国际金融chapter13
国际经济学第八版下册课后答案英文版-13
1Answers to Textbook Problems1.At an exchange rate of$1.50per euro,the price ofa bratwurst in terms ofhot dogs is1.875(7.5/4)hot dogs per bratwurst.After a dollar appreciation to$1.25per euro,the relative price ofa bratwurst falls to1.56(6.25/4)hot dogs per bratwurst.Hot dogs have become more expensive relative to bratwurst.2.The Norwegian krone/Swiss franc cross rate must be6Norwegian krone per Swiss franc.58Krugman/Obstfeld•InternationalEconomics:Theory andPolicy,Eighth Edition3.When the yen depreciates vs.the dollar,its costs go up.This depresses its profits.On the other hand,ifit exports products to the U.S.,it can increase the yen price(without changing the dollar price)so there may be some offsetting effects.But,by and large,a firm that has substantial imported input costs does not relish a depreciating home currency.4.The dollar rates ofreturn are as follows:a.($250,000$200,000)/$200,000=0.25.b.($275$225)/$225=0.22.c.There are two parts to this return.One is the loss involved due to the appreciation ofthe dollar;the dollar appreciation is($1.38$1.50)/$1.50=0.08.The other part ofthe return is theinterestpaidbythe Londonbank onthe deposit,10percent.(The size ofthe deposit is immaterialto the calculation ofthe rate ofreturn.)In terms ofdollars,the realized return on the Londondeposit is thus2percent per year.5.Note here that the ordering ofthe returns ofthe three assets is the same whether we calculate real ornominal returns.a.The real return on the house would be25%10%=15%.This return could also be calculatedby first finding the portion ofthe$50,000nominal increase in the house’s price due to inflation($20,000),then finding the portion ofthe nominal increase due to real appreciation($30,000),and finally finding the appropriate real rate ofreturn($30,000/$200,000=0.15).b.Again,subtracting the inflation rate from the nominal return,we get20%10%=10%.c. 2% 10% = 8%.6.The current equilibrium exchange rate must equal its expected future level since,with equality ofnominal interest rates,there can be no expected increase or decrease in the dollar/pound exchange rate in equilibrium.Ifthe expected exchange rate remains at$1.52per pound and the pound interest rate rises to10percent,then interest parity is satisfied only ifthe current exchange rate changes such that there is an expected appreciation ofthe dollar equal to5percent.This will occur when theexchange rate rises to$1.60per pound(a depreciation ofthe dollar against the pound).7.Ifmarket traders learn that the dollar interest rate will soon fall,they also revise upward theirexpectation ofthe dollar’s future depreciation in the foreign-exchange market.Given the current exchange rate and interest rates,there is thus a rise in the expected dollar return on euro deposits.The downward-sloping curve in the diagram below shifts to the right and there is an immediatedollar depreciation,as shown in the figure below where a shift in the interest-parity curve from IIto II leads to a depreciation ofthe dollar from E0to E1.Figure13.2Chapter 13 Exchange Rates and the Foreign-Exchange Market: An Asset Approach 598. The analysis will be parallel to that in the text. As shown in the accompanying diagrams, a movementdown the vertical axis in the new graph, however, is interpreted as a euro appreciation and dollar depreciation rather than the reverse. Also, the horizontal axis now measures the euro interest rate. Figure 13.3 demonstrates that, given the expected future exchange rate, a rise in the euro interest rate from R 0 to R 1 will lead to a euro appreciation from E 0 to E 1.Figure 13.4 shows that, given the euro interest rate of i, the expectation ofa stronger euro in the future leads to a leftward shift ofthe downward-sloping curve from IItoIpIp and a euro appreciation (dollar depreciation) from E to Ep. A rise in the dollar interest rate causes the same curve to shift rightward, so the euro depreciates against the dollar. This simply reverses the movement inFigure 13.4, with a shift from IpIp to II, and a depreciation ofthe euro from Ep to E. All oftheseresults are the same as in the text when using the diagram for the dollar rather than the euro.Figure 13.3Figure 13.49. a. Ifthe Federal Reserve pushed interest rates down, with an unchanged expected future exchangerate, the dollar would depreciate (note that the article uses the term “downward pressure” to meanpressure for the dollar to depreciate). In terms ofthe analysis developed in this chapter, a moveby the Federal Reserve to lower interest rates would be reflected in a movement from R to Rp inFigure 13.5, and a depreciation ofthe exchange rate from E to E *.Ifthere is a “soft landing,” and the Federal Reserve does not lower interest rates, then this dollardepreciation will not occur. Even ifthe Federal Reserve does lower interest rates a little, say fromR to R , this may be a smaller decrease then what people initially believed would occur. In thiscase, the expected future value ofthe exchange rate will be more appreciated than before,causing the interest-parity curve to shift in from IItoIpIp (as shown in Figure 13.6). The shift inthe curve reflectsthe “optimism sparkedbythe expectation ofa soft landing” andthis change inexpectations means that, with a fall in interest rates from R to R , the exchange rate depreciatesfrom E to E , rather than from E to E *, which would occur in the absence ofa change inexpectations.Figure 13.5Figure 13.660Krugman/Obstfeld•InternationalEconomics:Theory andPolicy,Eighth Editionb.The“disruptive”effects ofa recession make dollar holdings more risky.Risky assets must offersome extra compensation such that people willingly hold them as opposed to other,less riskyassets.This extra compensation may be in the form ofa bigger expected appreciation ofthecurrency in which the asset is held.Given the expected future value ofthe exchange rate,a bigger expected appreciation is obtained by a more depreciated exchange rate today.Thus,a recessionthat is disruptive and makes dollar assets more risky will cause a depreciation ofthe dollar.10.The euroislessrisky foryou.Whentherestofyourwealth falls,the eurotendstoappreciate,hri s by giving you a relatively high payoffin terms ofdollars.Losses on your euro assets, on the other hand,tend to occur when they are least painful,that is,when the rest ofyour wealth is unexpectedly high.Holding the euro therefore reduces the variability ofyour total wealth.11.The chapter states that most foreign-exchange transactions between banks(which accounts for thevastmajorityofforeign-exchangetransactions)involve exchangesofforeigncurrencies forU.S.l r,hen the ultimate transaction involves the sale ofone nondollar currency for another nondollar currency.This central role ofthe dollar makes it a vehicle currency in international transactions.The reason the dollar serves as a vehicle currency is that it is the most liquid ofcurrencies since it is easy to find people willing to trade foreign currencies for dollars.The greater liquidity ofthe dollar ascompared to,say,the Mexican peso,means that people are more willing to hold the dollar than the peso,and thus,dollar deposits can offer a lower interest rate,for any expected rate ofdepreciation against athird currency,thanpeso deposits forthe samerate ofdepreciation againstthatthird currency.As the world capital market becomes increasingly integrated,the liquidity advantages ofholdingdollar deposits as opposed to euro deposits will probably diminish.The euro represents an economy as large as the United States,so it is possible that it will assume some ofthat vehicle role ofthe dollar, reducing the liquidity advantages to as far as zero.When it was first introduced in1999,the euro had no history as a currency,though,so some investors may have been leery ofholding it until itestablished a track record.As the euro has become more established,though,the liquidity advantage ofthe dollar should be fading(albeit slowly).12.Greater fluctuations in the dollar interest rate lead directly to greater fluctuations in the exchange rateusing the model described here.The movements in the interest rate can be investigated by shifting the vertical interest rate curve.As shown in Figure13.7,these movements lead directly to movements in the exchangerate.For example,an increase inthe interestrate from i to ip leads to a dollar appreciation from E to Ep.A decrease in the interest rate from i to i leads to a dollar depreciation from E to E.This diagram demonstrates the direct link between interest rate volatility and exchange rate volatility, given that the expected future exchange rate does not change.Figure13.7Chapter 13 Exchange Rates and the Foreign-Exchange Market: An Asset Approach 61 13.A tax on interest earnings and capital gains leaves the interest parity condition the same,since all itscomponents are multiplied by one less the tax rate to obtain after-tax returns.Ifcapital gains areuntaxed,the expected depreciation term in the