匯率又稱外匯利率，外匯匯率或外匯行市，指的是兩種貨幣之間兌換的比率，亦可視為一個國家的貨幣對另一種貨幣的價值。具體是指一國貨幣與另一國貨幣的比率或比價，或者說是用一國貨幣表示的另一國貨幣的價格。今天A加未來小編就帶大家一起來詳細解析一下Alevel經濟考點中有關匯率的概念內容，希望對大家有所幫助。
 

 

　　1.definition定義

 

　　Nominal exchange rate名義匯率:

 

　　This is the weight of one currency relative to another,withoutbeing adjusted for inflation.

 

　　Real exchange rate實際匯率:

 

　　This is when the exchange rate is adjusted for inflation to give a moreaccurate reflection of purchasing power.

 

　　Trade-weighted exchange rate貿易加權匯率:

 

　　This is the weighted average of the exchange rate,of thedomestic currency relative to foreign currencies,where theweight of each currency is equalto the share in trade.The more the domestic country trades with a foreign country,thegreater the weight of the currency.

 

　　2.The determination of exchange rates匯率的決定因素

 

　　Floating exchange rate浮動匯率由供需決定:

 

　　The value of the exchange rate in a floating system is determined by the forces of supply and demand.

 

　　Fixed exchange rate固定匯率由government決定:

 

　　A fixed exchange rate has a value determined by the government compared to other currencies.

 

　　Managed float exchange rate管理浮動匯率（介于以上二者之間，自由浮動，但是也有governments的干預）:

 

　　This occurs when the exchange rate floats on the market,but the central bank of the country buys and sells currencies to try and influence their exchange rate.

 

　　3.Depreciation and appreciation匯率的升值與貶值

 

　　Depreciation貶值:when the value of a currency falls relative to another currency,in a floating exchange rate system.

 

　　Appreciation升值:when the value of a currency increases.Each pound will buy more dollars,for example.

 

　　4.The factors underlying changes in exchange rates影響匯率變化的因素

 

　　1.Inflation通貨膨脹:

 

　　A lower inflation rate means exports are relatively more competitive.This increasesdemand for the currency.This causes the currency to appreciate.

 

　　2.Interest rates利率:

 

　　An increase in interest rates,relative to other countries,makes it more attractive toinvest funds in the country because the rate of return on investment is higher.Thisincreases demand for the currency,causing an appreciation.This is known as hotmoney.

 

　　3.Speculation投機行為:

 

　　If speculators think a currency will appreciate in the future,demand will increase inthe present,since they believe a profit can be made by sellingthe currency in thefuture.This can cause an increase in the value of the currency.

 

　　4.Other currencies其他貨幣:

 

　　If markets are concerned about major economies,such as the EU,the currency might rise.This happened with the Swiss Franc in 2010 when markets were worried about the EU economy.

 

　　5.National debt國債:

 

　　A government with a high level of debt is at risk of defaulting,which could cause thecurrency to depreciate.This is since investors start to lose confidence in theeconomy,so they sell their holdings of bonds.

 

　　6.Balance of payments國際收支:

 

　　When the value of imports exceeds exports,there is a current account deficit.Countries which struggle to finance this,such as through attracting capital inflows,have currencies which depreciate as a result.

 

　　7.International competitiveness國際競爭力:

 

　　An increase in competitiveness increases demand for exports,which increasesdemand for thecurrency.This causes an appreciation of the currency.

 

　　8.Government intervention政府干預:

 

　　Governments might try and influence their currency,such as by maintaining a fixedexchange rate.

 

　　5.The effects of changing exchange rates on the domestic and external economy匯率變化對于國內外經濟的影響

 

　　1.Marshall-Lerner condition and the J-curve effect

 

　　馬歇爾勒納條件和J曲線效應（西方匯率理論中的一項重要內容）

 

　　The Marshall-Lerner condition states that a devaluation in a currency only improves thebalance of trade if the absolute sum of long runexport and import demand elasticities isgreater than or equal to 1.

 

　　解釋：若想通過匯率貶值改善貿易平衡，則需滿足一個條件：即進出口的需求彈性之和必須大于1.

 

　　The J-curve effect occurs when a currency is devalued.Since devaluing the currency causesimports to become more expensive,at first the total value of imports increases,which

 

　　worsens the deficit.Eventually,the value of exports increases,which leads to a reduction inthe trade deficit.

 

　　When the currency is devalued,there may be a time lag in changing the volume of exportsand imports.This could be due to trade contracts and the price inelasticity of demand forimports in the short run,whilst consumers search for alternatives.In the long run,consumers might start purchasing domestic products,for example,which helps improve thedeficit.

 

　　J曲線效應解釋：

 

　　當貨幣貶值時，經常賬目赤字不會馬上改善，反而會先惡化一段時間。因為當貨幣貶值時，進口商品會變得更貴，因此進口總額增加，經常賬目反而會惡化。

 

　　長期來看，貨幣貶值使得出口商品價格下降，因此出口總值會增加。此外，進口商品價格上升，消費者對于進口商品的需求也會下降。這兩個因素使得current account deficit經常賬目赤字得以改善，甚至變成current account surplus。

 

　　2.The effect of exchange rates on AD

 

　　匯率對于總需求的影響

 

　　Exchange rate affects AD because they affect the price of exports and imports.If theexchange rate appreciates,AD is likely to fall since imports become cheaper and exportsbecome more expensive.

 

　　以上就是A加小編對于Alevel經濟考點中匯率內容的解析。一國外匯行市的升降，對進出口貿易和經濟結構、生產布局等會產生影響。匯率是國際貿易中最重要的調節(jié)杠桿，匯率下降，能起到促進出口、抑制進口的作用。大家在Alevel經濟學習中如果還有什么疑惑，歡迎隨時咨詢我們！