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cfa-y · 2023年08月06日

未冲销干预会增加货币供给量

NO.PZ2018091706000056

问题如下:

The emerging market country is more likely to engage in sterilized intervention if its:

选项:

A.

inflation rate is high

B.

currency is undervalued

C.

currency appreciation is caused by push factors rather than pull factors

解释:

A country would likely choose sterilized intervention if it had a highinflation rate, because unsterilized intervention would add to the monetary base andpossibly increase inflationary pressures. B is incorrect because an undervalued currencyis likely to lessen the probability of intervention, sterilized or unsterilized, in response tocapital inflows. C is incorrect because both push and pull factors can lead to bubbleconditions, excessive exchange rate appreciation, and the unwanted build-up ofexcessive speculative positions.

解析:如果一个国家的通胀率很高,它很可能会选择冲销干预,因为未冲销干预会增加货币供给量,从而增加通胀压力。A正确。

B是不正确的,因为被低估的货币可能会降低干预的效用,无论是冲销的还是未冲销的干预。

C是不正确的,因为push以及 pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。

为什么未冲销干预是增加货币供给量

1 个答案

笛子_品职助教 · 2023年08月07日

嗨,爱思考的PZer你好:


当央行干预货币的时候,会卖出会买入本币。央行卖出买入本币,会造成市场上,本币数量发生变动。

此时,就需要做冲销干预。例如央行卖出本币增加货币供应量,就要采用紧缩货币政策,回收央行因为干预汇率而卖出的本币。

如果央行买入本币,市场上的本币被央行买走了,市场上的本币数量就少了,减少了货币供应量,就要采用宽松货币政策,增加市场上的货币。

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