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NO.PZ202208160100000303 问题如下 ltonia Case Scenario ltonia is a meum sizeveloping country. Government policies have graally openethe borrs for internationtra anthe flow of capital. Tra is now substantiwith members of the EU anis often nominatein Euros (€). ring the early 2000s, privatization of some publicly owneinstries, creation of a new free-floating currency, the rn(N), ansounpolicies implementethe centrbank put the economy on a trafor stea growth anstability. Foreign currenreserves are sizable in comparison to the average ily turnover of the N. Naim Birol, Minister of Finanfor ltoniis preparing his annureport on the state of the economy ancurrenmarkets for the legislative branof government. He will examine the long- anshort-term tren in G growth, per capita income, inflation, anexchange rates. He is also responsible for recommenng poliinitiatives for the legislature to consir in orr to promote overall economic prosperity for ltonicitizens. In orr to estimate long-term G growth, Birol examines the ta in Exhibit 1 intenng to use Solow’s growth accounting equation. Exhibit 1 Long-Term Tren of ltoniEconomyBirol consults his colleague Ziya Pamuk to review the polichoices facing the ltonigovernment anthe possible effects on economic growth anper capita income. Pamuk states: “ltonia’s politicians are bating the effects of growth rate policies focuseon three outcomes: higher rates of saving aninvestment importing more technologicinnovations greater investment in researanvelopment (R I conclu ththe impafrom these policies will cause a long-term increase in the economy’s growth rate anour stanrof living. Furthermore, if we emphasize R spenng, then higher rates of saving aninvestment are unlikely to encounter minishing marginreturns.” Birol believes ltonia nee to aress a recent increase in inflation anappreciation in the exchange rate. Shoulthese tren accelerate, the country’s present prosperity coulthreatene Birol anPamuk scuss polialternatives. Birol states: “Sinltonia allows capitto flow freely, the clearest choiis to implement expansionary monetary anfiscpolicies to stop the appreciation of the currenaccorng to the Munll–Fleming mol.” Pamuk replies: “The long run solution to the problem, least accorng to the portfolio balanapproach, woula polichoithe ltonigovernment to run large buet ficits on a sustainebasis.” Birol as: “There is also a timing mension to consir. Accorng to rnbusch, with inflexible mestic prices in the short run, any crease in nominmoney supply will inincrease in the mestic interest rate. This will encourage capitinflows ancause the exchange rate to overshoot to the upsi in the short run, until mestic prices have a chanto react.” Birol wants to on the lookout for situations whimight trigger a currencrisis. He anPamuk scuss recent economic velopments thmight provi potentiwarning signs. Birol: “Moving our currento a floating exchange rate hreceour susceptibility to a currencrisis.” Pamuk: “Banking crises often prece currencrises, but our banking sector hgrown anstrengthenesubstantially offering foreign nominatesavings accounts to foreign investors anlenng those fun for mestic infrastructure investments.” Pamuk: “I’m concerneththe ratio of exports to imports hbeen increasing recently anthe ratio of M2 to bank reserves hbeen falling.” In examining the currenmarkets, Birol is concernethloccurrenalers are being taken aantage of arbitrageurs from Europe. He analyzes the rate quotes in Exhibit 2 for evinof triangularbitrage ancarry tra opportunities Europehee fun attempting to exploit the R currency. Exhibit 2 Interbank analer CurrenQuotes anRates Whiof the statements regarng polialternatives scussebetween Birol anPamuk in response to ltonia’s recent increase in inflation anterioration in exchange rate is least accurate? A.Birol’s statement regarng rnbus B.Pamuk’s statement regarng the portfolio balanapproa C.Birol’s statement regarng Munll–Fleming SolutionC is correct. Birol’s statement regarng the Munll–Fleming mol is inaccurate because restrictive (not expansionary) fiscpolicy, along with expansionary monetary policy, woulleto capitoutflows ancause the currento preciate assuming high capitmobility.A is incorrebecause Birol’s statement regarng rnbusis accurate.B is incorrebecause Pamuk’s reply regarng the portfolio balanapproais accurate. 看了解析，也看了视频，但还是很糊涂，能否把这是三个statement都讲讲？

NO.PZ202208160100000303问题如下Whiof the statements regarng polialternatives scussebetween Birol anPamuk in response to ltonia’s recent increase in inflation anterioration in exchange rate is least accurate?A.Birol’s statement regarng rnbuschB.Pamuk’s statement regarng the portfolio balanapproachC.Birol’s statement regarng Munll–FlemingSolutionC is correct. Birol’s statement regarng the Munll–Fleming mol is inaccurate because restrictive (not expansionary) fiscpolicy, along with expansionary monetary policy, woulleto capitoutflows ancause the currento preciate assuming high capitmobility.A is incorrebecause Birol’s statement regarng rnbusis accurate.B is incorrebecause Pamuk’s reply regarng the portfolio balanapproais accurate.现在为了对抗升值和通胀压力，rnbus模型不应该是增加货币供应量而不是文章描述减少供给来对抗这个现象吧，目的要贬值才是？