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FINC5090-无代写
时间：2023-09-08
【FINC5090 Assignment TUTOR ZHOU】
Page 1 of 10
The DUE DATE is 10 SEPTEMBER 2023 as a part of your individual assignment
Week 1 Task
1. Goto http://unctadstat.unctad.org.
2. In the bulk download section of this website, download the Foreign direct investment: Inward
and outward flows and stock, annual zipped folder that contains data files.
3. In these files, you will see individual countries and groups of countries (world, G7, Asia-Pacific,
et cetera). For the following countries (or groups of countries), you are required to
estimate the net investment for the years 1970, 1980, 1990,2000, 2010, 2018, 2020, and
2021.
World, Developed Economies, Europe, Belgium, France, Germany, Italy, Netherlands, Spain,
Switzerland, United Kingdom, North America, Canada, United States, Japan, Australia, Developing
Economies, Africa, South Africa, Latin America and the Caribbean, Brazil, Mexico, Asia and Oceania,
Qatar, United Arab Emirates, China, Hong Kong, South Korea (Republic of Korea), Malaysia,
Singapore, Turkey, India, Bangladesh, Pakistan, Russia.
For each year, you should consider having a sample of countries for which there are data available for
all relevant variables.
For the write-up, the limit is up to two A4-sized pages, single-spaced, 2.5cm margins (top, bottom,
left, and right) A4 page with the Times New Roman font of the size of 12.
FDI: foreign direct investment
Flow: 流量
Inward：流入 (外国投资本国)
Outward：流出 （本国投资外国）
Stock：存量
Inward：内存量 (本国的foreign liability；外国投资本国 = 本国欠外国负债)
Outward: 外存量 (本国的foreign asset；投资外国=拥有外国资产)
NII account = Foreign asset – foreign liability 【net ownership of foreign assets】
【FINC5090 Assignment TUTOR ZHOU】
Page 2 of 10
Week 2 Task
What are the similarities between money issued by a central bank and Bitcoin?
What are some reasons Bitcoin may not be able to replace money issued by a central bank in
the near future?
Is your answer generalizable to other crypto-currencies?
Write-up limit: up to one A4-sized page.
Money issued by central bank 有一个致命缺点，中心化（centralised），money是由central bank
发行或者废除，普通人无法参与货币发行或者央行账目。如果央行不断发行货币，人们手中的
货币就会被不断稀释，降低货币购买力。
【津巴布韦大量超发货币导致经济崩溃，印度在2016年11宣布废除面值500和1000的卢比，导
致人民手上财产变为废纸】
比特币：最大的特点就是去中心化 （decentralized）；
去中心化指得是点对点交易，不需要通过银行系统，不受其他因素影响。
P2P是peer to peer，伙伴对伙伴的对等网络交易。（比如下载电影，你可以直接从有电影资源
的用户电脑上下载，别人需要资料，也可以直接从你的电脑里下载，不需要通过类似腾讯视频
等服务器网络）
基于密码学设计，比特币只能被真实拥有者转移或支付，所以安全性很好。也没有任何人可以
控制比特币的数量，无法通过大量制造比特币来认为操纵币值。
区块链：每一个区块对应一个账单，将这些区块链接起来就形成了区块链，任何交易信息和转
账记录都储存在区块链中。每隔一个时间点，比特币系统会在系统节点上生成一个随即代码，
互联网中的所有计算机都可以去寻找这个代码，找到这个代码，就会产生一个区块，得到比特
币奖励，这个过程称之为挖矿，随着挖矿越来越多，这些解代码的数学题难度也越来越大。
比特币有一个机制，比特币总量是有限的，前4年总额将产生10500000BTC，每隔4年产出数额
减半，所以最终总量接近21000000BTC.
比特币特点：
• 总量2100万
• 任何人都可以发行比特币，但发行难度越来越大
• 相对央行货币更安全，几乎无法被盗
• 交易过程完全匿名，不能追踪
➔ 相信比特币的人越多，比特币的币值就会涨得越猛
比特币的币值短期波动大是由于投机炒作行为，比特币长期是不能被投机所左右的，所以它的
价值会稳定在它所能代表的财富价值。
比特币缺点：流动性低，流动性风险高；总量有限，所以通缩现象严重，如果一个人拥有了1000
万BTC，那以后的世界，他就拥有世界一半的财富，而且这份财富是永久的。
【FINC5090 Assignment TUTOR ZHOU】
Page 3 of 10
【FINC5090 Assignment TUTOR ZHOU】
Page 4 of 10
Is Cryptocurrency Money?
