NO.PZ202212260100003903
问题如下：
(3) During a conversation about Exhibit 1, Bader and her research assistant discuss the composition of each country’s currency portfolio and the potential for triggering a crisis. Bader notes that some flows and holdings are more or less supportive of the currency, stating that investments in private equity make up the majority of Country A’s currency portfolio, investments in public equity make up the majority of Country B’s currency portfolio, and investments in public debt make up the majority of Country C’s currency portfolio.
Based on the composition of each country’s currency portfolio, which country is most vulnerable to a potential crisis?
选项：
A.Country A
B.Country B
C.Country C
解释：
Correct Answer: C
Public debt makes up the majority of Country C’s currency portfolio, which is the least supportive flow (or holding) to a currency. Public debt is less supportive because it has to be serviced and must be either repaid or refinanced, potentially triggering a crisis. Some types of flows and holdings are considered to be more or less supportive of the currency. Investments in private equity represent long-term capital committed to the market and are most supportive of the currency. Public equity would likely be considered the next most supportive of the currency. Debt investments are the least supportive of the currency.
中文解析：
公共债务是C国货币投资组合的大头，这对于货币的流动性是不利的。因为公共债务必须得到偿还或是再融资，所以可能引发危机。某些类型的资金流动和持有被认为或多或少支对货币有支持作用。对私人股本的投资代表了对市场的长期投资，它是最能支持货币的。而公共股本则被视为另一个能支货币的工具。债务投资则是对货币的支撑作用最小。
国家投资私人股本和公共股本实务如何操作，设立国家基金去买股票，一级市场投资？投资债务是如投资者一样去市场上认购债券？不太理解为啥资产的风险角度从投资者到国家后就不一样了，私人股本流动性最差，破产可能性高，而且A国经济指标也不好，为啥反而选C债务违约？
