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37汇率金融渠道的对冲抵消48动态的平衡:美元汇率与对外贸易54贸易结构升级与汇率的重新定锚编者导读:按照传统教科书的说法,一国货币的贬值有助于出口,因而有助于拉动经济发展。但现实情况可能并无一致。最新研究发现,在衡量汇率变动对出口和进口(贸易渠道)的影响,不能忽视对信贷的成本和供应(金融渠道)的影响。如,美联储最近一次的加息推动了美元升值,但而当美元升值时,新兴市场偿还美元债务的成本也增加了,借款
37 Exchange Rate Fluctuation in Financial Channels 48 Dynamic Balance: US Dollar Exchange Rate and Foreign Trade 54 Trade Structure Upgrading and Exchange Rate Relief Editor’s Note: According to traditional textbooks, devaluation of a country’s currency contributes to exports and helps Stimulate economic development. But the reality may not be the same. The latest study finds that in measuring the impact of exchange rate changes on exports and imports (trade channels), the impact on credit costs and supply (financial channels) can not be ignored. For example, the recent rate hike by the Federal Reserve pushed up the value of the U.S. dollar. However, as the U.S. dollar appreciated, the cost of reimbursement of U.S. debt in emerging markets also increased. Loans