Malcolm Bradbury’s novel Rates of Exchange,taking the economic term“rates of exchange”as a central metaphor,depicts various exchanges occurring in the socio-economic landscape of Britain during the 1970s and 1980s....Malcolm Bradbury’s novel Rates of Exchange,taking the economic term“rates of exchange”as a central metaphor,depicts various exchanges occurring in the socio-economic landscape of Britain during the 1970s and 1980s.In the context of governmental emphasis on economic development,the novel intricately explores exchanges among diverse entities,playing with multiple meanings of the term“exchange”.In this way,the novel itself becomes a form of“legal tender,”exchanged for reader comprehension,communication,and participation.It highlights the ubiquitous presence of exchange and the risks associated with the uncertain exchange rates between different entities.Furthermore,it invites readers to participate in the story-telling and the nostalgic journey back to British literary tradition.This paper,drawing on Roland Barthes’s semiotic theory along with structuralist and poststructuralist concepts,investigates the multifaceted meanings of“exchange”in the novel.Through this analysis,the paper aims to illuminate the semiotic significance of various narrative forms and the profound thematic concerns in Bradbury’s work.展开更多
Using a monetary model of exchange rate determination that suggests a strong link between the nominal exchange rate and a set of monetary fundamentals, exchange rate dynamics for the Czech Republic, Hungary, and Polan...Using a monetary model of exchange rate determination that suggests a strong link between the nominal exchange rate and a set of monetary fundamentals, exchange rate dynamics for the Czech Republic, Hungary, and Poland is studied. As the cointegration relationship among exchange rate, output, and the monetary fundamentals （money supply and interest rate） is found, vector autoregressions （VAR）/vector error-correction （VEC） and two-stage least squares （2SLS） error-correction models are used in this context, since both approaches allow estimating short-run correlations between exchange rates and fundamentals while taking into account the existent long-run exchange rate constraints. Based on the quarterly data for the period of 1998-2012, it is found that for all countries, an increase in the money supply, domestic output slowdown, or stronger growth abroad are factors behind a nominal exchange rate depreciation, just as predicted by the monetary model of exchange rate. However, the effects of domestic-foreign interest rate differential are quite heterogeneous, being in line with theoretical predictions of a standard monetary model for Poland only. According to the decomposition of variance, money supply and interest rates account for 30%-46% of the exchange rate variation in the Czech Republic, from 10% to 14% in Hungary, and from 23% to 42% in Poland.展开更多
We establish an exchange rate determination model for central banks' interventions in financial markets. The model shows that central banks can adjust exchange rate by several policy instruments and that different...We establish an exchange rate determination model for central banks' interventions in financial markets. The model shows that central banks can adjust exchange rate by several policy instruments and that different instruments may have different effects on exchange rate determination. It specifies potential policy instruments for central banks as well as their policy effects. Based on these effects, feasible matches of policy instruments in contingent intervention are put forth.展开更多
With balance of payments in China and the RMB exchange rate approaching the equilibrium level,political gaming of domestic interest groups rather than international political pressures plays a more important role in f...With balance of payments in China and the RMB exchange rate approaching the equilibrium level,political gaming of domestic interest groups rather than international political pressures plays a more important role in future bidirectional changes of the RMB exchange rate.From the perspective of political economics,this paper analyses the dynamics of exchange rate preferences of domestic interest groups and their role in the evolution of RMB exchange rate regimes.The findings show that interest groups and their exchange rate preferences do play a significant role in RMB exchange rate reforms,which implicates that it is necessary to take account of policy preferences and political gaming of interest groups in the determination and forecasts of the RMB exchange rate.展开更多
基金supported by the Project of Social Science Foundation of Jiangsu Province in 2020 under No.20WWB008(“A Study of Cultural Geography in Contemporary Anglo-American Academic Fiction”)National Social Science Foundation Project in 2023 under No.23BWW035(“A Study on Social Changes and the Development of Humanities in Contemporary Anglo-American Academic Fiction”).
文摘Malcolm Bradbury’s novel Rates of Exchange,taking the economic term“rates of exchange”as a central metaphor,depicts various exchanges occurring in the socio-economic landscape of Britain during the 1970s and 1980s.In the context of governmental emphasis on economic development,the novel intricately explores exchanges among diverse entities,playing with multiple meanings of the term“exchange”.In this way,the novel itself becomes a form of“legal tender,”exchanged for reader comprehension,communication,and participation.It highlights the ubiquitous presence of exchange and the risks associated with the uncertain exchange rates between different entities.Furthermore,it invites readers to participate in the story-telling and the nostalgic journey back to British literary tradition.This paper,drawing on Roland Barthes’s semiotic theory along with structuralist and poststructuralist concepts,investigates the multifaceted meanings of“exchange”in the novel.Through this analysis,the paper aims to illuminate the semiotic significance of various narrative forms and the profound thematic concerns in Bradbury’s work.
文摘Using a monetary model of exchange rate determination that suggests a strong link between the nominal exchange rate and a set of monetary fundamentals, exchange rate dynamics for the Czech Republic, Hungary, and Poland is studied. As the cointegration relationship among exchange rate, output, and the monetary fundamentals （money supply and interest rate） is found, vector autoregressions （VAR）/vector error-correction （VEC） and two-stage least squares （2SLS） error-correction models are used in this context, since both approaches allow estimating short-run correlations between exchange rates and fundamentals while taking into account the existent long-run exchange rate constraints. Based on the quarterly data for the period of 1998-2012, it is found that for all countries, an increase in the money supply, domestic output slowdown, or stronger growth abroad are factors behind a nominal exchange rate depreciation, just as predicted by the monetary model of exchange rate. However, the effects of domestic-foreign interest rate differential are quite heterogeneous, being in line with theoretical predictions of a standard monetary model for Poland only. According to the decomposition of variance, money supply and interest rates account for 30%-46% of the exchange rate variation in the Czech Republic, from 10% to 14% in Hungary, and from 23% to 42% in Poland.
文摘We establish an exchange rate determination model for central banks' interventions in financial markets. The model shows that central banks can adjust exchange rate by several policy instruments and that different instruments may have different effects on exchange rate determination. It specifies potential policy instruments for central banks as well as their policy effects. Based on these effects, feasible matches of policy instruments in contingent intervention are put forth.
基金This work was supported by the National Social Science Fund of China(15BGJ034).
文摘With balance of payments in China and the RMB exchange rate approaching the equilibrium level,political gaming of domestic interest groups rather than international political pressures plays a more important role in future bidirectional changes of the RMB exchange rate.From the perspective of political economics,this paper analyses the dynamics of exchange rate preferences of domestic interest groups and their role in the evolution of RMB exchange rate regimes.The findings show that interest groups and their exchange rate preferences do play a significant role in RMB exchange rate reforms,which implicates that it is necessary to take account of policy preferences and political gaming of interest groups in the determination and forecasts of the RMB exchange rate.
