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"economics"exercise:Fixed exchange rate
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Questions 1:
In the classification of currency regimes, a currency board system (CBS) most likely differs from a fixed-rate parity system in that:
A 、a CBS can peg to a basket of currencies but a fixed-rate system cannot.
B 、the monetary authority within a CBS does not act as a traditional lender of last resort.
C、 a CBS has a discretionary target level of foreign exchange reserves.
Questions 2:
During the last month, a food company located in the United States had the following transactions:
These transactions will most likely increase the US current account by:
A 、$15.0 million.
B 、$14.5 million.
C 、$17.0 million.
View answer resolution
【Answer to question 1】B
【analysis】
B is correct. In a CBS, the monetary authority has an obligation to maintain 100% foreign currency reserves against the monetary base. It therefore cannot lend to troubled financial institutions. As long as the country under a fixed parity regime maintains its exchange peg, the central bank can serve as a lender of last resort.
A is incorrect. It is the fixed-rate system that can use a basket of currencies for the peg.
C is incorrect. In a fixed parity system the monetary authority has a discretionary target level of reserves, but in a CBS it does not because there is a commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate.
【Answer to question 2】A
【analysis】
A is correct. Note that the borrowing from a bank in Singapore is not a current account transaction.
B is incorrect because the royalty fee is not included.
C is incorrect because the bank loan is included.
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