问题如下：
Assumethat the DM country has what is considered a low-yield safe haven currency whilethe EM country has a high-yield currency whose value is more exposed tofluctuations in the global economic growth rate. All else equal, the exchangerate for the EM currency will most likely depreciate if the:
选项：
A. long-run equilibriumvalue of the high-yield currency is revised upward
B. nominal yield spreadbetween the EM and DM countries increases over time
C. expected inflationdifferential between the EM and DM countries is revised upward
解释：
Allelse equal, an increase in the expected inflation differential should lead todepreciation of the EM currency.
解析：
real exchange rate (A/B) = equilibriumreal exchange rate + (realinterest rate B - real interest rate A)- (risk premium B - risk premium A)
根据上述公式。所以A、B选项错误。
在其它条件相同的情况下，预期通胀率的扩大会加两国的风险溢价之差，从而应会导致新兴市场货币贬值。所以C选项正确。
老师，我怎么知道这道题在问即期汇率还是future spot rate？题目表述exchange rate will……看上去很像在问futures spot rate呀！
