d)transactions that are not included in national balance-of-payments accounting until they arecompleted by the ultimate sale of the items involved.6.Balance of payments accounting is based on the concept that every transaction between acountry and other countries of the world involves:a)goods or services.b)an exchange of value for value.c)profits and losses.d)private interests.7.If we add up all of the value outflows and value inflows in a country's balance of payments,the difference in the outflows and inflows will be:a) a positive value because countries gain from trading.b)different for every country since some countries have advantages over other countriesc)zero because there is value that flows out and value that flows in for every transaction.d) a positive value for the country since no country is going to be involved in a transaction wherethey receive less than they give.8.The three broad categories that make up a country's balance of payments are:a)the current account, the debt account, and the equity account.b)the financial account, the goods and services account, and the capital account.c)the current account, the financial account, and the changes in official international reserves.d)the financial account, the changes in official international reserves, and the capital account.9. A country's ____________________ reflects all of its exports and imports of goods andservices, its income receipts and income payments, and its gifts.a)current accountb)trade balancec)balance of paymentsd)international reserve10.A country's goods and services balance measures the country's net exports and is often calledthe country's:a)financial account.b)trade balance.c)international reserve.d)balance of payments.11.A country's goods and services balance measures the country's net exports and is often calledthe country's:a)financial account.b)trade balance.c)international reserve.d)balance of payments.12.The flows of earnings on foreign assets are reported in a country’s current account, whereasthe principal amounts of (non-official) financial assets traded between a country's residents and the rest of the world are:a)not reported.b)reported in the country's (non-official) financial account balance.c)considered to be part of the country's transactions in official reserve assets.d)reported only when the assets are sold.13.____________________ are money-like assets held by a government that are recognized byother governments as fully acceptable for payments between governments.a)Foreign direct investmentsb)Official currenciesc)Official international reservesd)Settlement balances14. If a country's net foreign investment is positive, that country:a) is acting as a net lender to the rest of the world.b) is acting as a net borrower from the rest of the world.c) imports more than it exports.d) is increasing its holdings of official international reserve assets.15. If a country has ____________________, that indicates that the country's foreign liabilities are growing faster than its foreign assets.a) an official settlements surplusb) negative statistical discrepancyc) a current account deficitd) a financial account deficit16. An economic transaction is recorded in the balance of payments as a credit if it leads toA. a payment to foreigners.B. the receipt of a payment from foreigners.C. a decrease in foreign exchange reserves.D. neither an inflow nor an outflow of value.17. Which of the following is recorded as a debit item in the U.S. balance of payments accounts?A. An Italian firm pays $5 million in dividends to the holders of its stock in the U.S.B. The French Club Med hires four American scuba diving instructors for its new resort on the Italian island of Sardinia.C. Toyota builds a factory in the U.S. to manufacture automobiles.D. Remittances from Cambodian immigrants in the U.S. flow to the ir relatives in Thailand’s refugee centers.18. Borrowing from abroad is aA. capital import and therefore a debit item.B. capital export and therefore a credit item.C. capital import and therefore a credit item.D. capital export and therefore a debit item.19. If a country’s net foreign investment amounts to –$15 billion, this implies an equivalentA. current account deficit.B. current account surplus.C. trade balance surplus.D. overall balance deficit.II. True or False? Explain.1. T / F A negative net foreign investment on this year’s balance of payments accountsmeans the country is a net debtor.2. T / F A nation running a current account surplus is accumulating foreign assets.3. T / F Because the balance of payments accounts must balance, sub-accounts like thefinancial account must balance, too.4. T / F If GDP, consumption, and domestic investment are all constant, an increase ingovernment spending will cause the country to run a trade deficit.5. T / F The “statistical discrepancy” component of the balance of payments accounts is arefuge for scoundrels.Questions for Chapter 3Multiple Choice1. If a British pound equals 1837 South Korean won (the currency of South Korea), what is the British pound equivalent of a South Korean won?a. 0.00054 British pounds.b. 0.54 British