大中国经济一体化进程及其决定因素——基于平价条件差别的计量分析

本文评估了大中国(祖国大陆、香港和台湾地区)经济体之间的联系,并将之和日本、美国做了比较。真实利息平价、公开利息平价和购买力平价被分别用来测量资本、金融和商品市场的一体化程度。研究显示,没有重要的证据表明“大中国”经济体间的一体化水平强于大陆和其他两个非“大中国”经济体,经济一体化进程需要依靠政府的制度。

Great China Economic Integration Process and Its Determinants

The economic linkages among the Great China economies(PRC, Hong Kong and Taiwan)are assessed in this paper and is compared with those of Japan and the US. Three criteria of integration, namely real interest parity, uncovered interest parity, and relative purchasing power parity are used to measure the integration of capital, finance and commodity markets respectively.The analysis tells us that there is no substantial evidence shows that the integration among the Greater China economies is stronger than that between the PRC and the non-Greater China economies and economic integration depends on the government's institution.