国际贸易与金融双语ch

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1、InternationalEconomicsByRobertJ.Carbaugh9thEditionChapter15:Exchange-RateAdjustmentsandtheBalanceofPaymentsExchangerateadjustmentsExchange-rateadjustmentandtheBOPAutomaticmechanismsmayrestorebalance-of-paymentsequilibrium,butatthecostofrecessionorinflationAsanalternat

2、ive,governmentsallowexchangeratestochangeFloatingexchangerates,determinedbymarketsDevaluingorrevaluingfixedexchangerates2Carbaugh,Chap.15ExchangerateadjustmentsExchangerateeffectsoncosts&pricesImpactofappreciationordepreciationoncostsdependsontheproportionofinputspric

3、edinforeignvs.domesticcurrencyAsforeign-currencydenominatedcostsriseasaproportionoftotalcosts,exchangeratechangeshavelesseffectontheforeigncurrencypriceandmoreeffectonthedomesticpriceIfforeign-currencycostsareasmallpartoftotalcosts,exchangeratechangeshavemoreimpactonf

4、oreigncurrencypriceoftheproductandlessondomesticprice3Carbaugh,Chap.15ExchangerateadjustmentsExchangerateeffectsoncosts&pricesGenerally,currencyappreciationincreasesthecostsofexportsinforeigncurrencyterms,whichhurtstotalexports(whiledepreciationencouragesexports)Effec

5、tonpricesismodifiedbytheabilityandwillingnessofsellerstochangetheirprices4Carbaugh,Chap.15ExchangerateadjustmentsRequirementsforsuccessfuldevaluationWhencandevaluationcorrectapaymentsdeficit?ElasticityapproachEmphasizespriceeffects;devaluationworksbestwhendemandiselas

6、ticAbsorptionapproachFocusonincomeeffects;domesticspendingmustfall,tooMonetaryapproachFocusonchangeinpurchasingpowerofmoneyandeffectondomesticspending5Carbaugh,Chap.15DevaluationasadjustmenttoolElasticityapproachImpactofcurrencydevaluationdependsonpriceelasticityofdom

7、esticdemandforimportsandofforeigndemandforexportsThelesseitherforeignordomesticdemandrespondstopricechanges,thelesseffectadevaluationwillhaveonthepaymentsimbalance6Carbaugh,Chap.15DevaluationasadjustmenttoolElasticityapproachMarshall-Lernercondition:Devaluationwillimp

8、rovethetradebalanceifdomesticdemandelasticityforimportsplusforeigndemandelasticityforexportsisgreaterthan1Devaluationwillwor