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1、InternationalEconomics,8e(Krugman)Chapter21TheGlobalCapitalMarket:PerformanceandPolicyProblems21.1 TheInternationalCapitalMarketandtheGainsfromTrade1) Ifyouareofferedagambleinwhichyouwin500dollars3/8ofthetimeandyoulose500dollars5/8ofthetime,whatisyourexpectedpayoffandyourbehaviorgiventhatyouarearisk
2、-lover?A) $500,takethegambleB) -$125,takethegambleC) -$125,itisunclearwhatyouwoulddowithoutfurtherinformationD) $500,declinethegambleE) -$125,declinethegambleAnswer:CQuestionStatus:PreviousEdition2) Thetwotypesoftrade,intertemporalandpureassetswapperfectsubstitutes,because:A) are;theybothofferconsid
3、erablepayoffandareequalinthelongrun.B) are;theybothinvolvethesmoothingoutofnowandfutureconsumption.C) arenot;assetswappingisimmediateandinvolvesonlyassets,whileintertamporaltradetakestwotimeperiodsandinvolvesbothassetsandgoods/services.D) couldpossiblybe;differenteconomicstatesoccuratdi仔erentpointsi
4、ntime.E) BandC.Answer:DQuestionStatus:PreviousEdition3) Forthefollowingquestionassumethefollowingfacts:(1) BalanceofPayments=0priortothetransactions.(2) PersonA(wholivesintheUnitedStates)purchasesanairplanefromBritishAirwaysfor$150,000.(3) PersonApaysVV让hacheckfromhisaccountatFirstUnionBankintheUnit
5、edStates.(4) Britishairways,sinceitwillneeddollarsin1month,depositsthecheckattheBankofEngland.(5) BankofEnglanddepositsthe$150,000atCommonwealthbank,whichislocatedintheUnitedStates.Duetothetransactionsabove,whataretheeffectsonthebalanceofpayments?A) -$150,000duetoimportofgood(currentaccountdebit)B)
6、+$150,000duetoimportofgood(currentaccountcredit)C) -$150,000duetodepositofBankofEngland(capitalaccountdebit)D) +$150,000duetodepositofBankofEngland(capitalaccountcredit)E) Noeffect(150z000currentaccountdebitand150z000capitalaccountcredit)Answer:EQuestionStatus：PreviousEdition4) Forthefollowingquesti
7、onsassumethefollowingfacts:(1) BalanceOfPayments=Opriortothetransactions.(2) PersonA(wholivesintheUnitedStates)purchasesanairplanefromBritishAirwaysfor$150,000.(3) PersonApayswithacheckfromhisaccountatFirstUnionBankintheUnitedStates.(4) Britishairways,sinceitwillneeddollarsin1month,depositsthechecka
8、ttheBankofEngland.(5) BankofEnglanddepositsthe$150,000atCommonwealthbank,whichislocatedintheUnitedStates.Duetothetransactionsabove,whataretheeffectsonthereserveattheFed?A) Noeffectsatall.B) Fact3isadecreaseof$150,000,fact5isanincreaseof$150,000,aneteffectof0.C) Fact3isanincreaseof$150,000,fact5isade
9、creaseOf$150,000,aneteffectof0.D) Bothfact3andfact5resultinincreasesof$150,000,aneteffectOf+$300,000.E) Bothfact3andfact5resultindecreaseof$150,000,aneteffectof-$300,000.Answer:BQuestionStatus:PreviousEdition5) Supposeoneisofferedagambleinwhichyouwin$1,000halfthetimebutlose$1,000halfthetime.Sinceint
10、hiscaseoneisaslikelytowinastolosethe$1,000,theaveragepayoffonthisgamble-itsexpectedvalue-is:0.5*$1,000+0.5*(-$1x000)=0.Undersuchcircumstances:A) noonewilltakethegamble.B) riskaverseindividualswilltakethegamble.C) riskloversindividualswilltakethegamble.D) riskneutralindividualsmaytakethegamble.E) Can
11、dD.Answer:EQuestionStatus:PreviousEdition6) Formostpracticalmatters,economistsassumethat:A) individualsareriskneutral.B) individualsarerisklovers.C) individualsareriskaverse.D) mostindividualsarerisklovers.E) mostindividualsareriskneutral.Answer:CQuestionStatus：PreviousEdition7) Peoplewhoareriskaver
12、se,A) valueacollectionofassetsonlyonthebasisofitsexpectedreturns.B) valueacollectionofassetsonlyonthebasisoftheriskofthatreturn.C) valueacollectionofassetsnotonlyonthebasisofitsexpectedreturnsbutalsoonthebasisoftheriskofthatreturn.D) noclearcutcriteriaexist.E) Noneoftheabove.Answer:CQuestionStatus：P
