本科毕业论文外文翻译外文题目：CHINAS EXCHANGE RATE POLICY AND ASIAN TRADE 出 处：New Finance,2009(9) 作 者：Alicia Garcia-Herrero, Tuuli Koivu 原 文 :AbstractThis paper shows empirically that Chinas trade balance is sensitive to fluctuations in the real effective exchange rate of the renminbi. However, the current size of the trade surplus is such that exchange rate policy alone will probably not be able to address the imbalance. The potential reduction in the trade surplus resulting from an increase in the renminbi exchange rate is limited mainly because Chinese imports do not react as expected to a renminbi appreciation they tend to fall rather than increase. By estimating bilateral import equations for China and its major trade partners, we find that the reaction for imports is generally confirmed for Chinas trade with Southeast Asian countries. That result might be attributable to Asias vertical integration, as a large share of Chinese imports from Southeast Asia are re-exported. We also find that total exports from a number of Asian countries react negatively to a renminbi appreciation, which points to a dependence of Asian countries exports on those of China.Keywords: China, trade, exports, real exchange rateI. IntroductionChinas share in world trade has increased extremely rapidly during the past years. In fact, it is already one of the largest exporters in the world, together with Germany and the United States.Until recently, Chinas trade balance was very close to zero. According to Chinas customs statistics, its trade surplus amounted to mere USD 32 billion (or 1.7% of GDP) in 2004 (Graph 1). However, since 2005 the trade surplus has ballooned: it reached nearly USD 180 billion in 2006 (close to 7% of GDP) and increased further in 2007, to more than 10% of GDP.On the one hand, Chinese policymakers appear to be maintaining an artificially low exchange rate for the renminbi so as to profit from external demand and achieve a much needed high growth rate. On the other hand, given that prices may still play only a limited role in supply and demand decisions in Chinas transitional economy, doubts have been raised that the exchange rate can be an effective tool in reducing the trade surplus.Linked to the first argument is the fact that China is facing strong pressure from industrial countries to appreciate the renminbi. The real effective exchange rate (REER) of the renminbi rose steeply from 1994 until end-1997 but tended to decline after that until the move to a more flexible exchange rate regime was announced in July 2005. Thereafter the renminbi has appreciated somewhat in real terms. The question is whether and to what extent the sharp increase in the trade surplus can be explained by such a real depreciation.The large size of Chinas trade surplus makes the issue important not only for China but also for the rest of the world. The existing literature is not conclusive. The lack of appropriate data and sufficiently long time series has discouraged research on the link between the renminbi exchange rate and Chinas trade. Since the summer of 2003, when discussions on the undervaluation of the renminbi came to the forefront, research on Chinas exchange rate policy has blossomed, but much of it has focused on estimating the long-run equilibrium exchange rate for China or exploring what kind of exchange rate regime best suits the Chinese economy. While both questions are clearly relevant, the most urgent issue given the size of global imbalances is whether China should use currency appreciation as a tool to reduce its huge trade surplus.Our paper analyzes this question empirically using cointegration analysis. According to our results, a real appreciation of the renminbi would reduce Chinas trade surplus in the long run, but the effect would be limited. The relatively small impact compared with the size of the imbalance is mainly explained by the peculiar price elasticity we find for imports: namely, Chinese imports are negatively affected by the renminbis real appreciation. By estimating bilateral import equations, we find that imports from Asian countries tend to fall but not those from other countries. This apparently counterintuitive result might well be explained by the vertical integration that characterises intraregional trade in Asia: Chinese imports from the rest of Southeast Asia are mostly geared towards re-export. In addition, we show evidence that the Southeast Asian countries do not seem able to compensate for the reduction in their exports to China by increasing exports to other countries, as their total exports are generally negatively affected by the renminbis appreciation. In other words, exports from Southeast Asian countries seem to be a complement to exports from China rather than a substitute for them.T