Übersetzung für "Real depreciation" in Deutsch

Restoring sustained growth requires real currency depreciation.

The small rise in subsidies, the decrease in taxes linked to production and the marginally lower real value of depreciation could only partially offset the impact of this fall.

It is rather that for a long time now the financial system has been disengaged from the real depreciation of assets.

To restore growth, these countries must also regain competitiveness by achieving a real depreciation of their currency, thus turning trade deficits into surpluses.

The real depreciation necessary to restore external balance would drive the real value of euro debts even higher, making them even more unsustainable.

Unit labor costs fell in Germany and other parts of the core (as wage growth lagged that of productivity), leading to a real depreciation and rising current-account surpluses, while the reverse occurred in the PIIGS (and Cyprus), leading to real appreciation and widening current-account deficits.

The bitter medicine that Germany and the ECB want to impose on the periphery – the second option – is recessionary deflation: fiscal austerity, structural reforms to boost productivity growth and reduce unit labor costs, and real depreciation via price adjustment, as opposed to nominal exchange-rate adjustment.

So, to prevent a spiral of ever-deepening recession, the periphery needs real depreciation to improve its external deficit.

To maintain growth, over-spending countries need nominal and real depreciation to improve trade balances, while surplus countries need to boost domestic demand, especially consumption.

While the peg gives GCC currencies credibility, it has prevented real depreciation and fails to reflect the deep structural changes in GCC members’ economic and financial links over the past three decades – particularly the shift away from the United States and Europe and toward China and Asia.

If nominal and real depreciation (appreciation) of the deficit (surplus) countries fails to occur, the deficit countries’ falling domestic demand and the surplus countries’ failure to reduce savings and increase consumption will lead to a global shortfall in aggregate demand in the face of a capacity glut.

To maintain growth, they need a nominal and real depreciation of their currency to reduce their trade deficits.

If China, emerging markets, and other surplus countries prevent nominal currency appreciation via intervention – and prevent real appreciation via sterilization of such intervention – the only way deficit countries can achieve real depreciation is via deflation.

Or a weaker euro could be had if the ECB were willing – quite unlikely – to ease monetary policy further to allow real depreciation.

Indeed, the impact of real exchange-rate depreciation on growth is likely to be short-lived unless increased corporate profits in the export sector lead to higher household consumption and investment.

But deflation is associated with persistent recession (see Argentina again), and no country’s society and political system can accept years of recession and fiscal austerity to achieve real depreciation.

Countries with large current-account deficits need nominal and real depreciation (to sustain growth via net exports while ongoing private- and public-sector deleveraging keeps domestic demand weak), whereas surplus countries (especially emerging markets) are using currency intervention to resist nominal appreciation and sterilized intervention to combat real appreciation.

But all of the options that might restore competitiveness require real currency depreciation.

There are three options for restoring competitiveness within the eurozone, all requiring a real depreciation – and none of which is viable:

More importantly, the exit path would restore growth right away, via nominal and real depreciation, avoiding a decade-long depression.

The last option – deflation of wages and prices – to reduce costs, achieve a real depreciation, and restore competitiveness is associated with ever-deepening recession.

Poor growth in productivity put the burden of real depreciation on prices and wages but mainly on the latter.

The adequate profit is understood in the Regulation as ‘the sum which — after taxation (…) — does not exceed 1/8 of the price of the buses used usually for the public line passenger transport providing the traffic services by fulfilment of the public service obligation reduced by the sum of the total real depreciation of these buses and the sum spent for investments related to operation of the public line passenger transport, provided that the relevant authority expressed its approval for the investment for purpose of its incorporation into the calculation of the provable loss’.

A contributory factor was low productivity growth, which placed the burden of real depreciation heavily on wages.

Trade data up to October 2003 reveal a narrowing of the trade deficit in 2003, brought about by the recovery in exports supported by the real depreciation of the NIS in 2002.