國(guó)際財(cái)務(wù)管理答案

1、PAGE PAGE 52靶Solutio八ns for 稗Interna背tional 鞍Corpora板te Fina藹nceTOC h z t Chapter,1 HYPERLINK l _Toc218923787 藹Chapter胺 1敗 PAGEREF _Toc218923787 h 按2 HYPERLINK l _Toc218923788 拜Chapter拜 2跋 PAGEREF _Toc218923788 h 拌4 HYPERLINK l _Toc218923789 暗Chapter敖 3隘 PAGEREF _Toc218923789 h 哀6 HYPERLINK l _Toc21

2、8923790 霸Chapter半 4伴 PAGEREF _Toc218923790 h 絆8 HYPERLINK l _Toc218923791 壩Chapter吧 5安 PAGEREF _Toc218923791 h 敗12 HYPERLINK l _Toc218923792 八Chapter襖 6岸 PAGEREF _Toc218923792 h 挨14 HYPERLINK l _Toc218923793 扳Chapter安 7按 PAGEREF _Toc218923793 h 絆16 HYPERLINK l _Toc218923794 艾Chapter哀 8埃 PAGEREF _Toc

3、218923794 h 敗18 HYPERLINK l _Toc218923795 瓣Chapter胺 9哎 PAGEREF _Toc218923795 h 暗21 HYPERLINK l _Toc218923796 半Chapter百 10班 PAGEREF _Toc218923796 h 辦23 HYPERLINK l _Toc218923797 胺Chapter柏 11扒 PAGEREF _Toc218923797 h 芭26 HYPERLINK l _Toc218923798 辦Chapter挨 12佰 PAGEREF _Toc218923798 h 巴29氨Chapter愛(ài) 1鞍5.

4、 Inte安rnation絆al Busi藹ness Me巴thods. 巴Snyder 愛(ài)Golf Co拔., a 叭U.S.半 firm t柏hat sel阿ls high壩-qualit拌y golf 背clubs安 癌in the 挨U.S.阿, wants半 to exp敖and int罷ernatio艾nally b佰y selli凹ng the 邦same go巴lf club拌s in 暗Brazil拜.懊 扒a. Desc吧ribe th礙e trade昂offs th艾at are 敗involve凹d for e愛(ài)ach met霸hod (su芭ch as e吧xport

5、in拔g, dire哎ct fore霸ign氨 拔investm案ent, et叭c.) tha凹t Snyde扮r could骯 use to靶 achiev八e its g霸oal.暗 哀ANSWER:白 Snyder扳 can ex鞍port th阿e clubs柏, but t邦he tran佰sportat癌ion exp阿enses m熬ay be h氨igh. If邦 could安 捌establi跋sh a su擺bsidiar懊y in 凹Brazil扮 to pro叭duce an把d sell 鞍the clu挨bs, but癌 this m阿ay requ叭ire a

6、l半arge哎 捌investm耙ent of 辦funds. 伴It coul皚d use l霸icensin背g, in w澳hich it案 specif叭ies to 澳a Brazi凹lian fi傲rm how 壩to prod昂uce班 澳the clu扒bs. In 案this wa癌y, it d芭oes not瓣 have t稗o estab安lish it傲s own s啊ubsidia擺ry ther白e.岸 藹b. Whic敗h metho盎d would芭 you re班commend礙 for th襖is firm澳? Justi礙fy your岸 recomm叭

7、endatio拌n.罷ANSWER:案 If the稗 amount阿 of gol哎f clubs案 to be 捌sold in把 八Brazil奧 is sma芭ll, it 阿may dec鞍ide to 哀export.皚 疤However白, if th斑e expec稗ted sal霸es leve愛(ài)l is hi絆gh, it 耙may ben辦efit fr把om lice笆nsing. 扳If it i皚s confi扮dent th把a(bǔ)t板 吧the exp傲ected s骯ales le隘vel wil岸l remai胺n high,哀 it may翱 be wil靶l(wèi)

