中国名义与实际有效汇率的构造及应用研究

Research on Constructing Nominal and Real Effective Exchange Rates \ \ for China and Their Application

一、引言在现行国际货币体系下，大多数国家实行浮动汇率制。人们经常会发现，某货币在对一种货币贬值的同时，又对另一种货币升值。因此，单从货币的一种双边名义汇率难以评价其总体价值。从７０年代以来，人们开始使用名义有效汇率（ＮＥＥＲ，或称为多边名义汇率，ＭＮ...

Abstract Based on calculating China's bilateral nominal effective exchange rate,This paper constructs real and nominal effective exchange rates to produce yearly data over 1969-1996 for China. As an application,the stationarity of bilateral real exchange rate are determined to establish the empirical validity of the Purchasing Power Parity (PPP) theory.The result reveals that PPP fails to hold for China.