老师可不可以具体讲一讲截图中银行怎么应用integrated asset liability approach 在几个极端的场景下。 是在储蓄率很低，资产坏账率很高，等情况下，银行会相应的减少资产，或者调整相应负债的期限么？能具体讲讲吗。

老师，请问书本418页第十九题答案， carry trades are occasionally subject to panicked unwinds in stressed market conditions. When this occurs, position exit can be made more difficult by market illiquidity and higher trading costs (wider bid/offer spreads)这段什么意思？怎么理解？ return distributions are often negatively skewed, reflect-ing the higher event risk (panicked carry trade unwinds, currency pegs being re- set, etc.) associated with the carry trade扣号里的怎么解释？

老师，请问书本418页第十七题答案，but as a country with capital controls题目中没有提到，韩国也不是新兴国家，为什么会要用NDF?若考试中要怎么来判断？ Higher volatility would also make buy-ing a put option more expensive对于buying call option是否也是expensive？

老师，请问书本418页第十六题答案，Note that the risk of daily margin calls is not a feature of most for-wards contracts; nor is initial margin这里想要表达的是什么意思？和题目是不是意思反了？ Posting additional margin would typically not be a daily event, however, except in the case of extreme market moves怎么理解in the case of extreme market move？post margin是怎么回事？

expected utility theory和utility theory不是一会事情对吧？能不能帮忙解释下第一题的几个选项，谢谢老师

老师，请问书本413页第六题答案， This approach assumes that, in free markets, exchange rates are determined by logical economic relationships that can be modeled. A fundamentals- based approach estimates the “fair value” of the currency, with the expectation that observed spot rates will converge to long- run equilibrium values described by parity conditions.不太理解这段是什么意思？

老师，请问书本413页第三题答案 The management of these cash flow costs can accumulate and become a large portion of the portfolio’s value, and they become more expensive for cash outflows as interest rates increase这里不太明白为什么interest rates increase, 会more expensive？

老师，请问书本339页第九题答案，能否详细解释一下？不太理解是什么意思？

关于peg，notes上说“the pegged currency country must follow the economic policies of the country to which it has pegged its currency”，这里的“economic policies”是否包括monetary Policy和fiscal policy？还是只包含monetary policy？如果是第一种情况的和，我理解peg会影响monetary policy的原因，但是peg是如何影响fiscal policy的？

老师，请问书本291页第九题答案，Nuñes likely expects the XDF share price to remain relatively flat between the current price €74.98 and €80 until the February call option expires, after which time she expects the share price to increase above €80. If such expectations come to fruition, the February call would expire worthless and Nuñes would realize gains on the December call option能否详细解释一下？不太理解是什么意思？