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toffee · 2023年05月24日

如题

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NO.PZ202209060200004506

问题如下:

Which of the suggestions Stone outlines for Palma in selecting the proposed investments is most likely correct? The one regarding:

选项:

A.local currency investment is most likely correct. B.spread advantage is most likely correct. C.the credit cycle is most likely correct.

解释:

Solution

B is correct. Investments in securities denominated in a foreign currency can often produce higher yields than domestic investments produce, particularly in emerging market countries. However, if the portfolio manager chooses to hedge the foreign exchange (FX) exposure, the cost of hedging can offset a significant amount of the yield advantage, thus reducing the relative value advantage. This may not be the case for currencies that are pegged because the portfolio manager may choose not to hedge the FX because the foreign currency will most likely be more stable, assuming there is no devaluation.

A is incorrect because investments in countries where the currency is pegged may not require FX hedging, given more stability in the exchange rate.

C is incorrect because credit cycles may vary across regions and this can be used to the advantage of the portfolio manager to diversify.

我记得还有个结论是 一个货币 如果pegged 另外一个货币,是容易出问题的,尤其是在金融危机的时候,那干嘛敢投资这个币种?

1 个答案

pzqa31 · 2023年05月25日

嗨,爱思考的PZer你好:


汇率锚定制度下,汇率更稳定,是可以投资的。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

toffee · 2023年05月25日

没有正面回答啊,确实有个结论是铆定容易出问题

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