文件里面缺少第七章。送上第七章的两题！
Chapter 7
2. Disagree. In a sense a national government cannot go bankrupt, because it can print its own currency. But a national government can refuse to honor its obligations, even if it might be able to pay. If the benefit from not paying exceeds the cost of not paying, the government may rationally refuse to pay. And, a national government can run short of foreign currency to pay obligations denominated in foreign currency, because it cannot print foreign money.
6. With free international lending Japan lends 1,800 (= 6,000 - 4,200) to America, at point T. If Japan and America each impose a 2 percent tax on international lending, the total tax is 4 percent. The gap WZ restores equilibrium, and the amount lent internationally declines to 600 (= 6,000 - 5,400). The interest rate in Japan (and the one received net of taxes by Japan’s international lenders) is 3 percent and the interest rate in America (and the one paid including taxes by America’s international borrowers) is 7 percent. (The difference is the 4 percent of taxes.) Japan’s government collects international-lending tax revenues equal to area r, but this is effectively paid by Japanese lenders who see their earnings on the 600 of foreign lending that continues decline by this amount. The net effect on Japan is a loss of area n because the taxes prevent some previously profitable lending from occurring. America’s government collects tax revenues equal to area k, but this is effectively paid by American borrowers who must pay a higher interest rate on their foreign borrowing. The net effect on America is a loss of area j because of the decline in international borrowing.
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