8、ing to八 establ吧ish a s安ubsidia伴ry. The啊 wages斑 絆are low昂er in 敖Brazil靶, and t跋he larg柏e inves藹tment n懊eeded t笆o estab頒lish a 巴subsidi哎ary may皚 be wor澳thwhile拌.阿 般8. Comp把a(bǔ)rative阿 Advant氨age.翱a. Expl靶ain how扳 the th扮eory of凹 compar按ative a胺dvantag挨e relat隘es to t澳he need扒 for in岸ternati柏onal bu邦sines

9、s.壩ANSWER:芭 The th捌eory of跋 compar岸ative a案dvantag矮e impli傲es that扳 countr敗ies sho跋uld spe搬cialize般 in百 辦product愛(ài)ion, th耙ereby r辦elying 骯on othe昂r count愛(ài)ries fo跋r some 芭product八s. Cons把equentl岸y, ther唉e is a 澳need哎 襖for int藹ernatio癌nal bus隘iness.擺 辦b. Expl罷ain how懊 the pr拌oduct c翱ycle th疤eory re把lat

10、es t皚o the g疤rowth o藹f an MN哎C.把ANSWER:阿 The pr頒oduct c敗ycle th氨eory su藹ggests 辦that at啊 some p哎oint in阿 time, 啊the fir稗m will 骯attempt壩 to巴 熬capital笆ize on 敖its per扮ceived 爸advanta壩ges in 罷markets暗 other 翱than wh半ere it 絆was ini版tially 跋establi邦shed.鞍10. Val拔uation 凹o(jì)f Wal-岸Marts 襖Interna捌tional 昂B

11、usines斑s. In a霸ddition班 to all罷 of its半 stores昂 in the柏 U.S., 瓣Wal-Mar班t has 1百1 store藹s in Ar艾gentina巴, 24 st白o(hù)res in哀 Brazil敗, 214 s拜tores i唉n Canad凹a, 29 s礙tores i傲n China稗, 92 st靶ores in斑 German擺y, 15 s吧tores i邦n South爸 Korea,扒 611 st柏ores in絆 Mexico矮, and 2百61 stor懊es in t辦he U.K.背 愛(ài)Conside按r t

12、he v柏alue of藹 Wal-Ma奧rt as b艾eing co癌mposed 昂of two 靶parts, 扮a U.S. 氨part (d捌ue to b板usiness唉 in the挨 U.S.) 按and a n八on-U.S.隘 part (拜due to 敗busines壩s in ot邦her cou拌ntries)壩. Expla懊in how 矮to dete哀rmine t伴he pres挨ent val擺ue (in 埃dollars拜) of th礙e non-U辦.S. par扳t assum搬ing tha昂t you h版ad acce凹ss to a

13、愛(ài)ll the 八details按 of Wal拜-Mart b耙usiness礙es outs傲ide the班 拔U.S.礙ANSWER:矮 The no叭n-U.S. 敗part ca板n be me疤asured 艾as the 氨present捌 value 版of futu擺re doll盎ar cash罷 flows愛(ài) 辦resulti拜ng from巴 the no稗n-U.S. 霸busines捌ses. Ba氨sed on 靶recent 版earning俺s data 癌for eac笆h store熬 and ap傲plying暗 柏an expe跋cted gr阿ow

14、th ra皚te, you阿 can es俺timate 哎the rem扳itted e班arnings拔 that w霸ill com盎e from 稗each co扳untry癌 矮in each般 year i安n the f啊uture. 芭You can埃 conver翱t those拌 cash f懊lows to笆 dollar佰s using翱 a fore隘casted 昂exchang疤e懊 鞍rate pe捌r year.背 Determ骯ine the邦 presen頒t value隘 of cas扮h flows隘 of all傲 stores班 within辦 o

15、ne co白u(yù)ntry. 哀Then背 辦repeat 邦the pro哎cess fo巴r other罷 countr絆ies. Th巴en add 扮up all 按the pre啊sent va拔lues th版at you 岸estimat拌ed to傲 捌derive 耙a conso拜lidated暗 presen佰t value昂 of all擺 non-U.搬S. subs愛(ài)idiarie柏s.叭 背15. Int襖ernatio絆nal Joi唉nt Vent捌ure. An礙heuser-熬Busch, 笆the pro隘ducer o哎f Budwe敖iser an骯d

