答案和详解如下： 6.Now, suppose Bowman has the following information available to him: the current spot exchange rate for Indian Rupees is $0.02046. Inflation over the next 5 years is expected to be 3 percent in the U.S. and 5 percent in India. Bowman must calculate the U.S. Dollar / Indian Rupee expected future spot exchange rate in 5 years implied by purchasing power parity (PPP). The answer is: A) $0.02010. B) $0.02250. C) $0.01946. D) $0.01858. The correct answer was D) The purchasing power parity PPP assumption is that the future spot exchange rate will change exactly as the inflation rates affect the values of each currency. For the computation, raise the U.S. inflation rate to the 5th power (because of 5 years) and divide it by the Indian inflation rate raised to the 5th power. Then multiply the result by the spot exchange rate. ((1.03) 5/ (1.05) 5) * 0.02046 = $0.01858. 7.Bowman routinely calculates the expected spot rate for the Japanese Yen per U.S. dollar. He knows that the current spot exchange rate is $189.76 Yen/USD. He is also aware that the interest rates in Japan, Great Britain, and the U.S. are 8 percent, 4 percent, and 5 percent respectively. Calculate the expected spot rate for Yen/USD in a one year period. A) 187.95 Yen / USD. B) 189.76 Yen / USD. C) 184.49 Yen / USD. D) 195.18 Yen / USD. The correct answer was D) The exact methodology of the covered interest rate parity (IRP) is: expected spot rate in one period (FC/DC) = spot rate today (FC/DC) × [(1 + RFC) / (1 + RDC)]. Setting up this equation gives us E(S1) = 189.76 Yen/USD × (1.08 / 1.05) = 195.18 Yen/USD. 8.Which of the following economic methods is useful and easy to use in forecasting future spot exchange rates? A) Uncovered interest rate parity. B) International Fisher relation. C) Balance of payments. D) Absolute purchasing power parity (PPP). The correct answer was A) Uncovered interest rate parity can be used to forecast future spot exchange rates using market interest rates. The international Fisher relation relates interest rates to inflation rates. The balance of payments is not a useful method and is not easy to implement. Absolute PPP uses a basket of goods for comparative purposes in exchange rate determination. This limits its application because it requires an identical basket of goods across all countries and makes unrealistic assumptions regarding impediments to trade. 9. Which of the following economic concepts links inflation and interest rates to exchange rates? A) International Fisher relation. B) Uncovered interest Rate Parity. C) Relative purchasing parity (PPP). D) Balance of payments. The correct answer was B) Combining PPP and the international Fisher relation, results in the theory of uncovered interest rate parity, which links spot exchange rates, expected spot exchange rates, and nominal interest rates. The international Fisher relation relates nominal interest rates to inflation, while relative PPP links exchange rates to inflation. Only the theory of uncovered interest rate parity links interest rates, inflation rates and exchange rates together. | 
发表于 2008-5-19 17:37
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