NO.PZ2022122601000019
问题如下：
Jo Akumba’s portfolio is invested in a range of developed markets fixed income securities. She asks her adviser about the possibility of diversifying her investments to include emerging and frontier markets government and corporate fixed income securities. Her adviser makes the following comment regarding risk:
“All emerging and frontier market fixed income securities pose economic, political and legal risk. Economic risks arise from the fact that emerging market countries have poor fiscal discipline, rely on foreign borrowing, have less diverse tax base and significant dependence on specific industries. They are susceptible to capital flight. Their ability to pay is limited. In addition, weak property rights, weak enforcement of contract laws and political instability pose hazard for emerging markets debt investors.”
Discuss the statement made.
选项：
解释：
Correct Answer:
The statement
correctly identifies economic, political and legal risk. The adviser has
correctly identified some of the characteristics typically associated with
emerging and frontier markets that may affect their governments’ and corporate
borrowers’ ability and willingness to pay bondholders. However, the assertion
that all emerging and frontier market fixed income securities pose such risk is
incorrect, as many countries classified as “emerging” are considered to be
healthy and prosperous economies.
中文解析：
该声明正确地识别了经济、政治和法律风险。这位顾问正确地指出了一些通常与新兴市场和前沿市场相关的特征，这些特征可能会影响政府和企业借款人向债券持有人付款的能力和意愿。然而，断言所有新兴市场和前沿市场固定收益证券都存在这种风险是不正确的，因为许多被归类为“新兴”的国家被认为是健康和繁荣的经济体。
- her statement "Economic risks arise from the fact that emerging market countries have poor fiscal discipline, rely on foreign borrowing, have less diverse tax base and significant dependence on specific industries. They are susceptible to capital flight. Their ability to pay is limited. In addition, weak property rights, weak enforcement of contract laws and political instability pose hazard for emerging markets debt investors.” are right.
- her statement"all emerging and frontier market fixed income securities pose economic"is wrong, some countries are labeled as emerging market may in fact be healthy , prosperous economies with strong fundamentals.