导图社区 CFA Lv2 经济
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CFA Lv2 经济
CFA Lv2 经济 框架图 习题，希望本习题集能成为广大CFA考生备考路上的得力助手，助力大家在考试中取得优异的成绩。
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CFA 2级 衍生品 框架图 习题，包含Key Concepts、M1 Pricing and Valuation of Forward Commitments、M1 Pricing and Valuation of Forward Commitments等。
CFA Lv2 经济
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- CFA Lv2 道德
CFA 2级道德思维导图习题，包含I. Professionalism、II. Integrigy of Capital Markets、III. Duties to Clients、IV. Duties to Employers。
- CFA Lv2 另类
CFA 2级 另类 思维导图 习题，包含M1 Introduction to Commodities and Commodity Derivatives、M2 Overview of Types of Real Estate Investment、M3 Publicly Traded Securities。
- CFA Lv2 衍生品
CFA 2级 衍生品 框架图 习题，包含Key Concepts、M1 Pricing and Valuation of Forward Commitments、M1 Pricing and Valuation of Forward Commitments等。
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- 大纲
CFA Lv2 经济
M1: Currency Exchange Rates: Understanding Equiolibrium Value
Basic concepts of FX market
Introduction
Base/price currency
Spot/forward rate
Bid/offer price
买卖价差的影响因素
Deal-clients
interbank market's spread
Transaction size
Relationship with clients
Interbank market
Currency pair
time of trading
market volatility
Cross rate计算
同边相乘
对角相除
Triangular arbitrage
套利机会的识别
三角套汇的计算
计算cross-rate
对比cross-rate和dealer's quotated price
例题
If a dealer's bid-side quote for the CAD/BRL is C$0.5250, Tremblay's profit on a US$1,000,000 initial investment in the triangular arbitrage opportunity is closest to: A. US$31,328. B. US$31,315. C. US$21,135.
Solution C C is correct. It is cheaper to buy Canadian dollars indirectly through Brazilian reals than directly with US dollars. This creates a triangular arbitrage opportunity: US$1,000,000 × 2.3844 = BRL2,384,400 2,384,400 × 0.5250 = C$1,251,810 C$1,251,810/1.2259 = US$1,021,135 US$1,021,135 – US$1,000,000 = US$21,135 profit
三角套利不要想的太复杂，有什么可以保证的汇率，将钱绕着三角形转一圈换回原货币，看看有多少价差就是套利的金额
例题
Lopez presents information on spot exchange rates and 360 day market reference rate (MRR) in Exhibit 1 and Exhibit 2 below and states, "one of our Canada-based clients has asked for recommendations on currency trades. A dealer has quoted a bid-offer rate of 1.8091/1.8165 in AUD/GBP, can you determine if there is a profitable currency trade? This client also wants to hedge exposure to the Australian dollar and wants to know the cost of the hedge, specifically, the forward premium or discount for a 360-day AUD/CAD forward contract ." Based on the dealer quote and the information in Exhibit 1, is it possible to generate a profit with a triangular arbitrage trade? A.No B.Yes, for a profit of 0.0126 AUD per GBP C.Yes, for a profit of 0.0135 AUD per GBP
Solution B B.Correct because it is possible to generate a triangular arbitrage profit by buying GBP at 1.8165 from the dealer and selling it in the interbank market at 1.8291 for a profit of 0.0126 AUD per GBP. To identify the proper trade and profit we need to calculate the interbank cross rate for AUD/GBP. AUD/GBP = AUD/CAD x CAD/GBP But we do not have an interbank quote for CAD/GBP, only GBP/CAD GBP/CAD bid is 0.5854, the price in GBP to sell CAD (and buy GBP) GBP/CAD offer is 0.5857, the price in GBP to buy CAD (and sell GBP) CAD/GBP bid is the price in CAD to sell GBP (and buy CAD) We have the price in GBP to buy CAD (and sell GBP), the offer rate 0.5857 So the price in CAD to sell GBP (and buy CAD) = CAD/GBP bid = 1/0.5857 = 1.70736 CAD/GBP offer is the price in CAD to buy GBP (and sell CAD) We have the price in GBP to sell CAD (and buy GBP), the bid rate 0.5854 So the price in CAD to buy GBP (and sell CAD) = CAD/GBP offer = 1/0.5854 = 1.70823 The implied interbank cross rate for AUD/GBP is 1.8291/1.8365. Calculated as: AUD/GBP bid = 1.8291 = AUD/CAD x CAD/GBP = 1.0713 x 1.70736 AUD/GBP offer = 1.8365 = AUD/CAD x CAD/GBP = 1.0751 x 1.70823 So the triangular arbitrage trade would be to buy GBP at 1.8165 from the dealer and sell it in the interbank market at 1.8291 for a profit of 0.0126 AUD per GBP.
这题是三角套利的另外一种考法，如果2个dealer都只给买卖价差，找到他们的区间的头尾差即可。 比如这题，一个的区间是1.8091/1.8165，另外一个是1.8291/1.8365 1.0713/0.5857=1.829093 1.0751/0.5854=1.836522 所以区间差就是1.8291-1.8165=0.0126，选B。
Forward contract
Forward premium/discount
Mark-to-market value
确定期初标的的货币头寸
确定反向合约的报价
计算到期日Profit/Loss
把到期日profit/loss折现到当前
例题
Suzy, a portfolio manager at a hedge fund in UK, sold GBP 10 million forward against the USD at an all-in forward price of 1.2465 (USD/GBP), meanwhile the spot exchange rate is 1.25. Two months before the settlement date, Suzy wants to mark this forward position to market. The relevant spot rate, forward points, and Libor are given in Exhibit 1. Exhibit 1 Spot rate, forward points, and Libor USD/GBP: 1.2432/1.2436 Two-month forward point: 18.03/18.42 Two-month Libor (USD): 0.25% Two-month Libor (GBP): 1.30% Six-month Libor (USD): 0.30% Six-month Libor (GBP): 1.45% One-year Libor (USD): 0.55% One-year Libor (GBP): 1.75% The mark-to-market value for Suzy's forward position is closest to: A. USD 10,576. B. USD 14,964. C. USD 10,557.
