| 货币主义模型在人民币汇率决定中适用性的实证检验 |
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| 引用本文： | 胡智,邱念坤.货币主义模型在人民币汇率决定中适用性的实证检验[J].河北经贸大学学报,2005,26(6):22-27. |
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| 作者姓名： | 胡智 邱念坤 |
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| 作者单位： | 1. 西北政法学院,经贸系,陕西,西安,710049
2. 西安交通大学,经济与金融学院,陕西,西安,710049 |
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| 摘 要： | 货币主义汇率决定模型是在浮动汇率制下发展起来的极具影响力的汇率决定理论之一,但在人民币汇率决定的研究中,对该模型涉及较少。运用中美两国1994-2003年的相关数据,对货币主义模型在人民币汇率决定中的适用性进行实证检验发现:狭义的货币模型以及调整后的狭义货币模型和调整后的广义货币模型均不适用于人民币汇率的决定;而考虑了持币机会成本的广义货币模型可以较好的应用于人民币汇率的决定。
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| 关 键 词： | 货币主义模型 人民币 汇率决定 实证检验 |
| 文章编号： | 1007-2101(2005)06-0022-06 |
| 修稿时间： | 2005年8月6日 |
An Empirical Study of the Monetary Model of Exchange Rate Determination: Evidence from China |
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| HU Zhi,QIU Nian-kun.An Empirical Study of the Monetary Model of Exchange Rate Determination: Evidence from China[J].Journal Of Hebei University Of Economics and Trade,2005,26(6):22-27. |
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| Authors: | HU Zhi QIU Nian-kun |
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| Abstract: | As one of the most effective theories for exchange rate determination under the floating exchange rate system,the monetary model of exchange rate determination,however,is seldom used in RMB's exchange rate determination.After introducing the monetary model and the method for its econometric test,the author conducts an empirical study of the relevant data from China and United States during 1994-2003 in order to test whether the monetary model can be applied in the determination of RMB exchange rate.It finds out that the monetary model neither in the narrow sense nor in the adjusted narrow sense nor in the adjusted broad sense works well for the determination of Renminbi's exchange rate while the broad sense monetary model has a strong explanation of the determination of RMB's exchange rate. |
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| Keywords: | monetary model RMB exchange rate determination empirical study |
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