empirical analysis of the impact of exchange rate change on price

《empirical analysis of the impact of exchange rate change on price》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、对外经济贸易大学硕士学位论文EmpiricalAnalysisoftheImpactofExchangeRateChangeonPrice姓名：张斌申请学位级别：硕士专业：金融学指导教师：林桂军201103AbstractPricesandexchangeratesarethecoreoftheeconomicvariablesinanopeneconomy,andtherearealsoextremelycloserelationshipbetweenthesetwoeconomicvariables·Inthecontinuousdevelopme

2、ntofthehistoryofexchangeratetheory,thepriceandexchangeraterelationshiphavealwaysbeenintertwined．Afterreformand0penj．吡gupfor30years，China’seconomyhastransformedfromahighlycentralizedplannedeconomytowardsafreeandopenmarketeconomy．ThispaperistotestwhetherLawofOnePriceiseffectiveinC

3、hinaandonwhatextentitcantakeeffect．ChapteronereviewshistoryofRenminbiexchangerate，Chaptertwogenerallyreviewstherelationsl邱betweenexchangerateandprice，Chapterthreeistheempiricalanalysisofinnuenceofexchangerateondomesticprice．Firstconfn'mthevariables：domesticandforeignCPI。theRMBex

4、changerate，thenuseADFTest，Co．integrationTesttoinvestigatetheinfluenceofexchangerateondomesticpriceandanalyzes廿leresultsofthemodelandChapterfourbringsforwardsuggestions．Keywords：exchangeratechange；pricelevd；Consumerpriceindex(CPI)；ADFTest；Co-integrationmodelChapter1Introduction1．

5、1OverviewAfterreformandopeningupfor30years，China’Seconomyhastransformedfromahighlycentralizedplannedeconomytoafreeandopenmarketeconomy．RMBexchangeratesystem，aSanimportantmacropolicytool，hasexperiencedfourimportantreform．From1979to1984，lU仍exchangeratechangedfromsingletocomplexthe

6、nagaintoasinglecurrencyexchangerate．From1985～1993，theofficialexchangerateandcurrencyexchangerateadjustpricecoexist．Since1994，Chinaimplementedasingle，managedfloatingexchangeratethatbasedonmarketdemandandsupply．UntilJuly21st,2005，RMBbegantostoppeggingtodollar,ithasimplementedamana

7、gedfloatingexchangeratesystemthatbasedonmarketdemandandsupplywinlreferencetoabasketofcurrencies．Accordingtothepeople’SbankofChina’SmiddlepricedatastatisticsoftheRMBexchangerate，overthepastthreeyearsofnewyuanreformpractice，themiddlepriceofRMBagainstdollarreachedrecordhigh,uptoJul

8、y2008ithasrisenby21％．Meanwhile，theconsumerprice