Is BTC's fixed monetary policy really impeccable
Publish: 2021-04-30 13:27:51
1.
bus line: Metro Line 1 → Metro Line 3, the whole journey is about 11.5km
1. Walk about 540 meters from AVIC international exchange center to hatching Park Station
2. Take Metro line 1, pass 6 stops, reach Provincial Gymnasium station
3. Walk about 40 meters, transfer to Metro Line 3
4. Take Metro Line 3, pass 4 stops, reach Shier hospital station
5 Walk about 350 meters to Yanlu gongsuo street
2. Take subway line 5, then transfer to line 2
3. AFC AVIC International Plaza project is located on the outside of South Third Ring Road, west of Tianfu Avenue, science and innovation center area of Southern New District. The total construction area of the project is about 350000 square meters, and the commercial supporting area is about 100000 square meters, including hotel, office building, commercial podium, shopping center and other formats. It is an urban complex project meeting the international high standard comprehensive business and leisure shopping and other commercial needs. The project area has a high starting point of urban planning, which is the future urban center and the core area of the new CBD. Cheng AVIC city will become a landmark project of the future new urban center. AVIC International Plaza is located on the outside of the South Third Ring Road and the west side of Tianfu Avenue in Cheng. It is located in the science and innovation center area of the southern New District, connecting the central area of Cheng (three core business districts and the largest IT business district in Southwest China) and the middle area of the southern New District (government affairs district and new exhibition center). This area has a high starting point of urban planning, is the future city center and the core area of the new CBD. The design of AVIC International Plaza fully reflects the characteristics of the future high-tech new area. The joint operation of office, business and hotel is convenient for users. The three towers in the concept are all from the idea of sustainable construction. Minimizing the exposure of buildings in the East and west to the sun means that the building gets less heat, The wide southern and Northern architectural surfaces make up for the internal office atrium and the external open atrium, providing a pleasant working, shopping and leisure environment for people. At present, the project is applying for leed-cs certification. Cheng commercial project 7 is located outside the South Third Ring Road of Cheng, connecting the central area of Cheng (three core business districts and the largest IT business district in Southwest China) and the southern New District (government district and new exhibition center). This area has a high starting point of urban planning, is the future city center and the core area of the new CBD.
4. Take No.83 bus from zhaojuesi bus station, get off at Renmin North Road station, then take Metro Line 1 (towards Century City) from Renmin North Road subway station, get off at hatching Park Station (exit a), go north for 100 meters to Shujin Road, turn left, and go ahead for 100 meters
5. For example:
once upon a time, there was a country called H, which issued a currency called H yuan. It implemented a fixed exchange rate, adopted the linked exchange rate with the US dollar, and converted 1 h yuan into 10 US dollars. Country h is an export-oriented economy with developed international trade. Due to the international popularity of the country's commodities and the better market environment, the country had a trade surplus in 20XX
first, e to the strong economic development trend of H country, to enhance people's confidence in H currency, the trade volume will increase, and the market demand for H currency will increase. In this case, the H yuan will rise in line with the market demand, the ratio of H yuan to the US dollar will become 1:9, and start to sprint to 1:8.5. If h country is a floating exchange rate country, the government will not intervene in the exchange rate. After a period of time, the people of H country and other holders of H yuan will find that their h yuan is becoming more and more valuable, and businesses will find that their commodity prices are getting lower and lower, In this way, there will be deflation expectation in H country, people will start to save and refuse to consume, businesses will further rece prices, but goods have already accumulated, real enterprises will find that employment costs and proction costs are getting higher and higher, profits are getting lower and lower, and the financial instry will find that there are fewer and fewer people to invest and there is no capital to operate on its own. As a result, the economy of H country will shrink and the unemployment rate will rise, Slow economic growth... A series of problems...
