The application of simultaneous equations model in RMB exchange rate research

被引：0
|
作者：
Cao, YL [1 ]
Hui, XF [1 ]
Wang, SM [1 ]
机构：
[1] Harbin Inst Technol, Sch Management, Harbin, Peoples R China
来源：
MANAGEMENT SCIENCES AND GLOBAL STRATEGIES IN THE 21ST CENTURY, VOLS 1 AND 2 | 2004年
关键词：
RMB exchange rate; simultaneous equations; monetary approach; cointegrations;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Single equation model has its limitation in exchange rate research. This paper has applied simultaneous equations model to the RMB/USD exchange rates determination on the basis of monetary approach. The unit root tests show that there are at least three co integrations existing in the monetary model, namely, the co integration relationships between PPP, domestic money demand formula and foreign money demand formula. But the coefficient of (P) over cap (t)* is positive, which contradicts the PPP theory.
引用
收藏
页码：950 / 954
页数：5
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