英文版羅斯公司理財(cái)習(xí)題答案chap020-在線瀏覽
2025-01-04 22:00本頁(yè)面
【正文】 heaper (good), but its exports bee more expensive for others to buy (bad). The reverse is true for currency depreciation.6. Additional advantages include being closer to the final consumer and, thereby, saving on transportation, significantly lower wages, and less exposure to exchange rate risk. Disadvantages include political risk and costs of supervising distant operations.7. One key thing to remember is that dividend payments are made in the home currency. More generally, it may be that the owners of the multinational are primarily domestic and are ultimately concerned about their wealth denominated in their home currency because, unlike a multinational, they are not internationally diversified.8. a. False. If prices are rising faster in Great Britain, it will take more pounds to buy the same amount of goods that one dollar can buy。100, since: (163。1) = $ b. You would still prefer 163。 exchange rate and the SF/163。100 will buy, we get: (163。1)(SF .8233) = SF c. Using the quotes in the book to find the SF/163。1) = SF 163。/SF exchange rate is the inverse of the SF/163。1/SF .4412 = 163。 (per $). The yen is selling at a premium because it is more expensive in the forward market than in the spot market ($ versus $). b. F90 = $163。/163。115/$1)($163。163。115. Use the 165。115(163。185) = 163。($163。 – 163。 + .038 = % Japan: RFC = (165。)/165。$1)()3/(163。 the forward premium is too high. Borrow Kr1 today at 8% interest. Agree to a 180day forward contract at Kr . Convert the loan proceeds into dollars: Kr 1 ($1/Kr ) = $ Invest these dollars at 5%, ending up with $. Convert the dollars back into krone as $(Kr $1) = Kr Repay the Kr 1 loan, ending with a profit of: – = Kr b. To find the forward rate that eliminates arbitrage, we use the interest rate parity condition, so: F180 = (Kr )[1 + (.08 – .05)]1/2 F180 = Kr 11. The international Fisher effect states that the real interest rate across countries is equal. We can rearrange the international Fisher effect as follows to answer this question: RUS – hUS = RFC – hFC hFC = RFC + hUS – RUS a. hAUS = .05 + .035 – .039 hAUS = .046 or % b. hCAN = .07 + .035 – .039 hCAN = .066 or % c. hTAI = .10 + .035 – .039 hTAI = .096 or % 12. a. The yen is expected to get stronger, since it will take fewer yen to buy one dollar in the future than it does today. b. hUS – hJAP 187。 – 165。 hUS – hJAP = – .0117 or –% (1 – .0117)4 – 1 = –.0461 or –% The approximate inflation differential between the . and Japan is – % annually.13. We need to find the change in the exchange rate over time, so we need to use the relative purchasing power parity relationship: Ft = S0 [1 + (hFC – hUS)]T Using this relationship, we find the exchange rate in one year should be: F1 = 215[1 + (.086 – .035)]1 F1 = HUF The exchange rate in two years should be: F2 = 215[1 + (.086 – .035)]2 F2 = HUF And the exchange rate in five years should be: F5 = 215[1 + (.086 – .035)]5 F5 = HUF 14. Using the interestrate parity theor
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