take it on 23/Tue/feb/2553

1. F F F 1
11
F
11.1 F
(exchange rate) F F
F
F F F F
F F F 39 = $ 1
39 F F F 1 F
1) F F F F
F F F
2) F F F F F
F
F F F F
F F F F F
F F
2
1) (fixed exchange rate)
F
F F
2) F F (flexible or
floating exchange rate) F F
F
(flexible exchange rate)
F F F (demand for foreign exchange)
(direct determination) F F F
F
F F F F

2. F F F 2
F (indirect determinations) F F F F F
, , F F F
(exogenous variable)
:$
B
45
40 C A E D$
″
D$
′
D$
0 Q2 Q1 Q3 Q( FF F
F )
F F FF F F D$
F F F
F (move along the curve on demand curve) F F F ( D$ ) F F
F 40 = $ 1 ( F 40 F 1 F )
A F F F
F F Q1 45 = $ 1 (
F 45 F 1 F ) F F F
F Q2 F B
F F F F
F F F F
FF F F F F
F F F F
FF F
F F F
F F F F F (shift
demand curve) F F F F
F ( F F F F F F
F F F F

3. F F F 3
F F , F F F F
F , F F F
, F F F F
F FF F F ) F F F F
F F F D$ F D$
″
( F F
40 = $ 1 (shift) A E F F
F F Q1 Q3) F
F F F F ( F
F F F F F F F ,
F F F F F ,
F F F ,
F F F F F FF
F F ) F F F F F F F
F D$ F D$
′
( F F 40 = $ 1
(shift) A C F F F
F Q1 Q2)
F (supply of foreign exchange)
(direct determination) F F F
F (indirect determinations) F F F F
F ( F F F F F , F
, F F , F F
F F F F ), F F
, F F ( F
, F ) F (exogenous
variable)
F F FF F F S$
F F F
F (move along the curve on supply curve) F ( S$ ) F F
F 40 = $ 1 ( F 40 F 1 F )
A F
F F Q1 45 = $ 1 (
F F F F

4. F F F 4
F 45 F 1 F ) F
F Q3 F B
F F
F F
F F F
F F
F F F S$ F F
:$B
′ ″
S$ S$ S$
45 B
C A E
40
0 Q2 Q1 Q3 Q( F
F )
F F F
F F F (shift
supply curve) F F
F F F F F
/ F F F F
/ F F F / F
F F F / F
F F F F F ,
F F F F F
F , F
F F F
F F F F
F F F F F F F F S$
F F F F

5. F F F 5
F S$
″
( F F 40 = $ 1
(shift) A E F F
Q1 Q3) F F
F F F F
F / F F F F
/ F F F / F
F F F / F
F F F F F ,
F F F F F
F ,
F F F F
F F F F F F
F F F F F F
F F S$ F S$
′
( F F 40 = $ 1
(shift) A C F
F Q1 Q2)
(equilibrium exchange rate)
F F F (demand for
foreign exchange)) F (supply of foreign exchange)
F F F F F
F
:$B
S$
E
40
D$
0 QE Q( F :$)
F F F F

6. F F F 6
F E FF F F
F QE 40 = $ 1
F F F
F F F F F F
F F F F F
F F F F
F F F F S$ F S$
′
F
( F F F )
:$B
′
E′ S$ S$
41
A E
40
D$
0 Q3 Q2 Q1 Q( F :$)
F 40 = $ 1 (shift) E
A F F Q1 Q3
F F F F F EA ( Q1Q3 ) F
F F 40 = $ 1 41 = $ 1 F
F F F E E′
F A E′ F F F F
F Q2 F E′ F F 41 = $ 1
F
F F F F F
F F F F F F F
F F S$ F S$
′
F
( F F )
F F F F

