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1deficit赤字2flexibleexchangerate浮动汇率3arbitrage套利4spotrate(SR)即期汇率5forwardrate(FR)远期汇率6foreignexchangefuturesandoptions外汇的期货期权7hedge套期保值8speculation投机9coveredinterestarbitrage抛补套利10interestparity利息平价11uncoveredinterestarbitrage不抛补套利12margin最低利润、保证金13correspondentbank代理银行14clearinghouse(C.H.)票据交换所15bartertrade易货贸易16foreignexchangebroker(FEB)外汇经纪人17interbank中间银行18vehiclecurrency国际支付货币19depreciation贬值20appreciation升值21crossrate套算汇率（套汇）22effectiveexchangerate有效外汇汇率23weightedaverage加权平均24futuredelivery期货交割25forwarddiscount（FD）远期贴水26forwardpremium(FP)远期升水27atpar平价28currencyswap货币互换29currencyoption货币期权30brokerage佣金23 31securitydeposit担保存款32commodityexchange(CE)商品交易所33obligation合约34putoption卖出期权35calloption买入期权36exerciseprice协议汇价37LondonInternationalFinancialFuturesExchange(LIFFE)伦敦国际金融期货交易38openposition暴露头寸39Britishtreasurybill英国财政部债券40consolidatedbalancesheet合并资产负债表41longposition多头42shortposition空头43transferoffund解款44offsetting抵消、对冲45liquiditypreferences流动性偏好46militaryexpenditure军费支出47importsubstitute进口替代48monetaryauthorities货币主管当局49portfoliobalance资金结构平衡50offshoredeposit离岸存款51petroleum-exportingcountry石油输出国52financialintermediary金融中介53petrodollar石油美元54recession不景气55exchange-rateovershooting汇率过度变动56lawofoneprice一价法则57syndicate辛迪加58Constantcontact实时59Balanceofpayment国际收支23 60Credittransactions贷方交易61Debittransactions借方交易62Temporarilymigrate暂时移民63Diplomat外交官64Double-EntryBookkeeping复式记账法65Extendedcredit展期信用证，持续性信贷66Militarygrants军事援助67Privateremittance私人汇款68Officialreserve官方储备69Specialdrawingrights(SDRs)特别提款权70Autonomoustransactions自主性交易71Accommodatingtransactions调节性交易72Officialsettlementsbalance官方结算余额73Managedfloatingexchangeratesystem管理浮动汇率体系74Parvalueofexchange汇兑平价75Deficitinthebalanceofpayments国际收支逆差76Surplusinthebalanceofpayments国际收支盈余77Internationalinvestmentposition国际投资头寸78Officialreserveaccount官方储备账户79Currentaccount经常项目80Capitalaccount资本项目81Internationalposition国际头寸82Unilateraltransfer单方面转移支付83Stockconcept存量84Flowconcept流量85Goldstandard金本位制86depreciation贬值87devaluation贬值88importsubstitute进口替代89Dutchflorin荷兰盾23 90Elasticityoptimism弹性乐观主义91Elasticitypessimism弹性悲观主义92Impactelasticites冲击弹性93Interventionpolicies政策干预94GreatDepression经济大萧条95Mintparity铸币平价96Goldexportpoint黄金输出点97Goldimportpoint黄金输入点98Price-specie-flowmechanism价格黄金流动机制/货币价格流动机制99Automaticpriceadjustmentmechanism自动价格调整机制100Pass-througheffect转嫁机制101Exogenousinvestment在外投资102Marginalpropensitytoconsume(MPC)边际消费倾向103Consumptionfunction消费函数104linear线性的105inventory存货106hypothetical假定，假设107Savingsfunction储蓄函数108Marginalpropensitytosave(MPS)边际储蓄倾向109Multiplier(k)乘数110Marginalpropensitytoimport(MPM)边际进口倾向111Averagepropensitytoimport(APM)平均进口倾向112OrganizationforEconomicCooperationandDevelopment(OECD)经济合作与发展组织113Lessdevelopedcountries(LDCs)欠发达国家114OrganizationofPetroleumExportingCountries(OPEC)石油输出国组织115Foreigntrademultiplier对外贸易乘数116Beggar-my-neighbor-policy损人利己的政策117Synthesisofautomaticadjustments自动调整的综合118Economyofautarky经济自给自足23 119exogenous外生的120Beggar-thyneighbor损人利己的政策，“以邻为壑”的政策121Equitabledistribution公平分配122Expenditure-changingpolicies支出—改变政策123Expenditure-switchingpolicies支出—转换政策124Principleofeffectivemarketclassification市场有效分割理论125Interestbearing生息126Cost-pushinflation成本推动型通货膨胀127FederalReserveBoard（美国）联邦储备委员会128Treasurybill国库券（英国）财政部债券，（美国）短期国库券129protectionism贸易保护主义130sluggish萧条131Exportsubsidiary出口补贴132InterestEqualizationTax利息平衡税133Portfoliocapital证券投资资本134Two-tierexchangemarket双重汇率市场135Multipleexchangerates复汇率，多重汇率136Importsurcharge进口附加费137AggregateDemand(AD)总需求138AggregateSupply(AS)总供给139deflator消价指数，应予扣除的通货膨胀率140deviate背离，偏离141Internalbalance国内均衡142Externalbalance国外均衡143Transactiondemandformoney货币交易性需求144Speculativedemandformoney货币投机性需求145Phillipscurve菲利浦斯曲线146Economicshock经济冲击147infrastructure基础设施23 