经济学留学论文:汇率波动性 [22]
论文作者:www.51lunwen.org论文属性:硕士毕业论文 dissertation登出时间:2015-11-06编辑:zhaotianyun点击率:25326
论文字数:11297论文编号:org201511032137271785语种:英语 English地区:中国价格:免费论文
关键词:贸易自由化capacity utilisation汇率波动
摘要:本文主要讲述了汇率波动和贸易流之间的关系。从理论和实证的角度来看,汇率和波动性之间的关系是模糊的。
rough the foreign exchange are exposed to transaction risks. Transaction risks occurs due to the time differential between the date the contract is entered into and the settlement date when dealing through the foreign exchange. This is because firms are faced with uncertainty with respects to proceeds to be received or payments to be made if exchange rate fluctuate during the time interval. These arguments therefore reinforce the need for a derivatives market in Mauritius to manage risk.
Apart from risk management facilities, Mauritius must adopt trade policies which will promote export growth and which will improve the trade of Mauritius. Trade regime in Mauritius previously emphasized on both imports substitution and incentives for exports. Early strategies included trade diversification, providing tax incentives, credit facilities and protective import duties and quotas. However import substitution turned out to be unfavourable. The trade regime in Mauritius now is more liberal. Mauritius must implement measures which will allow it in remain competitive in international market and to increase its international market share.
Real exchange rate was shown to be a major determinant of volume of trade. Policies that will keep the exchange rate stable and depreciating can be adopted to promote export. Furthermore Mauritius has the option to devalue its currency to improve its trade deficit. However these types of measures are only short term. Mauritius needs to lay emphasis on trade promotion and export-driven policies which will guarantee long term competiveness of Mauritian exports. Mauritian products have to be made more competitive so as to retain and enhance the competitive advantage of Mauritius in the international market.
One way to achieve this objective is by promoting private investment. Government must provide the adequate economic environment and incentives to encourage investment. Literature has provided much support towards investment as a tool for export growth. One such theory has been provided by Ghosh and Chandrsekhar(2001). Overall, Mauritius has provided a number of incentives in order to encourage investment local investors and to attract foreign investors from all over the world, with Hong Kong accounting for about two thirds of investment in the mid-1980s, followed by France, with 10 percent. Fiscal and financial incentives include income tax relief and exemptions from customs duties on EPZ-related imports and exports. Profits and dividends may be freely repatriated, capital brought into Mauritius (excluding capital appreciation, which is subject to exchange control and the regular rate of stamp duty) may be freely taken out, and preferential financing schemes are available.
Sound monetary and fiscal policies must be maintained to attract and promote investment. The regulatory framework must the enhanced in Mauritius to protect the interest of investors, to promote fair competition and to eliminate anti-competitive behaviour. It must promote the free entry of exporting firms. Competition in an industry has a positive impact on productivity for example the quality of products are enhanced and prices are maintained at a competitive level. The regulatory framework should also aim at protecting Mauritius from external shocks. Government must also encourage investment in the technological innovation which helps the productive capacity and
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