13、reviousEdition8) TheideaofriskaversionA) isatoddswiththeideaofinsurance.B) helpexplaintheprofitabilityofinsurancecompanies.C) hasnothingtodowithinsurancecompanies.D) helpexplainthelossessuffersbytheinsuranceindustry.E) helpexplainwhyinsurancecompaniesinthelongrunarezeroprofitcompanies.Answer:BQuesti
14、onStatus:PreviousEdition9) RiskaversepeopleA) willneverholdbondsdenominatedinseveraldifferentcurrenciesbecauseoftransactioncosts.B) willalwaysholdbondsdenominatedinseveraldifferentcurrenciesbecauseoftransactioncosts.C) mayholdbondsdenominatedinseveraldifferentcurrenes.D) mayholdbondsdenominatedinsev
15、eraldifferentcurrenciesonlyifsatisfyingthewellknowninterestpartycondition.E) willholdonlydomesticbondsbecauseofthehomebiaseffect.Answer:CQuestionStatus:PreviousEdition10) Imaginethattherearetwocountries,HomeandFarFarAway,andthatresidentsofeachownonlyoneasset,domesticlandyieldinganannualharvestofmang
16、oes.Assumethattheyieldonthelandisuncertain.Halfthetime,Homeslandyieldsaharvestof5z000tonsofmangoesatthesametimeasFarFarAway,slandyieldsaharvestof2,500tons.Theotherhalfofthetimetheoutcomesarereversed.Theaverageforeachcountrymangoharvestis:A) 2500.B) 2750.C) 3500.D) 3750.E) Notenoughinformationisgiven
17、.Answer:DQuestionStatus:PreviousEdition11) EquityInstrumentsincludeA) stocks.B) bonds.C) banksdeposits.D) AandBonly.E) AandConly.Answer:AQuestionStatus:PreviousEdition12) Whatwouldbestdescribethenationalcapitalmarkets?A) Themarketofexchangeofbonds.B) Themarketofexchangeofstocks.C) Themarketofexchang
18、eofreal-estate.D) Themarketinwhichresidentsofdifferentcountriestradeassets.E) Noneoftheabove.Answer:DQuestionStatus：PreviousEdition13) Describethreetypesofgainsfromtrades?A) tradesOfexchangeratesforgoodsorservices,tradesofgoodsorservicesforproperty,andtradesofgoldfortextilesB) tradesofgoodsorservice
19、sforgoodsorservices,tradesofgoodsorservicesforassets,andtradesofassetsforassetsC) tradesofimportsforexports,tradesofexportsforimports,andtradesofnaturalresourcesforfinancialassetsD) Noneoftheabove.E) Alloftheabove.Answer:BQuestionStatus:PreviousEdition14) Assettradesthatdealwithdebtinstrumentsarebes
20、tdescribedasA) shareofstock.B) exchangerate.C) bonds.D) bankdeposits.E) BothCandD.Answer:EQuestionStatus:PreviousEdition15) Assettradesthatdealwithequityinstrumentsarebestdescribedas:A) shareofstock.B) exchangerate.C) bonds.D) bankdeposits.E) BothCandD.Answer:AQuestionStatus:PreviousEdition16) Thein
21、ternationalcapitalmarketis:A) themarketinwhichresidentsofdifferentcountriestradeassets.B) notreallyasinglemarket,butagroupofcloselyinterconnectedmarketsinwhichassetexchangeswithsomeinternationaldimensiontakeplace.C) themarketthatissubjecttointenseregulationandmustfileareporttotheBaselcommitteeonabia
22、nnualbasis.D) AandB.E) AzB,andC.Answer:DQuestionStatus:New17) IntertemporaltradeisA) theexchangeofgoodsbutnotservicesforclaimstofuturegoods.B) theexchangeofservicesbutnotgoodsforclaimstofutureservices.C) theexchangeofgoodandservicesforclaimstofuturegoodsandservices.D) Alloftheabove.E) Noneoftheabove
23、.Answer:CQuestionStatus：New18) Whatisthebasicmotiveforassettrade?A) IncreaseexpectedreturnsB) ReduceriskC) PortfoliounificationD) EconomicstabilityE) AandB.Answer:EQuestionStatus:New19) Usinginternationalassettrade,countriescanA) neverreallyeliminateallrisk.B) eliminateallrisk.C) actuallyincreasethe
