《国际经济学》教师手册及课后习题答案(克鲁格曼,第六版)imch

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1、HAPTER13EXCHANGERATESANDTHEFOREIGNEXCHANGEMARKET:ANASSETAPPROACHChapterOrganizationExchangeRatesandInternationalTransactionsDomesticandForeignPricesExchangeRatesandRelativePricesBox:ATaleofTwoDollarsTheForeignExchangeMarketTheActorsCharacteristicsoftheMarketSpotRatesandForwardRatesForeignEx

2、changeSwapsFuturesandOptionsTheDemandforForeignCurrencyAssetsAssetsandAssetReturnsRiskandLiquidityInterestRatesExchangeRatesandAssetReturnsASimpleRuleReturn,Risk,andLiquidityintheForeignExchangeMarketEquilibriumintheForeignExchangeMarketInterestParity:TheBasicEquilibriumConditionHowChangesi

3、ntheCurrentExchangeRateAffectExpectedReturnsTheEquilibriumExchangeRateInterestRates,Expectations,andEquilibriumTheEffectofChangingInterestRatesontheCurrentExchangeRateTheEffectofChangingExpectationsontheCurrentExchangeRateBox:ThePerilsofForecastingExchangeRatesSummaryAppendix:ForwardExchang

4、eRatesandCoveredInterestParity99CHAPTEROVERVIEWThepurposeofthischapteristoshowtheimportanceoftheexchangerateintranslatingforeignpricesintodomesticvaluesaswellastobeginthepresentationofexchange-ratedetermination.Centraltothetreatmentofexchange-ratedeterminationistheinsightthatexchangeratesar

5、edeterminedinthesamewayasotherassetprices.Thechapterbeginsbydescribinghowtherelativepricesofdifferentcountries'goodsareaffectedbyexchangeratechanges.Thisdiscussionillustratesthecentralimportanceofexchangeratesforcross-bordereconomiclinkages.Thedeterminationoftheleveloftheexchangerateismodel

6、edinthecontextoftheexchangerate'sroleastherelativepriceofforeignanddomesticcurrencies,usingtheuncoveredinterestparityrelationship.Theeuroisusedofteninexamples.Somestudentsmaynotbefamiliarwiththecurrencyorawareofwhichcountriesuseit;abriefdiscussionmaybewarranted.AfulltreatmentofEMUandthetheo

7、riessurroundingcurrencyunificationappearsinChapter20.Thedescriptionoftheforeign-exchangemarketstressestheinvolvementoflargeorganizations(commercialbanks,corporations,nonbankfinancialinstitutions,andcentralbanks)andthehighlyintegratednatureofthemarket.The