国际金融学智慧树知到期末考试答案章节答案2024年外交学院

国际金融学智慧树知到期末考试答案+章节答案2024年外交学院Anincreaseindisposableincomeworsensthecurrentaccount.()

答案:对TheBalanceofpaymentsisseldominbalanceinpractice.()

答案:对DeparturesfromPPPmayoftenbegreaterintheshortrunthaninthelongrun.()

答案:对TheU.S.hasthemostnegativenetexternalwealtharoundtheworld.()

答案:对Therealexchangerate,isdefinedasthepriceofthehomegoodsintermsoftheforeigngoods.()

答案:错SupportersofafloatingexchangeratecitedallofthefollowingasadvantagesovertheBrettonWoodssystemEXCEPT_______.()

答案:countrieswouldbeforcedtoworkcooperativelyindecidingmonetarypolicy.Ifacountrychoosestohaveamonetarypolicyorientedtowarddomesticgoalsandthefreedomofinternationalcapitalmovements,then_______.()

答案:itcannothaveafixedexchangerate.Thefuturedateonwhichthecurrenciesareactuallyexchangediscalled______.()

答案:thevaluedateAssumetheassetmarketisalwaysinequilibrium.ThereforeafallinYwouldresultin_____。（)

答案:adepreciationofthehomecurrency.Thesignalingeffectofforeignexchangeintervention_______.()

答案:canalterthemarket'sviewoffuturemonetarypoliciesandcauseanimmediateexchangeratechange.Theinterestparityconditionrequiresthat:()

答案:thereisauniqueexchangerateforeveryoutputlevel.Themainreason(s)whygovernmentssometimeschosetodevaluetheircurrenciesis(are)_____.()

答案:devaluationimprovesthecurrentaccountandincreasesforeignreservesheldbythecentralbank.ThedollaroftheUnitedStatesbecamethepostwarworld'skeycurrencybecauseofallEXCEPT______.()

答案:theeaseoftransportingU.S.dollarscomparedwithothercurrencies.Whydoesanexchangerate-outputcombinationlyingabovebothDDandAAjumpfirsttoAAinequilibrium?()

答案:Assetpricescanadjustimmediately.Anincreasein_______.()

答案:realoutputraisestheinterestratewhileafallinrealoutputlowerstheinterestrate,giventhepricelevelandthemoneysupply.UsingtheDD-AAframework,whichoneofthefollowingstatementsistheMOSTaccurate?()

答案:Monetarypolicybyitselforfiscalpolicybyitselfcanbringtheeconomytofullemployment.Acountrycanincreaseitsexternalwealthfrom______.()

答案:netimportofassetsandcapitalgainsonitsexternalassetsWhichoneofthefollowingstatementsistheMOSTaccurate?()

答案:RelativepricechangescouldleadtoPPPviolationseveniftradewerefreeandcostless.Whatisthecurrentaccountidentity?()

答案:S=I+CAPositiveexternalwealthmakesacountryadebtornation.（）

答案:错Fiscalpolicyaffectsoutputmoreunderfixedthanunderflexibleexchangerateregimes.()

答案:对Aclosedeconomycansaveonlybybuildingupitscapitalstock.()

答案:对WhatarethebiggestadvantagestheU.S.hasovertheEUintermsofbeinganOptimumCurrencyArea?()

答案:highmobilityoflaborforce,moretransferpaymentsbetweenregionsIfaneconomyisinaliquiditytrap,thenthenominalinterestrateis________andthemoreeffectivepolicythatcanbeusedtostimulatetheeconomyis________.()

答案:zeroornegative;expansionaryfiscalpolicyIntheshortrun,______.()

答案:monetaryexpansioncausestheCAtoincrease&fiscalexpansioncausestheCAtodecrease.Ifthedollarinterestrateis10percentandtheeurointerestrateis6percent,then_______.()

答案:aninvestorshouldinvestonlyineurosiftheexpecteddollardepreciationagainsttheeurois8percent.Whichmajoractorisatthecenteroftheforeignexchangemarket?()

答案:commercialbanksWhichofthefollowingstatementsisMOSTaccurate?()

答案:ArelativeexpansionofU.S.outputcausesalong-rundepreciationofthedollaragainsttheeuro,whilearelativeexpansionofEuropeanoutputcausesalong-runrealappreciationofthedollaragainsttheeuro.UnderPPP(andbytheFisherEffect),allelseequal,ariseinacountry'sexpectedinflationratewilleventuallycauseanequalriseintheinterestratethatdepositsofitscurrencyoffer.()

