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Roots of surplus and its rationality

Fu Yong/text

Balance of payments has been ranked one of the four macroeconomic objectives,Cleveland Browns Chris Long Jersey, but did not receive the same attention,Cheap Todd Heap Jersey, both in theory and in practice is so. Before the modern economics, mercantilism's ultimate goal is to expand the balance of payments surplus: mercantilism, say that only acts as a currency is the wealth of precious metals at the time,Aaron Rodgers Pink Women Jersey, surplus is the influx of wealth into the country in other countries,Cheap Jermichael Finley Jersey, this is the only source of wealth of a country. Rise of modern financial economics is to liquidation mercantilism in part on this doctrine. But for a long time,Oakland Raiders Rolando McClain Women's Field Flirt Jersey, pursuit of surpluses instead of balance,Cheap Jacksonville Jaguars Jerseys, is also being more or less retained down. Especially after the Asian financial crisis,Green Bay Packers Steve Smith Jersey, deficit and foreign debt are considered to be one economic source of risk, lack of foreign exchange is also forced to accept a number of countries attach many conditions one of the causes of international assistance,Saint Jerseys Cheap, and surplus to export-oriented policies are popular. Since the outbreak of the 2008 financial crisis, international imbalance becomes public criticism,Baltimore Ravens Brandon Jacobs Jersey, calls for surplus countries to renounce the pursuit of surpluses of many. But the global imbalances of economic recovery after the crisis had not been effective in alleviating,Cheap Minnesota Vikings Jerseys, in General, most people still think surplus is a good thing.

In fact,Green Bay Packers Steve McNair Jersey, a long time,Cheap Buccaneers Jerseys, we do not have an explanation of surplus theory framework,Brett Favre Pink Women Jersey, it also leads to a surplus of argument hard to avoid. Trade economists has been in the interpretation of international division of labour and benefits of Exchange and its basis,Cowboys Jerseys On Sale, but is a surplus or a deficit of a country,Detroit Lions Jerseys On Sale, as well as the size of the surplus or deficit is in addition to the discussion. In a standard macro-economics,Cheap Jordy Nelson Jersey, surplus or deficit is not the focus. However,Cheap Brent Celek Jersey, to sum up,Arizona Cardinals Jerseys On Sale, macroeconomics is also provides two surplus perspective.

One is the structure. Structure from the macroeconomic identity,Green Bay Packers Paul Posluszny Jersey, in this equation,Oakland Raiders Brett Favre Jersey, trade surplus equal to the surplus of private sector savings over investment,Peyton Manning Women's Field Flirt Fashion Jersey, coupled with the Government purchase of surplus of income over the Government. This equation tells us that external imbalances (surplus) comes from domestic economic imbalances (surplus),Ravens Jerseys Cheap, is the result of domestic savings exceed investment. Thus, to reduce the surplus, of fundamental is to reduce the internal imbalances,Mark Sanchez Women's Field Flirt Fashion Jersey, thereby expanding consumer prescription has been widely accepted. Similarly,Dallas Cowboys Chris Wells Jersey, such view,Cheap Joseph Addai Jersey, the surplus when domestic consumption lagging production expansion,Cheap LeRon McClain Jersey, as long as the consumer, it is not necessary to rely on the international market,Cheap Donovan McNabb Jersey, surpluses will be reduced. From the perspective of identity,Cheap Champ Bailey Jersey, expand investment was to ease the internal imbalance,Philadelphia Eagles Percy Harvin Jersey, but the suggestion is not easy to be accepted, because China's investment rate looks high enough already. Economists also point out that recently, China was by surpluses accumulated so many of its foreign exchange reserves,Cheap Derrick Ward Jersey, and by buying bonds form lend it to other countries,Bills Jerseys Cheap, such as using, because the money can't this domestic use,Philadelphia Eagles Kevin Kolb Women's Field Flirt Fashion Jersey, because of our financial system is in favour of State-owned sector, the proportion of the State-owned sector is shrinking,Cheap Michael Vick Jersey, resulting in bank money it costs at home. This view is to say,Cheap Donte Whitner Jersey, China's internal imbalance is not limited to the supplying of relative surplus of goods,Cheap Steve Atwater Jersey, but also relative surplus of capital supply.

Another perspective of looking at surplus can be summarized as exchange rates said. In General,Minnesota Vikings Chuck Howley Jersey, decided to exchange rate and foreign-economic growth in exports and imports decided to exchange rates and domestic economic growth. Regardless of the short-term situation (that is,Cheap J.J. Watt Jersey, the j-curve effects), currency appreciation reduced export,Minnesota Vikings Sidney Rice Women's Field Flirt Fashion Jersey, increased imports national economic growth will increase demand for imports,Green Bay Packers Jairus Byrd Jersey, foreign economic growth will increase demand for their goods. Factors such as inflation,Cheap Texans Jerseys, the cost of labor and labor productivity,Cincinnati Bengals Carson Palmer Women's Field Flirt Fashion Jersey, of course,Chief Jerseys Cheap, also affect,Cheap Robert Meachem Jersey, to a certain extent but these factors were included in the exchange rate,Cleveland Browns Leigh Bodden Jersey, as they are reflected in the real effective exchange rate. The effect of exchange rate on surplus perspective, of course, very much. If a sustained surplus country,Cheap William Perry Jersey, then it is likely undervalued,Frank Gore Women's Field Flirt Fashion Jersey, even difficult to prove the exchange rate is artificially low,Cheap Saints Jerseys, but the rate would be an effective tool,Troy Polamalu Women's White Sweetheart Jersey, that is,Pittsburgh Steelers Franco Harris Jersey, as long as exchange rates appreciate to a sufficient extent,Washington Redskins Sean Taylor Red Jersey, surplus will fall.

