China s Daring Depreciation

Its purpose is not to encourage the depreciation of the yen, despite complaints about the yen s depreciation.

Restoring sustained growth requires real currency depreciation.

And that means further depreciation of the dollar.

The extent of creditor countries losses would depend on the extent of the depreciation, giving them an interest in keeping the depreciation within bounds.

Dollar depreciation improves Europe s terms of trade and real income.

Corporate retained earnings have averaged about 3 of GDP after allowing for depreciation of existing plant and equipment.

So we expect a substantial depreciation premium on US interest rates.

The depreciation that followed the crisis helped accelerate recovery by boosting exports.

There are three options for restoring competitiveness within the eurozone, all requiring a real depreciation and none of which is viable

But all of the options that might restore competitiveness require real currency depreciation.

Simply put, there must be dollar depreciation to keep global imbalances in check.

In principle, such a depreciation against all of the world s currencies is manageable.

A 20 dollar depreciation would therefore reduce Americans purchasing power by only 3 .

The depreciation expenses have gone up to 2.02 million against the budgeted amount of 0.9 million. The circumstances under which the depreciation expenses increased by 100 percent could not be satisfactorily explained to the Panel.

Depreciation is used to record the declining value of buildings and equipment over time.

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For example, Indonesia s poverty rate soared from roughly 11 to 37 during the crisis, mainly owing to the massive depreciation of the rupiah.

With China retaining its under valued currency policy, dollar depreciation can aggravate global deflationary forces.

The attempt to achieve them is bound to lead to competitive currency depreciation and protectionism.

And trade losses imposed on the eurozone by the drachma depreciation would be modest, given that Greece accounts for only 2 of eurozone GDP.

depreciation of nonconvertible currencies. In 2004, the amount written off plus the adjustment for overvaluation of cash held in nonconvertible currencies totalled 2.7 million.

A return to a national currency and a sharp depreciation would quickly restore competitiveness and growth.

First, it contributes to yen depreciation and dollar appreciation as carry traders switch out of yen.

The yen s depreciation versus the dollar has contributed to continuing large US trade deficits with Japan.

Depreciation is computed using the straight line method over the estimated useful life of the asset.

At some point, the yields on bonds and mortgages will be high enough that investors appetite for yield will balance their fear of exchange rate depreciation.

They would be compensated for inflation and currency depreciation in the US and Europe, since the payout would depend on these economies nominal, not real, GDP.

But, in the absence of complementary action, depreciation whether engineered or market driven will make matters worse.

And curtailing accelerated depreciation, the manufacturing production deduction, and the R D tax credit which account for about 80 of corporate tax expenditures would involve significant tradeoffs.

The financial sector was able to profit from the rising dollar, and a depreciation would have run counter to Ronald Reagan's administration's plans for bringing down inflation.

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That is the basis for serious talk.

Today, it costs 220 naira to buy one British pound, which implies 15 annual average depreciation since 1973.

Yet financial markets are not pricing dollar depreciation and a rise in long term US interest rates accordingly.

The sharp depreciation of the euro after the crisis helped sustain German exports, thereby keeping the eurozone afloat.

The Europeans gladly went along with this charade because they now fear dollar depreciation more than global imbalance.

That is why I believe that these countries and the eurozone more generally would benefit from euro depreciation.

To maintain growth, they need a nominal and real depreciation of their currency to reduce their trade deficits.

In fact, Brazilians purchasing power could shrink further, owing to the depreciation of the real against the dollar.

Chile made its transition to high growth in the 1980 s on the back of a large depreciation.

When the bubble bursts, the afflicted country can restore competitiveness only through a painful process of real depreciation.

But the euro s depreciation is too recent to have made much difference yet. Historical evidence, not to mention Japan s experience with a falling yen, suggests that it takes several quarters, or even years, before the positive impact of currency depreciation on net exports is felt.

For starters, there is no legal basis for his demand.

The traditional remedy for countries caught in the kind of crisis that Spain, Greece, Portugal, and Ireland find themselves in is to combine fiscal retrenchment with currency depreciation.