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皓月 · 2023年01月30日

假如在资本管制的情况下

* 问题详情,请 查看题干

NO.PZ201512020800000204

问题如下:

4. The best response to Question 1 is that the policies will:

选项:

A.

have no impact.

B.

lead to currency appreciation.

C.

lead to currency depreciation.

解释:

B is correct.

The currency is likely to appreciate. The emerging market country has both a restrictive monetary policy and restrictive fiscal policy under conditions of low capital mobility. Low capital mobility indicates that interest rate changes induced by monetary and fiscal policy will not cause large changes in capital flows. Implementation of restrictive policies should result in an improvement in the trade balance, which will result in currency appreciation.

考点Mudell-Fleming model的经典考法要求考生熟练掌握在不同的政策下对汇率的影响

解析比如这道题在资本限制流动的情况下紧缩的货币政策会抬升利率,吸引资本流入但是由于资本账户是受到管制的资本流出规模非常有限因此本币小幅度升值

一方面,紧缩的财政政策阻碍经济增长国民收入减少进口减少,贸易顺差扩大,本币升值

另一方面,紧缩的财政政策导致利率下降资金流出但由于资本账户管制,流出的资金有限本币贬值幅度很小

最终结果就是在资本管制下紧缩的财政政策导致本币升值

1、扩张性的财政政策+扩张性的货币政策 导致货币贬值

2、紧缩性的财政政策+紧缩性的货币政策 导致货币升值

3、扩张性的财政政策+紧缩性的货币政策 不确定

4、紧缩性的扩张政策+扩张性的财政政策 不确定

我这个理解对不对?

1 个答案

笛子_品职助教 · 2023年01月30日

嗨,努力学习的PZer你好:


理解大致正确。

也就是下面PPT的红字部分。在各种条件下,财政货币政策对汇率的影响。



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努力的时光都是限量版,加油!

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2023-09-25 00:01 1 · 回答

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2023-01-29 12:59 1 · 回答

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