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宇 · 2020年03月18日

问一道题:NO.PZ2018062007000099 [ CFA I ]

问题如下:

Which of the following statements most likely contributes to the view that derivatives have some role in causing financial crashes?

选项:

A.

A Derivatives are the primary means by which leverage and related excessive risk is brought into financial markets.

B.

Growth in the number of investors willing to speculate in derivatives markets leads to excessive speculative trading.

C.

Restrictions on derivatives, such as enhanced collateral requirements and credit mitigation measures, in the years leading up to crashes introduce market rigidity.

解释:

B is correct. Opponents of derivatives claim that excessive speculative trading brings instability to the markets. Defaults by speculators can lead to defaults by their creditors, their creditors’ creditors, and so on. A is incorrect because derivatives are one of many mechanisms through which excessive risk can be taken. There are many ways to take on leverage that look far less harmful but can be just as risky. C is incorrect because responses to crashes and crises typically call for more rules and regulations restricting the use of derivatives, such as requiring more collateral and credit mitigation measures. Such rules and regulations are generally implemented after a crash and are directed at limiting government bailouts of the costs from derivatives risks.

老师,答案都什么意思呢?
1 个答案

xiaowan_品职助教 · 2020年03月19日

嗨,从没放弃的小努力你好:


同学你好,A选项是说衍生品由于其高杠杆导,是给金融市场带来过度风险的主导原因。这是不对的,因为造成金融市场出现过度风险有很多原因;

B选项是说随着投机交易者越来越多,衍生品市场会导致过多的投机类交易,这是正确的;

C选项是说对于衍生品的一些限制,例如加强抵押物要求等,导致了市场僵化,这是不对的,这些限制措施往往发生在危机之后,并不是危机的起因。


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