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20220728 · 2024年02月21日

买国内债券如何对冲热钱流出的影响?

CME课后题第24小问:


问哪个国家的央行最有可能 buy domestic bonds near term to sterilize the impact of money flows on domestic liquidity?答案是country B。答案解释为:.Hot money is flowing out of Country B; thus, Country B’s central bank is the most likely to sell foreign currency (thereby draining domestic liquidity) to limit/avoid depreciation of the domestic currency and buy government securities (thereby providing liquidity) to sterilize the impact on bank reserves and interest rates.

A is incorrect because Country A is not experiencing hot money flows and,

therefore, would not need to sterilize the impact of money flows on domestic

liquidity. C is incorrect because hot money is flowing into Country C; thus, Country C’s

central bank is most likely to sell government securities to limit the growth of

bank reserves and/or maintain a target level of interest rates.

没明白逻辑链条,求通俗白话解释

2 个答案

源_品职助教 · 2024年02月23日

嗨,努力学习的PZer你好:


冲销干预理论是把两者当成两个市场来看的。

国内市场是国内市场,外汇市场是外汇市场。

否则就如同学所言,央行一顿操作,全都白忙活了。

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努力的时光都是限量版,加油!

源_品职助教 · 2024年02月22日

嗨,努力学习的PZer你好:


本题考查的是冲销干预

热钱流出,一国当局为了稳定汇率,首先要在外汇市场上买入本币(回收本币)那么市场上的本币就少了。

冲销干预就是该国央行再实施一个宽松的货币政策,补足流动性。

宽松货币政策就需要央行购买债券,把钱给到商业银行,让商业银行把本币放出去。

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努力的时光都是限量版,加油!

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