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
currency is
undervalued
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。
选C的话，完整的句子是The emerging market country is more likely to engage in sterilized intervention if its: currency appreciation is caused by push factors rather than pull factors。意思是：相较于pull factor导致的货币升值，push factor导致的货币升值更有可能使得新兴市场国家采取外汇冲销干预政策，而不是解释里面说的C选项错在它说pull factors不会导致货币升值。
pull factor就是这个国家本身经济在快速增长，投资回报高，投资机会多，国内需要资金也多，那么这时候政府不太可能进行冲销干预（国内本币供应保持相对稳定），因为这会抑制国内的投资增长。
而push factor是其他国家利率低，导致其他国家的钱流入本国，但本国经济原本可能处于一个均衡状态（并不需要资金流入），那这时候，采用冲销干预可以预防热钱流入导致的通胀。
所以，为什么C说的不对呢？