148stagnation萧条149stagflation停止膨胀，滞胀150Naturelevelofoutput(Yn)自然产出水平151Aggregatedemandcurve(AD)总需求曲线152Aggregatesupplycurve（AS）总供给曲线153Expectedprices预期价格154Short-runaggregatesupply(SRAS)curve短期总供给曲线155GDPdeflator国内生产总值冲减指数156Realvalueofthegivenmoneysupply实际货币供应量157Facility(FAC)资金融通、便利158Gold-exchangestandard国际金汇兑本位制159Internationalclearing国际清算160Internationalmonetarysystem国际货币体系161Discountrate贴现率162Currencyconvertibility货币自由兑换163InternationalBankforReconstructionandDevelopment(IBRD)国际复兴与开发银行164InternationalDevelopmentAssociation(IDA)国际开发协会165InternationalFinanceCorporation(IFC)国际金融公司166Votingpower表决权167Triffindilemma特里芬两难168subscription捐款169Goldtranche黄金份额170NetIMFposition净国际货币基金组织头寸171plague瘟疫、黑死病172GeneralArrangementtoBorrow（GAB）贷款安排总协定173Standbyarrangement备用协议，支持性安排174Swaparrangement互惠信贷安排175SpecialDrawingRights(SDRs)特别提款权176Goldpool黄金总库23 177Two-tiergoldmarket双重黄金市场178Dollarshortage美元短缺179seigniorage铸币利差180InterestEqualizationTax利息平衡税181SmithsonianAgreement史密森协议182Dollarglut/Dollaroverhang美元过剩183Snakeinthetunnel蛇行浮动184InternationalLiquidity国际清偿能力、国际流通手段185Benignneglect温和的忽略186integration一体化187CompensatoryandContingencyFinancingFacility(CCFF)补偿性和应急性资金供应188BufferstockFinancingFacility(BSFF)缓冲储存资金供应方法189Anti-dumping反倾销190Socialsecurity社会福利191JamaicaAccords牙买加协议192IMFconditionality国际货币基金组织的制约性193Firstcredittranche第一信用份额194UnitedNationsConferenceonTradeandDevelopment(UNCTAD)联合国贸发会ChapterOneIntroductionChapterTwoBalanceofPayment1、TranslationBalanceofpaymentsCredittransactionsDebittransactionsDouble-entrybookkeepingSpecialdrawingrights(SDRs)CurrentaccountbalanceStatisticaldiscrepancy2．Multiple-ChoiceQuestions（1）TheU.S.currentaccountdoesnotinclude:A．netexportsofgoods.B．U.S.grantstoforeigncountries.23 C．thesaleofU.S.bondstoforeigners D．incomereceiptsfromforeigners.（2）WhichofthefollowingisenteredasacreditintheU.S.balanceofpayments？A．AconstructioncompanyintheU.S.imports$5millionworthofsteelfromJapan.B．GoldleavestheU.S.Treasuryforanothercountry.C．AnAmericanautomanufacturerexports$56millionincarstoEurope.D．TheUnitedStatesgrants$4billioninaidtoRussia．3．TrueofFalse（1）Acountrywithacurrentaccountsurplusissavingmorethanitsdomesticcapitalformation.（2）Acountry'sinternationalinvestmentpositionshowstheextentofofficialinterventionintheforeignexchangemarket.（3）Adebitonthebalanceofpaymentsrepresentsaflowforwhichthecountryispaid．（4）Ifyoureceivea£300checkfromyourauntinLondon,thevalueofthatcheckwillappearintheunilateraltransferscategoryoftheU.S.thebalanceofpayments.（5）Overthelasttwentyyears,theU.S.merchandisetradebalancehastendedtobefurtherindeficitthantheU.S.goodsandservicesbalance.4．Problems（1）Definebalanceofpayments.BalanceofPayment:Thesetofaccountsrecordingallflowsofvaluebetweenanation’sresidentsandtheresidentsoftherestoftheworldduringaperiodoftime（usuallyisoneyear）.Itincludescurrentaccount,capitalandfinancialaccount,balanceaccount.