azimao

QUOTE:

以下是引用chon在2009-6-12 23:13:00的发言：

 

你这利率低应该是指实际利率,如果是名义利率的话,根据利率--汇率平价, 名义利率越高,贬值

 

你是在那里考的试啊?上海吗?

 

 

我在北京考的

azimao

QUOTE:

以下是引用nzharbinger在2009-6-12 23:15:00的发言：

 

你说MANAGE 1 是个INDEXER，但为啥说INDEXER是investor's benchmark return

题目有些忘了,好像2和3一个是VALUE,一个是GROWTH,加起来是MANAGER1 的MARKET INDEX.

chon

QUOTE:

以下是引用azimao在2009-6-12 23:30:00的发言：

我在北京考的

 

晕,那我看到你贴的答案,有些我怎么都没有什么印象了

azimao

QUOTE:

以下是引用chon在2009-6-12 23:36:00的发言：

 

晕,那我看到你贴的答案,有些我怎么都没有什么印象了

你是8181 吗?

azimao

QUOTE:

以下是引用chon在2009-6-12 23:13:00的发言：

 

你这利率低应该是指实际利率,如果是名义利率的话,根据利率--汇率平价, 名义利率越高,贬值

 

你是在那里考的试啊?上海吗?

 

 

但题目里给定INFLATION是STABLE的,所以真实利率就是下降的.

nzharbinger

QUOTE:

以下是引用azimao在2009-6-12 23:56:00的发言：

但题目里给定INFLATION是STABLE的,所以真实利率就是下降的.

 

我了解了，如果real interest rate一样，但nominal interest rate跌了，那currency就涨，因为inflation跌了。但这题inflation is stable，nominal interest rate跌了，说明real interest rate确实跌了，currency就应该跌。但你单单从nominal interest rate跌了这一个条件就能判断currency跌吗？必须由inflation and norminal interest rate。所以试题答案是不是有错阿

pruteus

QUOTE:

以下是引用nzharbinger在2009-6-13 8:06:00的发言：

 

我了解了，如果real interest rate一样，但nominal interest rate跌了，那currency就涨，因为inflation跌了。但这题inflation is stable，nominal interest rate跌了，说明real interest rate确实跌了，currency就应该跌。但你单单从nominal interest rate跌了这一个条件就能判断currency跌吗？必须由inflation and norminal interest rate。所以试题答案是不是有错阿

The question there is from which one we could conclude the currency change. Therefore answer is definitely not inflation as this indicator itself could not tell anything coz it's stable. Answer must be an indicator changed during this peroid.

 

I don't remeber what the third choice was. But the understanding is if short term rate picks up, economy is entering the stage of expansion. Inflation is associated with economic expansion. Currency depreciation should be explained this way. Also, for developed economies, expansion is usually triggered by currency depreciation, benefiting exports.

nzharbinger

QUOTE:

以下是引用pruteus在2009-6-13 8:58:00的发言：

The question there is from which one we could conclude the currency change. Therefore answer is definitely not inflation as this indicator itself could not tell anything coz it's stable. Answer must be an indicator changed during this peroid.

 

I don't remeber what the third choice was. But the understanding is if short term rate picks up, economy is entering the stage of expansion. Inflation is associated with economic expansion. Currency depreciation should be explained this way. Also, for developed economies, expansion is usually triggered by currency depreciation, benefiting exports.

 

what u said was the increase in short term rate was associated with the depreciation in the currency due to the expansion of the economy. Further, the decrease in short term rate is associated with the apprciation of the currency. But the exam question is which one will NOT trigger the currency appreciation.

 

Let me put them in this way:

According to IRP F/S=(1+id)/(1+if)   Currency: DC/FC

If "if" decrease, "F/S" will increase. Therefore, the foreign currency will appreciate

 

Therefore, unless the real interest rate changes, the decrease in the norminal interest will cause the increase in the exchange rate. 

[此贴子已经被作者于2009-6-13 9:31:40编辑过]

slaxlw

QUOTE:

以下是引用nzharbinger在2009-6-13 9:23:00的发言：

 

what u said was the increase in short term rate was associated with the depreciation in the currency due to the expansion of the economy. Further, the decrease in short term rate is associated with the apprciation of the currency. But the exam question is which one will NOT trigger the currency appreciation.

 

Let me put them in this way:

According to IRP F/S=(1+id)/(1+if)   Currency: DC/FC

If "if" decrease, "F/S" will increase. Therefore, the foreign currency will appreciate

 

Therefore, unless the real interest rate changes, the decrease in the norminal interest will cause the increase in the exchange rate. 

[此贴子已经被作者于2009-6-13 9:31:40编辑过]

The question asked which indicator is LEAST likely to cause appreciation.

 

A interest rate . B inflation.  C technology.  Inflation is flat and this factor alone (holding all others constant) is least likely to trigger appreciation. Note also that only nominal intererst rate was given in the vignette, so the interest rate in the question should refer to nominal rate implicitly. If it meant to be real rate it would have been otherwise stated. You shouldn't use your own assumption (that it's talking about real rate) when picking the answer.

 

有没有人同意acute chronic那道题选chronic？

 

另外有一道Ethics问is recommendation for hedge fund/commodity consistent with code? A. consistent,

B. No because commodity risk is too high, C. No because hedge fund return is too low.

 

I picked A because they both provide diversification given the original portfolio is 100% in debt securities.

[此贴子已经被作者于2009-6-13 20:45:15编辑过]

nzharbinger

QUOTE:

以下是引用slaxlw在2009-6-13 9:35:00的发言：

The question asked which indicator is LEAST likely to cause appreciation.

 

A interest rate . B inflation.  C technology.  Inflation is flat and this factor alone is least likely to trigger appreciation.

 

fully agree