w Purchasing power parity theory

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w i, Purchasing Power Parity Theory ,PPPjAO[gvTOA[gOwAB Purchasing power parity (YOKUHEIKASETSU buying, Purchasing Power Parity Theory, PPP) and the foreign exchange rate factors to explain the decision of one of the concepts in the currency exchange rate and the ratio of the purchasing power of foreign currency Will be determined by the theory. 1921N XEF[fowOX^tEJbZOw\B In 1921 in Sweden economist Gustav KASSERU foreign purchasing power parity theory of exchange as announced.

Index

[ W ] w purchasing power parity

AiiUShB Will be based in the United States and the US dollar commodity prices.

T[rXiAw\AT[rXRssAii1i @ jB The prices of goods and services, represents the purchasing power of money, goods or services can be freely traded in the market, the price of the same product to be one of the (law of one price).

ACOAiiiA22iiAtB When prices come one sleeve, and even overseas in the same commodity prices traded at the same price will be between the two countries exchange rates between the two countries for the same product to the same price movements, to balance . twAwB This refers to the equilibrium exchange rate, and that the purchasing power parity.

w (1COP(UShg)~z(CO)\)t {i(~) CO()i(n) Purchasing power parity = (1 foreign currency unit (US dollar is the key currency is often used) in yen per amount (or any other foreign currency) in the display) in the equilibrium exchange rate = Japan (Yen) overseas (United States), the price (local currency)

AwA2oCtAftfwAlB In fact, a strict exchange rate of purchasing power parity in the state, and two of the economy through monetary inflation, deflation, and it is reflected in the exchange rate of purchasing power parity will be maintained in the state that is not Be considered. wlXveB The exchange rate is even more purchasing power affected by various factors to be. AAwIlB However, a large gap between purchasing power parity from the state to continue in the long term is hard to believe.

[ W ] Iw relative purchasing power parity

2AlB The two countries exchange rate of change in the price level is tied to the idea. B Or it is required by the exchange rate. RfsAB Free trade is normal when they were made on the basis of exchange rates and changes in the rate of inflation is needed. B The need now are more mainstream.

Iw _~ {w COw Relative at the time of purchasing power parity-based exchange rate International ~ Japan's consumer price index inflation

_ijoxtIRs1973N (4|6=1h265~)IB For a time, the criteria (between Japan and the United States) in both Japan and the United States, the current account balance and equilibrium with nature without any political pressure on foreign exchange transactions were in 1973 (especially second-quarter average of 1 dollar = 265 Yen) are chosen.

[ W ] PPP[gv PPP rate estimates

vA ArvOiICP){ApB Many researchers are trying to estimates by the United Nations advocated by the International Comparison Program (ICP) is implemented, primarily the result is available.

ICPGDPrI1969N{A1993N(1990N)~OECD/EurostatA2005NEK{A2007NEs\B ICP compares business mainly for the purpose of GDP since 1969 has been conducted in 1993 (a survey in 1990) after the OECD / Eurostat continued at the 2005 world once again that A survey was conducted, the results from the World Bank by the end of 2007 was released. (2005NAxQB) (However, not only in 2005, never has surveyed a number of countries.)

rvOQ(v) International Comparison Program(Es) Participation in the International Comparison Program (Statistics Bureau, Ministry of Internal Affairs and Communications) International Comparison Program (World Bank)

OECD\2007NehwvZiMAIN ECONOMIC INDICATORS, APRIL 2008j Released by the OECD in 2007 of foreign currencies against the dollar from the calculation of purchasing power parity (MAIN ECONOMIC INDICATORS, APRIL 2008)

AJh@121~/h U.S. Dollar 121 yen / dollar
[ihCcj@138.29~/[ Euro (Germany) 138.29 yen / euro
[itXj@132.97~/[ Euro (France) 132.97 yen / euro
CMX|h@184.45~/|h GBP 184.45 yen / pound

[ W ] rbO}bNw Big Mac index

wB One of purchasing power parity. }Nhih rbO}bNiewrAZowB McDonald's sells Big Macs for the price of purchasing power in comparison to other countries, has calculated that purchasing power parity. CMXoGRm~Xg iThe Economistj\NB British business magazine Economist (The Economist) have announced is the origin.

rbO}bNw {rbO}bNii~j COrbO}bNiinj Big Mac purchasing power parity by the Japanese in the price of Big Mac (yen) Big Mac in the price of foreign (local currency)

orpI@A1irB Compare prices of a sense of how the simple and practical, but only one item can not be a strict comparison is not to say things. EZJrbO}bNArI{B For example, the price of the world's shortest working hours can be consumed as a Big Mac, should be of relatively high prices in Japan. At@Xgt[hXiNAeB The fast-food restaurants are exposed to intense price competition or not, or their own special circumstances, such as the country is involved.

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