（2）Explainofficialreserveassetsanditsmajorcomponents.Internationalreserveassetsaremoneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.Itincludestransactionsundertakenbytheauthoritiestofinancetheoverallbalanceandinterveneinforeignexchangemarkets.Thecomponentpartoftheinternationalreserveincludesgoldreserves,foreignexchangereserves,reservepositionintheFundandspecialdrawingrights5、calculateBalanceofPayments（$billions）23 ItemBalanceCredit（+）Debititem（-）CurrentAccount310A.goodsandservices40270a.goods140b.services6070B.Income－1555C.Unilateraltransfers510FinancialAccount－75A.CapitalAccount－510B.FinancialAccount2001.Directinvestments－45752.portfolioinvestments－5153.otherinvestments85105Reserveassets80Statisticaldiscrepancy75ChapterThreetheForeignExchangeMarket1、Translationforeignexchangeforwardexchangeratefloatingexchangeratefixedexchangerateparvaluedepreciationappreciationarbitragefutureoptioncurrencyswap2．Multiple-ChoiceQuestions（1）IfaBritishpoundequals2．0287U.S.dollar,whatistheBritishpoundequivalentofanU.S.dollar？A．£.004929B．£0．4929C．£1．4929D．noneoftheabove（2）WhenaGermanbuysaU.S.Treasurybond,therewillbea（n）:A．increaseinthedemandfordollarsB．increaseinthedemandformarksC．decreaseinthedemandfordollarsD．increaseinthesupplyofdollars（3）AnappreciationintheU.S.dollarrefersto:A． anincreaseinthedollarpriceofaforeigncurrencyB．adecreaseinthedollarpriceofaforeigncurrency23 C．adecreaseintheforeigncurrencypriceoftheU.S.dollarD．noneoftheabove3．TrueorFalse（1）Inafloatingexchangeratesystem,monetaryofficialswillbuyandsellacurrencyinordertokeepitsexchangerateinanofficiallystipulatedband．（2）Itisfrequentlypossibleforindividualstogototheirlocalbankandcarryouttransactionssoastoprofitfromtriangulararbitrage.（3）Theterms"devaluation"and"revaluation"pertaintochangesinthepriceofacurrencyinafloating-rateexchangeratesystem.（4）China,SaudiArabia,Egypt,andHongKongallhavecurrenciesthatarefixedtotheU.S.dollar.（5）Thedollarisoftencalledavehiclecurrency.4.Problems（1）Whoarethemarketparticipantsintheforeignexchangemarket？（2）Whatisthetriangulararbitrage？Whatisaconditionthatwillgiverisetoatriangulararbitrageopportunity？5.calculate1、在金本位货币制度下，设1英镑铸币的含金量为7.32238克纯金，1美元铸币的含金量为1.50463克纯金，在英国和美国之间运送1英镑的费用及其他费用约为0.03美元，试计算：（1）英镑和美元的铸币平价；（2）英国的黄金输入点和黄金输出点（结果精确到小数点后4位）2、某日纽约外汇市场上，GBP1=USD1.9550~1.9560，USD1=JPY116.16~116.26，求英镑对日元的套算汇率。3、已知某日伦敦外汇市场上，GBP1=USD1.7320~1.7460，GBP1=HKD10.6110~10.6320，求以下两个汇率：HKD1=USD？USD1=HKD？4、若USD1=RMB7.7810/7.7910，USD1=JPY116.20/116.30，请问（1）日元对人民币的汇率；（2）我国某企业出口创汇2000万日元，根据上述汇率，该企业通过银行结汇可获得多少人民币资金？5、已知纽约市场汇价为USD1=HKD7.7201/7.7355，香港市场汇价USD1=HKD7.6857/7.7011，有投资者以9000万港币进行套汇，问：（1）如何进行套汇；（2）能获利多少（不考虑交易费用）（结果保留整数）23 6、若某日三地外汇市场汇率为：伦敦市场：GBP1=HKD14.4755；纽约市场：GBP1=USD1.8021；香港市场：USD1=HKD7.8654，若不考虑交易费用，问：（1）是否存在套汇机会？（请计算说明）（2）若存在套汇机会，以10万美元进行套汇，应如何进行？盈利多少？（结果保留整数）ChapterFourForwardExchangeandInternationalFinancialInvestment1、Translationforwarddiscountforwardpremiumhedgingposition“open”positionlongpositionshortpositioncoveredinterestarbitrageuncoveredinterestarbitrageexpecteduncoveredinterestdifferential(EUD)coveredinterestparityuncoveredinterestparity2．TrueorFalse（1）Researchhasshownthatforcountrieswithoutcapitalcontrolsandforcomparableshort-termfinancialassets,coveredinterestparityholdsalmostperfectly.（2）Theexpectedrateofappreciationofacurrencyshouldequalthepercentageamountbywhichthecountry'sinterestrateislowerthantheothercountry'sinterestrate.（3）Coveredinternationalinvestmentoccurswhentherateatwhichthefuturesaleofforeigncurrencyislockedinnowthroughaforwardexchangecontract.（4）Speculatingistheactofbalancingassetsandliabilitiesinaforeigncurrencyinordertobecomeimmunetoriskresultingfromfuturechangesinthevalueofforeigncurrency.