24、irriskinsomecases.D) eliminatealltheirriskexceptforemergingmarkets.E) Noneoftheabove.Answer:AQuestionStatus:New20) Whatarethethreetypesoftransactionsbetweentheresidentsofdifferentcountries?Answer:Thethreetypesare:(1) Tradesofgoodsandservicesforgoodsorservices(2) Tradesofgoodsandservicesforassets,and
25、(3) Tradesofassetsforassets.QuestionStatus:PreviousEdition21) WhatarethethreetypesOfgainsfrominternationaltransactionsbetweentheresidentsofdifferentcountries?Answer:Thethreetypesare:(1) Gainsduetocomparativeadvantageandeconomiesofscale.(2) Gainsduetointer-temporaltrade,whichistheexchangeofgdsandserv
26、icesforclaimstofuturegoodsandservices,whichisforassets.(3) Gainsduetotradesofassetsforassets,suchastheexchangeofrealestatelocatedinLondonforU.S.Treasurybonds.QuestionStatus:PreviousEdition22) Howinternationaltradeinassetscanmakebothcountriesbetteroff?Answer:Byallowingthemtoreducetheriskinessoftheret
27、urnontheirwealthandbyallowingthetwopartiestodiversifytheirportfolios,i.e.ztodividetheirwealthamongawiderspectrumOfassets,andthusreducetheamountofmoneyplacedononespecificasset.QuestionStatus:PreviousEdition23) ExplainTobinsideaofDontputallyoureggsinonebasket.Answer:Tradeinassetscanmakebothpartiesbett
28、eroffbyallowingthemtoreducetheriskinessofthereturnontheirwealth.Portfoliodiversificationoccurswhenthewealthisdividedamongawidespectrumofassets,sotheamountofmoneyridingoneachindividualassetisreduced.Obviously,thisdiversificationneedstobecontrastedagainsttheexpectedreturnsofthenewassetsthatyouareacqui
29、ring.QuestionStatus:PreviousEdition24) Whyisitusefultomakeadistinctionbetweendebtandequityinstruments?Answer:Debtinstrumentssuchasbondsandbankdepositsarerepaidregardlessofeconomiccircumstances.Equityinstruments,likeashareofstock,haveapayoffthatislinkedtoeconomicperformances.However,rememberthepossib
30、ilityofbankruptcyandtherealreturn,whichissubjecttodomesticcurrencyfluctuations.QuestionStatus:PreviousEdition25) Defineriskaversionandgiveanexampleofarisk-averseperson?Answer:Riskaversionisacharacteristicofapersonthatdislikesrisk.Anexampleofthisissomeonewhotakesoutrentalorhomeinsurancetoreducetheris
31、kofsomekindofcatastrophefromhappening.QuestionStatus:PreviousEdition26) Whyisportfoliodiversificationsoimportantininternationaltrade?Answer:Portfoliodiversificationisimportantininternationaltradebecausepartiesofthetradearebetteroffbyallowingthemselvestoreducetheriskofthereturnontheirwealth.Tradersca
32、ndividetheirwealthamongwideramountsofassetsinturnreducingtheamountofmoneytheyhaveridingoneachindividualasset.QuestionStatus：PreviousEdition27) Whatisthedifferencebetweenequityinstrumentsanddebtinstruments?Answer:Equityinstrumentsareshareofstocks.Itisdefinedasaclaimtothefirmsprofit.Debtinstrumentareb
33、ondsandbankdeposits.Theyspecifythattheissueroftheinstrumentmustrepayafixedvalue.QuestionStatus:PreviousEdition28) Whyistheforeignexchangemarketsovital?Answer:Theforeignexchangemarketisthecentralcomponentoftheinternationalcapitalmarket.Theexchangeratesitsetshelpdeterminetheprofitabilityofinternationa
34、ltransactionsofalltype.Theexchangeratesshowvaluableeconomicsignalstohouseholdsandfirmsinvolvedininternationaltradeandinvestment.QuestionStatus:PreviousEdition29) SupposeyouareOfferedagambleinwhichyouwin$lz000halfthetimebutloseSlzOOOhalfthetime.Ifyouareriskaverterwillyoutakethegamble?Answer:Sinceyoua
35、reaslikelytowinastolosethe$1,000,theaveragepayoffonthisgambleitsexpectedvalueis:0.5$1,000+0.5*(-$1,000)=0.Ifyouareriskaverse,youwillnottakethegamblebecause,foryou,thepossibilityoflosing$1000outweighsthepossibilitythatyouwillwin,althoughbothoutcomesareequallylikely.QuestionStatus:PreviousEdition30) S