interest parity condition must be divided by1less the tax rate. The component ofthe foreign return due to capital gains is now valued more highly than interest payments because it is untaxed.14. The forward premium can be calculated as described in the appendix. In this case, we find theforward premium on euro to be (1.26 一 1.20)/1.20 = 0.05. The interest rate difference between one-year dollar deposits and one-year euro deposits will be5percent because the interest difference must equal the forward premium on euro against dollars when covered interest parity holds.15. The value should have gone down as there is no more need to engage in intra EU foreign currencytrading.This represents the predicted transaction cost savings stemming from the euro.At thesame time, the importance ofthe euro as an international currency may have generated more trading in euros as more investors(from central banks to individual investors)choose to hold their fundsin euros or denominate transactions in euros. On net, though, we would expect the value offoreign exchange trading in euros to be less than the sum ofthe previous currencies.16.Ifthe dollar depreciated,all else equal,we would expect outsourcing to diminish.If,as the problemstates,much ofthe outsourcing is an attempt to move production to locations that are relativelycheaper,then the U.S. becomes relatively cheap when the dollar depreciates. While it may not be as cheap a destination as some other locations,at the margin,labor costs in the U.S.will have becomerelatively cheaper, making some firms choose to retain production at home. For example, we could say that the labor costs ofproducing a computer in Malaysia is220$and the extra transport cost is50$,but the U.S.costs were300$,then we would expect the firm to outsource.On the other hand,if the dollar depreciated 20% against the Malaysian ringitt, the labor costs in Malaysia would now be 264$(that is,20%higher in dollar terms,but unchanged in local currency).This,plus the transportcosts makes production in Malaysia more expensive than in the U.S., making outsourcing a less attractive option.。
Chap13 The Organization of International Business
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University 1-7
Organizational Structure
组织结构有三个方面： 1.纵向划分-结构中决策责任所属位置 2..横向划分-组织小组的正式划分 3..整合机制的建立-负责协调小组机制单位
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University 1-13
Horizontal Differentiation: The Design Of Structure
Figure 13.2: A Typical Functional Structure
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University 1-14
Horizontal Differentiation: The Design Of Structure
Figure 13.3: A Typical Product Divisional Structure
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University 1-5
Organizational Architecture
Figure 13.1: Organizational Architecture
山东经济学院· 国际贸易学院 School of International Trade, Shandong Economic University 1-6
Intermediate Accounting 题库Chap013
Chapter 13 Current Liabilities and ContingenciesQUESTIONS FOR REVIEW OF KEY TOPICSQuestion 13-1A liability entails the present, the future, and the past. It is a present responsibility, to sacrifice assets in the future, caused by a transaction or other event that already has happened. Specifically, ―Elements of Financial Statements,‖ Statement of Financial Accounting Concepts No. 6, par. 36, describes three essential characteristics: Liabilities–1. are probable, future sacrifices of economic benefits2. that arise from present obligations (to transfer goods or provide services) to other entities3. that result from past transactions or events.Question 13-2Liabilities traditionally are classified as either current liabilities or long-term liabilities in a classified balance sheet. Current liabilities are those expected to be satisfied with current assets or by the creation of other current liabilities. Usually, but with exceptions, current liabilities are obligations payable within one year or within the firm's operating cycle, whichever is longer.Question 13-3In concept, liabilities should be reported at their present values; that is, the valuation amount is the present value of all future cash payments resulting from the debt, usually principal and/or interest payments.In this case, the amount would be determined as the present value of $100,000, discounted for three months at an appropriate rate of interest for a debt of this type. This is proper because of the time value of money.In practice, liabilities ordinarily are reported at their maturity amounts if payable within one year because the relatively short time period makes the interest or time value component immaterial. [FASB ASC 835-30-15-3: Interest – Imputation of Interest – Scope and Scope Exceptions (previously ―Interest on Receivables and Payables,‖ Accounting Principles Board Opinion No 21, (New York, AICPA, August 1971, Par. 3))] specifically exempts from present value valuation all liabilities arising in connection with suppliers in the normal course of business and due within a year.Answers to Questions (continued)Question 13-4Lines of credit permit a company to borrow cash from a bank up to a prearranged limit at a predetermined, usually floating, rate of interest. The interest rate often is based on current rates of the prime London interbank borrowing, certificates of deposit, bankers’ acceptance, or other standard rates. Lines of credit usually must be available to support the issuance of commercial paper.Lines of credit can be noncommitted or committed. A noncommitted line of credit allows the company to borrow without having to follow formal loan procedures and paperwork at the time of the loan and is less formal, usually without a commitment fee. Sometimes a compensating balance is required to be on deposit with the bank as compensation for the service. A committed line of credit is more formal. It usually requires a commitment fee in the neighborhood of 1/4 of one percent of the unused balance during the availability period. Sometimes compensating balances also are required. Question 13-5When interest is ―discounted‖ from the face amount of a note at the time it is written, it usually is referred to as a ―noninterest-bearing‖ note. They do, of course entail interest, but the interest is deducted (or discounted) from the face amount to determine the cash proceeds made available to the borrower at the outset and included in the amount paid at maturity. In fact, the effective interest rate is higher than the stated discount rate because the discount rate is applied to the face value, but the cash borrowed is less than the face value.Question 13-6Commercial paper represents loans from other corporations. It refers to unsecured notes sold in minimum denominations of $25,000 with maturities ranging from 30 to 270 days. The firm would be required to file a registration statement with the SEC if the maturity is beyond 270 days. The name ―commercial paper‖ implies that a paper certificate is issued to th e lender to represent the obligation. But, increasingly, no paper is created because the entire transaction is computerized. Recording the issuance and payment of commercial paper is the same as for notes payable.The interest rate usually is lower than in a bank loan because commercial paper (a) typically is issued by large, sound companies (b) directly to the lender, and (c) normally is backed by a line of credit with a bank.Question 13-7This is an example of an accrued expense– an expense incurred during the current period, but not yet paid. The expense and related liability should be recorded as follows:Salaries expense 5,000Salaries payable 5,000This achieves a proper matching of this expense with the revenues it helps generate, and recognizes that a liability has been created by the employee earning wages for which she has not yet been paid.Question 13-8An employer should accrue an expense and the related liability for employees' compensation for future absences, like vacation pay, if the obligation meets each of four conditions:(1) the obligation is attributable to employees' services already performed, (2) the paid absence can be taken in a later year –the benefit vests (will be compensated even if employment is terminated) or the benefit can be accumulated over time, (3) the payment is probable, and (4) the amount can be reasonably estimated.Customary practice should be considered when deciding whether an obligation exists. For instance, whether the rights to paid absences have been earned by services already rendered sometimes depends on customary policy for the absence in question. An example is whether compensation for upcoming sabbatical leave should be accrued. Is it granted only to perform research beneficial to the employer? Or, is it customary that sabbatical leave is intended to provide unrestrained compensation for past service?Similar concerns also influence whether unused rights to the paid absences can be carried forward or expire. Although holiday time, military leave, maternity leave, and