AS经济考试重点精讲，Exchange rate汇率相关概念你都掌握了吗

Exchange rate是AS经济考试的重要考点，但偏偏也是难度考点。本文就来给大家从头到尾梳理一下AS经济考试会涉及到的Exchange rate内容和与之相关的概念。拿下和这个难点，就能离A更近一步。

AS经济考试形式

ALevel化学学习有机化学、无机化学中所包含的知识点，一些化学方程式、源自结构、化学键等内容都会有涉及。

A Level的化学分为AS和A2两个阶段，共五个Paper（两个Paper选择题，两个Paper大题，一个Paper实验操作题）。

AS经济考试考点精讲：

Exchange rate

1. definition 定义

Nominal exchange rate: This is the weight of one currency relative to another, without being adjusted for inflation.

Real exchange rate: This is when the exchange rate is adjusted for inflation to give a more accurate reflection of purchasing power.

Trade-weighted exchange rate: This is the weighted average of the exchange rate, of the domestic currency relative to foreign currencies, where the weight of each currency is equal to the share in trade. The more the domestic country trades with a foreign country, the greater the weight of the currency.

2.The determination of exchange rates 汇率的决定因素

Floating: The value of the exchange rate in a floating system is determined by the forces of supply and demand.

Fixed: A fixed exchange rate has a value determined by the government compared to other currencies.

Managed float: This occurs when the exchange rate floats on the market, but the central bank of the country buys and sells currencies to try and influence their exchange rate.

3.Depreciation and appreciation 汇率的升值与贬值

Depreciation: when the value of a currency falls relative to another currency, in a floating exchange rate system.

Appreciation: when the value of a currency increases. Each pound will buy more dollars, for example.

4.The factors underlying changes in exchange rates 影响汇率变化的因素

Inflation:

A lower inflation rate means exports are relatively more competitive. This increases demand for the currency. This causes the currency to appreciate.

Interest rates:

An increase in interest rates, relative to other countries, makes it more attractive to invest funds in the country because the rate of return on investment is higher. This increases demand for the currency, causing an appreciation. This is known as hot money.

Speculation:

If speculators think a currency will appreciate in the future, demand will increase in the present, since they believe a profit can be made by sellingthe currency in the future. This can cause an increase in the value of the currency.

Other currencies:

If markets are concerned about major economies, such as the EU, the currency might rise. This happened with the Swiss Franc in 2010 when markets were worried about the EU economy.

Government finances:

A government with a high level of debt is at risk of defaulting, which could cause the currency to depreciate. This is since investors start to lose confidence in the economy, so they sell their holdings of bonds.

Balance of payments:

When the value of imports exceeds exports, there is a current account deficit. Countries which struggle to finance this, such as through attracting capital inflows, have currencies which depreciate as a result.

International competitiveness:

An increase in competitiveness increases demand for exports, which increases demand for the currency. This causes an appreciation of the currency.

Government intervention:

Governments might try and influence their currency, such as by maintaining a fixed exchange rate. 

5. The effects of changing exchange rates on the domestic and external economy 汇率变化对于国内外经济的影响

Marshall-Lerner condition and the J-curve effect

The Marshall-Lerner condition states that a devaluation in a currency only improves the balance of trade if the absolute sum of long run export and import demand elasticities is greater than or equal to 1.

The J-curve effect occurs when a currency is devalued. Since devaluing the currency causes imports to become more expensive, at first the total value of imports increases, which

worsens the deficit. Eventually, the value of exports decreases, which leads to a reduction in the trade deficit.

When the currency is devalued, there may be a time lag in changing the volume of exports and imports. This could be due to trade contracts and the price inelasticity of demand for imports in the short run, whilst consumers search for alternatives. In the long run, consumers might start purchasing domestic products, for example, which helps improve the deficit.

The effect of exchange rates on AD

Exchange rate affects AD because they affect the price of exports and imports. If the exchange rate appreciates, AD is likely to fall since imports become cheaper and exports become more expensive.

希望以上内容可以补充大家AS经济考试相关复习工作的空白。对于非英国地区的ALEVEL考生来说，AS成绩是非常重要的，因为大家在申请时都要向大学递交这门成绩。而标化考试成绩是所有申请工作的基础，如果没有优秀的标化成绩单来“打头阵”，你的活动列表、个性背景再怎么丰富也很难被招生官看到。因此无论近两年的疫情怎样影响大考，大家都要保持紧凑学习状态。

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