《宏观经济学原理》Ch19

InternationalFinanceCHAPTER19CHECKPOINTSProblem1Checkpoint19.1Problem1Checkpoint19.2Problem2Problem3ClickerversionClickerversionProblem2Problem3ClickerversionPracticeProblem1

Thetablesetoutaneconomy’stransactionsinin2008.CalculateThecurrentaccountbalanceThecapitalaccountbalanceTheofficialsettlements accountbalanceExportsofgoodsandservicesCHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.SolutionThecurrentaccountbalanceequalsnetexportsplusnetinterestfromabroad(–$100billion)plusnettransfers(zero).Netexportsequalthegovernmentsectorbalance($200billion)plustheprivatesectorbalance.CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.Theprivatesectorbalanceequalssaving($1,800billion)minusinvestment($2,000billion.Theprivatesectorbalanceis

–$200billion.Netexportsequalthegovernmentsectorbalance($200billion)plustheprivatesectorbalance(–$200billion).Sonetexportsarezero.CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.Thecurrentaccountbalanceequalsnetexports(zero)plusnetinterestfromabroad(–$100billion)plusnettransfers(zero).Thecurrentaccountbalanceis

–$100billion.CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.Thecapitalaccountbalanceisthenegativeofthesumofthecurrentaccountandofficialsettlementsaccountbalances,whichis$90billion.Theofficialsettlementsaccountbalanceisasurplusof$10billion.Exportsequalnetexports(zero)plusimports($2,000billion),whichequals$2,000billion.CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.PracticeProblem2Istheeconomyadebtororacreditornationin2008?CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.SolutionTheeconomyisadebtornationin2008becauseitpaysmoreininteresttotherestoftheworldthanitreceivesininterestfromtherestoftheworld.CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.PracticeProblem3

Ifgovernmentexpenditureongoodsandservicesincreasesby$100billion,whathappenstothecurrentaccountbalance?CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.SolutionIfgovernmentexpenditureincreasesby$100billion,thegovernmentsectorbalancedecreasesby$100billion.Withnochangeintheprivatesectorbalance,netexportsdecreaseby$100billion.Thecurrentaccountdeficitincreasesby$100billion.CHECKPOINT19.1Importsofgoodsandservices,$2,000billionInterestpaidtotherestoftheworld,$500billionInterestreceivedfromtherestoftheworld,$400billionDecreaseinofficialU.S.reserves,$10billionGovernmentsectorbalance,$200billionSaving,$1,800billionInvestment,$2,000billionNettransfers,zero.PracticeProblem1

Supposethatyesterday,theU.S.dollarwastradingontheforeignexchangemarketat100yenperdollar.Today,theU.S.dollaristradingat105yenperdollar.Whichofthetwocurrencies(thedollarortheyen)hasappreciated,andwhichhasdepreciatedtoday?CHECKPOINT19.2SolutionBecausethepriceoftheU.S.dollarisalargernumberofyen,theU.S.dollarhasappreciated.TheyenhasdepreciatedbecauseitbuysfewerU.S.dollars.CHECKPOINT19.2StudyPlanProblemSupposethatyesterday,theU.S.dollarwastradingontheforeignexchangemarketat100yenperdollar.Today,theU.S.dollaristradingat105yenperdollar.Whichofthetwocurrencies(thedollarortheyen)hasappreciatedandwhichhasdepreciatedtoday?A.Bothcurrenciesdepreciated.B.Bothcurrenciesappreciated.C.Thedollarappreciatedandtheyendepreciated.D.Thedollardepreciatedandtheyenappreciated.CHECKPOINT19.2PracticeProblem2

Supposethatyesterday,theU.S.dollarwastradingontheforeignexchangemarketat100yenperdollar.Today,theU.S.dollaristradingat105yenperdollar.Listtheeventsthatcouldhavecausedtoday’schangeinthevalueoftheU.S.dollarontheforeignexchangemarket.DidtheseeventsonyourlistchangethedemandforU.S.dollars,thesupplyofU.S.dollars,orboththedemandforandsupplyofU.S.dollars?CHECKPOINT19.2SolutionThemaineventsmightbeAnincreaseintheU.S.interestrateAdecreaseintheJapaneseinterestrateAriseintheexpectedfutureexchangerateoftheU.S. dollar.TheeventslistedchangeboththedemandforandsupplyofU.S.dollars.TheseeventsincreasethedemandforandsupplyofU.S.dollars.CHECKPOINT19.2StudyPlanProblemThevalueoftheU.S.dollarontheforeignexchangemarketrosefrom100yen105yenperdollar.

_____couldhavecausedthisrisebecause______U.S.dollarschanged.A.AfallintheU.S.interestrateandafallintheexpectedfuture exchangerateoftheU.S.dollar;onlythedemandfor.B.AriseintheexpectedfutureexchangerateoftheU.S.dollaranda fallintheU.S.interestrate;boththedemandandsupplyof.C.AriseintheexpectedfutureexchangerateoftheU.S.dollarand ariseintheU.S.interestrate;boththedemandandsupplyof.D.AriseintheU.S.interestrateandafallintheexpectedfuture exchangerateoftheU.S.dollar;onlythesupplyof.CHECKPOINT19.2PracticeProblem3

Supposethatyesterday,theU.S.dollarwastradingontheforeignexchangemarketat100yenperdollar.Today,theU.S.dollaristradingat105yenperdollar.IftheFedhadtriedtostabilizethevalueoftheU.S.dollarat100yenperdollar,whatacti