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· 2021年03月21日

为什么远期升水和基础货币预期需求量增加相关

  1. CFA I
  2. Economics Analysis

NO.PZ2016010802000212

问题如下：

A forward premium indicates:

选项：

A.

an expected increase in demand for the base currency.

B.

the interest rate is higher in the base currency than in the price currency.

C.

the interest rate is higher in the price currency than in the base currency.

解释：

C is correct.

To eliminate arbitrage opportunities, the spot exchange rate (S), the forward exchange rate (F), the interest rate in the base currency ( ib) , and the interest rate in the price currency ( ip) must satisfy:

F/S=(1+ip)/(1+ib)

According to this formula, the base currency will trade at forward premium (F > S) if, and only if, the interest rate in the price currency is higher than the interest rate in the base currency (ip) > (ib) .

考点：Forward Premium and Discount

解析：

F/S=(1+ip)/(1+ib)

依据公式如果F大于S，那么标价货币的利率要大于基础货币的利率。C选项正确，B选项错误。

A选项说法没有C选项好，基础货币预期的需求量增加，同时其他条件比如基础货币供给不变的情况下，才会产生 forward premium

远期升水 不是应该ra大于rb 价格货币利率大于基础货币利率 基础货币需求更大吗 请问这个逻辑哪里不对呀
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1 个答案

丹丹_品职答疑助手 · 2021年03月21日

嗨，爱思考的PZer你好：


同学你好，解析中老师也讲了，并不是说a选项一定错，只是a选项成立需要条件，譬如同时其他条件成立，比如基础货币供给不变的情况。所以相比于a选项c选项更加直白，所以选择c。

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