훐퇫닆뺭듳톧톧놨2006쓪뗚1웚죋쏱뇒쪵볊믣싊폫뫪맛뺭볃뇤솿횮볤맘쾵뗄쪵횤럖컶ꆡꋙTheRelationshipbetweentheRealExchangeRateofRMBandMacroeconomicVariables:EmpiricalEvidence릢ꆡ캰GENGꆡWei(쳬뷲닆뺭듳톧맺볊뺭볃쎳틗쾵ꆡ쳬뷲ꆡ300222)[햪ꆡ튪]놾컄퓚뛔죋쏱뇒믣싊폫뫪맛뺭볃뇤솿횮볤맘쾵뗄샭싛럖컶믹뒡짏,샻폃킭헻볬퇩랽램뾼달쇋1992쓪1벾뛈ꆫ2003쓪1벾뛈죋쏱뇒쪵볊믣싊폫뫪맛뺭볃뇤솿횮볤뗄맘쾵ꆣ쪵횤럖컶뷡맻뇭쏷,쒣탍뗄쯹폐맀볆쾵쫽뗄럻뫅폫붨쒣쪱짨뚨뗄럻뫅쿠튻훂,늢쟒죋쏱뇒쪵볊폐킧믣싊폫쯹뾼달뗄룷뫪맛뺭볃뇤솿횮볤듦퓚ퟅ캩튻뗄뎤웚뻹뫢맘쾵ꆣ헢훖뎤웚뻹뫢맘쾵뗄듦퓚쓜듓튻룶닠쏦랴펳돶퓚뾼달웚볤쓚죋쏱뇒믣싊뗄뗷헻뫍뇤뮯쫇쫊펦훐맺뫪맛뺭볃쓚췢욽뫢탨튪뗄ꆣAbstract:ThispaperadoptstheapproachofcointegrationtesttostudytherelationshipbetweentherealexchangerateofRMBandmacroeconomicvariablesonthebasisofthetheoreticalanalysis1Theresultshowsthatthesignsoftheestimatedregressioncoefficientsarethesameasthesignspredictedandthereisonlyonelong2termequilibriumrelationshipbetweenthemrespectively1Theexistenceofcointegrationrela2tionshipsuggeststhattheadjustmentofexchangeratecanmeettherequirementofreachingboththeinter2nalandexternaleconomicbalanceduringthelastdecade1[맘볼듊]죋쏱뇒쪵볊믣싊ꆡ뫪맛뺭볃뇤솿ꆡ쪵횤럖컶Keywords:RealexchangerateofRMBꆡMacroeconomicvariablesꆡEmpiricalevidence[훐춼럖샠뫅]F83216ꆡ[컄쿗뇪쪶싫]Aꆡ[컄헂뇠뫅]1000-1549(2006)01-0050-04ꆡꆡ튻ꆢ틽퇔퓚뾪럅뺭볃쳵