Three. The actual exchange rate and the relative purchasing, the nominal exchange rate make Rt are time the computation time t nominal currency, Pt are the computation time price index, Vt are the computation time nominal currency actual currency values, then does not appraise with the base period currency value either the base period (supposes is the actual currency value which 100) define (actual purchasing power or real purchasing power) may express is: Like this, the real exchange rate or the actual exchange rate which expressed with the currency actual currency value (direct costing) may define is:
In which, respectively is the trade object country computation time nominal currency actual currency value, the nominal currency, the price index. Because, therefore (4). Obviously actual exchange rate (St) is to calculates the result with the inflation rate which the time nominal exchange rate carries on reduces, thus the actual exchange rate is does not appraise by the base period the exchange rate which (base period currency value) calculates.
(4) type will carry on the transformation, might result in (5), will carry on it with purchasing formula (6) the comparison, when then the purchasing had been established, the actual exchange rate is opposite in the base period exchange rate maintenance is invariable. When purchasing inadequate immediately, the actual exchange rate is opposite in the base period exchange rate can have the deviation. The actual exchange rate is higher than the base period exchange rate, calls it the actual exchange rate depreciation. Otherwise, then is called the revaluation. Says from a national import-export trade angle, the former exports advantageously, but the latter as a result of the actual exchange rate rise, the foreign currency drops in our country actual purchasing power, causes our country commodity price to be high, finally does not favor our country commodity exportation.
= May know by St, the computation time nominal exchange rate is an actual exchange rate St important decision thus not only is one in which pi (Pt and) decided by the inflation rate causes trouble the quantity, also is one receives the government currency authority exchange rate policy control the exogenous variable. This meant, when the time nominal exchange rate is very difficult to avoid the distortion which occurs because of the currency authority exchange rate policy function. For example, the currency authority possible artificial to overestimate or to underestimate works as the time nominal exchange rate, causes the deviation real exchange rate. Because et is the actual exchange rate St important determining factor, also dSt/det>0, along with artificial overestimates or underestimated that, St will also overestimate or underestimated, thus will have the distortion. Originally, one of solution actual exchange rate goals is for inspect the nominal exchange rate to the real exchange rate deviation, but this theoretically requests the actual exchange rate to have to be independent in works as the time nominal exchange rate, the actual exchange rate computation structure had decided the actual exchange rate not impossible to be independent in when the time name collects this, if defines generally the real exchange rate as the balanced exchange rate, then, the actual exchange rate St itself possibility deviates the balanced exchange rate. From this significance, such which the actual exchange rate cannot like the people expect, may provide the more accurate real exchange rate information.
Therefore St took after the inflation the current period purchasing power of money, it only is uses for to weigh the nominal exchange rate to the purchasing deviation. Therefore the actual exchange rate, the purchasing and nominal exchange rate these three relations just like a person the composition: Nominal exchange rate namely somebody name, actual exchange rate namely somebody real existence, but the purchasing is this person's conduct. Human's name is may by exterior factor decision, his conduct is actually, the outside strength which itself has cannot impose in him. When we mentioned somebody name thought when his all sorts of conducts, these conducts are actually because this person's real existence only then can display. Therefore the honorable person is links the personal name and the conduct bridge, through the honorable person we can determine personal name and conduct whether tallies. Similarly, the actual exchange rate is the connection nominal exchange rate and the purchasing bridge, weighs the nominal exchange rate and the actual exchange rate deviation with it.
3.The real exchange rate and relative purchasing power parity, so that the nominal exchange rate Rt t for the purpose of calculating the period of the nominal money,Pt period for the purpose of calculating the price index Vt period for the purpose of calculating the actual value of the currency name.used the same base price or value-based (as the 100) definition of the actual value (real purchasing power or real purchasing power) can be expressed as :so that the actual value of the currency, said the real effective exchange rate or exchange rate (direct price), defined as : which,are trade partners and calculation of the actual value of the currency name, the name of the currency, with the price index.As, and (4).Obviously the real exchange rate (St) is used to calculate the inflation rate reductions in the nominal exchange rate period,hence the real exchange rate is constant prices to the base period (based currency) exchange rate calculation.To (4) - to convert available (5), and its purchasing power parity formula (6),When the PPP was established, the actual exchange rate remained unchanged compared with the base period.When the PPP is not established, the real exchange rate relative to the base period, the exchange rate would have deviated from.The effective exchange rate is higher than the base period, as the real exchange rate depreciation.Instead, they were called appreciation.From the perspective of a country's import and export trade, the former favorable to export, and the latter because of the rise in the real exchange rate.in the actual purchasing power of foreign currencies, and this has led to high commodity prices and ultimately detrimental to their commodity exports.From St. = know,St. actual exchange rate calculation period of the nominal exchange rate is an important determinant of the rate of inflation which is both a π (Pt) to the endogenous variable,is a government-controlled exchange rate policy, monetary authorities exogenous variables.This means that the current nominal exchange rate for the monetary authorities is difficult to avoid the distortion of the role of exchange rate policy.For instance, monetary authorities may overestimate or underestimate the current nominal exchange rate artificially so that deviate from the real exchange rate.As et St. is an important determinant of the real exchange rate, and dSt/det>0, with the man overestimated or underestimated.St. also overestimated or underestimated, thus distorted.Originally, the real exchange rate for the purpose of the inspection is to deviate from the nominal exchange rate of the real exchange rate.In theory, this requirement in the current nominal exchange rate should be independent of the real exchange rate, however,The actual calculation of the real exchange rate determines the structure can not be independent from the current nominal exchange rate to do.If the real exchange rate to a more general definition of a balanced exchange rate, then, the real exchange rate may deviate from St. equilibrium exchange rate itself.In this sense, the real exchange rate is not as people expected, the real exchange rate can provide more accurate information.So St. after removing the effect of inflation as the purchasing power of the currency reporting period.It is used to measure the deviation from the nominal exchange rate to the purchasing power parity.Therefore, the actual rate, the nominal exchange rate and PPP as a person of the three relationships :that the name of an individual, the nominal exchange rate, the real effective exchange rate is an individual,and the PPP is that this behavior.The name can be determined by external factors, has his own character is, outside forces should not be imposed on him.When we mentioned the name of a person he thought of the various behavior,This is because such behavior has been the only manifestation of the real.So live it is a bridge connecting names and character, and character names can be determined by whether we live in line.Similarly, the actual rate of exchange is a bridge connecting the nominal exchange rate and PPP.it is used to measure the nominal exchange rate and the degree of deviation of the actual exchange rate.
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