A is correct Step 1: To mark this position to market, create an offsetting position. Suzy sold GBP 10 million at an all-in forward price of 1.2465 (USD/GBP). The offsetting position would be to buy GBP 10 million two months forward to the settlement date. Step 2: Determine the all-in forward rate for this offsetting position. USD is the price currency and GBP is the base currency. Buying GBP means using the ask price for both spot rate and forward points. The all-in two-month forward rate = 1.2436 + (18.42 / 10,000) = 1.245442 Step 3: Calculate the cash flow at settlement day. Net cash flow on settlement day = (1.2465-1.245442)×10M = USD 10,580. Step 4: Calculate the present value of the cash flow at the future settlement date. Use the two-month GBP Libor to calculate the mark-to-market value. Mark-to-market value = 10580 / (1 + 0.0025/6) = USD 10,576.
汇率套利必须创建反向合约。这里原合约是卖GBP，所以用1 GBP换1.2465 USD。反向合约是用USD换GBP，所以应该用ask price（就是大的那个，因为永远吃亏）
例题
Alice Phan is a currency fund manager based in the US. Three months ago, she hedged a long exposure to the Australian dollar (AUD) by selling a AUD 50,000,000 6-month forward contract against the USD at an all-in rate of 1.4201 AUD/USD (number of AUD per 1 USD). She calculates the mark-to-market value of the forward contract with three months remaining to maturity. Exhibit 1 provides relevant data (where MRR is the annualized market reference rate). The mark-to-market value of Phan’s forward contract (in USD) is closest to: A. –152,141 B. –151,837 C. –101,494
B is correct Because of the calculations below. Step 1: Calculate the USD she would have received from the original 6-month forward contract = contract amount x all in forward rate at initiation = AUD 50M/1.4201 AUD/USD = 35,208,788 USD Step 2: Calculate the bid rate To close out a forward position, you have to offset it with an equal and opposite forward position using the spot exchange rate and forward points available in the market when the offsetting position is created. Original position: sell AUD, receive USD To close, do the opposite: sell USD, receive AUD Since you are selling USD, you will use the BID price because USD is the base currency in the AUD/USD quote Therefore, = 1.4155 AUD/USD + (–15.1/10,000) = 1.41399 AUD/USD Step 3: Calculate the new amount of USD she will have to sell to receive AUD To close in 3 months, she will need to sell this amount of USD = 50M AUD/1.41399 AUD/USD = 35,360,929 USD Step 4: Calculate the difference between the original and new USD amounts Difference is: = 35,208,788 USD – 35,360,929 USD = –152,141 USD (an outflow) Step 5: Calculate the PV of the USD outflow = –152,141 USD/(1 + 0.80%)(3/12) = –151,837 USD
Mark-to-market一定是构建反向头寸
判断有合约和没有合约，需要多少钱，最后折算到T0
例题
"Earlier in the year, Drawbridge hedged a long exposure to the Australian dollar (AUD) by selling AUD 5 million forward against the US dollar (USD); the all-in forward price was 0.8940 (USD/AUD). It is now three months prior to the settlement date, and I want to mark the forward position to market." Exhibit 1 provides information about current rates in the foreign exchange markets. Exhibit 1: Current Foreign Exchange Data Spot rate (USD/AUD): 0.9062/0.9066 Three-month points: -36.8/-36.4 Three-month MRR (AUD): 2.88% Three-month MRR (USD): 0.23% The mark-to-market value for Drawbridge’s forward position is closest to: A. –USD44,774. B. –USD44,800. C. –USD42,576.
A is correct. 1.Drawbridge sold AUD 5 million forward to the settlement date at an all-in forward price of 0.8940 (USD/AUD). 2.To mark the position to market, Drawbridge offsets the forward transaction by buying AUD 5 million three months forward to the settlement date. 3.For the offsetting forward contract, because the AUD is the base currency in the USD/AUD quote, buying AUD forward means paying the offer for both the spot rate and forward points. ●The all-in three-month forward rate is calculated as 0.9066 – 0.00364 = 0.90296 ●This gives a net cash flow on settlement day of 5,000,000 × (0.8940 – 0.90296) = –USD44,800 (This is a cash outflow because Drawbridge sold the AUD forward and the AUD appreciated against the USD). 4.To determine the mark-to-market value of the original forward position, calculate the present value of the USD cash outflow using the three-month USD discount rate: –USD44,8000/[1 + 0.0023(90/360)] = –USD44,774.
首先，mark-to-market一定要建反向合约 然后，这里的反向合约，不是让你AUD 5M * Old(USD/AUD) / New(USD/AUD)，这样折算2次。而是让你直接简单粗暴的算价差，切记！切记！ 切记！ 最后，算出来价差后，注意看是什么货币，以及多久时间，然后再折现
International parity conditions
利率平价IRP
CIRP
含义&计算
F(a/b) = S(a/b) * (1+r(a)) / (1+r(b))
由于套利机制，平价关系成立
UIRP
含义&计算
Expected S(a/b) = S(a/b) * (1+r(a)) / (1+r(b))
例题
Suzy, a portfolio manager at a hedge fund in UK, sold GBP 10 million forward against the USD at an all-in forward price of 1.2465 (USD/GBP), meanwhile the spot exchange rate is 1.25. Two months before the settlement date, Suzy wants to mark this forward position to market. The relevant spot rate, forward points, and Libor are given in Exhibit 1. Exhibit 1 Spot rate, forward points, and Libor USD/GBP: 1.2432/1.2436 Two-month forward point: 18.03/18.42 Two-month Libor (USD): 0.25% Two-month Libor (GBP): 1.30% Six-month Libor (USD): 0.30% Six-month Libor (GBP): 1.45% One-year Libor (USD): 0.55% One-year Libor (GBP): 1.75% Based on uncovered interest rate parity, the expected change in the USD/GBP rate in one year is closest to: A. a decrease of 1.2 percent. B. an increase of 1.15 percent. C. a decrease of 1.05 percent
A is correct According to the uncovered interest rate parity, the expected appreciation (depreciation) of the USD/GBP rate in one year is equal to the interest rate differential between US and UK (0.55% and 1.75%) = 1.75 – 0.55 = 1.2%. Since UK has a higher level of interest rates, USD/GBP will depreciate by 1.2%
