SHOW YOUR WORK.
YOUR GRADE DEPENDS ON YOUR CONVICTION, CORRECTNESS, ELABORATION AND ELUCIDATION OF YOUR ANSWERS.
YOU MUST DO ALL QUESTIONS. EACH OF THE PROBLEMS IS WORTH 15 POINTS. FURTHERMORE, YOU SHOULD DO ALL 5 ESSAYS. EACH ESSAY IS WORTH 12 POINTS. THE DEFINITIONS ARE ALSO WORTH 10 POINTS.
EACH ESSAY OUGHT TO BE A MINIMUM LENGTH OF ¾ OF A SINGLE SPACED PAGE.
I.PROBLEMS (You have to do all of them. Each counts for 15 points for a total of 30)
The ER is real/$ 10, or $1 buys 10 real. The change in the ER is what percentage wise, if at the end of the year the ER is r/$ 90, or 90 real buy $1? Show it in two ways. The one is real per dollars, and the other is dollars per real.
The Nigerian naira versus the US dollar is 7 to 1, i.e., 7 naira buy one dollar. The ER between the Swiss franc and the US dollar is one Swiss franc to 1.1 US $. Finally, the naira trades 7.02 per one Swiss franc. What kind of triangular arbitrage will induce a profit for you? Assume you start with $1 million.
II.ESSAYS ( 60 points. Each is worth 12points)
A. Expound on the balance of payments/current account view of exchange rates.
B. Analyze the portfolio balance view.
C. Explicate the monetary approach to exchange rates.
D. Compare and contrast the efficiency, technical and fundamental theories of exchange rates.
E. 1) Who are the biggest investors in foreign exchange markets? Elucidate.
2) Which are the biggest trading locations in the world?
3) What are the top currencies in international trade?
III.DEFINITIONS (10 Points)
A.1 What are spot, forward and swap exchange rates?
Rubric on Test 3 (Exchange Rates)
Problem 1. You need to compute the percentage change in those 2 cases.
Problem 2. What action would you take to attain a profit in the situation described?
Essay 1. The current account induces supply of and demand for foreign exchange. Discuss.
Essay 2. The financial account creates supply of and demand for foreign exchange and financial assets. This influences the currency value.
Essay 3. The Official Reserves Transactions Balance affects the exchange rate. Explain.
Essay 4. There are 3 basic views of exchange rate determination. Explicate what each one of those says. There is parallelism with the determination of stock prices. The fundamental view of exchange rates has several subcategories. You are discussing 3 of them in essays 1-3. You do not need to repeat what you have said in essays 1-3.
Definitions. Those are straight forward definitions. For more information on A Balance of Payments see this: https://www.britannica.com/topic/balance-of-payments
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