Both of these views has its reasons,New Orleans Saints Arian Foster Jersey, evidence can be found in exclusive,Eli Manning Pink Women Jersey, and therefore difficult to convince the other. Structure critics would say,Cheap Antoine Winfield Jersey, appreciation can not solve the surplus,Cheap Bronco Jerseys, because as long as the internal causes of imbalances that exist, the result will have surplus. But the currency on the considered, if appreciation does not help to reduce the surplus, why do the export sector would still be so opposed to appreciate? Oppose on that appreciation. Arguments about the exchange rate is a bit like macro-economists on the currency view �C how many banknotes printed in theory does not change people's real wealth,Peyton Manning Women's White Sweetheart Jersey, but the money supply is much less can indeed have a great impact.

It should be noted that too much emphasis on a combination of opposition is unfair,Miami Dolphins Joe Thomas Jersey, this two views are not contradictory. On one hand,Buffalo Bills Terrell Owens Pink Women Jersey, the adjustment of economic structure,Cheap Eddie Royal Jersey, particularly the increase in domestic consumption will let some export to domestic sales,Cheap Dwayne Bowe Jersey, but will also increase demand for imports. The adjustment of economic structure, often accompanied by rising labour costs,Washington Redskins Devin Thomas Red Jersey, increase in the cost of the strengthening of the protection of property rights, resources and environment,Washington Redskins Clinton Portis Jersey, and so on. These changes will reduce international competitiveness in the export sector,Chicago Bears Jay Cutler Pink Women Jersey, and in this process,Wholesale Raiders Jerseys, the effective exchange rate is also increased. The other hand,Cheap James Farrior Jersey, the rise will also guide the economic structural adjustment in exchange rates,Cheap Joe Theismann Jersey, enterprises from export production of low value-added products to higher value-added products,New York Giants Jerseys On Sale, some companies will migrate to lower-cost mainland abroad,Green Bay Packers Leodis McKelvin Jersey, or even close. In addition,Philadelphia Eagles Fran Tarkenton Jersey, exports fell and imports increase,Ricky Williams Orange Women's Field Flirt Fashion Jersey, reduction of domestic enterprises in the Bank's deposit,Hakeem Nicks White Women's Field Flirt Jersey, the domestic savings-investment gap will narrow.

More important is that both understand the perspective of surplus, to a certain extent,Arizona Cardinals Brian Westbrook Jersey, lead the argument was misguided,Detroit Lions Ndamukong Suh Red Women's Sweetheart EQT Jersey, because rationality from which it is difficult to tell whether the surplus. Here,Cheap Charles Woodson Jersey, we can imagine two countries implement the same policies, and between the exchange rate is floating. In this case,Eagle Jerseys Cheap, the two countries do not exist in export-oriented policies and intervention in the exchange rate. This is,Cheap Jeremy Shockey Jersey, it is also possible surpluses or deficits. This is culture of both countries,Denver Broncos Michael Turner Jersey, population structure,Cheap Anquan Boldin Jersey, resource endowments substandard hygiene factors. It is like two crafts Carpenter,Cheap DeMarcus Ware Jersey, a Carpenter thrift, energetic,Buffalo Bills Bart Scott Jersey, and happens to inherit a large wood; another Carpenter abundant fish and meat rich food,Cheap Jeff Saturday Jersey, apathy is good at,Oakland Raiders Ronnie Brown Jersey, and wood are required to buy from others,Cheap Carson Palmer Jersey, the first under a Carpenter will save a lot of money,Pittsburgh Steelers Troy Polamalu Pink Women Jersey, and the second a Carpenter can make ends meet. The author believes that distortion of policy does not exist in the case,Buffalo Bills Mario Manningham Jersey, may still have a surplus of produce, reasonable surplus is the surplus is in line with the efficiency of the surplus. In the example above,Cheap Chiefs Jerseys, two Carpenter is not acting for save as much money.

In the context of these, how do you know China's trade surplus? It is clear that China's trade surplus and the resulting high foreign exchange reserves and accumulated various factors mentioned above,Reggie Bush Women's Team Color Jersey, on the one hand and cultural resource endowment and the economy is in a period of rapid growth-related,New Orleans Saints Reggie Bush Women's White Jersey, on the other hand and we encourage policy-oriented export-related. Both boil down to the internal structure,Tony Romo Women's Zebra Jersey, at the same time due to said there will be surplus of the exchange rate is underestimated. Nevertheless,San Diego Chargers Ryan Mathews Women's Field Flirt Fashion Jersey, both for policy analysis to make a distinction between, also is crucial. Surplus for previous reasons its rationality,Cheap Vikings Jersey, but the latter's surplus of reason is distorted. After eliminating these distortions on the one hand contribute to the reduction of the foreign trade surplus,Women's NFL Jerseys On Sale, and the accumulation of surplus is not the optimal choice. These distortions brought about by the surplus is to weaken the environmental cost of resources,Cheap Packers Jerseys, lower capital costs and labour costs,Cheap Lions Jersey, while increasing the people's bank hedging costs,Cheap Jets Jersey, including implementation,Cheap Leon Washington Jersey, they become a source of part of the competitive power of Chinese goods, which exists in fact,Cheap Rey Maualuge Jersey, that is, the cost of subsidizing foreign consumers.

China has built up a huge foreign exchange reserve,Chicago Bears Shonn Greene Jersey, changing the distorting policies encourage surpluses there is a strong necessity and feasibility. After the Elimination of these policies, there may be a certain amount of surplus,Cheap Patrick Peterson Jersey, but at this time the surplus is the true meaning of the decision of the internal structure, which is a reasonable amount of surplus.