汇率贬值

非均衡开放经济下的汇率贬值效应

The Effect of Devaluation under the Non Balanced Open Economy

非洲国家实行汇率贬值政策的可行性

The feasibility of the policy of exchange rate devaluation in African countries

双边汇率贬值对双边贸易收支的影响可能呈现J曲线或W曲线形态。

The influence of depreciation of bilateral exchange rate on bilateral trade balance appears J curve or W curve .

进口贸易存在J曲线效应；短期内，出口对实际有效汇率贬值的反应很灵敏，能够迅速做出反应并显示增加趋势。

In the short term , respondence to the depreciation of real effective exchange rate of exports is very sensitive , reacting quickly and showing an increasing trend .

一个例子，2002末至2007年中期，作为最大的发达国家之一的日本，外贸加权汇率贬值13%，积累了较去年的GDP高出4.9%的经常项目盈余。

For example , despite a current-account surplus of4.9 % of GDP last year , one of the biggest of any developed economy , Japan 's trade-weighted exchange rate sank by13 % from the end of2002 to mid-2007 .

人民币汇率贬值原因及走势分析

Renminbi Exchange Rate : Causes of Depreciation and Analyses of Trends

汇率贬值的竞赛已经开始。

The race to the bottom has begun .

会使实际汇率贬值，出口数量增加；

The actual exchange rate will be depreciated and the volume of export will expand .

而由于俄罗斯卢布对美元的汇率贬值，现在生活在莫斯科要比以前便宜了一点儿。

The fallin Russia 's currency against the dollar has made Moscow cheaper than itonce was .

研究显示，该关系很难直接通过线性回归模型来表达。通过相关分析，我们揭示出经常项目逆差与汇率贬值存在较明显的正相关关系；

This study shows that this correlation is difficult to display by linear regression model through correlation analysis .

人民币实际有效汇率贬值的经济增长效应显著存在，且有提高趋势。

The depreciation of RMB'real effective exchange rate significantly promotes economic growth and its effect tends to be higher .

我们必须希冀，在汇率贬值导致通胀加剧之前，能取得一些切实的成果。

We must hope that before exchange rate depreciations lead to higher inflation , some concrete results can be achieved .

任何脱离欧元区并采用本国货币的国家将立刻面临巨大的汇率贬值压力。

Any country that left the eurozone and introduced a national currency would immediately come under strong pressure to devalue .

他们提出的调整方案也大致相同，不外乎紧缩的财政和扩张的货币政策，汇率贬值以及通过贸易政策促使其他国家进行调整。

Their agenda are mostly the same : contracting monetary and budgetary policy , exchange rate depreciation and trade policies .

在升值贬值时，在每个国家汇率贬值的正向效应与正向或负向的汇率风险效应同时存在。

In each country , positive depreciation effects exist along with negative or positive exchange risk effects during depreciations or appreciations .

出口的糟糕表现也助长了要求政府在贸易领域采取行动、允许人民币汇率贬值的呼声。

The poor showing on exports also fuelled calls for the government to act on the trade front by letting the renminbi depreciate .

随着相关国家的汇率贬值以及经济结构改革措施使其竞争力逐步提升，其汇率波动幅度上限可逐渐收窄。

As the depreciation and structural reforms of the countries affected began to make them more competitive , the band margins could be gradually tightened .

汇率贬值有助于外商直接投资的增加，汇率升值会减少外商直接投资的流入；

The exchange rate depreciation will contribute to the increase of FDI , and an increase in the exchange rate will reduce the inflow of FDI .

评估汇率贬值或升值对贸易流动的传统方法是通过测量贸易量的相对价格弹性。

Traditional methods on the impact of exchange rate devaluation or revaluation on trade flows are simply estimating the elasticity of trade volume to relative prices .

本文的基本结论是，中国以适度的名义汇率贬值政策配合贸易自由化改革，对于维持入世后中国宏观经济内部平衡是必要和有益的。

The basic conclusion of this paper is that appropriate nominal devaluation policy is necessary to maintain internal equilibrium after China 's entry into the WTO .

适应贸易收支平衡以及国际收支平衡的需要，通过稳步的人民币汇率贬值，推动出口贸易增长。

Adapting the needs of balance both in trade and international income and expenses , by means of stable exchange rate depreciation of RMB , promoting the increase of export trade .

先将所有宏观影响因素分为国内出口供给和出口的国际需求两方面，并认为汇率贬值和国外收入的提高是影响出口国际需求的主要因素；

Firstly , the whole macro-economy factors are divided into internal ones and international ones , exchange rate and foreign income are chose as the reason for the increased demand of export .

讨论国际收支调整的弹性论的调整过程及限定条件，得出了并不是汇率贬值一定能改善国际收支的结论。

The adjusting procedure and limiting condition of the elasticity theory of international payment adjustment are discussed . It is concluded that the devaluation of currency does not always improve the international payment .

而经常项目赤字动态收敛的速度取决于资产收益率、汇率贬值的弹性值和汇率。

The dynamic convergence rate of current account deficits determined by the gross rate of return on US assets , trade elasticity value for exchange rate depreciation , the US dollar exchange rate .

马歇尔-勒纳条件成立只是表明汇率贬值能改善贸易收支，但改善程度的大小则取决于汇率的进出口传递弹性。

The coming into existence of Marshall-Lerner conditions only indicates the depreciation of exchange rate can improve trade balance , but the degree of improvement lies on the elasticity of exchange rate pass-through .

由于金融市场的反应速度快于商品市场，汇率贬值首先会降低经常项目赤字的收敛速度，而后会加大收敛速度。

However , after the US dollar depreciation , the dynamic convergence rate of current account deficits falls firstly , and accelerates subsequently because financial market 's response to price information is sooner than goods market ' s.

其次，提出按照汇率贬值率等于本国目标通货膨胀率减去国外预期通货膨胀率，并扣除估计的生产率偏差为依据，来适时调整中心汇率的规则。

Second , the author suggests that the rate of exchange rate depreciation equal targeted domestic inflation rate subtracts foreign expected inflation rate and production rate . In accord with this , the rule of central exchange rate can be timely adjusted .

但另一种可能更令人沮丧的说法是，随着出口公司产能提高并进入市场更高端领域，它们利用汇率贬值增加海外市场份额的意愿下降。

But there is an alternative and possibly more dispiriting narrative : as exporting companies become more productive and move into higher-quality segments of the market , their willingness to use a lower exchange rate to increase their market share abroad diminishes .

在研究货币危机与产出的关系时，作者用一个由货币市场和产品市场组成的模型，把三代货币危机统一起来，讨论了为什么汇率贬值会对经济产出水平造成不同影响。

In the discussion of currency crises ' economic effect , a model that consists of monetary market and product market is presented to unify currency crises models of three generations and to unpuzzle currency devaluation 's different effects on economic output .

然而，从许多富裕经济体的经历来看，人们不再相信汇率贬值的效力。在金融危机期间，英镑兑一篮子货币贬值逾25%。

The faith in the power of lower exchange rates clashes , however , with the experience of a number of rich economies . During the financial crisis , sterling depreciated by more than 25 per cent against a basket of currencies .