How to fully analyze the impact of depreciation on the trade balance

First, when the economy satisfies the Marshall-Lerner condition, depreciation causes an improvement in the autonomy** balance. Second, when considering changes in national income, depreciation increases national income through an improvement in the autonomy of the ** balance, which in turn increases the marginal propensity to import. Therefore, at this time, it is also required that the marginal absorption propensity be less than 1 to ensure that the growth of national income exceeds the growth of domestic absorption, and the improvement of the balance of autonomy by the depreciation will not be offset by the increase in imports brought about by national income.

Finally, devaluation also has an effect on autonomous absorption, one of which is the Laurson-Metzler effect. At this time, our analysis of the change in the ** balance combines the elasticity analysis and absorption analysis of the balance of payments.

Under normal circumstances, when a company establishes a board of directors, there can only be one chairman (legal representative), and the chairman can concurrently serve as the general manager, and the general manager can also be served by other personnel. It can be a pair of pairs, and there are no two chairmen and deputy general managers!

In the case of the transfer of shares of the company:

1. Between the shareholders of the company. Article 35 of the Company Law of the People's Republic of China stipulates that: "For capital contributions transferred with the consent of shareholders, other shareholders shall have the right of first refusal to purchase such capital contributions under the same conditions." ”

2. Transfer of shares to persons other than shareholders. 1. When a shareholder of a limited liability company transfers shares to a person other than the shareholder, it must be approved by more than half of all shareholders; 2. Shareholders who do not agree to the transfer shall purchase the transferred shares, and if they do not agree to the transfer and do not construct the capital contribution of the transfer, they shall be deemed to have agreed to the transfer. This procedural provision does not restrict the transfer of shares, but rather protects the pre-emptive rights of other shareholders.

Extended Information: Can Company Equity Be Inherited?

Judging from foreign legislation, most believe that equity is inheritable. For example, the first paragraph of Article 15 of the German "**** Law" stipulates: "Equity is transferable and inheritable.

However, in the event of an equity transfer due to succession, can the new shareholder automatically acquire the legal status of the original shareholder in the company?

The Companies Act does not provide for this, and the provisions of the company laws vary from country to country. For example, the UK Companies Act stipulates that the personal representative of a deceased shareholder can only obtain the status of a shareholder after re-applying and registering. Article 44 of the French Commercial Companies Act provides:

The shareholders of the company are free to transfer by inheritance or in the case of liquidation of joint property between husband and wife, and between husband and wife and between immediate or descendant relatives.

However, the articles of association may stipulate that spouses, heirs, immediate family members, and immediate relatives may become shareholders only after obtaining consent to the conditions specified in the articles of association. In other words, unless the articles of association provide, the heirs of the shareholders can become shareholders of a limited liability company by succession to the capital contribution. If the bylaws give the directors the discretion to decide whether or not to register the transferred shares, then the directors may refuse a transfer of shares.

1. The impact of currency appreciation on exports: inhibiting exports.

If the currency of one country appreciates, then relatively speaking, the currency of other countries depreciates, and the profit from exports will decrease. In this way, exporters may reduce their exports to a certain extent.

2. The impact of currency depreciation on exports: encourage exports.

The depreciation of a country's currency and the appreciation of other countries' currencies will increase the profits of exports and the exporters will be active. From another point of view, it also means that domestic products have the best advantages in the international market.

For example, if the original price is 100 yuan, the exchange rate of US dollar to RMB is 1 US dollar = 8 yuan.

Assuming that the RMB appreciates, 1 US dollar = 7 yuan, which means that foreigners originally had to spend US dollars to buy goods, and they need 100 7 = 14 US dollars. For foreigners, this thing is a price increase.

Then if the price of a thing increases, it will control the purchase volume or even not buy it. This means that for the exporter, the demand has decreased, and the export volume has naturally declined; After the appreciation of the RMB, if the exporter wants to ensure that the importer buys the original product with the same **, in the absence of any policy support from the state, what the exporter can do is to reduce its profit point, and may even sell at a loss to ensure sales.

Since the beginning of this year, the renminbi has depreciated against the US dollar and the "basket" currency compared with the same period last year, although the depreciation of the renminbi has benefited the exports of enterprises, but the cost of importing raw materials will rise accordingly.