볾쿂,튻맺믣싊뗄뇤뚯훷튪좡뻶폚믣싊뗄훆뛈낲업뫍맺쓚췢뺭볃뮷뺳뗄뇤뮯ꆣ평폚컒맺쒿잰뗄믣싊훆뛈낲업쫇ꆰ퓚놣횤뺭뎣쿮쒿죋쏱뇒뿉뛒뮻뗄잰쳡쿂,폐맜샭뗄뢡뚯믣싊훆ꆱ,쯹틔맜샭뢡뚯믣훆쿂펰쿬믣싊뇤뮯뗄훷튪틲쯘쫇맺쓚뫪맛헾닟뗷헻(죧믵뇒릩룸솿뗄뇤뮯ꆢ샻싊뗄뗷헻)뫍맺볊뺭볃뫍뷰죚뮷뺳뗄뇤뮯(죧뛔췢뺭볃뗄쇷솿ꆢ맺볊샻싊뫍맺볊춨믵엲헍싊뗄뇤뚯)ꆣ헢퇹,믣싊늻뷶뷶쫇튻룶맺볊뷰죚컊쳢,뮹쫇튻룶뾪럅뫪맛뺭볃컊쳢ꆣ놾컄뻍샻폃떥랽돌킭헻볬퇩랽램럖컶뫪맛뺭볃뇤솿뗄뇤뚯뛔죋쏱뇒믣싊쯹닺짺뗄펰쿬,춬쪱뛔훘튪뇤솿맘쾵뗄쓚퓚맦싉뷸탐닻쫍뫍럖컶ꆣ컄훐폃떽뗄믣싊횸뇪쫇죋쏱뇒쪵볊믣싊,뛸럇쏻틥믣싊,웤풭틲폐뛾:튻쫇쏻틥믣싊쫇평맙랽만뚨뗄,뫜쓑뛔웤뷸탐쪱볤탲쇐럖컶ꆣ뛸쪵볊믣싊쫇평쏻틥믣싊뫍맺쓚췢쿠뛔볛룱쮮욽릲춬뻶뚨뗄,맊웤뇘좻쫇튻룶늻뛏뇤뚯뗄쪱볤탲쇐ꆣ뛾쫇붫맺쓚췢볛룱뇤뚯틲쯘뾼싇퓚쓚뗄쪵볊믣싊닅쓜랴펳놾맺쿠뛔폚웤쎳틗믯냩맺뗄뺺헹솦뗄뇤뮯쟩뿶,틲듋쪵볊믣싊쫇펰쿬튻맺맺볊쫕횧ힴ뿶뗄훘튪뇤솿ꆣ쪵볊믣싊Q춨뎣놻뚨틥캪늻냼몬맘쮰뗈웤쯻틲쯘뗄튻룶뺭볃쳥쓚뗄뿉쎳틗욷볛룱PT뫍늻뿉쎳틗욷볛ꋙ쫕룥죕웚:2005ꆪ10ꆪ21ퟷ헟볲뷩:릢캰(1967ꆪ),얮,쳬뷲닆뺭듳톧맺볊뺭볃쎳틗쾵뢱뷌쫚,쓏뾪듳톧맺볊뺭볃퇐뺿쯹늩쪿퇐뺿짺ꆣ50' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
훐퇫닆뺭듳톧톧놨2006쓪뗚1웚룱PN뗄뇈싊PT/PNꆣ죧맻Q짏짽,뇭쏷뿉쎳틗욷볛룱쿠뛔폚늻뿉쎳틗욷볛룱짏짽,퓲맺쓚뺭볃풴쇷쿲뿉쎳틗욷늿쏅,듙쪹놾맺뗄맺볊뺺헹솦쳡룟ꆣ쪹폃듋뚨틥뗄톧헟훷튪폐Edwards,Dornbusch,Hinkle뫍Montiel뗈ꆣ맺볊믵뇒믹뷰ퟩ횯쯹뚨틥뫍닢쯣뗄쪵볊폐킧믣싊(RealEffectiveExchangeRate,REER)쫇튻훖뛠뇟쪵볊믣싊,폫짏쫶쪵볊믣싊Q늻춬ꆣ웤볆쯣릫쪽캪REER=pei/ꇆwipi,헢샯pꆢpi럖뇰뇭쪾놾맺뫍i맺컯볛쮮욽,wi캪i맺퓚놾맺뛔췢쎳틗훐쯹햼뗄뇈훘,ei캪볤뷓뇪볛램쿂뗄쏻틥믣싊ꆣ놾컄쪹폃헢튻뚨틥랽쪽ꆣ놾컄뗄쒿뗄쫇뾼달1992쓪1벾뛈ꆫ2003쓪1벾뛈웚볤죋쏱뇒쪵볊믣싊폫룷뫪맛뺭볃뇤솿횮볤쫇럱듦퓚뎤웚뻹뫢맘쾵ꆣ컄헂뷡릹낲업죧쿂:뗚뛾늿럖쫇믣싊폫뫪맛뺭볃뇤솿횮볤맘쾵뗄샭싛럖컶늢퓚듋믹뒡짏릹붨쪵횤쒣탍;뗚죽늿럖쫇쪵횤럖컶,쮵쏷쫽뻝뗄살풴ꆢ톡퓱뗄틀뻝뫍랽램싛,춨맽킭헻볬퇩쒣탍살뷒쪾죋쏱뇒쪵볊믣싊폫룷뫪맛뺭볃뇤솿횮볤뗄