摘要:The dissertation takes the correlativity between the RMB exchange rate fluctuation after the reform of exchange rate system and stock market changes in China as the research object.论文以人民币之间的汇率波动的相关性,改革后的汇率制度和股市的变化,中国作为研究对象。
relationship model
1.3.1 Interest rate parity theory and Gordon Model
1.3.2 Flexible-price monetary model and Gordon model
1.3.3 The sticky-price monetary model and Gordon model
2.Methodology
2.1 Research problems
2.2 research objectives
2.3 Research Strategy
2.4 Research Methods
2.5 Data collections
Research result
3.1Economic quantitative methods
3.1.1 Stationary test
...................
3.2.5 Granger causality test
4.Discussion
4.1 There is a long-term equilibrium relationship between RMB exchange rate and share price in China.
4.2 RMB exchange rate and share price has a closely positive correlation in China.
4.3 RMB exchange rate and share price become two-way Granger causality correlation.
4.4 Analysis of reasons
4.4.1 The degree of exchange rate marketization is not high.
4.4.2 Stock price forming mechanism is not reasonable.
4.4.3 It is difficult to play a role for the transmission mechanism.
4.4.4 Interest rate mechanism
4.4.5 International capital flow mechanism
............................
5.Conclusion
Reference
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