人民币升值研究外文翻译文献
(含：英文原文及中文译文)
文献出处：Y ang W, Lam K C J. An ethical analysis of economic issues related to the appreciation of Renminbi[J]. Asian Journal of Business Ethics, 2012, 1(1):79-87.
英文原文
An ethical analysis of economic issues related to the appreciation of
一如年少模样歌词Renminbi
钢水奔流Y ang W, Lam K C J
Abstract
Since the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Becau of the balance of payments surplus, China has accumulated a large amount of foreign exchange rerves, and there is much pressure on the Renminbi (RMB) to app
reciate. The appreciation of RMB has raid a ries of intertwining economic and ethical concerns in China. This paper is an inter-disciplinary study to illustrate the inter-relationship between economics and ethics. We analyze the major economic factors affecting the trend of exchange rate of RMB and the effects of its appreciation. We then discuss the ethical implications of the appreciation and conclude with some policy suggestions to address the economic and the ethical concerns.
Keywords: Economic ethics, Renminbi, Exchange rate, Appreciation Introduction
读书的诗句Introduction
In an open economy, the effect of exchange rate on external trade and other economic institutions has drawn much attention among scholars in China and other countries alike. According to macroeconomic theory, given some standard assumptions, changes in exchange rate will affect the price of domestic goods relative to the price of foreign goods, and thus, the pattern of expenditures will be affected. In general, a depreciation of the domestic currency can stimulate exports while discouraging imports. If the demand for imports and exports are price elastic, there will be an improvement in the balance of trade. In China, the depreciation of Renminbi (RMB) in the 1990s res
委托授权
ulted in an obrvable effect on the balance of payments deficit. The relatively cheap exports gave China a competitive advantage, and the balance of payments deficit turned into a surplus within a short time, accompanied by an accumulation of official foreign exchange rerves. In recent years, the accelerated appreciation of RMB has not resulted in a decline in the volume of exports, while USA has not achieved the expected improvement in its balance of payments through the changes in exchange rates. At the same time, the appreciation of RMB has raid a ries of economic and ethical concerns. In fact, the ethical issues and the
economic issues are intertwined as the ethical implications depend on the economic impacts of the appreciation. This paper rves as an inter-disciplinary study to illustrate the inter-relationship between economics and ethics.
Since the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Western countries have exerted great pressure on China to appreciate the RMB. The most controversial issues involve China – USA relationship. For instance, Americans may think that RMB is under-valued so that the balance of payments surplus in China is gained at the expen of the Americans who experience a massive balance of payments deficit. Similarly, it is sometimes claimed that the Chine workers in the export ctors gain at the expen of the Americ
an workers in the import ctors in USA. On the other hand, some well-known economists in USA, including Ben Bernanke and Joph Stiglitz, have pointed out that appreciation of RMB will not effectively lower the balance of payments deficit in USA since the reduction in imports from China will be replaced by imports from other low-cost countries like Vietnam and Pakistan. The key is to increa the saving rate in USA which is much lower than that in many Asian countries. On the other hand, the current account surplus of China reflects its high national saving rate (Fan 2011). Other than the distributional issue between China and USA, another ethical issue is
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related to the sovereignty or right of a country to manage its own exchange rate bad on the benefit of its citizens. The international issues are very complicated, and there is no universally accepted principle for the distribution of benefits and costs across different nations; even if there were, the distributional effects across nations would be very difficult to measure. Therefore, our study will focus on the economic and ethical issues related to the appreciation of RMB within the boundary of the Chine economy, including the medium and long run effects.
相闻
Major factors affecting the trend of exchange rate of RMB
中将We expect an upward trend of RMB exchange rate in general, but the magnitude is difficult to predict.
There are veral factors that may affect the situation. First, the sustained growth of the economy provides a strong support for the appreciation of RMB. Though the target growth rate of GDP in the 12th 5-year plan has been reduced, it is still at a high level of 7%. With an expectation of high growth, foreign investment in the economy will continue to be strong, providing a solid support for RMB.
Second, if the balance of payment surplus continues to grow, there will be greater pressure for RMB to appreciate. In year 2010, China’s current account surplus is 206.2 billion US dollar (USD), reprenting a growth of 25%, and the growth in foreign rerve asts is about 18%. This heightens the expectation of appreciation.
Third, some international factors may affect the trend. It is expected that the growth of the US economy will reach 3%. Its contribution to the growth of the world economy will be bigger than that in year 2010. Comparatively speaking, the growth of the European economy is not optimistic. In the first half of 2010, to repay their debts, Europe’s banking industry borrowed an amount of 400 billion Euros. At the same time, European governments also needed 500 billion Euros to pay for their fiscal deficits, plus veral hundreds more as collaterals when their bonds will reach maturity. It is possible that the European financial market will have the cond round of debt crisis. To maintain financial su
大理石装修stainability, European governments have to reduce their public expenditures. Since unemployment rate is very high, the internal engine for growth is weak. Therefore, the US dollar will perform better than the Euro as an international currency. It is unlikely that devaluation of the US exchange rate will continue for long, there is even a possibility of a rever trend. Another international factor is that the conflicts over currency exchange rates will affect the RMB exchange rate. Driven by the growth of Asian economies other than Japan, the share of Asian economies (other than Japan) has rin from 16.8% in year 2000 to 25% in year 2010 and is expected to ri to 30% in year 2015. On the other hand, the share of USA has dropped from 23.6% to 20.2% within the same period and will drop further to 18.4% in year 2015. A large amount of US dollar
