摘要
本文以我国2005年7月21日汇改为界,分别分析了我国2005.7.21-2007.10.16(Ⅰ段)、2007.10.17-2008.11.4(Ⅱ段)和2008.11.5-2009.5.4(Ⅲ段)人民币兑美元汇率与股票价格之间的关系。结果表明:我国汇率与股价之间没有长期稳定的均衡关系,只是在部分时间段内二者存在一定的格兰杰因果关系,这需要从二者相互关系的影响机制并结合宏观调控及国际金融危机的背景来进行分析。
The paper analyzes the relations between RMB exchange rate and stock prices during the period of Ⅰ ： 2005.7.21-2007.10.16, Ⅱ ： 2007.10.17-2008.11.4and Ⅲ ： 2008.11.5-2009.5.4. The conclusions are as follows： there are no long and stable relations between RMB exchange rate and stock prices, and there exists the relation of Granger Cause during some period. Based on the mutual influential mechanism, the background of macro-control and financial crisis, the paper explains these phenomenon; finally the paper puts forward some suggestions.
出处
《北方经贸》
2010年第3期72-74,共3页
Northern Economy and Trade
