国际金融课后答案.doc

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1、word格式CHAPTER12NATIONALINCOMEACCOUNTINGANDTHEBALANCEOFPAYMENTSANSWERSTOTEXTBOOKPROBLEMS1.ThereasonforincludingonlythevalueoffinalgoodsandservicesinGNP,asstatedinthequestion,istoavoidtheproblemofdoublecounting.Doublecountingwillnotoccurifintermediateimportsaresubtractedandinte

2、rmediateexportedgoodsareaddedtoGNPaccounts.ConsiderthesaleofU.S.steeltoToyotaandtoGeneralMotors.ThesteelsoldtoGeneralMotorsshouldnotbeincludedinGNPsincethevalueofthatsteelissubsumedinthecarsproducedintheUnitedStates.ThevalueofthesteelsoldtoToyotawillnotenterthenationalincomea

3、ccountsinamorefinishedstatesincethevalueoftheToyotagoestowardsJapaneseGNP.ThevalueofthesteelshouldbesubtractedfromGNPinJapansinceU.S.factorsofproductionreceivepaymentforit.2.Equation2canbewrittenasCA=(Sp-I)+(T-G).HigherU.S.barrierstoimportsmayhavelittleornoimpactuponprivatesa

4、vings,investment,andthebudgetdeficit.Iftherewerenoeffectonthesevariablesthenthecurrentaccountwouldnotimprovewiththeimpositionoftariffsorquotas.Itispossibletotellstoriesinwhichtheeffectonthecurrentaccountgoeseitherway.Forexample,investmentcouldriseinindustriesprotectedbythetar

5、iff,worseningthecurrentaccount.(Indeed,tariffsaresometimesjustifiedbytheallegedneedtogiveailingindustriesachancetomodernizetheirplantandequipment.)Ontheotherhand,investmentmightfallinindustriesthatfaceahighercostofimportedintermediategoodsasaresultofthetariff.Ingeneral,perman

6、entandtemporarytariffshavedifferenteffects.Thepointofthequestionisthatapredictionofthemannerinwhichpoliciesaffectthecurrentaccountrequiresageneral-equilibrium,macroeconomicanalysis.3.a.ThepurchaseoftheGermanstockisadebitintheU.S.financialaccount.Thereisacorrespondingcreditint

7、heU.S.financialaccountwhentheAmericanpayswithacheckonhisSwissbankaccountbecausehisclaimsonSwitzerlandfallbytheamountofthecheck.ThisisacaseinwhichanAmericantradesoneforeignassetforanother.b.Again,thereisaU.S.financialaccountdebitasaresultofthepurchaseofaGermanstockbyanAmerican

8、.ThecorrespondingcreditinthiscaseoccurswhentheGermansellerdepositsth