假设
Risk-neutral
UIRP不成立时
Carry trade
计算return
借低利率货币
把低利率兑换成高利率
投资高利率
期末把高利率换回低利率货币
减去低利率的成本，得到利得
例题
Phan considers a carry trade based on borrowing in USD and investing in the Mexican peso (MXN) for one year. She obtains the following information: The 1-year MRR is 0.60% for the USD and 4.50% for the MXN The current mid-market MXN/USD (number of MXN per 1 USD) spot rate is 20.7917 Phan forecasts that the spot MXN/USD will be 20.8558 at the end of one year For the carry trade considered by Phan, the all-in expected return (in USD terms) is closest to: A. 3.6% B. 3.9% C. 4.2%
正确答案：A A.Correct because of the calculations below. Calculate the all-in carry trade as follows: Borrow USD and buy MXN now = 20.7917 MXN Invest MXN for 1 year at 4.5% = 20.7917 MXN x (1+0.045) = 21.7273 MXN In 1 year, convert MXN back to USD = 21.7273 MXN / 20.8558 MXN/USD = 1.0418 USD Deduct the cost of the USD borrowings = 0.006 USD Net profit from the carry trade = (1.0418 USD - .006 USD) - 1 = 3.58%, ≈ 3.6%
Carry trade计算很重要！
Crash risk
例题
Hollingsworth begins the meeting with the following statement: "Before we look at new investment opportunities, I want to review some prior transactions. A few months ago, Drawbridge entered into a carry trade in a set of currencies. This morning, we were unfortunately forced to close out the position at a sizable loss as a result of unexpected market volatility." The primary factor that was most likely the cause of Drawbridge's outcome in its carry trade was: A. stop-loss orders. B. flight to safety. C. leverage
C is correct A.Incorrect. Another factor that accelerates selling is that traders often have stop-loss orders in place that are triggered when price declines reach a certain level. This can lead to cascades of selling in which position liquidation begets further position liquidation. B.Incorrect. During periods of market turmoil, there is generally a flight to safety into assets and currencies that seem to offer the most protection during times of uncertainty—typically low interest rate currencies. C.Correct. The primary reason for crash risks is related to the fact that carry trades are leveraged: The low-yield currency is borrowed, with proceeds invested in the high-yield currency. The leverage magnifies the effect of losses and gains relative to the investors’ equity base. In low-volatility markets, investors can become complacent and allow positions to grow large in a search for yield. This crowded positioning tends to unwind rapidly when a market shock occurs because many traders try to exit their positions almost simultaneously before the leverage effects wipe out their equity. Stop-loss orders are triggered, and given the market uncertainty, there is a flight to safety that further increases demand for the low-yield currency.
Carry trade是一种套利。大部分的套利都相当于用吸尘器吸硬币，因为无风险又不要投本金，所以收益会有，但是不会很大。所以为了收益最大化，一般都要加大量杠杆。 在金融世界，往往风险=回报。加了杠杆，理论上能赚多少，理论上也可能亏多少。
FRP
CIRP&UIRP同时成立
F是未来预期S的无偏估计
购买力平价PPP
Absolute PPP
S(a/b) = P(a)/P(b)
Relative PPP
Ex-post PPP
Delta(S(a/b)) = Inflation(a) - Inflation(b)
Ex-ante PPP
Expected Delta(S(a/b)) = Expected Inflation(a) - Expected Inflation(b)
例题
According to the relative version of purchasing power parity (PPP) and based on the spot rate bid quote in Exhibit 1, the one-year forward exchange rate for the Canadian dollar per US dollar is closest to: A. C$1.2187. B. C$1.2053. C. C$1.2089
Solution C C is correct. The relative version of PPP states that the percentage change in the spot exchange rate will be completely determined by the difference between the foreign and domestic inflationrates. In this case, the difference in the inflation rates is 1.90% – 2.30% = –0.4%. Subtracting 0.4% from the current bid gives the answer 1.2089: 1.2138 – (0.004 × 1.2138) = 1.2089. A is incorrect. It reverses the inflation rate factor: 1.2138 + (0.004 × 1.2138) = 1.2187. B is incorrect. It incorrectly uses the difference in interest rates: 1.2138 + (−0.007 × 1.2138) = 1.2053.
Absolute PPP
S(f/d) = P(f) / P(d)
Relative PPP
事前
Expected Delta(S(f/d)) = Expected pi(f) - Expected pi(d)
事后
Delta(S(f/d)) = pi(f) - pi(d)
注意这里是relative，所以只要知道通胀变化的差，就是汇率变化的百分比
例题
The discussion then moves to the determination of the equilibrium value of exchange rates and Lopez states, "there are a number of international parity conditions that jointly determine long-run movements in exchange rates. One of the parity conditions, purchasing power parity (PPP), can be used to assess the long run equilibrium value of nominal exchange rates. In particular, one version of PPP states that the percentage change in the spot exchange rate is determined entirely by differences between foreign and domestic inflation rates. In her statement about PPP, Lopez is most likely referring to the: A.absolute version of PPP. B.relative version of PPP. C.ex ante version of PPP.
Solution B A.Incorrect. The correct answer is the relative version of PPP. "The absolute version of PPP asserts that the equilibrium exchange rate between two countries is determined entirely by the ratio of their national price levels." B.Correct. "According to the relative version of PPP, the percentage change in the spot exchange rate (%ΔSf/d) will be completely determined by the difference between foreign and domestic inflation rates (Πf -Πd)..." C.Incorrect. "The ex ante version of PPP asserts that the expected changes in the spot exchange rate are entirely driven by expected differences in national inflation rates. Ex ante PPP tells us that countries that are expected to run persistently high inflation rates should expect to see their currencies depreciate over time, while countries that are expected to run relatively low inflation rates on a sustainable basis should expect to see their currencies appreciate over time."