答案:对Thedollarissometimescalledavehiclecurrencybecauseofitspivotalroleinmanyforeignexchangedeals.()

答案:对Whenpricesareflexible,adecreaseinthedomesticmoneysupplyhasnoeffectontheinterestrate,becauseoftheimmediatedecreaseinthepricelevel.()

答案:对Ingeneral,underthemonetaryapproachtotheexchangerate,theinterestrateisnotindependentofthemoneysupplygrowthrateinthelongrun.()

答案:对Wecanusecrossratestohelpuscheckonwhetheratriangulararbitrageopportunityexists.()

答案:对Intheforexmarket,anappreciationisarevaluation,andadepreciationisalsoadevaluation,theyareexchangeable.()

答案:错AccordingtoUIP,foragiveneurointerestrateandconstantexpectedexchangerate,ariseintheinterestrateofferedbydollardepositscausesthedollartoappreciate.()

答案:对Afixedrateautomaticallypreventsinstabilityintheeconomyfromoutputmarketshocks.()

答案:错Forwardandspotexchangeratesmovecloselytogetherandareequalonthevaluedate.()

答案:对BothCIPandUIPholdifcapitalcanflowfreely.()

答案:对Changesinthemoneysupplygrowthrate______.()

答案:neednotbeneutralinthelongrun.Theexpectationoffuturedevaluationcausesabalanceofpaymentscrisismarkedby_____.()

答案:asharpfallinreservesandariseinthehomeinterestrateabovetheworldinterestrate.Afterapermanentincreaseinthemoneysupply,______.()

答案:theexchangerateovershootsintheshortrun.WhichofthetwofeaturesoftheIMFArticlesofAgreementhelpedpromoteflexibilityinexternaladjustment?()

答案:IMFmemberscontributedtheircurrencytoformapoolofresourcesthatIMFcouldlendtocountriesinneedandparitiesintheexchangerateagainstthedollarcouldbeadjustedwithagreementofIMFTheabilityoffactorstomigrateabroad____.()

答案:reducestheseverityofunemploymentandthefallintherateofreturnavailabletoinvestors.Underthemonetaryapproachtotheexchangerate,_______.()

答案:ariseinthemoneysupplywillcauseimmediatecurrencydepreciation.AnincreaseintheworldrelativedemandforU.S.outputcauses,________.()

答案:along-runrealappreciationofthedollaragainsttheeuro.TheGermangovernmentcarriesoutanofficialforeignexchangeinterventioninwhichitusesdollarsheldinanAmericanbanktobuyFrenchcurrencyfromitscitizens.Howisthisaccountedforinthebalanceofpayments?()

答案:financialaccount,FrenchassetexportWhichofthefollowingcompetetodeterminewhetherthecurrentaccountimprovesorworsensfollowingariseintherealexchangerate?()

答案:volumeeffectandvalueeffectWhichoneofthefollowingstatementsistheMOSTaccurate?()

答案:Underafixedexchangerate,centralbankmonetarytoolsarepowerlesstoaffecttheeconomy'smoneysupplyoritsoutput.WhichofthefollowingisNOTaresultofapermanentfallinforeigndemandononecountry'sexportsunderfloatingexchangerate?()

答案:AraisedlevelofunemploymentAmajoreconomic______.()

答案:benefitoffixedexchangeratesisthattheysimplifyeconomiccalculationsandprovideamorepredictablebasisfordecisionsthatinvolveinternationaltransactionsthandofloatingrates.Underfixedrates,whichoneofthefollowingstatementsistheMOSTaccurate?()

答案:Monetarypolicycanaffectonlyinternationalreserves.Apermanentincreaseinacountry'smoneysupply________.()

答案:causesaproportionalincreaseinitspricelevel.Imperfectassetsubstitutabilityexists______.()

答案:whenthereisriskintheforeignexchangemarket.WhichofthefollowingstatementsistheMOSTaccurate?()

答案:AbsolutePPPimpliesrelativePPP.Intertemporaltradeis_______.()

答案:theexchangeofgoodandservicesforclaimstofuturegoodsandservices.WhichofthefollowingisNOTaresultofatemporaryfallinforeigndemandononecountry'sexportsunderfloatingexchangerate?()

答案:TheAAcurveshiftsdownwardsduetoreductionofmoneysupply.Acurrentaccountsurplus______.()

答案:mayposenoproblemifdomesticsavingsarebeinginvestedmoreprofitablyabroadthantheywouldbeathome.Currencycrisesmayresultfrom_______.()

答案:speculativeattacksonthecurrencyorcentralbankspurchasingexcessiveamountsofgovernmentbonds.Advocatesofflexibleexchangeratesclaimthatunderflexibleexchangerates,thecentralbankof_______.()

