[考題] 蔡麗茹國際金融期末考題跟答案
昨天跟今天被同學抓去問國際金融
既然都寫出答案了~乾脆就po出來好了
補上我用來畫圖的powerpoint檔
powerpoint:
http://www.badongo.com/cn/file/9833202
列印模式調講義的話..印出來還不錯 哈~
----------------------------------------------------------------------------
一.請以資本帳完全不能移動(β=0)的情形為例,說明為何在固定匯率制度下,
保護主義較盛行(例如:管制進口或提高進口關稅),而在浮動匯率體制下卻是
貿易自由化為主要的趨勢.(20%)
http://www.pbase.com/colacolafju01/image/98488988
_
根據筆記 保護主義指的是T(Y*)↑
_ _
IS : Y=c+i+g+ca(T(Y*),Y,q) => T↑ 需 Y↑ 才能重達商品市場均衡 => IS右移
+
(注意β=0)
_ _ _
BP : 0= ca(T(Y*),Y,q) + k => T↑ 需 Y↑ 才能重達外匯市場均衡 => BP右移
+ -
A1點有BOP盈餘:
1.固定匯率且央行沖銷, DC↓,FER↑ ,LM不移動,均衡點為A1點,均衡所得水準為Yfix
2.固定匯率且央行不沖銷, 外匯存底持續累積, LM右移, 均衡點為A2點
均衡所得水準為Yfixn
3.浮動匯率, 匯率下降, IS,BP左移回到A0點,均衡所得水準為Yflex
由此可知,浮動匯率下,保護主義完全無效,顧應讓貿易自由化
固定匯率下,保護主義有效,所以保護主義較盛行
可以的話做個數學..老師會很感動
就做第一步就好了..後面的移動會牽扯到模型的設定...還是算了
所以只要解釋一開始IS跟BP會右移,且BP的右移幅度比IS大就好了
_
IS: Y=c+i+g+ca = c0+mpc(Y-t)+i0-br+g0+T(Y*)+ψq-mpimY
_
(1-mpc+mpim)dY=dc0-mpcdt+di0-bdr+dg0+dT(Y*)+ψdq
_ _
dY/dT | = 1/(1-mpc+mpim) >0 所以T↑會造成IS右移
IS
(β=0) _ _
BP: 0=ca+ka=T(Y*)+ψq-mpimY+k
_ _
mpimdY=dT(Y*)+ψdq-mpimdY+dk
_ _
dY/dT | = 1/mpim>0 所以T↑會造成IS右移
BP
_ _
且 dY/dT | = 1/mpim > 1/(1-mpc+mpim) dY/dT |
BP IS
所以BP的右移幅度會比IS大
--------------------------------------------------------------------
二.在資本完全移動(β→∞)下,若經濟坡動的主要來源為投資意願低落時,
請分別就浮動匯率與固定匯率制度下,比較其所得的影響效果.(20%)
http://www.pbase.com/colacolafju01/image/98508921
i=i0-br 投資意願低落是指i0↓
在相同r水準下,i0↓→Y↓,使IS向左移
IS與LM交在A1點在BOP下方: BOP<0 (外匯市場有超額需求)
1.固定匯率 : 央行為彌補此超額需求去賣外匯(FER↓)
=> LM向左移動與IS,BP相交在A2,均衡所得水準:Yfixn
2.浮動匯率: 匯率上升造成IS右移回到A0點,均衡所得水準:Yflex
結論:投資意願低落在固定匯率下使所得水準下降
在浮動匯率下對所得水準無影響
數學方面可利用上題IS全微分的結果..作投資意願低落使IS左移
(1-mpc+mpim)dY=dc0-mpcdt+di0-bdr+dg0+dT(Y*)+ψdq
dY/di0 | = 1/(1-mpc+mpim) >0
IS
所以在相同r水準下,i0↓會造成Y↓,IS會左移
------------------------------------------------------------------
建議寫選擇題前可以先畫這五張圖
畫好可以秒殺一些題目
http://www.pbase.com/colacolafju01/image/98472873
http://www.pbase.com/colacolafju01/image/98472890
http://www.pbase.com/colacolafju01/image/98472905
http://www.pbase.com/colacolafju01/image/98472918
http://www.pbase.com/colacolafju01/image/98472930
Yfix指固定匯率且央行沖銷
Yfixn指固定匯率且央行不沖銷
但資本完全移動時,央行無力沖銷所以只畫Yfixn
"a"
1. An IS-LM equlibrium that lies above the BP schedule represents a
a. balance of payments surplus
b. balance of payments equilibrium
c. balance of payments deficit
d. it is impossible to say without further imformation
BP線左上方為BOP盈餘 , 右下方為BOP赤字
_ _
可以這樣想: BOP= T(T(Y*),Y,q) + K(k,r-r*)
- +
固定BP上一點的話(BOP=0)
往上 r較大(BOP>0) , 往下 r較小(BOP<0)
往右 Y較大(BOP<0) , 往左 Y較小(BOP>0)
"c"
2. Which of these policy objectives is concerned with the country
external balance?
a. limiting the size of business cycle fluctuations
b. maintaining low and stable inflation
c. maintaining a balance of payments equilibrium
d. limiting cyclical unemployment
外部均衡就是指外匯市場均衡吧,即國際收支均衡
"d"
3. What kinds of monetary actions will be ineffective
in affecting real income?
