经济代写|宏观经济学作业代写Macroeconomics代考|FISCAL DEFICITS, INFLATION

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宏观经济学是经济学的一个分支,涉及整个经济或总体经济的结构、绩效、行为和决策。宏观经济研究的两个主要领域是长期经济增长和短期商业周期。

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  • Statistical Inference 统计推断
  • Statistical Computing 统计计算
  • Advanced Probability Theory 高等楖率论
  • Advanced Mathematical Statistics 高等数理统计学
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  • Longitudinal Data Analysis 纵向数据分析
  • Foundations of Data Science 数据科学基础
Lessons from Argentina's 1995 Financial Crisis May Be Applicable to Other  Countries in: IMF Survey Volume 0028 Issue 001 (1999)
经济代写|宏观经济学作业代写Macroeconomics代考|FISCAL DEFICITS, INFLATION

经济代写|宏观经济学作业代写Macroeconomics代考|Fiscal Deficits under Fixed and Flexible Exchange

If a country adopts a fixed exchange rate regime, the fiscal deficit financed by issuing money will result in a loss of international reserves. This happens because, as people begin to have more money than they need for their transactions, they try to invest in other financial alternatives, some of them abroad. To do so, investors first need to

convert domestic money into foreign currency, but when they do, the exchange rate tends to depreciate.

To keep the local currency from depreciating (i.e., to maintain the exchange rate), the central bank needs to intervene, selling reserves. Therefore, if reserves are available, the exchange rate will be able to remain fixed, and the country will avoid inflation. However, if the deficit persists and reserves are depleted, the central bank will have no choice but to devalue its currency-or let the exchange rate float, changing from a fixed system to a flexible one. Ultimately, it will not be possible to avoid inflation.

With a free or floating exchange rate system, a persistent deficit is also directly financed through monetary issuance. However, since in this case the central bank does not undertake actions to maintain the exchange rate, it will continuously depreciate. This will increase domestic prices, especially the prices of those goods that are tradable internationally, such as export goods, and those that are imported or substitute imports.

In the end, the fiscal deficit will lead to higher inflation rates. This is equivalent to financing the deficit with a tax-the inflation tax-that the government “charges” those who keep national currency as cash or in their bank accounts. In other words, since financing fiscal deficits by issuing money leads to a higher inflation rate, this sort of financing will result in a reduction of the value of the national currency maintained by the public. From a governmental point of view, such a tax has the advantage of not needing legislative approval or requiring further administrative costs for its application. However, it is an inefficient and regressive tax, since inflation affects those who have the least to a greater extent than those who have more. This is because the poor, having less chance of saving and keeping their money in the bank or in assets that are protected from inflation (as those of higher means do), generally keep a greater proportion of their money as cash. By doing so, they also pay a greater proportion of their income as inflation tax than those who have higher income. This is what we mean when we say that an inflation tax is a very regressive tax.

经济代写|宏观经济学作业代写Macroeconomics代考|Balance of Payments Crisis

The collapse of a fixed exchange rate regime is a balance of payments crisis, which occurs when the central bank faces a progressive depletion of its international reserves and is forced to give up the fixed exchange rate. If the public anticipates such a collapse, individuals who own national money will be quick to exchange it for foreign currency, usually US dollars. This phenomenon is known as a speculative attack, which depletes the foreign currency reserves of the central bank or takes them to a minimum level.

A good example of a balance of payments collapse was Mexico in late 1994 and early 1995 . In contrast to the recurring crises in Argentina, which were mainly due to excessive spending in the public sector, Mexico’s problems did not originate in a large fiscal deficit (in fact, the budget was almost in balance) but rather in an unusual expansion of private spending, fueled by a credit boom.

Central bank reserves exceeded $\$ 20$ billion for most of 1993 and peaked at $\$ 29$ billion in March 1994 , partly because of Mexico’s integration with the United States and Canada in the North American Free Trade Agreement (NAFTA) in January 1994. At that time, Mexico was also going through the last stages of applying for membership in the Organisation for Economic Co-operation and Development (OECD).

