CFA level I 经济学错点

• 拉氏：基期 派氏：报告期
• Marshall–Lerner trade-weighted elasticity 贸易加权汇率弹性
• The purchase of machinery is an import and affects the current account, not the capital account, so it is ignored. The purchase of a non-produced, non-financial asset such as a patent affects the capital account.
  购买机器是一种进口，影响的是经常账户，而不是资本账户，因此被忽略。购买非生产性的非金融资产，如专利，会影响资本账户。
• The currency with the higher (lower) interest rate will always trade at a discount (premium) in the forward market. The lower interest rate in the domestic country will be offset by the appreciation of the domestic country’s currency over the investment horizon.
  因为利率高的货币意味着较高的收益率，为了套取利差，就会卖出利率较低的货币，买入利率较高的货币。但在这一交易中，又新增了汇率风险，因为持有高利率货币到期后，如果汇率下跌，有可能把利差收入全部吞噬掉，为了规避汇率风险，在其抛售低利率货币、买入高利率货币的同时，在远期外汇市场进行相反的操作，即卖出高利率货币，买入低利率货币，以达到规避汇率风险的作用。当大量资金进行套利操作的时候，即期市场上，高利率货币表现为升水，低利率货币表现为贴水；远期市场上，高利率货币表现为贴水，低利率货币表现为升水。汇率的变动会导致其套利的空间越来越小，最终到达平衡。
• Current Account Amounts = Export of goods and services and income receipts - Import of goods and services and income payments + Net unilateral current transfers