Appreciation
in sentence
789 examples of Appreciation in a sentence
And artists can benefit not merely from studio courses, but also from art
appreciation
lessons that introduce them to the full repertoires and pallets of past masters.
But even as production moves offshore, wave after wave of Yen
appreciation
hits the manufacturing sector and requires yet more efforts and adjustment.
Another recent intervention by the Chinese authorities – gradual appreciation, followed by the unexpected devaluation of the renminbi – raises similar questions.
But the fact that the renminbi has been so highly managed, together with its history of steady appreciation, meant that the sudden devaluation had a more significant effect on the market than the US, British, and Japanese moves, all of which were communicated better in advance.
Orderly adjustment requires lower domestic demand in over-spending countries with large current-account deficits and lower trade surpluses in over-saving countries via nominal and real currency
appreciation.
But this adjustment of relative prices via currency movements is stalled, because surplus countries are resisting exchange-rate
appreciation
in favor of imposing recessionary deflation on deficit countries.
But, if global growth remains weak and the dollar becomes too strong, even the Fed may decide to raise interest rates later and more slowly to avoid excessive dollar
appreciation.
Members of the Self-Defense Forces displayed exemplary cooperation with the US and Australian armed forces in the wake of the Great East Japan Earthquake in 2011, and they have earned deep
appreciation
and respect everywhere they have been deployed, including Haiti, Indonesia, and most recently, the Philippines.
The
appreciation
of the dollar exacerbates the situation for US markets, because it creates headwinds for exporters and causes companies’ foreign earnings, reported in dollars, to decline.
Given rapid economic growth and continuous renminbi appreciation, Chinese GDP could exceed that of the US as soon as 2015.
On the other hand, any good news is immediately followed by currency appreciation, making the task of remaining competitive that much harder.
But the currency
appreciation
that follows will likely set off an unsustainable consumption boom, wreak havoc with your export sector, create unemployment, and sap your growth potential.
In response, central banks may intervene in currency markets to prevent appreciation, at the cost of accumulating low-yield foreign reserves and diverting themselves from their primary goal of price stability.
But this approach is misguided; the exchange rate is just one factor causing the trade imbalance, and any
appreciation
of the renminbi is unlikely to alter the status quo in a multipolar world.
The US obsession with renminbi
appreciation
as the silver bullet for the bilateral trade imbalance has merely diverted attention from addressing its real causes.
Real output growth explains only 12.5% of the increase in the US dollar value of nominal GDP in 2003-2011, with the rest attributable to the rise in oil prices, which improved Russia’s terms of trade by 125%, and to a 56% real
appreciation
of the ruble against the dollar.
The three phenomena that boost nominal GDP – increases in real output, a rise in the relative price of exports, and real exchange-rate
appreciation
– do not operate independently of one another.
Countries that grow faster tend to experience real exchange-rate appreciation, a phenomenon known as the Balassa-Samuelson effect.
Countries whose terms of trade improve also tend to grow faster and undergo real exchange-rate
appreciation
as domestic spending of their increased export earnings expands the economy and makes dollars relatively more abundant (and thus cheaper).
Real
appreciation
could also be caused by inconsistent macroeconomic policies that put the country in a perilous position, as in Argentina and Venezuela.
Angola, Ethiopia, Ghana, and Nigeria also had very significant real growth, but nominal GDP was boosted by very large terms-of-trade effects and real
appreciation.
For most emerging-market countries, however, nominal GDP growth in the 2003-2011 period was caused by terms-of-trade improvements, capital inflows, and real
appreciation.
First, Germany is currently undervalued and would benefit from a limited
appreciation
via the terms-of-trade effect.
Concerns about currency
appreciation
damaging export competitiveness would be assuaged, as globalization and artificial intelligence continue to create competition for workers.
Just before the recent G-20 meeting in Toronto, China announced a formula that would allow modest renminbi appreciation, but some American Congressmen remain unconvinced, and threaten to increase tariffs on Chinese goods.
Rather than see the 30% euro
appreciation
that would follow from the ECB’s current monetary policy, German exporters would scream for measures to prevent America’s “competitive devaluation,” finally bringing about moderate inflation in the north rather than the current grinding depression in the south.
These include emerging markets’ long-term growth differentials relative to advanced economies; investors’ greater willingness to diversify beyond their home markets; and the expectation of long-term nominal and real
appreciation
of emerging-market currencies.
This problem is exacerbated by the fact that the world’s biggest exporter, China, is aggressively intervening to minimize any
appreciation
of the renminbi.
A sixth option – especially where a country has carried out partially sterilized intervention to prevent excessive currency
appreciation
– is to reduce the risk of credit and asset bubbles by imposing prudential supervision of the financial system.
As sterilization induces issuance of domestic assets, global investors’ desire for diversification would be met without causing excessive currency appreciation, with all its collateral damage, in emerging markets.
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