To add to Alex's answer: although when you omit the locals/globals arguments they default to the locals and globals of the caller, this only a convenience hack; it does not mean they are inheriting the full execution context of the caller. In particular:
a. nested scope cells are not available to the execed code. So this fails:
def f():
foo= 1
def g():
exec('print foo')
g()
f()
b. global
declarations do not carry over into the execed code. So by default as in your example, written variables are put in the locals dictionary. However, you could make it work by saying
exec('global myvar\nmyvar = "changed!"')
You don't really want to be doing this if you can help it. global
already isn't nice and exec
is pretty much a code smell in itself! You wouldn't want to combine them unless there was really no alternative.