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aileen20180623 · 2019年11月04日

问一道题:NO.PZ201512020800000303

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问题如下:

3. Based upon Observation 2, Country C is most likely to have:

选项:

A.

relatively low real asset returns.

B.

a relatively low real interest rate.

C.

a relatively high real interest rate.

解释:

C is correct.

A high growth rate of potential GDP would cause real incomes to rise more rapidly and also translate into higher real interest rates and higher expected/required real asset returns. The real interest rate is essentially the real return that consumers/savers demand in exchange for postponing consumption. Faster growth in potential GDP means that consumers expect their real income to rise more rapidly. This implies that an extra unit of future income/consumption is less valuable than it would be if income were expected to grow more slowly. All else the same, the real interest rate will have to be relatively high in order to induce the savings required to fund required/desired capital accumulation.

考点:Growth in potential GDP

解析:国家C现在正努力发展生产,提高潜在GDP水平。一国潜在GDP水平提高后,国民就会预期自己的收入将要增加。那么这时候人们就倾向于去更多地消费而不是储蓄。为了吸引一国居民储蓄,只能给与其更多的补偿,这就表现为更高的利率水平。所以C过的利率水平应该上升。

Observation 2 The government of Country C is working hard to bridge the gap between its standard of living and that of developed countries. Currently, the rate of potential GDP growth in Country C is high.解析:国家C现在正努力发展生产,提高潜在GDP水平。一国潜在GDP水平提高后,国民就会预期自己的收入将要增加。那么这时候人们就倾向于去更多地消费而不是储蓄。为了吸引一国居民储蓄,只能给与其更多的补偿,这就表现为更高的利率水平。所以C过的利率水平应该上升。


这个题,如果说C的potential GDP高--》lower credit risk--》lower real return,我是这么想的,如果这么想为啥a是错的?我想错了?


1 个答案

源_品职助教 · 2019年11月05日

lower credit risk和lower real return之间没有必然关联, real return主要取决一国经济的发展。credit risk是用于一国债券定价折现时候,需要考虑到的风险溢价补偿。这个补偿越高,可能后期真实收益率越小(因为会违约,就拿不到事先定好的收益率了。)

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2021-11-25 21:54 1 · 回答

请问为什么这道题不能从经济发展快,因此需要扩大对企业贷款,所以贷款利率低的角度理解呢?

2020-02-16 21:40 1 · 回答

何老师上课讲过,除非是技术进步,一般的potentiG增长通常是物价上涨带来的,我理解那导致的利率增加应该是名义利率增加,而实际利率相对是降低的吧?问一道题NO.PZ201512020800000303 第3小题 [ CFA II ]

2018-12-08 16:21 5 · 回答