Absolute是直接f/d的变化后的结果 Relative是看f/d的百分比变化，如果有说预期的，就是事前 这题题目没特别说预期，所以不选C，选B更合适。
International Fisher effect
Fisher effect
i(a) - i(b) = (r(a) - r(b)) + (expected inflation(a) - expected inflation(b))
UIRP & Ex-ante PPP 同时成立，RIRP成立
RIRP成立，International Fisher effect成立
例题
Country A is a developed economy with a floating exchange rate and high capital mobility. Berger assumes that the Fisher effect and the international Fisher effect both hold between Country A and Country B. She considers the implications this might have for other parity conditions. Given Berger’s assumptions about Country A and Country B, which of the following parity A conditions must hold? A. Forward rate parity B. Real interest rate parity C. Covered interest rate parity
B is correct A. Incorrect because according to forward rate parity, the forward exchange rate will be an unbiased predictor of the future exchange rate. The Fisher equation in combination with the international Fisher effect only deal with interest rates and inflation expectations. The effects are silent concerning forward rates. Hence it cannot be concluded that forward rate parity must be valid if the Fisher equation and the international Fisher effect are valid. B. Correct because if both the Fisher equation and the international Fisher effect are valid, it also follows that real interest rate parity must hold. The Fisher equation states that the nominal interest rate can be written as the sum of the real interest rate plus the expected inflation rate: i = r + πe. This holds both at home and abroad: id = rd + πde and if = rf + πfe. It follows that if – id = rf – rd + (πfe - πde) or rf – rd = if – id – (πfe – πde) According to the international Fisher effect, the foreign-domestic nominal yield spread is determined solely by the foreign-domestic expected inflation differential: if - id = πfe - πde. Substituting this expression into the previous equation, it follows that rf – rd = 0. This is real interest rate parity. Based on the Fisher equation, the difference in nominal interest rates can only be explained fully by the difference in expected inflation (the international Fisher effect) if real interest rates are identical in the two countries (real interest rate parity). C. Incorrect because covered interest rate parity is an arbitrage relationship between nominal interest rates, spot exchange rates and forward exchange rates. The Fisher equation in combination with the international Fisher effect only deal with interest rates and inflation expectations. They are silent concerning spot exchange rates and forward exchange rates. Hence it cannot be concluded that forward rate parity must be valid if the Fisher equation and the international Fisher effect are valid.
国际费雪方程式，是把2个国家的real rate抵消了，得到名义理论之差等于通胀之差的这个结论，这个假设，即实际理论相等，就是real interest rate parity
FW rate parity说的是FW和未来预期一致
Covered interest rate parity说的是nominal interest rates, spot exchange rates and forward exchange rates这3个的转换无套利。
例题
Phan discusses the foreign exchange markets with a colleague and describes a parity condition in which the domestic/foreign nominal yield spread is equal to the expected inflation differential between the two countries. She notes that this parity condition assumes that real interest rates are the same in the two countries. The parity condition that Phan describes to her colleague is best described as: A. covered interest rate parity B. the international Fisher effect C. ex-ante purchasing power parity
正确答案：B A.Incorrect because covered interest rate parity occurs when nominal interest rate spreads equal the percentage forward premium (or discount). B.Correct because the international Fisher effect occurs when the nominal yield spread between domestic and foreign markets equals the domestic–foreign expected inflation differential. This assumes that real interest rates are broadly the same across all markets (real interest rate parity). If real interest rates are equal across markets, then it also follows that the foreign–domestic nominal yield spread is determined solely by the foreign–domestic expected inflation differential. This is known as the international Fischer effect. C.Incorrect because the ex-ante purchasing power parity occurs when the expected change in the spot exchange rate should equal the expected difference between domestic and foreign inflation rates. Further, the ex ante version of PPP asserts that the expected changes in the spot exchange rate are entirely driven by expected differences in national inflation rates.
Covered: F/S = (1+RA) / (1+RB) = RA - RB
Fisher: RA(nom) - RB(nom) = Inflation(A) - Inflation(B)
Ex-ante: E(S1) / S0 = Inflation(A) - Inflation(B)
FX and BOP
BOP
长期，看trade flow
经常账户持续赤字，本币贬值
中短期，看capital flow
资本流入，本币升值
Current account
The flow supply/demand channel
The portfolio balance channel
The debt sustainability channel
Capital account
资本流入，本币升值
过量资本流入的问题
FX and Monetary/Fiscal poliocy
Mundell-Fleming model
短期，货币&财政政策
不考虑inflation
Capital mobility
高资本流动，看利率变化
低资本流动，看进口变化
资本流通
看利率
宽币
降息
贬值
宽财
借钱，利率上升
升值
例题
Country A's currency has recently weakened. Berger evaluates measures that Country A's policymakers could implement to stop the currency decline. She uses the Mundell-Fleming model to determine the appropriate mix of fiscal and monetary policies. Based on the Mundell-Fleming model, to counteract the recent trend in its currency, Country A should implement: A. a restrictive fiscal policy and a restrictive monetary policy. B. a restrictive fiscal policy and an expansionary monetary policy. C. an expansionary fiscal policy and a restrictive monetary policy.
C is correct A. Incorrect because restrictive fiscal policy leads to lower interest rates, while restrictive monetary policy leads to higher interest rates in the Mundell-Fleming model with high capital mobility. As a consequence, the combined effect of these two policies on interest rates is unclear and definitely not as strong as the effect of expansionary fiscal and restrictive monetary policy. As a consequence, the effect on the exchange rate is also unclear. This would be the appropriate policy mix for the case of low capital mobility. B. Incorrect because the combination of restrictive fiscal policy and expansionary monetary policy leads to lower, not higher interest rates in the Mundell-Fleming model with high capital mobility. As a consequence, the currency of Country A will weaken further. C. Correct because the Mundell-Fleming model is based on the idea that fiscal and monetary policy affect interest rates, which in turn have an effect on global capital flows in the case where capital mobility is high. Both restrictive monetary policy and expansionary fiscal policy exert upward pressure on interest rates. This policy mix therefore also leads to a strengthening of the domestic currency. In a country with high capital mobility, an expansionary fiscal policy (which requires that larger budget deficits must be financed) and a restrictive monetary policy will both lead to an increase in domestic interest rates. This will induce capital to flow from lower-yielding markets, putting upward pressure on the domestic currency.
高流动的核心是，钱多了就贬值。
资本不流通
看进口
宽货
拉内需，进口增加，经常账户恶化
贬值
宽财
拉内需，进口增加，经常账户恶化
贬值
Monetary approach
Pure monetary model
假设PPP成立
扩张货币政策 -> 通胀上升 -> 本币贬值
Dornbusch overshooting model
Portfolio balance approach
扩张财政政策
短期，本币升值
长期，本币贬值
FX Management and currency crisis
政府干预和资本管控
Warning signs of a currency crisis
free flow of capital
short-term funding
banking crises
fixed or partially fixed exchange rates
Foreign exchange reservse decline
Currency rise substantially
Export to import ratio deteriorates
Broad money growth
Higher inflation
Higher exchange rate
例题
Phan analyzes Country A. She is concerned that Country A could face a currency crisis if economic growth slows. The government of Country A has liberalized its capital markets and its domestic banks have seen foreign investor deposits increase. Phan makes the following observations with respect to the economic conditions of Country A: Observation 1: The exports to imports ratio has increased Observation 2: The M2 (a measure of money supply) to bank reserves ratio has increased Observation 3: The foreign exchange reserves balance has increased Which of Phan's observations is most consistent with an early warning sign of a currency crisis for Country A? A. Observation 1 B. Observation 2 C. Observation 3
正确答案：B A.Incorrect because the ratio of exports to imports (i.e., "the terms of trade") tends to decrease, not increase, prior to a currency crisis. B.Correct because the M2 to bank reserves ratio tends to increase prior to a currency crisis. Broad money growth and the ratio of M2 (a measure of money supply) to bank reserves tend to rise prior to a crisis. C.Incorrect because the foreign exchange reserves balance tends to decrease, not increase, prior to a currency crisis. Foreign exchange reserves tend to decline precipitously as a crisis approaches.
