But the main message of this piece of research work is that the positive effect , in the form of an increase in external demand , will more than offset the negative effect of higher borrowing costs and possibly an appreciation of the nominal effective exchange rate 部分,而只是指出個中重點:外需增加的正面作用,將足以抵銷借貸成本以至名義港匯指數(shù)上升的負面作用。
This thesis uses the method of the weighting of the trading volume to construct the nominal effective exchange rate of rmb at first , then converts the consumer price index to the fixing base consumer price index taking january of 2000 as base period 文中首先回顧了國內(nèi)外學(xué)者對匯率和物價水平之間關(guān)系的研究現(xiàn)狀,之后運用貿(mào)易額加權(quán)的方法計算出了人民幣的名義有效匯率,接著將消費物價指數(shù)換算成為以2000年1月為基期的定基比消費物價指數(shù)。
Utilizing the method of geometrically weighted averages to design the nominal effective exchange rate of rmb index and real effective exchange rate index to measure international competitiveness of china ’ s trade and commodities , the paper applies correlation and factor analytical tools to investigate the relationship between the international capital inflow and exchange rate regimes in china 20世紀90年代以來,我國的對外開放邁出了堅實而迅速的步伐,與世界經(jīng)濟交流與合作更加密切,并取得了明顯的成效。我國人民幣在1996年12月1日實現(xiàn)經(jīng)常項目可兌換之后,實際上已經(jīng)開始了資本項目部分可兌換的進程(李方, 2003 ) 。
The thesis adopts the vector error correct model and makes the price equation referring to corbo and mcnelis ' s half - open economy model , choosing the relevant variables like money supply , loaning rate , etc . the conclusion put forward by this thesis is : exchange rate and price - level have long - term reverse alteration tendency , so the policy of not devaluing exchange rate ( the nominal effective exchange rate appreciating ) is really one of factors influencing price falling 然后參照corbo和mcnelis的半開放經(jīng)濟模型設(shè)定了價格方程,選取相關(guān)變量如貨幣供給量、貸款利率等進入模型。通過研究人民幣名義有效匯率與定基比消費物價指數(shù)之間的協(xié)整關(guān)系,發(fā)現(xiàn)匯率與物價水平存在著長期的均衡關(guān)系,進而研究了匯率因素在通貨緊縮形成的過程中起到的作用。