查詢結果分析
來源資料
頁籤選單縮合
題名 | Real Exchange Rate Misalignment and Adjustment of RMB: A Threshold Cointegration Analysis=人民幣實際匯率的錯配與調整:基於BEER的門檻協整分析 |
---|---|
作者 | 湯曉雷; 周繼忠; 湯曉雷; 周繼忠; | 書刊名 | 澳門科技大學學報 |
卷期 | 9:1 2015.06[民104.06] |
頁次 | 頁97-106 |
分類號 | 563.2 |
關鍵詞 | 均衡實際匯率; 行為均衡匯率; 門檻協整; 匯率錯配; Equilibrium real exchange rate; Behavioural equilibrium exchange rate; Threshold cointegration; Exchange rate misalignment; |
語文 | 英文(English) |
中文摘要 | 本文選取1994年至2009年之間的季度資料作為樣本,基於BEER方法分析了人民幣實際均衡匯率與經濟基本面因素的門檻協整關係,結果發現人民幣實際均衡匯率主要由生產力、貿易條件、經濟開放度和政府開支等基本變量決定。然後本文以估計的均衡匯率為基準判斷人民幣匯率的錯配程度。本文還發現了人民幣匯率錯配誤差調整過程非線性特徵。 |
英文摘要 | This paper tests for threshold cointegrating relationship between the equilibrium real exchange rate of the Chinese currency (RMB) and its fundamentals based on the Behavioural Equilibrium Exchange Rate approach using quarterly data over the period 1994Q1-2009Q4. We find that the RMB real equilibrium exchange rate is mainly determined by such fundamentals as productivity, terms of trade, economic openness, and government expenditure. The estimated equilibrium exchange rate is then used as a benchmark to assess the degree of misalignment of actual exchange rate. We also find threshold characteristic in the adjustment process of misalignment errors. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。