為替レートと国際収支
導入済み| English | 意味 |
|---|---|
| devaluation/diːˌvæljuːˈeɪʃn/ | 法定減価 |
| J-curve | Jカーブ |
A decision you can investigate
- A country’s currency has just fallen sharply against the dollar.
- Will its trade balance improve at once?
Build the explanation
- A floating exchange rate is set by currency markets; a fixed rate is held by the central bank, and a managed rate lies between. An official cut in a fixed rate is a devaluation 法定贬值; a market-driven fall in a floating rate is a depreciation, and revaluation pairs with appreciation.
- A cheaper currency makes exports cheaper and imports dearer, but the trade balance improves only if the Marshall-Lerner condition holds (the sum of export and import demand elasticities exceeds 1); because volumes adjust slowly, the balance usually worsens first, which is the J-curve J曲线.
Work through the evidence
- The current account records trade in goods and services plus income and transfers; the capital and financial accounts record asset flows, so a persistent deficit must be financed by selling assets or borrowing abroad.
- Measures to reduce a deficit divide into expenditure-reducing policy (higher tax, lower spending, higher interest rates), expenditure-switching policy (a lower exchange rate, protectionism) and supply-side policy (education, infrastructure, research incentives) that raises competitiveness over time.
中央銀行が公式に固定為替レートを下げることを何と言うか。
難易度 1/5 · 100 コイン + 今日初回完了時に小ボーナス付与
固定レートは当局によって切り下げや切り上げが行われるが、変動レートは市場において下落または切上げを行う。
Test the limits
- Deflation cuts imports but costs output and jobs; depreciation fails when exports are raw materials with inelastic demand; tariffs invite retaliation and breach WTO rules. Supply-side policies take years.
- Currency intervention has limits: reserves run out, and competitive devaluations invite copycat rounds that shrink world trade.
なぜ下落は通常、当初は貿易収支を悪化させるのか。
難易度 1/5 · 100 コイン + 今日初回完了時に小ボーナス付与
短期においては数量はほとんど動かないため、輸入価格効果が支配的であり、後続の改善を説明するのはマーシャル・ラーナー条件であり、当初の低下ではない。
通貨安は常に直ちに貿易収支を改善する。
難易度 1/5 · 100 コイン + 今日初回完了時に小ボーナス付与
Jカーブ効果により直ちに改善されず、マーシャル・ラーナー条件が成立しない場合もある。
Apply and explain your answer
- A central bank lowers its fixed exchange rate against the dollar. Is that a depreciation?
- No: an official cut in a fixed rate is a devaluation; depreciation is the market-driven fall of a floating currency.
持続する経常収支の赤字を補填しなければならない資金調達方法は何か。
難易度 1/5 · 100 コイン + 今日初回完了時に小ボーナス付与
国際収支は釣り合う：赤字は金融通過で調達される。
Use the terms precisely
- devaluation: An official reduction of a fixed exchange rate.
- J-curve: The trade balance’s typical path of worsening before improving after a depreciation.
用語とそれぞれの意味を結びつけよ。
難易度 2/5 · 140 コイン + 今日初回完了時に小ボーナス付与
各用語を、その明示された経済的関係に用いること。
The current account records trade in goods and services plus income and transfers; the capital and financial accounts record asset flows, so a persistent deficit must be financed by selling assets or borrowing abroad. Measures to reduce a deficit divide into expenditure-reducing policy (higher tax, lower spending, higher interest rates), expenditure-switching policy (a lower exchange rate, protectionism) and supply-side policy (education, infrastructure, research incentives) that raises competitiveness over time.
Deflation cuts imports but costs output and jobs; depreciation fails when exports are raw materials with inelastic demand; tariffs invite retaliation and breach WTO rules. Supply-side policies take years. Currency intervention has limits: reserves run out, and competitive devaluations invite copycat rounds that shrink world trade.
A floating exchange rate is set by currency markets; a fixed rate is held by the central bank, and a managed rate lies between. An official cut in a fixed rate is a devaluation; a market-driven fall in a floating rate is a depreciation, and revaluation pairs with appreciation.