1和3都是好事 2的货币供应量增加没问题，但是题目说目前经济增长放缓，所以市场上的钱变多了，但是总产出跟不上，会引起货币危机
M2: Economic Growth
Importance to Investors
经济增长因素
经济增长与投资
股票市场
固定收益市场
例题
Tian compares the economic attributes of countries A and B, both located in Europe. He finds that Country A has a much higher per capita GDP than does Country B. Also, Country A has a very high capital-to-labor ratio. However, GDP growth is much faster in Country B relative to Country A. Relative to Country B, Country A would most likely achieve the greatest increase in its per capita GDP by: A. attracting foreign capital investment B. investing in technological development C. developing financial markets and intermediaries
正确答案：B 解题的关键是从题目中推断出，A是发达国家，B是发展中国家。然后就好选了。
例题
Hollingsworth presents the long-term relative performance of Countries C and D, shown in Exhibit 3. Although both countries had below-average levels of per capita GDP 50 years ago, over time, the per capita GDP growth rate of Country C has risen rapidly and for nearly 20 years has been well above average. The growth rate for Country D, however, has risen more slowly. Today, Country C ranks among the advanced economies whereas Country D remains a developing nation. Country D's current economic status can best be explained by past government policies that encouraged: A. domestic substitutes. B. foreign investment. C. free trade.
A is correct A.Correct. Policies that encourage the production of domestic substitutes are inward oriented, attempting to develop domestic industries by restricting imports, despite the fact that it may be more costly to do so. As a result, the country would not benefit from the positive effects of integrating domestic industries with the global economy and benefiting from trade and foreign investment. B.Incorrect. Foreign investment will potentially increase the developing economy's physical capital stock, leading to higher productivity, employment and wages, and possibly increased domestic savings. C.Incorrect. Encouraging free trade is an outward-oriented policy. This policy attempts to integrate domestic industries with the global economy through trade and make exports a key driver of growth.
domestic substitutes说的是限制进口，鼓励国内生成代替进口，有点地方包含，会让国家错过全球一体化。
例题
Exhibit 1: Sector: Year 0; Year 1; Year 2 Fossil fuels: 462; 446; 426 Hydropower: 186; 231; 273 Other renewables: 97; 120; 154 Total: 745; 797; 853 The second initiative by Genovia is to reduce pollution and promote renewable electricity generation. Two years ago, the government implemented taxes on fossil fuels and subsidies on hydropower and other renewables. Stephenson reviews the changes in sources of electricity production since the policies were introduced, shown in Exhibit 1. Based on Exhibit 1, which government policy has been most effective in helping Genovia achieve its second initiative? A. Tax on fossil fuels B. Subsidy on hydropower C. Subsidy on other renewables
C is correct. At the end of Year 2, the compound annual growth rate (CAGR) for each sector is calculated as follows: (Year 2/Year 0)^0.5 – 1. Fossil fuels: (426/462)^0.5 – 1 = –4% Hydropower: (273/186)^0.5 – 1 = 21% Other renewables: (154/97)^0.5 – 1 = 26% 【PS】注意，所有change都应该看百分比的变化，而不是绝对值的变化。
Determinants of Economic Growth
Production function
Cobb-Douglas
Y=A*K^a*L^(1-a)
性质
Constant returns to scale
Diminishing marginal productivity
例题
Country C is in Central Asia and has the following attributes: Its elasticity of output to capital is 0.2, its annual growth in capital is 2%, and its annual growth in labor is 3%. The annual rate of technological change for Country C is estimated at 2%. Tian forecasts the potential GDP growth for Country C using this information. Based on the growth accounting equation, the potential GDP growth of Country C is closest to: A. 2.8% B. 4.8% C. 5.4%
B is correct. Because it accounts for labor and capital and their respective elasticities to output. In addition it also includes the total factor productivity in the calculation. The growth accounting equation is as follows: ΔY/Y=ΔA/A+αΔK/K+(1−α)ΔL/L where ΔY/Y is the growth rate of output ΔA/Ais the rate of technological change(or total factor productivity) α is the elasticity of output to capital (1−α) is the elasticity of output to labour ΔK/K is the growth rate of capital ΔL/L is the growth rate of labour Potential GDP growth=(0.2×2) + (0.8×3) + 2 = 0.4 + 2.4 + 2 = 4.8%.
例题
Mahlangu first calculates the growth rate of output for Country A using the Solow growth accounting equation based on the information in Exhibit 1. The growth rate of output for Country A using the Solow growth accounting equation is closest to: A. 3.7% B. 4.4% C. 4.9%
A is correct A.Correct because the growth rate of output is calculated using the growth accounting equation as follows: ΔY/Y = ΔA/A + αΔK/K + (1 − α)ΔL/L Where: ΔY/Y = growth rate of output ΔA/A = rate of technological change (growth rate of total factor productivity) α= elasticity of output with respect to capital (share of capital in GDP) ΔK/K = growth rate of capital (1 − α) = elasticity of output with respect to labor (share of labor in GDP) ΔL/L = growth rate of labor = –1.2% + (0.622 × 3.9%) + [(1 – 0.622) × 6.6%] = –1.2% + 2.4258% + (0.378× 6.6%) =–1.2% + 2.4258%+ 2.4948% = 3.7206% = 3.7%
计算，务必熟练掌握。当我们说增长率的时候，是加法。这个时候alpha是capital in GDP，所以是-1.2+6.6*(1-0.622)+3.9*0.622=3.7206%
例题
Two CFA level II candidates are discussing the properties of the Cobb-Douglas Production Function. Candidate A suggests that one of the most important properties is that the function exhibits constant returns to scale. Candidate B suggests that the function exhibits diminishing marginal productivity, which means the marginal product will decline as the individual input adds into the production, holding the other inputs unchanged. Which of the following is correct? A. Only Candidate A is correct. B. Only Candidate B is correct. C. Both of the candidates are correct.