The short answer is that cryptocurrency is not a form of money. To understand why, we can ask
whether the characteristics of cryptocurrencies match the key characteristics of money:
• Widely accepted means of payment – can cryptocurrencies be used to buy and sell things?
Money generally comes in the form of a nation's currency, and is widely accepted as a means
of payment. While cryptocurrencies can be used to buy and sell things, they are not widely
accepted as a means of payment, and surveys suggest that only a small fraction of
cryptocurrency holders use them regularly for payments.
• Store of value – can the purchasing power of cryptocurrencies (their ability to purchase a
similar basket of goods and services) be maintained over time? Large fluctuations in the price
of many cryptocurrencies mean that their purchasing power is not maintained over time,
reducing their effectiveness as a store of value.
• Unit of account – are cryptocurrencies a common way of measuring the value of goods and
services? In Australia, the prices of goods and services are measured in Australian dollars.
While some businesses may accept cryptocurrencies as payment, they are not commonly used
to measure and compare prices.
So, while cryptocurrencies can be used to make payments, currently their use as a means of payment
is limited and they do not display the key characteristics of money.
However, there is one type of digital currency that could be considered money – digital currency
issued by a central bank.
https://www.rba.gov.au/education/resources/explainers/cryptocurrencies.html
【FINC5090 Assignment TUTOR ZHOU】
Page 5 of 10
Features of the Bitcoin System
The most well-known cryptocurrency is Bitcoin. Bitcoin was launched in 2009, a year after a report
that described the Bitcoin system was released under the name Satoshi Nakamoto. The system was
designed to electronically mimic features of a cash transaction. It was designed to allow peer-to-peer
(or person-to-person) transactions, without the need to know or trust the other person in the
transaction, and to occur without the need for a central party (such as a bank). Unlike conventional
national currencies such as Australian dollars, which get part of their value from being legislated as
legal tender, Bitcoin and other cryptocurrencies do not have any legislated or intrinsic value. Instead,
the value of Bitcoin is determined by what people are willing to pay for it in the market (and, in theory,
its value could fall to zero at any time).
One feature of the Bitcoin system is that the supply of Bitcoins increases at a pre-determined rate and
is capped at around 21 million (with each bitcoin able to be subdivided into 100 million Satoshi’s or
0.00000001 bitcoins). Because of this, the supply of Bitcoins has been commonly compared to the
supply of a scarce commodity, such as gold.
The Bitcoin system allows transactions to occur directly from person to person without requiring a
central party (such as a bank) to verify or record the transactions. This is unlike most conventional
payment methods, such as electronic bank transfers, which rely on a central party to keep and update
records of transactions. For example, commercial banks maintain a record of their customers' account
balances, deposits and withdrawals.
Instead, the Bitcoin system uses ‘blockchain’ technology to record transactions and the ownership
of bitcoins. This is essentially technology that connects groups of transactions (‘blocks’) together over
time (in a ‘chain’). Each time a transaction occurs, it forms part of a new block that is added to the
chain. As a result, the blockchain provides a record (or database) of every bitcoin transaction that has
ever occurred, and it is available for anyone to access and update on a public network (this is often
referred to as a ‘distributed ledger’). The integrity of the Bitcoin system is protected by ‘cryptography’,
which is a method of verifying and securing data using complex mathematical algorithms (or codes).
This makes the system very difficult to corrupt.
Bitcoin transactions are verified by other users of the network, and the process of compiling, verifying
and confirming transactions is often referred to as ‘mining’. In particular, complex codes need to be
solved to confirm transactions and make sure the system is not corrupted. The Bitcoin system increases
the complexity of these codes as more computing power is used to solve them. A new block of
transactions is compiled approximately every ten minutes. ‘Miners’ wants to solve the codes and
process transactions because they are rewarded with new bitcoins (currently 6.25 new Bitcoins per
block).
The increase in competition between miners for new Bitcoins has seen large increases in the amount
of computing power and electricity required (which is often used for air conditioning to cool computer
systems). While it is difficult to calculate with precision, some estimates suggest that the annual energy
consumption of the Bitcoin system is roughly equal to the country of Thailand.
