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《Research on Economics and Management》 2010-06
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Appreciation of RMB,the Fluctuation of RMB Exchange Rate and the Control of the Housing Price

Deng Yongliang (School of Economics,Nankai University)  
Firstly,this paper gets the measure of the RMB exchange rate fluctuation by establishing EGARCH model, and then based on the model of VAR,adopts the methods of co - integration test,Granger Causality,the IRF(impulse response function) and so on to study the effectiveness of the appreciation of RMB and the fluctuation of RMB Exchange Rate.The results of empirical research show:(1) the appreciation of RMB does push up the housing price;(2 ) the rising of housing price in turn increases the pressure of the appreciation of RMB;(3) the enlargement of the RMB exchange rate fluctuation does decrease the housing price.At present,the enlargement of the RMB exchange rate fluctuation can improve the effectiveness of macro - control of surge of housing price because of the weakness of impossibility of real control of housing price afraid of affecting the GDP.
【Fund】: 国家社会科学基金项目(06&ZD028)“完善国家宏观调控体系与保持经济平衡较快发展”的阶段性研究成果
【CateGory Index】: F832.6
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1 DENG Yong-liang(School of Economics,Nankai University,Tianjin 300071);Study on Effects of RMB Appreciation and Exchange Rate Fluctuation on Inflation[J];Finance and Trade Research;2010-06
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【Co-citations】
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1 LIU Feng-ying(Economy and Administration College of Beihua University,Jilin 132013,China);Effect of Sub-prime Mortgage Crisis in the United States on China Economy and Its Enlightenment[J];Journal of Beihua University(Social Sciences);2009-02
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