We used panel data analysis to evaluate the relative purchasing power parity(PPP)hypothesis of the ten ASEAN member countries between 1973 and 2015.We incorporated the cross-sectionally augmented panel unit root test ...We used panel data analysis to evaluate the relative purchasing power parity(PPP)hypothesis of the ten ASEAN member countries between 1973 and 2015.We incorporated the cross-sectionally augmented panel unit root test as proposed by Pesaran(J Appl Econ 22:265-312,2007).For panel cointegration analysis,we employed the four error-correction-based Westerlund(Oxf Bull Econ Stat 69:709-748,2007)panel cointegration tests.The Westerlund(Oxf Bull Econ Stat 69:709-748,2007)tests are general enough to permit a large degree of heterogeneity,both in the long-run cointegrating relationship and in the short-run dynamics,and dependence within as well as across the cross-sectional units.To check the robustness of the results,we further estimated the cointegration test excluding Indonesia and Brunei.The findings support our initial results.Further,all the results overwhelmingly support the relative PPP hypothesis.Consequently,the monetary authority would be able to implement a self-regulating monetary policy.It would also be able to control the exchange rates.展开更多
This report mainly examines whether the Purchasing Power Parity （PPP） theory is supported by the data. The data used in the report contains the exchange rate of US dollar against New Zealand dollar, Consumer Price I...This report mainly examines whether the Purchasing Power Parity （PPP） theory is supported by the data. The data used in the report contains the exchange rate of US dollar against New Zealand dollar, Consumer Price Index （CPI） of the US, and Consumer Price Index of New Zealand. The time period of the data is from September 30th, 1914 to March 31st, 2010, the data were collected quarterly. Mathematical regressions and graphs are contained in the research. In this research, the simplified form of the PPP theory is analyzed, and then there is a comparison between the spotted exchange rates and the expected exchange rates. Finally, the observation on long-run PPP is explained. The key conclusion of this research is that, the PPP theory is not supported by the data, however, the long-run PPP does hold.展开更多
In this paper, the difference of income and consumption levels between Chinese and Japanese town dwellers＇ is compared, based on the purchasing power parity of each currency. The results using a historical series of ...In this paper, the difference of income and consumption levels between Chinese and Japanese town dwellers＇ is compared, based on the purchasing power parity of each currency. The results using a historical series of the data and cross section data of the two countries are shown. And whenever the classification of Chinese and Japanese data is inconsistent, we reclassify Chinese material according to the Japanese classification.展开更多
霍诺汉先生新近关于ICP的论文《使用PPP进行国家间比较的优势与不足》(Using Purchasing Power Parities to Compare Countries:Strength and Shortcomings)深入探讨了国际比较机理和经济意义,并指出了“购买力平价(PPP)”的不足,其批...霍诺汉先生新近关于ICP的论文《使用PPP进行国家间比较的优势与不足》(Using Purchasing Power Parities to Compare Countries:Strength and Shortcomings)深入探讨了国际比较机理和经济意义,并指出了“购买力平价(PPP)”的不足,其批判精神与思考内容均值得重视。本文是对霍诺汉论文的一个经济统计学评论,基于对论文背景及内容的概述,探讨了文中值得关注和思考的几点问题,主要包括:ICP基于对市场汇率法的否定;各轮ICP间的“动态一致性”;基于生产率因素对ICP结果的修正;注重ICP的比较机理和现实意义;基于全球化因素对ICP的修正,并进一步地对未来ICP需要拓展研究的若干课题提出展望。经济统计在全球经济事务中起着独立作用,对于国际经济统计标准与数据,我们不仅要认真解读和应用,同时也要深入挖掘其内在的测度、核算和比较逻辑,以弥补和修正现行标准的不足,强化国际经济治理。展开更多
基金We do not receive any financial assistance from any agency.All the cost associated with preparing article bear by authors solely.
文摘We used panel data analysis to evaluate the relative purchasing power parity(PPP)hypothesis of the ten ASEAN member countries between 1973 and 2015.We incorporated the cross-sectionally augmented panel unit root test as proposed by Pesaran(J Appl Econ 22:265-312,2007).For panel cointegration analysis,we employed the four error-correction-based Westerlund(Oxf Bull Econ Stat 69:709-748,2007)panel cointegration tests.The Westerlund(Oxf Bull Econ Stat 69:709-748,2007)tests are general enough to permit a large degree of heterogeneity,both in the long-run cointegrating relationship and in the short-run dynamics,and dependence within as well as across the cross-sectional units.To check the robustness of the results,we further estimated the cointegration test excluding Indonesia and Brunei.The findings support our initial results.Further,all the results overwhelmingly support the relative PPP hypothesis.Consequently,the monetary authority would be able to implement a self-regulating monetary policy.It would also be able to control the exchange rates.
文摘This report mainly examines whether the Purchasing Power Parity （PPP） theory is supported by the data. The data used in the report contains the exchange rate of US dollar against New Zealand dollar, Consumer Price Index （CPI） of the US, and Consumer Price Index of New Zealand. The time period of the data is from September 30th, 1914 to March 31st, 2010, the data were collected quarterly. Mathematical regressions and graphs are contained in the research. In this research, the simplified form of the PPP theory is analyzed, and then there is a comparison between the spotted exchange rates and the expected exchange rates. Finally, the observation on long-run PPP is explained. The key conclusion of this research is that, the PPP theory is not supported by the data, however, the long-run PPP does hold.
文摘In this paper, the difference of income and consumption levels between Chinese and Japanese town dwellers＇ is compared, based on the purchasing power parity of each currency. The results using a historical series of the data and cross section data of the two countries are shown. And whenever the classification of Chinese and Japanese data is inconsistent, we reclassify Chinese material according to the Japanese classification.
文摘霍诺汉先生新近关于ICP的论文《使用PPP进行国家间比较的优势与不足》(Using Purchasing Power Parities to Compare Countries:Strength and Shortcomings)深入探讨了国际比较机理和经济意义,并指出了“购买力平价(PPP)”的不足,其批判精神与思考内容均值得重视。本文是对霍诺汉论文的一个经济统计学评论,基于对论文背景及内容的概述,探讨了文中值得关注和思考的几点问题,主要包括:ICP基于对市场汇率法的否定;各轮ICP间的“动态一致性”;基于生产率因素对ICP结果的修正;注重ICP的比较机理和现实意义;基于全球化因素对ICP的修正,并进一步地对未来ICP需要拓展研究的若干课题提出展望。经济统计在全球经济事务中起着独立作用,对于国际经济统计标准与数据,我们不仅要认真解读和应用,同时也要深入挖掘其内在的测度、核算和比较逻辑,以弥补和修正现行标准的不足,强化国际经济治理。
