两国实际利率相同的前提

NO.PZ202206070100000301 问题如下 Exeter Asset Management Case ScenarioMartin Stansh is economic analyst with Exeter Asset Management, a British firm specializing in globfun for institutioninvestors, most of whom are basein the UniteKingm. Stansh is intifying potenticountries anasset classes to inclu in a new velopemarket funthExeter inten to introlater this year.eKumar, Stansh’s supervisor, stops to see how his work is progressing. She asks him to researleast five countries for the new fun suggesting Chile, Singapore, GreBritain, the UniteStates, annmark potenticantes. She cautions him thhe nee to aware of interest rate linkages among these economies, anshe mentions three points thhe shoulconsir:Because the Chilepeso appears to unrvaluerelative to the British pounanis likely to rise, Chilebonyiel mlower ththey shoulrelative to British bon.The peg linking nmark’s currento the euro is consireto risk anlikely to break. Therefore, nish bonyiel are expecteto op if the nish krone weakens relative to the euro.After removing expecteinflation, the rebonyielis likely to similin Singapore anSwen.Stansh next reviews recent politicnews anscovers:The CzeRepublic is holng elections next month. The KSparty is projecteto gain a majority, with a proposto significantly retrates.The Swiss government is consiring imposing a ton all non-resint bank accounts.Swen hrecethe use of oil to less th25% of its energy supply, e to concerns about oil priinstability. Stansh now begins to velop mols to help him ci whicountries to inclu in the new fun He prefers to use the simplest forecasting metho long the approawill help him prethe path of the economy, anthe key variables thcinfluensecurity returns. Stansh asks Kumif she caise him to whiapproais most appropriate given his preferences.Next, Stansh begins to intify specific assets to inclu in the velopemarkets portfolio. He originally consirs equally weightepositions in selecteassets in Chile, Switzerlananthe UniteStates. Exhibit 1 provis his summary of whether inflation is likely to remain within the expecterange in eacountry for his selecteasset classes. Baseon this summary, he ponrs how he shoulaust the portfolio weights to reflethese economic forecasts. Exhibit 1 Inflation Relative to ExpecteRangeQuestion Of Kumar’s three points regarng interest rate linkages among countries proposefor the new fun she is least likely correwith respeto bonyiel in: A.Singapore anSwen. B.nmark. C.Chile. SolutionB is correct. Kumar’s seconpoint regarng nish bon is incorrect. When two currencies are peggeor linke the bonyiel of the country with the weaker currenare likely to rise higher unless the market is confint ththe government will maintain the peg.C is incorrect. Kumar’s first point regarng Chilebon is a true statement. If a country’s exchange rate is severely unrvalueanis expecteto rise substantially against another country’s, then bonyiel in the first country will lower ththey woulotherwise in relation to the other country. SinChile’s exchange rate relative to GreBritain’s is unrvalue we woulexpethe Chilebonyiel to lower ththey shoulcompareto the yiel on the British bon.A is incorrect. Kumar’s thirpoint with respeto Singapore anSwen is a true statement. Although reyiel cvary, they can tento move together.题目考察的是利率与汇率的关联。Kumar关于丹麦债券的第二点论述是错误的。当两种货币挂钩或联系时，货币较弱的国家的债券收益率可能会上升，除非市场坚信政府将维持汇率盯住制度。C是错误的。因为Kumar关于智利债券的第一点是对的。如果一个国家的汇率被严重低估，并且预计其相对于另一个国家的汇率将大幅上升，那么前者的债券收益率目前是比较低的。由于智利相对于英国的汇率被低估，我们预计智利的当前债券收益率低于其相对于英国债券收益率的应有水平（言外之意，应该更高才对）。A是错误的。因为Kumar关于新加坡和瑞典的第三点论述是正确的。尽管实际收益率可能有所不同，但它们可以倾向于共同波动。 Because the Chilepeso appears to unrvaluerelative to the British pounanis likely to rise, Chilebonyiel mlower ththey shoulrelative to British bon.如果比索现在对英镑低估了，并且有升值的需求。那么比索国家债券的收益率应该相对于英国债券的收益率上升而非减少。这里是看短期，短期收益率上升代表投资有利可图，外资才会流入，才会带动比索币值的升高。说比索国家的债券收益低于了应有的水平，言外之意，比索国家债券收益应当去升高。我看答案的不也是说应该收益更高吗？那为啥不选C?

