【作者】 潘素昆； 文婧；

【Author】 PAN Su-kun,WEN Jing (North China University of Technology,Beijing 100144,China)

【机构】 北方工业大学；

【摘要】 FDI流入用于国内消费或资本积累对实际汇率的即期波动影响不同,若用于资本积累,FDI主要流入贸易品部门或非贸易品部门对实际汇率的影响也存在差异。2005年7月21日,央行宣布汇率制度改革后,人民币持续升值,引起理论界的广泛关注。本文选用1990-2009年的年度数据,构造人民币实际汇率的多元线性回归模型,运用经典计量回归方法,实证检验了FDI对人民币实际汇率的即期影响,实证结果表明FDI规模不断扩大是导致人民币短期升值的主要原因之一。更多还原

【Abstract】 FDI may lead to a real exchange rate appreciation or depreciation,depending whether FDI is used to domestic spending or capital accumulation in the trades or in the non - traded sector.The reform of exchange rate of RMB is announced by the central bank on July 21,2005,which causes the continuous appreciation of RMB.In this paper,the FDI in China during 1990 to 2009 is studied and the empirical results argue that these large inflows of foreign capital are the main determinants of the real exchange rate appreciation.更多还原