努同學(xué)
2024-07-05 23:17Eastland and Northland (with currencies pegged to each other) will share the same yield curve if two conditions are met. First, unrestricted capital mobility must occur between them to ensure that risk-adjusted expected returns will be equalized. Second, the exchange rate between the currencies must be credibly fixed forever. Thus, as long as investors believe that there is no risk in the future of a possible currency appreciation or depreciation, Eastland and Northland will share the same yield curve. A shift in investors’ belief in the credibility of the fixed exchange rate will likely cause risk and yield differentials to emerge. This situation will cause the (default-free) yield curve to differ between Eastland and Northland. 這段話說的是什么意思，總結(jié)下來是三元悖論哪個不滿足？
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個回答
152****1988助教
2024-07-05 23:34
該回答已被題主采納
這段話是說兩個國家share 一條yield curve的兩個條件：
1.unrestricted capital flow
2.FX must be credibly fixed forever
違反三元悖論的獨立貨幣政策，因為兩國共用收益率曲線的話，就是dependent Monetary Policy了
0
0
0
0
