NO.PZ2019052801000119
问题如下：
The government now stops issuing long term treasury bonds and starts issuing more short term treasury bonds. Which of following is correct?
选项：
A.If the pure expectations hypothesis of the term structure is correct, this decision will reduce the government’s borrowing cost.
B.If the pure expectations hypothesis of the term structure is correct, this decision will not affect the government’s borrowing cost.
C.If the liquidity theory of the term structure is correct, this decision will not change the government’s borrowing cost.
D.If the liquidity theory of the term structure is correct, this decision will increase the government’s borrowing cost.
解释：
B is correct.
考点：Forward Rate Agreement
解析：如果pure expectation hypothesis成立的话，债券的期限并不影响融资成本，例如：政府发行一个10年期的债券和一次发行10个1年期的债券是等价的，所以债券的期限并不影响融资成本，所以A错误，B正确;如果liquidity theory成立的话，债券的期限越长，融资成本越高，因为期限越长流动性越差，需要针对期限进行流动性补偿，因此10年期债券的融资成本是大于1年期债券的融资成本的。所以C和D均不正确。
If the liquidity theory of the term structure is correct, this decision will lower the government’s borrowing cost.
