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2. Suppose that Brazil, which is running a current account (CA) deficit of $4 billion and a balanced capital account, is initially in a balance of payment equilibrium. a) What is Brazil's financial account (FA) balance? For each of the following economic actors, suggest one way through which they can help Brazil obtain the foreign currency it needs to cover its current account deficit: i. Foreign investors ii. Brazilian investors iii. Foreign central banks Now, assume that foreign investors reduce their holdings of Brazilian reais (the domestic currency) by selling $1 billion worth of Brazilian reais in the foreign exchange market. b) What is the immediate impact of such action on the CA or FA of Brazil, assuming that the value of the Brazilian real has not adjusted against foreign currency yet? c) Is there a temporary overall balance (OB) surplus or deficit for Brazil? Is it an excess supply of or demand for foreign currency? d) If Brazil has a flexible exchange rate, what would happen to the value of the Brazilian real (against foreign currency)? Use the foreign exchange (FX) diagram to illustrate your answer. Be sure to indicate the initial $4 billion CA deficit/FA surplus on the diagram..
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1 Hedging with Futures (13p) (a) Table 1 shows historica.docx
1 Hedging with Futures (13p)
(a) Table 1 shows historical futures prices for crude oil traded on the NYMEX for the
firstWednesday of each month in 2015. Prices are given for different contract
maturities ranging from January 2015 to December 2015.1 Prices are quoted in USD
per barrel and each contract is for 1000 barrels. Give an intuitive explanation of
varying price patterns in the table. (Hint: Given the current dynamics of crude oil
prices, what are your expectations about the size of the convenience yield and teh
storage costs? On which months is the term structure of futures prices in contango or
backwardation? Is this consistent with your initial expectation of the convenience
yield?)
(b) Suppose that crude oil is currently priced at $37 per barrel and that the crude oil
futuresprice with 4-month delivery is $38.88 per barrel. Assuming a continuously
compounded interest rate of 4.5% and a convenience yield of 5.5%, what are the
current implied annualized storage costs?
(c) Assume, as an exporter of crude oil, that you would like to lock in the price for alarge
quantity of crude oil which you will produce 18 months from now. You discover
Date Delivery Month
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
07-Jan-15 *48.77 48.65 49.08 49.72 50.48 51.23 51.95 52.61 53.25 53.87 54.51 55.15
04-Feb-15 *48.70 48.45 49.30 50.58 51.89 53.18 54.38 55.40 56.25 57.03 57.78
04-Mar-15 *51.60 51.53 53.23 54.55 55.74 56.83 57.76 58.46 59.07 59.64
01-Apr-15 *49.55 50.09 51.75 53.06 53.98 54.74 55.44 56.11 56.74
06-May-15 *60.7 60.93 62.00 62.56 62.93 63.28 63.66 64.01
03-Jun-15 *59.61 59.64 59.93 60.14 60.31 60.59 60.93
01-Jul-15 *56.87 56.96 57.37 57.70 58.12 58.55
05-Aug-15 *45.11 45.15 45.55 46.18 46.84
02-Sep-15 *45.11 46.25 46.86 47.52
07-Oct-15 *48.13 47.81 48.40
04-Nov-15 *46.58 46.32
1 Thus, a column corresponds to one contract with prices given on different dates. A row corresponds to
prices given on a particular date for different contract maturities.
2
02-Dec-15 *40.10
Table 1: NYMEX Futures prices for crude oil for the first Wednesday of each month in 2015.
A * implies the spot price in the corresponding month. Source: Futures data from U.S.
Energy Information Administration
that the NYMEX futures crude oil contract for a 18-month delivery currently trades at
$45.81 per barrel. Using the same assumptions and calculations made in (b), is there
anything you would propose to do in this situation?
(d) On Feb 6, 2015, as an airline company, you are concerned about a possible decreasein
supply of oil over the next 6 months (i.e., August) due to tensions in the Middle East.
Explain how you can use futures contracts to hedge your exposure to oil price risk.
Assume the company would like to enter a position that is worth USD $3,500,000. How
many contract ...
In theory, financially open economies canA) manipulate their tr.docx
In theory, financially open economies can:
A) manipulate their trade accounts to avoid imbalances.
B) avoid all economic shocks or downturns.
C) lower the unemployment rate but cannot control inflation.
D) use access to the international financial markets to keep investment and consumption stable.
2.
