接著講CFA知識(shí)中的經(jīng)濟(jì)學(xué)中的問(wèn)題，考點(diǎn)再講3個(gè)，不知你知道下面的三個(gè)知識(shí)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(guó)盯住B國(guó)的匯率，那么A國(guó)通脹上漲會(huì)導(dǎo)致A國(guó)的貨幣貶值。為了阻止A國(guó)貨幣的貶值，A國(guó)可以實(shí)施一個(gè)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(cuò)點(diǎn)分析：這道題有不少同學(xué)會(huì)在C選項(xiàng)上猶豫。如果A國(guó)增加自己的外匯儲(chǔ)備，它相當(dāng)于與賣出本國(guó)的貨幣，買進(jìn)外國(guó)的貨幣。那么大量的本國(guó)貨幣投放如市場(chǎng)，類似于實(shí)施了一個(gè)擴(kuò)張的貨幣政策。這會(huì)導(dǎo)致A國(guó)匯率降低而不是升高。

此外，B選項(xiàng)增加貨幣供給是一個(gè)擴(kuò)張的貨幣政策，它會(huì)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(guó)際貿(mào)易領(lǐng)域，大國(guó)對(duì)一款產(chǎn)品的需求量占比過(guò)高，會(huì)對(duì)該類產(chǎn)品的世界價(jià)格水平產(chǎn)生影響。大國(guó)設(shè)置關(guān)稅后會(huì)大幅降低全球范圍對(duì)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(guó)的消費(fèi)者因此獲利。

易錯(cuò)點(diǎn)分析：注意到，國(guó)際貿(mào)易中的大國(guó)并不是指該國(guó)國(guó)土面積比較大，或者指該國(guó)的GDP比較高。而是指該國(guó)對(duì)某種商品的需求量占比*高。對(duì)于這題，有很多CFA報(bào)名考生會(huì)選C選項(xiàng)。既然A選項(xiàng)入選，C選項(xiàng)就錯(cuò)誤。對(duì)于這個(gè)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(gè)公式。題中說(shuō)到房地產(chǎn)的價(jià)值下降從而增加儲(chǔ)蓄。當(dāng)投資(I)不變，根據(jù)該公式我們可以知道儲(chǔ)蓄(S)增加時(shí)財(cái)政赤字(G-T)和凈出口(X-M)會(huì)增加。A選項(xiàng)政府赤字下降顯然是錯(cuò)誤的，B選項(xiàng)的凈出口下降也是錯(cuò)誤的，因此選擇C。
易錯(cuò)點(diǎn)分析：這個(gè)公式是由總收入=總支出聯(lián)立得來(lái)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(chǔ)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(shí)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(zhǎng)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(guó)外市場(chǎng)進(jìn)行投資，所以資本賬戶資金外流，這便是net capital outflows。