| 单词 | misaligned exchange rate |
| 释义 | misaligned exchange rate An exchange rate which is inconsistent with a satisfactory balance of payments. If a country's currency is priced too high, this makes imports excessively attractive and exports hard to sell, which is liable to result in an unsustainable current account deficit. Equally, if a currency is underpriced it tends to result in a current account surplus so large as to overstimulate the economy. Unfortunately, frequent changes in market conditions and in the relative inflation rates in different countries make it very difficult to judge when any given currency is misaligned. |
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