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晓昀 · 2021年07月24日

老师，题目里说每年通胀差为5%，但是FIP 贬值程度并不是5%是吧

  1. CFA III
  2. Capital Market Expectations

NO.PZ2020012102000011

问题如下：

Fap is a small country whose currency is the Fip. Three years ago, the exchange rate was considered to be reflecting purchasing power parity (PPP). Since then, the country’s inflation has exceeded inflation in the other countries by about 5% per annum. The Fip exchange rate, however, remained broadly unchanged.

What would you have expected the Fip exchange rate to show if PPP prevailed? Are Fips over or undervalued, according to PPP?

选项：

解释：

According to PPP, to offset the effect of the higher inflation in Fap, the Fip should have depreciated against the other currencies by approximately the difference between Fap inflation and that in the other countries. According to PPP, Fip is overvalued.

解析：根据购买力平价理论，为了抵消Fap中较高的通货膨胀的影响，Fip应该对其他货币贬值大约是Fap通货膨胀与其他国家之间的差额。根据购买力平价理论，Fip被高估了。

老师，题目里说每年通胀差为5%，但是FIP 贬值程度并不是5%是吧

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1 个答案

源_品职助教 · 2021年07月25日

嗨，从没放弃的小努力你好：


你的理解是对的。

FIP 贬值程度并不是绝对等于5%，而是近似地等于5


----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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