課程名稱︰國際金融 課程性質︰系定必修 課程教師︰曹添旺 開課學院：社會科學院 開課系所︰經濟系 考試日期（年月日）︰2009/4/9 考試時限（分鐘）：9:10~12:10 是否需發放獎勵金：是 （如未明確表示，則不予發放） 試題 : 1. (30%) 試根據下列的交易編製台灣的國際收支平衡表(balance of payment)，並據 此計算(1)商品(merchandises: f.o.b)餘額帳；(2)貨物、勞務及所得(goods, ser- vice and income)帳餘額；(3)經常帳(current account)餘額；與(4)資本帳(capi- tal account)餘額。 (貨幣單位$：百萬美元) a. 台灣自澳洲進口牛肉$18，並託澳洲航運公司運送來台，運費$2，進口商由台灣 銀行開具美元支票付款。 b. 香港廠商在台灣投資$12建廠。 c. 德國投資者購買台灣兩年期國庫券$2。 d. 台灣廠商收到德國分公司的營業利潤$9。 e. 台灣民間慈善團體開具美國銀行支票$8援助南非洲共和國。 f. 歐洲居民在台灣觀光支出$10。 g. 台灣出口香蕉$50到日本，運費$5，日本進口商自日本銀行開具美元支票付款。 (運費日本支付，台灣服務) h. 台灣在加拿大投資$7興建廠房。 i. 英國廠商收到台灣分公司的營業利潤$5。 j. 台灣投資者購買加拿大股票$4。 2. (20%) 假設出口品（X）的供給是出口品國幣價格（P）的函數，而其需求則是出口品 外幣價格（P/E，其中E為匯率，定義為每單位外幣的國幣價格）的函數；進口品（M） 的供給是進口外幣價格（P*）的函數，而其需求則是進口品國幣價格（EP*）的函數， 　 即： Xs=Xs(P) ； Xd=Xd(P/E) Ms=Ms(P*) ； Md=Md(EP*) 若原先貿易收支平衡，貶值可改善貿易收支的條件如下： εM εX ( 1 + σM + σX ) - σM σX ( 1 -εM - εX) ———————————————————————————— (σM + εM ) (σX + εX ) 此即Bickerdicke-Robinson-Metzler條件，簡稱B-R-M條件。試問 a. 此一條件比Marshall-Lerner條件（簡稱M-L）條件寬鬆或嚴苛？ 　　b. 在什麼情況下，B-R-M條件就是M-L條件？ 　　c. 在小國家的情況下，B-R-M條件變成如何？ 3. (25%) Given the following simple Keynesian model: Y=C+I+G+X-M I=110 C=50+0.85Yd G=208 Yd=Y-T X=82 T=0.2Y M=10+0.08Y a. Determine the equilibrium level of income. b. When the equilibrium income level is attained, is there a surplus or a deficite in the current account? If there is, how much will it be? c. What is the size of the autonomous spending multiplier? d. In this model, by how much would income have to change in order to make X=M (with no change in X)? How much change in autonomous investment would be necessary to generate this change in income? e. In this model, how much would autonomous exports have to change in order to produce an equilibrium income level at which the current account was in balance? 4. (25%) The transfer problem is often applied to two countries of approxi- mately equal size (such as France and Germany). The question posed by transfer problem is the net effect on the disposable incomes and current accounts of relevant countries. The transfer, ΔT, can be viewed as an exogenous decrease in the income of the transferring country (the home country) and an exogenous increase in the income of recipient country (the foreign country). The model are presented by four questions: _ NS - I = -A + s Yd _ NS* - I* = -A* + s* Yd* _ _ where A and A* include all evogenous components of domestic and foreign spending respectively. _ _ TB = X + m* Yd* - M - m Yd NS -I = CA = TB -T = -( NS* - I*) Solve for: ΔYd ΔYd* a. ── and ───, and the effects of ΔT on the disposable incomes of ΔT ΔT the home and foreign countries. ΔTB b. ──, the effect of ΔT on the trade balance. ΔT ΔCA c. ──, the effect of T on the current account. Is the transfer under- ΔT effected or overeffected, or does it depend on the parameters? --

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