国际财务管理期末重点

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1、2.Explainthemechanismwhichrestoresthebalanceofpaymentsequilibriumwhenitisdisturbedunderthegoldstandard.Answer:Theadjustmentmechanismunderthegoldstandardisreferredtoastheprice-specie-flowmechanismexpoundedbyDavidHume.Underthegoldstandard,abalanceofpaymentdisequilibriumwillbecor

2、rectedbyacounter-flowofgold.SupposethattheU.S.importsmorefromtheU.K.thanitexportstothelatter.Undertheclassicalgoldstandard,gold,whichistheonlymeansofinternationalpayments,willflowfromtheU.S.totheU.K.Asaresult,theU.S.(U.K.)willexperienceadecrease(increase)inmoneysupply.Thismean

3、sthatthepricelevelwilltendtofallintheU.S.andriseintheU.K.Consequently,theU.S.productsbecomemorecompetitiveintheexportmarket,whileU.K.productsbecomelesscompetitive.ThischangewillimproveU.S.balanceofpaymentsandatthesametimehurttheU.K.balanceofpayments,eventuallyeliminatingtheini

4、tialBOPdisequilibrium.12.Oncecapitalmarketsareintegrated,itisdifficultforacountrytomaintainafixedexchangerate.Explainwhythismaybeso.Answer:Oncecapitalmarketsareintegratedinternationally,vastamountsofmoneymayflowinandoutofacountryinashorttimeperiod.Thiswillmakeitverydifficultfo

5、rthecountrytomaintainafixedexchangerate.3.TheUnitedStateshasexperiencedcontinuouscurrentaccountdeficitssincetheearly1980s.Whatdoyouthinkarethemaincausesforthedeficits?WhatwouldbetheconsequencesofcontinuousU.S.currentaccountdeficits?Answer:ThecurrentaccountdeficitsofU.S.mayhave

6、reflectedafewreasonssuchas(I)ahistoricallyhighrealinterestrateintheU.S.,whichisduetoballooningfederalbudgetdeficits,thatkeptthedollarstrong,and(ii)weakcompetitivenessoftheU.S.industries.8.Explainhowtocomputetheoverallbalanceanddiscussitssignificance.Answer:TheoverallBOPisdeter

7、minedbycomputingthecumulativebalanceofpaymentsincludingthecurrentaccount,capitalaccount,andthestatisticaldiscrepancies.TheoverallBOPissignificantbecauseitindicatesacountry’sinternationalpaymentgapthatmustbefinancedbythegovernment’sofficialreservetransactions.9.Explainandcompar

8、eforwardvs.backwardinternalization.Answer:Forwardinternalizat