中文摘要：

本文分析了美元、日元与人民币升值的经济效应，从历史经验来看，实际汇率升值常常导致出口下滑、经济增长率下降，但不同的升值背景所导致的结果并不完全相同。80年代初的美元汇率升值对美国经常账户影响较大；1985年之后的日元汇率升值对日元经常账户影响不大，但日元升值连同不当的货币政策对日本形成很大打击，其主要负面效应是产业空心化以及资产泡沫；1994年至1997年人民币实际汇率升值的背景是国内需求旺盛、全球经济增长强劲，升值所导致的负面效应不够明显。除了历史经验之外，本文还回顾了实证文献对汇率升值经济效应的研究。

英文摘要：

This paper examines the different economic effects of the Dollar, the Yen and the Yuan appreciation in different periods. Historical experiences show that real exchange rate appreciations often decrease the net export as well as slow down economic growth rate. But the results are not exactly the same due to different backgrounds. Dollar appreciation in early 1980s had great impact on the US current account, while Yen appreciation in middle and later 1980s had little influence on Japan＇s current account despite of its strong negative effect on Japanese economic growth. Similarly, the negative effect caused by Yuan appreciation is not significant thanks to global economic growth and strong domestic demand. This paper also examines the empirical research reviews on the economic effect of exchange rate.