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ysr1990 · 2019年11月25日

问一道题:NO.PZ2018091706000056

问题如下:

 The emerging marketcountry 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。 

到底什么是冲销干预什么是不冲销干预啊,和老师上课没有说道这个啊,只是提到资本管控和干预的一些结论了啊

3 个答案

源_品职助教 · 2020年02月26日

“ 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 ”。因为在市场上干预肯定会有货币供给量的变化,非冲销没有配合,那么市场上多余的货币就没人管了,就是引起通胀。

HG · 2020年02月22日

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。

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。

感觉这两句话是矛盾啊,未冲销干预不是不会造成货币量变化吗?为啥inflation高了就要冲销式干预。

源_品职助教 · 2019年11月26日

嗨,从没放弃的小努力你好:


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。

如果不考虑通货膨胀,政府采取非冲销干预,扩大货币供给,鼓励短期利率下行。利率降低可以阻碍资金流入。如果考虑通货膨胀,就需要采取冲销干预。

而当货币发生贬值时候,就会影响干预的效果,所以B不如选。

这部分知识点现在基本不考察了,了解即可。


-------------------------------
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HG · 2020年02月25日

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。 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。 感觉这两句话是矛盾啊,未冲销干预不是不会造成货币量变化吗?为啥inflation高了就要冲销式干预。

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