答案:anoverheatedeconomycouldcooldownactivitybycontractingthemoneysupplywithoutworryingthatundesiredreserveinflowwouldundermineitsstabilizationeffort.Ifassetsareimperfectsubstitutes,thenadecreaseintheamountofdomesticcurrencybondsheldbythepublicwill________theriskpremiumand________theamountofdomesticcurrencybondsheldbythecentralbank.（)

答案:decrease;leaveunchangedTheintersectionofGGandLLdetermines______.()

答案:theminimumlevelofintegrationthatwillcauseNorwaytojointhefixedexchangerateregime.TheEuropeanCentralBankhasitsheadquarterin_______.()

答案:Frankfurt.Themonetaryefficiency______.()

答案:gainfrompeggingsaytheNorwegiankronetotheeuro(forexample)willbehigheriffactorsofproductioncanmigratefreelybetweenNorwayandtheeuroarea.Aninflation-pronecountry_______.()

答案:gainsfromvestingitsmonetarypolicydecisionswitha"conservative"centralbank.Themoreintensiveandextensivearecross-bordertradeandfactormovements,thegreateristhegainfromafixedcross-borderexchangerate.()

答案:对Whichofthefollowingbestdefinesanoptimumcurrencyarea?()

答案:agroupofregionswitheconomiescloselylinkedbyfactormobilityandbytradeingoodsandservicesWhentheeconomyisdisturbedbyachangeintheoutputmarket_______.()

答案:afloatingexchangeratehasanadvantageoverafixedrate.TheGermancentralbankintheEuropeanMonetarySystem,1979-1998______.()

答案:wasveryinflation-averse.Whatwouldbestdescribetheinternationalcapitalmarkets?()

答案:themarketinwhichresidentsofdifferentcountriestradeassetsEurodollarsaredollardepositslocatedoutsidetheUnitedStates.（）

答案:对Arandomwalkmodelcanmoreaccuratelypredictexchangeratesascomparedtoasophisticatedforecast________.()

答案:forforecastsuptoayearaway.Refertothegraphabove,whichshowstheeffectof________onthehomeeconomy.()

答案:foreigninflationUnderagoldstandard,countriescontrol______.()

答案:monetarypolicyorientedtowarddomesticgoals.Duetomacroeconomicsinterdependencebetweenlargecountries,theeffectofapermanentmonetarypolicyexpansionbyHomeisasfollows:Homeoutput_______.()

答案:rises,Home'scurrencydepreciates,andForeignoutputmayriseorfall.Inthecaseofadomesticmonetaryshock,floatingexchangerates_______.()

答案:makethehomeeconomymorevulnerable.Advocatesofflexibleexchangeratesclaimthatunderflexibleexchangerates,acurrency_______.()

答案:depreciationcausedbyincreasingthemoneysupplywouldreduceunemploymentbyloweringtherelativepriceofdomesticproducts.Advocatesofflexibleexchangeratesclaimthatunderflexibleexchangerates______.()

答案:nocountrywouldbeforcedtoimportinflationanddeflationfromabroad.Themechanismbehindtheinflationinsulationprovidedbyafloatingexchangerateis____.()

答案:PurchasingPowerParity.Underaflexibleexchangerateregime,anincreaseinrealmoneydemand______.()

答案:movestheAAcurvetotheleft.Undertheflexibleexchangerate,loweringthepriceofaforeigncurrencywill______.()

答案:allowtheexpansionofmonetarypolicywithoutcausinginflation.TheDDscheduleshows_______.()

答案:exchangerateandoutputpairsforwhichaggregatedemandequalsaggregateoutput.2TheAAscheduleshows________.()

答案:Exchangerateandoutputpairsatwhichtheforeignexchangemarketandthedomesticmoneymarketareinequilibrium.FederalReserveChairmanVolcker'spolicytofightinflation_______.()

答案:ledtothe1981-1983recession,butwasultimatelysuccessful.Underfixedexchangerate,theresponseofaneconomytoatemporaryfallinforeigndemandforitsexportsis______.()

答案:thecurrencyremainsthesame,andoutputdecreases.Anexpenditure-changingpolicy_______.()

答案:alterstheleveloftheeconomy'stotaldemandforgoodsandservices.TheconfidenceproblemoftheBrettonWoodssystemsarticulatedbyRobertTriffinrefersto______.()

答案:theunwillingnessofcentralbankstoaccumulatecurrencyforfearofnotbeingabletoconvertittogoldincasearunonthebanksoccurs.AdvocatesoffloatingratesuggesteditisfavorableforeconomiesforallofthefollowingreasonsEXCEPT______.()

