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Full Solution Manual For International Macroeconomics 4Th Edition Robert C Feenstra PDF Docx Full Chapter Chapter
Full Solution Manual For International Macroeconomics 4Th Edition Robert C Feenstra PDF Docx Full Chapter Chapter
Feenstra
Answer: The current account was largest (in absolute size) in 2006 when it was
−$802.2 billion. It hovered close to zero and did not begin a significant
downward and negative trend until the early 1990s. Since its peak in 2008, the
current account has remained more or less flat around −$450 billion. The
trends in receipts and payments has been moving much more steadily upward over
the period since the 1970s, with contractions only during recessions.
d. The United States current account deficit grew significantly from the 1990s up
until the financial crisis of 2008. In principle, this growth could have occurred
because of falling receipts from abroad or increasing payments to foreign countries,
or both. Which factor appears to have driven the growth in the current account deficit
in this period?
Answer: Over this period both payments to abroad and receipts are rising. Since
rising receipts from abroad would lessen the current account deficit, it must be the
case that payments to the rest of the world must be rising at a faster rate. This is what
has driven the increase in current account deficit over this period.
e. What does the evolution of the three trends you plotted in part (b) tell you about the
reliance of the United States on foreign markets? Does the country appear to be
growing more open or more closed over time?
Answer: These trends indicate a greater reliance of the United States on foreign
markets. Even if the current account were balanced (it is not), the steady increase in
both receipts from and payments to abroad show a country whose volume of trade
with the rest of the world is growing and is becoming more dependent on both foreign
goods to consume as well as income received from the foreign consumption of
domestically produced goods. To know more accurately how reliant we have become,
one would want to look at these trends as a percentage of United States GDP.
3. Visit the Financial Times website to download data for country risk today. (Hint: Try
searching for “Data Archive Financial Times” to find the Data Archive web page;
then look for “FT500, Fixed incomes, Commodities, Interest rates.”) You may need
to download the most recent daily report (pdf) for interest rates, and look for the table
containing high-yield emerging market rates. Which three emerging market countries
have the highest spreads on their U.S. dollar debt? Which three have the lowest?
Answer: Answers will depend on the latest data update. The spread also depends on
the date of maturity for these bonds. In the sample of countries in the Financial
Times data found at https://markets.ft.com/data/bonds in the “Market rates” table for
February 2016, the three highest spreads are Russia (10%), South Africa (6.50%),
and India (6.05%). The three lowest spreads are Hong Kong (0.02%), the United
Kingdom (0.05%), and Singapore (0.15%). The Financial Times has discontinued
the original emerging markets table used, so both emerging and developed
economies appear in the “Market rates” table. To see a more comprehensive list
of sovereign bond spreads, visit https://www.bloomberg.com/markets/rates-bonds.
4. The charts below show the growth of real GDP per capita in three pairs of
geographically adjacent countries: North and South Korea, Argentina and Chile,
Zimbabwe and Botswana (using data from the Penn World Table).
a. Which country in each pair experienced faster growth in GDP per capita? Which
one is now richest?
Answer: South Korea experienced faster growth than North
Korea. Argentina experienced faster growth than Chile between 1970 and
1980, but Chile’s growth rate was higher than Argentina’s between 1980
and 2000. Botswana has grown faster than Zimbabwe since 1970. As of
2006, the richest countries in each pair are South Korea, Chile, and
Botswana. Of the three, South Korea is the richest.
b. The World Bank’s World Governance Indicators for each country in 2000 were as
shown in the table (higher is better).Based on these data, do you think institutions
can explain the divergent outcomes in these countries? Explain. Why do you think
it helps to compare countries that are physically contiguous?
Answer: South Korea has consistently higher governance ratings than North
Korea. Similarly, Chile’s are higher than Argentina’s ratings, and Botswana’s are
higher than Zimbabwe’s. Based on the information for these six countries, it
appears as though quality governance is associated with higher economic growth.
5. Visit one of the many websites that list all of the current exchange rates between
different currencies around the world. Try a financial newspaper’s site such as ft.com
(follow the links to “Market Data,” and then “Currencies”), or try websites devoted to
foreign exchange market data such as oanda.com or xe.com (dig down—don’t just
look at the major currency tables). According to these lists, how many distinct
currencies exist around the world today? Are some currencies used in more than one
country?
Answer: Answers will depend on the latest data update. This answer is based on
information obtained from the Market Data section in the Wall Street Journal for
September 2013. The countries are divided into six groups: Africa, Americas, Asia,
the Caribbean, Europe, and Oceania. There are 138 countries listed. Many countries
in the Caribbean and Americas have adopted the U.S. dollar as their currency. The
Eurozone uses the euro, and many countries outside the Eurozone have also adopted
the euro as their currency.
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Scale of Charges for Advertisements:—
1 Praise.
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3 The Cuckoo.
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5 Independence.
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PART II.
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Freeman Roe, Plumber, Engineer, &c., 70, Strand, opposite the Adelphi
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“THE BUILDER.”
THE BUILDER.—This Journal will be exclusively devoted to the
interests of Builders, by which term must be understood all that
numerous and wealthy portion of persons connected directly or
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whose interests this Journal is dedicated; a class of British Artisans
numbering at least half a million; a class whose trade-education
distinguishes them in intellect, knowledge, and wealth, it can only
form matter of surprise, that while the Clerical, Medical, Legal,
Military, and Naval, the Artists and Literati, and other classes have
their public organs of opinion and information; while the Gardeners
and Agriculturists, Railway and Commercial and Banking Companies
have each their mouth-piece and record; the religious sects, and all
Politicians their special advocates that this most numerous, most
intelligent, and most wealthy, should have so long remained without
this bond of the Press; to instruct and inform, to disseminate
knowledge as to discoveries and inventions, to advertise wants, and
form for it a general nucleus of strength, light, and union.
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interested in
“THE BUILDER,”
both as a medium for obtaining information, and for Advertising their
own productions and requirements, we may enumerate the following:
—