释义 |
J-curve The shape of a graph in which the balance of payments is plotted against time immediately after a devaluation of the currency. Initially the balance of payments gets worse, since imports are more highly priced and their demand in the short term is inelastic. The balance of payments improves with time as imports fall and exports rise due to a change in relative competitiveness. Over a longer period these impacts may be nullified by the effects of inflation. |