NO.PZ202206070100000301 问题如下 Exeter Asset Management Case ScenarioMartin Stansh is economic analyst with Exeter Asset Management, a British firm specializing in globfun for institutioninvestors, most of whom are basein the UniteKingm. Stansh is intifying potenticountries anasset classes to inclu in a new velopemarket funthExeter inten to introlater this year.eKumar, Stansh’s supervisor, stops to see how his work is progressing. She asks him to researleast five countries for the new fun suggesting Chile, Singapore, GreBritain, the UniteStates, annmark potenticantes. She cautions him thhe nee to aware of interest rate linkages among these economies, anshe mentions three points thhe shoulconsir:Because the Chilepeso appears to unrvaluerelative to the British pounanis likely to rise, Chilebonyiel mlower ththey shoulrelative to British bon.The peg linking nmark’s currento the euro is consireto risk anlikely to break. Therefore, nish bonyiel are expecteto op if the nish krone weakens relative to the euro.After removing expecteinflation, the rebonyielis likely to similin Singapore anSwen.Stansh next reviews recent politicnews anscovers:The CzeRepublic is holng elections next month. The KSparty is projecteto gain a majority, with a proposto significantly retrates.The Swiss government is consiring imposing a ton all non-resint bank accounts.Swen hrecethe use of oil to less th25% of its energy supply, e to concerns about oil priinstability. Stansh now begins to velop mols to help him ci whicountries to inclu in the new fun He prefers to use the simplest forecasting metho long the approawill help him prethe path of the economy, anthe key variables thcinfluensecurity returns. Stansh asks Kumif she caise him to whiapproais most appropriate given his preferences.Next, Stansh begins to intify specific assets to inclu in the velopemarkets portfolio. He originally consirs equally weightepositions in selecteassets in Chile, Switzerlananthe UniteStates. Exhibit 1 provis his summary of whether inflation is likely to remain within the expecterange in eacountry for his selecteasset classes. Baseon this summary, he ponrs how he shoulaust the portfolio weights to reflethese economic forecasts. Exhibit 1 Inflation Relative to ExpecteRangeQuestion Of Kumar’s three points regarng interest rate linkages among countries proposefor the new fun she is least likely correwith respeto bonyiel in: A.Singapore anSwen. B.nmark. C.Chile. SolutionB is correct. Kumar’s seconpoint regarng nish bon is incorrect. When two currencies are peggeor linke the bonyiel of the country with the weaker currenare likely to rise higher unless the market is confint ththe government will maintain the peg.C is incorrect. Kumar’s first point regarng Chilebon is a true statement. If a country’s exchange rate is severely unrvalueanis expecteto rise substantially against another country’s, then bonyiel in the first country will lower ththey woulotherwise in relation to the other country. SinChile’s exchange rate relative to GreBritain’s is unrvalue we woulexpethe Chilebonyiel to lower ththey shoulcompareto the yiel on the British bon.A is incorrect. Kumar’s thirpoint with respeto Singapore anSwen is a true statement. Although reyiel cvary, they can tento move together.题目考察的是利率与汇率的关联。Kumar关于丹麦债券的第二点论述是错误的。当两种货币挂钩或联系时，货币较弱的国家的债券收益率可能会上升，除非市场坚信政府将维持汇率盯住制度。C是错误的。因为Kumar关于智利债券的第一点是对的。如果一个国家的汇率被严重低估，并且预计其相对于另一个国家的汇率将大幅上升，那么前者的债券收益率目前是比较低的。由于智利相对于英国的汇率被低估，我们预计智利的当前债券收益率低于其相对于英国债券收益率的应有水平（言外之意，应该更高才对）。A是错误的。因为Kumar关于新加坡和瑞典的第三点论述是正确的。尽管实际收益率可能有所不同，但它们可以倾向于共同波动。 The peg linking nmark’s currento the euro is consireto risk anlikely to break. Therefore, nish bonyiel are expecteto op if the nish krone weakens relative to the euro.既然都要break了，那么为什么还要费尽心思去增加收益率来稳住汇率？

