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 fixed-rate parity system lacks the discretion to set a target level of foreign exchange reserves.
解释：
Solution
- Incorrect. A fixed-rate system has the flexibility to use a basket of currencies for the peg if desired.
- 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.
- 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.
• describe exchange rate regimes and explain the effects of exchange rates on countries’ international trade and capital flows
A不正确。如果需要，固定汇率制度可以灵活地使用一篮子货币。
B正确。在CBS中，货币当局有严格的义务保持100%的外汇储备，这限制了其向陷入困境的金融机构提供贷款的能力。相反，在固定汇率平价制度下，只要一国保持盯住汇率，央行就可以充当最后贷款人。
C不正确的。在固定汇率平价制度下，货币当局可以自行决定储备的目标水平，但在固定汇率制度下，由于承诺以固定汇率将本币兑换为特定的外币，因此没有这种自由裁量权。
可以再解释一下这个题的知识点吗