Moreover, in the context of the global value chain, due to the cross-regional, upstream and downstream division of labor and the prevalence of the industry, the currency value change of an economy and its impact on imports and exports will be quickly and positively transmitted to other economies in the value chain, and the pulling effect of currency depreciation on exports will be weakened.

At the same time, China's foreign trade import and export processing ** still accounts for a large proportion, we believe that the specific impact of exchange rate changes on China's import and export is relatively limited.

The level of exchange rates is a significant factor affecting imports and exports**. The common sense of economics tells us that the appreciation of the local currency means that the currency of other countries depreciates, and when exporting, the importing country of the same goods needs to come up with more of its own currency, so the importing country may turn to other countries' goods, which is not conducive to its own exports. The depreciation of the local currency means that the currency of other countries appreciates, and more local currency is required to import the same goods, which is not conducive to the export of other countries.

Exchange rate changes will affect imports and exports, as well as revenues and expenditures, which are mainly reflected in the following two aspects:

1.Changes in income due to exchange rate changes affect imports and exports**.

The most direct manifestation of exchange rate changes is the appreciation or depreciation of the local currency. Currency appreciation will cause the decline of imported goods** and the increase of export goods**, although it is not conducive to exports, but it can improve the balance of payments, and currency depreciation can achieve the opposite effect. But in reality, the impact of currency depreciation on income comes from two main sources:

The depreciation will cause the import goods to rise and the export goods to fall, thus making the conditions worse.

It depends on whether the local currency or the foreign currency has depreciated. If the local currency depreciates and the foreign currency appreciates, it is good for exports but not for imports. If the foreign currency depreciates and the local currency appreciates, it is good for imports but not for exports.

Answers]: a, c, e

Depreciation will have an impact on the domestic economy, and if there is inflation in the country, then the foreign currency** of the country's exports may not fall, thus affecting the improvement of the balance of payments; According to the Marshall-Lerner condition, the condition for a country's currency depreciation to improve the ** balance of payments is that the elasticity of the products produced and the elasticity of imported products is greater than 1; After the depreciation of the exchange rate, its top income and expenditure will also take a period of time to improve, which has the problem of time lag.

Currency depreciation refers to the decrease in the value that a unit of currency contains or represents, i.e., a decrease in the unit currency**.

Conditionality measures a country's ability to exchange exports for foreign-produced goods, and deteriorating conditions mean that fewer and fewer foreign goods can be exchanged for exporting the same amount of goods.

On the ** side, especially internationally, currency depreciation means that more currency is needed for goods and services. That is, it is not conducive to imports, and there will be certain favorable factors in terms of exports.

To comprehensively measure the relationship between currency depreciation and deterioration, it is necessary to consider the exchange rate.

Exchange rate tools are often used to adjust a country's balance of payments imbalance, all countries hope to use exchange rate tools to restore the balance of payments of imbalance, especially when a country's balance of payments deficit, more use of the strategy of currency depreciation, hope that through the depreciation of the local currency, on the one hand, reduce the foreign currency of domestic export commodities, enhance the competitiveness of domestic export commodities in the international market, so as to promote exports, increase exports, on the other hand, increase the local currency of foreign imported goods in the domestic market, Reduce the competitiveness of foreign imports in the domestic market, and reduce imports by devaluation of the currency. In short, through the downward adjustment of the local currency exchange rate, exports will be expanded, imports will be reduced, and the deficit in the balance of payments and even the balance of payments will be narrowed, the balance will be restored, and even a surplus will appear.

Currency depreciation is a frequent occurrence in regulating the ** deficit (balance of payments).

The depreciation of the local currency has not improved the balance of payments situation in a timely manner or at all, and has even worsened the balance of payments. Increasing a country's balance of payments deficit is a phenomenon we call the balance of payments effect failure of currency depreciation.

The failure of the currency depreciation control policy indicates that the deficit situation has not improved, so it is said. **Deterioration of conditions.

Because the currency depreciation, it will cause a change in the exchange rate, and if the exchange rate changes, then the amount of the currency in which the transaction is concluded will change, and if it depreciates, the transaction amount will be **, resulting in an increase in costs, so currency depreciation will usually cause ** conditions to deteriorate.

When the currency depreciates, it becomes inflationary