16、other稗 beers,扳 has唉 斑recentl扒y expan愛(ài)ded int翱o 埃Japan搬 by eng稗aging i擺n a joi芭nt vent跋ure wit藹h Kirin爸 Brewer熬y, the 癌largest埃 澳brewery吧 in 哀Japan八. The j胺oint ve霸nture e按nables 壩Anheuse搬r-Busch靶 to hav邦e its b笆eer dis伴tribute背d throu版gh捌 俺Kirins挨 distri叭bution 懊channel佰s in 擺Japan凹. In ad罷dition,搬

17、it can岸 utiliz挨e 安Kirin百s faci案lities 敗to prod凹uce bee哎r癌 哎that wi俺ll be s斑old loc啊ally. I板n retur巴n, Anhe俺user-Bu俺sch pro拌vides i佰nformat白ion abo壩ut the 挨America拜n beer 爸market 骯to 奧Kirin奧.百 芭a. Expl礙ain how霸 the jo氨int ven半ture ca柏n enabl艾e Anheu岸ser-Bus奧ch to a版chieve 癌its obj熬ective 藹of盎 百maximi

18、z胺ing sha般reholde拔r wealt胺h.八ANSWER:搬 The jo吧int ven伴ture cr扳eates a半 way fo奧r Anheu搬ser-Bus挨ch to d稗istribu瓣te Budw懊eiser罷 芭through半out 芭Japan拜. It en版ables A八nheuser澳-Busch 八to pene稗trate t盎he Japa扒nese ma吧rket wi壩thout r笆equirin啊g a拔 般substan襖tial in礙vestmen拜t in 拜Japan芭.拔 半b. Expl半ain how敖 the j

19、o捌int ven般ture ca藹n limit敗 the ri板sk of t扮he inte白rnation搬al busi吧ness.暗A(chǔ)NSWER:疤 The jo背int ven哀ture ha胺s limit捌ed risk扒 becaus襖e Anheu八ser-Bus隘ch does吧 not ne八ed to e哎stablis岸h瓣 霸its own白 distri般bution 背network唉 in 鞍Japan把. Thus,扳 Anheus柏er-Busc扮h may b背e able 頒to use 壩a small埃er按 吧investm絆ent for靶

20、 the in搬t(yī)ernati跋onal bu拔siness,拜 and th斑ere is 把a(bǔ) highe安r proba盎bility 癌that th啊e inter耙nationa啊l翱 拜busines罷s will 叭be succ愛(ài)essful.敖 俺c. Many安 intern扒ational艾 joint 翱venture氨s are i挨ntended胺 to cir澳cumvent唉 barrie吧rs that拔 normal傲ly prev阿ent案 八foreign凹 compet胺ition. 柏What ba搬rrier i百n 翱Japan礙 is Anh

21、耙euser-B百usch ci昂rcumven芭ting as唉 a resu敗lt of t骯he壩 癌joint v癌enture?拜 What b俺arrier 暗in the 伴United 翱States班 is 骯Kirin扒 circum稗venting搬 as a r頒esult o矮f the j藹oint奧 絆venture拜?霸 安ANSWER:阿 Anheus熬er-Busc啊h is ab愛(ài)le to b骯enefit 吧from Ki靶rins d壩istribu襖tion sy熬stem in搬 頒Japan鞍, which艾 瓣would n矮ot norm巴

22、ally be半 so acc按essible阿. 捌Kirin板 is abl巴e to le跋arn mor八e about敖 how An氨heuser-絆Busch翱 挨expande笆d its p靶roduct 罷across 唉numerou懊s count柏ries, a吧nd ther傲efore b癌reaks t吧hrough 柏an “inf拌ormatio半n”拌 扮barrier絆.吧 搬d. Expl板ain how胺 Anheus拜er-Busc熬h could般 lose s礙ome of 暗its mar爸ket sha奧re in c哀ountrie盎s

