undefinable
2023-06-12 14:47關(guān)于三元悖論怎么寫答案
所屬：CFA Level III > Capital Market Expectations 視頻位置 相關(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Johnny助教
2023-06-16 10:44
該回答已被題主采納
同學(xué)你好，三元悖論是在固定匯率制、資本自由流動(dòng)、獨(dú)立貨幣政策這三者不能全部達(dá)成。而在本題的情況總都是有著固定的匯率制度以及不受限的資本流動(dòng)，it is unable to pursue an independent monetary policy
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追問
怎么寫答案啊，三個(gè)情景
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追答
同學(xué)你好，寫以下部分即可：
Scenario 1:By restricting capital flows with a fixed exchange rate, Eastland will be able to run an independent monetary policy and interest rates can be different in the two countries.\
Scenario 2: interest rates must generally be higher (lower) in the country whose currency is expected to depreciate (appreciate). This leads to a situation where the currency overshoots in one direction or the other.
Scenario 3：A shift in investors' belief in the credibility of the fixed exchange rate will cause risk and yield differentials to emerge. This situation will cause the (default-free) yield curve to differ between Eastland and Northland -
追問
scenario 3是什么意思
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追答
同學(xué)你好，scenario 3就是匯率是否會(huì)保持固定，投資者們對(duì)這一點(diǎn)的信心有了變化，就比如原先非常確定匯率會(huì)是固定的，但后來信念動(dòng)搖了，感覺匯率可能不會(huì)繼續(xù)保持固定了。一旦這個(gè)信念發(fā)生了動(dòng)搖，就可能會(huì)導(dǎo)致兩國收益率發(fā)生不同了
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