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YAO Monica · 2024年01月24日

C不是热钱涌入的表现吗?

NO.PZ2018091706000056

问题如下:

The emerging market country is more likely to engage in sterilized intervention if its:

选项:

A.

inflation rate is high

B.

currency is undervalued

C.

currency appreciation is caused by push factors rather than pull factors

解释:

A country would likely choose sterilized intervention if it had a highinflation rate, because unsterilized intervention would add to the monetary base andpossibly increase inflationary pressures. B is incorrect because an undervalued currencyis likely to lessen the probability of intervention, sterilized or unsterilized, in response tocapital inflows. C is incorrect because both push and pull factors can lead to bubbleconditions, excessive exchange rate appreciation, and the unwanted build-up ofexcessive speculative positions.

解析:如果一个国家的通胀率很高,它很可能会选择冲销干预,因为未冲销干预会增加货币供给量,从而增加通胀压力。A正确。

B是不正确的,因为被低估的货币可能会降低干预的效用,无论是冲销的还是未冲销的干预。

C是不正确的,因为push以及 pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。

如题,对于这种情况,新兴市场的资本管控应该是更有效的,不是吗?

1 个答案
已采纳答案

笛子_品职助教 · 2024年01月24日

嗨,努力学习的PZer你好:


C不是热钱涌入的表现吗?

如题,对于这种情况,新兴市场的资本管控应该是更有效的,不是吗?


Hello,亲爱的同学~

热钱用于会导致经济过热,高通胀,是有这个可能的。

热钱过度涌入,以及高通胀,对一个国家来说都是不好的。

因此我们需要对“热钱涌入”进行干预。


但是C选项的错误不在于是否进行干预,

而在于 is caused by push factors rather than pull factors

因为push以及 pull因素都可能导致泡沫状况、汇率过度升值,以及不必要的过度投机仓位。


因此,C对了一半。

C选项说:热钱涌入需要干预。这个对。

C选项说:热钱涌入的原理是: is caused by push factors rather than pull factors,这个错。


因此,C选项,一半对,一半错,因此我们不选C。

而我们看A选项是完全正确的,相对C来说,A更加显得正确。

注意题干里的“more likely ”本题要求选择最正确的那个,既然A比C的正确程度更高,因此本题选A。


至于同学说的,新兴市场资本管控更好,这个说法本身是正确的。

只是有的新兴市场并没有实施资本管控的条件。

例如有些小国家的新兴市场,美国不允许他们实施资本管控,他们就无法做资本管控。

而且这道题没有涉及到同学说的这个资本管控。

选项里也没有资本管控这一项。

本题的问题是:什么时候使用sterilized intervention。



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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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