23、outsi案de 奧Japan礙 埃as a re暗sult of癌 this p癌articul板ar join靶t ventu熬re.百ANSWER:挨 Anheus癌er-Busc凹h could扮 lose s敖ome of 芭its mar百ket sha搬re to K巴irin as凹 a resu擺lt of e靶xplaini壩ng昂 艾its wor暗ldwide 瓣expansi氨on stra骯tegies 挨to 吧Kirin奧. Howev挨er, it 癌appears爸 that A埃nheuser芭-Busch 哀expects霸 the壩 暗potenti般

24、al bene鞍fits of跋 the jo熬int ven挨ture to白 outwei敖gh any 佰potenti壩al adve艾rse eff斑ects.拌24. Glo懊bal Com懊petitio八n. 昂Explain癌 why mo岸re stan翱dardize搬d produ愛(ài)ct spec皚ificati盎ons acr翱oss cou哀ntries 把can inc埃rease g愛(ài)lobal c俺ompetit矮ion.吧ANSWER:案 Standa半rdized 哎product霸 specif扮ication埃s allow唉 firms 拌to mo

25、re班 easily熬 expand半 their 拜busines稗s罷 背across 敖other c般ountrie唉s, whic拌h incre藹ases gl靶obal co半mpetiti哎on.笆Chapter疤 2隘4. Free壩 Trade.艾 There 氨has bee耙n consi巴derable盎 moment版um to r瓣educe o拜r remov辦e trade熬 barrie挨rs in a翱n擺 頒effort 昂to achi頒eve “fr板e(cuò)e trad敗e.” Yet案, one d扮isgrunt翱led exe巴cutive 皚of

26、 an e霸xportin癌g firm 般stated,斑 “Free八 吧trade i暗s not c鞍onceiva捌ble; we啊 are al版ways at傲 the me骯rcy of 爸the exc翱hange r擺ate. An拜y count辦ry can 暗use藹 八this me拜chanism背 to imp氨ose tra拌de barr芭iers.” 搬What do矮es this靶 statem八ent mea隘n?敗ANSWER:俺 This s敖tatemen頒t impli礙es that吧 even i笆f there皚 were n絆o ex

27、pli傲cit bar稗r(nóng)iers, 靶a gover礙nment c按ould搬 罷attempt俺 to man吧ipulate艾 exchan叭ge rate敗s to a 頒level t伴hat wou拌ld effe叭ctively矮 reduce斑 foreig班n compe拔tition.胺 八For exa耙mple, a俺 敖U.S.艾 firm m艾ay be d巴iscoura哀ged fro盎m attem頒pting t氨o expor骯t to 拔Japan拔 if the拔 value 壩of疤 扒the dol靶l(wèi)ar is 安very hi班gh agai

28、挨nst the敖 yen. T傲he pric頒es of t扮he 翱U.S.瓣 goods 瓣from th叭e Japan敖ese per佰spectiv襖e八 邦are too凹 high b俺ecause 百of the 佰strong 傲dollar.版 The re埃verse s疤ituatio吧n could拌 also b把e possi佰ble in 案which a扳 懊Japanes耙e expor艾ting fi疤rm is p邦riced o搬ut of t吧he 絆U.S.捌 market唉 becaus版e of a 巴strong 澳yen (we癌ak

29、doll扮ar).敖 藹Answer伴 is bas骯ed on o版pinion.傲唉 把8. Inte八rnation斑al Inve辦stments按. 稗In rece哀nt year壩s many 耙U.S.-ba捌sed MNC捌s have 絆increas唉ed thei熬r佰 愛(ài)investm芭ents in凹 foreig案n secur板ities, 矮which a搬re not 胺as susc翱eptible骯 to neg把a(bǔ)tive s邦hocks i藹n the 扒U.S.澳 奧market.叭 Also, 艾when MN鞍Cs beli翱eve tha版t

30、 八U.S.案 securi頒ties ar拌e overv芭alued, 啊they ca盎n pursu班e non-U搬.S.笆 按securit敗ies tha癌t are d芭riven b佰y a dif八ferent 埃market.阿 Moreov百er, in 啊periods傲 of low盎 按U.S.癌 intere爸st rate八s,霸 絆U.S.岸 corpor胺ations 扒tend to骯 seek i藹nvestme頒nts in 壩foreign鞍 securi扮ties. I盎n gener扮al, the頒 flow o搬f funds柏 into百

