NO.PZ202208160100000101
问题如下：
The mechanism about which Thibodeaux is most confident as an explanation for the long-run equilibrium value of exchange rates is best described as the:选项：
A.debt sustainability channel.
B.flow supply/demand channel.
C.portfolio balance channel.
解释：
Solution
A is correct. Thibodeaux prefers the debt sustainability channel as a means to assess the long-run equilibrium value of exchange rates. According to this mechanism, there should be some upper limit on the ability of countries to run persistently large current account deficits. If a country runs a large and persistent current account deficit over time, eventually it will experience an untenable rise in debt owed to foreign investors. If such investors believe that the deficit country’s external debt is rising to unsustainable levels, they are likely to reason that a major depreciation of the deficit country’s currency will be required at some point to ensure that the current account deficit narrows significantly and that the external debt stabilizes at a level deemed sustainable.
B is incorrect. The flow supply/demand channel mechanism focuses on the fact that purchases and sales of internationally traded goods and services require the exchange of domestic and foreign currencies in order to arrange payment for those goods and services. Such shifts in currency demand should exert upward pressure on the value of the surplus nation’s currency and downward pressure on the value of the deficit nation’s currency.
C is incorrect. The portfolio balance channel assumes that current account imbalances shift financial wealth from deficit nations to surplus nations. Countries with trade deficits will finance their trade with increased borrowing. This behavior may lead to shifts in global asset preferences, which in turn could influence the path of exchange rates.
中文解析
A是正确的。Thibodeaux倾向于将债务可持续性渠道作为评估汇率长期均衡价值的一种手段。根据这一机制，各国持续运行巨额经常账户赤字的能力应该有一定上限。如果一个国家长期存在巨额且持续的经常账户赤字，最终它欠外国投资者的债务将出现无法支撑的增长。如果这些投资者认为赤字国的外债正在上升到不可持续的水平，他们可能会推断，在某个时候，赤字国的货币将需要大幅贬值，以确保经常账户赤字大幅收窄，外债稳定在被认为是可持续的水平。
选项B不正确。流动供给/需求渠道机制的重点是，国际贸易货物和服务的购买和销售需要兑换本国和外国货币，以便安排这些货物和服务的付款。这种货币需求的变化应该会对顺差国家的货币价值造成上行压力，对逆差国家的货币价值造成下行压力。
C是不正确的。投资组合平衡通道假设经常账户失衡将金融财富从赤字国家转移到盈余国家。有贸易逆差的国家将通过增加借款来为贸易融资。这种行为可能导致全球资产偏好的变化，进而影响汇率走势。
不是很理解，请老师帮忙
