第7章国际收支(更新)解说.ppt

汇率水平的决定与外汇市场 外汇市场 外汇市场的供求模型 供给：出口；资金流入（投资） 需求：进口；资金流出（对外投资） 价格：汇率 外汇市场的供求模型特点 短期（资产法，利率平价法）：资金流动比较频繁 此时，难以忽略资金流动对外汇市场的影响 长期（购买力平价）：主要是商品与服务的流动决定了外汇市场的供求 二者如何统一？ * * * Figure 17.3: Sovereign Ratings and Public Debt Levels: Advanced Countries versus Emerging Markets and Developing Countries The data shown are for the period from 1995 to 2005. The advanced countries (green) are at the top of the chart. Their credit ratings (vertical axis) do not drop very much in response to an increase in debt levels (horizontal axis). And ratings are always high investment grade. The emerging markets and deve