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1、InternationalFinancialManagementSUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSIM-36InternationalFinancialManagementCHAPTER2INTERNATIONALMONETARYSYSTEMSUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS2.Explainthemechanismwhic
2、hrestoresthebalanceofpaymentsequilibriumwhenitisdisturbedunderthegoldstandard.Answer:Theadjustmentmechanismunderthegoldstandardisreferredtoastheprice-specie-flowmechanismexpoundedbyDavidHume.Underthegoldstandard,abalanceofpaymentdisequilibriumwillbecorrectedbyacount
3、er-flowofgold.SupposethattheU.S.importsmorefromtheU.K.thanitexportstothelatter.Undertheclassicalgoldstandard,gold,whichistheonlymeansofinternationalpayments,willflowfromtheU.S.totheU.K.Asaresult,theU.S.(U.K.)willexperienceadecrease(increase)inmoneysupply.Thismeansth
4、atthepricelevelwilltendtofallintheU.S.andriseintheU.K.Consequently,theU.S.productsbecomemorecompetitiveintheexportmarket,whileU.K.productsbecomelesscompetitive.ThischangewillimproveU.S.balanceofpaymentsandatthesametimehurttheU.K.balanceofpayments,eventuallyeliminati
5、ngtheinitialBOPdisequilibrium.3.Supposethatthepoundispeggedtogoldat6poundsperounce,whereasthefrancispeggedtogoldat12francsperounce.This,ofcourse,impliesthattheequilibriumexchangerateshouldbetwofrancsperpound.Ifthecurrentmarketexchangerateis2.2francsperpound,howwould
6、youtakeadvantageofthissituation?Whatwouldbetheeffectofshippingcosts?Answer:Supposethatyouneedtobuy6poundsusingFrenchfrancs.Ifyoubuy6poundsdirectlyintheforeignexchangemarket,itwillcostyou13.2francs.Alternatively,youcanfirstbuyanounceofgoldfor12francsinFranceandthensh
7、ipittoEnglandandsellitfor6pounds.Inthiscase,itonlycostsyou12francstobuy6pounds.Itisthusbeneficialtoshipgoldduetotheoverpricingofthepound.Ofcourse,youcanmakeanarbitrageprofitbyselling6poundsfor13.2francsintheforeignexchangemarket.Thearbitrageprofitwillbe1.2francs.Sof
8、ar,weassumedthatshippingcostsdonotexist.Ifitcostsmorethan1.2francstoshipanounceofgold,therewillbenoarbitrageprofit.9.Thereareargumentsfora