31、 巴foreign百 countr罷ies ten罷ds to d矮ecline 奧when 柏U.S.斑 invest壩ors ant吧icipate吧 a stro擺ng doll愛(ài)ar.叭 叭a. Expl靶ain how跋 expect板ations 笆of a st吧rong do奧llar ca安n affec壩t the t拜endency邦 of 邦U.S.胺 invest藹ors to 笆invest版 吧abroad.芭ANSWER:礙 A weak扒 dollar白 would 熬discour把a(bǔ)ge 襖U.S.懊 invest藹ors fro佰m inves愛(ài)ting

32、 ab扒road. I稗t can c癌ause辦 挨the inv敗estors 奧to purc靶hase fo拜reign c隘urrency隘 (when 俺investi稗ng) at 背a highe耙r excha鞍nge rat敗e than 跋the敖 敖exchang氨e rate 挨at whic般h they 搬would s辦ell the埃 curren隘cy (whe矮n the i啊nvestme矮nt is l敖iquidat扳ed).襖b. Expl熬ain how隘 low 霸U.S.岸 intere扳st rate靶s can a俺ffect t昂he

33、tend拜ency of般 U.S.-b頒ased MN岸Cs to i巴nvest瓣 矮abroad.斑ANSWER:鞍 Low 鞍U.S.扮 intere礙st rate挨s can e扳ncourag挨e U.S.-百based M唉NCs to 胺invest 骯abroad,暗 as inv跋estors凹 礙seek hi按gher re耙turns o埃n their巴 invest哎ment th百an they背 can ea背rn in t懊he 柏U.S.敗c. In g礙eneral 叭terms, 按what is罷 the at氨tractio埃n of fo暗re

34、ign i芭nvestme捌nts to 凹U.S.扮 invest疤ors?皚ANSWER:斑 The ma扳in attr叭action 扳is pote柏ntially巴 higher扳 return敖s. The 百interna柏tional 癌stocks 頒can扒 矮outperf八orm 岸U.S.搬 stocks靶, and i巴nternat挨ional b稗onds ca叭n outpe胺rform 吧U.S.笆 bonds.澳 Howeve絆r, ther絆e is no拌 斑guarant哎ee that跋 the re熬turns o骯n inter扮nation

35、a稗l inves礙tments 白will be爸 so fav吧orable.瓣 Some i班nvestor斑s may疤 疤also pu敖rsue in八ternati矮onal in瓣vestmen鞍ts to d八iversif胺y their邦 invest佰ment po傲rtfolio白, which把 can po霸ssibly笆 熬reduce 哀risk.案10. Exc敗hange R俺ate Eff翱ects on敖 Trade.阿a. Expl白ain why敗 a stro傲nger do艾llar co疤uld enl唉arge th凹e 捌U.S.笆 ba

36、lanc扳e of tr拜ade def按icit. E版xplain 版why a唉 辦weaker 版dollar 埃could a胺ffect t暗he 挨U.S.扳 balanc哀e of tr礙ade def絆icit.拌ANSWER:罷 A stro懊nger do氨llar ma吧kes 盎U.S.辦 export拌s more 半expensi耙ve to i奧mporter氨s and m瓣ay redu把ce笆 阿imports邦. It ma吧kes 昂U.S.頒 import俺s cheap伴 and ma百y incre艾ase 瓣U.S.扳 import敗s. A

37、we邦aker ho般me curr壩ency挨 板increas唉es the 俺prices 敗of impo俺rts pur翱chased 扒by the 暗home co頒untry a襖nd redu爸ces the板 prices襖 paid b擺y藹 班foreign鞍 busine安sses fo霸r the h拌ome cou襖ntry吧奧s expor斑ts. Thi罷s shoul拌d cause搬 a decr柏ease in稗 the ho隘me凹 跋country班埃s deman艾d for i盎mports 佰and an 搬increas佰e in th爸e

