Завышение обменного курса и протекционизм в торговле уроки имеющегося опыта

Страница
7

Слайд 25

Figure 2. Overvalued Exchange Rate supported by Quotas on Imports

D

S

S

D

ERf

a/ PRUSSIA = Price index of traded goods in Russia. PUSA = price index of traded goods in the USA.

Foreign Exchange (Quantity)

Real Exchange Rate

_Rubles/$ _

PRUSSIA/PUSA a/

Слайд 26

Figure 3. Overvalued Exchange Rate supported by Foreign Exchange Licensing

and Surrender Requirements

D

S

S

D

ERf

ERp

Foreign Exchange (Quantity)

a/ PRUSSIA = Price index of traded goods in Russia. PUSA = price index of traded goods in the USA.

Real Exchange Rate

_Rubles/$ _

PRUSSIA/PUSA a/

Слайд 27

Figure 4. Overvalued Exchange Rate Supported by Increased Tariffs

D

S

S

D

ERf

Foreign Exchange (Quantity)

a/ PRUSSIA = Price index of traded goods in Russia. PUSA = price index of traded goods in the USA.

fixed ER

D/(1+t)

Real Exchange Rate

_Rubles/$ _

PRUSSIA/PUSA a/

Слайд 28

Figure 5. Undervalued Fixed Exchange Rate Creates Surplus of Foreign Exchange

D

S

S

D

ERf

Foreign Exchange (Quantity)

a/ PRUSSIA = Price index of traded goods in Russia. PUSA = price index of traded goods in the USA.

fixed ER

Surplus

Real Exchange Rate

_Rubles/$ _

PRUSSIA/PUSA a/