Bound test of the theory of purchasing power parity : evidence from rmb exchange rate 人民幣匯率購買力平價的界限檢驗
The classic exchange rate determination theory includes the theory of purchasing power parity and the theory of interest - rate parity . as the main part of modern exchange rate determination theory , the capital market method of exchange rate determination theory includes the currency model which includes elastic price model and viscous price model , the currency substitution model and the portfolio model . the contemporary exchange rate determination theory includes the speculation foam theory , the news model and the chaotic model 經(jīng)典匯率決定理論主要是指購買力平價理論和利率平價理論;現(xiàn)代匯率決定理論主要是指匯率決定理論的資產(chǎn)市場方法,包括:貨幣模型、貨幣替代模型和資產(chǎn)組合模型,其中貨幣模型可以分為彈性價格模型和粘性價格模型;當代匯率決定理論主要包括:投機泡沫理論、新聞模型和混沌分析方法。
After the breakdown of the system of bretton woods , the practice of frequent international capital flowing impels the development of the theory of decided exchange rate . this theory is from the theory of purchasing power parity , the theory of interest rate parity , the theory of international income and expenses to the theory of asset market . but , at present , the theory of cost in exchanging specially used in our country is applicable 布雷頓森林體系解體以來,國際間資本頻繁流動的實踐推動了匯率決定理論的發(fā)展,匯率決定理論也從購買力平價說、利率平價說、國際收支說走向資產(chǎn)市場說,但是我國特有的換匯成本說在當前還有一定的適用性,隨著國內(nèi)外金融市場間的聯(lián)系漸趨緊密,利率平價說對于人民幣匯率變動的解釋力也會逐漸增強。