뎤웚뻹뫢맘쾵;뗚쯄늿럖룸돶훷튪뷡싛ꆣꆡꆡ뛾ꆢ믣싊폫뫪맛뺭볃뇤솿횮볤맘쾵뗄샭싛럖컶튻맺쪵볊폐킧믣싊뗄뇤뚯랴펳쇋폫횮쿠맘뗄뺭볃튪쯘뇤솿뗄뇤뮯ꆣ퓚폐맜샭뗄뢡뚯믣싊훆뛈쿂,펰쿬쪵볊믣싊뇤뚯뗄믹놾뺭볃틲쯘뇤솿냼삨틔쿂벸룶:1ꆢ맣틥믵뇒릩펦솿(M2):M2뗄퓶볓틽웰놾뇒쪵볊뇡횵;M2뗄복짙틽웰놾뇒쪵볊짽횵ꆣ웤풭틲퓚폚,삩헅탔뗄믵뇒헾닟떼훂놾맺뗄춨믵엲헍싊짏짽,뷸뛸닺짺쪵볊믣싊짽횵톹솦,뺭뎣쿮쒿폠뛮믡뛱뮯ꆣ캪쇋좷놣췢늿욽뫢뗄쪵쿖,쪵볊믣싊펦쿂붵;랴횮틠좻ꆣ2ꆢ맺췢뺻닺폫맺쏱쫕죫횮뇈(RNFA):맺췢뺻닺쫇맺췢닺복좥뢺햮뫳뗄폠뛮,벴뢺뗄췢햮폠뛮ꆣ죧맻맺췢뺻닺폫맺쏱쫕죫횮뇈짏짽,튲뻍쫇췢햮폠뛮폫맺쏱쫕죫횮뇈쿂붵,뇭쪾퓚튻뚨뗄맺쏱쫕죫쮮욽쿂췢햮폠뛮복짙,믲룸뚨췢햮폠뛮맺쏱쫕죫퓶볓,잰헟쪹뗃룃맺뛔췢횧뢶쿂붵,퓲뺭뎣쿮쒿쫕횧룄짆,캪캬돖췢늿욽뫢,쪵볊믣싊붫짽횵;뫳헟쮵쏷룃맺짺닺솦쮮욽쳡룟,웤닺욷뗄뺺헹솦퓶잿,뺭뎣쿮쒿뗃틔룄짆,맊뛸쪵볊믣싊펦짏짽,틔믖뢴췢늿욽뫢ꆣ폫횮쿠랴,맺췢뺻닺폫맺쏱쫕죫횮뇈쿂붵,쪵볊믣싊붫뇡횵ꆣ3ꆢ쿠뛔쪵볊샻싊쮮욽(벴쪵볊샻닮,RRATEGAP):죧맻놾맺뗄쪵볊샻싊쿠뛔폚췢맺짏짽,퓲놾맺뗄맺쏱뒢탮퓶볓,춶복짙,벴뛔믵뇒뗄탨쟳쿂붵,쪹뗃췢쇷죫복짙,듓뛸떼훂맺볊쫕횧뛱뮯ꆣ헢쪱폐뇘튪톹뗍쪵볊믣싊,틔췆뚯췢늿욽뫢뗄쪵쿖;랴횮틠좻ꆣ듓솽헟뗄쫽솿맘쾵짏뾴,쪵볊샻닮쫇쪵볊믣싊뗄복몯쫽ꆣ4ꆢ뺻돶뿚(NEX):뺻돶뿚ퟷ캪쎳틗쫕횧뗄닮뛮,쯼짏짽,뺭뎣쿮쒿쓦닮쯦횮복짙믲돶쿖쮳닮ꆣ캪쇋듯떽췢늿욽뫢,쪵볊믣싊짽횵ꆣ틲듋,뻍솽헟뗄쫽솿맘쾵뛸퇔,쪵볊믣싊쫇뺻돶뿚뗄퓶몯쫽ꆣ평짏쫶럖컶,컒쏇뿉틔붨솢튻룶죋쏱뇒쪵볊폐킧믣싊뗄쿟탔뗄볆솿쒣탍:REER=ꛂ0+ꛂ1M2+ꛂ2RNFA+ꛂ3RRATEGAP+ꛂ4NEXꆡꆡꆡꆡ(1)죧잰쯹쫶,컒쏇붫쒣탍훐뇤솿닎쫽럻뫅짨뚨캪,ꛂ1<0,ꛂ2>0,ꛂ3<0,ꛂ4>0ꆣꆡꆡ죽ꆢ쪵횤럖컶ꆡꆡ(튻)뇤솿폫쫽뻝톡퓱컄훐쪹폃뗄1992쓪뗚1벾뛈훁2003쓪뗚1벾뛈뗄벾뛈쫽뻝살ퟔ폚맺볊믵뇒믹뷰ퟩ횯췸햾(www1imf1org)맺볊뷰죚춳볆쫽뻝뿢(InternationalFinancialStatisticsdatabase)뫍ꆶ훐맺춳볆ꆷꆣ맘폚쪵볊샻닮횸뇪,럖뇰틔훐맺튻쓪웚뚨웚듦뿮샻싊뫍쏀맺죽룶퓂뗄맺햮쫕틦싊뇭쪾훐맺뫍쏀맺쏻틥샻싊쮮욽ꆣ쪵볊샻닮쫇횸훐쏀솽맺쪵볊샻싊뗄닮뛮ꆣ쇭췢,5룶뺭볃뇤솿뻹좡웤횸쫽탎쪽,틔1995쓪ퟷ캪믹웚ꆣ(뛾)떥캻룹볬퇩평폚횻폐뻟폐쿠춬떥헻뷗쫽뗄솽룶뇤솿닅폐뿉쓜듦퓚킭헻맘쾵ꆣ틲듋,퓚볬퇩죋쏱뇒믣싊폫뫪맛뺭볃횸뇪횮볤쫇럱듦퓚뎤웚컈뚨맘쾵잰,쫗쿈튪쪹폃퓶쿮뗄뗏믹-뢻샕랽램(ADF,DickeyandFuller)뷸탐51' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
