问题详情

美国的外汇干预有时由平准基金或ESF(Exchange Stabilization Fund，即负责美国国内公债和外币债券资产组合事务的财政部的分支机构)来执行的。例如，ESF可以通过把美元资产转换成日元资产来支持日元。请说明ESF的干预是如何自动被冲销而无法改变货币供给的。ESF的操作又是如何影响外汇风险升水的呢？
United States foreign exchange intervention is sometimes done by an Exchange Stabilization Fund or ESF(a branch of the Treasury Department)that manages a portfolio of U.S. government and foreign currency bonds．An ESF intervention to support the yen，for example，would take the form of a portfolio shift out of dollar and into yen assets．Show that ESF interventions are automatically sterilized and thus do not alter money supplies．How do ESF operations affect the foreign exchange risk premium？