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| 人民币实际汇率水平的合理性评估:1994-2008 | |
| 引用本文： | 刘玉贵. 人民币实际汇率水平的合理性评估:1994-2008[J]. 财经科学, 2009, 0(7) |
| 作者姓名： | 刘玉贵 |
| 作者单位： | 复旦大学经济学院,上海,200433 |
| 摘 要： | 本文基于行为均衡汇率模型,采用1994年第1季度-2008年第2季度的时序数据样本,运用自回归分布滞后模型测算了人民币均衡实际汇率,并对人民币实际汇率的合理性进行了评估.分析结果表明,经济基本面因素能较好地拟合人民币实际汇率的变化过程;人民币实际汇率经历了三次低估和三次高估,但失调程度并不严重. |
| 关 键 词： | 均衡实际汇率 汇率失调 行为均衡汇率 |
Study on the Reasonableness of RMB Real Exchange Rate:1994-2008 |
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| Liu Yugui. Study on the Reasonableness of RMB Real Exchange Rate:1994-2008[J]. Finance and Economics, 2009, 0(7) | |
| Authors: | Liu Yugui |
| Abstract: | This paper employs behavioral equilibrium exchange rate model to estimate the equilibrium real exchange rate of RMB and then evaluates the rationality of the real exchange rate in China,which covers the period from 1994q1 to 2008q2.The main findings of the paper are as follows:the economic fundamentals can fit the dynamics of RMB real exchange rate well;the RMB real exchange rate has experienced undervaluation and overvaluations three times respectively,but the misalignments are not severe. |
| Keywords: | Equilibrium Real Exchange Rate Exchange rate Misalignment Behavioral Equilibrium Exchange Rate |
| 本文献已被 CNKI 万方数据 等数据库收录！ | |