38、forei版gn dema拌nd for 扳the hom岸e count阿ry跋把s辦 耙exports把, and t半herefor盎e incre奧ase the澳 curren唉t accou阿nt. How傲ever, t絆his rel拔ationsh邦ip can 哎be dist熬orted b愛(ài)y白 爸other f柏actors.澳 奧b. It i澳s somet板imes su案ggested矮 that a百 floati敖ng exch吧ange ra敗te will笆 adjust八 to red澳uce or 半elimina白te any跋 鞍current

39、絆 accoun懊t defic按it. Exp搬lain wh岸y this 敖adjustm壩ent wou凹ld occu巴r.壩ANSWER:阿 A curr巴ent acc耙ount de把ficit r扒eflects白 a net 扒sale of把 the ho般me curr盎ency in辦 exchan懊ge for 愛(ài)other班 靶currenc般ies. Th埃is plac斑es down瓣ward pr壩essure 版on that捌 home c霸u(píng)rrency阿安s value版. If th拔e curre瓣ncy鞍 扒weakens暗, it wi拜l

40、l redu辦ce the 唉home de白mand fo敗r forei班gn good傲s (sinc澳e goods啊 will n半ow be m扳ore阿 辦expensi愛(ài)ve), an胺d will 鞍increas柏e the h艾ome exp白o(hù)rt vol吧ume (si罷nce exp阿orts wi挨ll appe柏ar chea百per to昂 奧foreign阿 countr瓣ies).白 骯c. Why 礙does th唉e excha骯nge rat矮e not a安lways a叭djust t埃o a cur襖rent ac按count d皚eficit

41、?埃ANSWER:班 In som敖e cases頒, the h爸ome cur翱rency w凹ill rem背ain str翱ong eve白n thoug八h a cur俺rent ac澳count d哀eficit 襖exists,靶 since 襖other f扮actors 澳(such a拔s inter壩nationa瓣l capit班al flow笆s) can 扮offset 扮the for艾ces pla辦ced on 翱the cur霸rency b哀y the c案urrent 辦account疤.班13. Eff埃ects of拌 Tariff瓣s. 懊Assu

42、me 把a(bǔ) simpl奧e world靶 in whi拌ch the 按U.S.絆 export扒s soft 骯drinks 罷and bee擺r to熬 巴France胺 and im暗ports w拌ine fro凹m 扮France啊. If th礙e 挨U.S.氨 impose拜s large把 tariff翱s on th岸e Frenc襖h wine,敗 explai百n the l癌ikely i安mpact o拜n the v芭alues o伴f the 按U.S.拜 bevera瓣ge firm襖s, 捌U.S.懊 wine p拔roducer佰s, the 矮French

43、 奧beverag罷e firms俺, and t扳he Fren靶ch wine隘 produc罷ers.案 癌ANSWER:襖 The 疤U.S.盎 wine p扳roducer八s benef斑it from熬 the 啊U.S.爸 tariff笆s, whil啊e the F唉rench w扳ine半 礙produce皚rs are 絆adverse暗ly affe癌cted. T稗he Fren艾ch gove鞍rnment 稗would l敖ikely r艾etaliat斑e by im安posing斑 疤tariffs埃 on the皚 敖U.S.辦 bevera吧ge firm

44、阿s, whic挨h would拔 advers奧ely aff奧ect the柏ir valu瓣e. The 霸French 哎beverag般e巴 氨firms w奧ould be辦nefit.鞍 八15. Dem案and for挨 Export斑s. 俺A relat埃ively s骯mall 按U.S.奧 balanc奧e of tr疤ade def敖icit is巴 common凹ly attr版ibuted 爸to a st唉rong de扮mand fo扒r 澳U.S.愛(ài) export跋s. What礙 do you吧 think 板is the 哎underly鞍ing rea

45、唉son for壩 the st佰rong襖 按demand 背for 班U.S.拔 export捌s?奧ANSWER:昂 The st罷rong de般mand fo熬r 熬U.S.氨 export安s is co叭mmonly 搬attribu捌ted to 班strong 啊foreign鞍 氨economi拜es or t般o a wea邦k dolla澳r.俺Chapter跋 3埃5. Inte安rnation唉al Fina般ncial M阿arkets.班 Recent澳ly, Wal拌-Mart e把stablis爸hed two辦 retail盎 outlet吧s in th

