国际货币与金融经学课后习题答案.docVIP

Answers to End of Chapter Questions Chapter 1 Keeping Up With a Changing World-Trade Flows, Capital Flows, and the Balance Of Payments 1. The balance on merchandise trade is the difference between exports of goods, 719 and the imports of goods, 1,145, for a deficit of 426. The balance on goods, services and income is 719 + 279 +284 – 1145 - 210 – 269, for a deficit of 342. Adding unilateral transfers to this gives a current account deficit of 391, [-342 + -49 -391]. Note that income receipts are credits and income payments are debits. 2. Because the current account balance is a deficit of 391, then without a statistical discrepancy, the capital account is a surplus of 391. In this problem, however, the statistical discrepancy is recorded as a positive amount credit of 11. Hence, the sum of the debits in the balance of payments must exceed the credits by 11. So, the deficit of the current account must be greater than the surplus on the capital account by 11. The capital account, therefore, is a surplus of 391 – 11 380. 3. A balance-of-payments equilibrium is when the debits and credits in the current account and the private capital account sum to zero. In the problem above we do not know the private capital account balance. We cannot say, therefore, whether this country is experiencing a balance-of-payments surplus or deficit or if it is in equilibrium. 4 The current account is a deficit of $541,830 and the private capital account balance is a surplus of $369,068. The U.S., therefore, has a balance of payments deficit. 5 Positive aspects of being a net debtor include the possibility of financing domestic investment that is not possible through domestic savings; thereby allowing for domestic capital stock growth which may allow job, productivity, and income growth. Negative aspects include the fact that foreign savings may be used to finance domestic consumption rather than domestic savings; which will compromise the growth suggested above. Posit