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

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:15144

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




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。尽管世界已经在19世纪30年代见证了竞争性贬值,但是货币战争这一术语是由巴西财政部长曼特加最近提出的 (Guido Mantega)。货币战争是国家为了使他们的产品更具竞争力而进行的一系列的货币贬值。



The Currency War And Exchange Market Economics Essay


The world has seen many wars including a couple of world wars. Wars always have a reason and they are never beneficial. The world is now experiencing a new type of war in the economic world and it’s called the currency war. Though the world has already seen the competitive devaluation in 1930’s, the term currency war has been recently coined by the Brazilian finance minister Guido Mantega. Currency war is a series of devaluation of currencies by countries to make their products more competitive.


Just like the world war, the currency war also has leaders namely USA and China. China has always been condemned by the US for manipulating its exchange rate. Having experienced a recent financial crisis and a sluggish domestic demand most of the developed western nations are looking for exports and this has led to a greater focus on the devaluation of currencies. The USA wants the renminbi to rise as it is believed to be undervalued but China is determined not to let this happen. A weak currency provides an advantage to the exporters in the world market leading to growth in manufacturing sector and employment opportunities and this is what the countries want. ‘Until recently the issues has been that Chinese intervention in the currency market has led to huge Chinese trade surplus and increasing US trade account deficit by selling renminbi and buying dollars’(Beattie, Cadman and Bernard, 2010). This intervention has led to the accumulation of $2.6 trillion by the Chinese. The following figure makes it clear-


China is using the dollar flowing in from investors for high yield to purchase US securities and it is not letting the dollar to reach the market. It is argued that undervalued currencies are the global cause of macroeconomic imbalances. The US has done quantitative easing to help its economy grow. It has come up with Quantitative easing 2 which would pump another $600 billion in the market. This loose monetary policy along with ultra-low interest rate has been seen as the means to devalue dollar but US argues that it is to give a push to their sluggish economy growth. Caught amid are the other emerging nations which are facing two problems. A competition in the trade from China due to its exchange rate intervention and a huge capital inflow from the US due to its ultra-low interest rate leading to upward pressure on the curre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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