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糙糙米 · 2022年03月11日

能否解释下为什么通货膨胀率高代表风险比较大…

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AB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…

1 个答案
已采纳答案

笛子_品职助教 · 2022年03月11日

嗨,从没放弃的小努力你好:


通胀太高,国内货币的购买力就会迅速下降,于是在国际市场上的汇率也会下降。那么持有货币,就会面临比较大的贬值风险。

既然持有货币,可能面临贬值,那么如果想让别人持有这种会贬值的货币,就要给它比较高的风险溢价。



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