Second, fortunately, the government of H country intervened in time and adopted regulatory policies. Since the excessive demand for H yuan in the market caused the appreciation of the local currency, the simplest way is to implement the loose monetary policy. In short, the central Bank of H country began to issue more h yuan. Since there are more h yuan in circulation in the market, the exchange rate of H yuan will return to a reasonable state. The Central Bank of H can also purchase overseas assets and foreign exchange in the foreign exchange market. While purchasing overseas assets and foreign exchange, the Central Bank of H issues local currency with foreign exchange reserves and overseas assets as support. The domestic money supply increases. Due to the relative decrease of US dollar circulation and the relative increase of local currency, the actual supply of H yuan increases by multiplier and the exchange rate drops
thirdly, if the economy of H country is still sluggish at this time, then the Central Bank of H country will continue to issue more money and lower interest rates. People in H country may find that prices will be higher and higher, money on hand will be less and less valuable, and deposit interest will be lower and lower, so they will transfer assets one after another, turn their money into investment capital or invest in other assets (such as land and real estate), Enterprises can borrow money at a lower cost. The H market has begun to thrive, but excessive issuance has followed the emergence of a market bubble (money is invested in the market, capital, pushing up asset value), currency depreciation and external imbalances.
the other two questions will be answered later. I hope they can help you for the time being
once upon a time, there was a country called H, which issued a currency called H yuan. It implemented a fixed exchange rate, adopted the linked exchange rate with the US dollar, and converted 1 h yuan into 10 US dollars. Country h is an export-oriented economy with developed international trade. Due to the international popularity of the country's commodities and the better market environment, the country had a trade surplus in 20XX
first, e to the strong economic development trend of H country, to enhance people's confidence in H currency, the trade volume will increase, and the market demand for H currency will increase. In this case, the H yuan will rise in line with the market demand, the ratio of H yuan to the US dollar will become 1:9, and start to sprint to 1:8.5. If h country is a floating exchange rate country, the government will not intervene in the exchange rate. After a period of time, the people of H country and other holders of H yuan will find that their h yuan is becoming more and more valuable, and businesses will find that their commodity prices are getting lower and lower, In this way, there will be deflation expectation in H country, people will start to save and refuse to consume, businesses will further rece prices, but goods have already accumulated, real enterprises will find that employment costs and proction costs are getting higher and higher, profits are getting lower and lower, and the financial instry will find that there are fewer and fewer people to invest and there is no capital to operate on its own. As a result, the economy of H country will shrink and the unemployment rate will rise, Slow economic growth... A series of problems...
Second, fortunately, the government of H country intervened in time and adopted regulatory policies. Since the excessive demand for H yuan in the market caused the appreciation of the local currency, the simplest way is to implement the loose monetary policy. In short, the central Bank of H country began to issue more h yuan. Since there are more h yuan in circulation in the market, the exchange rate of H yuan will return to a reasonable state. The Central Bank of H can also purchase overseas assets and foreign exchange in the foreign exchange market. While purchasing overseas assets and foreign exchange, the Central Bank of H issues local currency with foreign exchange reserves and overseas assets as support. The domestic money supply increases. Due to the relative decrease of US dollar circulation and the relative increase of local currency, the actual supply of H yuan increases by multiplier and the exchange rate drops
thirdly, if the economy of H country is still sluggish at this time, then the Central Bank of H country will continue to issue more money and lower interest rates. People in H country may find that prices will be higher and higher, money on hand will be less and less valuable, and deposit interest will be lower and lower, so they will transfer assets one after another, turn their money into investment capital or invest in other assets (such as land and real estate), Enterprises can borrow money at a lower cost. The H market has begun to thrive, but excessive issuance has followed the emergence of a market bubble (money is invested in the market, capital, pushing up asset value), currency depreciation and external imbalances.