C is correct. 对CD生产函数(Y = T * K^a * L^(1-a))，如果K和L一起同比例变化，那么Y也会同比例变化，所以函数有规模报酬不变的特性。如果其他参数不变，某个变量变化，也会有边际回报递减的特性。所以两句话都是对的，选C。 【拓展】Cobb-Douglas生产函数常见特性：1. marginal product, diminishing returns; 2. cross partials; 3. returns to scale; 4. factor shares. Ref: https://users.wfu.edu/cottrell/ecn207/cobb-douglas.pdf
Labor productivity
y=A*k^a
例题
UK’s population and growth rate of labor input have been steadily declining. The country has recently relaxed its immigration policies to increase labor participation rate. The labor input and total factor productivity data for UK is given below. Suzy makes the forecast of the economic growth through growth accounting equation and endogenous growth model Growth in labor productivity (in %): 0.3 Growth in TFP (in %): -0.8 Growth due to capital deepening (in %): 1.1 Growth in GDP (in %): -0.1 Assume UK's labor growth is 1 percent for the period 2013-2023. Using the data given above and the labor productivity growth accounting equation, the estimated growth rate in potential GDP is closest to: A. -0.1 percent. B. 0.3 percent. C. 1.3 percent.
C is correct Growth rate in potential GDP = growth rate of labor force + growth rate in labor productivity = 1% + 0.3% = 1.3%.
潜在GDP以人为本
Growth in labor productivity = growth in TFP + growth due to capital deepening
进一步深挖细化生产力提高的原因
Capital deepening vs technological progress
Capital deepening
例题
After estimating economic growth for the three countries in Exhibit 1, Newhart examines the degree to which the economic growth is expected to translate into equity returns. In which country has capital deepening contributed most to economic growth? A. Country A B. Country B C. Country C
B is correct A. Incorrect because the contribution of capital deepening for Country A is not the highest, as shown in the response rationale for the correct answer. B. Correct because the contribution of capital deepening as a source of growth is obtained by subtracting the growth of total factor productivity from overall labor productivity growth. The contribution of capital deepening can be measured as the difference between the growth rates of labor productivity and total factor productivity. For the three countries in Exhibit 1, these figures are as follows: Country A: 1.8% – 1.5% = 0.3% Country B: 2.3% – 0.1% = 2.2% Country C: 2.5% – 1.0% = 1.5% The highest amount is for Country B, so B is the correct answer. C. Incorrect because the contribution of capital deepening for Country C is not the highest, as shown in the response rationale for the correct answer.
Growth rate of labor productivity = Capital deepening + Total factor productivity
例题
John Simon, CFA, is responsible for managing portfolios in an investment firm. After analyzing macroeconomic data from three countries as stated below, John can conclude that capital deepening, as a source of growth, is most important for which: A. Country X. B. Country Y. C. Country Z.
A is correct 资本深化对人均 GDP(y)增长的贡献(as a source ofgrowth)，即是axAkk。通过劳动力生产率的增长率减去全要素生产率增长率可以得到各国人均资本增长的情况。国家X、Y、Z的人均资本增长率为1.9%(2.6%-0.7%=1.9%)，0.5%(1.5%-1.0%=0.5%)，0.6%(0.8%-0.2%=0.6%)。国家x的人均资本的增长对于人均 GDP 的贡献最大，表示资本深化的部分贡献最多，因此选项A为正确选项。
Growth in labor productivity = Growth in TFP + Growth in Capical deepening
Growth accounting
Solow's growth accounting equation
Delta(Y)/Y = Delta(A)/A + a*Delta(K)/ + (1-a)*Delta(L)/L
例题
On completion of the agenda items relating to the foreign exchange markets, Hollingsworth and his team move on to the economic growth projections for two of the countries in which Drawbridge is considering making new investments are presented in Exhibit 2. Hollingsworth prefers the Solow growth accounting equation to calculate potential GDP growth rather than the more simplistic labor productivity growth accounting equation. Based on the data in Exhibit 2, the GDP growth rate in Country A using Hollingsworth's preferred method of calculation is closest to: A. 2.74%. B. 2.94% C. 2.86%.
A.Correct. Hollingsworth's preferred method of calculating the GDP growth rate is the Solow growth accounting equation, and the rate is calculated as follows:ΔY/Y = ΔA/A + α(ΔK/K) + (1 – α)(ΔL/L)where ΔY/Y = Growth in gross domestic product, GDP ΔA/A = Growth in total factor productivity = 1/5% ΔK/K = Growth rate of capital = 3.2% ΔL/L = Growth rate of labor = 0.4% α = Output elasticity of capital = 0.3 1 – α = Output elasticity of labor = 0.7 Thus, ΔY/Y = 1.5 + (0.3 × 3.2) + (0.7 × 0.4) = 1.5 + 0.96 + 0.28 = 2.74
Solow的公式很重要，要牢牢记住！ ΔY/Y = ΔA/A + α(ΔK/K) + (1 – α)(ΔL/L)
Labor productivity growth accounting equation
Delta(Y)/Y = Delta(y)/y + Delta(L)/L
Extending the production function
Theories of Growth
Classical growth theory
重要假设：收入增长导致人口加速增长
短期可实现高人均收入增长，但人均收入水平最终回落到维持生存所需水平
人均收入在长期没有增长
Neoclassical growth theory
Steady-state rate of growth
Y/K为常数
Delta(y)/y = Delta(k)/k
人均产出稳态增长率
g* = theta / (1-a)
总产出稳态增长率
G* = theta / (1-a) + n
Implications of the model
储蓄率，劳动力增长，TFP增长的影响
技术水平是外生变量（储蓄和投资不影响技术发展）
储蓄和投资不影响长期人均收入增长率
短期较高成较低的人物收入增长率在长期最终要回到稳态增长率
例题
Tremblay provides two justifications for adding Brazilian stocks rather than Ecuadoran stocks to her portfolio. She believes: Brazil is sufficiently developed to be considered part of the group of developed nations, but Ecuador is not. Investing in countries with lower per capita incomes that are members of the developed nations group should, over long periods of time, provide a higher rate of return than investing in countries with higher per capita income. Tremblay's justifications for preferring Brazilian stocks to Ecuadoran stocks are most consistent with which economic growth model? A. Neoclassical B. Endogenous C. Classical
Solution A A is correct. Tremblay's first justification describes "club convergence." Her second justification describes a second source of convergence—imitating or adopting technology already widely used in the advanced countries. Convergence is consistent with the neoclassical growth model.
