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周梅 · 2024年10月20日

ecnomic

  1. CFA II
  2. Economics Analysis

* 问题详情，请 查看题干

NO.PZ202106160100000101

问题如下：

Using the quotes in Exhibit 1, the amount received by Goldsworthy from converting JPY 225,000,000 will be closest to:

选项：

A.

GBP 1,734,906

B.

GBP 1,735,174

C.

GBP 1,735,442

解释：

A is correct.

Goldsworthy has been given a bid–offer spread. Because she is buying the base currency—in this case, GBP—she must pay the offer price of JPY 129.69 per GBP.

JPY225,000.000129.69  JPY/GBP=GBP1,734,906\frac{JPY225,000.000}{129.69\;JPY/GBP}=GBP1,734,906

考点: Spot rates and forward rates以及bid-offer spread

解析: 题目中说投资者要买GBP，那么就应该使用DEALER关于GBP的卖价做加交易。所以可得

JPY225,000.000129.69  JPY/GBP=GBP1,734,906\frac{JPY225,000.000}{129.69\;JPY/GBP}=GBP1,734,906

 Pamuk’s description of growth in the banking sector coupled with short-term funding denominated in foreign currency can lead to a currency crisis. Countries with fixed or partially fixed exchange rates are more susceptible. Broad measures of money such as M2 are likely to be rising (not falling) just prior to a crisis. The terms of trade are favorable for Daltonia.

老师这道题讲解下

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1 个答案

笛子_品职助教 · 2024年10月20日

嗨，从没放弃的小努力你好：


老师这道题讲解下

Hello，亲爱的同学~


含义是：

帕慕克对银行业增长的描述，再加上以外币计价的短期资金，可能会导致货币危机。汇率固定或部分固定的国家更容易受到影响。M2等广义货币指标可能会在危机爆发前上升（而不是下降）。贸易条件对达尔托尼亚有利。


老师这里看不到完整的题目，但从这句话的描述看，这道题考查的应是危机前的特征。

经济危机发生的前提是，之前经历了一段经济繁荣期，经济繁荣，造成债务扩张，在债务过高的时候，突然经济开始下滑，流动性收紧，从而爆发危机。


因此M2在经济危机爆发前，应是上升，也就是体现出经济繁荣和债务扩张。

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