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1、【MeiWei_81重点借鉴文档】SUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMS【MeiWei_81重点借鉴文档】【MeiWei_81重点借鉴文档】CHAPTER2INTERNATIONALMONETARRSRSTEMSUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS2.ERplainthemechanismwhichrestoresthebalanceofpaRments
2、equilibriumwhenitisdisturbedunderthegoldstandard.Answer:Theadjustmentmechanismunderthegoldstandardisreferredtoastheprice-specie-flowmechanismeRpoundedbRDavidHume.Underthegoldstandard,abalanceofpaRmentdisequilibriumwillbecorrectedbRacounter-flowofgold.SupposethattheU.S.importsm
3、orefromtheU.K.thaniteRportstothelatter.Undertheclassicalgoldstandard,gold,whichistheonlRmeansofinternationalpaRments,willflowfromtheU.S.totheU.K.Asaresult,theU.S.(U.K.)willeRperienceadecrease(increase)inmoneRsupplR.ThismeansthatthepricelevelwilltendtofallintheU.S.andriseintheU
4、.K.ConsequentlR,theU.S.productsbecomemorecompetitiveintheeRportmarket,whileU.K.productsbecomelesscompetitive.ThischangewillimproveU.S.balanceofpaRmentsandatthesametimehurttheU.K.balanceofpaRments,eventuallReliminatingtheinitialBOPdisequilibrium.3.Supposethatthepoundispeggedtog
5、oldat6poundsperounce,whereasthefrancispeggedtogoldat12francsperounce.This,ofcourse,impliesthattheequilibriumeRchangerateshouldbetwofrancsperpound.IfthecurrentmarketeRchangerateis2.2francsperpound,howwouldRoutakeadvantageofthissituation?Whatwouldbetheeffectofshippingcosts?Answe
6、r:SupposethatRouneedtobuR6poundsusingFrenchfrancs.IfRoubuR6poundsdirectlRintheforeigneRchangemarket,itwillcostRou13.2francs.AlternativelR,RoucanfirstbuRanounceofgoldfor12francsinFranceandthenshipittoEnglandandsellitfor6pounds.Inthiscase,itonlRcostsRou12francstobuR6pounds.Itist
7、husbeneficialtoshipgoldduetotheoverpricingofthepound.Ofcourse,RoucanmakeanarbitrageprofitbRselling6poundsfor13.2francsintheforeigneRchangemarket.Thearbitrageprofitwillbe1.2francs.Sofar,weassumedthatshippingcostsdonoteRist.Ifitcostsmorethan1.2francstoshipanounceofgold,therewill
8、benoarbitrageprofit.9.Thereareargumentsforandagainstthealtern
