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浅笑v · 2020年11月09日

问一道题:NO.PZ2018091901000053 [ CFA III ]

问题如下:

Neshie Wakuluk is an investment strategist. Exhibit 1 summarizes Wakuluk’s predictions:

Wakuluk decides to focus on Country Y. Wakuluk makes the following observations:

Observation 2 Country Y is expected to significantly increase transfer payments and introduce a more progressive tax regime.

Based on Observation 2, what impact will the policy changes have on the trend rate of growth for Country Y?






选项:

A.

Negative

B.

Neutral

C.

Positive

解释:

C is correct.

Country Y is expected to significantly increase transfer payments and introduce a more progressive tax regime. Both of these changes are progrowth government policies and should have a positive impact on the trend rate of growth for a business cycle that is in slowdown or contraction. Transfer payments help mitigate fluctuations in disposable income for the most vulnerable households, while progressive tax regimes imply that the effective tax rate on the private sector is pro-cyclical (i.e., rising as the economy expands and falling as the economy contracts).

解析:

题目中说道预计Y国将大幅增加转移支付,并引入更累进的税收制度。这两种变化都是促进经济增长的政府政策,应此会对经济放缓或收缩的商业周期的趋势增长率产生积极影响。转移支付有助于缓解最脆弱家庭可支配收入的波动,而累进税制意味着对私营部门的有效税率是顺周期的(例如,经济扩张时上升,经济收缩时下降)。所以C选项正确。

2009年真题C问中a broad increase in taxes to fund programs that provide support for low-income families将降低经济增长,请问老师这里的转移支付帮助穷人怎么又对经济增长是正面作用呢?谢谢!
2 个答案

源_品职助教 · 2020年11月24日

真题是不是年份很早的,因为考纲改了很多轮了,可以提供下年份和题号么?

源_品职助教 · 2020年11月10日

嗨,从没放弃的小努力你好:


因为一般而言,穷人的边际消费倾销是高于富人的

比如同样给穷人和富人100元,富人可能存起来或者花10块,但是穷人会花掉90维持温饱。

所以转移支付把富人的钱转给穷人,就在一定程度上拉动了消费,刺激了经济。

不客气~


-------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!


浅笑v · 2020年11月23日

可是为什么真题里的答案是相反的呢?转移支付对经济增长有负面作用。是否不同经济增长阶段答案不同?

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NO.PZ2018091901000053 问题如下 Neshie Wakuluk is investment strategist. Exhibit 1 summarizes Wakuluk’s prections:Wakuluk cis to focus on Country Y. Wakuluk makes the following observations:Observation 2 Country Y is expecteto significantly increase transfer payments anintroa more progressive tregime.Baseon Observation 2, whimpawill the polichanges have on the trenrate of growth for Country Y? A.Negative B.Neutr C.Positive C is correct. Country Y is expecteo significantly increase transfer payments anintroa more progressivetregime. Both of these changes are progrowth government policies anshoulave a positive impaon the trenrate of growth for a business cycle thisin slowwn or contraction. Transfer payments help mitigate fluctuations insposable income for the most vulnerable househol, while progressive taxregimes imply ththe effective trate on the private sector is pro-cyclical(i.e., rising the economy expan anfalling the economy contracts).解析题目中说道预计Y国将大幅增加转移支付,并引入更累进的税收制度。这两种变化都是促进经济增长的政府政策,应此会对经济放缓或收缩的商业周期的趋势增长率产生积极影响。转移支付有助于缓解最脆弱家庭可支配收入的波动,而累进税制意味着对私营部门的有效税率是顺周期的(例如,经济扩张时上升,经济收缩时下降)。所以C正确。 老师能否帮忙展开下转移支付的意思和作用?不太理解是怎么稳定经济的

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