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新兴市场外债积累导致汇率高估的机制与应对

The Mechanism of Exchange Rate Overvaluation Following Foreign Debt Accumulation of Emerging Markets and Possible Countermeasures
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摘要 汇率是两种货币之间的兑换关系,直接决定了以外币计价的商品的本币价格的高低以及外币债务的本币负担.在全球价值链之下,汇率贬值对出口的促进作用变得较为复杂,在有些条件下贬值甚至不利于出口.然而,随着一些新兴市场国家外币债务的不断积累,高估本币汇率会降低外债负担,促使这些国家生出高估本币汇率的动机.
出处 《银行家》 2020年第8期103-107,共5页 The Chinese Banker
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  • 1Boesler, M., The "Hidden Debts" of Russia and Ukraine That Could Make Them More Exposed Than Any Other Country in the World, Business Insider, March 2014.
  • 2IMF, Multilateral Policy Issues Report: 2014 Pilot External Sector Report, July 29, 2014.
  • 3IMF, World Economic and Financial Surveys: How Do Changes in the Investor Base and Financial Deepening Affect Emerging Market Economies?, April 2014.
  • 4Locus, R., Why Doesn't Capital Flow from Rich to Poor Countries, American Economic Review, 1990, Vol.80, 92-96.
  • 5Odenius, J., and A. Rajan, Central Bank FX Reserve Adequacy, FX Reserve Adequacy in the Emerging Markets, Prudential Fixed Income Perspectives, October 2014.
  • 6Sahay, R., B. Arora, V. Arvanitis, H. Faruqee, and P. N'Diaye, Tommaso Mancini Griffoli, Emerging Market Volatility: Lessons from Taper Tantrum, IMF Staff Discussion Note, September 2014.

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