Joe2023-02-04 20:33:44
Joe老师，密卷1case2第4题怎么理解？
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Johnny2023-02-06 11:15:03
Johnny同学你好，原版教材的原文如下：the analyst should consider reallocation of portfolio assets from countries with secularly rising current account deficits to those with secularly rising current account surpluses (or narrowing deficits). 在构建投资组合时，资金应该从经常账户赤字持续上升的国家转移到经常账户盈余持续上升的国家，毕竟经常账户长期赤字的国家，其资产价格容易下跌，经常账户长期盈余的国家，其资产价格易上涨。
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老师，可是我感觉答案C选项和您给的原文不一致啊。能麻烦您讲讲吗
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同学你好，注意以下内容
A rising current account deficit will tend to put upward pressure on real required returns (downward pressure on asset prices) in order to induce a higher saving rate in the deficit country (to mitigate the widening deficit) and to attract the increased flow of capital from abroad required to fund the deficit. An expanding current account surplus will, in general, require the opposite in order to reduce “excess” saving. This suggests that the analyst should consider reallocation of portfolio assets from countries with secularly rising current account deficits to those with secularly rising current account surpluses (or narrowing deficits).
前面这一段话就是C选项的原因，而最后一句结论是关键。经常账户赤字不断上升，就会导致资产价格下跌，使得要求回报率上升，人们不愿投资于这些资产了，而是存钱，这会带来更高的储蓄率并吸引外资来弥补财政赤字。而经常账户盈余如果不断上升，那么该国资产价格会上涨，要求回报率下降，大家会把钱拿出来去投资这些资产。最终得出的结论是在对资产进行重配时，要把经常账户赤字不断上升的国家资产转换为经常账户盈余上升的资产，毕竟资产价格起到主要作用
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