46、矮e city 吧of 佰Sh礙e板nz把h岸en邦, 班China吧, which哀 has a 拜populat罷ion of 皚3.7 mil艾lion. T白hese ou百tlets a半re mass芭ive and八 contai鞍n拌 霸product礙s purch敖ased lo埃cally a佰s well 壩as impo壩rts. As暗 Wal-Ma班rt gene拌rates e斑arnings矮 beyond盎 what i氨t骯 needs 柏in She把nz芭h巴en, it 隘may rem半it thos版e earni安ngs bac鞍k to th

47、挨e 疤United 皚States八. Wal-M版art is 扒likely 板to矮 壩build a捌ddition百al outl挨ets in 板Sh捌e唉nz扳h愛(ài)en or i敗n other翱 Chines骯e citie絆s in th柏e futur壩e.按 辦a. Expl吧ain how矮 the Wa罷l-Mart 爸outlets阿 in 斑China皚 would 般use the辦 spot m敖arket i般n forei版gn exch翱ange.叭 扳ANSWER:案 The Wa岸l-Mart 皚stores 霸in 霸China頒 need o爸

48、ther cu哀rrencie按s to bu礙y produ熬cts fro艾m other昂 埃countri扮es, and芭 must c藹onvert 愛(ài)the Chi氨nese cu把rrency 按(yuan) 背into th稗e other胺 curren阿cies in伴 the sp壩ot案 白market 斑to purc癌hase th岸ese pro叭ducts. 鞍They al白so coul拜d use t矮he spot傲 market鞍 to con礙vert ex矮cess ea熬rnings 霸denomin澳ated in案 yuan i搬nto d

49、ol阿lars, w捌hich wo按uld be 哎remitte耙d to th邦e 罷U.S.背 parent埃.邦 扳b. Expl藹ain how傲 Wal-Ma柏rt migh吧t utili鞍ze the 熬interna岸tional 稗money m把a(bǔ)rket w把hen it 八is esta半blishin拌g敖 板other W罷al-Mart版 stores爸 in 案Asia阿.耙ANSWER:昂 Wal-Ma笆rt may 瓣need to襖 mainta矮in some靶 deposi凹ts in t邦he Euro凹currenc凹y marke邦t tha

50、t 澳can be唉 藹used (w稗hen nee阿ded) to壩 suppor版t the g芭rowth o罷f Wal-M辦art sto芭res in 疤various啊 foreig壩n marke捌ts. Whe瓣n跋 啊some Wa擺l-Mart 矮stores 襖in fore百ign mar辦kets ne愛(ài)ed fund扳s, they奧 borrow扳 from b哎anks in盎 the Eu敗rocurre案ncy半 捌market.矮 Thus, 辦the Eur耙ocurren翱cy mark傲et serv凹es as a耙 deposi拌t or l

51、e礙nding s辦ource f跋or Wal-扒Mart an凹d凹 俺other M鞍NCs on 半a short皚-term b胺asis.案 挨c. Expl挨ain how襖 Wal-Ma隘rt coul愛(ài)d use t版he inte皚rnation凹al bond扒 market伴 to fin矮ance th骯e estab礙lishmen芭t of扳 凹new out拌lets in拜 foreig拜n marke俺ts.阿ANSWER:凹 Wal-Ma扮rt coul唉d issue唉 bonds 搬in the 矮Eurobon跋d marke昂t to ge笆ner

52、ate 邦funds n敖eeded t絆o佰 岸establi扒sh new 八outlets安. The b絆onds ma擺y be de按nominat壩ed in t板he curr奧ency th般at is n艾eeded; 伴then, o罷nce辦 爸the sto佰res are癌 establ白ished, 奧some of昂 the ca矮sh flow埃s gener唉ated by按 those 盎stores 昂could b按e used 阿to pay熬 斑interes傲t on th岸e bonds版.辦11. For柏eign Ex翱change.愛(ài) Y

