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大张伟 · 2022年12月14日

能说一下C为什么错了么

NO.PZ2021120102000030

问题如下:

Which of the following is the most accurate statement related to international credit markets?

选项:

A.

Fixed exchange-rate regimes among emerging markets usually reduce the likelihood of financial distress because the domestic currency is tied to a major foreign currency.

B.

Although many emerging economies have domestic bond markets that include sovereign, financial, and corporate issuers, investments across these bonds offer less diversification than similar investments in developed markets.

C.

Higher domestic currency YTMs among emerging versus developed markets are due to expected currency appreciation resulting from higher economic growth.

解释:

B is correct. Fixed exchange rate regimes in A usually result in greater instability and a higher probability of financial distress, while higher domestic currency YTMs in emerging economies in C are a sign of expected currency depreciation, not appreciation, over time.

能详细解释下C为什么错了呢?

1 个答案

pzqa015 · 2022年12月14日

嗨,努力学习的PZer你好:


应该是currency depreciation,而不是appreciation。

新兴市场国家之所以利率高,是因为跨国投资者预期未来汇率会贬值,所以要求一个更高的投资回报率。

用公式表示就是

RDC=RFC+RFX,从全球一体化来看,不管去哪投资,RDC应该是差不多的,那么RFC越高,则RFX越低,也就是预期汇率会贬值。

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