The economic reforms of the previous decade induced a low rate of inflation and a reduction of the fiscal deficit. These economic conditions, coupled with Mexico’s increased international openness and favorable position in the international financial markets, contributed to the high levels of capital inflows into the country in the early $1990 \mathrm{~s}$.

经济代写|宏观经济学作业代写Macroeconomics代考|Argentina’s Crises

Another example of a balance of payments crisis, although with even more painful nuances, occurred in Argentina between 2001 and 2002, when the currency board (a fixed exchange rate scheme set by law) in force

since the early 1990 s collapsed. During the first half of 2001 central bank reserves had remained stable at around \$24 billion.

However, three continuous years of recession, high rates of tax evasion, and government reluctance to lower levels of public spending made the fiscal deficit uncontrollable. This explains the fact that between July and August of that year, international reserves diminished by $\$ 6.5$ billion-almost a third of their initial value. An IMF bailout program in September resulted in reserves rebounding to $\$ 21$ billion and allowed the fixed exchange rate system to continue.

Sadly, confidence in the economic program soon faded. The country was unable to resort to external financing (or issuing government debt to international investors) because the country risk premium was fifteen percentage points higher than a US treasury bond, a level of risk that was unacceptable to most investors. The country also faced prohibitive costs for internal borrowing (or issuing government debt to national investors) as the country risk premium skyrocketed. This reflected the fact that government debt had become a very risky investment to make and therefore very costly for the government to pay back to investors. As a result, the authorities initially met the increasing demand for foreign currency by selling the country’s reserves at an average rate of $\$ 400$ million per month.

Argentina Trade March 2020
经济代写|宏观经济学作业代写Macroeconomics代考|FISCAL DEFICITS, INFLATION

宏观经济学代考

经济代写|宏观经济学作业代写Macroeconomics代考|Fiscal Deficits under Fixed and Flexible Exchange

如果一个国家采用固定汇率制度,通过发行货币融资的财政赤字将导致国际储备的损失。发生这种情况是因为,随着人们开始拥有比交易所需更多的钱,他们会尝试投资其他金融替代品,其中一些是在国外。为此,投资者首先需要

将本国货币兑换成外币,但当它们这样做时,汇率往往会贬值。

为了防止本币贬值(即维持汇率),中央银行需要进行干预,出售准备金。因此,如果有储备,汇率将能够保持固定,该国将避免通货膨胀。但是,如果赤字持续存在,准备金枯竭,央行将别无选择,只能让本币贬值——或者让汇率浮动,从固定制度变为灵活制度。最终,将无法避免通货膨胀。

在自由或浮动汇率制度下,持续的赤字也可以通过货币发行直接融资。但是,由于在这种情况下央行没有采取行动来维持汇率,因此会继续贬值。这将提高国内价格,特别是那些可在国际上交易的商品的价格,例如出口商品,以及进口商品或替代进口商品的价格。

最终,财政赤字将导致更高的通货膨胀率。这相当于用税收——通货膨胀税——为赤字融资,政府向那些将本国货币作为现金或银行账户持有的人“收取”费用。换言之,由于通过发行货币为财政赤字融资会导致更高的通货膨胀率,这种融资方式将导致公众持有的本国货币贬值。从政府的角度来看,这种税收的优点是不需要立法批准或申请额外的行政费用。然而,这是一种低效的累退税,因为通货膨胀对那些拥有最少的人的影响比那些拥有更多的人更大。这是因为穷人,将钱存入银行或受通货膨胀保护的资产的机会较小(就像那些收入较高的人所做的那样),通常将较大比例的钱作为现金保留。通过这样做,与收入较高的人相比,他们还支付了更大比例的收入作为通货膨胀税。当我们说通货膨胀税是一种非常累退的税时,这就是我们的意思。