【FINC5090 Assignment TUTOR ZHOU】
Page 6 of 10
Similarity:
• Medium of Exchange (交易支付媒介): it is used to pay for goods and services
• Unit of Account (计价/记账单位)
• Store of Value (价值储蓄) 只是比特币价值波动更大
• Their value is the result of user trust
• Can be accessed and used globally
Reasons Bitcoin may not be able to replace money issued by a central bank in the near future?
• Supply capped at 21million (造成通缩)
• Short term volatility high
• Bitcoin transactions take longer time to complete
• Regulation and legal hurdles （国家政策,央行不支持）
• Hard for government to make economic stable
• User need to learn specially for non-technical users. （财富不均）
• Energy consumption may lead to environmental problems
https://www.reuters.com/article/bitcoin-not-real-currency-idCNCNEA0106920140102
https://www.shilian.com/baike/563220.html
一些加密货币的职能和比特币相似，比如莱特卡和狗狗币，只是在细节方面稍作修改，比如交
易速度更快、确保通胀达到一个基本水平。还有一些货币原则一样，但是目的比较特殊，比如
以太坊和Bat，前一个面向云计算，后一个面向数字广告。
莱特币（LTC）
两者的主要区别在于，莱特币采用更快的区块生成技术，同时拥有更好的并行交易处理能力。
因此在相同的情况下，可以将交易时间从比特币所需的10分钟缩短到2.5分钟，并且能够同时
处理大量交易。
莱特币还被认为是一种与比特币相比更加平等的加密货币，因为其独特的算法会加大自动处
设备的挖矿难度，从而避免被规模更大、技术更先进的公司垄断。
以太坊 (ETH)
比特币与以太坊之间的关键区别在于，前者将自己视为传统货币的替代者，因此其价值在于成
为价值载体，而以太坊中的以太币旨在推动点对点（P2P）网络的信息交换并实现货币化。
用户买卖以太币是用来支付以太坊P2P网络推出的各项服务的交易费用，主要包括托管合同及
其他应用。
该平台的独特优势在于，可以比比特币更快地完成交易。
【FINC5090 Assignment TUTOR ZHOU】
Page 7 of 10
Week 3 Task 1
Choose a country and analyse its balance of payments for the past 10 years (2010-2019).
Below are some examples of points you may consider in your analysis.
A. Examine how trade in goods and services has evolved over time. Is the country becoming more
or less competitive in world markets?
B. Consider the relationship between the country’s net foreign asset position and its international
investment income account.
C. If the country has run a current account deficit, what capital inflows have financed the deficit? If
the country has run a current account surplus, how have the capital outflows been invested?
Good sources of data are the official bulletin of the country’s central bank, the International
Monetary Fund (IMF), or the Organization for Economic Cooperation and Development (OECD).
These data are public and available for free.
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
https://www.rba.gov.au/education/resources/explainers/trends-in-australias-balance-of-
payments.html
https://www.abs.gov.au/statistics/economy/international-trade/balance-payments-and-international-
investment-position-australia
https://data.imf.org/?sk=7a51304b-6426-40c0-83dd-ca473ca1fd52&sid=1542633711584
https://data.imf.org/regular.aspx?key=62805740 Balance of Payment Data
https://data.imf.org/regular.aspx?key=62805744 International Investment Position Data
【FINC5090 Assignment TUTOR ZHOU】
Page 8 of 10
Week 3 Task 2
How did the country, which you chose in Task 1, fare during the COVID-19 pandemic?
(you can compare countries with each other over the COVID period (2020-2021), or you can
compare the same country with itself over two time periods)
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
https://www.imf.org/zh/Blogs/Articles/2021/08/02/blog-how-the-pandemic-widened-global-current-
account-balances
AU:
Travel restriction：降低了澳洲的旅游业留学业的出口；也降低了澳洲人出国旅行（进口）
Covid 19 降低了capital goods的进口，例如equipment，machinery等，因为公司不愿意investment，
经济状况太差
Covid 19期间尤其是刚开始，commodity的价格波动很大，由于global demand和supply的不稳定，
类似iron和coal的价格暴涨，使得作为这类大宗商品出口大国的澳洲，出口暴涨
【FINC5090 Assignment TUTOR ZHOU】
Page 9 of 10
Week 4 Task 1
From Yahoo Finance (https://au.finance.yahoo.com/), download daily data on AUD/USD for the
sample period 01 January 2007 to 31 December 2022.
