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首页> 外文期刊>Journal of Chinese Economic and Foreign Trade Studies >Effects of exchange rate and income on the US bilateral trade with China under Chinese managed floating exchange rate system
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Effects of exchange rate and income on the US bilateral trade with China under Chinese managed floating exchange rate system

机译：中国有管理的浮动汇率制度下汇率和收入对美国与中国双边贸易的影响

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Purpose - China's exchange rate system remains a public concern. This paper aims to investigate the effects of the appreciation of the US dollar (or depreciation of Chinese Yuan) under China's "managed floating exchange rate system" on the US bilateral trade deficit with China, the US exports to China and the US imports from China. Design/methodology/approach - The author uses quarterly data from 2005Q3 to 2017Q3 and applies autoregressive distributed lags model to carry out the empirical analysis. Findings - The results suggest that both the US and Chinese income are important determinants of the US bilateral trade deficit with China, the US exports to China and the US imports from China. Further, the appreciation of the US dollar with respect to Chinese currency may discourage the US exports to China, but will not considerably promote the US imports from China in the long run. Finally, the appreciation of the US dollar does not contribute significantly to the US trade deficit with China in the long run. Originality/value - Policymakers may want to pay attention to the results of currency depreciation on bilateral trade flows and trade balance in both the short and the long run. The results are different. Policymakers may also want to keep the following in mind: both the US and Chinese income are vital factors of bilateral trade balance, exports and imports.
机译：目的-中国的汇率制度仍然是公众关注的问题。本文旨在研究中国“有管理的浮动汇率制度”下的美元升值（或人民币贬值）对美国对华双边贸易逆差，美国对华出口和美国进口的影响。来自中国。设计/方法/方法-作者使用2005年第3季度至2017年第3季度的季度数据，并应用自回归分布滞后模型进行实证分析。调查结果-结果表明，美国和中国的收入都是美国对华双边贸易逆差，美国对华出口和美国从中国进口的重要决定因素。此外，美元对人民币的升值可能会阻止美国对华出口，但从长远来看不会大大促进美国从中国的进口。最后，从长远来看，美元升值不会对美国对中国的贸易逆差产生重大影响。独创性/价值-决策者可能希望注意短期和长期内双边贸易流量和贸易平衡的货币贬值结果。结果是不同的。政策制定者可能还需要牢记以下几点：美国和中国的收入都是双边贸易平衡，进出口的重要因素。

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