开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

dognmnm · 2023年02月08日

通胀对货币的影响

  1. CFA III
  2. Capital Market Expectations

NO.PZ2020012102000011

问题如下：

Fap is a small country whose currency is the Fip. Three years ago, the exchange rate was considered to be reflecting purchasing power parity (PPP). Since then, the country’s inflation has exceeded inflation in the other countries by about 5% per annum. The Fip exchange rate, however, remained broadly unchanged.

What would you have expected the Fip exchange rate to show if PPP prevailed? Are Fips over or undervalued, according to PPP?

解释：

According to PPP, to offset the effect of the higher inflation in Fap, the Fip should have depreciated against the other currencies by approximately the difference between Fap inflation and that in the other countries. According to PPP, Fip is overvalued.

解析：根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。

我们知道F国通胀是I(F)-I(他国）=5%，如果计算十年的影响，我可以用（1+5%）^10-1来计算他国的升值情况，然后再倒算出F国贬值多少。但是我为什么不能直接用I(他国）-I（F）=-5%，然后（1-5%）^10-1这样去算F国的贬值情况？我想结合老师上课那四个例题中的第一个例题来想这个问题，不知道我的理解对不对

添加评论
1 个答案

源_品职助教 · 2023年02月08日

嗨，爱思考的PZer你好：


个人觉得同学说的是对的，至少逻辑上没有什么毛病。或许原本拿书也只是在两种方法里选了一种。

不过保险起见，考试的时候还是建议用第一种书上说的方法。

----------------------------------------------
就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

  • 1

    回答

  • 0

    关注

  • 300

    浏览
相关问题

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 If PPP prevaile the Fip exchange rate will perciate about the fferenof inflaiton in the other countries about 5% per annum.The Fips are overvaluenow anwill perciate.

2024-11-09 20:11 1 · 回答

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 The exchange rate will crease anFips are overvaluePPP hol means the changes in nominateexchange rate is equto the fferenin expecteinflation between two countries. One country with higher nominateinflation will experiena currenppreciate.SinFap's inflation hexceeinflation in the other countries about 5% per annum,Fips shoulppreciate 5%. 以上是否有回答道要点

2024-11-08 20:26 1 · 回答

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 如题。什么样的情况下要写先overshooting，然后在回归正常PPP判断下的汇率水平。

2024-04-24 12:58 2 · 回答

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 The excess inflation have negative impaon competivenss of Fap.To maintain competiveness, Fip shoulpreciate, thus offset the appreciate impaimpliePPP, so exchange rate of Fip remaineunchange even PPP prevaileAccorng to PPP only, Fip shoulpreciate for the excess inflation, but inenot, so Fip is overvalue

2024-04-10 23:48 3 · 回答

NO.PZ2020012102000011 问题如下 Fis a small country whose currenis the Fip. Three years ago, the exchange rate wconsireto reflecting purchasing power parity (PPP). Sinthen, the country’s inflation hexceeinflation in the other countries about 5% per annum. The Fip exchange rate, however, remainebroay unchange Whwoulyou have expectethe Fip exchange rate to show if PPP prevaile Are Fips over or unrvalue accorng to PPP? Accorng to PPP, to offset the effeof the higher inflation in Fap, the Fip shoulhave preciateagainst the other currencies approximately the fferenbetween Finflation anthin the other countries. Accorng to PPP, Fip is overvalue 解析根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。 按照这位同学的解答过程，我在下面这个逻辑卡住了，没办法理解到。已知S1-S0 0, S = A/B,推出: B升值，A贬值疑惑如果S = A/B，B升值，A贬值，那么S1应该变小呀，此时不是S1-S0 0吗？？？？

2024-04-09 14:51 1 · 回答