A. Plot the daily data.
B. Analyse the time-series pattern in AUD/USD. What are the possible reasons driving those patterns?
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
整体而言从2005到2013年，澳币很有升值能力，主要因为mining investment boom
几个重要节点：
• 2008年9月至2009年初 （GFC）暴跌
• 2009年动荡 （欧债危机）
• 2011年动荡（第二次欧债危机）
• 2014年开始持续下跌
• 2020年初小暴跌（Covid 19），后马上上涨因为美国股市崩盘
澳币是一个风险货币，波动性比较大 （floating exchange rate, determined by demand and supply）
drivers
• Interest rate (影响demand and supply; 澳洲利息涨，吸引foreign capital flow in, demand of
AUD涨，澳币升值；这个观点是短期观点)
• Terms of trade and commodity prices (terms of trade 指ratio of export price to import
price，这个ratio上涨，澳币升值，这个ratio下跌，澳币贬值；澳洲的出口以commodity
为主，如iron ore, natural gas等等，所以commodity price影响export price)
• International trade （澳洲出口额上涨，demand of AUD上涨，澳币升值）
• Prices and inflation （purchasing power parity：澳洲inflation高，澳币贬值）
• 投机者（炒外汇）
【FINC5090 Assignment TUTOR ZHOU】
Page 10 of 10
Week 4 Task 2
For each of the following countries, collect the primary rates from Yahoo Finance for a single date of
your choice: Australia, Canada, European Union, Hong Kong, India, Japan, Mexico, Singapore,
Switzerland, and Thailand.
From these 10 rates, estimate the cross-rates for all possible currency pairs.
You must present a table of primary and cross rates.
Using one rate as an example, show how you calculated the cross-rate for a currency pair of your
choice.
Choose the date carefully, choosing a date when no major economic event occurred in these 10
countries and the USA.
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
Primary rates: exchange rate against USD
Cross rates: any rate not involving the USD
Any cross rate could be calculated by primary rates
AUD/GBP =
*
= 1.3253 * 1.8725 = 2.4818
GBP/EUR =
= 0.5340 * 1.2850 = 0.6862
Page 1 of 10
The DUE DATE is 10 SEPTEMBER 2023 as a part of your individual assignment
Week 1 Task
1. Goto http://unctadstat.unctad.org.
2. In the bulk download section of this website, download the Foreign direct investment: Inward
and outward flows and stock, annual zipped folder that contains data files.
3. In these files, you will see individual countries and groups of countries (world, G7, Asia-Pacific,
et cetera). For the following countries (or groups of countries), you are required to
estimate the net investment for the years 1970, 1980, 1990,2000, 2010, 2018, 2020, and
2021.
World, Developed Economies, Europe, Belgium, France, Germany, Italy, Netherlands, Spain,
Switzerland, United Kingdom, North America, Canada, United States, Japan, Australia, Developing
Economies, Africa, South Africa, Latin America and the Caribbean, Brazil, Mexico, Asia and Oceania,
Qatar, United Arab Emirates, China, Hong Kong, South Korea (Republic of Korea), Malaysia,
Singapore, Turkey, India, Bangladesh, Pakistan, Russia.
For each year, you should consider having a sample of countries for which there are data available for
all relevant variables.
For the write-up, the limit is up to two A4-sized pages, single-spaced, 2.5cm margins (top, bottom,
left, and right) A4 page with the Times New Roman font of the size of 12.
FDI: foreign direct investment
Flow: 流量
Inward：流入 (外国投资本国)
Outward：流出 （本国投资外国）
Stock：存量
Inward：内存量 (本国的foreign liability；外国投资本国 = 本国欠外国负债)
Outward: 外存量 (本国的foreign asset；投资外国=拥有外国资产)
NII account = Foreign asset – foreign liability 【net ownership of foreign assets】
【FINC5090 Assignment TUTOR ZHOU】
Page 2 of 10
Week 2 Task
What are the similarities between money issued by a central bank and Bitcoin?
What are some reasons Bitcoin may not be able to replace money issued by a central bank in
the near future?
Is your answer generalizable to other crypto-currencies?
Write-up limit: up to one A4-sized page.
