Fakultät III Univ.-Prof. Dr. Jan Franke-Viebach

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1 Unv.Prof. r. J. FrankVbach WS 067: Intrnatonal Economcs ( st xam prod) Unvrstät Sgn Fakultät III Unv.Prof. r. Jan FrankVbach Exam Intrnatonal Economcs Wntr Smstr 067 ( st Exam Prod) Avalabl tm: 60 mnuts Soluton For your attnton:. Th xam s mad up of 8 pags (ncludng ths covr pag). Plas chck and s f th xam you ar holdng s complt.. For your answrs, us th dsgnatd spacs. Should ths not suffc, us th backsd of th pags. Plas do not wrt and draw wth a pncl. 3. Addtonal matrals you may us for th xam: a nonprogrammabl calculator. (Smart phons and mobl phons ar not allowd!) 4. ATTENTION: Th nams for varabls hav th sam manng as n th lctur. Insofar as you also us th sam symbols for th varabls as w dd n th lctur you wll not hav to dfn ths any furthr. Quston Sum Mark Ponts achvabl Ponts achvd Intrn Economcs / WS 67 T Soluton

2 Unv.Prof. r. J. FrankVbach WS 067: Intrnatonal Economcs ( st xam prod) Problm : Trad and Trad Polcy of th EU Th Europan Unon vws tslf as a Common Markt (or: Intrnal Markt). a) A common markt s th thrd stp towards an conomc unon. Plas nam th two stags of ntgraton that prcd th common markt. [ ponts] Fr trad ara () Customs unon () b) Brfly say what th two prcdng statons mply for th trad of goods wthn th EU and for th trad of goods wth th rst of th world. [4 ponts] Trad wthn EU: Trad wth rst of th world: Trad wthn EU: fr trad (or: no tarffs, or: no trad barrrs) () Trad wth rst of th world: common xtrnal trad polcy () (or: unfd tarffs) Intrn Economcs / WS 67 T Soluton

3 Unv.Prof. r. J. FrankVbach 3 WS 067: Intrnatonal Economcs ( st xam prod) Problm : Rcardo Modl Hom has th followng labour productvts: a, a 4. a) W look at th domstc opportunty costs n th producton of good. a Plas gv a prcs vrbal ntrprtaton of ths varabl. [4.5 ponts] loss of output of good (or: of X ) whn output of good rss by on unt () (0.5) (0.5) (0.5) (0.5) () (0.5) a Plas wrt th mathmatcal symbol of ths varabl. [ ponts] or : ( MRT ) () (.5 bcaus absolut valu not ndcatd) a 3 What s th numrcal valu of ths varabl for th domstc country? Plas show ts calculaton. [3 ponts] () () () b) Assumng that both goods ar producd, what s th prc rato n autarky (p /p ) a? Plas show ts calculaton n gnral mathmatcal trms as wll as ts numrcal valu. [4 ponts] p ( p a ) a a (or : or : ( MRT ) ) 0.5 () () Intrn Economcs / WS 67 T Soluton

4 Unv.Prof. r. J. FrankVbach 4 WS 067: Intrnatonal Economcs ( st xam prod) Problm 3: Forx markt Th followng dagram dpcts th markt for xchang of ansh Kronr (KK) aganst Chns Yuan (Y). [KK/Y] s 0 d d 0 0 [Y] a) Whch ansh transactons wth Chna caus a dmand for Yuan? [4 ponts] Import () of goods () Export () of captal () Intrn Economcs / WS 67 T Soluton

5 Unv.Prof. r. J. FrankVbach 5 WS 067: Intrnatonal Economcs ( st xam prod) b) In th graph, th curv of dmand for Yuan shfts from th ntal poston to th poston d. d 0 b Is ths a dcras or an ncras of th dmand for Yuan? [ pont] cras () b At th xchang rat 0, whch constllaton of supply and dmand of Yuan dos now prval? [ pont] Excss supply () b 3 Assum a systm of flxbl xchang rats. Wll th abov constllaton of supply and dmand lad to a dprcaton of th Yuan or to an apprcaton? [ ponts] dprcaton () b 5 Now suppos that th ansh cntral bank wants to kp th xchang rat at ts ntal lvl 0. How must th cntral bank ntrvn n ordr to kp th rat constant at 0? [ pont] Buy Yuan () b 6 How can th ansh cntral bank avod a chang of th montary bas rsultng from ts ntrvnton? [ ponts] rducton () of crdts to th domstc conomy () Intrn Economcs / WS 67 T Soluton

6 Unv.Prof. r. J. FrankVbach 6 WS 067: Intrnatonal Economcs ( st xam prod) Problm 4: Intrst Rat Party a) How s th followng rlaton calld? [3 ponts] f. Uncovrd ntrst rat party () () () b) Plas carfully ntrprt ts conomc contnt. [4 ponts] Expctd rlatv chang of spot (or: xchang) rat quals th ntrst rat dffrntal (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) (0.5) or: th currncy wth th lowr ntrst rat s xpctd to apprcat c) Consdr th USA as th forgn country. Th spot rat of th US dollar n trms of th uro s 0.9 [ /$]. Th onyar ntrst rats ar 3 % for th dollar and 8 % for th uro, rspctvly. c Assumng that markt partcpants ar rsknutral, what s th mpld markt prdcton of th spot rat on yar ahad? [5 ponts] f (5) c Now, assum that markt partcpants ar rskavrs. Thr rsk prmum (RIS) s 4 %. Plas show how to modfy th quaton from a). [4 ponts] f ( RIS ) (3) () Intrn Economcs / WS 67 T Soluton

7 Unv.Prof. r. J. FrankVbach 7 WS 067: Intrnatonal Economcs ( st xam prod) Problm 5: Incom and Trad Balanc n th Short Run W consdr th followng quaton whr xognous varabls ar markd by an uppr bar,. g. EX : S (Y) I + EX IM(Y) a) Plas vry brfly ntrprt th quaton. [.5 ponts] Equlbrum condton of th goods markt () (0.5) b) Plas llustrat th modl n th followng dagram. Plas dnot th curvs as TB and as SI, rspctvly. [6 ponts] S I, TB () S I () 0 Y () TB () c) Now, xports rs (EX ). c Plas say n words, whthr curvs shft and, f so, how thy shft. [4 ponts] S I : no shft () TB : shft to th rght (or: upward) () Intrn Economcs / WS 67 T Soluton

8 Unv.Prof. r. J. FrankVbach 8 WS 067: Intrnatonal Economcs ( st xam prod) c How wll th followng varabls chang: [ ponts] Y : ncrass () TB: ncrass () Intrn Economcs / WS 67 T Soluton