A nation's use of international capital markets enables it to do all of the following except:
A) provide for a higher level of national defense
B) smooth consumption over time
C) build a productive national capital stock
D) reduce risk through diversification
3.
The change in external wealth from period t to t + 1 is equal to:
A) the balance on the current account minus the balance on the financial account (FA).
B) the trade balance (deficit or surplus) plus interest (earned or paid) on external debt or wealth.
C) a nation's domestic income plus net foreign factor income.
D) the balance on the current account plus the balance on the capital account .
4.The exorbitant privilege for the United States implies that:
A) the United States can lend money to people at low interest rates.
B) U.S. investments abroad often earn very low interest rates.
C) foreigners' investments in the United States earn them less income than the U.S. investments abroad.
D) foreigners' investments in the United States earn them more income than the U.S. investments abroad.
5.
In the case of the United States, the long-run budget constraint is eased somewhat by:
A) increasing debt and increasing wealth at the same time.
B) figuring in the capital gain differential and an interest rate differential on external assets and liabilities.
C) the surprising shrinking trade deficit of the United States.
D) the shrinkage of the U.S. national debt.
In low-income nations, the budget constraint is usually:
A) more lenient because creditor nations are interested in helping poor countries grow.
B) more stringent because poor nations have low credit ratings and pay higher rates of interest.
C) ignored by international financial markets.
D) good for these nations because they should not get into debt they are unable to repay.
7.
An assumption of the intertemporal model that is often not met in low-income nations is:
A) that the economy is always at full employment.
B) that prices are flexible.
C) that a nation can borrow or lend any amount in international markets at the prevailing world real rate of interest.
D) that the government of the nation has a balanced budget.
8.
What is a sudden stop?
A) a situation in which a nation runs out of labor resources
B) a situation in which a nation's prime minister has to call a new election
C) a situation in which a nation's financial markets collapse and investors lose everything
D) a situation in which a nation's creditors decide to cease new lending
9.
The risk premium associated with a government loan:
A) rises with national debt.
B) is independent of national debt.
C) falls with national debt.
D) is unrelated to government bond ratings.
.
Recommended
1 Hedging with Futures (13p) (a) Table 1 shows historica.docx
1 Hedging with Futures (13p)
(a) Table 1 shows historical futures prices for crude oil traded on the NYMEX for the
firstWednesday of each month in 2015. Prices are given for different contract
maturities ranging from January 2015 to December 2015.1 Prices are quoted in USD
per barrel and each contract is for 1000 barrels. Give an intuitive explanation of
varying price patterns in the table. (Hint: Given the current dynamics of crude oil
prices, what are your expectations about the size of the convenience yield and teh
storage costs? On which months is the term structure of futures prices in contango or
backwardation? Is this consistent with your initial expectation of the convenience
yield?)
(b) Suppose that crude oil is currently priced at $37 per barrel and that the crude oil
futuresprice with 4-month delivery is $38.88 per barrel. Assuming a continuously
compounded interest rate of 4.5% and a convenience yield of 5.5%, what are the
current implied annualized storage costs?
(c) Assume, as an exporter of crude oil, that you would like to lock in the price for alarge
quantity of crude oil which you will produce 18 months from now. You discover
Date Delivery Month
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
07-Jan-15 *48.77 48.65 49.08 49.72 50.48 51.23 51.95 52.61 53.25 53.87 54.51 55.15
04-Feb-15 *48.70 48.45 49.30 50.58 51.89 53.18 54.38 55.40 56.25 57.03 57.78
04-Mar-15 *51.60 51.53 53.23 54.55 55.74 56.83 57.76 58.46 59.07 59.64
01-Apr-15 *49.55 50.09 51.75 53.06 53.98 54.74 55.44 56.11 56.74
06-May-15 *60.7 60.93 62.00 62.56 62.93 63.28 63.66 64.01
03-Jun-15 *59.61 59.64 59.93 60.14 60.31 60.59 60.93
01-Jul-15 *56.87 56.96 57.37 57.70 58.12 58.55
05-Aug-15 *45.11 45.15 45.55 46.18 46.84
02-Sep-15 *45.11 46.25 46.86 47.52
07-Oct-15 *48.13 47.81 48.40
04-Nov-15 *46.58 46.32
1 Thus, a column corresponds to one contract with prices given on different dates. A row corresponds to
prices given on a particular date for different contract maturities.
2
02-Dec-15 *40.10
Table 1: NYMEX Futures prices for crude oil for the first Wednesday of each month in 2015.
