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论文作者:英语论文论文属性:作业 Assignment登出时间:2014-12-15编辑:yangcheng点击率:17899
论文字数:5655论文编号:org201411142158439732语种:英语 English地区:马来西亚价格:免费论文
关键词:政治经济学国际金融金融essay范例Economics Essay
摘要:本文是关于政治经济学国际金融的一篇essay,一个国家的政府想要达到的信誉,价格和宏观经济稳定,通常选择以另一种专业,稳定,低通货膨胀的货币钉住其货币汇率。这样做主要是为了恢复市场参与者的信心。可以做到这一点的方法可以是通过金融市场的公开市场操作,在远期外汇市场干预,以及改变银行准备金要求这一些方法。
The Asian Crisis
In the mid-1990s in some Asian countries, especially in Thailand, devaluation was discouraged because of the effect it might have on its balance sheets, although their current account deficit rose. Because of high interest rates and the perception that the government would not allow for large devaluation, a considerable amount of foreign borrowing ended up un-hedged. Weaknesses in the financial sector grew and officials feared that devaluation would mean high costs on the domestic economy. Given the political system in Thailand, where there is a large number of veto players, the tendency to delay devaluation was constantly increasing. As a result, the country ended up in constant delay until all of its international reserves were exhausted. As part of the strategy of the Bank of Thailand to delay devaluation was the protection of the measured reserves by sales in the forward market. Given that announced reserves were about US$ 30 billion, useable reserves net of forward sales fell to only a few billion before the baht was devalued .
Conclusion
From the above facts presented throughout this paper, we consider the effects of devaluation to be complex and influential simultaneously. Theoretically, the weaker the currency means the lower the prices of exported products will become, relative to prices in other countries. The opposite holds true for imported goods. The weaker the home currency the higher will be the relative prices of imports from the outside world. Furthermore, for export oriented sectors of countries that have devalued their currency, advantages are present in the cost of labor and materials, fostering even further their competitive position abroad. In the most simplified manner, these arguments seem perfectly valid; however, there are negative consequences as well.
Governments often hesitate to take devaluation measures also in cases when the general opinion is that the exchange rate is overvalued. Because it is important to maintain the equilibrium of exchange rates, why, after having considered all indicators, governments tend to disregard adjustments. Economic analysis cannot provide a good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。