实际汇率的英文翻译？

Summary:

The actual exchange rate, also known as the effective exchange rate or real rate of exchange, refers to the rate at which one currency can be exchanged for another in the real market. In this article, we will explore the concept of actual exchange rate and its significance in international trade and finance.

1. Definition of Actual Exchange Rate

The actual exchange rate, also referred to as the effective exchange rate or real rate of exchange, is the rate at which one currency can be exchanged for another in the real market. It takes into account various factors such as inflation, interest rates, and market supply and demand.

2. Calculation of Actual Exchange Rate

The actual exchange rate is calculated using an index called the effective exchange rate index. This index takes into consideration the trade weights of different countries, which reflect their share in international trade. By weighting the exchange rates of different currencies, the index provides a comprehensive measure of the overall exchange rate level.

3. Importance of Actual Exchange Rate

The actual exchange rate is an important indicator of a country's competitiveness in international trade. A high actual exchange rate means that a country's goods and services are relatively expensive compared to those of other countries, making its exports less competitive. On the other hand, a low actual exchange rate makes a country's goods and services cheaper, thus boosting its exports and attracting foreign investment.

4. Factors Affecting Actual Exchange Rate

Various factors can influence the actual exchange rate, including:

Inflation: Higher inflation rates in one country relative to others can lead to a depreciation of its currency and a decrease in its actual exchange rate.

Interest rates: Higher interest rates in one country can attract foreign investors, leading to an appreciation of its currency and an increase in its actual exchange rate.

Balance of payments: A country with a large current account surplus may experience an appreciation of its currency, while a country with a large current account deficit may experience a depreciation.

5. Causality between Actual Exchange Rate and Trade Growth

Researchers have conducted studies to examine the causality between the actual exchange rate and trade growth. These studies use techniques such as the Granger causality test to determine the direction of causality between variables. Results have shown that there is a bidirectional causality between the actual exchange rate and trade growth, implying that changes in the exchange rate can affect trade growth, and vice versa.

Conclusion:

The actual exchange rate plays a significant role in international trade and finance. It reflects a country's competitiveness and can influence its trade balance and economic growth. Understanding the factors that affect the actual exchange rate and the causality between the exchange rate and trade growth is essential for policymakers and investors in making informed decisions.