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阿帅 · 2020年02月15日

问一道题:NO.PZ2018091706000061 [ CFA II ]

问题如下图:

选项:

A.

B.

C.

解释:

老师您好,我一开始做题的时候没有将题目与资本账户对汇率的影响考虑进去,所以从脑海里第一时间想到的是uncovered IRP,根据理论所述,名义利率越高,该国货币将会贬值,在长期是成立的。我不清楚用这个理论来解释这道题为何出现了错误,请老师指正。

1 个答案
已采纳答案

源_品职助教 · 2020年02月16日

嗨,爱思考的PZer你好:


因为本题选项中有对于利率的表述,也有对于通胀风险的表述,所以它其实想考察的是解析中的这个公式。

如果题目中没有明确长期这个概念,或者没有明确提及 uncovered IRP, 就需要想一想有没有别的方法公式。

因为 uncovered IRP只在长期成立,和短期的汇率变动结论又是相反的。所以该结论用的时候也要慎重。


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