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jay1180 · 2022年09月26日

看不懂题目

NO.PZ2016010802000095

问题如下:

Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most likely?

选项:

A.

A decrease in the government deficit.

B.

A decrease in net exports and increased capital inflow.

C.

An increase in net exports and increased capital outflow.

解释:

C is correct.

The fundamental relationship among saving, investment, the fiscal balance, and the trade balance is S = I + (G – T) + (X – M). Given the levels of output and investment spending, an increase in saving (reduction in consumption) must be offset by either an increase in the fiscal deficit or an increase in net exports. Increasing the fiscal deficit is not one of the choices, so an increase in net exports and corresponding increase in net capital outflows (increased lending to foreigners and/or increased purchases of assets from foreigners) is the correct response.

考点:

解析: 一国GDP可以通过支出法表示 Y=C+I+G+X-M,也可以通过收入法表示 Y=C+S+T ,讲上述两者联立,可得:S=I+(G-T)+(X-M)

依据上式,净出口的增加可以导致储蓄S的增加,所以C选项入选B不入选。

财政赤字增加而非减少对应S的增加,所以A不入选。

X - M = S -I + T – G

Output是Y,. If output and investment spending remain unchanged,说的是Y和I不变,那这样的话,和四个选项是啥关系啊。看不懂题目

2 个答案

笛子_品职助教 · 2022年09月28日

嗨,努力学习的PZer你好:


. If output and investment spending remain unchanged。。。 这句话里面的output难道不是Y么, output和investment spending分别是啥啊


Hello,亲爱的同学。同学理解正确的,output就是指的Y。

其实,这里就是CFA出题的小陷阱了,CFA有时候会放一些多余的,用不着的条件。

比如这道题的output,也就是Y。

为什么说Y不变这个条件用不着呢?因为S = I + (G – T) + (X – M),是恒等式,也就是说,不管Y变不变,这个公式都存在。

investment spending就是公式里的I,表示私人部门投资。


还有就是,An increase in net exports and increased capital outflow,是因为X -M增加可以增加S,因此选C不选B。 请问这个S增加和 capital outflow又是啥关系。。


这里就是另一个国际账户平衡式了。经常账户流入额 = 资本账户流出额。


X-M 是指净出口,净出口增加了,货物出去了,货款就进来了,因此经常账户就有资金流入了,经常账户余额就增加了。根据经常账户流入额 = 资本账户流出额,此时资本账户余额就减少了,资本账户就流出了(也就是increase capital outflow)



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笛子_品职助教 · 2022年09月27日

嗨,努力学习的PZer你好:


Hello,亲爱的同学。我们先讲解这道题的解法,再回答同学问题哈。


我们先看下这道题的解法


财政赤字是G-T(G>T时,即G-T>0时,体现出政府支出大于政府收入的部分,记为财政赤字),财政赤字减少,表示G-T减少。


根据国际恒等式:S = I + (G – T) + (X – M)

根据题干,已知X -M不变,S增加,I不变。因此我们可以推理出:

(G – T )是增加的。


G-T 就是财政赤字。而A选项说财政赤字是减少的,所以A不选。


而C选项,An increase in net exports and increased capital outflow.,是说X -M增加,从公式看出,X-M增加,是可以增加S的,因此选C。



再看同学的问题:

Output是Y,. If output and investment spending remain unchanged,说的是Y和I不变,那这样的话,和四个选项是啥关系啊。

这里就涉及到使用哪个知识点了,一般来说,涉及到出口、投资、储蓄这些关键词的,都要想到国家关系恒等式。




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加油吧,让我们一起遇见更好的自己!

jay1180 · 2022年09月28日

. If output and investment spending remain unchanged。。。 这句话里面的output难道不是Y么, output和investment spending分别是啥啊

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