货币竞争力

本文首先界定了研究范畴，即一国货币竞争力的形成是政治、军事、经济、金融、地理和历史事件等多种因素共同作用合力的结果，这也是本文的创新点之一。

The formation of currency competitiveness is the result of various factors such as political , military , economic , financial , geographical and historical events .

货币竞争力从广义的角度可以定义为：以货币需求偏好变化为表现，由货币需求动机决定的货币势力范围的辐射力。

From a broad perspective , competitiveness is the performance for changes in preferences of money demand , and the radiation of currency sphere motivated by the money demand .

上世纪90年代末的亚洲危机结束后，新兴世界的股市既便宜、又处于投资不足的状态，而且本身货币极具竞争力。

After the Asian crisis of the late 1990s , the stock markets of the emerging world were cheap and under-owned and their currencies super-competitive .

欧元曾被认为应该通过阻止政府通过货币贬值恢复竞争力，从而可以促进改革。

The euro was supposed to spur reform by preventing governments from restoring competitiveness by devaluing their currencies .

但它要么购买美国创造的货币以保持竞争力，要么停止购买。

But it must either buy the money the US creates , to preserve competitiveness , or stop doing so .

操纵货币不是提高竞争力的途径，相对于向选民解释的艰巨任务，它是相对容易的选择。

Currency manipulation is not a route to competitiveness , it is a soft alternative to hard explanations to the electorate .

最终，货币贬值将重建竞争力，但损失是非常惨重的。

Eventually , depreciation would help rebuild competitiveness , but in the meantime the damage would be severe .

作为一个小型的开放经济体，如果我们试图通过货币贬值来获得竞争力，那将是愚蠢的做法。

We would be foolish , as a small and open economy , to try to gain competitiveness through the currency .

对于日本或美国等相对封闭的大型经济体而言，贸易伙伴国从对这些国家出口增多中获得的好处，可能超过这些国家货币贬值引起它们竞争力下降所带来的损失。

For large and relatively closed economies such as Japan or the US , trading partners probably gain in increased exports to those countries more than they lose from any decline in competitiveness caused by currency depreciation .

与希腊一样，其他4个受救国都可以通过货币贬值迅速提升竞争力，只要有可靠的措施来避免恶性通货膨胀的发生来一点点侵蚀好转的经济。

Like Greece , the other four bail-out countries would gain from the swift improvement in competitiveness that currency devaluations would achieve , provided credible policies were pursued to ensure it was not frittered away in runaway inflation .