36、upposeyouareofferedagambleinwhichyouwin$1,0001/3halfthetimebutlose$8002/3halfthetime.Ifyouareriskloverwillyoutakethegamble?Whatwillyourexpectedpayoffbe?Answer:Theexpectedpayoffwouldbe:1/3(+$1,000)+2/3(-$800)=-$200.Fromthiscalculation,weknowthatrisk-neutralindividualswouldnottakethegamble,butitisnotc
37、learwhatarisk-lovingindividualwoulddo.QuestionStatus：PreviousEdition31) Calculatetheexpectedpayoffforthefollowingcases,whereqlandq2aretheprobabilitiesofstate1and2,respectively.qiq2PayoffifState1PayoffisState2ExpectedPayoff0.50.51,000-10()()0.5().5200-2000.5().5300-1000.60.41,000-1000Answer:qiq2Payof
38、fifState1PayoffisState2ExpectedPayoff0.50.51,000-100O00.50.5200-20000.50.5300-1001000.60.4lz000-100O200QuestionStatus:PreviousEdition32) Calculatetheexpectedpayoffforthefollowingcases,whereq1andq2aretheprobabilitiesofstate1and2zrespectively.qiq2PayoffifState1PayoffisState2ExpectedPayoff0.40.6800-600
39、0.550.45600-8000.60.41200-14000.550.451200-1400Answer:qiq2PayoffifState1PayoffisState2ExpectedPayoff0.40.6800-600-400.550.45600-800-300.60.41200-14001600.550.451200-140030QuestionStatus:PreviousEdition33) Completethefollowingtable.qiq2PayoffifState1PayoffisState2ExpectedPayoff0.50.51,00000.50.520000
40、.50.5-I(M)10()0.60.4-10002000.71100100010700.31200-10()2900.9130()-100400.41400-100500Answer:qiq2PayoffifState1PayoffisState2ExpectedPayoff0.50.51,000-100O00.50.5200-20000.50.5300-10010()0.60.41,000-10002000.70.31100100010700.30.71200-10()2900.10.91300-10()400.40.61400-100500QuestionStatus:PreviousE
41、dition34) Completethefollowingtable.qiq2PayoffifState1PayoffisState2ExpectedPayoff0.70.3210000.30.7-49(X)00.40.6-1001000.60.450()2000.80.2-IooO00.2().81200-10()0.10.9-IoO400.90.11400500Answer:qiq2PayoffifState1PayoffisState2ExpectedPayoff0.70.32,100-49()()00.30.7420-18000.40.6400-1001000.60.4500-250
42、2000.80.2250100000.20.81200-1001600.10.91300-100400.90.114007600500QuestionStatus：PreviousEditionThefollowingsimpletwo-countryquestionillustrateshowcountriesaremadebetteroffbytradeinassets.Imaginethattherearetwocountries,HomeandForeign,andthatresidentsofeachownonlyoneasset,domesticlandyieldinganannu
43、alharvestofkiwifruit.Assumethattheyieldonthelandisuncertain.Halfthetime,Homeslandyieldsaharvestof100tonsofkiwifruitatthesametimeasForeignslandyieldsaharvestof50tons.Theotherhalfofthetimetheoutcomesarereversed.TheForeignsharvestis100tons,buttheHomeharvestisonly50.35) Calculatetheaverage,foreachcountr
44、yofkiwiharvest.Answer:Theaverageforeachcountryofkiwiharvestis:0.5*100+0.5*50=75tonsofkiwifruit.However,notethattheinhabitantsofthetwocountriesneverknowinadvancewhetherthenextyearwillbringfeastorfamine.QuestionStatus:PreviousEdition36) Supposethetwocountriescantradesharesintheownershipoftheirperspect
45、iveassets.Further,assumethataHomeownerofa10percentshareinForeignland.Hewillreceive10percentshareinForeignland,andthusreceives10percentoftheannualForeignkiwifruitharvest.FurtherassumethataForeignownerofa10percentshareinHomelandispermitted.Inthiscase,aForeignerisentitledto10percentoftheHomeharvest.Cal
46、culatetheexpectedvalueofkiwifruitforeachinvestor.Istheinvestorbetteroff?Answer:GdyearatHome:thefarmerwillget90tomsofkiwifromhomeand5tonsofkiwifromForeign.Badyearsathome:hewillget45tonsofkiwifromhisHomeand10tonsfromtheForeigncountry,namely55tons.Theprobabilityforagoodorabadyearis0.5.Thustheexpectedreturnswillnowbe:0.5*95+0.5*55=75Itisnotclearwhethertheinvestorisbetteroffornot.Ifhelikestosmoothhisconsumption,hemaybebetteroff.Otherwise,itisi
