2020 International Finance(Hunan University) 最新满分章节测试答案

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本课程起止时间为:2020-11-23到2021-03-22
本篇答案更新状态:已完结

【作业】WEEK1 The overall record of foreign economic transactions – The balance of payments (1) WEEK1

1、 问题:What is the balance of payments?
评分规则: 【 According to the definition of IMF, The Balance of Payments (BOP) is a statistical statement that summarizes transactions between residents and nonresidents during a period. The Balance of Payments records economic transactions, which can be divided into exchanges and transfersEconomic transactions recorded by the Balance of Payments occur between residents and nonresidents, they are distinguished by the center of economic interest.The Balance of Payments is a flow concept.
】

2、 问题:What factors cause the change in an economy’s International Investment Position? What’s the relationship between it and the Balance of Payments?
评分规则: 【 The changes in the International Investment Position of an economy mainly because of financial account transactions, other changes in volume, exchange rate changes and price changes, of which financial account transactions is the key factor.
】

3、 问题:How to analyze a country’s balance of payment position?
评分规则: 【 The analysis of a country’s balance of payment position mainly analyzes several partial balances, including trade balance, current account balance, capital account balance, financial account balance and the overall balance.
（1）The trade balance is the balance between the import and export of goods and services, which is an important indicator to reflect a country’s balance of payments in the short term.
（2）The current account balance is the sum of the balance between the goods and services account, the primary income account and the secondary income account. The balance is in the credit, which indicates that the current account is in surplus, the opposite is in deficit. The current account balance includes not only trade balance, but also income and current transfer account balance which is a more comprehensive and important indicator of reflecting a country’s balance of payments position.
（3）The capital account balance is the balance between non-produced、nonfinancial assets accounts and capital transfer accounts. The balance is in the credit which indicates that the capital account is in surplus, the opposite is in deficit.
（4）The financial account balance is the balance between accounts for direct investments, portfolio investment, financial derivatives and employee stock options, other investments and reserve assets, which reflects a country’s capital inflow and outflow position. The balance is in the credit which indicates that the financial account is in surplus, there are net capital inflows; the opposite is in deficit, there are net capital outflows. Because financial account balance has reversible characteristic, it is the unstable part of the balance of payments. Therefore, it is less important than current account balance.
(5) The overall balance is the financial account balance of current account and capital account after excluding the reserve asset account. The non-reserve financial account of China’s Balance of Payment Presentation is the balance that the balance of three accounts pluses the balance of net errors and omissions account. Because the reserve asset account is placed offline, the overall balance is the balance including most online accounts. Therefore, the overall balance and the reserve asset account balance have a relationship of equal amounts and opposite direction. That is to say, we can directly judge a country’s balance of payments position according reserve asset account.
If the reserve asset account has debit balance, the overall balance is credit balance, which shows that a country’s balance of payments is in surplus. In the contrary, a country’s balance of payments is in deficit. In generally, we say whether a country’s balance of payments is in surplus, deficit or equilibrium, which refers to overall balance.
】

4、 问题:Based on the national income equation of an open economy, what are the main causes of a country’s current account deficit?
评分规则: 【 The answer: X-M=（S-I）+（T-G）                         （1.7）
Equation (1.7) is a very important equation of illustrating the relationship between a country’s balance of payments account and its national income account. A country’s current account balance is equal to the sum of net savings of the country’s private sector and the fiscal surplus or deficit of the country’s government department. 
We can find that a country’s current account deficit which means (X-M) ＜ 0 is resulted by due to （S-I）＜0 or （T-G）＜0 or the both are less than 0. 
That is to say, if a country’s private investment expenditures exceed private saves, or government expenditures exceed government taxes, the country is likely to have a current account deficit. This also illustrates a problem from the opposite side, it is necessary to increase private saving and decrease private consumption and investment expenditures, or to increase government taxes and decrease government expenditures in order to improve a country’s current account. 
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WEEK1 The overall record of foreign economic transactions – The balance of payments (1) WEEK1 Unit

1、 问题:Items in current account are ( ) recording except goods under merchanting.
选项：
A:gross
B:balances
C:net
D:outstanding
答案: 【gross】

2、 问题: ( ) is extremely important for an economy with a fixed exchange rate
选项：
A:reserve account balance
B:current account balance 
C:capital account balance
D:financial account balance
答案: 【reserve account balance】

3、 问题:The balance of payments is a statistical record of all the （） between residents of the reporting country and residents of the rest of the world during a given time period.
选项：
A:monetary transaction
B:exchange
C:transfer
D:economic transactions
答案: 【economic transactions】

4、 问题:Residents and nonresidents are distinguished by ()
选项：
A:nation
B:residence
C:predominant economic interest center
D:law
答案: 【predominant economic interest center】

5、 问题:Chinese residents travel to the United States, it’s ( ) for china
选项：
A:Tourism services output
B:Tourism services input
C:Transport services output
D:Transport services input
答案: 【Tourism services input】

6、 问题:GDP and foreign investors began to worry about the possibility of a devaluation.If an economy’s current account balance to GDP ratio ( ) means unbalanced extra-trade
选项：
A:more than 10% 
B:less than 10%
C:more than 5%
D:less than 5%
答案: 【more than 5%】

