The advantages of this kind of tax deferral can be attributed to two partially interdependent effects, the tax rate effect and the interest effect:
12.
Much of the rapid increase in imports of manufactures after 1985, when the yen began to appreciate rapidly, can be attributed to this exchange-rate effect.
13.
This was down dlrs 3 billion from a year earlier on the back of adverse foreign exchange rate effects and the decline of global equity markets.
14.
That compares to euro5.86 billion in the year-earlier period from the business units of Sanofi-Synthelabo SA and Aventis SA that subsequently merged, excluding exchange rate effects.
15.
The cited effect has to do more with heat transference rate effects ( such as the insulating effects of ice, convection currents, etc . etc . ).
16.
That compares to euro5 . 86 billion in the year-earlier period from the business units of Sanofi-Synthelabo SA and Aventis SA that subsequently merged, excluding exchange rate effects.
17.
Since the credit channel operates as an amplification mechanism alongside the interest rate effect, small monetary policy changes can have large effects if the credit channel theory holds.
18.
"Much of the increase clearly comes from the exchange rate effect, " said Hans-Joachim Koenig, an analyst at Westdeutsche Landesbank in Dusseldorf who rates the company as " neutral ."
19.
This channel should not be seen as a separate, free-standing alternative to the interest rate mechanism, but rather as a set of factors that strengthen and transmit the interest rate effects.
20.
In view of the size of the country and the importance of the domestic currency in German foreign trade, exchange rate effects are smaller and more indirect than in many smaller countries,