훐퇫닆뺭듳톧톧놨2006쓪뗚1웚탲쇐뗄떥캻룹볬퇩ꆣ뇭1룸돶쇋5룶뇤솿벰웤튻뷗닮럖뇤솿뗄뗄욽컈탔볬퇩뷡맻ꆣ뷡맻뇭쏷,5룶뇤솿뚼쫇럇욽컈뗄,뛸쯻쏇뗄튻뷗닮럖탲쇐뚼쫇욽컈뗄,벴룷룶뇤솿캪튻뷗떥헻탲쇐,퓚듋믹뒡짏컒쏇퓙쳖싛뇤솿볤쫇럱듦퓚킭헻맘쾵ꆣ뇭1ADF떥캻룹볬퇩뷡맻뇤솿쏻닮럖뷗쫽볬퇩탎쪽ADF횵REERLevel(C,N,1)-111101REER튻뷗(C,N,1)-411961233RNFALevel(C,N,1)11458145RNFA튻뷗(C,N,1)-4159008233M2Level(C,T,1)21584154M2튻뷗(C,T,1)-313635393RRATEGAPLevel(C,N,1)-115816RRATEGAP튻뷗(C,N,1)-313455133NEXLevel(C,N,1)-2160173NEX튻뷗(C,N,1)-613448933힢:볬퇩탎쪽CꆢT뫍L럖뇰뇭쪾떥캻룹볬퇩랽돌냼삨뎣쫽쿮ꆢ쪱볤쟷쫆뫍훍뫳뷗쫽,N쫇횸늻냼삨C믲T33,(믲3)뇭쪾퓚5%(믲10%)쮮욽짏쫇쿔훸뗄ꆣꆡꆡ(죽)킭헻볬퇩폫쒣탍맀볆쪱볤탲쇐뇤솿횮볤뗄킭헻맘쾵(CointegrationRelationship)퇐뺿쫇20쫀볍80쓪듺평Engle2Granger(EG)쫗쿈쳡돶뗄,늢평Johansen뫍Juselius뗈죋훰늽랢햹뫍췪짆ꆣ헢훖볆솿럖컶랽램쫇컒쏇쪶뇰죋쏱뇒믣싊폫웤뫪맛뺭볃뇤솿횮볤쫇럱듦퓚컈뚨맘쾵뗄샭싛믹뒡ꆣ헢튻랽램싛뗄믹놾쮼쿫쫇,퓚쪵볊훐,뛠쫽뺭볃쪱볤탲쇐뚼쫇럇욽컈뗄,떫쒳킩럇욽컈뺭볃쪱볤탲쇐뗄쒳훖쿟탔ퟩ뫏좴뇭쿖돶욽컈탔,헢쮵쏷헢킩뇤솿횮볤듦퓚뎤웚컈뚨맘쾵(킭헻맘쾵),뺭볃샭싛죏캪,헢훖킭헻맘쾵뗄듦퓚뇣뿉틔춨맽웤쯼뇤솿쮮욽횵뗄뇤뮯살펰쿬쇭튻뇤솿쮮욽횵뗄뇤뮯,죴뇤솿볤쎻폐킭헻맘쾵,퓲늻듦퓚춨맽웤쯼뇤솿살펰쿬쇭튻뇤솿뗄믹뒡ꆣ평뇭1뿉횪룷뇤솿뗄튻뷗닮럖뻹캪욽컈뗄,벴룷룶뇤솿캪튻뷗떥헻,쯹틔컒쏇뿉틔뷸튻늽쳖싛뫪맛뺭볃횸뇪폫쪵볊폐킧믣싊뗄킭헻맘쾵ꆣ헢샯닉폃Johans2en벫듳쯆좻맀볆램살뷸탐뛠뇤솿탎쪽뗄킭헻맘쾵볬퇩,뷡맻볻뇭2:뇭2Johansen벫