（5）Internationalfinancialinvestmenthasdeclineoverthelastdecade.3．Problems（1）Definethehedging.（2）Whatistheforwardforeignexchangecontract,givesomeexamples.4.calculate1、某日伦敦外汇市场上即期汇率为GBP1=USD1.9755/1.9765，三个月远期贴水50/60，求三个月远期汇率。2、欧元的年利率为1%，美元的年利率为3%，如美国纽约市场的即期汇率为EUR1=USD23 1.2825，如其他条件不变，问：（1）该市场三个月远期欧元是升水还是贴水？具体金额是多少？（2）三个月远期欧元的理论汇率是多少？3、某日，伦敦外汇市场上英镑美元的即期汇价为：GBP1=USD1.9540/1.9555，6个月后，美元发生升水，升水幅度为180/175，通用公司卖出六个月期远期美元100万，问（1）六个月远期汇率是多少？（2）通用公司卖出六个月期美元可获得英镑多少？（结果保留整数）4、已知某日外汇市场行情为：即期汇率EUR1=USD1.2825，三个月欧元升水20个点。假定一美国进口商从德国进口价值100万欧元的机器设备，3个月后付款。若3个月后市场汇率变为EUR1=USD1.3050。问：（1）若美国进口商现在购买100万欧元现汇，需要支付多少美元？（2）若美国进口商3个月后购买100万欧元现汇，需要支付多少美元（3）若美国进口商现在购买三个月远期欧元100万，需要支付多少美元？相比（2）差额为多少美元？5、已知纽约外汇市场即期汇率为USD1=CHF1.5340，三个月远期瑞士法郎贴水30点。又知一年期美元利率为5.1%，一年期瑞士法郎利率为6.5%。某美国商人从国内银行借得本金100万美元。不考虑套利费用，问：此人进行抵补套利，是否会获利？若有利可图，可获利多少？6、某日我国某机械进出口公司从美国进口机械设备。美国出口商采用两种货币报价。美国报价单价为USD6000，英镑报价GBP4000。（1）查阅当日人民币对美元和英镑的即期汇率是：USD1=RMB8.2671—8.2919；GBP1=RMB12.7914—12.7405（2）若当日伦敦外汇市场的即期汇率是GBP1=USD1.5355—1.5365现只考虑即期汇率因素，我公司在以上两种条件下分别应接受那种货币报价7、我公司向德国出口食品原料，如即期付款每吨报价EUR800，现德国进口商要求我方以美元和欧元报价，货物发运3个月后付款。已知，当日法兰克福外汇市场的汇价为：即期汇率3个月远期汇率EUR/USD0.8515—0.8534升水127—103问：我方应如何报价？8、我公司从德国进口精密仪器，三个月后付款。德国出口商报价为每台USD500。如我方要求欧元报价，则我方可接受的欧元报价最高为多少？已知当日苏黎世外汇市场即期汇率为EUR1=USD0.8515，远期汇率升水，年升水率2.98%23 9、请计算：我机电公司向英国出口机床，每台原报即期付款价为5000美元，英国进口商要求改用英镑报价并以英镑付款。当时，我方参考的是下述伦敦外汇市场的汇价表：即期汇率3个月远期汇率GBP/USD1.8937—1.89453—4.5美分（1）如英国进口商愿即期付款，我方应报单价为多少英镑？（2）如英国进口商要求延期三个月付款，我方应报单价为多少英镑？（3）如我方业务人员不懂折算规律，将产生多少英镑的损失？ChapterFiveWhatDeterminesExchangeRates？1、TranslationPurchasingpowerparity(PPP)LawofonepriceExchangerateovershooting2．Multiple-ChoiceQuestions（1）Themonetaryapproachtoexchangeratesisgenerally:A．successfulinexplainingshort-runandlong-runexchangerates.B．successfulinexplainingshort-runexchangerates,butisbadatexplaininglong-runexchangerates.C．successfulinexplaininglong-runexchangerates,butisbadatexplainingshort-runexchangerates.D．badatexplainingshort-andlong-runexchangerates（2）Thequantitytheoryofmoneywouldpredictthata23%increaseinCountryA'smoneysupplyshouldeventuallyleadtoa:A．11．5%increaseinexchangeratevalueofthecurrencyB．11．5%decreaseintheexchangeratevalueofthecurrency.C．23%increaseintheexchangeratevalueofthecurrencyD．23%decreaseintheexchangeratevalueofthecurrency（3）PurchasingpowerparitypredictsthatwhenthedifferencebetweentheUnitedStates'inflationrateandthatofanothercountryincreases:A．thedollarshouldappreciate.B．theforeigncurrencyshouldappreciateC．theforeigncurrencyshoulddepreciateD．theexchangerateshouldstaythesame（4）Purchasingpowerparityismoreaccurateinthelong-runthanintheshort-runbecause:23 A．thequantitytheoryofmoneyisthemorelikelyshort-rundeterminant.B．Ittakestimeforcurrencymarketstoadjusttochangesinpricelevel.C．thelawofonepriceonlyholdsintheshort-runandneverinthelongrun.D．noneoftheabove.（5）Whichofthefollowingisnotanaccuratedescriptionofalimitationofpurchasingpowerparity？A．PPPpredictsbestwhenlookingatthelargestmeasuresofpricelevelsuchastheCPI.B． PPPpredictsmoderatelywellatthelevelofalltradedgoods.C． PPPpredictswellatthelevelofoneheavilytradecommodity.D． PPPpredictsbetteroverthelongrunthanintheshortrun.（6）Ifforeigninterestratesincrease,whatimplicationswouldthathaveonthedirectionofinternationalfinancialrepositioningandonthecurrentspotexchangerate？A．repositioningtowardsdomesticcurrencyassetsandthedomesticcurrencydepreciatesB．repositioningtowardsforeigncurrencyassetsandthedomesticcurrencydepreciatesC．repositioningtowardsdomesticcurrencyassetsandthedomesticcurrencyappreciatesD．