A * implies the spot price in the corresponding month. Source: Futures data from U.S.
Energy Information Administration
that the NYMEX futures crude oil contract for a 18-month delivery currently trades at
$45.81 per barrel. Using the same assumptions and calculations made in (b), is there
anything you would propose to do in this situation?
(d) On Feb 6, 2015, as an airline company, you are concerned about a possible decreasein
supply of oil over the next 6 months (i.e., August) due to tensions in the Middle East.
Explain how you can use futures contracts to hedge your exposure to oil price risk.
Assume the company would like to enter a position that is worth USD $3,500,000. How
many contract ...
In theory, financially open economies canA) manipulate their tr.docx
In theory, financially open economies can:
A) manipulate their trade accounts to avoid imbalances.
B) avoid all economic shocks or downturns.
C) lower the unemployment rate but cannot control inflation.
D) use access to the international financial markets to keep investment and consumption stable.
2.
A nation's use of international capital markets enables it to do all of the following except:
A) provide for a higher level of national defense
B) smooth consumption over time
C) build a productive national capital stock
D) reduce risk through diversification
3.
The change in external wealth from period t to t + 1 is equal to:
A) the balance on the current account minus the balance on the financial account (FA).
B) the trade balance (deficit or surplus) plus interest (earned or paid) on external debt or wealth.
C) a nation's domestic income plus net foreign factor income.
D) the balance on the current account plus the balance on the capital account .
4.The exorbitant privilege for the United States implies that:
A) the United States can lend money to people at low interest rates.
B) U.S. investments abroad often earn very low interest rates.
C) foreigners' investments in the United States earn them less income than the U.S. investments abroad.
D) foreigners' investments in the United States earn them more income than the U.S. investments abroad.
5.
In the case of the United States, the long-run budget constraint is eased somewhat by:
A) increasing debt and increasing wealth at the same time.
B) figuring in the capital gain differential and an interest rate differential on external assets and liabilities.
C) the surprising shrinking trade deficit of the United States.
D) the shrinkage of the U.S. national debt.
In low-income nations, the budget constraint is usually:
A) more lenient because creditor nations are interested in helping poor countries grow.
B) more stringent because poor nations have low credit ratings and pay higher rates of interest.
C) ignored by international financial markets.
D) good for these nations because they should not get into debt they are unable to repay.
7.
An assumption of the intertemporal model that is often not met in low-income nations is:
A) that the economy is always at full employment.
B) that prices are flexible.
C) that a nation can borrow or lend any amount in international markets at the prevailing world real rate of interest.
D) that the government of the nation has a balanced budget.
8.
What is a sudden stop?
A) a situation in which a nation runs out of labor resources
B) a situation in which a nation's prime minister has to call a new election
C) a situation in which a nation's financial markets collapse and investors lose everything
D) a situation in which a nation's creditors decide to cease new lending
9.
The risk premium associated with a government loan:
A) rises with national debt.
B) is independent of national debt.
C) falls with national debt.
D) is unrelated to government bond ratings.
.
the ppt of this chapter is in attachmentChapter 17 End of Ch.docx
the ppt of this chapter is in attachment
Chapter 17 End of Chapter Quiz
1. Suppose that firms in Boversia gain confidence in the economy, so domestic investment rises for any given interest rate. For now, assume that net capital outflows don’t change. What happens to output and the real exchange rate when the Boversian central bank holds the real interest rate constant? (Hint: Stick to the assumptions made in chapter 17.)
A. Output increases and the real exchange rate increases.
B. Output increases and the real exchange rate decreases.
C. Output increases and the real exchange rate stays constant.
D. None of the given answers are correct
2. Suppose again that investment rises in Boversia. In this case, assume that higher confidence in the economy also causes a decrease in net capital outflows. What happens to output and the real exchange rate when the Boversian central bank holds the real interest constant. (Hint: Stick to the assumptions made in chapter 17.)
A. Output increases and the real exchange rate increases.
B. Output increases and the real exchange rate decreases.
C. Output increases and the real exchange rate stays constant.
D. None of the given answers are correct.
3. Consider the scenario in Figure 17.4: a rise in confidence causes a fall in net capital outflows, and the central bank adjusts the interest rate to keep the exchange rate constant. For this case, what happens to consumption and investment.
A. C increases, I increases.
B. C increases, I is constant.
C. C is constant, I decreases.
D. C is constant, I is constant.
4. Suppose government spending rises in Boversia, shifting the AE curve outward. The central bank would like to keep both output and the real exchange rate constant. How can policymakers accomplish these goals through a combination of an interest-rate adjustment and capital controls.
