问答题 假设一个对国际资本流动开放的经济实行爬行钉住汇率制,货币每年贬值10/%,那么国内名义利率和外国名义利率的关系如何?如果爬行钉住汇率不是完全可信的,会发生什么情况?
   Suppose an economy open to international capital movements has a crawling peg exchange rate under which its currency is continuously devalued at a rate of 10 percent per year.How would the domestic nominal interest rate be related to the foreign nominal interest rate? What if the crawling peg is not fully credible?
【正确答案】如果货币每年贬值10/%,则对于实行爬行钉住汇率制的国家而言,根据利率平价,预期货币贬值率必须等于两国的利差,所以该国的名义利率会超过国外利率10/%。
   如果爬行钉住汇率不是完全可信的,则由于大幅贬值会使得预期的贬值幅度大于官方宣布的10/%,所以,两国的利差会大于10/%。
【答案解析】