repositioningtowardsforeigncurrencyassetsandthedomesticcurrencyappreciates3．TrueorFalse（1）Theassetmarketapproachexplainsexchangeratesasbeingpartoftheequilibriumforthemarketsforfinancialassetsdenominatedindifferentcurrencies.（2）Adecreaseinthedifferencebetweentheforeigninterestrateandthedomesticinterestratecanbeexpectedtoleadtoanincreaseinthespotinterestrate. （3）Relativepurchasingpowerparitystatesthatinternationalcompetitiontendstoequalizethehomeandforeignpricesoftradedgoodsandservices.（4）Realexchangeratescanbeusedasanindicatorofdeviationsfrompurchasingpowerparityorasanindicatorofacountry'sinternationalpricecompetitiveness.4．Problems（1）Explainpurchasingpowerparity,boththeabsoluteandrelativeversions.（2）Short-runpressuresonmarketexchangerateresultmainlyfromgradualchangesinflowsofinternationaltradeingoodsandservices.Doyouagreeordisagree？Why？23 ChapterSixGovernmentPoliciestowardtheForeignExchangeMarket1、TranslationexchangecontrolcleanfloatofficialinterventionIOU(Ioweyou)parallelmarketGoldStandardBrettonWoodsSystemTriffindilemmaGoldPool2．Multiple-ChoiceQuestions（1）Devaluinganation'scurrencywillbeattractivetoallofthefollowingexcept:A．foreigninvestors. B．domesticexportersC．foreignimportersD．domesticimporters（2）Whichofthefollowingisnotaviablewayforamonetaryauthoritytodefendafixedexchangerate？A．Buyingandsellingofcurrenciesinordertoalterthesupplyanddemandsituationforthefixedcurrency.B．Imposeexchangecontrolinordertoalterthesupplyanddemandsituationforthefixedcurrency.C．Alterdomesticinterestratestoinfluenceshort-termcapitalflows.D．Alloftheabovework（3）Defenseofacurrencyusingexchangecontrols:A．createsdeadweightlossesB．hashighadministrativecostsC．willfosterthedevelopmentofblackmarketinthecurrencyD．willcausea,b,andc（4）Developingcountriestendtohave:A．floatingexchangeratesB．peggedexchangerates.   C．noexchangerate.D．continuedwiththeBrettonWoodsSystem.（5）IntheperiodbeforeWorldWarI,theexchangeratesystemthatexistedwasthe:A．LimitedAnarchySystem. B．BrettonWoodsSystem.C．GoldStandard． D．noneoftheabove3．TrueorFalse（1）Exchangecontrolscanbeusedtoinfluencethesupplyanddemandforexchangeandthereforebeusedtodefendafixedrate.23 （2）Withaone-wayspeculativegamble,privatespeculatorsareencouragedto"attack"currenciesthataredeemedtobe"introuble."（3）ItwouldhavebeenpossibletomaintainthegoldstandardiftheUnitedStateshadsimplypurchasedlargeamountsofBritish,FrenchandGermangoodsinthepost-WorldWarIperioD．（4）Forallintensivepurposes,theBrettonWoodssystemrepresentedare-establishmentofthegoldstandardunderanewname.4．Problems（1）DefinetheTriffindilemmd．（2）Whatisthedifferencebetweenacleanfloatandamanagedfloat？ChapterSevenInternationalLendingandFinancialCrises1、TranslationinternationalfinancialmarketinternationalmoneymarketinternationalcapitalmarketinternationalforeignexchangemarketinternationalgoldmarketforeignfinancialmarketEuropeancurrencymarketon-shoremarketoff-shoremarketLondoninter-bankofferedrate(LIBOR)Inter-bankmarketTreasuryBillsNegotiableCertificatedofDeposits(CDs)CommercialBillsBankAcceptanceBillsDiscountmarketMutualfundsPensionfundsemergingmarkets2．Multiple-ChoiceQuestions（1）Whichofthefollowingarethingsthancangowrongandleadtofinancialcrises？A．exogenousinternationalshocks B．globalcontagionC．exchangerateriskD．overlendingandoverborrowingE.fickleinternationalshort-termlendingF.alloftheabove23 （2）Withoutbarrierstointernationallending,lendercountrieswould_______andborrowercountrieswould_______.A．lose;loseB．lose;gainC．