Money issued by central bank 有一个致命缺点，中心化（centralised），money是由central bank
发行或者废除，普通人无法参与货币发行或者央行账目。如果央行不断发行货币，人们手中的
货币就会被不断稀释，降低货币购买力。
【津巴布韦大量超发货币导致经济崩溃，印度在2016年11宣布废除面值500和1000的卢比，导
致人民手上财产变为废纸】
比特币：最大的特点就是去中心化 （decentralized）；
去中心化指得是点对点交易，不需要通过银行系统，不受其他因素影响。
P2P是peer to peer，伙伴对伙伴的对等网络交易。（比如下载电影，你可以直接从有电影资源
的用户电脑上下载，别人需要资料，也可以直接从你的电脑里下载，不需要通过类似腾讯视频
等服务器网络）
基于密码学设计，比特币只能被真实拥有者转移或支付，所以安全性很好。也没有任何人可以
控制比特币的数量，无法通过大量制造比特币来认为操纵币值。
区块链：每一个区块对应一个账单，将这些区块链接起来就形成了区块链，任何交易信息和转
账记录都储存在区块链中。每隔一个时间点，比特币系统会在系统节点上生成一个随即代码，
互联网中的所有计算机都可以去寻找这个代码，找到这个代码，就会产生一个区块，得到比特
币奖励，这个过程称之为挖矿，随着挖矿越来越多，这些解代码的数学题难度也越来越大。
比特币有一个机制，比特币总量是有限的，前4年总额将产生10500000BTC，每隔4年产出数额
减半，所以最终总量接近21000000BTC.
比特币特点：
• 总量2100万
• 任何人都可以发行比特币，但发行难度越来越大
• 相对央行货币更安全，几乎无法被盗
• 交易过程完全匿名，不能追踪
➔ 相信比特币的人越多，比特币的币值就会涨得越猛
比特币的币值短期波动大是由于投机炒作行为，比特币长期是不能被投机所左右的，所以它的
价值会稳定在它所能代表的财富价值。
比特币缺点：流动性低，流动性风险高；总量有限，所以通缩现象严重，如果一个人拥有了1000
万BTC，那以后的世界，他就拥有世界一半的财富，而且这份财富是永久的。
【FINC5090 Assignment TUTOR ZHOU】
Page 3 of 10
【FINC5090 Assignment TUTOR ZHOU】
Page 4 of 10
Is Cryptocurrency Money?
The short answer is that cryptocurrency is not a form of money. To understand why, we can ask
whether the characteristics of cryptocurrencies match the key characteristics of money:
• Widely accepted means of payment – can cryptocurrencies be used to buy and sell things?
Money generally comes in the form of a nation's currency, and is widely accepted as a means
of payment. While cryptocurrencies can be used to buy and sell things, they are not widely
accepted as a means of payment, and surveys suggest that only a small fraction of
cryptocurrency holders use them regularly for payments.
• Store of value – can the purchasing power of cryptocurrencies (their ability to purchase a
similar basket of goods and services) be maintained over time? Large fluctuations in the price
of many cryptocurrencies mean that their purchasing power is not maintained over time,
reducing their effectiveness as a store of value.
• Unit of account – are cryptocurrencies a common way of measuring the value of goods and
services? In Australia, the prices of goods and services are measured in Australian dollars.
While some businesses may accept cryptocurrencies as payment, they are not commonly used
to measure and compare prices.
So, while cryptocurrencies can be used to make payments, currently their use as a means of payment
is limited and they do not display the key characteristics of money.
However, there is one type of digital currency that could be considered money – digital currency
issued by a central bank.
https://www.rba.gov.au/education/resources/explainers/cryptocurrencies.html
【FINC5090 Assignment TUTOR ZHOU】
Page 5 of 10
Features of the Bitcoin System
The most well-known cryptocurrency is Bitcoin. Bitcoin was launched in 2009, a year after a report
that described the Bitcoin system was released under the name Satoshi Nakamoto. The system was
designed to electronically mimic features of a cash transaction. It was designed to allow peer-to-peer
(or person-to-person) transactions, without the need to know or trust the other person in the
transaction, and to occur without the need for a central party (such as a bank). Unlike conventional
national currencies such as Australian dollars, which get part of their value from being legislated as
legal tender, Bitcoin and other cryptocurrencies do not have any legislated or intrinsic value. Instead,
the value of Bitcoin is determined by what people are willing to pay for it in the market (and, in theory,
its value could fall to zero at any time).
