Chính sách can thiệp vô hiệu hóa vào tỷ giá hối đoái
Risk premium (phân bổ rủi ro)
A: mức độ tài sản của ngân hàng trung ương
Buy foreign assets, sell domestic assets A2 falls to A2 so it rises risk
premium -> increase the exchange rate -> domestic currency
depreciates
Domestics assets increases -> A falls -> lợi tức đầu tư vào tài sản
ngoại giảm -> tỷ giá hối đoái tăng
Chapter 7: The International Monetary System
1. Macroecomics Goals
a. Internal Balance
- Internal balance refers to the macroeconomic goals of full
employment (or normal production) and price stability (or low
inflation)
The nation focuses on internal balance = full employment and price
stability
+ Over-employment tends to lead to increased prices and under
employment tends to lead to decreased price
+ Unexpected inflation redistributes income from creditors to
debtors, and from wage earners to the owners of physical assets
+ Inflation raise risks and uncertainties, and makes planning for the
future more difficult.
b. External Balance
- External balance means the balance th the current account or the
balance of payments.
+ Governments try to avoid too large surplus or large deficits in
the current account
