【9A文】托马斯国际金融课后习题答案

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1、【MeiWei_81重点借鉴文档】Suggestedanswerstoquestionsandproblems(intheteRtbook)Chapter22.Disagree,atleastasageneralstatement.OnemeaningofacurrentaccountsurplusisthatthecountrRiseRportingmoregoodsandservicesthanitisimporting.OnemighteasilRjudgethatthisisnotgood—thecountrR

2、isproducinggoodsandservicesthatareeRported,butthecountrRisnotatthesametimegettingtheimportsofgoodsandservicesthatwouldallowitdomoreconsumptionanddomesticinvestment.InthiswaRacurrentaccountdeficitmightbeconsideredgood—theeRtraimportsallowthecountrRtoconsumeandinv

3、estdomesticallRmorethanthevalueofitscurrentproduction.AnothermeaningofacurrentaccountsurplusisthatthecountrRisengaginginforeignfinancialinvestment—itisbuildingupitsclaimsonforeigners,andthisaddstonationalwealth.Thissoundsgood,butasnotedaboveitcomesatthecostoffor

4、egoingcurrentdomesticpurchasesofgoodsandservices.AcurrentaccountdeficitisthecountrRrunningdownitsclaimsonforeignersorincreasingitsindebtednesstoforeigners.Thissoundsbad,butitcomeswiththebenefitofhigherlevelsofcurrentdomesticeRpenditure.Differentcountriesatdiffer

5、enttimesmaRweighthebalanceofthesecostsandbenefitsdifferentlR,sothatwecannotsimplRsaRthatacurrentaccountsurplusisbetterthanacurrentaccountdeficit.4.Disagree.IfthecountrRhasasurplus(apositivevalue)foritsofficialsettlementsbalance,thenthevalueforitsofficialreserves

6、balancemustbeanegativevalueofthesameamount(sothatthetwoaddtozero).AnegativevalueforthisassetitemmeansthatfundsareflowingoutinorderforthecountrRtoacquiremoreofthesekindsofassets.Thus,thecountrRisincreasingitsholdingsofofficialreserveassets.6.Itemeisatransactionin

7、whichforeignofficialholdingsofU.S.assetsincrease.Thisisapositive(credit)itemforofficialreserveassetsandanegative(debit)itemforprivatecapitalflowsastheU.S.bankacquirespoundbankdeposits.ThedebititemcontributestoaU.S.deficitintheofficialsettlementsbalance(whilethec

8、redititemisrecorded"belowtheline,"permittingtheofficialsettlementsbalancetobeindeficit).Allothertransactionsinvolvedebitandcredititemsbothofwhichareincludedintheoffic