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Candidatesareadmittedtotheexaminationroomtenminutesbeforethestartoftheexamination.Onadmissiontotheexaminationroom,youarepermittedtoacquaintyourselfwiththeinstructionsbelowandtoreadthequestionpaper.Donotwriteanythinguntiltheinvigilatorinformsyouthatyoumaystarttheexamination.Youwillbegivenfiveminutesattheendoftheexaminationtocompletethefrontofanyanswerbooksused.May/June2010ECM832009/10A001Figure1forquestion1Figure2forquestion2Non-programmablecalculatorsarepermittedProgrammablecalculatorswithoutanalphakeypadarepermittedDictionariesarenotpermittedTHEUNIVERSITYOFREADINGINTERNATIONALMONEY&FINANCE(ECM83)TwohoursAnswerTWOquestionsPage21.(a)Whatismeantbyforwardpremiumordiscountintheforexmarket?Provideanalyticalexpressionsandbriefexplanations.(25marks)(b)Figure1(providedseparately)plotsthedailyforwardratemarginbetweentheBritishpound(GBP),consideredasthedomesticcurrencyundertheprice(oracademic)quotationsystem,andtheUSdollar(USD),inannualisedpercentagetermsbetweenJanuary2000andSeptember2008.Interpretthereal-worlddevelopmentsreflectedinthefigureandexplainwhyboththe1-monthand2-yearmaturitymarginsareplotted.(25marks)2.Onerepresentationofthetriple-paritylawisreflectedinFigure2(providedseparately).(a)Explaintheunderlyinglogicofthetriple-paritylawrelatingit,inparticular,torealinterestparity.(25marks)(b)Interpretaccordinglythereal-worlddatainFigure2.(25marks)3.Summarisetherealandfinancialflowsinanopeneconomyintoanappropriatetable,oraccountingmatrix.Explainitsgeneralstructure,purpose,assumptionsandcomponents,withoutdiscussinganyparticularroworcolumnidentitiesindetail.4.(a)Writedownthemainequationsandthesolutionoftheforeigntrademultipliermodel.(20marks)(b)Brieflyexplainitsunderlyinglogicandassumptions.(10marks)(c)Deriveandinterprettheeffectofanexogenousincreaseinexportsinthecontextofthismodel.(20marks)ECM832009/10A001Page35.Themonetaryapproachtotheexchangerateleadstoageneralequationoftheform:kjk1st1Etft
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