• 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>China economic policy review >CURRENCY WAR OR CURRENCY PEACE: THE DOLLAR AND RENMINBI IN A WORLD OF PORTFOLIO AND CURRENT ACCOUNT IMBALANCES
【24h】

CURRENCY WAR OR CURRENCY PEACE: THE DOLLAR AND RENMINBI IN A WORLD OF PORTFOLIO AND CURRENT ACCOUNT IMBALANCES

机译：货币战争或货币和平：投资组合和当前帐户不平衡问题中的美元和人民币

获取原文
获取原文并翻译 | 示例
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

This paper analyzes the stability of foreign trade, currency markets and international portfolio balances with the help of a model which captures the interactions between current account balances and the international asset portfolios for domestic and foreign investors. The model is used for policy analysis based on numerical simulations for the interplay between the US and China in terms of exchange rate, foreign exchange reserves and foreign debt. Conditions for the existence of dynamic equilibria, and whether they can be attained, are derived under alternative policy assumptions. Simulations of the model show that "trade space" (the range of trade and foreign liability imbalances that can be absorbed without triggering an unstable sequence of adjustments) is sensitive to the policy regimes in place; and to the preferences of investors and particular strategies employed by policymakers within those regimes. Our benchmark scenario, representing today's conditions for the US and China, shows trade space is comfortably larger than the adjustments usually said to be necessary. That would be satisfactory if we start from equilibrium. Unfortunately, we do not. But the result does suggest that currency peace rather than currency war is likely to be a more productive strategy for reducing existing imbalances.
机译：本文借助一个模型来分析对外贸易，货币市场和国际投资组合余额的稳定性，该模型捕获了经常账户余额与国内外投资者的国际资产组合之间的相互作用。该模型用于基于数值模拟的政策分析，以分析中美之间在汇率，外汇储备和外债方面的相互作用。动态均衡的存在条件以及是否可以达到，是在替代性政策假设下得出的。该模型的模拟表明，“贸易空间”（可以在不引发不稳定的调整顺序的情况下吸收的贸易和外国负债失衡的范围）对现有的政策制度敏感；以及投资者的偏好以及这些制度中决策者采用的特定策略。我们的基准情景代表了今天美国和中国的情况，表明贸易空间比通常所说的必要调整大得多。如果我们从平衡开始，那将是令人满意的。不幸的是，我们没有。但是结果确实表明，货币和平而不是货币战争可能是减少现有失衡的更具生产力的战略。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号