外交人員考試三等考試-外交領事人員類科英文組二國際經濟(以英文命題及作答)113 年第 4 題單選題
If covered interest parity holds, then _____.
Afirms should be able to identify opportunities for arbitrage in investments
Bthe difference between two countries' interest rates should roughly equal the forward discount or premium between their currencies正確答案
Cinternational interest rates should be equal
Dforward rates should equal spot rates
B正確答案
拋補利率平價 (CIP)：兩國利差 ≈ 遠期匯率的貼水或升水，套利空間會被抹平。
逐選項解析
Afirms should be able to identify opportunities for arbitrage in investments✕ 易錯陷阱
CIP 成立代表套利機會「已被消除」，而不是還能找到套利機會。若能持續套利，表示 CIP 不成立。方向完全相反。
Bthe difference between two countries' interest rates should roughly equal the forward discount or premium between their currencies✓ 正確
Cinternational interest rates should be equal✕ 易錯陷阱
CIP 並不要求各國利率相等，而是允許利差存在，只是該利差會被遠期匯率的升貼水所抵銷。利率相等是過於強烈、不符實務的誤述。
Dforward rates should equal spot rates✕ 錯誤
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