| 人民币汇率制度改革以及汇率波动性研究 |
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| 引用本文： | 富月,;张笑天.人民币汇率制度改革以及汇率波动性研究[J].特区经济,2014(8):133-134. |
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| 作者姓名： | 富月 ;张笑天 |
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| 作者单位： | [1]东北财经大学金融学院,辽宁大连市116021; [2]东北财经大学公共管理学院,辽宁大连市116021 |
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| 基金项目： | 本文得到教育部人文社会科学研究青年基金项目“《中国外汇储备资产管理效益提升策略研究：前提、途径与保障》”（项目编号：13YJC790061）的资助. |
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| 摘 要： | 自我国1978年改革开放以来,我国汇率制度的改革大体上经过了3个阶段:复汇率制度、单一有管理浮动汇率制度、参考"一篮子货币"有管理浮动汇率制度。本文着重讲述了这三个阶段汇率制度的改革情况,分析了人民币兑美元的汇率走势,并对汇率波动性进行实证研究,然后指出我国汇率制度当前存在的问题,以及针对这些问题提出改革的下一步路径。
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| 关 键 词： | 汇率制度 GARCH模型 外汇衍生产品 |
RMB exchange rate system reform and exchange rate fluctuation research |
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| Abstract: | Since the reform and opening of China at 1987,Chinese exchange rate regime largely goes through three stages： system of multiple exchange rates; sin- gle managed floating exchange rate system; Refered to ＂ a basket of currencies＂, managed floating exchange rate system. This paper focuses on the reform of the Chinese exchange rate regime about three stages, ana- lyzes the trend of exchange rate about RMB against U.S. dollar and conducts empirical research of exchange rate volatility, then pointed out the current problems of the Chinese exchange rate regime, as well as the path to address these issues. |
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| Keywords: | exchange rate regime GARCH model foreignexchange derivatives |
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