In the long run, real exchange rates are mainly determined by the supply-side of an economy ( changes in the productivity), which is embodied in the model of Balassa-Samuelson effect.
长期实际汇率主要取决于经济的供给面,即生产率的变化,这一思想体现在巴拉萨&萨缪尔森效应的模型中。
Because America internal real exchange rate appreciate higher than China in the past twenty years, the depreciation trend of China real exchange rate can be explained based on the Balassa-Samuelson theorem.
由于美国的内部实际汇率升值幅度一直高于中国,人民币实际汇率的贬值趋势在巴拉萨和萨缪尔森的分析框架下也是可以解释的。
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