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1、AnswerstoEndofChapterQuestionsChapter1KeepingUpWithaChangingWorld-TradeFlows,CapitalFlows,andtheBalanceOfPayments1.Thebalanceonmerchandisetradeisthedifferencebetweenexportsofgoods,719andtheimportsofgoods,1,145,foradeficitof426.Thebalanceongoods,servic
2、esandincomeis719+279+284-1145-210-269,foradeficitof342.Addingunilateraltransferstothisgivesacurrentaccountdeficitof391,[-342+(-49)=-391].(Notethatincomereceiptsarecreditsandincomepaymentsaredebits.)2.Becausethecurrentaccountbalanceisadeficitof391,then
3、withoutastatisticaldiscrepancy,thecapitalaccountisasurplusof391.Inthisproblem,however,thestatisticaldiscrepancyisrecordedasapositiveamount(credit)of11.Hence,thesumofthedebitsinthebalanceofpaymentsmustexceedthecreditsby1LSo,thedeficitofthecurrentaccoun
4、tmustbegreaterthanthesurplusonthecapitalaccountby11・Thecapitalaccount,therefore,isasurplusof391-11=380.3.Abalance-of^paymentsequilibriumiswhenthedebitsandcreditsinthecurrentaccountandtheprivatecapitalaccountsumtozero.Intheproblemabovewedonotknowthepri
5、vatecapitalaccountbalance.Wecannotsay,therefore,whetherthiscountryisexperiencingabalance-of-paymentssurplusordeficitorifitisinequilibrium.4Thecurrentaccountisadeficitof$541,830andtheprivatecapitalaccountbalanceisasurplusof$369,068.TheU.S.,therefore,ha
6、sabalanceofpaymentsdeficit.5Positiveaspectsofbeinganetdebtorincludethepossibilityoffinancingdomesticinvestmentthatisnotpossiblethroughdomesticsavings;therebyallowingfordomesticcapitalstockgrowthwhichmayallowjob,productivity,andincomegrowth.Negativeasp
7、ectsincludethefactthatforeignsavingsmaybeusedtofinancedomesticconsumptionratherthandomesticsavings;whichwillcompromisethegrowthsuggestedabove・Positiveaspectsofbeinganetcreditorincludetheownershipofforeignassetswhichcanrepresentanincomeflowstothecredit
8、ingcountry.Further,thenetcreditorpositionalsoimpliesanetexportingposition.Anegativeaspectofbeinganetcreditorincludesthefactthatforeigninvestmentmaysubstitutefordomesticinvestment.6Anationmaydesiretoreceivebothportfolioanddirectinvestmentduetot