pounds.c. 1.54 British pounds.d. 1.04 British pounds.2. When a resident of Germany buys a U.S. Treasury bond, there will be a(n):a. increase in the demand for U.S. dollars.b. increase in the demand for German marks.c. decrease in the demand for U.S. dollars.d. decrease in the demand for German marks.3. An appreciation of the U.S. dollar refers to:a. an increase in the dollar price of a foreign currency.b. a decrease in the dollar price of a foreign currency.c. a decrease in the amount of financial assets held by U.S. interests.d. the high regard that foreigners have for the U.S. financial system.4. If one U.S. dollars equals5.76 Egyptian pounds and one U.S. dollar equals 0.56 British pounds, how many Egyptian pounds equals one British pound?a. 0.097 Egyptian pounds.b. 5.200 Egyptian pounds.c. 10.29 Egyptian pounds.d. 3.226 Egyptian pounds.5. The ____________________ rate is the price of one country's money in units of another country's money.a. forwardb. foreign swapc. arbitraged. exchange6. If parties to a transaction agree on the rate at which two currencies will be exchanged at a specific time several months the future, they have agreed to a(n):a. reverse forward swap.b. spot exchange rate.c. forward exchange rate.d. arbitrage transaction.7. The ____________________ market is the foreign exchange trading that is done by banks with their customers.a. retail part of theb. interbank foreign exchangec. commercial exchanged. swap8. The interbank part of the foreign exchange market involves banks trading with ____________________ in foreign exchangea. customersb. countriesc. other banksd. industrial firms9. The currency that is most often used to accomplish trading between two other currencies is the ________________, which is often referred to as a vehicle currency.a. eurob. British poundc. U.S. dollard. Japanese yen10. In the European Union, the ____________________ set a process that has resulted in the adoption of the euro as the currency of more than half of the EU countries.a. Treaty of Romeb. Maastricht Treatyc. European Councild. European Parliament11. Since most exporters want to be paid in the currency of their home country, exports of goods generally cause:a. foreign currency to be sold to buy the currency of the country that exports the goods.b. U.S. dollars to be bought to increase the supply of foreign currency in the importing country.c. foreign currency to be borrowed to use in paying for the exports.d. U.S. dollars to be used to pay for the exports.12. When the U.S. imports goods, those imports create a(n):a. supply of a foreign currency and a demand for U.S. dollars.b. demand for foreign currencies and a supply of U.S. dollars.c. equilibrium in the foreign exchange markets.d. opportunity for triangular arbitrage.13. U.S. capital outflows create a(n):a. equilibrium in the foreign exchange markets.b. opportunity for triangular arbitrage.c. supply of a foreign currency and a demand for U.S. dollars.d. demand for foreign currencies and a supply of U.S. dollars.14. If the exchange rate of a currency is determined by the foreign exchange market without the intervention of government, the exchange rate system is known as a(n) ____________________ exchange rate system.a. equilibriumb. fixedc. floatingd. pegged15. A government can fix the exchange rate of its currency by:a. raising its interest rates to make the currency more attractive to foreigners.b. refusing to engage in foreign trade.c. buying or selling its currency to keep the exchange rate in a pre-established range.d. joining a trade bloc.16. If a country's government acts to reduce the fixed value of its currency, the change is called a(n):a. devaluation.b. evaluation.c. revaluation.d. depreciation.17. ____________________ is the process by which an investor buys a currency in one market ata particular exchange rate and then almost immediately sells that currency in another market where the exchange rate for the currency is more advantageous, thereby ensuring an almost risk-free profit.a. Arbitrageb. Risk-free investingc. Appreciationd. Revaluation18. Suppose the exchange rate between the Canadian dollar (C$) and the American dollar (US$) changes from C$1.340/US$ to C$1.325/US$, but the Canadian government wants to maintain a fixed exchange rate of C$1.340/US$. What should the Bank of Canada do?A. Stop trading with the U.S. so that fewer U.S. dollars will flow into Canada.B. Sell U.S. dollars (buy Canadian dollars).C. Sell Canadian dollars (buy U.S. dollars).D. Purchase British pounds and sell French francs.19. Which of the following statements is false?A. British imports of Florida oranges will create a demand for U.S. dollars.B. If all Americans buy Japanese cars, the dollar will appreciate relative to the yen.C. The American dollar is often used as a vehicle currency.D. Australia, Canada, New Zealand and Taiwan all use currencies called “dollars.”20. The demand curve for a foreign currency slopes downward becauseA. at lower exchange rates, foreign goods look cheaper to home country residents.B. at higher exchange rates, the home currency can buy more foreign goods.C. the quantity