gain;loseD．gain;gain（3）Whichofthefollowingisnotarecentinternationalfinancialcrisis？A．Asia,1997B．Russia,1998C．Botswana,1992D．Mexico,1994-1995（4）Whichofthefollowingisthemostcontroversialproposedreformforthe"internationalfinancialarchitecture"？a）Developingcountriesshouldhavesoundmacroeconomicpoliciesb）Developingcountriesshouldprovidebetterdataforlendersandinvestorstobasetheirdecisionson.c）Developingcountriesshouldminimizeshort-termdebt.d）Developingcountriesshouldimprovetheregulationandsupervisionoftheirbanks.e）Developingcountriesshouldmakeincreaseduseofcontrolsoncapitalinflows.（5）Whichofthefollowingcountrieshasbeenthebiggestborrowerinthe1990's？A．MexicoB．theUnitedStatesC．theformerSovietUnionD．Argentina3．TrueorFalse（1）Debtreschedulingprogramscanbeusedtomakedebtserviceeasierforborrowingcountriestodealwithbyloweringtheamountofdebt.（2）Aproposaltoincreasecontrolsoncapitalflowsintodevelopingcountries,ifimplemented,canbeexpectedtolimitoverborrowingandexposuretocontagion,butalsoreducethebenefitsthatcanaccruefrominternationalborrowing.（3）IncreasesininterestratesintheU.S.canhelpborrowersindevelopingcountriesbyincreasingcapitalflowsintodevelopingcountriesandmakingiteasierforthemtorepaytheirdebts.（4）Contagioninvolvesthespreadoflendingcrisesfromcountriesthatarestrugglingtorepaytheirdebtstoothercountriesaslendersparticipateinaself-fulfillingpanicandpullbackfromlendingtoalldevelopingcountries.（5）Ifacountryimposesanationallyoptimaltaxoninternationallendingandtheanothercountryretaliateswithitsowntax,bothcountriescanbemadeworseoffasaresultofthetaxregimE.3．Problems23 （1）Howcouldeachofthefollowingcauseorcontributetoafinancialcrisisinadevelopingcountry？i.Alargeamountofshort-termdebtdenominatedindollars. ii.Afinancialcrisisinanotherdevelopingcountryintheregion.（2）“Itisbestforacountrynevertoborrowfromforeignlenders.”Doyouagreeordisagree？Why？ChapterEight HowDoestheOpenMacro-economyWork？1、TranslationmarginalpropensitytoimportMundell-FlemingmodelelasticityapproachMarshall-LernerconditionJ-curve2．Multiple-ChoiceQuestions（1）WhichofthefollowingwillshifttheLMcurveoutward？A．anincreaseinthemoneysupplyB．adecreaseinthedemandformoneyC．adecreaseininterestratesD．anincreaseinthesavingsrateE.aandb（2）WhichofthefollowingwillshifttheFEcurveoutward？A．adecreaseinimportsB．adecreaseinthelevelofexportsC．anincreaseinimportsD．anincreaseinforeigninterestrates（3）WhichofthefollowingwillshifttheIScurveinward？A．anincreaseindomesticinterestratesB．adecreaseindomesticinvestmentspendingC．anincreaseinthedomesticgovernment'sspending D．adecreaseinthedomesticsavingsrate（4）Whichofthefollowingstatementsistrueaboutaggregatedemand？（1）Aggregatedemanddependsonnationalincome.（2）Inequilibrium,aggregatedemandwillequalnationalexpendituresplusnetexports.A．（1）B．（2）C．（1）and（2）D．Neither（1）nor（2）3．TrueorFalse（1）Ifinterestrates,productpricelevel,andexchangeratesareheldconstant,anincreaseingovernmentspendingisexpectedtoincreaseaggregatedemandbythesameamount.23 （2）IfCountryA'smarginalpropensitytoimportissmallerthanCountryB'smarginalpropensitytoimport,thenCountryA'sspendingmultiplierissmallerthanCountryB'sspendingmultiplier.（3）AnexogenousdecreaseinimportswillshifttheIScurvetotheright.（4）ExpansionarymonetarypolicywillshifttheLMcurvetotheright.（5）TheofficialsettlementsbalanceisindeficitiftheIS-LMintersectionisontheFEcurve.4．Problem（1）ExplaintheeffectofeachofthefollowingontheLMcurve:A．Thecountry’scentralbankdecreasesthemoneysupply.B．