NO.PZ202206070100000301问题如下 Exeter Asset Management Case ScenarioMartin Stansh is economic analyst with Exeter Asset Management, a British firm specializing in globfun for institutioninvestors, most of whom are basein the UniteKingm. Stansh is intifying potenticountries anasset classes to inclu in a new velopemarket funthExeter inten to introlater this year.eKumar, Stansh’s supervisor, stops to see how his work is progressing. She asks him to researleast five countries for the new fun suggesting Chile, Singapore, GreBritain, the UniteStates, annmark potenticantes. She cautions him thhe nee to aware of interest rate linkages among these economies, anshe mentions three points thhe shoulconsir:Because the Chilepeso appears to unrvaluerelative to the British pounanis likely to rise, Chilebonyiel mlower ththey shoulrelative to British bon.The peg linking nmark’s currento the euro is consireto risk anlikely to break. Therefore, nish bonyiel are expecteto op if the nish krone weakens relative to the euro.After removing expecteinflation, the rebonyielis likely to similin Singapore anSwen.Stansh next reviews recent politicnews anscovers:The CzeRepublic is holng elections next month. The KSparty is projecteto gain a majority, with a proposto significantly retrates.The Swiss government is consiring imposing a ton all non-resint bank accounts.Swen hrecethe use of oil to less th25% of its energy supply, e to concerns about oil priinstability. Stansh now begins to velop mols to help him ci whicountries to inclu in the new fun He prefers to use the simplest forecasting metho long the approawill help him prethe path of the economy, anthe key variables thcinfluensecurity returns. Stansh asks Kumif she caise him to whiapproais most appropriate given his preferences.Next, Stansh begins to intify specific assets to inclu in the velopemarkets portfolio. He originally consirs equally weightepositions in selecteassets in Chile, Switzerlananthe UniteStates. Exhibit 1 provis his summary of whether inflation is likely to remain within the expecterange in eacountry for his selecteasset classes. Baseon this summary, he ponrs how he shoulaust the portfolio weights to reflethese economic forecasts. Exhibit 1 Inflation Relative to ExpecteRangeQuestion Of Kumar’s three points regarng interest rate linkages among countries proposefor the new fun she is least likely correwith respeto bonyiel in:A.Singapore anSwen.B.nmark.C.Chile. SolutionB is correct. Kumar’s seconpoint regarng nish bon is incorrect. When two currencies are peggeor linke the bonyiel of the country with the weaker currenare likely to rise higher unless the market is confint ththe government will maintain the peg.C is incorrect. Kumar’s first point regarng Chilebon is a true statement. If a country’s exchange rate is severely unrvalueanis expecteto rise substantially against another country’s, then bonyiel in the first country will lower ththey woulotherwise in relation to the other country. SinChile’s exchange rate relative to GreBritain’s is unrvalue we woulexpethe Chilebonyiel to lower ththey shoulcompareto the yiel on the British bon.A is incorrect. Kumar’s thirpoint with respeto Singapore anSwen is a true statement. Although reyiel cvary, they can tento move together.题目考察的是利率与汇率的关联。Kumar关于丹麦债券的第二点论述是错误的。当两种货币挂钩或联系时，货币较弱的国家的债券收益率可能会上升，除非市场坚信政府将维持汇率盯住制度。C是错误的。因为Kumar关于智利债券的第一点是对的。如果一个国家的汇率被严重低估，并且预计其相对于另一个国家的汇率将大幅上升，那么前者的债券收益率目前是比较低的。由于智利相对于英国的汇率被低估，我们预计智利的当前债券收益率低于其相对于英国债券收益率的应有水平（言外之意，应该更高才对）。A是错误的。因为Kumar关于新加坡和瑞典的第三点论述是正确的。尽管实际收益率可能有所不同，但它们可以倾向于共同波动。 看了答案，为什么目前比索被低估现在智利的债券收益率就是比较低的呢？如果比索未来升值，那么根据比索的收益率反而是会下降的，那么现在比索的收益率应该是higher thit shoulbe

NO.PZ202206070100000301问题如下Of Kumar’s three points regarng interest rate linkages among countries proposefor the new fun she is least likely correwith respeto bonyiel in:A.Singapore anSwen.B.nmark.C.Chile. SolutionB is correct. Kumar’s seconpoint regarng nish bon is incorrect. When two currencies are peggeor linke the bonyiel of the country with the weaker currenare likely to rise higher unless the market is confint ththe government will maintain the peg.C is incorrect. Kumar’s first point regarng Chilebon is a true statement. If a country’s exchange rate is severely unrvalueanis expecteto rise substantially against another country’s, then bonyiel in the first country will lower ththey woulotherwise in relation to the other country. SinChile’s exchange rate relative to GreBritain’s is unrvalue we woulexpethe Chilebonyiel to lower ththey shoulcompareto the yiel on the British bon.A is incorrect. Kumar’s thirpoint with respeto Singapore anSwen is a true statement. Although reyiel cvary, they can tento move together.题目考察的是利率与汇率的关联。Kumar关于丹麦债券的第二点论述是错误的。当两种货币挂钩或联系时，货币较弱的国家的债券收益率可能会上升，除非市场坚信政府将维持汇率盯住制度。C是错误的。因为Kumar关于智利债券的第一点是对的。如果一个国家的汇率被严重低估，并且预计其相对于另一个国家的汇率将大幅上升，那么前者的债券收益率目前是比较低的。由于智利相对于英国的汇率被低估，我们预计智利的当前债券收益率低于其相对于英国债券收益率的应有水平（言外之意，应该更高才对）。A是错误的。因为Kumar关于新加坡和瑞典的第三点论述是正确的。尽管实际收益率可能有所不同，但它们可以倾向于共同波动。 贬值的国家货币是不是应该yiel和inflation高，所以ppp才能成立？inflation低的国家未来升值并且yiel吗