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首页> 外文期刊>International Journal of Econometrics and Financial Management >Exchange Rate Relationship of India with Its Major Trading Partners: A Joint Testing Approach
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Exchange Rate Relationship of India with Its Major Trading Partners: A Joint Testing Approach

机译：印度与其主要贸易伙伴的汇率关系：一种联合检验方法

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After 1991 economic reforms, India registered tremendous fluctuation in Rupee exchange rate figures owing to its increasing trade and financial relationship with its major trading partners i.e. USA, Europe, and China. This paper examines the International parity conditions viz. Relative Purchasing Power Parity (RPPP), Covered Interest Rate Parity (CIP), Uncovered Interest Rate Parity (UIP), Fisher Effect, and Forward Rate Hypothesis, to reveal the changing financial and economic relations of India with USA, China and Europe. The major objectives of the research are to study the extent to which these International Parity conditions hold for the examined period by employing single cointegration framework and, examining the strong and weak form of parities - allowing for more channels of interaction between variables under joint modeling framework. Using Johansen cointegration test, it is argued that all the parities - except forward rate hypothesis- fail to hold in Rupee/Dollar case, reflecting that the commodity and capital markets of these two countries are not integrated. CIP and Fisher effect hold in weak form in India with respect to China and validity of weak Fisher effect with Europe indicates partial integration and openness of India to these countries. Evidence for the joint validity of strong PPP and weak CIP is reported for India - China suggesting that these parities hold when the actions of importers and exporters, and investors are combined together.
机译：1991年经济改革后，由于与主要贸易伙伴（即美国，欧洲和中国）的贸易和金融关系不断增加，印度卢比汇率数字出现了巨大波动。本文考察了国际均等条件。相对购买力平价（RPPP），涵盖利率平价（CIP），未发现利率平价（UIP），费雪效应和远期利率假说，以揭示印度与美国，中国和欧洲之间不断变化的金融和经济关系。该研究的主要目的是通过采用单一协整框架来研究这些国际平价条件在审查期内的维持程度，并检查强弱平价形式-在联合建模框架下允许变量之间有更多的交互渠道。使用约翰逊协整检验，有人认为卢比/美元一案中的所有均价（远期汇率假说除外）都无法成立，这反映出这两个国家的商品和资本市场没有一体化。就中国而言，印度的CIP和费雪效应都处于弱势状态，而费希尔效应对欧洲的弱势有效性表明印度对这些国家的部分整合和开放。据报道，印度有强有力的购买力平价和疲软的CIP共同有效的证据-中国表明，当进口商和出口商以及投资者的行动结合在一起时，这些均等性成立。

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