듳쯆좻볬퇩뷡맻5%1%킭헻랽돌쳘헷횵쯆좻뇈뛔펦뗄쇙뷧횵뛔펦뗄쇙뷧횵뗄룶쫽01468360531734024712154146컞301381542261567142916835165훁뛠1룶01121691519045171514120104훁뛠2룶010075290132498531766165훁뛠3룶ꆡꆡ333()뇭쪾퓚5%(믲1%)뗄쮮욽짏뻜뻸풭볙짨ꆣ볬퇩뷡맻쿔쪾,퓚5%쿔훸탔쮮욽쿂폐튻룶킭헻랽돌ꆣ평뇭2뿉횪5룶뇤솿횮볤듦퓚ퟅ캨튻뗄킭헻맘쾵,뷓쿂살뷸탐킭헻믘맩쪽뗄맀볆,맀볆뷡맻볻뇭3:뇭3킭헻믘맩쪽뗄맀볆믘맩랽돌(1)t춳볆솿믘맩랽돌(2)t춳볆솿뎣쫽쿮80164104351748728014023936125126RNFA2216607751026015231990851871324M2-01197836-11741107-01226422-21140289RRATEGAP-01070103-21356786-01078217-21859778NEX0102297601717896뺭뗷헻뗄R20189847501899675F춳볆솿9813481213215255ꆡꆡ듓뇭3훐뗄랽돌(1)뿉횪,쯄룶뷢쫍뇤솿뗄맀볆쾵쫽럻뫅폫컒쏇붨쒣쪱짨뚨뗄럻뫅쿠튻훂,떫뺻돶52' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
훐퇫닆뺭듳톧톧놨2006쓪뗚1웚뿚(NEX)뗄t춳볆솿뷶캪01718,쎻폐춨맽쿔훸탔볬퇩,틲듋,컒쏇붫뺻돶뿚헢룶뇤솿쳞돽,뗃돶믘맩랽돌(2)ꆣ듓맀볆뷡맻살뾴,t춳볆솿뚼춨맽쇋쿔훸탔볬퇩,뛸쟒뺭뗷헻뗄R2튲폐쯹룄짆,쒣탍헻쳥쿔훸,럻뫏볆솿뺭볃톧뗄춳볆뇪ힼꆣ쯹틔랽돌(2)쫇컒쏇뗃떽뗄킭헻믘맩쪽ꆣ랽돌(2)뗄룷쿮뷢쫍뇤솿뗄맀볆쾵쫽럻뫅럻뫏뺭볃틢틥ꆣ듓룷뇤솿뛔쪵볊폐킧믣싊뗄펰쿬돌뛈살뾴,맺췢뺻닺폫맺쏱쫕죫횮뇈쎿짏짽1룶횸쫽뗣,붫쪹쪵볊폐킧믣싊짏짽23199룶횸쫽뗣;믵뇒릩펦솿쎿퓶뎤1룶횸쫽뗣,붫쪹쪵볊폐킧믣싊쿂붵01226룶횸쫽뗣;쪵볊샻닮쎿짏짽1룶횸쫽뗣,퓲쪹쪵볊폐킧믣싊쿂붵01078룶횸쫽뗣ꆣ평폚뺻돶뿚뗄t춳볆솿캴춨맽쿔훸탔볬퇩,쓇쎴뺻돶뿚폫쪵볊믣싊횮볤뗄맘쾵뺿뺹죧뫎?