"economics"exercise:Fixed exchange rate

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Questions 1:

In the classification of currency regimes, a currency board system (CBS) most likely differs from a fixed-rate parity system in that:

A 、a CBS can peg to a basket of currencies but a fixed-rate system cannot.

B 、the monetary authority within a CBS does not act as a traditional lender of last resort.

C、 a CBS has a discretionary target level of foreign exchange reserves.

Questions 2:

During the last month, a food company located in the United States had the following transactions:

economics exercise:Fixed exchange rate

These transactions will most likely increase the US current account by:

A 、$15.0 million.

B 、$14.5 million.

C 、$17.0 million.

View answer resolution

【Answer to question 1】B

【analysis】

B is correct. In a CBS, the monetary authority has an obligation to maintain 100% foreign currency reserves against the monetary base. It therefore cannot lend to troubled financial institutions. As long as the country under a fixed parity regime maintains its exchange peg, the central bank can serve as a lender of last resort.

A is incorrect. It is the fixed-rate system that can use a basket of currencies for the peg.

C is incorrect. In a fixed parity system the monetary authority has a discretionary target level of reserves, but in a CBS it does not because there is a commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate.

【Answer to question 2】A

【analysis】

A is correct. Note that the borrowing from a bank in Singapore is not a current account transaction.

economics exercise:Fixed exchange rate