the other two questions will be answered later. I hope they can help you for the time being
6. China has not yet opened its capital account
the opening of capital account means that capital can flow in and out of China freely. China is graally liberalizing capital controls, such as QDII and QFII, which allow cross-border flows of funds that meet certain conditions under the supervision of the government< br />fisheraaaa
the opening of capital account means that capital can flow in and out of China freely. China is graally liberalizing capital controls, such as QDII and QFII, which allow cross-border flows of funds that meet certain conditions under the supervision of the government< br />fisheraaaa
7. Under the fixed exchange rate:
the free flow of capital
the monetary policy of expansion will increase the money supply, the LM Curve will move down to the right, the interest rate will fall, the capital will flow out, and the local currency will have devaluation pressure. In order to maintain the fixed exchange rate, the monetary authorities will buy the people's currency in the money market and sell foreign exchange, and the money supply will decrease until the LM Curve returns to the initial level, Therefore, under the fixed exchange rate, monetary policy is ineffective< In order to maintain the fixed exchange rate, the monetary authorities will sell RMB and buy foreign exchange in the money market, so that the LM Curve will move to the right until the equilibrium exchange rate is reached, Effective fiscal policy
no capital flow
domestic interest rate will not affect the balance of payments,
expansionary fiscal policy will make the is curve move to the right, output increase, import increase, trade deficit, domestic currency devaluation pressure, at this time, the monetary authority will buy RMB and sell foreign exchange, then the money supply will decrease, LM Curve move to the left, Until it offsets the effect of fiscal policy. Therefore, the fiscal policy is ineffective
similarly, the monetary policy is ineffective
the monetary policy with incomplete capital flow will increase the money supply, the LM Curve will move down to the right, the interest rate will drop, the capital will flow out, the income will increase, and the local currency will have devaluation pressure. In order to maintain the fixed exchange rate, the monetary authorities will buy RMB and sell foreign exchange in the money market, The money supply will decrease until the LM Curve returns to the initial level, so the monetary policy is invalid
the expansionary fiscal policy will make the is curve move upward to the right, the interest rate rise, and the income increase (the capital is not completely flowing, the interest rate rises under the expansionary fiscal policy, which can rece the scale of the balance of payments deficit)
the local currency has the pressure of devaluation. In order to maintain the fixed exchange rate, the monetary authorities will buy RMB and sell foreign exchange in the money market, Therefore, under the fixed exchange rate, fiscal policy has a certain effect
under the floating exchange rate
free flow of capital
the expansionary monetary policy will increase the money supply, then the interest rate will decrease, the capital will flow out, the exchange rate will depreciate, the balance of payments will appear deficit, and the export will increase, then the is curve will move to the right, Until the balance of payments is restored, so under the condition of free flow of capital, monetary policy is effective
expanding fiscal policy will make the is curve move to the right, interest rate rise, capital inflow, balance of payments surplus, exchange rate appreciation pressure will make imports increase, then the is curve will move to the left until the balance of payments is restored, so under the condition of free flow of capital, the is curve will move to the right, Fiscal policy is ineffective
capital does not flow
expansionary monetary policy will increase income, balance of payments deficit, devaluation of exchange rate and increase of export, is will move to the right until balance of payments is restored, so monetary policy is effective
similarly, fiscal policy is also effective
incomplete capital flow
expansionary monetary policy will rece interest rate, With the increase of income, capital outflow, import, balance of payments deficit, devaluation of domestic currency and export, is moves to the right until balance of payments is restored, so monetary policy is effective
similarly, fiscal policy is effective (capital flows incompletely, interest rates rise with expansionary fiscal policy, but capital inflow cannot make up for balance of payments deficit)
the free flow of capital
