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Uyis · 2022年02月24日

A和C能否分别解释下哪里错了

NO.PZ2021120102000030

问题如下:

Which of the following is the most accurate statement related to international credit markets?

选项:

A.

Fixed exchange-rate regimes among emerging markets usually reduce the likelihood of financial distress because the domestic currency is tied to a major foreign currency.

B.

Although many emerging economies have domestic bond markets that include sovereign, financial, and corporate issuers, investments across these bonds offer less diversification than similar investments in developed markets.

C.

Higher domestic currency YTMs among emerging versus developed markets are due to expected currency appreciation resulting from higher economic growth.

解释:

B is correct. Fixed exchange rate regimes in A usually result in greater instability and a higher probability of financial distress, while higher domestic currency YTMs in emerging economies in C are a sign of expected currency depreciation, not appreciation, over time.

老师您好,这道题B肯定没问题,另外A和C能否分别解释下哪里错了,答案里也没详细说,我想看看错误选项的原因是不是和我想的一样,感谢!

1 个答案
已采纳答案

pzqa015 · 2022年02月25日

嗨,努力学习的PZer你好:



A:采用固定汇率制的新兴市场国家,由于本币锚定于主要外币,所以发生金融危机的几率降低。显然是错的。比如东南亚金融危机,索罗斯做空泰铢,泰国央行外汇储备被耗尽,逼着泰国央行放弃固定汇率,让泰铢从26泰铢兑1美元下降到32泰铢兑1美元甚至更低,导致泰国发生金融危机,所以说,汇率是否锚定与某种外币无法降低发生金融危机的风险。

C:C选项错在high domestic currency ytm due to expected currency appreciation了,根据利率平价公式,如果预期汇率上升,是不会要求高回报率的,也就是Ytm不会太高,去掉currency apprecitaion,这句话是没问题的,应该是high economic growth带来的高回报率。

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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