接著講CFA知識中的經(jīng)濟(jì)學(xué)中的問題，考點(diǎn)再講3個，不知你知道下面的三個知識點(diǎn)嗎？
CFA考點(diǎn)六：target exchange rate
A country that maintains a target exchange rate is most likely to have which outcome when its inflation rate rises above the level of the inflation rate in the target country?
A. An increase in short-term interest rates.
B. An increase in the domestic money supply.
C. An increase in its foreign currency reserves.
答案：A is correct. Interest rates are expected to rise to protect the exchange rate target.
解題思路：如果A國盯住B國的匯率，那么A國通脹上漲會導(dǎo)致A國的貨幣貶值。為了阻止A國貨幣的貶值，A國可以實(shí)施一個緊縮的貨幣政策，提升利率水平，吸引外資流入，穩(wěn)定匯率水平。所以A選項(xiàng)正確。
易錯點(diǎn)分析：這道題有不少同學(xué)會在C選項(xiàng)上猶豫。如果A國增加自己的外匯儲備，它相當(dāng)于與賣出本國的貨幣，買進(jìn)外國的貨幣。那么大量的本國貨幣投放如市場，類似于實(shí)施了一個擴(kuò)張的貨幣政策。這會導(dǎo)致A國匯率降低而不是升高。
此外，B選項(xiàng)增加貨幣供給是一個擴(kuò)張的貨幣政策，它會導(dǎo)致利率下降，幣值下跌，也不入選。
CFA考點(diǎn)七：Trade restrictions
A large country can:
A benefit by imposing a tariff.
B benefit with an export subsidy.
C not benefit from any trade restriction.
答案：A is correct. By definition, a large country is big enough to affect the world price of its imports and exports. A large country can benefit by imposing a tariff if its terms of trade improve by enough to outweigh the welfare loss arising from inefficient allocation of resources.
解題思路：在國際貿(mào)易領(lǐng)域，大國對一款產(chǎn)品的需求量占比過高，會對該類產(chǎn)品的世界價(jià)格水平產(chǎn)生影響。大國設(shè)置關(guān)稅后會大幅降低全球范圍對于該種商品的需求量，從而導(dǎo)致該種商品世界價(jià)格的下降，大國的消費(fèi)者因此獲利。
易錯點(diǎn)分析：注意到，國際貿(mào)易中的大國并不是指該國國土面積比較大，或者指該國的GDP比較高。而是指該國對某種商品的需求量占比*高。對于這題，有很多CFA報(bào)名考生會選C選項(xiàng)。既然A選項(xiàng)入選，C選項(xiàng)就錯誤。對于這個結(jié)論，大家可以記憶一下。
CFA考點(diǎn)八：經(jīng)常性賬戶與資本流
Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most likely correct?
A A decrease in the government deficit.
B A decrease in net exports and increased capital inflow.
C An increase in net exports and increased capital outflow.
答案：C is correct. The fundamental relationship among saving, investment, the fiscal balance, and the trade balance is S=I+(G-T)+(X-M). Given the levels of output and investment spending, an increase in saving (reduction in consumption)must be offset by either an increase in the fiscal deficit is not one of the choices, so an increase in net exports and corresponding increase in net capital outflows (increased lending to foreigners and/or increased purchases of assets from foreigners) is the correct response.
這題需要運(yùn)用S=I+(G-T)+(X-M)這個公式。題中說到房地產(chǎn)的價(jià)值下降從而增加儲蓄。當(dāng)投資(I)不變，根據(jù)該公式我們可以知道儲蓄(S)增加時(shí)財(cái)政赤字(G-T)和凈出口(X-M)會增加。A選項(xiàng)政府赤字下降顯然是錯誤的，B選項(xiàng)的凈出口下降也是錯誤的，因此選擇C。
易錯點(diǎn)分析：這個公式是由總收入=總支出聯(lián)立得來的。即把C+I+G+X-M=C+S+T轉(zhuǎn)化一下可得S=I+(G-T)+(X-M)。S為儲蓄;I為投資;(G-T>0)為財(cái)政赤字;(X-M)為凈出口。
而此題的capital outflow 表示CFA知識中的資本賬戶外流。進(jìn)出口代表的是經(jīng)常性賬戶，它和資本賬戶是此消彼長的關(guān)系。當(dāng)進(jìn)出口增加時(shí)，貿(mào)易盈余所產(chǎn)生的多余外匯就要到國外市場進(jìn)行投資，所以資本賬戶資金外流，這便是net capital outflows。
