中国进出口额与利率变动的关系——基于交易费用的一个解释
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财经研究 2009 年 第 35 卷第 04 期, 页码：16 - 25
摘要
参考文献
摘要
文章运用ADF检验、协整关系检验等对我国的出口额占进口额的比例(简称出口占进口比)和利率的关系进行实证检验,结果表明我国的出口占进口比和名义利率间存在着长期协整关系,并且是负相关关系。随后本文测算了每单位实际利率变动对出口占进口比的影响,结果表明大多数样本的影响值小于0,这个结果显然和传统理论的解释相异,为此文章建立了一个存在交易费用的两阶段开放经济模型解释我国的情况,最后提出一点启示。
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[2]王劲敏.美国巨额经常项目赤字及其持续性探析[J].国际贸易问题,2003,(11):45-49.
[3]周立群,伍志文.利率政策的有效性问题研究——兼论加息之争[J].管理世界,2004,(10):10-20.
[4]Bergin P R,Sheffrin S M.Interest rates.exchange rates and present value models of thecurrent account[J].The Economic Journal,2000,(4):535-558.
[5]Bernhardsen T.The relationship between interest rate differentials and macroeconomicvariables:A panel data study for European countries[J].Journal of International Moneyand Finance,2000,19:289-308.
[6]Grauwe P D,Gri maldi M.Heterogeneity of agents,transactions costs and the exchangerate[J].Journal of Economic Dynamics&Control,2005,29:691-719.
[7]Ki m K,Hall V B,Buckle B A.Consumption-smoothing in a small,cyclically volatileopen economy:Evidence from New Zealand[J].Journal of International Money and Fi-nance,2006,25:1277-1295.
[8]Obstfeld M,Rogoff K.The six major puzzles ininternational macroeconomics:Is there acommon cause?[R].NBER Working Paper,2000,No.7777.
[9]Sheffrin S,Woo W T.Present value tests of an intertemporal model of the current ac-count[J].Journal of International Economics,1990,29:237-253.
引用本文
李晓峰, 朱九锦. 中国进出口额与利率变动的关系——基于交易费用的一个解释[J]. 财经研究, 2009, 35(4): 16–25.
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