A. The central bank has to increase the real interest rate and prevent capital outflows.
B. The central bank has to increase the real interest rate and prevent capital inflows.
C. The central bank has to decrease the real interest rate and prevent capital outflows.
D. The central bank cannot achieve the two goals simultaneously.
5. Compare two statements about exchange rates by former Treasury Secretary Henry Paulson, both from 2007: (1) “A strong dollar is in our nation’s interest.” (2) “The currency [China’s yuan] needs to appreciate, and it needs to appreciate faster.” Are the two statements consistent with one another?
A. The two statements are consistent because both imply a yuan appreciation.
B. The two statements are consistent because both imply a dollar depreciation.
C. The two statements are not consistent.
D. There is not enough information to judge the consistency of the two statements.
6. What is the difference between an appreciation and a revaluation of a currency?
A. Appreciation implies th.
1.Suppose that firms in Boversia gain confidence in the economy,.docx
1.
Suppose that firms in Boversia gain confidence in the economy, so domestic investment rises for any given interest rate. For now, assume that net capital outflows don’t change. What happens to output and the real exchange rate when the Boversian central bank holds the real interest rate constant? (Hint: Stick to the assumptions made in chapter 17.)
A.
Output increases and the real exchange rate increases.
B.
Output increases and the real exchange rate decreases.
C.
Output increases and the real exchange rate stays constant.
D.
None of the given answers are correct
2.
Suppose again that investment rises in Boversia. In this case, assume that higher confidence in the economy also causes a decrease in net capital outflows. What happens to output and the real exchange rate when the Boversian central bank holds the real interest constant. (Hint: Stick to the assumptions made in chapter 17.)
A.
Output increases and the real exchange rate increases.
B.
Output increases and the real exchange rate decreases.
C.
Output increases and the real exchange rate stays constant.
D.
None of the given answers are correct.
3.
Consider the scenario in Figure 17.4: a rise in confidence causes a fall in net capital outflows, and the central bank adjusts the interest rate to keep the exchange rate constant. For this case, what happens to consumption and investment.
A.
C increases, I increases.
B.
C increases, I is constant.
C.
C is constant, I decreases.
D.
C is constant, I is constant.
4.
Suppose government spending rises in Boversia, shifting the AE curve outward. The central bank would like to keep both output and the real exchange rate constant. How can policymakers accomplish these goals through a combination of an interest-rate adjustment and capital controls.
A.
The central bank has to increase the real interest rate and prevent capital outflows.
B.
The central bank has to increase the real interest rate and prevent capital inflows.
C.
The central bank has to decrease the real interest rate and prevent capital outflows.
D.
The central bank cannot achieve the two goals simultaneously.
5.
Compare two statements about exchange rates by former Treasury Secretary Henry Paulson, both from 2007: (1) “A strong dollar is in our nation’s interest.” (2) “The currency [China’s yuan] needs to appreciate, and it needs to appreciate faster.” Are the two statements consistent with one another?
A.
The two statements are consistent because both imply a yuan appreciation.
B.
The two statements are consistent because both imply a dollar depreciation.
C.
The two statements are not consistent.
D.
There is not enough information to judge the consistency of the two statements.
6.
What is the difference between an appreciation and a revaluation of a currency?
A.
Appreciation implies that a currency becomes more valuable as measured in units of foreign currency while a revaluation implies that the currency becomes less valuable as measured in un.
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https://app.box.com/s/hqnndn05v4q5a4k4jd597rkdbda0fniiMore Related Content
Similar to 2. Suppose that Brazil, which is running a current account (CA) defic.pdf
the ppt of this chapter is in attachmentChapter 17 End of Ch.docx
the ppt of this chapter is in attachment
Chapter 17 End of Chapter Quiz
1. Suppose that firms in Boversia gain confidence in the economy, so domestic investment rises for any given interest rate. For now, assume that net capital outflows don’t change. What happens to output and the real exchange rate when the Boversian central bank holds the real interest rate constant? (Hint: Stick to the assumptions made in chapter 17.)
A. Output increases and the real exchange rate increases.
B. Output increases and the real exchange rate decreases.
C. Output increases and the real exchange rate stays constant.
D. None of the given answers are correct
2. Suppose again that investment rises in Boversia. In this case, assume that higher confidence in the economy also causes a decrease in net capital outflows. What happens to output and the real exchange rate when the Boversian central bank holds the real interest constant. (Hint: Stick to the assumptions made in chapter 17.)