a. sterilized monetary policy in a fixed exchange rate regime
b. nonsterilized monetary policy in fixed exchange rate regime
c. fiscal policy in a fixed exchange rate regime
d. nonsterilized monetary policy in a floating exchange rate regime
http://www.pbase.com/colacolafju01/image/98472905
http://www.pbase.com/colacolafju01/image/98472930
這兩個圖都看得出來
"b"
4. According to the elasticities approach, the elasticities of the
import demand and export supply curves determine how much the quantity
of imports demanded and the quantity of exports supplied will
change in response to
a. a shift in consumer tastes
b. a change in the exchange rate
c. trade restrictions placed on imports and exports
d. the business cycle
指Marshall-Lerner Condition ( θx+θim >1)
匯率上升(本幣貶值)能使貿易帳提高
"d"
5. The idea that a country trade balance may first deteriorate after a
currency devaluation and only later improve is known as the
a. relative price effect
b. elasticity effect
c. pass through effect
d. J-Curve
匯率上升(本幣貶值)會讓貿易帳下降之後再回升
把這情形畫出來就是J-Curve
原因 T=X(q,y*)-qIM(q,y)
q↑上面黃色的部分直接影響,所以貿易帳直接減少
之後才漸漸影響進出口
"a"
6. In a small open economy with perfect capital mobility, which of
the following statements is true?
a. Monetary policy is more effective with floating exchange rates than
it is with fixed exchange rates
b. Monetary policy is less effective with floating exchange rates than
it is with fixed exchange rates
c. Both monetary and fiscal policy are more effective with fixed exchange
rates than with floating exchange rates
d. Both monetary and fiscal policy are more effective with floating
exchange rates than with fixed exchange rates
http://www.pbase.com/colacolafju01/image/98472930
7. When exchange rates are allowed to float, the initial impact of a
^^^^^^^^^^^^^^^^^^
fiscal policy expansion is
a. an increase in the interest rate, an increase in income, capital
inflows and a decrease in net exports
b. an increase in the interest rate, an increase in income, capital
outflows and an increase in net exports
c. a decrease in the interest rate, an increase income, capital
inflows and a decrease in net exports
d. a decrease in the interest rate, an increase income, capital
outflows and an increase in net exports
這題出得怪怪的
擴張性財政政策先使IS向右移造成Y↑,r↑
但資本流動方向與淨出口要看BP與LM的相對斜率
這題資訊不足無法決定
所以我覺得沒答案
"a"
8. The difference between real income and absorption is equal to the
a. current account
b. public budget deficit
c. exchange-rate
d. net national product
y=real income=c+i+g+x
a=absorption=c+i+g+m
ca=x-m
y-a=x-m=ca
"b"
9. Under flexible exchange rates, monetary approach suggests that the spot
exchange rate is determined by the
a. currency board of the nation
b. relative quantities of money supplied and demanded for the two countries
c. ratios of foreign exchange held by the central banks
d. activity related to the two currencies in question
s s d s d
m =M /P , m =ky , 均衡: m =m
Ma/Pa=kaya
Mb/Pb=kbyb => S=Pa/Pb= (Ma/kaya) / (Mb/kbyb) = (Ma/Mb) * (kbyb/kaya)
Pa=SPb
所以..匯率主要決定於兩國相對貨幣供給與需求
"d"
10.Under a fixed exchange rate, monetary approach suggests that a rise in the
foreign price level will result in a
a. balance of payments surplus
b. balance of payments deficits
c. devaluation of the domestic currency
d. revaluation of the domestic currency
P=SP* (PPP)
P＜SP*↑
所以匯率有下降的壓力,本幣revaluation
"b"
11.A reduction in taxes will cause the
a. IS curve shift left
b. IS curve shift right
c. LM curve shift left
d. LM curve shift right
t↓在相同r水準下造成c↑=>Y↑ 所以IS線右移
"c"
12.An increase in the real interest rate induces
a. a leftward shift in the desired investment schedule
b. a rightward shift in the desired investment schedule
c. a leftward movement along the desired investment schedule
d. a leftward shift in the IS schedule
I=I(r)
-
利率為投資廠房,設備等的機會成本,所以利率與投資成反向關係
講義上是令I=i -br
0
利率下降只是在投資曲線上往左移
"d"
13.In an economy with less than perfect capital mobility and a fixed
exchange rate, a fiscal expansion induces
a. a balance of payments deficit
b. a balance of payments surplus
c. no change in the balance of payments
d. a change in the balance of payments that is indeterminate in sign,
depending on the slope of the BP and LM schedules
IS移動後與LM相交的點
BOP的正負要由BP及LM的相對斜率來決定
"d"
14.How does a currency depreciation affect the country BP schedule?
a. The BP schedule becomes steeper
b. The BP schedule becomes flatter
c. The BP schedule shifts to the left
d. The BP schedule shifts to the right
_
BP: 0=T(T(Y*),Y,SP*/P) + K(k,r-r*)
- +
S上升(本幣貶值)使BOP↑,在相同r水準下,需Y↑使BOP↓才能達到外匯市場均衡
所以BP向右移
"d"
15.Under floating exchange rates and high capital mobility, the effects
of a fiscal expansion on real output are
a. magnified by a shift in the LM schedule
b. mitigated by a shift in the LM schedule
c. magnified by a shift in the BP schedule
d. mitigated by a shift in the BP schedule
http://www.pbase.com/colacolafju01/image/98472873
※ 編輯: goshfju 來自: 59.112.81.16 (06/12 00:15)
推
06/17 00:10, , 1F
06/17 00:10, 1F
討論串 (同標題文章)
完整討論串 (本文為第 1 之 2 篇)：