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陈喵喵 · 2022年02月17日

为何不考虑C国热钱涌入?

* 问题详情,请 查看题干

NO.PZ202105270100000505

问题如下:

Based on Bader’s expectations for current account secular trends as shown in Exhibit 1, Bader should reallocate capital, all else being equal, from:

选项:

A. Country A to Country C.

B. Country B to Country A.

C. Country C to Country A.

解释:

A is correct.

Bader should reallocate capital from Country A, which is expected to have a secularly rising current account deficit, to Country C, which is expected to have a secularly rising current account surplus. A rising current account deficit will tend to put upward pressure on real required returns and downward pressure on asset prices, whereas a rising current account surplus (or narrowing deficit) will put downward pressure on real required returns and upward pressure on asset prices. Analysts should consider reallocation of portfolio assets from countries with secularly rising current account deficits to those with secularly rising current account surpluses (or narrowing deficits).

巴德尔应该将资本从A国(预计经常账户赤字将长期上升)重新配置到C国(预计经常账户盈余将长期上升)。不断上升的经常账户赤字往往会给实际所需回报带来上行压力,给资产价格带来下行压力,而不断上升的经常账户盈余(或赤字缩小)则会给实际所需回报带来下行压力,给资产价格带来上行压力。分析师应考虑将投资组合资产从经常账户赤字长期上升的国家重新配置到经常账户盈余长期上升(或赤字不断缩小)的国家。


为何不考虑C国热钱涌入?

理解C国经常账户盈余是利于投资的,但C国热钱涌入,也有危险呀?如何理解,谢谢!

2 个答案
已采纳答案

源_品职助教 · 2022年02月18日

嗨,从没放弃的小努力你好:



因为题目没有提及到HOTMONEY

C国的特征是,预计经常账户盈余将长期上升。

这个特征会吸引外资流入。但是外资流入的资金性质是无法判定的。

题目没有相关话术提及热钱的问题,那么不需要考虑。

不客气~

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努力的时光都是限量版,加油!

lliu · 2022年05月17日

助教你好,Exhibit 1里说了country C有hot money flowing in。题目说明了是热钱,怎么理解呢?

源_品职助教 · 2022年05月17日

嗨,从没放弃的小努力你好:


本题问的是, for current account secular trends as shown in Exhibit 1

也就是依据经常账户的一些特征判断。

热钱是资本账户,不属于这题的依据范围哦。@lliu

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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