A. Output increases and the real exchange rate increases.
B. Output increases and the real exchange rate decreases.
C. Output increases and the real exchange rate stays constant.
D. None of the given answers are correct.
3. Consider the scenario in Figure 17.4: a rise in confidence causes a fall in net capital outflows, and the central bank adjusts the interest rate to keep the exchange rate constant. For this case, what happens to consumption and investment.
A. C increases, I increases.
B. C increases, I is constant.
C. C is constant, I decreases.
D. C is constant, I is constant.
4. Suppose government spending rises in Boversia, shifting the AE curve outward. The central bank would like to keep both output and the real exchange rate constant. How can policymakers accomplish these goals through a combination of an interest-rate adjustment and capital controls.
A. The central bank has to increase the real interest rate and prevent capital outflows.
B. The central bank has to increase the real interest rate and prevent capital inflows.
C. The central bank has to decrease the real interest rate and prevent capital outflows.
D. The central bank cannot achieve the two goals simultaneously.
5. Compare two statements about exchange rates by former Treasury Secretary Henry Paulson, both from 2007: (1) “A strong dollar is in our nation’s interest.” (2) “The currency [China’s yuan] needs to appreciate, and it needs to appreciate faster.” Are the two statements consistent with one another?
A. The two statements are consistent because both imply a yuan appreciation.
B. The two statements are consistent because both imply a dollar depreciation.
C. The two statements are not consistent.
D. There is not enough information to judge the consistency of the two statements.
6. What is the difference between an appreciation and a revaluation of a currency?
A. Appreciation implies th.
1.Suppose that firms in Boversia gain confidence in the economy,.docx
1.
Suppose that firms in Boversia gain confidence in the economy, so domestic investment rises for any given interest rate. For now, assume that net capital outflows don’t change. What happens to output and the real exchange rate when the Boversian central bank holds the real interest rate constant? (Hint: Stick to the assumptions made in chapter 17.)
A.
Output increases and the real exchange rate increases.
B.
Output increases and the real exchange rate decreases.
C.
Output increases and the real exchange rate stays constant.
D.
None of the given answers are correct
2.
Suppose again that investment rises in Boversia. In this case, assume that higher confidence in the economy also causes a decrease in net capital outflows. What happens to output and the real exchange rate when the Boversian central bank holds the real interest constant. (Hint: Stick to the assumptions made in chapter 17.)
A.
Output increases and the real exchange rate increases.
B.
Output increases and the real exchange rate decreases.
C.
Output increases and the real exchange rate stays constant.
D.
None of the given answers are correct.
3.
Consider the scenario in Figure 17.4: a rise in confidence causes a fall in net capital outflows, and the central bank adjusts the interest rate to keep the exchange rate constant. For this case, what happens to consumption and investment.
A.
C increases, I increases.
B.
C increases, I is constant.
C.
C is constant, I decreases.
D.
C is constant, I is constant.
4.
Suppose government spending rises in Boversia, shifting the AE curve outward. The central bank would like to keep both output and the real exchange rate constant. How can policymakers accomplish these goals through a combination of an interest-rate adjustment and capital controls.
A.
The central bank has to increase the real interest rate and prevent capital outflows.
B.
The central bank has to increase the real interest rate and prevent capital inflows.
C.
The central bank has to decrease the real interest rate and prevent capital outflows.
D.
The central bank cannot achieve the two goals simultaneously.
5.
Compare two statements about exchange rates by former Treasury Secretary Henry Paulson, both from 2007: (1) “A strong dollar is in our nation’s interest.” (2) “The currency [China’s yuan] needs to appreciate, and it needs to appreciate faster.” Are the two statements consistent with one another?
A.
The two statements are consistent because both imply a yuan appreciation.
B.
The two statements are consistent because both imply a dollar depreciation.
C.
The two statements are not consistent.
D.
There is not enough information to judge the consistency of the two statements.
6.
What is the difference between an appreciation and a revaluation of a currency?
A.
Appreciation implies that a currency becomes more valuable as measured in units of foreign currency while a revaluation implies that the currency becomes less valuable as measured in un.
Similar to 2. Suppose that Brazil, which is running a current account (CA) defic.pdf (20)
the ppt of this chapter is in attachmentChapter 17 End of Ch.docx
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Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdf
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
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Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
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Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
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Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
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The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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