人民币汇率与相对劳动生产率关系的实践研究

基于马克思主义汇率理论视角

Translated title of the contribution: Practice of the RMB Exchange Rate and Relative Labor Productivity Relations: Based on Marxist Exchange Rate Theory

孙 业霞, 侯 敬雯

Research output: Contribution to journalArticle

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Abstract

The exchange rate theory of Marxism considers that the exchange rates depend on the currencies' intrinsic value of two counties. The on the international value. The labor productivity of trade goods is the main factor affected the international value. The level of the exchange rate determined by the interests of the game is often deviate from that determined by labor productivity. This paper is based on The exchange rate theory of Marxism. I analyze the changes of RMB exchange rate
and then test the relation of the Sino-US exchange rate and the labor productivity of trade sectors empirically. I conclude Sinb-US exchange rate deviated from that determined by labor productivity: the value of the RMB is underestimated.
Original languageChinese (Simplified)
Pages (from-to)131-140
Number of pages10
JournalJournal of Economics of Shanghai School
Volume12
Issue number3
Publication statusPublished - 2014
Externally publishedYes

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Labour productivity
Exchange rates
Marxism
Factors
Intrinsic value
Currency

Keywords

  • The Exchange Rate
  • Theory of Marxism
  • Trade Goods Labor Productivity

Cite this

人民币汇率与相对劳动生产率关系的实践研究 : 基于马克思主义汇率理论视角. / 孙业霞; 侯敬雯.

In: Journal of Economics of Shanghai School, Vol. 12, No. 3, 2014, p. 131-140.

Research output: Contribution to journalArticle

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abstract = "马克思主义汇率理论认为两国的汇率取决于两国货币的内在价值,汇率的价值基础是国际价值,国际价值变动的重要影响因素是贸易商品的劳动生产率。由利益博弈决定的汇率水平常常会与劳动生产率决定的汇率相偏离。本文基于马克思主义汇率理论,梳理了人民币汇率的变动特点,对中美两国汇率和贸易部门商品的劳动生产率进行了实证检验,发现人民币汇率与劳动生产率决定的汇率确实存在偏离,人民币币值存在低估现象。",
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