Joe
2023-02-04 20:33老師，密卷1case2第4題怎么理解？
所屬：CFA Level III > Capital Market Expectations 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Johnny助教
2023-02-06 11:15
該回答已被題主采納
同學(xué)你好，原版教材的原文如下：the analyst 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). 在構(gòu)建投資組合時(shí)，資金應(yīng)該從經(jīng)常賬戶(hù)赤字持續(xù)上升的國(guó)家轉(zhuǎn)移到經(jīng)常賬戶(hù)盈余持續(xù)上升的國(guó)家，畢竟經(jīng)常賬戶(hù)長(zhǎng)期赤字的國(guó)家，其資產(chǎn)價(jià)格容易下跌，經(jīng)常賬戶(hù)長(zhǎng)期盈余的國(guó)家，其資產(chǎn)價(jià)格易上漲。
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追問(wèn)
老師，可是我感覺(jué)答案C選項(xiàng)和您給的原文不一致啊。能麻煩您講講嗎
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追答
同學(xué)你好，注意以下內(nèi)容
A rising current account deficit will tend to put upward pressure on real required returns (downward pressure on asset prices) in order to induce a higher saving rate in the deficit country (to mitigate the widening deficit) and to attract the increased flow of capital from abroad required to fund the deficit. An expanding current account surplus will, in general, require the opposite in order to reduce “excess” saving. This suggests that the analyst 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).
前面這一段話(huà)就是C選項(xiàng)的原因，而最后一句結(jié)論是關(guān)鍵。經(jīng)常賬戶(hù)赤字不斷上升，就會(huì)導(dǎo)致資產(chǎn)價(jià)格下跌，使得要求回報(bào)率上升，人們不愿投資于這些資產(chǎn)了，而是存錢(qián)，這會(huì)帶來(lái)更高的儲(chǔ)蓄率并吸引外資來(lái)彌補(bǔ)財(cái)政赤字。而經(jīng)常賬戶(hù)盈余如果不斷上升，那么該國(guó)資產(chǎn)價(jià)格會(huì)上漲，要求回報(bào)率下降，大家會(huì)把錢(qián)拿出來(lái)去投資這些資產(chǎn)。最終得出的結(jié)論是在對(duì)資產(chǎn)進(jìn)行重配時(shí)，要把經(jīng)常賬戶(hù)赤字不斷上升的國(guó)家資產(chǎn)轉(zhuǎn)換為經(jīng)常賬戶(hù)盈余上升的資產(chǎn)，畢竟資產(chǎn)價(jià)格起到主要作用
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