这里要注意2个点，一个是题到了group，所以是club convergence。然后，club convergence是neoclassicial
Endogenous growth theory
Higher saving rate, permanently higher growth rate
技术水平是内生变量（储蓄和投资会影响技术发展）
高储蓄 -> 高投资 -> 技术进步 -> 永久更高人均收入增长率
无法解释converge
例题
Which of the following is not true according to endogenous growth model? A. The economy does not converge to a steady-state rate of growth. B. Increasing capital will result in diminishing marginal returns. C. Spending on R&D has positive externalities that benefit the whole economy.
B is correct Unlike neoclassical model, which assumes diminishing marginal returns to capital, the endogenous growth models assume investment in capital can have constant returns. Thus, increasing the saving rate can permanently increase the rate of economic growth.
内生不觉得会趋同，A是对的。 B是新古典，不是内生。 内生强调R&D带来影响，C是对的。
考试喜欢考新古典和内生区别。见到converge, steady, dimishing marginal return都是新古典。
例题
A new government policy will subsidize private sector research and development (R & D) spending in Country D. Newhart considers the potential outcomes from this new government policy. Outcome 1: No change to real GDP growth Outcome 2: A temporary boost to real GDP growth followed by a reversion to the current growth rate Outcome 3: A permanent increase in the real GDP growth rate from higher social returns to capital Based on the endogenous growth theory, the new government policy on R & D spending in C ountry D will most likely result in: A. Outcome 1. B. Outcome 2. C. Outcome 3.
C is correct A is incorrect because the Outcome 1 would not be the outcome of the policy under endogenous growth theory. Increasing R & D spending would lead to a permanent increase in growth. B is incorrect because Outcome 3 is achieved by the policy. Endogenous growth theory leads to a conclusion that increased capital investment can lead to permanent increases in growth rates, rather than only short-term increases above the steady state. A temporary boost would suggest that the effect lasts only in the short-term but not the long term. The idea of boosting short-term growth rates is consistent with neoclassical growth theory, not with endogenous growth theory. C is correct. Endogenous growth theory suggests returns to capital may be constant (or even increasing), as opposed to neoclassical theory according to which returns to capital decrease. However, under endogenous growth theory, returns to capital still diminish with additional investment at the level of the individual firm. It is only on the level of the whole economy (hence social returns to capital), as other firms benefit from externalities arising from the increased investment, that benefits accrue. Externalities are particularly relevant for investment spending on areas such as R & D and knowledge capital. Thus there is, under endogenous growth theory, an argument for providing tax breaks for R & D investment. Hence Outcome 3 would be achieved by the policy.
内生觉得只要科技进步，就可以一直增长
Convergence hyphotheses
Absolute convergence
无论国家条件如何，发展中国家人均收入水平最终会赶上发达国家
Conditional convergence
如果人口增长率，储蓄率，生产函数
例题
Tian analyzes two low-income countries in Africa with differing levels of per capita output, Country D and Country E. He believes that Country D will eventually catch up with Country E in terms of its per capita output as a result of the countries having the same saving rate, population growth rate, and production function. With respect to countries D and E, which type of convergence is Tian most likely referring to? A. Club convergence B. Absolute convergence C. Conditional convergence
正确答案：C A.Incorrect because club convergence restricts the concept of convergence to a select group of rich and middle income countries. Countries D and E do not belong to the club of rich and middle income countries of the world. Hence, club convergence is not the most appropriate response. B.Incorrect because absolute convergence means that convergence between developing and developed countries is a given, regardless of their particular characteristics. In this case, Tian believes that Countries D and E will eventually converge because of similarity in some of their characteristics. C.Correct because conditional convergence means that convergence is conditional on the countries having the same saving rate, population growth rate and production function, which is the very basis for Tian to believe that Countries D and E will eventually converge.
有各种条件就是conditional
如果是club，找关键词"change"
Club convergence
只有俱乐部内部的国家才能实现追赶发展中国家。必须执行制度改革才能加入俱乐部。
Neoclassicial支持convergency
Endogenous不支持convergency
Growth in an open economy
例题
Country A reaches a steady state of economic growth, which cf the following statements is least likely correct under the Neoclassical model if the saving rate increased? A. An increase in capital-to-labor ratio under steady-state equilibrium. B. An increase in growth rates of output per worker. C. An increase in output per worker under steady-state equilibrium
B is correct 根据新古典增长模型的相关结论，如果提高了国家 A 储蓄水平，会使得稳态下的人均资本 和人均产出水平提高，因此选I页 A 和选项 C的描述正确，不符合题意，为错误选项。 而国家 A 的稳态经济增长率不发生变化，因此选项 B的描述错误，符合题意，为正确选项。
尽量理解
M3: Economics of Regulation
Economic Rationale for Regulation
原因
类型
Financial Markets
Commerce
Antitrust regulation
Regulators and Regulatory Tools
Classification of regulations
Classification of regulators
Legislative bodies
Courts
Government-backed regulatory bodies
Governmental departments and agencies
例题
Cate Stephenson is an analyst in the economics research division of an international securities firm. She is conducting research on the regulatory environment in certain European countries. Stephenson begins with an analysis of a hypothetical country, Genovia. Genovia has recently introduced a new accounting statute. In Genovia, there is an independent regulator— "Le regulateur". Le regulateur is not a self-regulating organization (SRO). There is also an SR 一 "L' organisation". L' organisation is not an independent regulator In her research report, Stephenson makes the following statements: Statement 1 Le regulateur has been given legal authority by the government to enforce the new statute. Statement 2 L' organisation issues administrative regulations related to the new statute using government funding. Which of Stephenson’s statements regarding Le regulateur and L' organisation is correct? A. Only Statement 1 is correct. B. Only Statement 2 is correct. C. Both Statement 1 and Statement 2 are correct.