jury time typically do not accumulate if unused, if it is customary practice that one can be carried forward, a liability is accrued if it’s probable employees will be compensated in a future year. Similarly, sick pay is specifically excluded from mandatory accrual, according to GAAP regarding compensated absences, because future absence depends on future illness, which usually is not a certainty. But, if company policy or custom is that em ployees are paid ―sick pay‖ even when their absence is not due to illness, a liability for unused sick pay should be recorded.Question 13-9When a company collects cash from a customer as a refundable deposit or as an advance payment for products or services, a liability is created obligating the firm to return the deposit or to supply the products or services. When the amount is to be returned to the customer in cash, it is a refundable deposit. When the amount will be applied to the purchase price when goods are delivered or services provided (gift certificates, magazine subscriptions, layaway deposits, special order deposits, and airline tickets), it is a customer advance.Question 13-10Gift cards are a particular form of advance collection of revenues. When the payment is received, the seller debits cash and credits an unearned revenue liability. Later, unearned revenue is reduced and revenue recognized either when the customer redeems the gift card or when the probability of redemption is viewed as remote, based on an expiration date or the company’s experience. Question 13-11Examples of amounts collected for third parties that represent liabilities until remitted are sales taxes, and payroll-related deductions such as federal and state income taxes, social security taxes, employee insurance, employee contributions to retirement plans, and union dues.Question 13-121. Current liability— The requirement to classify currently maturing debt as a current liabilityincludes debt that is callable, or due on demand, by the creditor in the upcoming year even if the debt is not expected to be called.2 Long-term liability— The current liability classification includes (a) situations in which thecreditor has the right to demand payment because an existing violation of a provision of the debt agreement makes it callable and (b) situations in which debt is not yet callable, but will be callable within the year if an existing violation is not corrected within a specified grace period – unless it's probable the violation will be corrected within the grace period. In this case, the existing violation is expected to be corrected within 6 months.Question 13-13Short-term obligations can be reported as noncurrent liabilities if the company (a) intends to refinance on a long-term basis and (b) demonstrates the ability to do so by a refinancing agreement or by actual financing.Question 13-14Under U.S. GAAP, ability to finance must be demonstrated by securing financing prior to the date the balance sheet is issued; under IFRS, ability to finance must be demonstrated by securing financing prior to the balance sheet date (which typically is a couple of months earlier than the date of issuance).Question 13-15A loss contingency is an existing situation, or set of circumstances involving potential loss that will be resolved when some future event occurs or doesn’t occur. Examples: (1) a possible repair to a product under warranty, (2) a possible uncollectible receivable, (3) being the defendant in a lawsuit. Question 13-16The likelihood that the future event(s) will confirm the incurrence of the liability must be categorized as:P ROBABLE– the confirming event is likely to occur.R EASONABLY P OSSIBLE– the chance the confirming event will occur is more than remote but less than likely.R EMOTE– the chance the confirming event will occur is slight.Question 13-17A liability should be accrued if it is both probable that the confirming event will occur and the amount can be at least reasonably estimated.Question 13-18Under U.S. GAAP, the term ―contingent liability‖ is used to refer generally to contingent losses, regardless of probability. Under IFRS, a contingent liability refers only to those contingencies that are not recognized in the financial statements; the term ―provision‖ is used to refer to those that are accrued as liabilities because they are probable and reasonably estimable.Question 13-19If one or both of the accrual criteria is not met, but there is at least a reasonable possibility that an obligation exists (the loss will occur), a disclosure note should describe the contingency. The note also should provide an estimate of the possible loss or range of loss, if possible. If an estimate cannot be made, a statement to that effect should be included.Question 13-201. Manufacturers’ product warranties —these inevitably involve expenditures, and reasonablyaccurate estimates of the total liability for a period usually are possible, based on prior experience.2. Cash rebates and other premium offers — these inevitably involve expenditures, and reasonablyaccurate estimates of the total liability for a period usually are possible, based on prior experience. Question 13-21The contingent liability for warranties and guarantees usually is accrued. The estimated warranty (guarantee) liability is credited and warranty (guarantee) expense is debited in the reporting period in which the product under warranty is sold. An extended warranty provides warranty protection beyond the manufacturer’s original warranty. A manufacturer’s warranty is offered as an integral part of the product package. By contrast, an extended warranty is priced and sold separately from the warranted product. It essentially constitutes a separate sales transaction and is recorded as such.Question 13-22Several weeks usually pass between the end of a company’s fiscal year and the date the financial statements for that year actually are issued. Any enlightening events occurring during this period should be used to assess the nature of a loss contingency existing at the report date. Since a liability should be accrued if it is both probable that the confirming event will occur and the amount can be at least reasonably estimated, the contingency should be accrued.Question 13-23When a contingency comes into existence only after the year-end, a liability cannot be accrued because none existed at the end of the year. Yet, if the loss is probable and can be reasonably estimated, the contingency should be described in a disclosure note. The note should include the effect of the loss on key accounting numbers affected. Furthermore, even events other than contingencies that occur after the year-end but before the financial statements are issued must be disclosed in a ―subsequent events‖ disclosure note if they have a material effect on the company’s financial position. (i.e., an issuance of debt or equity securities, a business combination, or discontinued operations). Question 13-24In U.S. GAAP, the low end of the range is accrued as a liability, and the rest of the range is disclosed. In IFRS, the mid-point of the range is accrued.Question 13-25When an assessment is probable, reporting the possible obligation would be warranted if an unfavorable settlement is at least reasonably possible. This means an estimated loss and contingent liability would be accrued if (a) an unfavorable outcome is probable and (b) the amount can be reasonably estimated. Otherwise footnote disclosure would be appropriate. So, when the assessment is unasserted as yet, a two-step process is involved in deciding how it should be reported:1. Is the assessment probable? If it is not, no disclosure is warranted.2. If the assessment is probable, evaluate (a) the likelihood of an unfavorable outcome and (b)whether the dollar amount can be estimated to determine whether it should be accrued, disclosed only, or neither.Question 13-26You should not accrue your gain. A gain contingency should not be accrued. This conservative treatment is consistent with the general inclination of accounting practice to anticipate losses, but to recognize gains only at their realization. Though gain contingencies are not recorded in the accounts, they should be disclosed in notes to the financial statements. Attention should be paid that the disclosure note not give "misleading implications as to the likelihood of realization."BRIEF EXERCISESBrief Exercise 13-1Cash ............................................................... 60,000,000Notes payable .............................................. 60,000,000Interest expense ($60,000,000 x 12% x 3/12) ...... 1,800,000Interest payable .......................................... 1,800,000Brief Exercise 13-2Cash (difference) .......................................................... 54,600,000Discount on notes payable ($60,000,000 x 12% x 9/12) . 5,400,000Notes payable (face amount) .................................... 60,000,000 Interest expense ($60,000,000 x 12% x 3/12) ................. 