One feature of the Bitcoin system is that the supply of Bitcoins increases at a pre-determined rate and
is capped at around 21 million (with each bitcoin able to be subdivided into 100 million Satoshi’s or
0.00000001 bitcoins). Because of this, the supply of Bitcoins has been commonly compared to the
supply of a scarce commodity, such as gold.
The Bitcoin system allows transactions to occur directly from person to person without requiring a
central party (such as a bank) to verify or record the transactions. This is unlike most conventional
payment methods, such as electronic bank transfers, which rely on a central party to keep and update
records of transactions. For example, commercial banks maintain a record of their customers' account
balances, deposits and withdrawals.
Instead, the Bitcoin system uses ‘blockchain’ technology to record transactions and the ownership
of bitcoins. This is essentially technology that connects groups of transactions (‘blocks’) together over
time (in a ‘chain’). Each time a transaction occurs, it forms part of a new block that is added to the
chain. As a result, the blockchain provides a record (or database) of every bitcoin transaction that has
ever occurred, and it is available for anyone to access and update on a public network (this is often
referred to as a ‘distributed ledger’). The integrity of the Bitcoin system is protected by ‘cryptography’,
which is a method of verifying and securing data using complex mathematical algorithms (or codes).
This makes the system very difficult to corrupt.
Bitcoin transactions are verified by other users of the network, and the process of compiling, verifying
and confirming transactions is often referred to as ‘mining’. In particular, complex codes need to be
solved to confirm transactions and make sure the system is not corrupted. The Bitcoin system increases
the complexity of these codes as more computing power is used to solve them. A new block of
transactions is compiled approximately every ten minutes. ‘Miners’ wants to solve the codes and
process transactions because they are rewarded with new bitcoins (currently 6.25 new Bitcoins per
block).
The increase in competition between miners for new Bitcoins has seen large increases in the amount
of computing power and electricity required (which is often used for air conditioning to cool computer
systems). While it is difficult to calculate with precision, some estimates suggest that the annual energy
consumption of the Bitcoin system is roughly equal to the country of Thailand.
【FINC5090 Assignment TUTOR ZHOU】
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Similarity:
• Medium of Exchange (交易支付媒介): it is used to pay for goods and services
• Unit of Account (计价/记账单位)
• Store of Value (价值储蓄) 只是比特币价值波动更大
• Their value is the result of user trust
• Can be accessed and used globally
Reasons Bitcoin may not be able to replace money issued by a central bank in the near future?
• Supply capped at 21million (造成通缩)
• Short term volatility high
• Bitcoin transactions take longer time to complete
• Regulation and legal hurdles （国家政策,央行不支持）
• Hard for government to make economic stable
• User need to learn specially for non-technical users. （财富不均）
• Energy consumption may lead to environmental problems
https://www.reuters.com/article/bitcoin-not-real-currency-idCNCNEA0106920140102
https://www.shilian.com/baike/563220.html
一些加密货币的职能和比特币相似，比如莱特卡和狗狗币，只是在细节方面稍作修改，比如交
易速度更快、确保通胀达到一个基本水平。还有一些货币原则一样，但是目的比较特殊，比如
以太坊和Bat，前一个面向云计算，后一个面向数字广告。
莱特币（LTC）
两者的主要区别在于，莱特币采用更快的区块生成技术，同时拥有更好的并行交易处理能力。
因此在相同的情况下，可以将交易时间从比特币所需的10分钟缩短到2.5分钟，并且能够同时
处理大量交易。
莱特币还被认为是一种与比特币相比更加平等的加密货币，因为其独特的算法会加大自动处
设备的挖矿难度，从而避免被规模更大、技术更先进的公司垄断。
以太坊 (ETH)
比特币与以太坊之间的关键区别在于，前者将自己视为传统货币的替代者，因此其价值在于成
为价值载体，而以太坊中的以太币旨在推动点对点（P2P）网络的信息交换并实现货币化。
用户买卖以太币是用来支付以太坊P2P网络推出的各项服务的交易费用，主要包括托管合同及
其他应用。
该平台的独特优势在于，可以比比特币更快地完成交易。
【FINC5090 Assignment TUTOR ZHOU】
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Week 3 Task 1
Choose a country and analyse its balance of payments for the past 10 years (2010-2019).
Below are some examples of points you may consider in your analysis.