A is correct. LR是独立监管者，有政府权力可以执行新的会计政策，1是对的。LO是独立监管协会，不能发布新的法律法规，所以2是错的。所以选A。
【PS1】一般independent regulator可以套用证监会， self-regulating organization可以套用证券协会，来做判断。
【PS2】regulator一般有1. government agencies; 2. independent regulators; 3. outside bodies。其中independent regulators又分为2.1. SROs; 2.2. Non-SROs。
【PS3】SROs有recognition and authority，并且funded independently。但是不是所有SROs都是独立监管者independent regulator，也不是independent regulator都是SROs。
【PS4】outside bodies以SB为主，比如FASB，IASB。
【PS4 Pro】【可能超纲】regulations分为laws, rules, interpretations。其中laws由legislative bodies制定（enact），rules由goverment agencies发布（issue），interpretations由法院决定。
例题
Suarez proposes having the legislature empower a new agency, the Water Regulatory Board (WRB), to deal with this conflict. The WRB would be funded by the government and would have seven members (three members representing the farmers, three members representing the manufacturers, and one appointed by the government). The WRB will determine the appropriate price and volume of water, with the agency’s decisions being legally binding. The WRB, as initially proposed by Suarez, is best described as a(n): A. independent regulator. B. self-regulating organization. C. regulator created by statute.
答案：C 解析：C is correct. As initially proposed by Suarez, the WRB is to be created through the legislature, making it exist by statute. The agency is to be government funded and has one member appointed by the government. The funding makes the agency non-independent, and the existence of the government-appointed member makes the agency not a self-regulating organization. A is incorrect because the government funding makes the agency non-independent. B is incorrect because the existence of a government-appointed member makes the agency not self-regulating.
给钱就不是independent
派人就不是self-regulating
Independent regulator
有执法权
不依靠政府财政支持
监管跨行业
Industry self-regulatory bodies
没执法权
self-regulating organization
有执法权
不依靠政府财政支持
行业聚焦
Regulatory interdependency
Regulatory capture
腐败
例题
Antoli asks Suarez why the seventh member of the WRB would be a government appointee, and Suarez responds: "The government-appointed member would prevent preferential treatment to either of the regulated groups. To prevent preferential treatment from developing over time, the government-appointed member will have only a three-year term and cannot serve consecutive terms." Suarez's justification for the seventh member of the WRB is best described as preventing regulatory: A. capture. B. arbitrage. C. competition.
答案：A 解析：A is correct. The purpose of the government-appointed member is to prevent a majority for either the farmers or the manufacturers within the regulatory agency. Further, the limit to the service of the government-appointed member prevents preferential treatment to the regulated entities that could develop over time. Both constructs are to prevent “regulatory capture,” which is preferential treatment toward one or both of the regulated groups. B is incorrect because regulatory arbitrage occurs when a regulated entity uses different regulatory environments to its economic advantage. C is incorrect because regulatory competition occurs when regulatory agencies compete to attract certain “regulated” entities by creating a desirable regulatory environment for a given entity.
regulatory capture: 腐败
regulatory arbitrage: 钻空子
regulatory competition: 政策扶持
Regulatory competition
优惠政策
例题
Stephenson reads a report titled "International Trade：which has three sections about Gmnovia' s policies and regulations. The first section of the report discusses policies that legislators may implement to accomplish Genovia's objective of promoting free trade on industrial goods. The second section of the report covers corporate domicile. Stephenson learns that regulators in Genovia recently amended regulations to encourage foreign businesses to move their corporate domicile to Genovia By amending regulations to encourage foreign businesses to change their corporate domicile, regulators are engaging in regulatory: A. capture. B. arbitrage. C. competition.
C is correct. Regulatory competition describes actions by regulators to encourage behaviorsRegulators may compete to provide a regulatory environment designed to attract certain entities(regulatory competition),By amending regulations, Genovia's regulators seek to encourageforeign companies to change their corporate domicile.
送分题
Regulatory arbitrage
避税天堂
Regulatory tools
Price mechanisms
Restrict some activities
Mandate some activities
Provide public goods
例题
Suarez begins a discussion on the ownership interests in the dams. He proposes that the government, through the WRB, purchase the dams at a fair market price and then maintain them to benefit all. The WRB would then set the price of water and guarantee a minimum level to downstream consumers. Suarez's proposal for the ownership of the dams is best classified as which of the following regulatory tools? A. Regulated monopoly B. Provision of public goods C. Public financing of private projects
答案：B 解析：B is correct. Because the dams are purchased and then maintained by the government, the dams become a public good that is being made available to provide for a minimum guaranteed amount of water to downstream consumers. A is incorrect because the dams will not be owned by one private entity (i.e., a monopoly) and then regulated. C is incorrect because the dams become a public good, not a private one.
一般政府不说自己是垄断，所以在工具里，压根就没这个工具。A是干扰项。
Finance private projects
Bail-in & Bailout
例题
When assessing the business environment of Mexico. Trump notices that a large bank recently fled for bankruptcy protection. The banking regulator in Mexico quickly restructured the bank with a plan that would divest shareholders of 100% of their shares, cancel 90% of subordinated claims and 10% of senior claims. and leave the bank with enough assets to protect all depositors. The banking regulator's actions regarding the large Mexican bank are best described as a: A. bail-in. B. bailout. C. price mechanism
A is correct. A bail-in tool is seen as improving the toolkit for dealing with the failure of large, globally systemic banks. Bail-in involves shareholders of a failing institution being divested of their shares and creditors of the institution having their claims canceled or reduced to the extent necessary to restore the institution to financial viability. Bail-in policies are intended to ensure that shareholders and creditors of the failed institution, rather than taxpayers, pay the costs of the failure.
Bail-in是股东承担风险
Bailout是政府给银行帮助
例题
Mahlangu notes that Country A has recently introduced regulatory bail-in tools aimed at mitigating systemic risk in the financial system in Country A. He considers what would be the motivation for introducing these regulations. The regulatory tools recently introduced in Country A are most likely intended to ensure that: A. shareholders and creditors pay the costs of the failure of a financial institution B. there is an orderly liquidation in the event of the failure of a financial institution C. the government can provide capital to prevent the failure of a financial institution
A is correct Because a bail-in tool is seen as improving the toolkit for dealing with the failure of large, globally systemic banks. Bail-in involves shareholders of a failing institution being divested of their shares and creditors of the institution having their claims canceled or reduced to the extent necessary to restore the institution to financial viability. Bail-in policies are intended to ensure that shareholders and creditors of the failed institution, rather than taxpayers, pay the costs of the failure.
熟练理解Bail-in和out的工具的含义 Bail-in自救 Bail-out外部救助
B完全说错了，不管Bail-in还是Bail-out都是为了让银行继续运营，而不是为了清偿
C说的是bail-out
Analysis of Regulation
Cost-benefit analysis
Regulatory burden
Net regulation burden
Analysis of regulation
特别提醒
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的是重要知识点，颜色越深越重要
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