1,800,000Discount on notes payable ................................... 1,800,000Brief Exercise 13-3a.December 31$100,000 x 12% x 6/12 = $6,000b.September 30$100,000 x 12% x 3/12 = $3,000Brief Exercise 13-4Cash (difference) .......................................................... 11,190,000Discount on notes payable ($12,000,000 x 9% x 9/12) ... 810,000Notes payable (face amount) .................................... 12,000,000 Interest expense ........................................................ 810,000Discount on notes payable........................................... 810,000 Notes payable (face amount) ........................................ 12,000,000Cash ....................................................................... 12,000,000Brief Exercise 13-5Cash (difference) .......................................................... 9,550,000Discount on notes payable ($10,000,000 x 6% x 9/12) ... 450,000Notes payable (face amount) .................................... 10,000,000Effective interest rate:Discount ($10,000,000 x 6% x 9/12)$ 450,000Cash proceeds ÷ $9,550,000Interest rate for 9 months 4.712%x 12/9___________Annual effective rate 6.3%Brief Exercise 13-6December 12Cash ....................................................................... 24,000Liability – customer advance ........................... 24,000 January 16Cash ....................................................................... 216,000Liability – customer advance ............................... 24,000Sales revenue ..................................................... 240,000Brief Exercise 13-7In 2011 Lizzie would recognize $11,500 of revenue ($4,000 + $3,000 + $2,500 + $2,000). In 2012 Lizzie would recognize the remainder of $6,500 ($18,000 -$11,500), either because gift cards were redeemed (the $1,000 in January and the $500 in February) or because they are viewed as expired.Brief Exercise 13-8Accounts receivable .............................................. 645,000Sales revenue.................................................... 600,000Sales taxes payable ([6% + 1.5%] x $600,000) ...... 45,000Brief Exercise 13-9Under U.S. GAAP, the debt would be classified as long-term for both completion dates, as what is key is that the refinancing be completed before the financialstatements are issued.Brief Exercise 13-10Under IFRS, the debt would be classified as long-term if the refinancing wascompleted by December 15, 2011, but not if completed by January 15, 2012,because for IFRS what is key is that the refinancing be completed by the balance sheet date.Brief Exercise 13-11This is a loss contingency and the estimated warranty liability is credited and warranty expense is debited in the period in which the products under warranty are sold. Right will report a liability of $130,000:Warranty Liability_________________________________________150,000Warranty expense (1% x $15,000,000) Actual expenditures20,000130,000 BalanceBrief Exercise 13-12This is a loss contingency and should be accrued because it is both probable that the confirming event will occur and the amount can be at least reasonablyestimated. Goo Goo should report a $5.5 million loss in its income statement anda $5.5 million liability in its balance sheetLoss – product recall ....................................................... 5,500,000Liability – product recall .......................................... 5,500,000A disclosure note also is appropriate.Brief Exercise 13-13This is a gain contingency. Gain contingencies are not accrued even if the gain is probable and reasonably estimable. The gain should be recognized only when realized. A carefully worded disclosure note is appropriate.Brief Exercise 13-14This is a loss contingency. A liability should be accrued if it is both probable that the confirming event will occur and the amount can be at least reasonably estimated. If one or both of these criteria is not met (as in this case), but there is at least a reasonable possibility that the loss will occur, a disclosure note should describe the contingency. That’s what Bell should do here.Brief Exercise 13-15Only the third situation’s costs should be accrued. A liability should be accrued fora loss contingency if it is both probable that the confirming event will occur andthe amount can be at least reasonably estimated. If one or both of these criteria is not met, but there is at least a reasonable possibility that the loss will occur, a disclosure note should describe the contingency. Both criteria are met only for the warranty costs.Brief Exercise 13-16Under U.S. GAAP, no liability would be recognized, because a 51% chance is less than the level of probability typically associated with ―probable‖ in the U.S. A liability would be acc rued under IFRS, as 51% is clearly ―more likely than not.‖ Ifa liability were accrued under U.S. GAAP, it would be for $10 million, the low endof the range, but under IFRS it would be for $15 million, the midpoint of the range. Brief Exercise 13-17No disclosure is required because an EPA claim is not yet asserted, and an assessment is not probable. Even if an unfavorable outcome is thought to be probable in the event of an assessment and the amount is estimable, disclosure is not required unless an unasserted claim is probable.EXERCISESExercise 13-1Requirement 1Cash ............................................................... 16,000,000Notes payable .............................................. 16,000,000 Requirement 2Interest expense ($16,000,000 x 12% x 2/12) ...... 320,000Interest payable ........................................... 320,000 Requirement 3Interest expense ($16,000,000 x 12% x 7/12) ...... 1,120,000Interest payable (from adjusting entry) ............... 320,000Notes payable (face amount) ............................. 16,000,000Cash (total) ................................................... 17,440,000 Exercise 13-21. Interest rate Fiscal year-end12% December 31$400 million x 12% x 6/12 = $24 million2. Interest rate Fiscal year-end10% September 30$400 million x 10% x 3/12 = $10 million3. Interest rate Fiscal year-end9% October 31$400 million x 9% x 4/12 = $12 million4. Interest rate Fiscal year-end6% January 31$400 million x 6% x 7/12 = $14 millionExercise 13-32011Jan. 13No entry is made for a line of credit until a loan actually is made. It would be described in a disclosure note.Feb. 1Cash .......................................................................... 5,000,000Notes payable ........................................................ 5,000,000 May 1Interest expense ($5,000,000 x 10% x 3/12)................... 125,000Notes payable (face amount) ........................................ 5,000,000Cash ($5,000,000 + 125,000)...................................... 5,125,000 Dec. 1Cash (difference) .......................................................... 9,325,000Discount on notes payable ($10,000,000 x 9% x 9/12) ... 675,000Notes payable (face amount) .................................... 10,000,000 Dec. 31The effective interest rate is 9.6515% ($675,000 ÷ $9,325,000) x 12/9. So, properly, interest should be recorded at that rate times the outstanding balance timesone-twelfth of a year:Interest expense ($9,325,000 x 9.6515% x 1/12)............. 75,000Discount on notes payable ................................... 75,000 However the same results are achieved if interest is recorded at the discountrate times the maturity amount times one-twelfth of a year:Interest expense ($10,000,000 x 9% x 1/12)................... 75,000Discount on notes payable ................................... 75,000Exercise 13-3 (concluded)2012Sept. 1Interest expense ($10,000,000 x 9% x 8/12)* ................. 600,000Discount on notes payable ................................... 600,000 Notes payable (balance)............................................... 10,000,000Cash (maturity amount) ............................................. 10,000,000 * or, ($9,325,000 x 9.6515% x 8/12) = $600,000Exercise 13-4Wages expense (increases wages expense to $410,000) ........... 6,000Liability – compensated future absences.................... 6,000** ($404,000 - 4,000] = $400,000 non-vacation wagesx 1/40 = $10,000 vacation pay earned(4,000) vacation pay taken= $ 6,000 vacation pay carried overExercise 13-5Requirement 1Wages expense (700 x $900) .............................................. 630,000Liability – compensated future absences............ 630,000 Requirement 2Liability – compensated future absences................. 630,000Wages expense ($31 million + [5% x $630,000]) .............. 31,031,500Cash (or wages payable) (total) ............................ 31,661,500Exercise 13-6Requirement 1Cash ............................................................................. 5,200Liability – gift certificates...................................... 5,200Cash ($2,100 + 84 - 1,300) (884)Liability – gift certificates ......................................... 