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）︰2010/04/22 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.(35%)試根據下列交易編制Ａ國之國際收支表(Balance of payments)，並據以計算其經 常帳(current account)餘額及資本帳(capital account)餘額。 Transaction 1 Exporters of country A send $6,000 of goods to country B, receiving in exchange a short-term bank deposit (e.g., checking account deposit) of $6,000 in country B. Transaction 2 Suppose that country A's consumers purchase $12,000 of goods from country B firms and that payment is made by citizens of country A by transferring $12,000 to the bank accounts of country B firms in country A. (e.g., in New York) Transaction 3 Residents of country A sent $1,000 of goods to country B's citizens as a gift. Transaction 4 Country A firms provide $2,000 of shipping services to country B firms. Country B firms pay for these services by transferring some of their checking account deposits in country A banks to the accounts of country A shipping firms in country A banks. Transaction 5 A country B firm sends $2,500 of dividends to its country A stockholders. Payment is made by the country B firm writting checks on its bank account in country A bank. Transaction 6 A citizen of country A purchases a $5,000 long-term corporate bond issued by a country B company. Payment is made by the A citizen by reducting this amount from his or her bank account in country A and transferring the funds to the country A bank account of country B firm. Transaction 7 The sale of $800 to country B's central bank by B's commercial banks. The foreign central bank's dollar accounts in country A banks ar increased, and the foreign commercial banks have reduced their dollar balances in country A banks. 2.(15%)假設進出口的供給彈性無限大，選取適當的單位讓出口品國幣價格(P)與進口品 外幣價格(P*)都等於一，則以本國貨幣表示的貿易支出餘額(trade balance, TB)可以 寫如下式： TB=X(E)-EM(E) 式中X代表出口，M代表進口，E代表匯率(每單位外幣的國幣價格) a.若原先TB=0，試證 Marshall-Lerner 條件(Marshall-Lerner condition)是貶值改善 貿易收支的充分與必要條件。 b.假設原先TB<0，若欲貶值改善貿易收支，試問 Marshall-Lerner 條件是太強或太弱？ c.令TB*代表以外幣表示的貿易收支餘額，設原先TB*<0，若欲貶值改善貿易收支，試問 Marshall-Lerner 條件是太強或太弱？ 3.(20%)假設世界只有規模大致相同的Ａ國和Ｂ國，兩國的邊際消費傾向 (marginal propensities to comsume, C)分別為 Ca=0.7 和 Cb=0.8，而邊際輸出傾向 (marginal propensities to import, M)則分別為 Ma=0.1，Mb=0.2。試在慮及反餉效果 (repercussion effect)的情況下，計算： a.Ａ國增加自發性投資$35億對Ａ國和Ｂ國所得及貿易收支的影響。 b.Ｂ國增加自發性進口$35億對Ａ國和Ｂ國所得及貿易收支的影響。 4.(30%)試利用小型開放經濟的凱因斯模型推導固定匯率及浮動匯率的均衡所得，並分別計 算在這兩種匯率制度下的所得波動幅度[以變異數(variance)衡量]。假定政府係以維持 所得穩定為目標，請據此回答下列問題： a.若其他情況不變，而國外干擾相對大時，則何種匯率制度較能維持所得的穩定？ b.若國內外干擾幅度大致相同，但本國的開放程度較大(即邊際輸入傾向較大)， 則何種匯率制度較能維持所得的穩定？ --

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