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国际金融的essay范例 [7]

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:17829

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。

, in fact economists may opt to take long-term view and emphasize the positive side of devaluation, but politicians are often myopic and will be affected by interest groups to take a short-term view (Drazen 1996; Alesina & Drazen 1991). As such, governments will choose policies that provide short-term benefits, and if costs have to be incurred, then they will go for long term ones. Devaluation, in this context, is one of the least desirable policies and governments will be unwilling to value until there isn’t any alternative left.

 

Unfortunately, tightening of macroeconomic policy is the main alternative and it has costs attached to it basically higher interest rates, slower growth, and rising unemployment. According to Rebelo and Vegh, governments will continue to finance deficits with international reserves or borrowing for as long as those are available. Indeed, governments in most cases surrender to devaluations because they run out of reserves or they cannot borrow anymore (Rebelo & Vegh, 2008).

 

Finally, this myopia syndrome will be more present in the time of elections. Due to adverse costs coming immediately from devaluations, governments will lose its power and can easily be thrown out of the office, thus making more possible for it to be delayed. Furthermore, the benefits might fall to the newly installed opposition government in the long term, making devaluation even less plausible to take place ahead of election due to implication of political damage.

 

Perceptions and Uncertainty

 

A key role in examining the delays in devaluations by governments can arise as a result of the fact that economics gives more importance to expectation, whereas, politics leans more towards perceptions. In this context, politicians are more worried about what people think will happen rather than what economic models predict, and thus frame their responses accordingly.

 

Governments are placed in a situation to think that the gainers will undervalue their gains, and losers will over estimate the losses from a policy, thus providing grounds to differ between perception and reality. Moreover, the reaction from those actors can be of such that losers will react more aggressively, compared to gainers’ positive response.

 

Devaluation in general is perceived as a sign of economic incompetence and failure. International capital markets will have a tendency to assume that devaluation will signal less discipline from the government that first created the problem; uncertainty will arise making future developments foggy.

 

In the end, there is also some perception that in the future, the magic will occur and there will not be any future costs from delaying devaluation due to a booming in the economy. So, we are sure about the costs of adjustment that w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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