中国可持续汇率:是否存在经济政策不确定性的异质效应?

IF 5.5 Q1 BUSINESS, FINANCE
Liming Chen, Ziqing Du, Y. Tan
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引用次数: 11

摘要

本研究采用分位数回归方法研究了2003年1月至2019年1月期间经济政策不确定性对中国汇率波动的异质性影响。本文通过考虑个体和分布异质性的影响,探索异质性的传递机制,对实证文献做出了重大贡献。研究结果表明,首先,不同国家的EPU对中国汇率波动的方向和分布具有异质性影响。其次,本文进一步评估了双边贸易和利率差异的EPU传导机制。这些结果为政策制定者提供了重要的政策建议,有助于减少汇率波动,确保中国经济稳定发展。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Sustainable exchange rates in China: Is there the heterogeneous effect of economic policy uncertainty?
This study is to investigate the heterogeneous effect of economic policy uncertainty (EPU) on the exchange rate volatility of China using quantile regression for the period Jan 2003–Jan 2019. This paper significantly contributes to the empirical literature by taking into account the effect in individual and distributional heterogeneity and exploring the transmission mechanism of heterogeneity. The results demonstrate that, first, EPU from different countries have a heterogeneous impact on China’s exchange rate volatility both direction as well as distribution. Second, this paper further assesses the EPU transmission mechanism of bilateral trading and interest rate difference is mixed. These results provide policymakers with critical policy recommendations that contribute to the reduction of the exchange rate volatility and ensure stable economic development in China.
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来源期刊
Green Finance
Green Finance Multiple-
CiteScore
9.60
自引率
3.50%
发文量
14
审稿时长
6 weeks
期刊介绍: Green Finance is an international, interdisciplinary Open Access journal dedicated to green finance, environmental, and sustainability research and practice. It offers a platform for publishing original contributions and technical reviews on green finance and related topics, following a rigorous peer-review process. Accepted article types include original research, reviews, editorials, letters, and conference reports.
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