the monetary policy of expansion will increase the money supply, the LM Curve will move down to the right, the interest rate will fall, the capital will flow out, and the local currency will have devaluation pressure. In order to maintain the fixed exchange rate, the monetary authorities will buy the people's currency in the money market and sell foreign exchange, and the money supply will decrease until the LM Curve returns to the initial level, Therefore, under the fixed exchange rate, monetary policy is ineffective< In order to maintain the fixed exchange rate, the monetary authorities will sell RMB and buy foreign exchange in the money market, so that the LM Curve will move to the right until the equilibrium exchange rate is reached, Effective fiscal policy
no capital flow
domestic interest rate will not affect the balance of payments,
expansionary fiscal policy will make the is curve move to the right, output increase, import increase, trade deficit, domestic currency devaluation pressure, at this time, the monetary authority will buy RMB and sell foreign exchange, then the money supply will decrease, LM Curve move to the left, Until it offsets the effect of fiscal policy. Therefore, the fiscal policy is ineffective
similarly, the monetary policy is ineffective
the monetary policy with incomplete capital flow will increase the money supply, the LM Curve will move down to the right, the interest rate will drop, the capital will flow out, the income will increase, and the local currency will have devaluation pressure. In order to maintain the fixed exchange rate, the monetary authorities will buy RMB and sell foreign exchange in the money market, The money supply will decrease until the LM Curve returns to the initial level, so the monetary policy is invalid
the expansionary fiscal policy will make the is curve move upward to the right, the interest rate rise, and the income increase (the capital is not completely flowing, the interest rate rises under the expansionary fiscal policy, which can rece the scale of the balance of payments deficit)
the local currency has the pressure of devaluation. In order to maintain the fixed exchange rate, the monetary authorities will buy RMB and sell foreign exchange in the money market, Therefore, under the fixed exchange rate, fiscal policy has a certain effect
under the floating exchange rate
free flow of capital
the expansionary monetary policy will increase the money supply, then the interest rate will decrease, the capital will flow out, the exchange rate will depreciate, the balance of payments will appear deficit, and the export will increase, then the is curve will move to the right, Until the balance of payments is restored, so under the condition of free flow of capital, monetary policy is effective
expanding fiscal policy will make the is curve move to the right, interest rate rise, capital inflow, balance of payments surplus, exchange rate appreciation pressure will make imports increase, then the is curve will move to the left until the balance of payments is restored, so under the condition of free flow of capital, the is curve will move to the right, Fiscal policy is ineffective
capital does not flow
expansionary monetary policy will increase income, balance of payments deficit, devaluation of exchange rate and increase of export, is will move to the right until balance of payments is restored, so monetary policy is effective
similarly, fiscal policy is also effective
incomplete capital flow
expansionary monetary policy will rece interest rate, With the increase of income, capital outflow, import, balance of payments deficit, devaluation of domestic currency and export, is moves to the right until balance of payments is restored, so monetary policy is effective
similarly, fiscal policy is effective (capital flows incompletely, interest rates rise with expansionary fiscal policy, but capital inflow cannot make up for balance of payments deficit)
8.
-
under the fixed exchange rate: the monetary policy of free flow and expansion of capital will increase the money supply, the LM Curve will move down to the right, the interest rate will fall, the capital will flow out, and the local currency will have devaluation pressure. In order to maintain the fixed exchange rate, the monetary authorities will buy the people's currency and sell foreign exchange in the money market, and the money supply will decrease until the LM Curve returns to the initial level, Therefore, under the fixed exchange rate, monetary policy is invalid
In order to maintain the fixed exchange rate, the monetary authorities will sell RMB and buy foreign exchange in the money market, thus making LM Curve move to the right until the equilibrium exchange rate is reached Therefore, under the fixed exchange rate, the effective capital of fiscal policy will not flow, and the domestic interest rate will not affect the balance of payments. The expansionary fiscal policy will make the is curve move to the right, increase output, increase import, lead to trade deficit, and the domestic currency has devaluation pressure. At this time, the monetary authority will buy RMB and sell foreign exchange, then the money supply will decrease, and the LM Curve will move to the left, Until offsetting the effect of fiscal policy In the same way, monetary policy is also ineffective. The monetary policy with the expansion of incomplete capital flow will increase the money supply, the LM Curve will move down to the right, the interest rate will drop, the capital will flow out, the income will increase, and the local currency will have the pressure of devaluation. In order to maintain the fixed exchange rate, the monetary authorities will buy RMB and sell foreign exchange in the money market, Money supply will decrease until LM Curve returns to the initial level, so monetary policy is invalid -
