利率平價理論及其在中國的適用性分析.pdf

1、山西財經(jīng)大學(xué)碩士學(xué)位論文利率平價理論及其在中國的適用性分析姓名：何琦申請學(xué)位級別：碩士專業(yè)：金融學(xué)指導(dǎo)教師：李鎖云2006-03-30II Abstract With the development of economic globalization, countries are increasingly opening up and closely linked in financial markets. The impact of

2、 interest rate changes on the exchange rate fluctuations is also increasing. In the full and effective financial market, the interaction among the interest rates, exchange rates and international capita

3、l flows forms a self- balancing mechanism. And the interest- rate parity model is an abstract expression in such a mechanism. With the increasing impact of capital expenditure on the supply and

4、 demand of foreign exchange, the interest- rate parity theory remedies t he deficiencies of the theory of purchasing power parity that only considers the impact of the goods and services on the ex

5、change rate. The interest- rate parity becomes the primary theory in that it can explain the international short capital flows and the volatility of the exchange rate. Although there are still certa

6、in limitations in the interest- rate parity theory, it also illustrates the determinants of exchange rate to a certain extent in the situation of the rapid flow of international capital and the charact

7、eristics of the volatility of the exchange rate in the foreign exchange market. With China's financial system gradually merging with the international practices, opening up the financial markets, increasing intern

8、ational trade and international investment activities, the impact of volatility of the world financial market on China’ s economy will be increasing. Thus there is a lot of realistic significance

9、because the interest- rate parity theory can offer the choices of the interest rate policy and exchange rate policy. The writing of this paper is to review the history of the interest- rate pa