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甜甜圈洞 · 2024年01月15日

请老师帮忙解释一下这道题

  1. CFA I
  2. Economics Analysis

NO.PZ2023071902000047

问题如下：

QuestionSuppose the nominal spot exchange rate (CAD/JPY) rises by 6.2%, the Japan price level drops by 3.8%, and the Canadian price level escalates by 1.8%. The alteration in the real exchange rate (%) is most nearly:

选项：

A.0.36%.

B.–0.66%.

C.1.8%.

解释：

Solution

The formula for the real exchange rate is: Real exchange rate = Nominal spot exchange rate × (CPI of the foreign nation/CPI of the home nation)


Change in the real exchange rate = [(1 + Change in exchange rate) × (1 + Change in price level in foreign nation)]/(1 + Change in price level in home nation) – 1

= [(1 + 6.2%) × (1 - 3.8%)]/(1 + 1.8%) - 1 = 0.36%

The Foreign Exchange Market and Capital Flows

• describe the foreign exchange market, including its functions and participants, distinguish between nominal and real exchange rates, and calculate and interpret the percentage change in a currency relative to another currency

请老师帮忙解释一下这道题

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2 个答案

笛子_品职助教 · 2024年01月18日

嗨，努力学习的PZer你好：


请问Japan 是本币 为什么不放在分母呢

Hello，亲爱的同学~

同学认为本币要放在分母，不是这样的。

CFA里并没有规定，本币放在分母还是分子。

本币既可以放分子，也可以放分母。

因此，这里题目的已知条件为Suppose the nominal spot exchange rate (CAD/JPY) rises by 6.2%。

已知条件里，JPY是分母，作为base currency。

那么我们根据已知条件来做就好。

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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！

amandajingyu · 2024年01月30日

既然笨比可以放分子，也可以放分母，那放在分母怎么计算？ 放在分子的的计算没有理解，而且为什么要在最后-1呢

笛子_品职助教 · 2024年01月16日

嗨，从没放弃的小努力你好：


Hello，亲爱的同学~

同学先了解一个数学上的推导。

已知有原始公式：a = b*c/d。我们可以推导出：

(1+change of a )= (1+ change of b）*(1+change of c）/ (1+change of d)


有了以上知识点，再看本题。

本题原始公式来自于下图红框内的公式。


当FX nominal D/F，CPIf、CPId都出现变化时，可以推导出公式：


1+ Change in the real exchange rate

= (1 + Change in exchange rate) × (1 + Change in price level in foreign nation)/(1 + Change in price level in home nation)


因此有：

Change in the real exchange rate = [(1 + Change in exchange rate) × (1 + Change in price level in foreign nation)]/(1 + Change in price level in home nation) – 1

= [(1 + 6.2%) × (1 - 3.8%)]/(1 + 1.8%) - 1 = 0.36%

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加油吧，让我们一起遇见更好的自己！

甜甜圈洞 · 2024年01月18日

请问Japan 是本币 为什么不放在分母呢

Pingsum_13 · 2024年01月18日

JPY 是home currency 的話 那算式應該是除以(1-3.8%)

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