NO.PZ2018091706000061
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。
- 能否解释下为什么通货膨胀率高代表风险比较大…