Currency appreciation, rising financial asset values, and output fluctuations in China

Yu Hsing; Wen-Jen Hsieh

首页> 外文期刊>Applied Financial Economics Letters >Currency appreciation, rising financial asset values, and output fluctuations in China

【24h】

Currency appreciation, rising financial asset values, and output fluctuations in China

机译：货币升值，金融资产价值上升以及中国的产出波动

获取原文

获取原文并翻译 | 示例

掌桥外文数据库（机构版） >>

开具论文收录证明 >>

文献代查 >>

页面导航

摘要
著录项
相似文献
相关主题

摘要

Applying a general equilibrium model and the Newey-West method, this article finds that real output in China has a positive relationship with real M2, the government deficit/GDP ratio, and the real stock price and a negative relationship with real appreciation. The expected inflation rate is insignificant. It is estimated that when the real effective exchange rate rises 1%, real GDP in China is expected to decrease by 0.938% and that a 1% increase in real stock prices would raise output by 0.126%.

机译：运用一般均衡模型和Newey-West方法，发现中国的实际产出与真实的M2，政府赤字/ GDP比率，真实的股票价格呈正相关，与真实的升值呈负相关。预期的通货膨胀率微不足道。据估计，当实际有效汇率上涨1％时，中国的实际GDP预计将下降0.938％，而实际股票价格上涨1％将使产出增加0.126％。

著录项

来源
《Applied Financial Economics Letters》 |2009年第9期|853-857|共5页
作者
Yu Hsing; Wen-Jen Hsieh;
展开▼
作者单位

Department of General Business, College of Business, Southeastern Louisiana University, Hammond, USA;

Department of Economics, National Cheng Kung University, Tainan City, Taiwan (R.O.C.);

展开▼
收录信息
原文格式 PDF
正文语种 eng
中图分类
关键词

相似文献

外文文献
中文文献
专利

1. Currency appreciation, rising financial asset values, and output fluctuations in China [J] . Yu Hsing, Wen-Jen Hsieh Applied Economics Letters . 2009,第8期

机译：货币升值，金融资产价值上升以及中国的产出波动
2. Does Firms Have Impact of Currency Appreciation and Currency Volatility on Market Shares?—Study of Selected Financial and Non-Financial Firms of India [J] . Rashmi Soni Theoretical Economics Letters . 2018,第5期

机译：公司的货币升值和货币波动对市场份额有影响吗？—印度部分金融和非金融公司的研究
3. Value relevance of financial assets fair values: Evidence from Chinese listed companies [J] . Xiaoqing Zeng, Xicai Guo, Chang-Tyan Yang3, African Journal of Business Management . 2012,第12期

机译：金融资产公允价值的价值相关性：来自中国上市公司的证据
4. Corporate Financial Structure and Output Fluctuations: An Empirical Analysis of Chinese Listed Companies under the US Subprime Mortgage Crisis [C] . Chao-wu WAN, Bin GUO IEEM'2010;IEEE International Conference on Industrial Engineering and Engineering Management . 2010

机译：公司财务结构与产出波动：基于美国次贷危机的中国上市公司的实证分析
5. An Analysis of the Appreciation of the Chinese Currency and Influences on China's Economy. [D] . Ma, Lina. 2014

机译：人民币升值及其对中国经济的影响分析。
6. Financial Asset Ownership: The Case of Chinese and Indian Immigrants to the United States [O] . Lisa A Keister -1

机译：金融资产所有权：以中国和印度移民为例
7. Financial Development and the Distributional Effects of Monetary Policy Do the distributional consequences of monetary policy depend on the extent of financial development? Should optimal monetary policy vary across countries? In order to answer these questions, we develop a monetary growth production model with heterogeneous agents. In our economy, optimal policy needs to weigh the effects of policy across two groups — capital owners and individuals who hold liquid assets. While banks help limit the exposure to inflation, there are limits because money alleviates the frictions of private information and limited communication. In this environment, we compare two economies that are identical in every aspect except for their level of financial development. In a country with limited financial development, a stock market is absent. In the other, an equity market is active. In either economy, inflation adversely affects capital formation and output. Individuals who hold liquid assets are always adversely affected by inflation, but the attitude of capital owners depends on the level of financial development. In particular, in the presence of a stock market, the impact of inflation on the welfare of capital owners is non-monotonic. Nevertheless, optimal monetary policy is always more conservative at higher levels of financial development. [O] . TINA M. Edgar A. Ghossoub, TINA M. Robert R. Reedy 100

机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Currency appreciation, rising financial asset values, and output fluctuations in China

摘要

著录项

相似文献

相关主题

期刊订阅