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huangme7 · 2022年02月10日

为什么 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

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 

B.

currency is undervalued 

C.

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。 

B选项还是不理解

1 个答案

笛子_品职助教 · 2022年02月11日

嗨,从没放弃的小努力你好:


冲销干预这部分已经不考了,考纲改了。


不过要理解一下也不难。

货币被低估,那么货币就会有升值的趋势,外资就会源源不断的流入本国,来买这个货币,博取升值的收益。这个时候如果冲销干预,也就是说,外资流入后,央行收紧流动性,以保持货币供应量不变,就会导致本国货币更加升值,外资更加愿意流入来买本国货币,所以是降低效果的。如果做未冲销的干预,因为货币本身是低估的,央行卖出低估的本国货币,来减缓货币升值,对央行来说是非常不划算的,也会降低干预的效用。



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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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