NO.PZ2023041102000028
问题如下:
Daltonia is a medium sized developing country. Naim Birol, Minister of Finance for Daltonia, wants to be on the lookout for situations which might trigger a currency crisis. He and his colleague Pamuk discuss recent economic developments that might provide potential warning signs.
Birol: “Moving our currency to a floating exchange rate has reduced our susceptibility to a currency crisis.”
Pamuk: “Banking crises often precede currency crises, but our banking sector has grown and strengthened substantially by offering foreign denominated savings accounts to foreign investors and lending those funds for domestic infrastructure investments.”
Pamuk: “I’m concerned that the ratio of exports to imports has been increasing recently and the ratio of M2 to bank reserves has been falling.”
Which of the recent economic developments discussed by Birol and Pamuk is most likely to lead to a currency crisis?
选项:
A.The banking sector B.The exchange rate system C.The trend in terms of trade and monetary ratios解释:
A is correct. Pamuk’s description of growth in the banking sector coupled with short-term funding denominated in foreign currency can lead to a currency crisis.
B is incorrect.Countries with fixed or partially fixed exchange rates are more susceptible.
C is incorrect.Broad measures of money such as M2 are likely to be rising (not falling) just prior to a crisis.
A正确。帕慕克对银行业增长的描述,加上以外币计价的短期融资,可能导致货币危机。
B不正确。实行固定汇率或部分固定汇率的国家更容易受到影响。
C不正确。广义货币指标,如M2,在危机发生前可能会上升(而不是下降)。
offer foreign denominated savings的意思不是指外汇储备增加吗?难道不应该是好事?