supplied of the foreign currency rises as the exchange rate falls.D. marginal utility theory says that individuals substitute into any commodity whose price has fallen.True or False? Explain.1. T / F An increase in U.S. imports from France will give rise to a supply of euros inexchange for dollars.2. T / F Central bank intervention is more prevalent under a floating exchange ratesystem than under a pegged exchange rate system.3. T / F If Americans suddenly refuse to lend money to Mexico, we would expect thedollar to appreciate relative to the peso.4. T / F Art appreciation courses have nothing to do with exchange rates.5. T / F If a currency is undervalued in a fixed exchange rate system, officials from thatcountry’s central bank will have to sell their currency to keep it pegged.Questions for Chapter 41. If a person's or firm's financial welfare can be affected by changes in the value of one currency in terms of another currency, that person or firm is exposed to a(n) ____________________ risk.a. exchange rateb. forward exchange ratec. debitd. credit2. ____________________ is the taking of a net asset position or net liability position in some foreign currency in hopes of making a profit.a. Arbitrageb. Hedgingc. Swappingd. Speculating3. When an investor reduces or eliminates a net asset or net liability position in a foreign currency to reduce risk exposure, that investor is:a. speculating.b. investing.c. hedging.d. arbitraging.4. A(n) ____________________ is an agreement to exchange one currency for another currency on a specific future date and at a specific rate.a. forward foreign exchange contractb. arbitrage agreementc. currency swap agreementd. covered interest contract5. You are an American and usually transact in dollars. If the only foreign currency position that you have is that you owe 10,000 Swiss francs for a custom watch that you ordered from Swatch:a. you are exposed to exchange rate risk because you are long Swiss francs.b. you will suffer a loss if, in the spot exchange market, the Swiss franc depreciates against the U.S. dollar.c. you can hedge against exchange rate risk by borrowing Swiss francs and immediately exchanging them for dollars.d. you can hedge against exchange rate risk by obtaining a forward foreign exchange contractin which you will receive Swiss francs.6. The difference between a forward exchange rate and a future spot exchange rate is:a. a forward exchange rate can change as the specified date approaches, but the spot rate is fixed now to be used at the specified future date and does not change.b. very small, because a forward exchange rate is almost the same as a future spot exchange rate.c. a forward exchange rate can be renegotiated if the parties agree, but a future spot exchange rate is fixed now to be applied to a future transaction at a specified future date.d. a forward exchange rate is fixed now to be used at a specific future date, but a future spot exchange rate is whatever exchange rate exists on the specific future date.7. A ___________________ position is holding net assets denominated in a foreign country, and a ___________________ position means owing more of a foreign currency than one owns.a. long; shortb. short; longc. hedged; speculatived. speculative; covered8. When the exchange rate at which an anticipated foreign investment return will be redeemed is determined through a forward exchange contract, a(n) ____________________ results.a. uncovered interest parityb. covered interest parityc. uncovered international investmentd. covered international investment9. There is a hypothesis in international economics that the pressure from speculators on the supply of and demand for a specific currency should:a. make the current forward exchange rate equal the average future expected spot exchange rate on the exchange date.b. create opportunities for investors to bet that the value of the currency at a specific future date will be less than the current forward rate of the currency.c. make the current forward exchange rate equal to the current spot exchange rate.d. cause the country whose currency is involved to devalue the currency before the expected exchange date.10. If the interest rate on two currencies is different, but the currency with the lower interest rate is expected to appreciate by the difference in the interest rates, there is a condition of:a. uncovered interest parity.b. zero exchange rate risk.c. zero covered interest differential.d. fully hedged positions.11. ____________________ is buying a country's currency spot and selling it forward, while making a profit on the combination of the interest rate in that country and any forward premium on its currency.a. Covered interest arbitrageb. Hedged forward exchangec. Anticipated future spot exchanged. Forward premium speculation12. Covered interest parity links together four rates:a. current spot rates in the two countries under consideration and the current interest rates in those two countries.b. current forward rates in the two countries under consideration and the current interest rates in those two countries.c. current spot exchange