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Terry1988 · 2024年01月18日

老师,C为什么不对

NO.PZ2023071902000042

问题如下:

QuestionWhen categorizing currency regimes, a currency board system (CBS) significantly differs from a fixed-rate parity system in which of the following ways?

选项:

A.

A CBS has the capability to peg its currency to a basket of currencies, while a fixed-rate system cannot.

B.

The monetary authority within a CBS does not perform the role of a traditional lender of last resort.

C.

A CBS lacks the discretion to set a target level of foreign exchange reserves.

解释:

Solution

  1. Incorrect. A fixed-rate system has the flexibility to use a basket of currencies for the peg if desired.
  2. Correct. In a CBS, the monetary authority is strictly obligated to maintain 100% foreign currency reserves against the monetary base, which limits its ability to lend to troubled financial institutions. Conversely, in a fixed-rate parity system, the central bank can serve as a lender of last resort as long as the country maintains its exchange peg.
  3. Incorrect. In a fixed-rate parity system, the monetary authority may have the discretion to set a target level of reserves, but in a CBS, such discretion is absent due to the commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate.

The Foreign Exchange Market and Capital Flows

• describe exchange rate regimes and explain the effects of exchange rates on countries’ international trade and capital flows

感觉讲解里面c也是对的

1 个答案

笛子_品职助教 · 2024年01月18日

嗨,努力学习的PZer你好:


Hello,亲爱的同学~

C确实是differ,但C并不是significantly differs。

本题要选一个最显著的不同(significantly differs)。

B选项显然比C选项更好。


因为这两者最大的区别是:

货币局制度,是规定了一种货币发行的方式,有多少美元,发多少港币。因此不会有多出来的港币去做最后贷款人。

而固定汇率制,只是规定设定了汇率的波动间,并没有规定货币发行的方式。中央银行通过在外汇市场干预的方式,维持汇率区间。

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

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