经济代写|宏观经济学作业代写Macroeconomics代考|Balance of Payments Crisis

固定汇率制度的崩溃是国际收支危机,当中央银行面临其国际储备逐渐枯竭并被迫放弃固定汇率时,就会发生这种危机。如果公众预料到这种崩溃,拥有本国货币的个人将很快将其兑换成外币,通常是美元。这种现象被称为投机攻击,它会耗尽中央银行的外汇储备或将其降至最低水平。

1994 年末和 1995 年初的墨西哥就是国际收支崩溃的一个很好的例子。与阿根廷反复出现的危机(主要是由于公共部门的过度支出)相比,墨西哥的问题并非源于巨额财政赤字(事实上,预算几乎是平衡的),而是源于私人部门的异常扩张。消费,由信贷繁荣推动。

央行储备超额$201993 年大部分时间为 10 亿美元,并达到顶峰$291994 年 3 月 10 亿美元,部分原因是 1994 年 1 月墨西哥与美国和加拿大在北美自由贸易协定(NAFTA)中一体化。当时,墨西哥也正处于申请加入该组织的最后阶段。经济合作与发展(经合组织)。

过去十年的经济改革导致了低通胀率和财政赤字的减少。这些经济条件,再加上墨西哥日益提高的国际开放度和在国际金融市场上的有利地位,促成了早期大量资本流入该国1990 s.

经济代写|宏观经济学作业代写Macroeconomics代考|Argentina’s Crises

另一个国际收支危机的例子发生在 2001 年至 2002 年的阿根廷,当时货币委员会(法律规定的固定汇率计划)生效

自 1990 年代初崩溃以来。2001 年上半年,中央银行的储备稳定在240 亿美元左右。

然而,连续三年的经济衰退、高逃税率以及政府不愿降低公共支出水平使得财政赤字无法控制。这解释了当年 7 月至 8 月期间,国际储备减少了$6.5十亿——几乎是其初始价值的三分之一。国际货币基金组织 9 月份的救助计划导致储备反弹至$21亿美元,并允许固定汇率制度继续存在。

可悲的是,对经济计划的信心很快就消失了。该国无法求助于外部融资(或向国际投资者发行政府债券),因为国家风险溢价比美国国债高出 15 个百分点,这是大多数投资者无法接受的风险水平。随着国家风险溢价飙升,该国还面临内部借贷(或向国家投资者发行政府债务)的高昂成本。这反映了政府债务已成为一项非常冒险的投资,因此政府偿还投资者的成本非常高。因此,当局最初通过以平均$400每月百万。

经济代写|宏观经济学作业代写Macroeconomics代考 请认准statistics-lab™

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随机过程代考

在概率论概念中,随机过程随机变量的集合。 若一随机系统的样本点是随机函数,则称此函数为样本函数,这一随机系统全部样本函数的集合是一个随机过程。 实际应用中,样本函数的一般定义在时间域或者空间域。 随机过程的实例如股票和汇率的波动、语音信号、视频信号、体温的变化,随机运动如布朗运动、随机徘徊等等。

贝叶斯方法代考

贝叶斯统计概念及数据分析表示使用概率陈述回答有关未知参数的研究问题以及统计范式。后验分布包括关于参数的先验分布,和基于观测数据提供关于参数的信息似然模型。根据选择的先验分布和似然模型,后验分布可以解析或近似,例如,马尔科夫链蒙特卡罗 (MCMC) 方法之一。贝叶斯统计概念及数据分析使用后验分布来形成模型参数的各种摘要,包括点估计,如后验平均值、中位数、百分位数和称为可信区间的区间估计。此外,所有关于模型参数的统计检验都可以表示为基于估计后验分布的概率报表。