rate, current forward exchange rate, and the current interest rates in the two countries under consideration.d. current spot exchange rate, current forward exchange rate, current short-term interest ratein the foreign country, and current long-term interest rate in the foreign country.13. Suppose an American speculator anticipates the spot rate on the yen in 180 days will be higher than today’s 180-day forward rate on yen ($0.0072). Which of these investments is best if she is correct?A. Sell one million yen today in the forward market for delivery in 180 days.B. Buy one million yen today in the forward market for delivery in 180 days.C. Buy dollars today in the spot market.D. Buy dollars today in the forward market for delivery in 180 days.14. Covered interest parity is a condition whereA. the forward value of a currency will tend to exceed its spot value by the same percentage as its interest rate is lower than foreign interest rates.B. the spot value will tend to exceed its forward value by the same percentage as the domestic interest rate is lower than foreign interest rates.C. the domestic and foreign interest rates are equalized.D. the spot and forward rates are equalized.15. Suppose you are an established speculator with an excellent reputation, but currently without liquid funds. You believe the dollar is going to appreciate. What would you do?A. Borrow dollars in the U.S. and sell the dollars in the spot exchange market.B. Buy foreign (non-dollar) currencies forward.C. Sell foreign (non-dollar) currencies forward.D. Borrow yen in Japan and sell them on the spot market.16. If today’s spot rate on the British pound is $2 and the 30-day forward rate on the pound is $2.10 (ignoring any interest earnings or costs), then a speculator whoA. purchased 100 British pounds forward today can make $10 profit in 30 days.B. purchased 100 British pounds spot today can make $10 profit 30 days from now.C. sold 100 British pounds forward today can make £10 profit 30 days from now.D. sold 100 British pounds spot today can make £10 profit 30 days from now.E. none of the above.17. If risks are not a concern to an investor, that investor is said to be risk:A. neutral.B. adverse.C. insulated.D. advantaged.True or False? Explain.1. T / F The forward exchange rate is the same as the future spot rate.2. T / F Speculating means taking only a short position, not a long position.3. T/ F If German interest rates are higher than American interest rates, we would expectthe euro to be at a forward discount relative to the dollar.4. T / F Hedgehogs are afraid of risk.5. T/ F If a speculator believes that the future spot rate on the British pound will behigher than the current forward rate, the speculator will buy the pound forward.Questions for Chapter 51. The expected overall return on an uncovered investment in a bond denominated in a foreign currency depends on:a. the exchange rate and the world economic situation.b. the political stability of the nation where the bond is issued and the exchange rate.c. the basic return on the bond and the expected gain or loss on currency exchanges.d. the economic health of the company issuing the bond and the world economic situation.2. While the causes of changes in short-term floating exchange rates are difficult to determine, long-term changes in floating exchange rates are related to:a. pegged exchange rates.b. political risks.c. Eurocurrencies.d. economic fundamentals.3. The ____________________ is based on the idea that a product that is freely traded in a competitive global market should have the same price everywhere if the prices at different places are expressed in the same currency.a. law of one priceb. law of supply and demandc. floating exchange rated. role of interest rates4. The market exchange rate is a(n) ____________________ way to compare average income and production levels because the purchasing power parity hypothesis ____________________.a. excellent; is well-suited for comparing national expenditures and productionb. acceptable; equalizes international economic differences in expenditures and productionc. good; is better than any other approach that has been developed to compare incomes and productiond. poor; is not reliable when applied to the goods and services that make up national expenditures or domestic production.5. The law on one price works well for ____________________ but does not hold for ___________________.a. heavily traded commodity products; manufactured productsb. industrial countries; developing countriesc. international transactions; domestic transactionsd. theoretical comparisons; actual results6. ____________________ suggests that an assortment of tradable products will have the same cost in different countries if the cost is stated in the same currency.a. Absolute purchasing power parityb. Relative purchasing power parityc. International equilibriumd. The law of supply and demand7. The primary demand for money is:a. in developing countries.b. for foreign direct investment.c. as a medium of exchange.d. for a country's international reserves.8. If the law of one price holds, then we