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（一）论述、简答、计算题：
1、What is the current account balance of France when the French budget surplus is
348
million Euros, private saving is 256 million Euros, domestic capital formation is 134
million
Euros?
解答：
National saving = private saving + government saving = 256+348=604 million
Current account balance = national saving – domestic real investment =
604-134=470 million
附：Current account balance(CA)=net foreign investment(If)
National saving(S)=domestic real investment(Id)+net foreign investment(If)
If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total
expenditures on goods and services)
2、Which of the following transactions could contribute to a British current account
surplus?
Explain why
a French firm sells defense equipment to the British government for 250 million
pounds in bank deposits
b Great Britain makes a gift of $500 million to the Iraqi government to aid in 标准文档
reconstruction.
c The United States borrows 200 million pounds on a short-term basis from the
British government to buy 200 million pounds in textiles from Great Britain.
C：merchandise exports——current account surplus
A：merchandise imports——current account deficit
B：unilateral transfer——current account deficit
3、You are provided with the following information about a country’s international
transactions
during a given year:
Service exports $346
Service imports $354
Merchandise exports $480
Merchandise imports $348
Income flows, net $153
Unilateral transfers, net $142
Increase in the country’s holding of foreign assets, net
(excluding official reserves assets) $352
Increase in foreign holdings of the country’s assets, net
(excluding official reserve assets) $252
Statistical discrepancy, net $154
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a. Calculate the official settlements balance and the current account
balance.
b. Is the country increasing or decreasing its net holdings of official reserve
assets? Why?
A: Current account balance=net credits – net debits on(the flow of
goods ,services ,income and unilateral transfer)=（346—354）+（480—348）+153—142 = 135
Financial account balance= foreign holdings of the country’s assets – the
country’s holding of foreign assets =—352 + 252 = — 100
So, official settlement balance(B)=CA balance + financial account balance= 135
— 100=35
B: Current account balance = 132—8+153—142=135
B = CA + FA = 135 + （—100） = 35
B + OR + Statistical discrepancy = 0
OR = —189
Increase in net holdings of official reserve asset
Debit
(-) Credit
(+) Balance
Goods 348 480 132
Services 354 346 -8
Income 153 标准文档
Unilateral transfer 142 -142
Private capital
flows 352 252 -100
OR 189 -189
Statistical
discrepancy 154
4、For each case below, state whether the euro has appreciated or depreciated and
give an example of an event that could cause the change in the exchange
rate.
a. The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican
peso.
b. The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican
pesos/euro.
c. The spot rate goes from 1.48 euros/British pound to 1.51 euros/British
pound.
d. The spot rate goes from 0.73 British pounds/euro to 0.75 British
pounds/euro.
A: indirect quotation, euro appreciated
B: direct quotation, euro depreciated
C: indirect quotation, euro depreciated 标准文档
D: direct quotation, euro appreciated
5、What are the two forms of interbank foreign exchange trading? Compare and
contrast
he similarities and differences of the two forms.
Form 1 Interbank trading is conducted directly between the traders at different
banks
Form 2 Interbank trading are conducted through foreign exchange broker
Similarities: Both are making the foreign exchange trades.
Differences:
①Form1,the traders know to whom they are quoting exchange rates for
possible。Form2,the use of brokers provide anonymity to the traders until an
exchange rate is agreed on for a trade.
②Form2,the use of brokers can also allow the bank to economize on the costs
of searching for the best available exchange rates, because the broker’s
business is to know the rates at which various banks are willing to trade.
Brokers earn commission for their services.
6. The spot exchange rate between the dollar and the Japanese yen is a
floating rate. What effects will the following events have on the exchange