国际财务管理(英文版)课后习题答案7

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1、CHAPTER6INTERNATIONALPARITYRELATIONSHIPSSUGGESTEDANSWERSANDSOLUTIONSTOEND-OF-CHAPTERQUESTIONSANDPROBLEMSQUESTIONS1.Giveafulldefinitionofarbitrage.Answer:Arbitragecanbedefinedastheactofsimultaneouslybuyingandsellingthesameorequivalentassetsorcommoditiesforthepurposeofmakingcertain,g

2、uaranteedprofits.2.Discusstheimplicationsoftheinterestrateparityfortheexchangeratedetermination.Answer:Assumingthattheforwardexchangerateisroughlyanunbiasedpredictorofthefuturespotrate,IRPcanbewrittenas:S=[(1+I£)/(1+I$)]E[St+1

3、It].Theexchangerateisthusdeterminedbytherelativeinteres

4、trates,andtheexpectedfuturespotrate,conditionalonalltheavailableinformation,It,asofthepresenttime.Onethuscansaythatexpectationisself-fulfilling.Sincetheinformationsetwillbecontinuouslyupdatedasnewshitthemarket,theexchangeratewillexhibitahighlydynamic,randombehavior.3.Explainthecond

5、itionsunderwhichtheforwardexchangeratewillbeanunbiasedpredictorofthefuturespotexchangerate.Answer:Theforwardexchangeratewillbeanunbiasedpredictorofthefuturespotrateif(I)theriskpremiumisinsignificantand(ii)foreignexchangemarketsareinformationallyefficient.4.Explainthepurchasingpower

6、parity,boththeabsoluteandrelativeversions.Whatcausesthedeviationsfromthepurchasingpowerparity?IM-12Answer:Theabsoluteversionofpurchasingpowerparity(PPP):S=P$/P£.Therelativeversionis:e=p$-p£.PPPcanbeviolatediftherearebarrierstointernationaltradeorifpeopleindifferentcountrieshavediff

7、erentconsumptiontaste.PPPisthelawofonepriceappliedtoastandardconsumptionbasket.5.Discusstheimplicationsofthedeviationsfromthepurchasingpowerparityforcountries’competitivepositionsintheworldmarket.Answer:IfexchangeratechangessatisfyPPP,competitivepositionsofcountrieswillremainunaffe

8、ctedfollowingexchangeratechanges.Otherwise,exchangeratechangeswillaffectrelativecompetitivenessofcountries.Ifacountry’scurrencyappreciates(depreciates)bymorethaniswarrantedbyPPP,thatwillhurt(strengthen)thecountry’scompetitivepositionintheworldmarket.6.Explainandderivetheinternation

9、alFishereffect.Answer:Thei