Currency should be reduced in price. It also predicts that
Other things being equal, the increase of real interest rate should be
Thank others for giving you money. This article is one of them.
The cornerstone of international finance, the development of important
Constructing the most important exchange rate decision
Currency exchange rate model and other theories.
The method in this paper includes unit root.
Test stationarity check data, cointegration test.
In order to test the long-term equilibrium relationship between them
Interest rate and on-site selling, error correction model for testing.
Causality of time series data.
A widely used method for estimation
One-way method of Granger and Engel (1987)
E.g.). Identical product vector of OLS estimator
Estimation of Dependent Variables of Super Consistency and Convergence Rate Ratio
Fixed variable model of stock.
(1987). Cointegration means long-term equilibrium. this
Short-term adjustment to long-term equilibrium
The error correction mechanism is introduced by charts.
Sargin (1984) and extended Engel and Granger (1987).
This paper attempts to explore this empirical problem.
The market uses daily data of RMB and USD.
July 22, 2005, 2008 1 month 10. Empirical evidence of this theory
The whole sampling period shows that in the long run, we find that
The relationship between behaviors in corresponding positions.
Exchange rate and selling price are in the context of cointegration. In addition,
Granger causality test shows that RMB positions and selling
The deepening of speed affects each other. Therefore, we apply VEC.
The spot exchange rate of RMB is analyzed by using model and variance decomposition method.
And the selling price. As a result of the experiment, we can draw the following conclusions.
The spot market of RMB is a leading market with great significance.
Influence. RMB offshore market selling.
Although the domestic foreign exchange market
Changes will affect what happens in the offshore market.
The impact is too small. This means that due to capital
Control, the government may still pursue.
Independent economic policy, at present
Foreign influence is beyond its control.