中央銀行外匯干預(yù)效力研究.pdf

1、高跚大學(xué)Y810857碩士研究生畢業(yè)(學(xué)位)論文姓名：劉曉博年級(jí)：2002級(jí)專業(yè)：世界經(jīng)濟(jì)研究方向：國(guó)際金融管理論文題目：中央銀行外匯干預(yù)效力研究導(dǎo)師：戴金平教授完成日期：2005年4月南開大學(xué)經(jīng)濟(jì)學(xué)院國(guó)際經(jīng)濟(jì)研究所二oo五年四月AbstractWiththeaccelerativeglobalizationoffinance，thefluctuationofexchangeratebecomesmoreacute，thismakest

2、heeffectivenessofforeignexchangeinterventionturnintoamostpopularhottopicamongtheacademiaCentralBanksintervenedinforeignexchangemarketfrequentlyduetovariouspurposesAccordingtotheconventionalideaforeignexchangeintervention

3、isinvalidbaseonahypothesisthattheforeignanddomesticassetsareperfectsubstitutesButinfactassetsareimperfectsubstitutes，thusinterventioncanbeeffectivethroughtheportfoliobalancechannelandsignalchannelThispapermainlystudiesoi

4、lthreeimportantissuesFirstlyweprovetheeffectivenessoftheCentralBankinterventionbytheoreticalanalysisincludingthecorrectionoftheinterestpowerparitytheoryandthestudyoftheactionprocessthroughthementionedchannelsInthefollowi

5、ngchapterwehaveademonstrationresearchtocheckupthetheoreticalconclusionInrecentliteratures，thedemonstrationstudiesaremostlyfledtoaidentificationofexchangeratechanges，usingunitarycriteriontoestimatetheinterventionimpact，so

6、medatauptopresentalsomissedSointhispaperconsideringtheshortcomingmentionedabove，eventstudyisadopted，choosingdailyinventiondataofJapanfrom1991to2004，multi—criterionsuchasprofitabilitydirection，smoothingareappliedaswellThu

7、swecometotheconclusionthatCentralBankimerventioniseffectivegenerallyandtheimpactisdiversifiedaccordingtothedifferentinterventiondirectionSowecansaytheoutcomesupportthetheoreticalconclusionperfectlyThirdlywhatneedtobestud

8、iednextistoanswerwhetherCentralBankCallconductitsinterventionoperationsinsomegoodmethodtoincreasethelikelihoodtoachievingRsobjectivesThisissueisaddressedbye虹matingthebinarychoiceLogitmodel，selectingfivegroupsofconditiona