53、ou ju埃st came愛(ài) back f俺rom 阿Canada霸, where背 the Ca拜nadian 奧dollar 鞍was wor叭th $.70疤. You s耙till ha班ve C$20絆0 from 艾your tr百ip and 暗could e捌xchange挨 them f傲or doll拜ars at 背the air般port, b斑ut the 哎airport板 foreig頒n excha百nge des敖k will 按only bu半y them 般for $.6鞍0. Next澳 week, 扒you wil敖l be go八ing to挨 澳M

54、exico八 and wi靶l(wèi)l need瓣 pesos.阿 The ai耙rport f斑oreign 般exchang稗e desk 扮will se襖ll you 搬pesos f拜or $.10拌 per疤 跋peso. Y耙ou met 吧a touri笆st at t稗he airp唉ort who皚 is fro笆m 敖Mexico敖 and is氨 on his藹 way to盎 芭Canada拔. He is板 八willing笆 to buy阿 your C熬$200 fo跋r 130 p背esos. S翱hould y吧ou acce敖pt the 巴offer o藹r

55、cash 絆the Can翱adian d哀ollars 百in at t澳he airp唉ort? Ex隘plain.罷 叭ANSWER:拔 Exchan暗ge with愛(ài) the to百urist. 八If you 般exchang扮e the C半$ for p芭esos at暗 the fo擺reign e吧xchange盎 阿desk, t跋he cros辦s-rate 爸is $.60疤/$10 = 埃6. Thus安, the C板$200 wo辦uld be 瓣exchang挨ed for 懊120 pes案os拔 霸(comput吧ed as 2氨00 6)搬. If yo斑

56、u excha邦nge Can叭adian d鞍ollars 愛(ài)for pes阿os with稗 the to啊urist, 稗you wil拌l埃 爸receive澳 130 pe笆sos.熬15. Exc熬hange R爸ate Eff板e(cuò)cts on百 Borrow敗ing. Ex佰plain h敗ow the 拔appreci敗ation o巴f the J唉apanese捌 yen ag礙ainst t愛(ài)he U.S.跋 dollar哎 would 癌affect 澳the ret敗urn to 白a 礙U.S.擺 firm t笆hat bor扒rowed J笆apanese傲 ye

57、n an搬d used 笆the pro吧ceeds f辦or a 傲U.S.安 projec罷t.埃ANSWER:絆 If the啊 Japane敗se yen 癌appreci罷ates ov壩er the 巴borrowi斑ng peri啊od, thi搬s impli搬es that扒 the U.俺S.絆 八firm co把nverted翱 yen to骯 U.S. d半ollars 矮at a lo斑wer exc凹hange r般ate tha把n the r班ate at 霸which i哀t paid 稗for yen半 at氨 頒the tim礙e it wo鞍uld re

58、p盎ay the 傲loan. T罷hus, it癌 is adv把ersely 皚affecte皚d by th鞍e appre稗ciation佰. Its c佰ost of按 邦borrowi伴ng will氨 be hig哎her as 澳a resul百t of th矮is appr班eciatio疤n.凹20. Int昂erest R按ates. 骯Why do 霸interes瓣t rates笆 vary a板mong co暗untries版? Why a版re inte叭rest ra扒tes nor班mally把 伴similar隘 for th骯ose Eur絆opean c

59、扳ountrie按s that 藹use the版 euro a埃s their案 curren稗cy? Off拜er a re翱ason wh扳y the頒 柏governm背ent int懊erest r氨ate of 礙one cou鞍ntry co挨uld be 盎slightl百y highe皚r than 澳that of矮 the go叭vernmen安t稗 艾interes唉t rate 背of anot翱her cou拌ntry, e壩ven tho愛(ài)ugh the岸 euro i矮s the c胺urrency叭 used i吧n both 胺countri霸es.敖 笆A

60、NSWER:稗 Intere辦st rate岸s in ea敗ch coun巴try are澳 based 捌on the 柏supply 靶of fund斑s and d辦emand f頒or fund愛(ài)s襖 矮for a g癌iven cu鞍rrency.霸 Howeve愛(ài)r, the 拜supply 凹and dem背and con佰ditions藹 for th礙e euro 按are dic斑tated b拌y all邦 扮partici八pating 矮countri霸es in a鞍ggregat拔e, and 耙do not 頒vary am襖ong par般ticipat白i