美元化（dollarization)

假设美元利率和英镑利率均为每年5%。当前的美元/英镑均衡汇率与预期美元/英镑汇率之间有什么联系?假设预期美元/英镑汇率为每英镑1.52美元并保持不变，英国的年利率升至10%。如果美国的利率仍然保持不变，那么，新的均衡汇率是多少?

  Suppose the dollar interest rate and the pound sterling interest rate are the same，5 percent per year．What is the relation between the current equilibrium ＄/￡ exchange rate and its expected future level? Suppose the expected future ＄/￡ exchange rate，＄1.52 per pound，remains constant as Britain's interest rate rises to 10 percent per year．If the U.S. interest rate also remains constant，what is the new equilibrium ＄/￡ exchange rate?

Why would Argentina have to give the United States seigniorage if it gave up its peso and dollarized its economy completely？ How would you measure the size of Argentina's sacrifice of seigniorage？ (To do this exercise，think through the actual steps Argentina would have to take to dollarize its economy.You may assume that the Argentine central bank's assets consist 100 percent of interest-bearing U.S. Treasury bonds.)

简述美元化的风险与收益。

Economists have long debated whether the growth of dollar reserve holdings in the Bretton Woods years was“demand-determined”(that is，determined by central banks' desire to add to their international reserves)or“supply-determined”(that is，determined by the speed of U.S. monetary growth)．What would your answer be？ What are the consequences for analyzing the relationship between growth in the world stock of international reserves and worldwide inflation？

  A．收入效应肯定大于替代效应，且商品肯定是正常商品

  B．收入效应肯定和替代效应的大小相同

  C．商品肯定是低档品，并且收入效应肯定比替代效应大

  D．以上都不对