7. F F F 7
:$
S$
′
E S$
41 A
E′
40
D$
0 Q1 Q2 Q3 Q( F :$)
F 41 = $ 1 (shift) E
A F F Q1 Q3
F F F EA ( Q1Q3 ) F
F F 41 = $ 1 40 = $ 1 F
F A E′ F F
F F F F F E E′ F
F F F F Q2 F
E′ F F 40 = $ 1
F F
F F F F F F F F F
F F F F F F
F ( ) F ( F F F )
F F F F

8. F F F 8
:$
S$
E′
41
E A
40
/
D$
D$
0 Q1 Q2 Q3 Q( F :$)
F F F F F F
F F F F F F F F F
F F ( ) F ( F F )
F
- appreciate F F ( F
) F ( ) ( F F )
F F F 40 =
$1 35 = $ 1 F F ( 40 35 )
F F (1 F ) F
- depreciate F F ( F
) F ( ) ( F F )
F F F 40
=$1 45 = $ 1 F F ( 40 45
) F F (1 F )
F
F F F ( F ) F
( F F ) F F
F F F F

9. F F F 9
( F F) F F ( F )
F F F ( F F F)
- revaluation F
F FF ( F ) F
( F F ) F F F F 40 =
$1 F 1 = $ 40 (1
1 F F 1
40
F ) F
F 35 = $ 1 F 1=$ 1
35
( 1 F F 1
35
F ) F F F F F
F ( F F
) F 40 = $ 1 35 = $ 1
F ( F F )
- devaluation F
F F F ( F ) F
( F F ) F F F F 40 =
$1 F 1 = $ 40 (1
1 F F 1
40
F ) F
F 45 = $ 1 F 1=$ 1
45
( 1 F F 1
45
F ) F F F F F
F ( F F
) F 40 = $ 1 45 = $ 1 F
( F F )
F F F ( F ) F
( F F ) F F
F F ( F F) ( F 40 =
$1 35 = $ 1 ) F F (
F) F F F ( F
F) ( F 40 = $ 1 45 = $ 1 ) F F
( )
F
F F F F
F F 35 =F $ 1 F
appreciate F revaluation F

10. F F F 10
F F F F
F F
F ( )
F ( F F)
F F F F 40 = $
1=$ 1
1=$ 1 45 = $ 1
40
1
35
( 40 =
$1 35 = $ 1)
F F F F F 40 = $
1 45 = $ 1 F F (depreciate)
F F F (devaluation )
F F F F 40 = $ 1 35 = $ 1
F F (appreciate) F
F F (revaluation)
F
F (indirect determination) (exogenous variable) F
F F F F

11. F F F 11
(shift) F FF F / F F
F F
1) F F (change in taste)
F F F F F
F F F F F F F F
F F F (
depreciate F ) ( F F
↑ → M ↑ → D$ ↑ → e ↑ → depreciate)
F F F F F
F F F
F F F F (
appreciate F )( F
F ↑ → X ↑ → S $ ↑ → e ↓ → appreciate)
2) F (relative income change)
F F F ( F
∆Y T
↑ ) F F ( F )
∆YUS
F F F F F F F
F F F (
∆Y T
depreciate F )( ↑ → M ↑ → D$ ↑ → e ↑ → depreciate)
∆YUS
F F F ( F
T
∆Y
↓ F )
∆YUS
F F ( F )
F F F F
F F ( appreciate
∆Y T
F )( ↓ → X ↑ → S$ ↑ → e ↓ → appreciate)
∆YUS
F F F
F F F F F
F
3) (relative price change)
F F F F

12. F F F 12
F F F ( F
PT
↓ F
P US
) F F ( F )
F F F
F F F (
T
appreciate F )( P
↓ → X ↑ → S$ ↑ → e ↓ → appreciate)
P US
F F F ( F
PT
↑ ) F F ( F
P US
) F F F F F F F
F F F (
PT
depreciate F )( ↑ → M ↑ → D$ ↑ → e ↑ → depreciate)
P US
F F
F F F F F
F
4) F F (capital flow)
F (r) F (i) F
(p ) → r = i− p
& &
F F F F
F F F F
F (r T ) F ( r US ) F
(capital inflow) F F
F F F F
F F ( appreciate
F ) ( r T > r US → capital inflow ↑ → S $ ↑ → e ↓ → appreciation)
F (r T ) F ( r US )
(capital outflow) F F F F
F F FF F F
F F ( depreciate
F ( r T < r US → capital outflow ↑ → D$ ↑ → e ↑ → depreciate )
5) F (speculation)
F F F F