would expect that if one dollar exchanges for four yen and if a computer costs $1,000 in the U.S., then in Japan, the computer should cost:a. 2000 yen.b. 3000 yen.c. 250 yen.d. 4000 yen.9. What implications for international financial repositioning and for the current spot exchange rate would flow from an increase in the current domestic interest rate?a. Repositioning towards domestic currency assets results in the domestic currency depreciating.b. Repositioning toward foreign currency assets results in the domestic currency depreciating.c. Repositioning towards domestic currency assets results in the domestic currency appreciating.d. Repositioning toward foreign currency assets results in the domestic currency appreciating.10. What implications would a decrease in foreign interest rates have for the direction of international financial repositioning and for the current spot exchange rate?a. Repositioning towards domestic currency assets and the domestic currency depreciates.b. Repositioning toward foreign currency assets and the domestic currency depreciates.c. Repositioning towards domestic currency assets and the domestic currency appreciatesd. Repositioning toward foreign currency assets and the domestic currency appreciates.11. The monetary approach to exchange rates is generally:a. successful in explaining short- and long-term exchange rates.b. successful in explaining short-term exchange rates but not long-term exchange rates.c. successful in explaining long-term exchange rates but not short-term exchange rates.d. of no value for explaining short- or long-term exchange rates.13. Purchasing power parity predicts that when the U.S. inflation rate increases relative to the inflation rate of another country:a. the dollar should appreciate.b. the foreign currency should appreciate.c. the foreign currency should depreciate.d. the exchange rate should not be affected.14. Relative purchasing power parity:a. theorizes that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time.b. explains exchange rates as being part of the equilibrium for the markets for financial assets denominated in different currencies.c. suggests that the exchange rate should be equal to the ratio of the domestic price level to the foreign price level.d. says that a single currency will have the same price everywhere, once the prices at difference places are expressed in that currency.15. Which of the following is the least accurate statement about purchasing power parity (PPP)?a. PPP predicts most accurately when looking at the largest measure of price levels such as all products in the GDP.b. PPP predicts moderately well at the level of all traded goods.c. If absolute PPP is true at all times, then relative PPP is also true.d. Relative PPP predicts better over the long-term rather than the short-term.16. Under the asset market approach, if both U.S. and British interest rates rise by three percentage points, we could expectA. the dollar to appreciate.B. the dollar to depreciate.C. the exchange rate between the dollar and the pound to remain unchanged.D. investors to move their funds to a third country.17. All other things being equal, if the British government increases the money supply by 5% while the British economy is experiencing 5% real growth, the exchange rate on the pound will beA. unaffected.B. higher.C. lower.D. a mystery.18. All other things being equal, which of the following would not cause the price of a foreign currency (e) to fall?A. A rise in the home country’s expected inflation rate.B. A rise in the foreign country’s expected inflation rate.C. A drop in the foreign country’s real income.D. A rise in the foreig n country’s money supply.True or False? Explain.1. T / F An expectation that the yen will appreciate can cause the yen to appreciate.2. T / F An increase in the domestic interest rate will cause the home currency todepreciate.3. T / F International interest rate differentials drive exchange rates in the short run;international price differentials drive exchange rates in the long run.4. T / F The purchasing power parity hypothesis is unlikely to be true for countries thatdo not trade commodities internationally.5. T / F If the inflation rate in the United States is lower than the inflation rate in France,the euro will depreciate relative to the dollar.。

Chapter 1 国际收支国际收支中的交易1.交换：不同经济体的居民交换有对应经济价值的项目（即可商品服务，又可金融项目）2.转移：一方提供价值但未收取对应价值；单向流动：物资捐赠&救助服务、债务豁免3.变动：移居（移民债权债务—对外债权债务）债权债务再分类（持有股票为证券投资，联合控股转变为直接投资）推论交易（国外直接投资者的收益记为直接投资一部分）国际收支主体：交易在居民与非居民间（居民：机构单位&经济领土&经济利益中心）交易者原则：凡居民单位与非居民单位之间的经济交易都属于国际收支国际收支规定：1.计价原则：市场价格计价；商品计离岸价，运费保险记在服务项下2.记账单位为美元；签订合同中规定汇率折算/交易当日市场汇率/短期平均汇率3.时间确定：经济所有权变更原则。

权责发生制下，经济所有权变更是交易确定记录时间的核心国际收支平衡表标准构成：一般分为经常账户、资本和金融账户 + 对冲项目“误差与遗漏净额”经常账户（current account）1．货物和服务：有形商品&运输、保险、通讯、旅游2．初次收入：雇员报酬、投资收益、租金3．二次收入：承接项目，平衡经常转移资本账户（capital account）1.非生产非金融资产的取得/处置：自然资源、契约租约和许可，品牌、报刊名称、商标、标志和域名等2.资本转移：资产转移、减免负债金融账户（financial account）净额记录1.直接投资2.证券投资：注意与证券投资收益的差别3.金融衍生品&雇员认股权4.其他投资：包括所有未包括的金融交易（货币和存款、贷款、保险技术准备金、贸易信贷、预付款、其他应收款eg：外国人支付的支票；私人部门买入外汇后对外资产的变动，存放在外国银行账户上的存款）5.储备资产误差与遗漏净额：为了抵消掉在统计过程中由于源数据和编制等原因导致的错误，使国际收支平衡表总能达到总体的水平，以该项来平衡CA+FA。