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赵雅娟 · 2019年11月02日

问一道题：NO.PZ2018091706000056

  1. CFA II
  2. Economics Analysis

问题如下：

 The emerging marketcountry is more likely to engage in sterilized intervention if its:

选项：

A.

inflation rate is high 

B.

currency is undervalued 

C.

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。 

什么是冲销式干预和未冲销式干预？

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1 个答案

源_品职助教 · 2019年11月04日

冲销干预是政府管理汇率的重要手段之一；是指货币当局在外汇市场上进行结汇售汇的同时，通过其它货币政策工具（如国债市场上的公开市场业务）来抵消货币当局外汇交易对货币供应量的影响，使货币供应量维持不变的外汇市场干预行为。

非冲销干预是指中央银行在干预外汇市场时不采取其他金融政策与之配合，即不改变因外汇干预而造成的货币供应量的变化。

如果不考虑通货膨胀，政府采取非冲销干预，扩大货币供给，鼓励短期利率下行。利率降低可以阻碍资金流入。如果考虑通货膨胀，就需要采取冲销干预。

而当货币发生贬值时候，就会影响干预的效果，所以B不入选。

这部分知识点现在基本不考察了，了解即可。

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