估值效应

美元本位、估值效应与季风型货币危机

Dollar Standard , Valuation Effects and Monsoonal Currency Crisis

估值效应令储备总额有所折损：据估计，大约60%至65%的亚洲外汇储备为美元资产，但不断贬值的欧元资产或许占了五分之一。

Valuation effects lop off some of the headline number : about 60-65 per cent of Asian reserves are reckoned to be in dollars , but maybe a fifth are in depreciating euros .

资产价格的非预期变化使一国对外净资产更多地暴露于资本收益和损失风险中，因此，如何实现有利于一国外部均衡的估值效应就显得日益重要。

Investors and countries are much more exposed to capital gains and losses owing to unanticipated changes of asset prices , so valuation effects in external adjustment play a more important role than ever before .

目前美国的外部失衡已相当严重，一旦它认为这种失衡对其经济增长、就业或估值效应造成了不利冲击时，就可能启用季风型危机传播手段。

With serious external disequilibrium at present time , U. S. is likely to employ the means of transmitting monsoonal currency crisis abroad once it is believed that the disequilibrium bring negative impacts to its economic growth , employment or valuation effects .

这份文件指出“该公司业务具有不确定性巨大的特点、成本上升和竞争加剧（以及）总体经济放缓和人民币贬值（会）对该公司估值产生巨大负面效应”。

It cited " the substantial uncertainty in the nature of the company 's business and rising costs and increasing competition [ as well as ] a slowdown of the overall economy and the depreciation of the renminbi [ as contributing to ] a significant negative effect on the valuation of the company . "