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moon · 2022年04月19日

为啥不选择A,债务比例更高,deficit,而且预计inflation高/。

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NO.PZ202105270100000508

问题如下:

Based on the composition of each country’s currency portfolio, which country is most vulnerable to a potential crisis?

选项:

A.Country A B.Country B C.Country C

解释:

C is correct.

Public debt makes up the majority of Country C’s currency portfolio, which is the least supportive flow (or holding) to a currency. Public debt is less supportive because it has to be serviced and must be either repaid or refinanced, potentially triggering a crisis. Some types of flows and holdings are considered to be more or less supportive of the currency. Investments in private equity represent long-term capital committed to the market and are most supportive of the currency. Public equity would likely be considered the next most supportive of the currency. Debt investments are the least supportive of the currency.

公共债务构成了C国货币组合的大部分,这非常不支持货币的流动性。公共债务的支持性较差,因为它必须得到偿还,而且要么必须偿还,要么必须再融资,这有可能引发危机。一些类型的流动和持有被认为或多或少地支持了货币。对私人股本的投资是对市场的长期投资,也是对货币最有利的支持。公共股权可能会被认为是下一个对货币最有利的因素。债务投资对货币的支持力度最小。


为啥不选择A,债务比例更高,deficit,而且预计inflation高/。

2 个答案

笛子_品职助教 · 2022年04月23日

嗨,努力学习的PZer你好:


为什么public debt,更加比private euqity 还要脆弱?


这里的重点不是public 还是private,这里的重点是,debt和equity。

debt融资是比equity融资要脆弱的,因为debt要还,equity不需要还。

这里举个例子,比如开一家公司,自己的钱不够,公司经营需要募资。

这是由两种募资方法,一是债务融资,向银行借钱,用于经营公司。二是股权融资。

那么,债务融资是脆弱的,因为一旦公司经营变差,银行的钱还是要还的,很可能还不出钱,造成流动性危机。

而股权融资是稳健的,即使公司经营变差,股东也会承担风险,股东出的钱是不需要还的。


公司如此,国家也一样的。


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笛子_品职助教 · 2022年04月20日

嗨,从没放弃的小努力你好:


为啥不选择A,债务比例更高,deficit,而且预计inflation高

如果基于exhibit1,当然可以选择A,你说这些理由也完全正确。只不过,这题没这么问。

要注意审题,这题问的是:Based on the composition of each country’s currency portfolio, 

那么based on是什么呢:找定位,定位是是以下内容:

stating that investments in private equity make up the majority of Country A’s currency portfolio, investments in public equity make up the majority of Country B’s currency portfolio, and investments in public debt make up the majority of Country C’s currency portfolio.


基于这些内容,选C,而不是A,因为C是由public debt组成的,更脆弱。



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