Bussiness ManagementMBAstrategyHuman ResourceMarketingHospitalityE-commerceInternational Tradingproject managementmedia managementLogisticsFinanceAccountingadvertisingLawBusiness LawEducationEconomicsBusiness Reportbusiness planresearch proposal
英语论文题目英语教学英语论文商务英语英语论文格式商务英语翻译广告英语商务英语商务英语教学英语翻译论文英美文学英语语言学文化交流中西方文化差异英语论文范文英语论文开题报告初中英语教学英语论文文献综述英语论文参考文献
ResumeRecommendation LetterMotivation LetterPSapplication letterMBA essayBusiness Letteradmission letter Offer letter
澳大利亚论文英国论文加拿大论文芬兰论文瑞典论文澳洲论文新西兰论文法国论文香港论文挪威论文美国论文泰国论文马来西亚论文台湾论文新加坡论文荷兰论文南非论文西班牙论文爱尔兰论文
小学英语教学初中英语教学英语语法高中英语教学大学英语教学听力口语英语阅读英语词汇学英语素质教育英语教育毕业英语教学法
英语论文开题报告英语毕业论文写作指导英语论文写作笔记handbook英语论文提纲英语论文参考文献英语论文文献综述Research Proposal代写留学论文代写留学作业代写Essay论文英语摘要英语论文任务书英语论文格式专业名词turnitin抄袭检查
temcet听力雅思考试托福考试GMATGRE职称英语理工卫生职称英语综合职称英语职称英语
经贸英语论文题目旅游英语论文题目大学英语论文题目中学英语论文题目小学英语论文题目英语文学论文题目英语教学论文题目英语语言学论文题目委婉语论文题目商务英语论文题目最新英语论文题目英语翻译论文题目英语跨文化论文题目
日本文学日本语言学商务日语日本历史日本经济怎样写日语论文日语论文写作格式日语教学日本社会文化日语开题报告日语论文选题
职称英语理工完形填空历年试题模拟试题补全短文概括大意词汇指导阅读理解例题习题卫生职称英语词汇指导完形填空概括大意历年试题阅读理解补全短文模拟试题例题习题综合职称英语完形填空历年试题模拟试题例题习题词汇指导阅读理解补全短文概括大意
论文作者:英语论文论文属性:作业 Assignment登出时间:2014-11-07编辑:yangcheng点击率:15489
论文字数:4212论文编号:org201411051340181662语种:英语 English地区:美国价格:免费论文
关键词:货币战争外汇市场Economics Essay就业机会
摘要:本文基于历史,是一篇分析货币战争和外汇市场的留学生作业,世界已经经历了许多次战争,其中包括两次世界大战。战争总是有理由的,并且从来都百害而无一益。当今的经济世界正在经历着一场新型的战争,就是所谓的货币战争。
Strong exchange rate – The gradual appreciation of the sterling over other currencies including the US Dollar makes exports less competitive and imports cheaper. This higher value of the exchange rates has induced reduction in the total value of exports.
Despite having huge amounts of current account deficits, UK has balanced its BOP by ensuring surpluses in the Capital/Financial account. The internationalisation of the financial markets, liberalisation of trade in financial instruments and globalisation, has made it easier to finance the current account deficit. Economists believe that there are no economic constraints if a country depends on its capital account surpluses as compared to its current account. The Capital account has recorded surpluses in the last 20 years (Pink book, 2010). One of the main reasons for this surplus has been UK’s ability to attract cash flow into the country. Below is a summary that has contributed to these surpluses over the last few years:
Lower interest rates – The short term interest rates are quite higher in the UK compared to the countries in the euro zone and the US. This has attracted large amounts of inflows into the UK banking sector in return for a favourable interest rate.
Foreign direct investment – UK’s economic structure and favourable standards regulating the financial markets have made UK a favourite FDI venue. Huge acquisitions such as the $16bn purchase of Abbey National by Santander Central Hispano, Spain's largest bank; the acquisition of UK-based Amersham by General Electric of the US for $9.6bn (Frances Williams, 2005) and the much talked about acquisition of Cadbury by US Kraft foods are some in a series of FDI that have contributed to UK’s current position (Geoffrey Owen, 2010).
RELATION BETWEEN UK BALANCE OF PAYMENT AND ITS EXCHANGE RATE
As explained above the UK balance of payment for last 10 years has been in deficit and its exchange rate index has been fluctuating. By this statement we can conclude that there is not a simple relation between balance of payment and exchange rate. So we need to look at the theoretical explanation of this relation. The elasticity model of the balance of trade (Krueger, 1983) has shown the existence of a theoretical relationship between exchange rate and the trade balance. To begin with we know that a weak currency would improve the export and would reduce the import thereby reducing the deficit in the case of UK and vice versa. If we look from the balance of payment view, a deficit in UK would mean more supply of currency for the import and less demand of currency for the exports thereby depreciating the currency. But this doesn’t always hold true. Also in the short term there are factors which don’t let this simple relation hold. The factors that have been found in studies are:
Elas本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。