NO.PZ2023071902000042
问题如下：
QuestionWhen categorizing currency regimes, a currency board system (CBS)
significantly differs from a fixed-rate parity system in which of the
following ways?
选项：
A.A CBS has the capability to peg its currency to a basket of currencies, while a fixed-rate system cannot.
B.The monetary authority within a CBS does not perform the role of a traditional lender of last resort.
C.A CBS lacks the discretion to set a target level of foreign exchange reserves.
解释：
Solution
- Incorrect. A fixed-rate system has the flexibility to use a basket of currencies for the peg if desired.
- Correct. In a CBS, the monetary authority is strictly obligated to maintain 100% foreign currency reserves against the monetary base, which limits its ability to lend to troubled financial institutions. Conversely, in a fixed-rate parity system, the central bank can serve as a lender of last resort as long as the country maintains its exchange peg.
- Incorrect. In a fixed-rate parity system, the monetary authority may have the discretion to set a target level of reserves, but in a CBS, such discretion is absent due to the commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate.
• describe exchange rate regimes and explain the effects of exchange rates on countries’ international trade and capital flows
感觉讲解里面c也是对的
