汇率高估

但由于汇率高估和廉价融资，希腊人乐得拿了钱就花。

But with an artificially strong currency and access to cheap debt , the Greeks took the money and ran .

这给新兴经济体带来的后果，可能是资本过剩、随之而来的对本币汇率高估的忧虑、廉价进口的泛滥，以及大批资金一旦最终撤离所导致的极度波动。

The result for the developing world is a possible capital surfeit and attendant fears of overvalued exchange rates , floods of cheap imports and extreme volatility should the wall of money eventually retreat .

此次危机的爆发点是货币危机：该地区货币多年始终存在的汇率高估给四处寻找获利机会的对冲基金制造前所未有的机会，从而导致了危机的发生。

This crisis began with currency crisis , that is , continuous overvaluation of the currencies in this area gave hedging funds great opportunities to crash the weak currencies , which led to the crisis .

结果表明驱动中国资本外逃的主要经济因素为财政赤字增加、政治金融风险和汇率高估，内外资差别待遇是产生资本外逃的重要制度因素。

The results imply the budget deficit , the politics and finance risk and the overvaluation of the exchange rate are the main economic forcing factors . The discrimination between native and foreign capital is the institutional forcing factor .

汇率高估会导致贸易收支恶化，影响资本市场稳定，引发货币危机和债务危机，对内则损害国内产业竞争力，影响资本积累，造成税收损失，不利于就业和稳定。

Overestimation of exchange rate will lead to deterioration of trade income and expenses , which influences the stabilization of capital markets and causes current crisis and debt crisis . Consequently , it is harmful to the competition of domestic industry , employment , and social stabilization .

樊纲表示，目前世界面临的真正问题是美元的高估，不仅是美元兑人民币汇率高估，美元兑所有主要货币汇率都高估。他表示：这种不平衡现象的主要责任，在于美国财政部滥发美元钞票。

Mr Fan said the real problem the world faced today was an overvalued dollar , not only against the renminbi but against all major currencies . The main responsibility for this imbalance lies with the US Treasury , which is printing too much money , he said .

实证结果表明，造成我国资本外逃的主要因素为国内外实际利率差异，外债增加，汇率高估，内外资差别待遇和金融压制等。

The empirical results imply that the difference between domestic and foreign rate , the foreign debt as a percentage of GDP , the overvaluation of the exchange rate , the discrimination between native and foreign capital , financial control are the main economic forcing factors of capital flight .

从宏观角度看，低储蓄率和汇率高估正在对巴西的增长率和经济竞争力造成压力因此有必要推动金融体系举债经营，以支持增长率与其它金砖国家相符。

From a macro standpoint , a low savings rate and an overvalued currency are putting pressure on growth rates and on the competitive position of the economy hence the drive to push leverage into the system in order to prop up growth rates in line with BRIC peers .

所以，新兴市场特别是中国、俄罗斯和巴西的汇率被高估了。

So emerging markets are way overvalued , notably China , Russia and Brazil .

1996&2003年期间，人民币实际有效汇率处于高估状态。

In the period of 1996 to 2003 , RMB real exchange rate is overvalued .

在那些增长缓慢、实际汇率被高估的经济体，这样的息差开始触及危险水平。

In slow-growing economies with overvalued real exchange rates , these spreads begin to be dangerous .

生产者价格下跌意味着，从产品价格来看，汇率的高估表现得不那么明显，但为此付出的代价则是利润率严重缩水。

Price deflation means overvaluation is less evident in price terms , but the cost is serious profit-margin shrinkage .

结论：全球市场之所以不购买这些国家以欧元计价的商品，是因为这些深陷危机的国家汇率被高估了40%以上。

Conclusion : by shunning their goods at these prices , the global market is telling us that the stricken countries ' currencies are overvalued by more than 40 % .

依据你参考的是购买力平价还是麦当劳巨无霸的价格，欧元兑美元汇率被高估了7%到18%。

Depending on whether you look at purchasing power parity or the price of Big Macs , the euro is anything from 7 per cent to 18 per cent overvalued against the US dollar .

随时间推移，人民币汇率缓慢向高估方向发展。

Over time , the RMB exchange rate showed a slow development to the overestimate .

第二，即使一国货币的汇率没有被高估，如果它没有大量外汇储备，也有可能受到外汇投机者的成功袭击。

Second , even if its exchange rate is not overvalued , a country could face a successful attack by Forex speculators if it does not have a very large amount of foreign exchange .

一个国家的汇率无论出现高估或是低估现象，都会导致经济运行效率的下降和社会福利的损失，长期下去还会引发经济金融危机。

It will lead to economic efficiency decline and social welfare loss , no matter whether exchange rate of a country is overvalued or undervalued , then economic crisis can be triggered by careless abandon .

比较成员国国家的汉堡价格，调整之后的巨无霸指数显示与德国相比，意大利，西班牙，希腊和葡萄牙的汇率都被高估了。

Comparing burger prices in member countries , the adjusted Big Mac index shows that the " exchange rates " of Italy , Spain , Greece and Portugal are all significantly overvalued relative to that of Germany .

这有力地表明，英镑实际汇率仍被过度高估。

That strongly suggests that the real exchange rate remains enormously overvalued .

欧元区、英国、加拿大、澳大利亚以及其他相关国家都认为，它们自身的汇率已被严重高估。

The eurozone , the UK , Canada and Australia among others believe that their exchange rates are already substantially overvalued .

但如果所有国家同时奉行货币贬值政策，那就讲不通了：它们的货币汇率不可能同时高估。

But it cannot make sense for many countries to pursue devaluation policies all at the same time : they cannot all , simultaneously , have overvalued exchange rates .

这种联系体现为汇率低估与通货膨胀并存，而汇率高估与通货紧缩并存。

This link appears to be the contemporary existence of exchange rate devaluation ( or overvaluation ) and inflation ( or deflation ) .

伦敦资本经济公司（capitaleconomics）经济学家戴维里斯（davidrees）表示，尽管（巴西货币）汇率已经从近期的最高点下降20%，实际汇率依然被高估20%。

The real remained about 20 per cent overvalued in real terms in spite of a 20 per cent depreciation from its recent highs , said David Rees , economist at Capital Economics in London .

汇率失调会给发展中国家的经济持续发展带来较大的负面影响，持续的汇率高估甚至会引发货币危机。

Exchange rate misalignment will negatively influence economic development of developing countries , persistent overvaluation may even cause currency crises .

克莱恩和威廉姆森的估算显示，汇率失调主要局限于规模较小的经济体，比如澳大利亚和新西兰（本币汇率被高估），以及台湾和马来西亚（本币汇率被低估）等。

The estimates suggest misalignments are mainly confined to smaller economies such as Australia and New Zealand ( overvalued ) and Taiwan and   Malaysia  ( undervalued ) .

通过对样本期间人民币汇率失调与国内物价水平变动的考察发现二者之间存在着较为明确的对应关系，即通货膨胀对应汇率低估，通货紧缩对应汇率高估。

We find there is corresponding relations between the two variables during sample period . That an undervalued exchange rate via inflation , overvalued exchange rate via deflation .