巴拉萨萨缪尔森汇率决定理论拓展及其实证.pdf

巴拉萨萨缪尔森汇率决定理论拓展及其实证.pdf

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△坠s![自堕 亟±堂位论奎 Abstract ARer refo皿oftheRMB rate thenew implemented repeated eXchaIlgeregime,China tomarketdemalldwithreferencetoabaSketofcurrencies,amanagedfloating regime rate 2 recent I蝴B rateshowsthe 1,2005。In yearS,theexchange exchangesystem舶mJuly trendof economic and increasingappreciation.China’srapid intemationalstatushasbeenenhancedto thecontinuous oftheRJV【B. bring appreciation The of ratedetemlinationthatthe rateisdecidedand theor r analysis exchange exchange a艉ctedwhich withthe oftheeconomiesituation。There by factors,itdeVelops deVelopment aresome of theories,includingintemationallendingtheory,theorypurchasingpowerpari吼 mte markets most interest theo r r,imemationaltheory’aSsettheory.The p础ty payments f.锄ousisthePPP.Inthe ofthereal Balassa—Samuelsone行ectisthe study exchangerate,the 矗rst whichbasedon thedeViationofthereal theory purchasingpowerpari咄explaining rateand me of estaIblished exchangepurchasingpowerparity行omperspectiVeproductiVity,it contactbetweenthe rateaJld thelabor exchaJlgeproductiVity.whenproductivityincreasing betweentrade andnon—tradedsectOrOf is lowerthan degree goods gOOds f-oreignrelatiVely will an the national have recent havea nationaI,thecurrency appreciation.Inyears,China economic hasbeen RMB trendis rapid gro、vth,l£LborproductiVity appreciation up铲aded,the sch01arstriedtousetheBalaSsa—S锄uelsonefrectofRMBto the unstoppable,Many study real rate moVements. exchange PPPmodeIconsidersthe ofthe rate the of moVingexchangeonIy丘omperspectiVeprice, itcan considerthefactors the wecanintroducethe not如lly afrectingexchangerate,so macroeconomicVariableGDPto the of rate.Thisstansfrom analyzechaJlgesexchange paper thediVisionoftradableaJldnon—tradablesectorand di仟erencesbetweentwo pmductivity with totestwhethertheGDP on countries,combiningpurchasingpo、verparit rtheory impact thereal the rate.HoweVerofthe isdetennined exchange price purchasingpowerparity by and add totheBSe仃’ectsto the wageproductiVity,thus、

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