Rachel2019-12-05 19:30:21

老师请问书本225页第二十三题答案. Intra- market carry trades typically do involve different maturities, but inter- market carry trades frequently do not, especially if the currency is not hedged.这里not hedged怎么理解？ if two curves are involved they need not have different slopes provided there is a difference in the level of yields between markets.是什么意思？ Inter- market carry trades do not, in general, break even if each yield curve goes to its forward rates. Intra-market trades will break even if the curve goes to the forward rates because, by construction of the forward rates, all points on the curve will earn the “first- period” rate (that is, the rate for the holding period being considered). Inter-market trades need not break even unless the “first- period” rate is the same in the two markets. If the cur-rency exposure is not hedged, then breaking even also requires that there be no change in the currency exchange rate.这段不太明白是什么意思？