There are some theories that exchange rate appreciation can reduce saving, but the magnitude of the effect is, at best, minute.

有一些理论称，汇率升值可以减少储蓄，但这种做法充其量是收效甚微。

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In all the other cases fiscal policy either had no discernible exchange rate effect or it was the expansion of the deficit that caused the exchange rate to fall.

在其余案例中，要么看不出财政政策对汇率产生影响，要么反而是赤字扩大导致汇率下跌。

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Changing the exchange rate will not have any effect on these structural phenomena.

调整汇率，不会对这些结构性现象产生丝毫影响。

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Third, there is an exchange-rate effect: a rise in interest rates pushes up the currency and so squeezes exports.

ECONOMIST: Can one size fit all?

In practice, however, a substantial exchange-rate effect can be expected mainly thanks to the pattern of current-account deficits and surpluses between America and Europe.

ECONOMIST: The international euro | The

On a constant-exchange-rate basis excluding the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales rose 6 percent and same store sales increased 4 percent.

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