摘要
Abstract
This article is based on July 2005 to December 2012 monthly data, the VAR model in two stages using empirical analysis of the RMB exchange rate, asset prices and short-term international capital flows of the dynamic relationship between. The empirical results show that the appreciation of the RMB exchange rate will lead to short-term international capital into our country;floating band of RMB against the U.S. dollar trading space to expand, the short-term international capital flows, their explanatory power accounted for 82%. In order to better cope with the impact of short-term international capital flows, China must strengthen the supervision on short-term capital flows and review, and gradually form a mechanism of the RMB exchange rate flexibility.关键词
人民币汇率/资产价格/短期国际资本流动/VAR模型Key words
RMB exchange rate/Asset prices/Short-term international capital flows/VAR model分类
管理科学
