NO.PZ2018091706000056
问题如下:
The emerging marketcountry is more likely to engage in sterilized
intervention if its:
选项:
A.inflation rate is
high
currency is
undervalued
currency appreciation
is caused by push factors rather than pull factors
解释:
A
country would likely choose sterilized intervention if it had a highinflation
rate, because unsterilized intervention would add to the monetary base
andpossibly increase inflationary pressures. B is incorrect because an
undervalued currencyis likely to lessen the probability of intervention,
sterilized or unsterilized, in response tocapital inflows. C is incorrect
because both push and pull factors can lead to bubbleconditions, excessive
exchange rate appreciation, and the unwanted build-up ofexcessive speculative
positions.
解析:如果一个国家的通胀率很高,它很可能会选择冲销干预,因为未冲销干预会增加货币供给量,从而增加通胀压力。A正确。
B是不正确的,因为被低估的货币可能会降低干预的效用,无论是冲销的还是未冲销的干预。
C是不正确的,因为push以及
pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。
是不是新兴市场一般来说面临的风险主要是升值的风险?也就是怕别人冲进来抬高本地货币汇率。所以汇率较低的时候其实并不需要去采取干预,所以也就没有选择冲销/不冲销这一说,可以这么理解吗?