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国外大学Exchange Market留学assignment 货币战争和外汇市场 [2]

论文作者:英语论文论文属性:作业 Assignment登出时间:2014-11-07编辑:yangcheng点击率:15346

论文字数:4212论文编号:org201411051340181662语种:英语 English地区:美国价格:免费论文

关键词:货币战争外汇市场Economics Essay就业机会

摘要:本文基于历史,是一篇分析货币战争和外汇市场的留学生作业,世界已经经历了许多次战争,其中包括两次世界大战。战争总是有理由的,并且从来都百害而无一益。当今的经济世界正在经历着一场新型的战争,就是所谓的货币战争。

ncy. ‘Uncomfortably strong currencies and overheating economies pose an excruciating dilemma for policymakers. If central bankers raise interest rates to curb inflation, they risk driving up the currency further. But if their interventions in the foreign-exchange market drive the currency down, that may boost inflation’ (Economist, 2011). As a reaction these countries had to act to save their own interest. In the recent past many countries have followed many ways to safeguard themselves from currency war depending on their own situation. This can be grouped as-

 

These actions by the countries shows the seriousness of the issue, so naming it as ‘currency war’ by the Brazilian finance minister is not wrong. Dominique Strauss-Kahn, managing director of the International Monetary Fund, voiced his concern. “There is clearly the idea beginning to circulate that currencies can be used as a policy weapon,” he said. “Translated into action, such an idea would represent a very serious risk to the global recovery.” ‘What needs to happen is fairly clear. Global demand needs rebalancing, away from indebted rich economies and towards more spending in the emerging world. Structural reforms to boost spending in those surplus economies will help, but their real exchange rates also need to appreciate. And, yes, the Chinese yuan is too low. That is hurting not just the West but also other emerging countries (especially those with floating exchange rates) and indeed China itself, which needs to get more of its growth from domestic consumption’ (Economist, 2010). But the concern of China about the appreciation of its currency leading to low growth and unemployment in its export houses is also genuine. The problem is that there is no neutral organisation to intervene and solve this serious issue. IMF has an article asking not to manipulate currencies for trade benefit but it is not enforceable. As this issue is no longer bilateral between US and China we need a multinational solution and all countries should work together or else there is a big threat of open trade war which would be destructive. IMF and G20 must come up with a solution and agree to stop currency war otherwise as is the nature of war, destruction is inevitable in the form of global economic shrinkage.

 

INTERVENTION OF CENTRAL BANK IN EXCHANGE RATE MARKET

 

As discussed earlier, the role of exchange rate is of utmost importance in the export of the economy which determines the current account balance and the growth of the economy and which is why we are experiencing currency war. The other reason for such an intervention is the intention of stabilizing the exchange rate as this attracts more foreign investors. Also the intervention is exercised when the exchange rate threatens domestic economic activity. This leaves us curious of the process of such an intervention. The central bank has two choices and its decision depends on many factors. The choices are-

 

Indirect Intervention – This type of intervention involves the central bank affecting its monetary policy by increa论文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。

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