Reading 66: International Asset Pricing LOS E: 习题精选 whether, between, exchange, face, 2010

honeycfa

LOS e: Determine whether the real exchange rate has changed in a period, given the beginning-of-period (nominal) exchange rate, the inflation rates in the period, and the end-of-period (nominal) exchange rate.

The exchange rate between the U.S. and Canada was 1.5 to 1 ($/Can$) one year ago. At that time, the ratio of the price levels of the U.S. consumption basket to the Canadian consumption basket was also 1.5. During the year, U.S. inflation was 4% and Canadian inflation was 2%. What must the end-of-period nominal exchange rate be in order for the end-of-period real exchange rate to be the same as the beginning of period real exchange rate?

A) 1.45.

B) 1.53.

C) 1.62.

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The beginning-of-period real exchange rate is 1 (X = S (P_F/P_D) = 1.5 (1 / 1.5) = 1). After the inflation during the year, the ratio of the price levels (P_F/P_D) will be 0.6538 [= (1 × 1.02) / (1.5 × 1.04) = 1.02 / 1.56]. Hence, for the real exchange rate to equal one, the rate must be 1 / 0.6538 = 1.53.

 

[此贴子已经被作者于2010-4-15 15:45:21编辑过]

honeycfa

A domestic investor from the U.S. invested in securities in Mexico one year ago. At that time, the exchange rate was $0.07/peso. The ratio of the price levels of the domestic consumption basket to the foreign consumption basket was equal to 7. Over the past year the U.S. inflation rate was 2% and the inflation rate in Mexico was 6%. The current end-of-the year spot exchange rate is $0.085/peso.

What was the beginning real exchange rate one year ago?

A) 0.010.

B) 0.035.

C) 0.070.

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The real exchange rate is defined as the actual spot exchange rate, S, multiplied by the ratio of the price levels of the consumption baskets in the two countries.

X = S(P_F / P_D) = 0.07(1 / 7) = 0.01.

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What is the end of year real exchange rate?

A) 0.021.

B) 0.013.

C) 0.010.

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Real exchange rate movements are defined as changes in the exchange rate that are not explained by inflation differentials.

X = S(P_F / P_D) = 0.085(1.06 / 7.14) = 0.01262

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Which of the following statements regarding the real exchange rate is least accurate? Using the data in this example, the:

A) constant real rate implies that the changes in the nominal rate are simply a reflection of the inflation differential.

B) changes in rates imply that exchange rate risk was present.

C) change in the nominal exchange rate does not reflect the inflation differential; therefore, the real exchange rate has changed.

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In this example, the real rate was not constant over this period of time. The beginning exchange rate was 0.01 and the ending exchange rate was 0.013. The nominal exchange rate does not reflect the inflation differential and the real rate has changed. Changes in the real rate of interest reflect the fact that exchange rate risk is present and these changes can have a significant impact on realized returns.

honeycfa

Suppose the real currency exchange rate between two countries changes during the year. Which of the following best describes the change in real exchange rates?

A) The change in the nominal exchange rate does not reflect the inflation differential.

B) International markets are segmented.

C) The market in one country outperforms the market in the other.

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If the real exchange rate changes during a period, the exchange rate change does not mirror the inflation differential.

honeycfa

At the beginning of the period, the exchange rate between Country A and Country B is 3 (quoted as A/B). The ratio of the prices of the consumption basket in Country A to Country B is 2. During the year, Country A has inflation of 10% and Country B has inflation of 0%. At the end of the year, the exchange rate is 3.5. What is the end-of-period real exchange rate?

A) 1.00.

B) 1.50.

C) 1.59.

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The real exchange rate is calculated as: X = S (P_F/P_D). Using Country A as the home country, the end-of-period real exchange rate is: X = 3.5(1 / 2.2). The ratio of the price levels reflects the inflation rates in the two countries (1 × 1.0 = 1 for Country B; 2 × 1.1 = 2.2 for Country A).

luqian55

THANKS

云云

付出是痛苦的“解药”


.Uxg103  
我问一位员工：“您会在周末的时间思考突破的方式吗？”他摇头说不会；我再问他：“那会在平常下班后的时间思考吗？”他也说不会。　　这是我与一位已经在公司任职四年的中阶主管间的对话。这段对话起因于，这位员工向我说，已有好长一段时间了，他无法突破工作上的瓶颈，他说，如果再这样下去，他希望能转调职务，因为他想在事业上有所成就。下颌角　　我进一步请教他想转调的真正原因，他说，他已经连续好几个月没有达成公司给他的工作目标，虽然这期间他已绞尽所有脑汁，尝试过各种努力，但仍然无法突破现状，因而才想换一个新环境。　　我对他所说的“他已绞尽所有脑汁”的境界感兴趣；也好奇他所谓的“尝试过各种努力”，到底是到什么样的程度？因为从他的口气听来，他好像已对自己鞠躬尽瘁，所以我问他，他都是用什么时间去思考突破的方式？因为假设他已毫无保留地付出，但仍然无法突破，那么经营阶层就要介入了。 copyright  　　但从上述简单的对话上可以得到一个结论，就是这位主管所谓的“绞尽所有脑汁”与“尝试过各种努力”都只发生在上班的时间。　瘦脸　在了解到他对于“完全付出”的定义之后，我请他陪我玩一个“停止呼吸”的游戏，我请他试试看，如果要暂时屏着呼吸的话，他最长可以忍耐多久？他十分纳闷地照我的意思做，他深吸一口气，然后闭气，但是到了57秒的时候，他就受不了了。　　我告诉他，根据医学统计，人的脑子如果缺氧超过2分钟，就有可能变成植物人，换句话说，2分钟应该是人体的极限了，接着我请他猜猜看磨颧骨，人类暂时屏着呼吸的世界记录会是多长？这位同事可能因为听了我之前提及的医学论点，因此他猜测“应该不会超过两分钟吧？”我摇摇头说不止，他再猜3分钟？我说不是，他继续猜4分钟、5分钟、6分钟、一直到7分钟的时候，我稍微点了头，全世界屏着呼吸最长的纪录是7分45秒。 天天阅读网 　　他摇摇头说不可能，“因为如果人缺氧2分钟就会成为植物人，那么要屏气7分45秒，怎么可能？”我向他说明瘦身，不是只有他认为不可能，事实上，连科学家也不相信，因此有一组科学家还特别对这位纪录保持人进行医学检验，试图证明他的心肺构造是否天生异常，但是令科学家讶异的是，他的心肺构造和常人完全一样！这位同事半信半疑，当我说出那人办到的秘诀，纯粹只是因为他在工作上不服输。　　这位记录保持者其实是一个40岁的平凡法国人，他的工作是在地中海教游客浮潜，在过去的20年中，每一次在他带游客从海里浮出水面时减肥，这位教练都会要求自己，要比上次浮潜的时间多待在水中1秒钟，就是这样，经过20年的练习，他从原本在水中待不了超过1分钟的状态，竟然达到7分45秒的世界记录。