1,300Sales revenue ........................................................... 2,100Sales taxes payable (4% x $2,100) (84)Requirement 2Gift certificates sold$5,200Gift certificates redeemed(1,300)Liability to be reported at December 31 $3,900 Requirement 3The sales tax liability is a current liability because it is payable in January.The liability for gift certificates is part current and part noncurrent:Gift certificates sold$5,200x 80% Estimated current liability$4,160Gift certificates redeemed (1,300)Current liability at December 31 $2,860Noncurrent liability at December 31 ($5,200 x 20%) 1,040Total $3,900Exercise 13-7Requirement 1Deposits CollectedCash .................................................................. 850,000Liability – refundable deposits ................... 850,000Containers ReturnedLiability – refundable deposits ....................... 790,000Cash .............................................................. 790,000Deposits ForfeitedLiability – refundable deposits ....................... 35,000Revenue – sale of containers ....................... 35,000Cost of goods sold ........................................... 35,000Inventory of containers ............................... 35,000 Requirement 2Balance on January 1$530,000Deposits received850,000Deposits returned (790,000)Deposits forfeited (35,000)Balance on December 31 $555,000Exercise 13-8Requirement 1Cash ....................................................................... 7,500Liability – customer advance ........................... 7,500 Requirement 2Cash ....................................................................... 25,500Liability – refundable deposits......................... 25,500 Requirement 3Accounts receivable .............................................. 856,000Sales revenue.................................................... 800,000Sales taxes payable ([5% + 2%] x $800,000)......... 56,000Exercise 13-9Requirement 1The entire $10,000 sold in January will be recognized as revenue during2011. $6,000 because of gift card redemption; $4,000 because of gift cardbreakage.Requirement 2January Gift Card SalesCash .................................................................. 10,000Liability – unearned gift card revenue ......... 10,000 Redemption of January Gift CardsLiability – unearned gift card revenue............ 6,000Revenue – gift cards ..................................... 6,000 Expiration of January Gift CardsLiability – unearned gift card revenue............ 4,000Revenue – gift cards ..................................... 4,000 Requirement 3Of the $16,000 sold in March, $10,000 will be recognized as revenue:$4,000 because of gift card redemption; $6,000 of the remaining $12,000because of gift card expiration. To calculate the amount of gift cardbreakage, consider that, if March sales all occurred on the first day of themonth, all would have been outstanding for 10 months during 2011 andtherefore all $12,000 of non-redeemed gift cards would be viewed asexpired. On the other hand, if March sales all occurred on the last day ofthe month, none would have been outstanding for 10 months during 2011and therefore none of the $12,000 of non-redeemed gift cards would beviewed as expired. Assuming that sales of gift cards occur on average onMarch 15 gets us to the average of ($12,000 + $0) / 2 = $6,000 from giftcard expiration.Requirement 4The only liability at 12/31/2011 would be the $6,000 of unexpired March giftcards (see answer to requirement 3).。
罗伯特J凯伯《国际金融》(第十三版英文版)课件
• Direct controls
• Government restrictions on the market economy • To control particular items in the current account • To restrain capital outflows • To stimulate capital inflows
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FIGURE 16.1 Macroeconomic equilibrium: the aggregate demand-aggregate supply model
The economy is in equilibrium where the aggregate demand curve intersects the aggregate supply curve. This intersection determines the equilibrium price level and output for the economy. Increases (decreases) in aggregate demand or aggregate supply result in rightward (leftward) shifts in these curves.
3
Policy Instruments
• Expenditure-changing policies
• Alter the level of total spending (aggregate demand) for goods and services
• Produced domestically and imported
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《金融学（第二版）》讲义大纲及课后习题答案详解十三章
《⾦融学（第⼆版）》讲义⼤纲及课后习题答案详解⼗三章CHAPTER 13THE CAPITAL ASSET PRICING MODELObjectivesExplain the theory behind the CAPM.Explain how to use the CAPM to establish benchmarks for measuring the performance of investment portfolios. Explain how to infer from the CAPM the correct risk-adjusted discount rate to use in discounted-cash-flow valuation models. Explain the APT and its relationship to the CAPM.Outline13.1 The Capital Asset Pricing Model in Brief13.2 Determinants of the Risk Premium on the Market Portfolio13.3 Beta and Risk Premiums on Individual Securities13.4 Using the CAPM in Portfolio Selection13.5 Valuation and Regulating Rates of Return13.6 Extensions, Modifications, and Alternatives to the CAPMSummaryThe CAPM has three main implications:In equilibrium, ev eryone’s relative holding of risky assets are the same as in the market portfolio.The size of the risk-premium of the market portfolio is determined by the risk-aversion of investors.The risk premium on any asset is equal to its beta times the risk premium on the market portfolio.Whether or not the CAPM is strictly true, it provides a rationale for a very simple passive portfolio strategy: Diversify your holdings of risky assets in the proportions of the market portfolio, andMix this portfolio with the risk-free asset to achieve a desired risk-reward combination.The CAPM is used in portfolio management primarily in two ways:To establish a logical and convenient starting point in asset allocation and security selectionTo establish a benchmark for evaluating portfolio management ability on a risk-adjusted basis.In corporate finance the CAPM is used to determine the appropriate risk-adjusted discount rate in valuation models of the firm and in capital budgeting decisions. The CAPM is also used to establish a “fair” rate of return on invested capital for regulated firms and in cost-plus pricing.Today few financial scholars consider the CAPM in its simplest form to be an accurate model for explaining or predicting risk premiums on risky assets. However, modified versions of the model are still a central feature of the theory and practice of finance.The APT gives a rationale for the expected return-beta relationship that relies on the condition that there be no arbitrage profit opportunities; the CAPM requires that investors be portfolio optimizers. The APT and CAPM are not incompatible; rather, they complement each other.Solutions to Problems at End of ChapterComposition of the Market Portfolio1. Capital markets in Flatland exhibit trade in four securities, the stocks X, Y and Z, and a risklessgovernment security. Evaluated at current prices in US dollars, the total market values of these assets are, respectively, $24 billion, $36 billion, $24 billion and $16 billion.a. Determine the relative proportions of each asset in the market portfolio.b. If one trader with a $100,000 portfolio holds $40,000 in the riskless security, $15,000 in X, $12,000 in Y, and$33,000 in Z, determine the holdings of the three risky assets of a second trader who invests $20, 000 of a $200, 000 portfolio in the riskless security.SOLUTION:The total value of all assets in the economy is 100 billion dollars. a. The proportions of each asset relative to the value of all assets are, respectively, .24 (X), .36 (Y),b. .24 (Z) and .16 (riskless bond.) The proportions of each risky asset to the total value of all risky assets are, respectively, (2/7) (X), (3/7) (Y) and (2/7) (Z).c. . Ignore the question as it appears in the First Edition of the textbook. Instead, the question should be: If aninvestor has $100,000 with $30,000 invested in the riskless asset, how much is invested in securities X, Y, and Z? The answer to this question is $20,000 in X and Z, and $30,000 in Y.Implications of CAPM2. The riskless rate of interest is .06 per year, and the expected rate of return on the market portfolio is .15 per year.a. According to the CAPM , what is the efficient way for an investor to achieve an expected rate of returnof .10 per year?b. If the standard deviation of the rate of return on the market portfolio is .20, what is the standarddeviation on the above portfolio?c. Draw the CML and locate the foregoing portfolio on the same graph.d. Draw the SML and locate the foregoing portfolio on the same graph.e. Estimate the value of a stock with an expected dividend per share of $5 this coming year, an expecteddividend growth rate of 4% per year forever, and a beta of .8. If its market price is less than the value you have estimated, i.e., if it is under-priced, what is true of its mean rate of return?SOLUTION: a.So one would hold a portfolio that is 4/9 invested in the market portfolio and 5/9 in the riskless asset. b.c. The formula for the CML is9415.)1(06.10.)