In economic theory it shows that real exchange rate and economic growth have a consanguineous relationship: the depreciation of real exchange rate promotes economic growth and economic growth brings about the appreciation of real exchange rate. 经济理论表明,汇率与经济增长关系密切,实际汇率贬值促进经济增长,经济增长引起实际汇率升值。
Totally, renminbi nominal exchange and real rate of exchange since 1980 has been on the trend of depreciation. 总体上看,人民币名义汇率和实际汇率自1980年以来基本呈持续贬值。
The result indicates that productivity change play an important role in Renminbi real exchange rate change irrespective of short-term or long-term and that real exchange direction is reversal of Balassa-Samuelson Effect anticipation. 结果表明,无论在短期还是长期,生产率的变动对人民币实际汇率的变动都起着最重要的作用,但是对实际汇率的变动方向与巴-萨效应预测的相反。
Because America internal real exchange rate appreciate higher than China in the past twenty years, the depreciation trend of China real exchange rate can be explained based on the Balassa-Samuelson theorem. 由于美国的内部实际汇率升值幅度一直高于中国,人民币实际汇率的贬值趋势在巴拉萨和萨缪尔森的分析框架下也是可以解释的。
Some problems with the real exchange rate which has be used as a tool of exchange rate analysis in the documents of international economics since 1980 and about the problem of RMB exchange rate especially have been discussed in this paper. 本文探讨了自20世纪80年代以来,在国际经济学文献、特别是在有关人民币汇率问题的近期文献中流行的汇率分析工具&实际汇率的含义。
The elasticity of output to the real exchange rate and the creditors 'expectation of the exchange rate change are keys to equilibrium result. 汇率政策与外债危机的联系机制关键在于产出水平对实际汇率偏离的敏感度以及投资者对汇率变动结果的预期状况。
This paper firstly presents a model showing the relations among real estate price, interest rate and exchange rate. Then it conducts an empirical study of the relations among real estate price, interest rate and exchange rate in twelve cities in China by introducing the model. 本文首先构建了适合我国国情的房地产价格与利率、汇率关系模型,然后利用该模型对我国12个城市房地产价格与利率、汇率的关系进行实证研究。
From the real rate of foreign exchange's influence on export trade and export structure, this paper empirically analyzes their relations and puts forward some suggestions. 本文从实际汇率对出口贸易及出口贸易结构的影响出发,实证分析了它们之间的关系,并提出了相关的建议。
The real rate of exchange reflects the deviation the purchasing power par with a balanced nature. 实际汇率反映对具有均衡性质的购买力平价的偏离,成为判定一国汇率水平高低的标准。
The formation of the real rate of exchange with change to all relate to the decision from the foreign exchange market's supply and demand. 实际汇率的形成和变化都是由外汇市场上的供求关系决定的。
There are three problems as to real equilibrium exchange rate. The first is definition and measurement of real exchange rate. 与实际均衡汇率有关的问题有三个:第一:实际汇率的定义与度量;
Study Review of Real Exchange Rate and Evaluation of the Real Exchange Rate of RMB 实际汇率研究进程与人民币实际汇率评价
The paper draws some conclusions: ① real effective exchange rate of RMB fluctuates round the equilibrium exchange rate since 1980s and has been overestimated and underestimated; 本文研究认为①20世纪80年代以来,人民币实际有效汇率始终围绕均衡汇率波动,并经历了不同程度的高估和低估;
First it make a dependence inspection to real effective exchange rate on 1978-2003 of four countries, Show the relation between four countries 'exchange rate. 第一步对四国1978年&2003年实际有效汇率做一个相关性检验,表明四国汇率之间的关系。
A real exchange rate is a nominal exchange rate eliminating the variation of prices. Its change reflects the influence of the nominal exchange rate's adjusting on the price competitive ability of foreign trade goods, and the influence on foreign trade. 实际汇率是在名义汇率的基础上剔除了各国物价变动因素后的汇率,实际汇率的变动反映名义汇率调整与价格变动对贸易商品价格竞争力的净影响,进而影响对外贸易。
Then work out the real exchange rate of Renminbi by adjusted purchasing power parity and analyze the nominal exchange rate, subsidy and wage policy's effects on real exchange rate respectively. 再利用修正过的购买力平价理论,测算出人民币的真实汇率,并且具体分析名义汇率、补贴、工资政策与真实汇率的变化趋势。
Based on the above conclusions, this paper consider that China should follow low level of exchange rate, lower the real interest rate, the proportion of external debt and imports should be lowered, so that they can benefit the growth effects of exchange rate. 根据上述结论,本文认为中国目前应当制订较低水平的汇率,调低实际利率,同时适当降低外债比重和进口比例,这样才有利于汇率增长效应的发挥。
Many theoretical and empirical studies have indicated that the real exchange rate of a currency should be kept at the reasonable level, because continuous misalignment of real exchange rate will do great harm to the inner and outer equilibrium of macro economy and the healthy development of economy. 大量理论和实证研究都表明,一国货币的实际汇率应该保持在合理的水平之上,持续的汇率失调会破坏宏观经济内外均衡,从而不利于经济的健康发展。
The equilibrium real exchange rate of RMB had a structural change in 1994. Second, there are uncertainties of equilibrium real exchange rate of RMB and the measurement of real exchange rate misalignment of RMB. 人民币均衡实际汇率和人民币实际汇率错位的测度存在一定的不确定性。
In fact, the real estate market yields, expectations of inflation and the rate of change of RMB exchange rate is a measure of the opportunity cost of holding money, but the yield of the real estate market dominate. 实际上,房地产市场的收益率、通货膨胀预期和人民币汇率变动率都是衡量经济主体持有货币的重要的机会成本变量,但房地产市场的收益率占主要地位。
Finally it is concluded that there exists one-way granger causality between the real effective exchange rate of RMB and export commodity structure. The export commodity structure is affected by fluctuations of the exchange rate, foreign direct investment and domestic economic development level. 最后得出结论:人民币实际有效汇率与出口商品结构存在单向格兰杰因果关系,汇率变动、外商直接投资和我国国内经济发展水平都对出口商品结构产生影响。
The real exchange rate appreciates by the increase in domestic price level or by the appreciation of the nominal exchange rate. 实际汇率的升值或者是通过国内物价水平的上升或者是通过名义汇率的升值来实现。
Compare the real exchange rate with the appropriate level of the equilibrium exchange rate, and then determine whether to adjust the exchange rate. Through the analysis of the impact of exchange rate changes on different economic levels, thereby determining how to adjust the exchange rate. 通过确定恰当的均衡汇率水平,将实际汇率与之相比较,从而判断汇率是否需要调整;通过分析评价汇率变动对不同经济层面的影响,从而判断汇率应如何调整。
Equilibrium Real Exchange Rate is the real exchange rate which fulfilling the macro internal and external equilibrium. It is the main objective basis which could tell us whether the exchange rate is misaligned or not, and whether the policies of exchange rate need to be adjusted. 所谓均衡汇率,是指能够同时满足宏观经济的内部和外部均衡的实际汇率水平,它是判断实际汇率是否失调以及汇率政策是否需要调整的主要客观依据。