Thecountry’sinterestrateincreases.ChapterNineInternalandExternalBalancewithFixedExchangeRates1、TranslationperfectcapitalmobilityMeade’sconflict2．Multiple-ChoiceQuestions（1）Whichofthefollowingisavalidpolicyrecipeforabalanceofpaymentssurplusandhighunemployment？A．Easiermonetarypolicyandeasierfiscalpolicy.B．Tightermonetarypolicyandeasierfiscalpolicy.C．Easiermonetarypolicyandtighterfiscalpolicy.D．Tightermonetarypolicyandtighterfiscalpolicy.（2）Ifacountryismaintainingfixedexchangerates,ashiftofinternationalcapitalflowsawayfromthecountryshouldbecounteredbypolicythat:A．shiftstheLMcurveinward． B．shiftstheIScurveinwardC．shiftstheLMcurveoutward． D．shiftstheIScurveoutward．（3）Ifacountryismaintainingfixedexchangerates,ashiftofinternationaltradetowardsthecountry'sproductsshouldbemetwithapolicythat:A．shiftstheLMcurveinward． B．shiftstheIScurveinward．C．shiftstheLMcurveoutward．D．shiftstheIScurveoutward（4）Withperfectcapitalmobility,monetarypolicyis_________andfiscalpolicyis__________.A．strong;strongB．weak;strongC．strong;weakD．weak;weak3．TrueorFalse23 （1）Independentmonetarypolicyiseffectivewithfixedexchangerates.（2）Sterilizedinterventioncannotcontinueindefinitelygivencontinuingexternalimbalance.（3）Ifacountryhasanexternalsurplusandactstodefendafixedexchangerate,thecountrywilleventuallyhavetocontractitsmoneysupply.（4）Defendingafixedexchangerateinthepresenceofinternationaltradeshocksinvolvesmonetarychangesthatoffsetthechangesinaggregatedemandassociatedwiththetradeshock.（5）Theeffectsofdomesticmonetaryshocksaregreatlyreducedwhenacountryisdefendingafixedexchangeratewithoutsterilization.3．Problems“Acountrywithadeficitinitsoverallinternationalpaymentsrunstheriskofincreasinginflationifitdefendsitsfixedexchangeratebyofficialinterventionintheforeignexchangemarket.”Doyouagreeordisagree？Why？ChapterTen  FloatingExchangeRatesandInternalBalance1、Translationbeggar-thy-neighborinconsistenttrinitydisciplineeffectSwancurve2．Multiple-ChoiceQuestions（1）Ifacountryhasafloatingexchangerate,ashiftofinternationaltradeawayfromthecountry'sproductscausestheFEandIScurvestoshifttotheleft.Asaresult,:A．ThecurrencydepreciatesandtheFEandIScurvesshifttotheright.B．ThecurrencydepreciatesandtheFEandIScurvesshifttotheleft.C．ThecurrencyappreciatesandtheFEandIScurvesshifttotheright.D．ThecurrencyappreciatesandtheFEandIScurvesshifttotheleft.（2）Ifacountryhasafloatingexchangerate,ashiftofinternationalcapitalflowsawayfromthecountrycausestheFEandIScurvestoshifttotheleft.AsaresultA．ThecurrencydepreciatesandtheFEandIScurvesshifttotheright.B．ThecurrencydepreciatesandtheFEandIScurvesshifttotheleft.C．ThecurrencyappreciatesandtheFEandIScurvesshifttotheright.D．ThecurrencyappreciatesandtheFEandIScurvesshifttotheleft.（3）Anexpansionaryfiscalpolicywillresultintheoverallpaymentsbalancetendingtowards_______ifinternationalcapitalflowsare_______.23 A．surplus;unresponsiveB．deficit;responsiveC．surplus;responsiveD．balance;unresponsive（4）Expansionarymonetarypolicywithfloatingexchangerateswillresultin:A．TheLMcurveshiftingoutward,thecurrencyappreciating,andtheFEandIScurvesshiftingtotheright.B．TheLMcurveshiftinginward,thecurrencyappreciating,andtheFEandIScurvesshiftingtotheright.C．TheLMcurveshiftingoutward,thecurrencyappreciating,andtheFEandIScurvesshiftingtotheleft.D．TheLMcurveshiftingoutward,thecurrencydepreciating,andtheFEandIScurvesshiftingtotheright.（5）Adomesticmonetaryshockwouldbemoredisruptivewith_______whileaninternationaltradeshockwouldbelessdisruptivewith_______.A．floatingexchangerates;floatingexchangeratesB．