()1()(=+-=?+-?=x xx x r E x r r E M f 08889.)20(.94==?=M x σσσσσ45.06.)()(+=-+=MfM f r r E r r Ed. The formula for the SML ise. Use constant growth rate DDM and find r using the SML relationIf the market price of the stock is less than this, then its expected return is higher than the 13.2% required rate.()ββ09.06.)()(+=-+=f M f r r E r r E 35.54$04.132.504.510=-=-=-=r g r D P 132.8.09.06.09.06.=?+=+=βr3. If the CAPM is valid, which of the following situations is possible? Explain. Consider each situation independently. a.PortfolioExpected ReturnBeta A 0.20 1.4B 0.25 1.2b.PortfolioExpected ReturnStandard DeviationA 0.300.35B 0.400.25c.Portfolio Expected ReturnStandard DeviationRisk-free 0.100Market 0.180.24A 0.160.12d.Portfolio Expected ReturnStandard DeviationRisk-free 0.100Market 0.180.24A0.200.22SOLUTION:a. Impossible. Since the risk premium on the market portfolio is positive, a security with a higher beta must have ahigher expected return.b. Possible. Since portfolios A & B are not necessarily efficient, A can have a higher standard deviation and alower expected return than B.c. Impossible. Portfolio A lies above the CML, implying that the CML is not efficient. If the standard deviation ofA is .12, then according to the CML its expected return cannot be greater than .14.d. Impossible. Portfolio A has a lower standard deviation and a higher mean return than the market portfolio,implying that the market portfolio is not efficient.4. If the Treasury bill rate is currently 4% and the expected return to the market portfolio over the same period is 12%, determine the risk premium on the market. If the standard deviation of the return on the market is .20, what is the equation of the Capital Market Line?SOLUTION: The risk premium on the market portfolio is .08. The slope of the CML is .08/.2 = .4. Thus, the equation of the CML is:Determinants of the Market Risk Premium5. Consider an economy in which the expected return on the market portfolio over a particular period is .25, the standard deviation of the return to the market portfolio over this same period is .25, and the averagedegree of risk aversion among traders is 3. If the government wishes to issue risk-free zero-coupon bonds with a term to maturity of one period and a face value per bond of $100,000, how much can the government expect to receive per bond? []σσσ4.04.)()(+=++=MfMf r rE r r ESOLUTION:According to the CAPM, E(r M) - r f = Aσ2, so that r f = E(r M) - Aσ2.Substituting into this formula we find: r f = .25 – 3 x .252 = .0625Therefore the revenue raised by the government per bond issued is $100,000 = $94,117.651.06256. . Norma Swanson has invested 40% of her wealth in MGM stock and 60% in Industrial Light and Magic stock. Norma believes the returns to these stocks have a correlation of .06 and that their respective means and standard deviations are: MGM ILMExpected Return (%) 10 15Standard Deviation (%) 15 25a.Determine the expected value and standard deviation of the return on Norma’s portfolio.b.Would a risk-averse investor such as Norma prefer a portfolio composed entirely of only MGM stock? Ofonly ILM stock? Why or why not?SOLUTION:a.The expected return is .13, and the standard deviation is .1649.b. A risk averse investor will not want to hold a portfolio composed entirely of MGM or of ILM stock, becauseone can, in general, achieve the same expected return with a lower standard deviation by combining a portfolio of MGM and ILM with the risk-free asset.7. Consider a portfolio exhibiting an expected return of 20% in an economy in which the riskless interest rate is 8%, the expected return to the market portfolio is thirteen percent, and the standard deviation of the return to the market portfolio is .25. Assuming this portfolio is efficient, determine:a.its beta.b.the standard deviation of its return.c.its correlation with the market return.SOLUTION:/doc/ad5801fd700abb68a982fb59.html e the security market line to infer that the beta of this portfolio is 2.4:.20 = .08 + β(.13 - .08)β = (.20 - .08)/(.13 - .08) = .12/.05 = 2.4/doc/ad5801fd700abb68a982fb59.html e the capital market line to infer that the standard deviation of the yield to this portfolio is .6:.20 = .08+ (.13 - .08) σ = .08+ .2 σ.25σ = .12/.2 = .6c.By definition the following relationships hold:β = cov/σ2Mρ = covσiσMwhere ρ denotes the correlation coefficient. We know that β = 2.4, σM = .25, and σi = .6.So from the definition of β, we get that the cov is 2.4 x .252 = .15. Substituting this into the definition of ρ: ρ = cov = .15 __ = 1σiσM .6 x .25Application of CAPM to Corporate Finance8. . The Suzuki Motor Company is contemplating issuing stock to finance investment in producing a new sports-utility vehicle, the Seppuku. Financial analysts within Suzuki forecast that this investment will have precisely the same risk as the market portfolio, where the annual return to the market portfolio is expected to be 15% and the current risk-free interest rate is 5%. The analysts further believe that the expected return to the Seppuku project will be 20% annually. Derive the maximal beta value that would induce Suzuki to issue the stock.SOLUTION:The project would be on the borderline if its required return were 20% per year. Since the risk-free rate is 5% and the risk premium on the market portfolio is 10%, the required return would be 20% if the beta were 1.5.9. . Roobel and Associates, a firm of financial analysts specializing in Russian financial markets, forecasts that the stock of the Yablonsky Toy Company will be worth 1,000 roubles per share one year from today. If the riskless interest rate on Russian government securities is 10% and the expected return to the market portfolio is 18% determine how much you would pay for a share of Yablonsky stock today if:a.the beta of Yablonsky is 3.b.the beta of Yablonsky is 0.5.SOLUTION:Use the security market line in each case to determine a required rate of return, then infer the current price from the forecasted price of 1,000 roubles and the required rate of return you have determined.a.If beta is 3, the required return is .10+ 3x.08 = .34. You would pay 1,000/1.34 = 746.27 roubles;b.If beta is .5, the required return is .10+ .5x.08 = .14. You would pay 1,000/1.14 = 877.19 roubles.Application of CAPM to Portfolio Management10. Suppose that the stock of the new cologne manufacturer, Eau de Rodman, Inc., has been forecast to havea return with standard deviation .30 and a correlation with the market portfolio of .9. If the standard deviation of the yield on the market is .20, determine the relative holdings of the market portfolio and Eau de Rodman stock to form a portfolio with a beta of 1.8.SOLUTION: By definition:β = cov/σ2Mρ = covσrσMTherefore, β = ρσr/σM. The beta of Rodman stock is therefore .9x.3/.2 = 1.35.The beta of a portfolio is a weighted average of the betas of the component securities. Let A be a fraction of the portfolio invested in Rodman stock to produce a beta of 1.8. Then we have:1.35A + (1-A) = 1.8.35A = .8A = 2.286So the portfolio would have to have 228.6% invested in Rodman stock and a short position in the market portfolio equal to 128.6%.11. The current price of a share of stock in the Vo Giap Clothing Company of Vietnam is 50 dong and its expected yield over the year is 14%. The market risk premium in Vietnam is 8% and the riskless interest rate 6%. What would happen to the stock’s current price if its expected future payout remains co nstant while the covariance of its rate of return with the market portfolio falls by 50%?SOLUTION:Deduce that the expected future price of a share of Vo Giap is 57 dong, so that a reduction in this stock’s beta of 50% implies, by the security market relation, that the required yield on Vo Giap is now 10%, so that its current share price rises by 3.64% toa new value of 51.82 dong.12. Suppose that you believe that the price of a share of IBM stock a year from today will be equal to the sumof the price of a share of General Motors stock plus the price of a share of Exxon, and further you believethat the price of a share of IBM stock in one year will be $100 whereas the price of a share of General Motors today is $30. If the annualized yield on 91-day T-bills (the riskless rate you use) is 5%, the expected yield on the market is 15%, the variance of the market portfolio is 1, and the beta of IBM is 2, what price would you be willing to pay for one share of Exxon stock today?SOLUTION:Expected return = .05 + 2(.15 - .05) = 25%; (100 - x)/x = .25 → x = $80Deduce that the current price of a share of IBM stock is $80, so that the upper bound on the price of a share of Exxon is ($80 -$30 = $50).13. Ascertain whether the following quotation is true or false, and state why:“When arbitrage is absent from financial markets, and investors are each concerned with only the risk and return to their portfolios, then