A. Examine how trade in goods and services has evolved over time. Is the country becoming more
or less competitive in world markets?
B. Consider the relationship between the country’s net foreign asset position and its international
investment income account.
C. If the country has run a current account deficit, what capital inflows have financed the deficit? If
the country has run a current account surplus, how have the capital outflows been invested?
Good sources of data are the official bulletin of the country’s central bank, the International
Monetary Fund (IMF), or the Organization for Economic Cooperation and Development (OECD).
These data are public and available for free.
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
https://www.rba.gov.au/education/resources/explainers/trends-in-australias-balance-of-
payments.html
https://www.abs.gov.au/statistics/economy/international-trade/balance-payments-and-international-
investment-position-australia
https://data.imf.org/?sk=7a51304b-6426-40c0-83dd-ca473ca1fd52&sid=1542633711584
https://data.imf.org/regular.aspx?key=62805740 Balance of Payment Data
https://data.imf.org/regular.aspx?key=62805744 International Investment Position Data
【FINC5090 Assignment TUTOR ZHOU】
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Week 3 Task 2
How did the country, which you chose in Task 1, fare during the COVID-19 pandemic?
(you can compare countries with each other over the COVID period (2020-2021), or you can
compare the same country with itself over two time periods)
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
https://www.imf.org/zh/Blogs/Articles/2021/08/02/blog-how-the-pandemic-widened-global-current-
account-balances
AU:
Travel restriction：降低了澳洲的旅游业留学业的出口；也降低了澳洲人出国旅行（进口）
Covid 19 降低了capital goods的进口，例如equipment，machinery等，因为公司不愿意investment，
经济状况太差
Covid 19期间尤其是刚开始，commodity的价格波动很大，由于global demand和supply的不稳定，
类似iron和coal的价格暴涨，使得作为这类大宗商品出口大国的澳洲，出口暴涨
【FINC5090 Assignment TUTOR ZHOU】
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Week 4 Task 1
From Yahoo Finance (https://au.finance.yahoo.com/), download daily data on AUD/USD for the
sample period 01 January 2007 to 31 December 2022.
A. Plot the daily data.
B. Analyse the time-series pattern in AUD/USD. What are the possible reasons driving those patterns?
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
整体而言从2005到2013年，澳币很有升值能力，主要因为mining investment boom
几个重要节点：
• 2008年9月至2009年初 （GFC）暴跌
• 2009年动荡 （欧债危机）
• 2011年动荡（第二次欧债危机）
• 2014年开始持续下跌
• 2020年初小暴跌（Covid 19），后马上上涨因为美国股市崩盘
澳币是一个风险货币，波动性比较大 （floating exchange rate, determined by demand and supply）
drivers
• Interest rate (影响demand and supply; 澳洲利息涨，吸引foreign capital flow in, demand of
AUD涨，澳币升值；这个观点是短期观点)
• Terms of trade and commodity prices (terms of trade 指ratio of export price to import
price，这个ratio上涨，澳币升值，这个ratio下跌，澳币贬值；澳洲的出口以commodity
为主，如iron ore, natural gas等等，所以commodity price影响export price)
• International trade （澳洲出口额上涨，demand of AUD上涨，澳币升值）
• Prices and inflation （purchasing power parity：澳洲inflation高，澳币贬值）
• 投机者（炒外汇）
【FINC5090 Assignment TUTOR ZHOU】
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Week 4 Task 2
For each of the following countries, collect the primary rates from Yahoo Finance for a single date of
your choice: Australia, Canada, European Union, Hong Kong, India, Japan, Mexico, Singapore,
Switzerland, and Thailand.
From these 10 rates, estimate the cross-rates for all possible currency pairs.
You must present a table of primary and cross rates.
Using one rate as an example, show how you calculated the cross-rate for a currency pair of your
choice.
Choose the date carefully, choosing a date when no major economic event occurred in these 10
countries and the USA.
For the write-up, the limit is up to one A4-sized, single-spaced, 2.5cm margins (top, bottom, left,
and right) page with the Times New Roman font of the size of 12.
Primary rates: exchange rate against USD
Cross rates: any rate not involving the USD
Any cross rate could be calculated by primary rates
AUD/GBP =
*
= 1.3253 * 1.8725 = 2.4818
GBP/EUR =
= 0.5340 * 1.2850 = 0.6862