13. F F F 13
F F F
( : growth rate) , (p )
&
F (r)
F F F F
F , F (
F ) / F F F
F ( ) / F
F FF F F F
F F F F F F
( depreciate F (
∆Y T
↑
∆YUS M↑
PT
F ↑
D$ ↑ → e ↑ → depreciate)
P US
( r T < r US ) ↑ → capital outflow ↑
F F F F
F F , F (
F ) / F F F F
( F F ) /
F F F F
F F F F
F F ( appreciate
F (
∆Y T
↓
∆YUS X↑
PT
F ↓
S$ ↑ → e ↓ → appreciate)
P US
( r T > r US ) ↑ → capital inflow ↑
6)
F F F F

14. F F F 14
F ( F
), ( F
F F F capital
outflow F F F F F
F F F F F
F F
F ) F
F
1) F F (
F ) F F
F
(balance of payment deficit)
F F F F F F F F F
F / F F F
F F / F F F
F ( F F F F
F ) (capital account : CA) ( F F
) F ( BOP deficit
→ e ↑ → X ↑, M ↓ → ( X − M) ↑ → CA ↑ → BOP ↑ )
2) F
F F F F F
F F F F F F F
F F F F F F F
F F F F F F F F
F F
F
F
F F F F/ F F
F F F
11.2 F
F F F F

15. F F F 15
(Balance of payment : BOP) F
(economic transactions) F F (residents)
F F F
F
F 4 F
1. (Current Account : CA) F
F F F
F F
. F (Trade balance account ) F
F F F F F (export of goods) F F
(import of goods)
. (Net service account)
F F F F (export of services) F
(import of services) F F F
F F
2. (Transfer payment account)
F F F F
F
F F F
3
3. F (Capital account)
F (assets) F F
(direct investment) F
(indirect investment) F F
F F F
F F F F F
F F 1
4. F (International reserve account)
F F (monetary gold) F F
F F F F

16. F F F 16
F F F
F F F F
(SDRs) F (International Monetary Fund : IMF)
F
F F ( )
F F
F F F F (
F F F / F F F
F F F F )
F ( F F )
4 F F F (Double Bookkeeping
Entry) F F F 2 F 1
F 1 F F F
F F
F F F , ,
F
F (-)
F (+)
F F (+)
F (-)
F
F
1) (short-run disequilibrium or cyclical
disequilibrium)
2
(1) F F F
F ( F F F ) F F F
F F F F

17. F F F 17
F F ( F
F →
↓ → X ↓ → ( X − M) ↓ → BOT ↓ → CA ↓ → BOP ↓ ) ( BOT = Balance of trade
F)
(2) F F
F F F F F
(
YT ↑ → M ↑ → ( X − M) ↓ → BOT ↓ → CA ↓ → BOP ↓ )( YT = F )
F F F
F F (
CPI T ↑ → P ↑ → X ↓ → ( X − M) ↓ → BOT ↓ → CA ↓ → BOP ↓ )(
& CPI T = Consumer
price index : F )
F F F
F F F F F ( F
F F F F F F F F
) F ( F F F
F F F F F F F
F )
2) F (long-run disequilibrium or
structural disequilibrium)
(1) F F
F F F F (aggregate
demand : AD) (aggregate supply : AS)
F F F F ( F F ) F
F
∆MS ↑ → AD ↑ → AS ( AD ↑> AS ↑) → AD > AS ,
→ P ↑ → ( X − M) ↓ → CA ↓ → BOP ↓
∆Cost ↑ → AS ↓ → AD > AS
↓ ↑
P↑→ F
(2) F (fundamental disequilibrium) F
F F F F
F F F F