each investor can eliminate all the riskiness of his investments through diversification, and as a consequence the expected yield on each available asset will depend only on the covariance of its yield with the covariance of the yield on the diversified portfolio of risky assets each investor holds.”SOLUTION:False. You cannot eliminate all risk through diversification, only the unsystematic risk.Application of CAPM to Measuring Portfolio Performance14. During the most recent 5-year period, the Pizzaro mutual fund earned an average annualized rate of return of 12% and had an annualized standard deviation of 30%. The average risk-free rate was 5% per year. The average rate of return in the market index over that same period was 10% per year and the standard deviation was 20%. How well did Pizzaro perform on a risk-adjusted basis?SOLUTION:Compute the ratio of average excess return to standard deviation for Pizzaro and compare it to that of the market portfolio: Pizzaro risk-adjusted performance ratio = (.12-.05)/.30 = .233Market portfolio risk-adjusted performance ratio = (.1-.05)/.2 = .250So, on a risk-adjusted basis, Pizzaro did worse than the market index.Challenge ProblemCAPM with only 2 Risky Assets15. There are only two risky assets in the economy: stocks and real estate and their relative supplies are 50% stocks and 50% real estate. Thus, the market portfolio will be half stocks and half real estate. The standard deviations are .20 for stocks, .20 for real estate, and the correlation between them is 0. The coefficient of relative risk aversion of the average market participant (A) is 3. r f is .08 per year.a.According to the CAPM what must be the equilibrium risk premium on the market portfolio, on stocks,and on real estate?b.Draw the Capital Market Line. What is its slope? Where is the point representing stocks located relativeto the CML?c.Draw the SML. What is its formula? Where is the point representing stocks located relative to the SML? SOLUTION: a.The market portfolio consists of half stocks and half real estate. It has a standard deviation of .1414, computedas follows:σ2M = w2σ2s + (1-w)2σ2r+ 2 w(1-w) cov s,rσ2M = 2 x (1/2)2 .22 = .02σM = .1414The equilibrium risk premium on the market portfolio is E(r M)-r f = Aσ2M = 3x.02 = .06.The market portfolio’s expected rate of return is also a weighted average of the expected rates of return on stocks and real estate, where the weights are each 1/2. Stocks and real estate must have the same risk premiumbecause they have the same standard deviation and correlation with the market. Therefore the risk premium on stocks and real estate must be .06, the same as the market portfolio’s risk premium.b.The slope of the CML is .06/.1414 = .424. The point representing stocks is M, it is to the right of the CML.equaling to 1.The formula is: E(r) = r f + (E(r M) –r f).。
米什金 货币金融学 英文版习题答案chapter 13英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 13 Financial Crises in Emerging Market Economies13.1 Dynamics of Financial Crises in Emerging Market Economies1) Financial crises generally develop along two basic pathsA) mismanagement of financial liberalization/globalization and severe fiscal imbalances.B) stock market declines and severe fiscal imbalances.C) mismanagement of financial liberalization/globalization and stock market declines.D) stock market declines and unanticipated declines in the value of the domestic currency. Answer: AAACSB: Reflective Thinking2) In emerging market countries, the deterioration in bank's balance sheets has more ________ effects on lending and economic activity than in advanced countries.A) negativeB) positiveC) affirmingD) advancingAnswer: AAACSB: Reflective Thinking3) All of the following might create problems from financial liberalization in emerging countries EXCEPTA) ineffective screening of borrowers.B) limits on risk-taking.C) lax government supervision of banks.D) lenders failure to monitor borrowers.Answer: BAACSB: Reflective Thinking4) The mismanagement of financial liberalization in emerging market countries can be understood as a severeA) principal/agent problem.B) asymmetric information problem.C) lemons problem.D) free-rider problem.Answer: AAACSB: Reflective Thinking5) Factors likely to cause a financial crisis in emerging market countries includeA) severe fiscal imbalances.B) decreases in foreign interest rates.C) a foreign exchange crisis.D) too strong oversight of the financial industry.Answer: AAACSB: Reflective Thinking6) The two key factors that trigger speculative attacks on emerging market currencies areA) deterioration in bank balance sheets and severe fiscal imbalances.B) deterioration in bank balance sheets and low interest rates abroad.C) low interest rates abroad and severe fiscal imbalances.D) low interest rates abroad and rising asset prices.Answer: AAACSB: Reflective Thinking7) Severe fiscal imbalances can directly trigger a currency crisis sinceA) investors fear that the government may not be able to pay back the debt and so begin to sell domestic currency.B) the government may stop printing money.C) the government may have to cut back on spending.D) the currency must surely increase in value.Answer: AAACSB: Reflective Thinking8) In emerging market countries, many firms have debt denominated in foreign currency like the dollar or yen. A depreciation of the domestic currencyA) results in increases in the firm's indebtedness in domestic currency terms, even though the value of their assets remains unchanged.B) results in an increase in the value of the firm's assets.C) means that the firm does not owe as much on their foreign debt.D) strengthens their balance sheet in terms of the domestic currency.Answer: AAACSB: Reflective Thinking9) A sharp depreciation of the domestic currency after a currency crisis leads toA) higher inflation.B) lower import prices.C) lower interest rates.D) decrease in the value of foreign currency-denominated liabilities.Answer: AAACSB: Reflective Thinking10) The key factor leading to the financial crises in Mexico and the East Asian countries wasA) a deterioration in banks' balance sheets because of increasing loan losses.B) severe fiscal imbalances.C) a sharp increase in the stock market.D) a sharp decline in interest rates.Answer: AAACSB: Application of Knowledge11) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets includeA) failure of the Mexican oil monopoly.B) the ratification of the North American Free Trade Agreement.C) increased uncertainty from political shocks.D) decline in interest rates.Answer: CAACSB: Application of Knowledge12) Factors that led to worsening financial market conditions in East Asia in 1997-1998 includeA) weak supervision by bank regulators.B) a rise in interest rates abroad.C) unanticipated increases in the price level.D) increased uncertainty from political shocks.Answer: AAACSB: Application of Knowledge13) Factors that led to worsening conditions in Mexico's 1994-1995 financial markets, but did not lead to worsening financial market conditions in East Asia in 1997-1998 includeA) rise in interest rates abroad.B) bankers' lack of expertise in screening and monitoring borrowers.C) deterioration of banks' balance sheets because of increasing loan losses.D) stock market decline.Answer: AAACSB: Application of Knowledge14) Argentina's financial crisis was due toA) poor supervision of the banking system.B) a lending boom prior to the crisis.C) fiscal imbalances.D) lack of expertise in screening and monitoring borrowers at banking institutions.Answer: CAACSB: Application of Knowledge15) A feature of debt markets in emerging-market countries is that debt contracts are typicallyA) very short term.B) long term.C) intermediate term.D) perpetual.Answer: AAACSB: Analytical Thinking。
国际金融学chapter 13(14中文)
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导言
汇率使得我们可以进行不同国家商品和服务的价格比较
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以一种货币表示另一种货币的价格。 （P303）
汇率(Exchange rates)的决定方式跟其他资产的价格是一样 的。 这一章的主要目标:
汇率是怎样决定的。 汇率在国际贸易中的作用。
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汇率与国际交易
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汇率有两种方式报价： 直接标价法Direct Quotation
Rates
A/B=E1 ~ E2 B/C= (E3 ÷E2)~ (E4 ÷E1) A/C=E3 ~ E4 C/B= (E1 ÷E4) ~ (E2÷E3) E1 、 E2 、E3 、 E4 : Direct Quotation
（IF Vehicle Currency acts as Quoted Currency)
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5、单一汇率Single Exchange Rate 复汇率Multiple Exchange Rate 6、实际汇率Real Exchange Rate 有效汇率Effective Exchange Rate
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•套算汇率（交叉汇率）
1、根据中间汇率According Middle Rates A/B=E1 B/C= E2 ÷E1 (Direct Quotation) A/C=E2 C/B= E1 ÷E2 (Direct Quotation) E1 and E2 : Direct Quotation 2、已知双向报价According Buying Rates and Selling
主要的外汇市场参与者:
参与者
商业银行（Commercial banks） 企业（International corporations）
国际金融第13章
Cross-Listing of Shares
Cross-listing refers to a firm having its equity shares listed on one or more foreign exchanges. The number of firms doing this has exploded in recent years.
