全球经济失衡与中国的汇率支出转换效应（Global economic imbalances and exchange rate switching effects in China）.docVIP

全球经济失衡与中国的汇率支出转换效应（Global economic imbalances and exchange rate switching effects in China） Global economic imbalances and exchange rate switching effects in China Chen Yulu, Zheng Yanwen, School of Finance and finance, Renmin University of China Abstract: what are the causes of the global economic imbalances? Can the appreciation of RMB improve the current account surplus and the current account deficit of the US? Obviously, the answers to these questions are important both in theory and in practice. By using the Engel-Granger cointegration test, we find that the exchange rate switching effect is not significant in china. According to the theory of new open economy macroeconomics, the market pricing principle is the important reason for the exchange rate expenditure conversion effect. An examination of the switching effect of exchange rate spending can help us understand the causes and solutions of the global imbalances. In recent years, the phenomenon of global economic imbalance has attracted widespread attention from scholars and policy makers. Some scholars argue that by increasing the relative value of the RMB against the US dollar, the problem of the current account deficit rising and the accumulation of Chinas foreign exchange reserves will be resolved. The proposal is based on the exchange effect of exchange rate expenditure. If the exchange rate conversion effect does not exist, that is, the adjustment of the currency exchange rate will not cause a significant change in the current account balance. Then the significance of the exchange rate adjustment is modest. The purpose of this paper is to analyze the exchange rate switching effect of China from the two angles of theory and empirical analysis, so as to put forward reasonable suggestions to solve the problem of global economic imbalances. I. global economic imbalances: status quo and logic In 2005, President of the International Monetary Fund recently in a speech, formally proposed the concept of global