开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

阿帅 · 2020年02月15日

问一道题:NO.PZ2018091706000061 [ CFA II ]

问题如下图:

选项:

A.

B.

C.

解释:

老师您好,我一开始做题的时候没有将题目与资本账户对汇率的影响考虑进去,所以从脑海里第一时间想到的是uncovered IRP,根据理论所述,名义利率越高,该国货币将会贬值,在长期是成立的。我不清楚用这个理论来解释这道题为何出现了错误,请老师指正。

1 个答案
已采纳答案

源_品职助教 · 2020年02月16日

嗨,爱思考的PZer你好:


因为本题选项中有对于利率的表述,也有对于通胀风险的表述,所以它其实想考察的是解析中的这个公式。

如果题目中没有明确长期这个概念,或者没有明确提及 uncovered IRP, 就需要想一想有没有别的方法公式。

因为 uncovered IRP只在长期成立,和短期的汇率变动结论又是相反的。所以该结论用的时候也要慎重。


-------------------------------
就算太阳没有迎着我们而来,我们正在朝着它而去,加油!


  • 1

    回答
  • 1

    关注
  • 410

    浏览
相关问题

NO.PZ2018091706000061问题如下 Assumeththe country hwhis consirea low-yielsafe haven currenwhilethe EM country ha high-yielcurrenwhose value is more exposetofluctuations in the globeconomic growth rate. All else equal, the exchangerate for the EM currenwill most likely preciate if the: A.long-run equilibriumvalue of the high-yielcurrenis reviseupwarB.nominyielspreaetween the EM an countries increases over time C.expecteinflationfferentibetween the EM an countries is reviseupwarAllelse equal, increase in the expecteinflation fferentishoulletopreciation of the EM currency.解析reexchange rate (A/= equilibriumreexchange rate + (realinterest rate B - reinterest rate A)- (risk premium B - risk premium A)根据上述公式。所以A、B错误。在其它条件相同的情况下,预期通胀率的扩大会加两国的风险溢价之差,从而应会导致新兴市场货币贬值。所以C正确。请问B为什么错?

2024-05-17 02:51 1 · 回答

NO.PZ2018091706000061问题如下 Assumeththe country hwhis consirea low-yielsafe haven currenwhilethe EM country ha high-yielcurrenwhose value is more exposetofluctuations in the globeconomic growth rate. All else equal, the exchangerate for the EM currenwill most likely preciate if the: A.long-run equilibriumvalue of the high-yielcurrenis reviseupwarB.nominyielspreaetween the EM an countries increases over time C.expecteinflationfferentibetween the EM an countries is reviseupwarAllelse equal, increase in the expecteinflation fferentishoulletopreciation of the EM currency.解析reexchange rate (A/= equilibriumreexchange rate + (realinterest rate B - reinterest rate A)- (risk premium B - risk premium A)根据上述公式。所以A、B错误。在其它条件相同的情况下,预期通胀率的扩大会加两国的风险溢价之差,从而应会导致新兴市场货币贬值。所以C正确。如图所示,老师帮忙看看是不是这样理解

2024-03-06 23:13 1 · 回答

NO.PZ2018091706000061问题如下 Assumeththe country hwhis consirea low-yielsafe haven currenwhilethe EM country ha high-yielcurrenwhose value is more exposetofluctuations in the globeconomic growth rate. All else equal, the exchangerate for the EM currenwill most likely preciate if the: A.long-run equilibriumvalue of the high-yielcurrenis reviseupwarB.nominyielspreaetween the EM an countries increases over time C.expecteinflationfferentibetween the EM an countries is reviseupwarAllelse equal, increase in the expecteinflation fferentishoulletopreciation of the EM currency.解析reexchange rate (A/= equilibriumreexchange rate + (realinterest rate B - reinterest rate A)- (risk premium B - risk premium A)根据上述公式。所以A、B错误。在其它条件相同的情况下,预期通胀率的扩大会加两国的风险溢价之差,从而应会导致新兴市场货币贬值。所以C正确。b为什么不对 名义利率差距增大说明通胀率差距增大因为根据fisher的公式实际利率是相同的。那么b和c不是一个意思吗?

2024-01-15 18:44 1 · 回答

NO.PZ2018091706000061 问题如下 Assumeththe country hwhis consirea low-yielsafe haven currenwhilethe EM country ha high-yielcurrenwhose value is more exposetofluctuations in the globeconomic growth rate. All else equal, the exchangerate for the EM currenwill most likely preciate if the: A.long-run equilibriumvalue of the high-yielcurrenis reviseupwar B.nominyielspreaetween the EM an countries increases over time C.expecteinflationfferentibetween the EM an countries is reviseupwar Allelse equal, increase in the expecteinflation fferentishoulletopreciation of the EM currency.解析reexchange rate (A/= equilibriumreexchange rate + (realinterest rate B - reinterest rate A)- (risk premium B - risk premium A)根据上述公式。所以A、B错误。在其它条件相同的情况下,预期通胀率的扩大会加两国的风险溢价之差,从而应会导致新兴市场货币贬值。所以C正确。 如题

2023-12-11 16:40 1 · 回答

NO.PZ2018091706000061 问题如下 Assumeththe country hwhis consirea low-yielsafe haven currenwhilethe EM country ha high-yielcurrenwhose value is more exposetofluctuations in the globeconomic growth rate. All else equal, the exchangerate for the EM currenwill most likely preciate if the: A.long-run equilibriumvalue of the high-yielcurrenis reviseupwar B.nominyielspreaetween the EM an countries increases over time C.expecteinflationfferentibetween the EM an countries is reviseupwar Allelse equal, increase in the expecteinflation fferentishoulletopreciation of the EM currency.解析reexchange rate (A/= equilibriumreexchange rate + (realinterest rate B - reinterest rate A)- (risk premium B - risk premium A)根据上述公式。所以A、B错误。在其它条件相同的情况下,预期通胀率的扩大会加两国的风险溢价之差,从而应会导致新兴市场货币贬值。所以C正确。 请老师指教

2023-11-26 14:40 1 · 回答