摘要
随着经济全球化和金融自由化,汇率作为国家宏观经济主要的调控手段和经济杠杆对国民经济发展所起的作用越来越明显。随着2001年11月中国成功加入WTO,研究人民币汇率的波动性特征对理解人民币汇率的形成机制、完善人民币汇率制度、实现人民币自由兑换和国际化具有特别重要的意义。本文采用GARCH模型对并轨后中美外汇市场的波动性进行了比较研究,揭示了人民币汇率形成机制的特殊性。
In today's economic globalization and financial liberalization processes, exchange rate, a main leverage meant to control a nation's macro economy, plays an increasingly important role in the national economic development. Upon China's accession to WTO in November. 2001, study of RMB exchange rate vitality becomes especially important in understanding the genesis of RMB exchange rate, its improvement, and its eventually internationalized free exchange process. This paper makes a comparative study, using GARCH model, of China and the US foreign-exchange market volatility, revealed special aspects controlling the genesis of RMB exchange-rate.
出处
《中国软科学》
CSSCI
北大核心
2004年第6期37-41,共5页
China Soft Science
