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徐威廉 · 2021年08月02日

理解

  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?

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。

老师麻烦您看一下我的理解过程有没有问题，题干说在PPP prevail的情况下，Fip是高估还是低估？即fap国通胀比其他国家大5%，但是fib汇率不变。如果在PPP成立的情况下，且汇率形式是“Fib/外币”，应该是外币升值，fib贬值，所以目前的真实fib汇率被高估了
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源_品职助教 · 2021年08月02日

嗨，从没放弃的小努力你好：


你这么理解是OK的。

FIB应该贬值但是没贬值，所以高估了。

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