广义线性模型代考

广义线性模型(GLM)归属统计学领域,是一种应用灵活的线性回归模型。该模型允许因变量的偏差分布有除了正态分布之外的其它分布。

statistics-lab作为专业的留学生服务机构,多年来已为美国、英国、加拿大、澳洲等留学热门地的学生提供专业的学术服务,包括但不限于Essay代写,Assignment代写,Dissertation代写,Report代写,小组作业代写,Proposal代写,Paper代写,Presentation代写,计算机作业代写,论文修改和润色,网课代做,exam代考等等。写作范围涵盖高中,本科,研究生等海外留学全阶段,辐射金融,经济学,会计学,审计学,管理学等全球99%专业科目。写作团队既有专业英语母语作者,也有海外名校硕博留学生,每位写作老师都拥有过硬的语言能力,专业的学科背景和学术写作经验。我们承诺100%原创,100%专业,100%准时,100%满意。

机器学习代写

随着AI的大潮到来,Machine Learning逐渐成为一个新的学习热点。同时与传统CS相比,Machine Learning在其他领域也有着广泛的应用,因此这门学科成为不仅折磨CS专业同学的“小恶魔”,也是折磨生物、化学、统计等其他学科留学生的“大魔王”。学习Machine learning的一大绊脚石在于使用语言众多,跨学科范围广,所以学习起来尤其困难。但是不管你在学习Machine Learning时遇到任何难题,StudyGate专业导师团队都能为你轻松解决。

多元统计分析代考


基础数据: $N$ 个样本, $P$ 个变量数的单样本,组成的横列的数据表
变量定性: 分类和顺序;变量定量:数值
数学公式的角度分为: 因变量与自变量

时间序列分析代写

随机过程,是依赖于参数的一组随机变量的全体,参数通常是时间。 随机变量是随机现象的数量表现,其时间序列是一组按照时间发生先后顺序进行排列的数据点序列。通常一组时间序列的时间间隔为一恒定值(如1秒,5分钟,12小时,7天,1年),因此时间序列可以作为离散时间数据进行分析处理。研究时间序列数据的意义在于现实中,往往需要研究某个事物其随时间发展变化的规律。这就需要通过研究该事物过去发展的历史记录,以得到其自身发展的规律。

回归分析代写

多元回归分析渐进(Multiple Regression Analysis Asymptotics)属于计量经济学领域,主要是一种数学上的统计分析方法,可以分析复杂情况下各影响因素的数学关系,在自然科学、社会和经济学等多个领域内应用广泛。

MATLAB代写

MATLAB 是一种用于技术计算的高性能语言。它将计算、可视化和编程集成在一个易于使用的环境中,其中问题和解决方案以熟悉的数学符号表示。典型用途包括:数学和计算算法开发建模、仿真和原型制作数据分析、探索和可视化科学和工程图形应用程序开发,包括图形用户界面构建MATLAB 是一个交互式系统,其基本数据元素是一个不需要维度的数组。这使您可以解决许多技术计算问题,尤其是那些具有矩阵和向量公式的问题,而只需用 C 或 Fortran 等标量非交互式语言编写程序所需的时间的一小部分。MATLAB 名称代表矩阵实验室。MATLAB 最初的编写目的是提供对由 LINPACK 和 EISPACK 项目开发的矩阵软件的轻松访问,这两个项目共同代表了矩阵计算软件的最新技术。MATLAB 经过多年的发展,得到了许多用户的投入。在大学环境中,它是数学、工程和科学入门和高级课程的标准教学工具。在工业领域,MATLAB 是高效研究、开发和分析的首选工具。MATLAB 具有一系列称为工具箱的特定于应用程序的解决方案。对于大多数 MATLAB 用户来说非常重要,工具箱允许您学习应用专业技术。工具箱是 MATLAB 函数(M 文件)的综合集合,可扩展 MATLAB 环境以解决特定类别的问题。可用工具箱的领域包括信号处理、控制系统、神经网络、模糊逻辑、小波、仿真等。

R语言代写问卷设计与分析代写
PYTHON代写回归分析与线性模型代写
MATLAB代写方差分析与试验设计代写
STATA代写机器学习/统计学习代写
SPSS代写计量经济学代写
EVIEWS代写时间序列分析代写
EXCEL代写深度学习代写
SQL代写各种数据建模与可视化代写

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