一般而言,由于本币长期、缓慢地升值,通常都会导致以外币计价的上市公司市值同步上升,甚至有可能推动一国包括资本市场和房地产市场的价格膨胀。资产价格的异动带来的宏观效应是错综复杂的,下面我们就美、日、韩及巴西四国的相应情况进行简要的概述。 Generally speaking, long-term and slow appreciation of domestic currency usually leads to the simultaneous rise of the market value of listed companies denominated in foreign currencies and may even push up the price inflation of a country, including capital markets and real estate markets. The macroeconomic effects of asset price movements are complex. Below we give a brief overview of the corresponding situations in the United States, Japan, South Korea and Brazil.