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六姑娘 · 2023年07月31日

这题不明白什么意思？

  1. CFA I
  2. Economics Analysis

NO.PZ2023010401000162

问题如下：

In the classification of currency regimes, a currency board system (CBS) most likely differs from a fixed-rate parity system in that:

选项：

A.a CBS has a discretionary target level of foreign exchange reserves.

B.a CBS can peg to a basket of currencies but a fixed-rate system cannot.

C.the monetary authority within a CBS does not act as a traditional lender of last resort.

解释：

In a CBS, the monetary authority has an obligation to maintain 100% foreign currency reserves against the monetary base. It thus cannot lend to troubled financial institutions. As long as the country under a fixed-parity regime maintains its exchange peg, the central bank can serve as a lender of last resort.

中文解析：

在CBS中，货币当局有义务保持100%的外汇储备。因此，它无法向陷入困境的金融机构提供贷款。只要在固定汇率制度下的国家保持汇率挂钩，央行就可以充当最后贷款人。

帮忙解释一下？这题不懂

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1 个答案

笛子_品职助教 · 2023年07月31日

嗨，爱思考的PZer你好：


Hello，亲爱的同学~

这题考察的是外汇制度中的货币局制度。知识点如下：


货币局制度属于固定汇率制，需要把汇率维持在换一个狭小的空间内。当资本自由流动（CFA里的默认假设，没说资本管制就默认资本自由流动），并且汇率是固定汇率制的时候，货币政策就会失去独立性，无法向陷入困境的金融机构提供贷款。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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