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Liuliu · 2024年08月08日

冲销干预

  1. CFA II
  2. Economics Analysis

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。

可以解释一下为什么inflation高的时候用冲销干预吗

不理解这个传导机制 可否举一个例子 谢谢

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1 个答案

笛子_品职助教 · 2024年08月09日

嗨，努力学习的PZer你好：


Hello，亲爱的同学~

sterilize intervention是冲销干预的意思。


冲销干预是政府管理汇率的重要手段之一；是指货币当局在外汇市场上进行结汇售汇的同时，通过其它货币政策工具（如国债市场上的公开市场业务）来抵消货币当局外汇交易对货币供应量的影响，使货币供应量维持不变的外汇市场干预行为。


非冲销干预是指中央银行在干预外汇市场时不采取其他金融政策与之配合，即不改变因外汇干预而造成的货币供应量的变化。


在高通胀的时候，新兴国家往往也是高利率，这会吸引低利率国家的资金涌入新兴国家做套利，从而推高新兴国家汇率。

此时，央行为了阻止本币升值，就会在外汇市场卖出本币。

而央行卖出本币，又会增加本币供应量，进一步引起高通胀。

因此，这里要采取冲销干预，央行在外汇市场卖出本币的同时，也在国内债券市场做公开市场操作，回收本币。


冲销干预同学了解即可，不是重点。

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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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