Empirical Analysis of the Impact of Exchange Rate Change on Price.pdf

1、對外經(jīng)濟貿(mào)易大學碩士學位論文EmpiricalAnalysisoftheImpactofExchangeRateChangeonPrice姓名：張斌申請學位級別：碩士專業(yè)：金融學指導教師：林桂軍201103Chapter1Introduction11OverviewAfterreformandopeningupfor30years，China’Seconomyhastransformedfromahighlycentralizedpla

2、nnedeconomytoafreeandopenmarketeconomyRMBexchangeratesystem，aSanimportantmacropolicytool，hasexperiencedfourimportantreformFrom1979to1984，lU仍exchangeratechangedfromsingletocomplexthenagaintoasinglecurrencyexchangerateFrom

3、1985～1993，theofficialexchangerateandcurrencyexchangerateadjustpricecoexistSince1994，Chinaimplementedasingle，managedfloatingexchangeratethatbasedonmarketdemandandsupplyUntilJuly21st2005，RMBbegantostoppeggingtodollarithasi

4、mplementedamanagedfloatingexchangeratesystemthatbasedonmarketdemandandsupplywinlreferencetoabasketofcurrenciesAccordingtothepeople’SbankofChina’SmiddlepricedatastatisticsoftheRMBexchangerate，overthepastthreeyearsofnewyua

5、nreformpractice，themiddlepriceofRMBagainstdollarreachedrecordhighuptoJuly2008ithasrisenby21％Meanwhile，theconsumerpriceindexalsosurged，onAugust2007，theconBumerpriceindexhadexceeded5％thanearlierOnApril2008，therateofinflati

6、onroseto85percent，nleintuitivespeculationfromthedataisthatRMBappreciationtriggereddomesticprices，80whetherexchangeratefluctuationshavesignificantinfluenceondomesticpricesandifhave，howabouttheimpactPricetransmissioneffect

7、ofexchangerateisdirectlyrelatedtotheadjustmentofexchangeratepolicyandtheimplementationofdomesticandinternationalpriceequalizationtheamplitudeandpatharecriticalforthecorrectevaluationofthetransmissionofmonetarypolicyandal

8、ealsoveryimportantaboutthereasonableexpectationsforinflationTherefore，thisarticleresearchedfromthetheoreticalandempiricalaspectsoftheRMBexchangeratechangesondomesticpricetransmissioneffectandisexpectedtounderstandthemech

9、anismsandmeansofexchangeratechangesOndomesticpricesandtoimprovetheeffectoftheimplementationoftheexchangeratechangesonpricesSOthatweCalluseexchangerate懿allimportantpriceleveragetomoreeffectivelyregulatethebalanceofpayment