In the long run they are not likely to be able to maintain an undervalued exchange rate and slow the pace of investment growth at the same time. 因此,这里有一个平衡的问题。长期而言,他们不可能既维持被低估的汇率,又能降低投资增速。
But recent history is full of cases where leaders waited too long, with unhappy consequences, to abandon a de facto exchange rate peg. 但是,近年来到处都可以看到这样的例子:领导人迟迟不肯放弃实际上的盯住汇率机制后果都令人不快。
As long as China persists in subsidising exports via an exchange rate pegged to the dollar it is condemned to rack up further trade surpluses that suck in yet more dollars. 只要中国继续通过盯住美元的汇率机制补贴出口,它就注定会累积更多的贸易顺差、吸纳更多的美元。
As long as the US is confident that China will allow its exchange rate to rise, the argument goes, American fiscal consolidation can proceed apace, safe in the knowledge that export demand will take up the slack. 这种观点认为,只要美国确信中国将允许人民币升值,美国财政整固就能够快速推进,因为料定出口需求将会弥补缺口。
So long as it wants to maintain its managed exchange rate, the dollar is supported by a powerful force. 只要中国继续管控汇率制度,美元就会获得强大的支撑。
George Soros has been the public face of the hedge fund industry since long before he made$ 1bn forcing sterling out the European exchange rate mechanism. 远在通过迫使英镑退出欧洲汇率机制而获利10亿美元以前,乔治索罗斯(GeorgeSoros)就已经是对冲基金行业的标志性人物。
There will, I am sure, continue to be large flows in and out, for as long as the reform of the renminbi exchange rate system is still on the agenda. 我深信只要有关人民币汇率制度的改革仍然是市场关注的焦点,就继续会有大的资金流入及流出港元。
And Hong Kong businessmen will find that taxi drivers in the border boomtowns – who long ago adopted exchange rate parity – demand more Hong Kong dollars for their renminbi-denominated fares. 而香港商人也将会发现,在与香港接壤的内地新兴都市中,很久以前就采用港元兑人民币平价汇率的出租车司机们,将会为人民币计价的车费索要更多的港元。
The US has long demanded a stronger, more market-determined renminbi level, arguing that an artificially cheap exchange rate unfairly benefits Chinese exporters. 美国长期以来一直要求人民币升值、达到在更大程度上由市场决定的汇率水平,称人为压低的汇率使中国出口企业具备了不公平的优势。
China had long insisted that it would adopt a more flexible exchange rate system, but not until it was ready. 中国长期以来坚持道,直到一切准备就绪,中国将采取更加灵活的汇率体系。
S.lawmakers have long contended that China's tightly controlled exchange rate gives unfair support to its exporters. 很多美国议员长期认为,中国严格管制的汇率对其出口企业构成了不公平的支持。
And the incidence scale function was introduced, it has been carried on the confirmation to long memory effect of various exchange rate volatility series. 引入了关联尺度函数,对各汇率波动序列长记忆效应的大小程度进行了验证。
Long-term Influence of the Policies of the New Exchange Rate 新汇率政策的长期影响
The results show that various exchange rate volatility series has long memory property, and the greater the value of long memory parameters, the stronger effects of the historical information will the exchange rate volatility series suffer. 结果表明各汇率波动序列存在长记忆效应,并且长记忆参数d值越大,汇率波动序列所受历史信息的影响就越强。
Among the various pressures requiring RMB to revalue, the adjustment of dollar policy is a main external pressure, and the internal pressure may be a mid-long term revalue trend of RMB's balancing exchange rate. 在要求人民币升值的种种压力中,强势美元政策的调整是人民币升值的主要外部压力,人民币实际均衡汇率在中长期的升值趋势是人民币名义汇率升值的内部压力。
A long memory analysis method based on wavelet variance for time series was proposed. The exchange rate volatility series was analyzed with this method, and the precise value of long memory parameter was obtained. 提出了基于小波方差的时间序列长记忆性分析方法,用该方法对汇率波动序列进行了分析,得到了长记忆参数的精确值。
In the long term, China should choose floating exchange rate regime. 从长期来看,中国汇率制度的改革方向是浮动汇率制度。
Long Memory Analysis and Modeling of a Currency Exchange Rate Time Series 汇率时间序列的长记忆性分析及其建模
In the long run, China should gradually lift foreign exchange controls in order to let RMB exchange rate float freely, and accelerate the process of RMB internationalization. 长期里逐步解除外汇管制,实现人民币汇率自由浮动,并加快推进人民币国际化进程。
The employment quantity has a stable relationship in the long term with the real effective exchange rate, real production, real wage, industrial products 'price, fixed assets investment, industrial products' export amount and real foreign direct investment. 3. 就业量与人民币实际有效汇率、实际产出、实际工资、工业品出产价格、固定资产投资、工业制成品实际出口额和实际外商直接投资额之间存在长期均衡关系。
But in the long run, RMB Real Exchange Rate is continuously increasing in value. Finally, the paper puts forward solving approaches and relevant countermeasures on RMB Real Exchange Rate misalignment. 但是有一点不能忽视:从长期来看,人民币实际汇率存在升值的趋势。最后,提出了解决人民币汇率失调的途径及对策建议。
Therefore, in short term, we should focus on implementation of equilibrium credit rationing, for the long run, we should pay much attention on interest and exchange rate transmission channel. 在短期内,我国货币政策传导机制的完善应着眼于促使信贷途径向均衡信贷配给转化。长远看来,应该重视利率、汇率传导途径。
Tanzania has a very good environment for investment, whose political situation is stable, natural resource is abundant, inflation is low for a long term and the exchange rate is stable too. 坦桑尼亚政局稳定,自然资源丰富,并长期保持较低的通货膨胀水平以及稳定的外汇汇率,具有良好的投资环境。
In view of international experiences and China conditions, we consider the short and long term effect and provide suggests of capital-flow control and exchange rate arrangement. 根据本文结论和中国国情,借鉴国际经验,我们综合考虑稳定汇率的短期和长期措施,提出资本管制和汇率制度方面的政策建议。
In the long run, the appreciation of RMB exchange rate has a positive impetus to the change of export commodity structure on the condition that the capital and technology factors are not restricted. 从长期来看,在资本和技术要素不存在严重制约的条件下,人民币汇率的升值对出口商品结构的变化有正向带动作用。
There is no causal relationship between real effective exchange rate and Sino-U.S. trade balance, which means, both in the long term and short term, RMB exchange rate is not the cause of Sino-U.S. trade imbalance. 人民币实际有效汇率与中美贸易收支间不存在因果关系,这也就意味着,无论在长期还是短期,人民币汇率并不是中美贸易失衡的原因。
This mechanism only effective in long run means exchange rate system should transfer to floating when economy is opening. Market should play a more important role when determine exchange rate. 汇率稳定机制只在中长期有效,这说明随着经济的开放汇率制度应该逐渐转向浮动,加大市场对汇率的决定作用。
The western economic researchers began to study foreign exchange reserve ( FER) a long time ago. Under Bretton Woods System fixed exchange rate was executed and US dollar dominated international monetary system. 对于外汇储备管理问题,西方经济学者很早就己开始研究,在布雷顿森林体系下实行固定汇率制度,美元在国际货币体系中居于主导地位。
Further studies show that, neither in the long run nor short run, the shock from exchange rate is the key factor to the large fluctuation. 进一步研究表明,无论短期还是长期,汇率冲击都不是造成贸易差额大幅变动的关键性因素。