汇率与股价关系研究最新进展述评

发布时间：2018-01-21 19:59

本文关键词： 汇率股价资本流动　出处：《经济评论》2010年03期 　论文类型：期刊论文

【摘要】：有关汇率与股价关系的最新研究,归纳起来主要有四个发展方向:一是传统宏观经济一般均衡分析方法的拓展,在以往的开放宏观经济均衡模型中将汇率与股价作为宏观经济中重要的解释变量,强化对客观经济运行的考察;二是具有微观基础的均衡分析,包括资产组合平衡与新开放宏观经济两个分析框架下的汇率与股价关系研究;三是从市场的微观结构理论对汇率与股价这两种资产价格进行模型化;四是影响汇率与股价关系的相关因素的分析。本文按照这四个方面进行文献梳理,并进行简要评述。
[Abstract]:The latest research on the relationship between exchange rate and stock price can be summed up in four directions: first, the expansion of the traditional macroeconomic general equilibrium analysis method. In the former open macroeconomic equilibrium model, exchange rate and stock price are regarded as important explanatory variables in macro-economy, so as to strengthen the investigation of objective economic operation. The second is the equilibrium analysis with micro basis, including the study of the relationship between exchange rate and stock price under the framework of portfolio equilibrium and new open macroeconomic analysis. The third is to model the exchange rate and stock price from the market microstructure theory. The fourth is the analysis of the factors influencing the relationship between the exchange rate and the stock price.
【作者单位】：厦门大学金融系;
【分类号】：F224;F831.5
【正文快照】： 随着全球资本市场尤其是股票市场的迅速发展,股权资本流动在不断增加,股价和汇率的关系受到经济学家、国际投资者和政策制定者的广泛关注。这主要基于以下几个原因:首先,对货币政策和财政政策的影响。一个繁荣的股票市场对总需求有正面效应。如果这个效应足够大,以利率为目标

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