答案:itautomaticallymatchesthedomesticinflationwithongoingforeigninflation.Adevaluationofthehomecurrency______.()

答案:increasesoutputandmakesdomesticgoodsandservicescheaperrelativetothosesoldabroad.Aconvertiblecurrencyisacurrencythatmaybefreelyexchangedfor______.()

答案:foreigncurrencies.Apolicyof"beggar-thy-neighbor"isapolicythat_______.()

答案:doesnotoftenbenefitsanycountryinthelongrunAcurrentaccountdeficit______.()

答案:mayposenoproblemiftheborrowedfundsarechanneledintoproductivedomesticinvestmentprojectsthatpayforthemselveswiththerevenuetheygenerateinthefuture.Themainpolicygoalforacountryaccordingtothemercantilistsis_____.()

答案:tocreateacontinuingsurplusinthebalanceofpayments.UntiltheUnitedStatesCivilWar,TheUnitesStateshada______.()

答案:bimetallicmonetarystandardconsistingofsilverandgold.Undertheprice-specie-flowmechanism,whathappenswhen,say,Germany'scurrentaccountsurplusisgreaterthanitsnon-reservecapitalaccountdeficits?()

答案:GoldreserveswillflowintoGermanyTheprice-specie-flowmechanism_______.()

答案:isanautomaticmechanismforassuringexternalbalanceunderthegoldstandard.The"rulesofthegame"underthegoldstandardcanbestbedescribedaswhichofthefollowing:()

答案:slowingdowntheautomaticadjustmentsprocessesinherentinthegoldstandardGovernmentsprefertoavoidexcessivecurrentaccountsurplusesbecause______.()

答案:anadditiontothehomecapitalstockmayreducedomesticunemploymentandthereforeleadtohighernationalincome.Byexternalbalance,mosteconomistsmean______.()

答案:avoidingexcessiveimbalancesininternationalpaymentsByinternalbalance,mosteconomistsmean______.()

答案:fullemploymentandpricestabilityIfcentralbanksarenotsterilizingandthehomecountryhasabalanceofpaymentssurplus,anyassociatedincreaseinthehomecentralbank'sforeignassetimpliesanincreasedhomemoneysupply.()

答案:对Anycentralbankpurchaseofassetsautomatically

resultsinanincreaseinthedomesticmoneysupply,whileanycentralbanksaleofassetsdoesnotnecessarilyaffectthemoneysupply.()

答案:错Whendomesticandforeigncurrencybondsareimperfectsubstitutes,thedomesticinterestrate(R)canbewrittenas______.()

答案:R=R*+(Ee

-E)/E+ρAnydisturbancethatraisesaggregatedemandfordomesticoutputshiftstheDDscheduletotheright.()

答案:对TheAA-curvehasanegativeslopebecauseanincreaseinYwillcauseEtofall(adomesticcurrencyappreciation).()

答案:对economystartsinlong-runequilibrium,apermanentfiscalexpansionwillcause______.()

答案:adecreaseinexchangerate,E.OneimplicationofanempiricalinvestigationoftheMarshall-Lernerconditionisthat,inthe________,areal________inanation'scurrencyislikelyto________thecountry'scurrentaccountbalance.()

答案:long-run;depreciation;improveIntheshort-run,atemporaryincreaseinthemoneysupply_____.()

答案:shiftstheAAcurvetotheright,increasesoutputanddepreciatesthecurrency.Thepercentbywhichimportpricesrisewhenthehomecurrencydepreciatesby1%isthedegreeof______.()

答案:pass-throughfromexchangeratestoimportprices.WhichoneofthefollowingstatementsisMOSTaccurate?()

答案:Ingeneral,consumptiondemandrisesbylessthandisposableincome.WhichofthefollowingdoesNOTaffectthepositionoftheDDcurve?c()

答案:monetarypolicyWhathaveweassumedwhenweconcludethatarealdepreciationofthecurrencyimprovesthecurrentaccount?()

答案:Allelseequalandthevolumeeffectoutweighsthevalueeffect.ImaginethattheeconomyisatapointthatisabovebothAAandDD,whereboththeoutputandassetmarketsareoutofequilibrium.Whichfirstactionis对?（)

答案:TheexchangeratewillfirstdroptoapointontheAAschedule.WhichoneofthefollowingstatementsistheMOSTaccurate?（)

答案:Forassetmarketstoremaininequilibrium,ariseindomesticoutputmustbeaccompaniedbyanappreciationofdomesticcurrency,allelseequal.Apermanentfiscalexpansion______.()

