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EthanL · 2024年07月18日

冲销干预

NO.PZ2018091706000056

问题如下:

The emerging market country is more likely to engage in sterilized intervention if its:

选项:

A.

inflation rate is high

B.

currency is undervalued

C.

currency appreciation is caused by push factors rather than pull factors

解释:

A country would likely choose sterilized intervention if it had a highinflation rate, because unsterilized intervention would add to the monetary base andpossibly increase inflationary pressures. B is incorrect because an undervalued currencyis likely to lessen the probability of intervention, sterilized or unsterilized, in response tocapital inflows. C is incorrect because both push and pull factors can lead to bubbleconditions, excessive exchange rate appreciation, and the unwanted build-up ofexcessive speculative positions.

解析:如果一个国家的通胀率很高,它很可能会选择冲销干预,因为未冲销干预会增加货币供给量,从而增加通胀压力。A正确。

B是不正确的,因为被低估的货币可能会降低干预的效用,无论是冲销的还是未冲销的干预。

C是不正确的,因为push以及 pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。

请问冲销干预是什么意思呢


1 个答案

笛子_品职助教 · 2024年07月19日

嗨,爱思考的PZer你好:


现在只有关于intervention的知识点,冲销干预在一二级已经不要求了。




然后说说之前考纲中,sterilize intervention的含义。


sterilize intervention是冲销干预的意思。

冲销干预是政府管理汇率的重要手段之一;是指货币当局在外汇市场上进行结汇售汇的同时,通过其它货币政策工具(如国债市场上的公开市场业务)来抵消货币当局外汇交易对货币供应量的影响,使货币供应量维持不变的外汇市场干预行为。


例如,央行在外汇市场抛售本币,会导致市场上的本币供应量增加。

此时,央行就会在国内的国债市场上抛售国债,回收市场上的本币,减少本币供应。

最终,使本币供应量不变。这就是冲销干预。


非冲销干预是指中央银行在干预外汇市场时不采取其他金融政策与之配合,即不改变因外汇干预而造成的货币供应量的变化。

现在讲义上的direct intervention就是指非冲销干预。


现在一二级已经没有sterilize intervention这个知识点了,协会把这个知识点安排到三级的学习中了。

同学大致了解一下含义即可。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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