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20220728 · 2024年02月21日

资产与潜在危机的关联

经济CME板块原版书习题第25小问,材料: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. 问哪个国家最有可能发生potential crisis(此处的风险根据文境是指外汇风险,即对货币汇率的影响)? 答案是country C。求问为啥公募债券比权益风险大。答案解释没看明白: 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 repre

sent 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.

1 个答案

笛子_品职助教 · 2024年02月22日

嗨,努力学习的PZer你好:


求问为啥公募债券比权益风险大。


这里是从国家(发行人)的角度来判断风险的。

不是从投资者的角度来判断风险的。


从国家的角度看,国家的债务是要还的。

如果国家经济不好,债务还不上,就有较大风险。

而股票是不需要还的,即使国家经济不好,股票下跌,那是持股人承担风险。

因此从发行人(国家)角度看,要还的债券多,风险大。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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