fixedexchangerates;floatingexchangeratesC．floatingexchangerates;fixedexchangeratesD．fixedexchangerates;fixedexchangerate3．TrueorFalse（1）Monetarypolicyismoreeffectivewithfixedexchangerates.（2）Internalshocksaremoredisruptivewithfloatingexchangerates（3）Internationalmacroeconomicpolicycoordinationhasbeenfrequentandsuccessfulinimprovingglobalmacroeconomicperformance.（4）Internationaltradeshockscanbeexpectedtobemoredisruptivetoaneconomywithfloatingexchangerates.（5）LargeU.S.governmentdeficitswereresponsiblefortheriseinthetradedeficitinthe1990s.3．Problems“Overshootingisthebasisfortheenhancedeffectivenessofmonetarypolicyunderfloatingexchangerates.”Doyouagreeordisagree？Why？ChapterElevenNationalandGlobalChoices:FloatingRatesandtheAlternatives1、TranslationDollarizationexchangeratemechanismMaastrichtTreacty2．Multiple-ChoiceQuestions23 （1）Withfloatingexchangerates,macroeconomicshocksare_______disruptiveandfiscalpolicyismoreeffectiveifcapitalflowsare_______responsivetointerestrates.A．less;veryB．more;veryC．Less;somewhatD．more;somewhat（2）Lowinflationcountriesmayfindthatthey"import"inflationinexchangefor:A．adisciplineeffectwithfixedexchangerates.B．acurrencyboardwithfixedexchangerates.C．adisciplineeffectwithfloatingexchangerates.D．acurrencyboardwithfixedexchangerates（3）Afixedexchangeratesystemwillencourageallofthefollowingexcept:A．higherlevelsofinternationaltransactionsB．monetaryshocksarelessdisruptiveC．differentmacroeconomicgoalsacrosscountriesD．inefficientresourceallocations（4）WhichofthefollowingwasnotoneofthefiveconvergencecriteriaestablishedintheMaastrichtTreaty？A．Acountry'sinflationratemustbenomorethan2．5%higherthantheaverageinflationrateofthethreeEUcountrieswiththelowestinflationrates.B．Acountry'sexchangeratemustbewithintheERMbandsandcannotberevaluedordevaluedwithinthetwoyearperiodleadinguptomonetaryunion.C．Acountry'slong-terminterestrateongovernmentbondscanbenomorethan2%higherthantheaveragelong-terminterestrateinthethreelowestinflationcountries.D．Acountry'sbudgetdeficitcanbenolargerthan3%ofitsGDP.E.Acountry'sgrossgovernmentdebtcanbenolargerthan60%ofitsGDP.（5）IfECBmonetarypolicyisnothelpfulincorrectinganasymmetricshockinoneEuro-zonecountry,fiscalpolicymaybe_______incorrectingtheproblemwhilelabormobilityandcapitalmovementsmaybe_______.A．effective;insufficientB．ineffective;insufficient  C．effective;sufficientD．ineffective;insufficient（6）WhichofthefollowingcountriesjoinedtheERMin1990witha6%band？A．BelgiumB．PortugalC．BritainD．Ireland（7）Acurrencyboardwouldinpartreacttoincreasedprivatesellingofacurrencyby:A．buyingdomesticcurrencytodefendthefixedrate.23 B．sellingdomesticcurrencytodefendthefixedrate.C．buyingforeigncurrencytodefendthefixedrate.D．noneoftheabove3．TrueorFalse（1）Withdollarization,thelocalcurrencyiscompletelyreplacedwithaforeigncurrency,butindependentmonetarypolicyisstillpossible.（2）Acurrencyboardwillcausethesizeofthemoneysupplytobelinkedtoanyinterventionneededtodefend（3）Overthelast30years,themovementhasbeenawayfromfixedexchangeratesandtowardsmanagedfloatingexchangerates.（4）Acountrywithaveryhighrateofinflationmaychoosetofixitscurrencytothatofacountrywithalowrateofinflationinorderto"import"low-inflationmonetarydiscipline.（5）The15membercountriesoftheEuropeanUnionuseasinglecurrency3calledtheEuro.4．ProblemAcountryisworriedthatbusinesscyclesinothercountriestendtodisruptitsowneconomy.Itwouldlikesome“insulation”fromforeignbusinesscycles.Whywouldthiscountryfavorhavingafloatingexchangerate？23