- 1、本文档共23页,可阅读全部内容。
- 2、有哪些信誉好的足球投注网站(book118)网站文档一经付费(服务费),不意味着购买了该文档的版权,仅供个人/单位学习、研究之用,不得用于商业用途,未经授权,严禁复制、发行、汇编、翻译或者网络传播等,侵权必究。
- 3、本站所有内容均由合作方或网友上传,本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺!文档内容仅供研究参考,付费前请自行鉴别。如您付费,意味着您自己接受本站规则且自行承担风险,本站不退款、不进行额外附加服务;查看《如何避免下载的几个坑》。如果您已付费下载过本站文档,您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等,请点击“版权申诉”(推荐),也可以打举报电话:400-050-0827(电话支持时间:9:00-18:30)。
查看更多
ch13exchange-rate determination(国际经济学-(by robert j. carbaugh)[精品]
Carbaugh, Chap. 13 Copyright ?2004, South-Western College Publishing International EconomicsBy Robert J. Carbaugh9th Edition Chapter 13: Exchange-Rate Determination Carbaugh, Chap. 13 * Exchange rates Factors influencing exchange rates Market fundamentals Bilateral trade balances Real income Real interest rates Inflation rates Consumer preferences for domestic or foreign products Productivity changes affecting production costs Profitability and riskiness of investments Carbaugh, Chap. 13 * Exchange rates Factors influencing exchange rates Market fundamentals (cont’d) Product availability Monetary policy and fiscal policy Government trade policy Market expectations News about future market fundamentals Speculative opinion about future exchange rates Carbaugh, Chap. 13 * Exchange rates When are these factors important? Short run (days) Dominated by financial transfers responding to: Differences in real interest rates Shifting expectations of future exchange rates Medium run (months) Primarily influenced by economic cycles Carbaugh, Chap. 13 * Exchange rates When are these factors important? Long run (years) Dominated by movements of goods, services, investment, which are influenced by: Inflation rates Investment profitability Consumer tastes Real income Productivity Trade policy How these factors interact to affect exchange rates depends on the relative importance of trade and financial relations between the countries Carbaugh, Chap. 13 * Exchange rate components Exchange rates Carbaugh, Chap. 13 * Factors influencing exchange rates Real income differentials A country with faster economic growth than the rest of the world will have a depreciating currency (other things being equal) Imports rise faster than exports, so demand for foreign currency rises faster than its supply Real income changes can also reflect other processes, which might lead to rising exports Carbaugh, Chap. 13 * Impact of real income differentials Factors influencing exchange rates Carbaugh, Chap
文档评论(0)