7、 问题:The balance of payments is a （ ）concept.
选项：
A:flow
B:positions
C:period
D:a point in time
答案: 【flow;
period】

8、 问题:By the end of 2015, china was a ( ).
选项：
A:net creditor
B:net debtor
C:country with net capital inflow
D:country with net capital outflow
答案: 【net creditor;
country with net capital outflow】

9、 问题:( ) are the factors influencing the changes in the International Investment Position
选项：
A:financial account transactions
B:Other changes in volume
C:price changes
D:Exchange rate changes
答案: 【financial account transactions;
Other changes in volume;
price changes;
Exchange rate changes】

10、 问题:To contribute to an improvement in an economy’s current account balance, we can adopt following appropriate policy measures.
选项：
A:reduce saving
B:reduce private consumption
C:reduce private investment
D:reduce government expenditure
答案: 【reduce private consumption;
reduce private investment;
reduce government expenditure】

11、 问题:When a country (), it is very likely for the country’s current account to be in deficit. 
选项：
A:has too many private savings
B:has too many private investment
C:has too many government taxes
D:has too many government expenditures
答案: 【has too many private investment;
has too many government expenditures】

12、 问题:The change of a country’s international investment position from the beginning of the period to the end of the period is mainly caused by the revaluation of the value during this period.
选项：
A:正确
B:错误
答案: 【错误】

13、 问题:Transactions that cause the country to gain monetary income and capital inflows from abroad should be recorded in the debit
选项：
A:正确
B:错误
答案: 【错误】

14、 问题:When all economic transactions are recorded, the debit has a balance, the "net errors and omissions" appear in the credit.
选项：
A:正确
B:错误
答案: 【正确】

15、 问题:Financial account has credit balance, which shows that there are a surplus and a net capital outflow.
选项：
A:正确
B:错误
答案: 【正确】

16、 问题:If the reserve account has debit balance, a country’s balance of payments is in deficit.
选项：
A:正确
B:错误
答案: 【错误】

17、 问题:The Balance of Payment Presentation is recorded basing on the principle of (), in which “every transaction consists of debits and credits, and they must be equal”. 
答案: 【double-entry bookkeeping】

18、 问题:The analysis of a country’s balance of payments mainly analyze several () balance.
答案: 【Partial】

19、 问题:According to the national income equation of an open economy, a country’s current account balance is equal to () of the country’s private department plus the fiscal surplus or deficit of the country’s government department. 
答案: 【net saving】

【作业】WEEK2 The overall record of foreign economic transactions – The balance of payments (2) WEEK2 U

1、 问题:Please briefly describe what the Meade’s conflict is?
评分规则: 【 The conflict between internal and external equilibrium under a fixed exchange rate system was firstly proposed by the British economist James Mead in 1951 in his book The Balance of Payments.He pointed out that in an open economy, the government adjusts the internal and external equilibrium by applying expenditure changing policy under a fixed rate regime, which could only affect the aggregate social need, leading to a dilemma in simultaneously achieving internal and external objectives. It is known as the "Meade’s conflict".
】

2、 问题:What kinds of policies do countries adopt to correct the balance of payments disequilibrium?
评分规则: 【 Because each of the adjustment policies has corresponding adjustment costs for the economy, countries consider which policy will have the smallest economic and social impact. First, the country needs consider taking either financing, adjustment, or a combination of the two. When deciding the use of adjustment, the country needs to consider taking either an expenditure-changing policy or expenditure-switching policy, then, in consider taking either fiscal or monetary policy in an expenditure-changing policy, and taking between an exchange rate policy or direct control in an expenditure-switching policy.Different combinations of adjustment policies to correct disequilibrium in the balance of payments can lead to different adjustment costs, such as the potential for higher unemployment and social unrest, which most governments will not find acceptable. Therefore, an appropriate combination of policies is essential in correcting the balance of payments.
】

3、 问题:What is the Marshall-Lerner condition?
评分规则: 【 The sum of the foreign elasticity of demand for exports and the home country elasticity of demand for imports is more than 1, Then, the quantitative effect of devaluation is greater than the price effect. Only in this way can devaluation be compensated for by an increase in exports and a decrease in imports and exceed a decline in exports in foreign currency and an increase in imports in local currency, which could increase the volume of exports and decrease the volume of imports, shrinking the deficit in the balance of payments.
】

4、 问题:Please briefly describe what the expenditure-changing policy is?
评分规则: 【 Changes intended to affect the level of aggregate demand in the economy in fiscal and monetary policy are called expenditure-changing policy. In term of fiscal policy, government mainly adopt measures to increase or decrease fiscal expenditure or change tax rates. In terms of monetary policy, the central bank can adjust the rediscount rate and the deposit-reserve ratio or buy and sell government bonds on the open market. Expenditure-changing policy also affects the balance of payments through three channels: The income effect, the interest rate effect, and the relative price effect (or substitution effect) by adjusting the level of aggregate demand in the economy.
】

WEEK2 The overall record of foreign economic transactions – The balance of payments (2) WEEK2 Unit