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椰子鸡 · 2024年05月06日

CBS和 fixed-rate parity system定义上的区别是啥

  1. CFA I
  2. Economics Analysis

NO.PZ2023010401000162

问题如下：

In the classification of currency regimes, a currency board system (CBS) most likely differs from a fixed-rate parity system in that:

选项：

A.a CBS has a discretionary target level of foreign exchange reserves. B.a CBS can peg to a basket of currencies but a fixed-rate system cannot. C.the monetary authority within a CBS does not act as a traditional lender of last resort.

解释：

In a CBS, the monetary authority has an obligation to maintain 100% foreign currency reserves against the monetary base. It thus cannot lend to troubled financial institutions. As long as the country under a fixed-parity regime maintains its exchange peg, the central bank can serve as a lender of last resort.

中文解析：

在CBS中，货币当局有义务保持100%的外汇储备。因此，它无法向陷入困境的金融机构提供贷款。只要在固定汇率制度下的国家保持汇率挂钩，央行就可以充当最后贷款人。

CBS不也是一种 fixed-rate parity system吗

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1 个答案

笛子_品职助教 · 2024年05月07日

嗨，努力学习的PZer你好：


CBS不也是一种 fixed-rate parity system吗

Hello，亲爱的同学~

虽然这是一道协会的原题，但这题的问法不是很严谨，从而给同学造成了困扰。

这道题真正要考的是：currency board arrangement 与 conventional fixed peg arrangement有什么区别。




currency board 确实是固定汇率制，因为它需要把自己的货币和其他国家的货币挂钩，形成fixed exchange rate。

但货币局制度实现固定汇率的方式，和传统固定汇率制（conventional fixed peg arrangement）又不同。


货币局需要保持100%外汇储备。也就是说，货币局制度，央行所有的外汇储备都有本币相对应，这导致央行没有多余的外汇储备，因此也没有能力做最后的贷款人。


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