the expansionary fiscal policy will make the is curve move upward to the right, the interest rate rise, and the income increase (the capital is not completely flowing, the interest rate rises under the expansionary fiscal policy, which can rece the scale of the balance of payments deficit). The local currency has the pressure of devaluation. In order to maintain the fixed exchange rate, the monetary authorities will buy RMB and sell foreign exchange in the money market, So the LM Curve moves to the left until the equilibrium exchange rate is reached
Therefore, under the fixed exchange rate, fiscal policy has a certain effect. Under the floating exchange rate, the free flow of capital and expansionary monetary policy will increase the money supply, which will lead to the decrease of interest rate, capital outflow, devaluation of exchange rate, deficit of balance of payments, and increase of export. Therefore, the is curve will move to the right until balance of payments is restored Therefore, under the free flow of capital, the fiscal policy of effective expansion of monetary policy will make the is curve move to the right, interest rate rise, capital inflow, balance of payments surplus, exchange rate appreciation pressure, which will make imports increase, so the is curve will move to the left until balance of payments is restored, If the fiscal policy is invalid and the capital is not flowing, the expansionary monetary policy will increase the income, then the balance of payments deficit, exchange rate depreciation and export increase, then is will move to the right until the balance of payments is restored, so the monetary policy is effective In the same way, fiscal policy is also effective. An expansionary monetary policy with incomplete capital flow will lead to a decrease in interest rates, an increase in income, capital outflow, an increase in imports, a deficit in the balance of payments, a pressure of devaluation of the local currency, an increase in exports, and is moving to the right until the balance of payments is restored, Under the expansionary fiscal policy, the interest rate has increased, but the inflow of capital can not make up for the balance of payments deficit
9. "Independence of monetary policy" and "effectiveness of monetary policy" are not the same concept. Generally speaking, the "effectiveness" of monetary policy means that it has achieved the goals of "stabilizing prices, full employment, economic growth, balance of payments and financial stability"
and "the independence of monetary policy" means that the choice of monetary policy can avoid the influence of foreign exchange market
the concepts of the two are different. You can't simply take the Mundell triangle as a case, and you can't take it for granted that "China's monetary policy is independent and effective.". As a matter of fact, China's current monetary policy is not completely effective in terms of monetary policy objectives - rising prices, imbalanced balance of Payments - monetary policy is not completely effective< As for independence, even Yi Gang, vice governor of the people's Bank of China, said, "China has no independent monetary policy of its own" - don't you see that because of the fixed undervalued RMB exchange rate, the central bank stores trillions of US dollars and their equivalents?
and "the independence of monetary policy" means that the choice of monetary policy can avoid the influence of foreign exchange market
the concepts of the two are different. You can't simply take the Mundell triangle as a case, and you can't take it for granted that "China's monetary policy is independent and effective.". As a matter of fact, China's current monetary policy is not completely effective in terms of monetary policy objectives - rising prices, imbalanced balance of Payments - monetary policy is not completely effective< As for independence, even Yi Gang, vice governor of the people's Bank of China, said, "China has no independent monetary policy of its own" - don't you see that because of the fixed undervalued RMB exchange rate, the central bank stores trillions of US dollars and their equivalents?
10. More and more babies have been born in Shijiazhuang these two years! Dazzling! I don't know which one to choose. The most critical quality and price
Hebei Hotel is not bad. After all, it's a five-star hotel. The price must be high. Community and apartment open, the conditions are poor, but the price is lower
it's up to you to have a look
Hebei Hotel is not bad. After all, it's a five-star hotel. The price must be high. Community and apartment open, the conditions are poor, but the price is lower
it's up to you to have a look
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