本币升值

本币升值冲击与银行业危机：一个基于不对称信息的分析框架

Currency Appreciation and Banking Crisis : A Framework of Asymmetric Information

在中期内，新兴市场生产力增长加速，应会为本币升值提供有力的支撑。

Stronger productivity growth in emerging markets should provide significant support for currency appreciation over the medium-term .

在实际GDP增长的同时，本币升值有助于新兴经济体弥合与发达世界居民的收入差距，为全球再平衡做出贡献。

Alongside real economic growth , it helps the people of emerging economies close the income gap with the developed world and contributes to global rebalancing .

然而，由于中国仍面临相对较高的消费者价格指数（cpi）5月份为7.7%，一些经济学家认为，本币升值是抑制通胀最为有效的政策。

However , with China still facing a relatively high level of consumer price inflation - 7.7 per cent in May - some economists believe that appreciating the currency is the most effective policy for containing inflation .

抵制本币升值并非易事。

Resisting appreciation in the domestic currency is not easy .

本币升值下的货币错配与银行流动性风险研究

Research on Currency Mismatch and Bank Liquidity Risk under National Currency Appreciation

然而，由于担心会损及出口，官员们迄今在控制本币升值幅度。

However , officials have capped the gains for fear of hurting exports .

本币升值影响股票市场的理论与实证研究

A Positivist Analysis of the Impact of Currency Appreciation on the Stock Market

因此，它们日益倾向于让本币升值，以此作为首要的应对通胀政策。

So they are increasingly letting their currencies appreciate as their primary anti-inflation policy .

巴西是第一个采取措施控制本币升值的国家。

Brazil was the first country to take action to curb the rise of its currency .

这已促使人们降低了对于中国将允许本币升值的期望。

This has prompted a scaling back of expectations that China will let its currency strengthen .

大约一年前，新兴市场出口商仍然在艰难地应对本币升值的挑战。

A year or so ago , emerging market exporters were still battling rising exchange rates .

日本正忙于应对本币升值给商品竞争力带来的影响。

Japan is struggling to cope with the effects of a rising yen on its competitiveness .

在拉美其它地区，秘鲁和哥伦比亚都已增加了储备，并让本币升值。

Elsewhere in Latin America , Peru and Colombia have both accumulated reserves and let their currencies appreciate .

通过本币升值，政府在兑换石油美元时得到的本币变少了。

With stronger local currencies the state would get fewer dirhams , dinars or riyals for every petrodollar .

然而，更有可能的原因是，央行购买美元是为了遏制本币升值。

The more likely reason , however , is that central banks buy dollars to curb currency appreciation .

根据既有的经济学相关理论，本币升值必将会对国际贸易起到调节作用。

According to the related economic theories , exchange rate appreciation will play a regulatory role in international trade .

在本币升值的情况下，银行资产的货币错配可能引发银行危机。

In a situation that domestic currency appreciates , bank assets mis - match is possible of causing bank crisis .

这种情况正在发生，尽管还太少，因为许多新兴国家迫切希望避免本币升值。

This is happening , though too little , because many emerging countries are desperate to avoid exchange rate appreciation .

本研究认为，汇率变动对生产率的影响分为三个阶段：主动促进阶段，倒逼促进阶段和促退阶段，本币升值超过合理范围会使生产率下降。

Exchange rate influences the productivity in three stages : active advancing stage , compulsory advancing stage and reducing stage .

今年早些时候，对于美元走软造成的本币升值，许多国家发出了严厉的警告。

Earlier this year , a range of countries warned vociferously against their own currencies appreciating as the dollar fell .

新兴经济体做出了各种尝试，试图逃脱这种第22条军规似的为难局面，既控制住通胀又不会因为本币升值而对出口企业产生冲击。

Attempts are being made to try to escape this catch-22 , controlling inflation without hitting exporters with a stronger currency .

近几个月，许多国家都开始干预汇市，以阻止本币升值；一些国家是偶一为之，但另一些国家则要频繁得多。

Various countries have also been intervening to stop currency appreciation in recent months ; some occasionally , others more often .

但对于其它国家，庞大的外汇储备如今更像是一种负债，特别是在本币升值的情况下。

For the rest , however , bloated reserves now look more like a liability , especially if local currencies appreciate .

这还是在人们怀疑马来西亚央行和台湾央行出手干预以阻止本币升值的情况下发生的。

This was in spite of suspected intervention from the Malaysian and Taiwanese central banks to stem gains in their currencies .

亚洲和拉美的央行对美元疲软感到担忧，它们正大举干预，阻止本币升值过高。

Central banks in Asia and Latin America are worried about dollar weakness and are aggressively intervening to stop excessive currency appreciation .

由于这种空前的外汇储备积累，那些经常账户存在持续、大量盈余的经济体甚至也得以遏制了本币升值。

This unprecedented reserve accumulation has allowed even countries with large and persistent current account surpluses to stop their currencies from appreciating .

不过，面对通胀不断加剧的局面，其它产油国可能采取行动，允许本币升值，目前这种猜测正不断升温。

However , speculation is mounting that other oilproducing countries might move to let their currencies appreciate in the face of rising inflation .

外国央行为防止本币升值超过同尼克松约定的幅度，通过买入美元进行了重手干预。

S.Foreign central banks intervened heavily to buy dollars to prevent their currencies from appreciating more than what was agreed to with Nixon .

不过，本币升值有助于缓解通胀，尤其是在长期实行出口促进政策、人为使汇率低企的国家，如中国和韩国。

But currency appreciation helps , particularly in those countries where long-standing export-promotion policies have kept currencies artificially low notably China and Korea .