NO.PZ2022122601000023
问题如下:
Although the foundation’s fixed-income portfolios have focused primarily on developed markets, the portfolio manager presents data in Exhibit 3 on two emerging markets for Martin to consider. Both economies increased exports of their mineral resources over the last decade.
Based only on Exhibit 3, the foundation would most likely consider buying bonds issued by:
选项:
A.only Emerging Republic A B.only Emerging Republic B C.neither Emerging Republic A nor Emerging Republic B解释:
Correct Answer: C
Emerging market debt requires an analysis of economic and political/legal risks. Based on the macroeconomic factors, the risk of a bond investment in either Republic A or Republic B appears to be high. Thresholds such as the risk guidelines listed in the table below can be used to assess the attractiveness of the two emerging market (EM) opportunities in Republic A and Republic B. Most notably, both republics raise concern based solely on their fiscal deficit-to-GDP ratios greater than 4.00% (Republic A’s is 6.50% and Republic B’s is 8.20%).
Analysis of the economic and political risks associated with the two EM opportunities is suggestive of the need for further scrutiny; therefore, the foundation should not invest in Emerging Republic A or Emerging Republic B based only on the information provided.
中文解析:
新兴市场债务需要对经济和政治/法律风险进行分析。基于宏观经济因素,在a国或B国进行债券投资的风险似乎很高。下表中列出的风险指南等阈值可用于评估A国和B国两个新兴市场(EM)机会的吸引力。最值得注意的是,这两个共和国仅基于其财政赤字与gdp之比大于4.00% (A国为6.50%,B国为8.20%)而引起关注。
对与这两个新兴市场机遇相关的经济和政治风险的分析表明(分析见英文表格),有必要进行进一步审查;因此,本基金会不应仅根据所提供的信息对新兴共和国A或新兴共和国B进行投资。
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