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chbe · 2023年07月26日

请教下国家投资怎能理解

* 问题详情,请 查看题干

NO.PZ202212260100003903

问题如下:

(3) During a conversation about Exhibit 1, Bader and her research assistant discuss the composition of each country’s currency portfolio and the potential for triggering a crisis. Bader notes that some flows and holdings are more or less supportive of the currency, stating that investments in private equity make up the majority of Country A’s currency portfolio, investments in public equity make up the majority of Country B’s currency portfolio, and investments in public debt make up the majority of Country C’s currency portfolio.

Based on the composition of each country’s currency portfolio, which country is most vulnerable to a potential crisis?

选项:

A.Country A

B.Country B

C.Country C

解释:

Correct Answer: C

Public debt makes up the majority of Country C’s currency portfolio, which is the least supportive flow (or holding) to a currency. Public debt is less supportive because it has to be serviced and must be either repaid or refinanced, potentially triggering a crisis. Some types of flows and holdings are considered to be more or less supportive of the currency. Investments in private equity represent long-term capital committed to the market and are most supportive of the currency. Public equity would likely be considered the next most supportive of the currency. Debt investments are the least supportive of the currency.

中文解析:

公共债务是C国货币投资组合的大头,这对于货币的流动性是不利的。因为公共债务必须得到偿还或是再融资,所以可能引发危机。某些类型的资金流动和持有被认为或多或少支对货币有支持作用。对私人股本的投资代表了对市场的长期投资,它是最能支持货币的。而公共股本则被视为另一个能支货币的工具。债务投资则是对货币的支撑作用最小。

国家投资私人股本和公共股本实务如何操作,设立国家基金去买股票,一级市场投资?投资债务是如投资者一样去市场上认购债券?不太理解为啥资产的风险角度从投资者到国家后就不一样了,私人股本流动性最差,破产可能性高,而且A国经济指标也不好,为啥反而选C债务违约?

1 个答案

笛子_品职助教 · 2023年07月26日

嗨,努力学习的PZer你好:


请教下国家投资怎能理解


Hello,亲爱的同学~


这道题说的不是国家在做投资,说的是,外国投资者在这个国家的投资。

国家在做投资,例如沙特政府,在全世界买资产,买债券,这是国家投资。

而这道题,说的是,外部投资者,在投资这个国家。例如国家发行了公共债务,外部投资者买了这个债。这个国家的公司发行了股票,外国投资者买了股票。


我们看题目的问题:

based on the composition of each country’s currency portfolio, which country is most vulnerable to a potential crisis?


如果一个国家的货币里,股权多,那么一旦国家出现风险,比如经济衰退,投资者的股权价值下跌,就会受损失,但是对于国家来说,股权不需要到期偿还,国家的风险就会小很多。


债券的话,投资者的风险是小了,但是国家需要偿还债券,一旦还不出,就会引发金融危机。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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