CFA考試中的經(jīng)濟(jì)知識(shí)點(diǎn)也是很多，雖說是備考3個(gè)模塊的知識(shí)，但是還是要掌握所有的知識(shí)點(diǎn)的，那在備考中經(jīng)常性賬戶與資本流是不是掌握了？一起做一下這個(gè)知識(shí)點(diǎn)的考試題！

Because of a sharp decline in real estate values, the household sector has increased the fraction of disposable income that it saves. If output and investment spending remain unchanged, which of the following is most likely correct?

A A decrease in the government deficit.

B A decrease in net exports and increased capital inflow.

C An increase in net exports and increased capital outflow.


答案：

C is correct. The fundamental relationship among saving, investment, the fiscal balance, and the trade balance is S=I+（G-T）+（X-M）。 Given the levels of output and investment spending, an increase in saving （reduction in consumption）must be offset by either an increase in the fiscal deficit is not one of the choices, so an increase in net exports and corresponding increase in net capital outflows （increased lending to foreigners and/or increased purchases of assets from foreigners） is the correct response.

這題需要運(yùn)用S=I+（G-T）+（X-M）這個(gè)公式。題中說到房地產(chǎn)的價(jià)值下降從而增加儲(chǔ)蓄。當(dāng)投資（I）不變，根據(jù)該公式我們可以知道儲(chǔ)蓄（S）增加時(shí)財(cái)政赤字（G-T）和凈出口（X-M）會(huì)增加。A選項(xiàng)政府赤字下降顯然是錯(cuò)誤的，B選項(xiàng)的凈出口下降也是錯(cuò)誤的，因此選擇C。

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