From the perspective of long-term and short-term, the methods of TY causality test, generalized impulse response function, variance decomposition were used to investigate the impacts of international oil prices and ma...From the perspective of long-term and short-term, the methods of TY causality test, generalized impulse response function, variance decomposition were used to investigate the impacts of international oil prices and macroeconomic variables on Chinese gold, silver and platinum prices, but also the feedback effects of Chinese precious metal prices under this impact. The results show that international oil prices play an important role in precious metal price variation both in long-term and short-term, and exchange rate only has an effect in short-term, while interest rate is ineffective in predicting precious metal prices. In addition, precious metal prices have some feedback effects on international oil prices and interest rate in short-term.展开更多
基金Project(13&ZD169)supported by the Major Program of the National Social Science Foundation,ChinaProject(13YJAZH149)supported by Research Project in Humanities and Social Sciences Conducted by the Ministry of Education,China+2 种基金Project(2011ZK2043)supported by the Key Program of the Soft Science Research Project of Hunan Province,ChinaProject(2015JJ2182)supported by Natural Science Foundation of Hunan Province of ChinaProject(2009JYJR035)supported by Emergency Project "The Study of International Financial Crisis" of Ministry of Education of China
文摘From the perspective of long-term and short-term, the methods of TY causality test, generalized impulse response function, variance decomposition were used to investigate the impacts of international oil prices and macroeconomic variables on Chinese gold, silver and platinum prices, but also the feedback effects of Chinese precious metal prices under this impact. The results show that international oil prices play an important role in precious metal price variation both in long-term and short-term, and exchange rate only has an effect in short-term, while interest rate is ineffective in predicting precious metal prices. In addition, precious metal prices have some feedback effects on international oil prices and interest rate in short-term.