– Western and Eastern Europe once had more than 20 national stock exchanges where at least 15 different languages were spoken. – It appears that over time a European stock exchange will eventually develop. However, a lack of common securities regulations, even among the countries of the European Union, is hindering this development.
13-4
A Statistical Perspective
Market capitalization of developed countries Market capitalization of developing countries Measures of liquidity Measures of market concentration
13-11
Market Structure, Trading Practices, and Costs
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开放经济的一般均衡
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开放经济的宏观经济政策工具
总供给调节 需求管理
财政政策和货币政策既直接影响市场总需求， 也通过边际进口倾向和利率影响对外贸易和资 本流动 支出调整 汇率政策和贸易管制政策改变总支出在国内外 产品的分布格局 支出转移
8
具有长期性特点
蒙代尔政策搭配理论
支出政策中的财政政策和货币 政策可以分裂为两个独立的政 策工具
掌握在不同决策者手中 调控对象不同 对宏观经济作用机制不同
Robert A. Mundell
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蒙代尔市场分类模型
i
I
E
II
IV
EB
III
IB
O
BS
18
财政政策对外＋货币政策对内
i
+FP I II －MP +FP +MP
“失业＋顺差”
扩张性支出政策→充分就业＋国际收支平衡
“通胀＋逆差”
紧缩性支出政策→物价稳定＋国际收支平衡
13
固定汇率下——内外均衡的冲突
“失业＋逆差”
扩张性支出政策→充分就业＋逆差扩大 紧缩性支出政策→国际收支平衡＋失业增加
“通胀＋顺差”
紧缩性支出政策→物价稳定＋顺差扩大 扩张性支出政策→国际收支平衡＋通胀加剧
第13章 开放经济的宏观经济政策
Macroeconomic Policy under Open Economy
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教学要点
掌握IS－LM－BP模型 熟悉内外均衡冲突和政策搭配思想 掌握蒙代尔－弗莱明模型 了解克鲁格曼三角形
2
开放条件下的宏观经济均衡
经济增长 价格稳定 充分就业 国际收支均衡
E
IV －MP －FP III
EB
－FP +MP
IB
O
BS
19
财政政策对内＋货币政策对外
i
+MP I IV －MP －FP
－FP
+FP +MP
E
II III
EB
－MP
IB
+FP
O
BS
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经济失衡下的最佳政策配合
结论：每种政策工具应当用于最具影响力的政策目标之上， 以财政政市场分类原则。
B IS(e2) IS(e1)
O
Y1
Y2 Y3
Y
27
浮动汇率制度 资本不完全流动 财政政策
i
LM i2 i3 i1 B BP(e2) BP(e1) IS(G2,e1) IS(G2,e2)
C A
IS(G1, e1)
O Y1 Y3 Y2 Y
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浮动汇率制度 资本完全流动
货币政策
i
M LM 1 P 1
产业政策、科技政策等从根本上改善经济结构 和产业结构
开放经济的宏观经济政策工具
国际信贷
政府间信贷、国际金融市场融资和国际金融机 构贷款等通过调节不同经济体之间的货币余缺 直接解决国际收支不平衡
适合解决暂时性国际收支失衡
9
丁伯根法则
一国政府要实现一个经济目标，至少要使用 一种有效的政策工具 要实现N个独立的经济目标，至少要使用N 种独立且有效的政策工具 在经济目标相互依赖，或者制度本身已经成 为一种自动的政策工具时，较少数政策工具 也可能实现较多的经济目标
区域 I II III IV 经济失衡状态 通货膨胀＋国际收支顺差 失业＋国际收支顺差 失业＋国际收支逆差 通货膨胀＋国际收支逆差 最佳政策搭配方式 紧缩性财政政策＋扩张性货币政策 扩张性财政政策＋扩张性货币政策 扩张性财政政策＋紧缩性货币政策 紧缩性财政政策＋紧缩性货币政策
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蒙代尔－弗莱明模型
利用IS－LM－BP模型探讨开放经济的宏观 经济政策效应 开放小国模型
经济学意义上的小国，指经济体的生产能力相 对较小，该国实际收入和名义利率变化对其他 国家的影响可以忽略不计 对开放小国来说，国外的收入和利率水平是给 定的
22
开放小国模型分析框架
i LM
E
BP
IS O Y
23
Yf
14
浮动汇率下的斯旺图形：澳大利亚经济学家斯
旺以国内总支出和汇率水平构造内外均衡研究的二维分析 框架
e
通货膨胀＋顺差
Y I
E
通货膨胀＋逆差
II
失业＋顺差
G
gG
IV Y´ A
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E´ O
III
失业＋逆差
斯旺图形的政策搭配
e
I
Y
G
E
E´ O
Y´
汇率政策和 支出调整政 策调节对象 不同，某些 经济领域发 挥的效率时 间、力度不 同，因此， 因该按照效 A 力最大、代 价最小的原 则分配政策 16 工具。
10
米德冲突
实行固定汇率制度的国家需求管理时只能依 靠支出调整政策，政策工具数量少于政策目 标数量，在某些经济状态下可能出现内外均 衡难以兼顾的问题
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固定汇率制下内外经济状态
内部经济状况 外部状况
1
2
失业
失业
国际收支逆差
国际收支顺差
3
4
通货膨胀
通货膨胀
国际收支逆差
国际收支顺差
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固定汇率下——内外均衡的一致
低失业率下的国内经济稳步增长
适应宏观经济的合理的国际收支结构
3
IS－LM－BP模型
产品市场均衡：IS曲线
I (i) G X S (Y ) T (Y ) M (Y )
I(i)+G+X i IS
I+G+X
O
45
Y
°
I+G+X=S+T+M S+T+M
S(Y)+T(Y)+M(Y)
4
IS－LM－BP模型
货币市场均衡：LM曲线
Ms L(i ) K (Y ) P i
Ｌ(i)
O
M LK P
LM
Ｌ
Ｙ
45º
K(Y)
K
5
IS－LM－BP模型
国际收支平衡：BP曲线
pX ep M (Y ) F (i)
i F(i) F O
45°
BP
Y pX－ep*M(Y)
X-M=F
固定汇率制度 资本完全流动
货币政策
i
LM
LM´
财政政策
i i2
B A C
LM
LM´
i1=i* i2
A B IS
BP
i1
=i*
BP IS´ IS
O
Y1 Yf
(a)
Y
O
Y1 Yf
(b)
Y2
26
Y
浮动汇率制度 资本不完全流动 货币政策
i LM LM´ BP(e1) i1 i3 i2 A BP(e2)
C
财政政策
固定汇率制度 资本不完全流动 货币政策
i A B IS O Y0 Yf Y
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LM
LM´ BP
冲销政策
中央银行对基 础货币投放的 反向操作 抵消外部经济 状况对内部均 衡的不利影响
固定汇率制度 资本不完全流动 财政政策
i
LM
B C
A
LM´ BP
IS´ IS O Y0 Yf Y1 Y
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