캪듋컒쏇붫뛔퓚퇹놾쟸볤쓚뺻돶뿚폫쪵볊믣싊뗄틲맻맘쾵ퟷ뷸튻늽럖컶ꆣ뇭4뺻돶뿚뗄Granger틲맻맘쾵볬퇩볙짨H0퇹놾훍뫳웚F-횵쿔훸탔룅싊뺻돶뿚늻쫇쪵볊폐킧믣싊뗄Granger풭틲01910750141082쪵볊폐킧믣싊늻쫇뺻돶뿚뗄2Granger풭틲4351784480100641평뇭4뿉틔뾴돶,뺻돶뿚뛔쪵볊폐킧믣싊쎻폐Granger틲맻떼쿲맘쾵,뛸쪵볊폐킧믣싊뛔뺻돶뿚폐Granger틲맻맘쾵(룸뚨5%뗄쿔훸탔쮮욽),벴쪵볊폐킧믣싊뗄뇤뚯뛔뺻돶뿚폐펰쿬,떫헢늢늻쫴폚놾컄쳖싛뗄랶캧,뿉볻,뺻돶뿚뛔쪵볊폐킧믣싊뗄펰쿬럇뎣킡,폫믘맩랽돌(1)훐뗄뷡맻쿠튻훂ꆣꆡꆡ쯄ꆢ뷡싛놾컄퓚뛔죋쏱뇒믣싊폫뫪맛뺭볃뇤솿횮볤맘쾵뗄샭싛럖컶믹뒡짏,샻폃킭헻럖컶뫍Granger틲맻탔볬퇩랽램퇐뺿쇋1992쓪1벾뛈ꆫ2003쓪1벾뛈웚볤죋쏱뇒쪵볊믣싊폫룷뫪맛뺭볃뇤솿횮볤뗄맘쾵ꆣ뷡싛죧쿂:1ꆢ쪵횤퇐뺿뷡맻뇭쏷,쒣탍뗄쯹폐맀볆쾵쫽뗄럻뫅폫뚨탔럖컶쿠컇뫏:쪵볊샻닮짏짽ꆢ믵뇒릩펦솿퓶볓믡쪹쪵볊폐킧믣싊뇡횵;뛸맺췢뺻닺폫맺쏱쫕죫횮뇈짏짽믡쪹쪵볊폐킧믣싊짽횵ꆣ2ꆢ죋쏱뇒쪵볊폐킧믣싊폫맣틥믵뇒릩펦솿ꆢ쪵볊샻닮ꆢ맺췢뺻닺폫맺쏱쫕죫횮뇈ꆢ뺻돶뿚횮볤듦퓚ퟅ캩튻뎤웚컈뚨뗄뚯첬뻹뫢맘쾵ꆣ헢훖뎤웚뻹뫢맘쾵뗄듦퓚쓜듓튻룶닠쏦랴펳돶퓚뾼달웚볤쓚죋쏱뇒믣싊뗄뗷헻뫍뇤뮯쫇쫊펦훐맺뫪맛뺭볃쓚췢욽뫢탨튪뗄ꆣ3ꆢ뻍뎤웚쟷쫆뛸퇔,죋쏱뇒쪵볊폐킧믣싊폫뺻돶뿚횮볤뗄쿠맘탔늻쏷쿔ꆣ뛌웚쓚,쯤좻쪵볊폐킧믣싊뇤뚯쫇뺻돶뿚뇤뚯뗄Granger풭틲,떫뺻돶뿚뇤뮯늻쫇쪵볊폐킧믣싊늨뚯뗄Granger풭틲ꆣ헢뇭쏷뛌웚쓚죋쏱뇒쪵볊믣싊뇡횵좷쪵듌벤쇋뺻돶뿚퓶뎤,뛸뺻돶뿚퓶뎤뛔쪵볊믣싊짽횵뗄펰쿬솦뫜죵ꆣꆡꆡ닎뾼컄쿗:[1]듷뷰욽1맺볊뷰죚잰퇘랢햹[M]1쳬뷲:쳬뷲죋쏱돶냦짧,20001[2]캺캡쿍1죋쏱뇒믣싊뗄컈뚨믺훆벰웤뚯첬맽돌(ꋲ)ꆪ쪵횤럖컶[J]1쾵춳릤돌샭싛폫쪵볹,1999,(8)1[3]헅쿾1볆솿뺭볃럖컶[M]1놱뺩:뺭볃뿆톧돶냦짧,20001[4]헅쿾웓1죋쏱뇒뻹뫢믣싊퇐뺿[M]1놱뺩:훐맺뷰죚돶냦짧,20011[5]PeterClark1ExchangeratesandEconomicFundamentals1IMFOccasionalPaper,P115119941[6]RonaldMacDonald1WhatDeterminesRealExchangeRates?TheLongandShortofIt1IMFWP//97//21119971(퓰죎뇠벭:몫풪)53' 1994-2009 China Academic Journal Electronic Publishing House. All rights reserved.
