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1、Balance of payments and exchange rates,The balance of payments account (example of UK balance of payments),Balance of payments and exchange rates,UK balance of payments: 1996 ( millions),UK balance of payments: 1996 ( millions),UK balance of payments: 1996 ( millions),UK balance of payments: 1996 (
2、millions),UK balance of payments: 1996 ( millions),UK balance of payments: 1996 ( millions),UK balance of payments: 1996 ( millions),UK balance of payments on current account (quarterly figures),Exchange rates,Balance of payments and exchange rates,Sterling exchange rates: 1980-96,Determination of t
3、he rate of exchange,$ price of ,D by USA,Q of ,Determination of the rate of exchange,$ price of ,S by UK,D by USA,Q of ,Determination of the rate of exchange,$ price of ,S by UK,D by USA,Q of ,Determination of the rate of exchange,$ price of ,S by UK,D by USA,Q of ,b,a,Determination of the rate of e
4、xchange,$ price of ,S by UK,D by USA,Q of ,c,d,Changes in the exchange rate,Balance of payments and exchange rates,Floating exchange rates: movement to a new equilibrium,DM / ,S1,D1,Q of ,Floating exchange rates: movement to a new equilibrium,DM / ,Q of ,S1,D1,Floating exchange rates: movement to a
5、new equilibrium,DM / ,Q of ,S1,D1,S2,D2,Floating exchange rates: movement to a new equilibrium,DM / ,Q of ,S1,D1,S2,D2,Depreciation,Unstable exchange rates,Balance of payments and exchange rates,Supply of pounds and the elasticity of demand for imports,O,Exchange rate,Quantity of s,S,Elastic demand
6、for imports,Supply of pounds and the elasticity of demand for imports,O,Exchange rate,Quantity of s,S,Inelastic demand for imports,Unstable equilibrium,O,Exchange rate,Quantity of s,S,D,r,Unstable equilibrium,O,Exchange rate,Quantity of s,S,D,r,Speculation against exchange-rate movements,Balance of
7、payments and exchange rates,Stabilising speculation,O,Exchange rate,Quantity of s,S1,D1,er1,Stabilising speculation,O,Exchange rate,Quantity of s,er2,S2,D2,S1,D1,er1,Stabilising speculation,O,Exchange rate,Quantity of s,S3,D3,er3,er2,S2,D2,S1,D1,er1,Destabilising speculation,O,Exchange rate,Quantity
8、 of s,S1,D1,er1,Destabilising speculation,O,Exchange rate,Quantity of s,S2,D2,er2,S1,D1,er1,Destabilising speculation,O,Exchange rate,Quantity of s,S2,D2,er2,er3,S3,D3,S1,D1,er1,Movements in the sterling exchange rates over time,Balance of payments and exchange rates,$ / exchange rate: 1976-97,$ / ,Index 1990=100,$ / exchange rate and exchange rate index: 1976-97,$ / ,Index 1990=100,