答案:shiftstheDDtotherightandtheAAscheduletotheleft,leavingoutputthesame.TheDDscheduleshowsallcombinationsofwhich2variablessothattheoutputmarketisinequilibrium?()

答案:outputandtheexchangerateWhichofthefollowinghavetobeinequilibriumfortheeconomytobeinequilibrium?（)

答案:theoutputandassetmarketsThemonetaryapproachtotheexchangerateisalongruntheory.()

答案:对IfpeopleexpectrelativePPPtohold,______.()

答案:thedifferencebetweentheinterestratesofferedbydollarandeurodepositswillequalthedifferencebetweentheinflationratesexpected,intheUnitedStatesandEurope,respectively,overtherelevanthorizon.Ingeneral,underthemonetaryapproachtotheexchangerate,whilethelong-runinterestratedoesnotdependontheabsolutelevelofthemoneysupply,continuinggrowthinthemoneysupplyeventuallywillaffecttheinterestrate.（）

答案:对Thedomesticcurrencypriceofarepresentativeforeignexpenditurebasketis_______.()

答案:P*timesE,theforeignpriceleveltimesthenominalexchangerate.UnderPurchasingPowerParity,_______.（）

答案:E$/£

=PUS/PUKIfthelawofonepriceholds对foreverycommodity,PPPmustautomaticallyholdaslongasthereferencebasketsusedtoreckondifferentcountries'pricelevelsarethesame.()

答案:对WhichofthefollowingstatementsistheMOSTaccurate?()

答案:RelativePPPmaybevalidevenwhenabsolutePPPisnot,providedthefactorscausingdeviationsfromabsolutePPParemoreorlessstableovertime.Underthemonetaryapproachtoexchangeratetheory,moneysupplygrowthataconstantrate_______.()

答案:eventuallyresultsinongoingpricelevelinflationatthesamerate,butchangesinthislong-runinflationratedonotaffectthefull-employmentoutputlevelorthelong-runrelativepricesofgoodsandservices.Theaggregatedemandformoneycanbeexpressedby______.()

答案:Md=P×L(R,Y).TheaggregaterealmoneydemandscheduleL(R,Y)slopesdownwardbecauseafallintheinterestratereducesthedesiredrealmoneyholdingsofeachhouseholdandfirmintheeconomy.()

答案:错Asustainedchangeinthemonetarygrowthratewill______.()

答案:eventuallyaffectequilibriumrealmoneybalancesbyraisingthemoneyinterestrate.Areductioninacountry'smoneysupplycauses_____.()

答案:itscurrencytoappreciateintheforeignexchangemarket.Ifthereisinitiallyan_______.()

答案:excesssupplyofmoney,theinterestratewillfall,andifthereisinitiallyanexcessdemand,itwillrise.Supposethattheone-yearforwardpriceofeurosintermsofdollarsisequalto$1.113pereuro.Further,assumethatthespotexchangerateis$1.05pereuro,andtheinterestrateondollardepositsis10percentandoneuroitis4percent.Undertheseassumptions,_______.()

答案:interestparitydoeshold.Whatistheexpecteddollarrateofreturnoneurodepositsiftoday'sexchangerateis$1.10pereuro,nextyear'sexpectedexchangerateis$1.166pereuro,thedollarinterestrateis10%,andtheeurointerestrateis5%?()

答案:11%Theactionofarbitrageis______.()

答案:theprocessofbuyingacurrencycheapandsellingitdear.Whatistheexpecteddollarrateofreturnoneurodepositsiftoday'sexchangerateis$1.167pereuro,nextyear'sexpectedexchangerateis$1.10pereuro,thedollarinterestrateis10%,andtheeurointerestrateis5%?()

答案:-1%Thecoveredinterestrateparityconditioncanbestatedasfollows:Theinterestrateondollardepositsequalstheinterestrateoneurodeposits________theforward________ondollarsagainsteuros.()

答案:plus;discountOnepipin$/£exchangerateis0.0001.()

答案:对ForaFrenchinvestor,Europeantermsaredirectquotes.()

答案:对SupposethespotrateisJ¥118.27/$andthe3-monthsforwardrateisJ¥116.84/$,whatistheforwardpremiumonJapanesesYen?()

答案:4.90%SupposeyouboughtaRMB-NDFcontracttobuyonemillionRMBinoneyear.Theforwardexchangerateis$1=¥6.5100,andatmaturitydatethespotrateis$1=¥6.7053.Howmuchisyourprofitholdingzerotransactioncost?()

答