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汇率和贸易平衡的理论

在汇率决定理论中主要有两种类型的汇率；名义汇率和实际有效汇率。前者是指国家中央银行正式设定的官方汇率，而后者是指外汇商人彼此交易的实际汇率。对于来自官方的有效汇率的偏差的原因之一很大程度是因为外贸关税制度，定额，消费税或者费用差异很大，可能在很大程度上造成对政府的干预。比如说，出口企业面临的汇率贬值时，尽管官方汇率不变，但出口关税会被提高。

此外还有另一种类型的汇率称为实际汇率。理论上来讲，这种类型的汇率是指名义汇率除以伙伴国的价格指数，再乘以国家的价格指数（Kruger,1990）。另外，Roderik.D..2008，把实际汇率定义为贸易品相对于非贸易品的相对价格。然而，在实际经济中，国家拥有不止一个贸易合作伙伴。因此，另一个汇率的重要类型就是实际有效汇率（REER），它被定义为名义有效汇率（NEER）乘以主权国家的价格指数，并处以伙伴国家的价格指数。

Theories Of Exchange Rate And Trade Balance Economics Essay

In the theory of exchange rate there are majorly two types of exchange rate; the nominal exchange rate and the effective exchange rate. The former refers to the official exchange rate set by countrys central banks officially while the latter refers to the actual exchange rate where foreign currency traders trade each other. One reason for the deviation of effective exchange rate from the official exchange rate can be high degree of governments’ intervention in foreign trade through tariffs, quotas, excise taxes or charges which make this discrepancy much wider. For instance, exporters face devaluated exchange rate in real terms when export tariffs are raised despite of the official exchange rate unchanged.

In addition there is another type of exchange rate known as real exchange rate. Conceptually this type of exchange rate refers the nominal exchange rate divided by the partner country’s price index and multiplied by country’s price index (Krueger, 1990). Alternatively, Roderik, D., 2008, defined real exchange rate to be the relative price of tradables to non tradables. However, in the real economy, countries are have more than one trading partners. Hence, another vital type of exchange rate is the real effective exchange rate (REER) which is defined as the nominal effective exchange rate (NEER) multiplied by the home country’s price index and divided by the partner country’s price index. The nominal effective exchange rate is computed as the weighted nominal value of considered basket of currencies depending on the countries weighted trade share. Hence the REER is an important tool in analysis of an open macro economy debate of exchange rate and trade balance.

One approach regarding the impact of devaluation on trade balance is the Marshall-Lerner (M-L) condition depicting a “J curve” effect. This is referred as the elasticity approach of devaluation on trade balance. The M-L condition takes the trade balance equivalent to the current account. Implicitly, this approach leaves out capital inflows form unilateral transfers (e.g. Official Development Assistance (ODA) and remittances) and income receipts (return on assets or stock) as a component of current account. As a result both nation’s trade balance and current account balance are determined thoroughly by the movement of real exchange rate, and domestic real income, which also gave it a name of elasticity approach. Therefore, according to the M-L condition, “all else equal, a real currency depreciation improves the current account if export and import volumes are sufficiently elastic with respect to the real exchange rate” (Krugman, P., 2006, p.p. 444). This also implies that, an improvement in the current account due to real devaluation is subject to the sum of the elasticity of demand for export and本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。