留学生Paper代写范例- 国际金融分析。本文是一篇国际金融留学paper写作范文，主要内容是讲述随着国际贸易的不断增长和出现，汇率行为在全球金融分析的决策和决定以及不同国家将参与的市场环境中发挥着不可或缺的作用，在这种情况下，通过计算一种货币对人民币的汇率来计算人民币的错位。在本文中，与美元、欧元等其他世界货币相比，中国货币人民币的走势。中国是一个开放型经济体，出口超过进口；它已作出政策决定，以保持竞争力，实现其在世界发达经济体中的经济增长。下面就一起来看一下这篇留学生paper范文的具体内容。
Abstract 摘要
With the ever-increasing and emergence of international trade, exchange rate behavior plays an integral role in policymaking and determinations about global financial analysis as well as the market environment that different states will be engaged in. This paper analyses the degree of Renminbi, RMB's misalignment by calculating the exchange rate at which one currency is traded against the RMB in this case. In this paper, the Chines currency RMB movement compared to other world currencies like the U.S. dollar, euros, among others. China is an open economy that has moved to export more than imports; it has undertaken policy decisions to remain competitive and realize its economic growth among world developed economies.
An exchange rate refers to the rate at which one currency is traded against the other, which the ever increasing to cater for inflationary effects that continue to affect the international trade currency values. The benchmark about the currency exchange rate is at equilibrium compared to another country, mainly the USD. The nominal exchange is given by the equation as; Ee = E (Pf /Pd), where, E is the domestic price that can be used to acquire a given some of foreign currencies like the euro or U.S. Dollar, Pf and Pd refer to the price indices for both international and domestic relating to the goods that are under the purchase and sell agreement.
汇率是指一种货币对另一种货币进行交易的汇率，这种汇率不断增加，以应对持续影响国际贸易货币价值的通货膨胀效应。与其他国家（主要是美元）相比，货币汇率基准处于均衡状态。名义汇率由以下等式给出：；Ee=E（Pf/Pd），其中，E是可用于购买特定外币（如欧元或美元）的国内价格，Pf和Pd是指与买卖协议项下货物相关的国际和国内价格指数。
Internal exchange arte refers to the ratio of domestic price of goods in a domestic market environment that are sold to the goods in the same local market that are not sold to foreign economies or exported and it is given by Ei = internal price of sellable goods/domestic [price of the non-tradable goods. The research is based in China; hence, the analysis will mainly be concerned by the approaches Chines economy uses to stabilize their currency with regard to other world currencies by mainly making the RMB flexible rather than being pegged to a US Dollar that discourages international trade since it is not flexible even during the hardest world economic times. Johansen co-integration techniques may also be used in the analysis. The BEER approach is mainly used to explain the variability of the exchange rates in the world economies as to what price should one currency be used to purchase another and the underlying conditions that cause the relative changes in exchange rates. Exchange rate policy has become a significant issue concerning since China became an open economy by encouraging its exports to multinational states across the world (Cheung, Chow, & Qin, 2017).
内部汇率arte是指在国内市场环境中销售的货物与在同一本地市场中未销售给外国经济体或出口的货物的国内价格之比，由Ei=可销售货物的内部价格/国内[不可贸易商品的价格。这项研究基于中国；因此，分析将主要关注中国经济通过主要使人民币具有灵活性而不是与美元挂钩来稳定其货币相对于其他世界货币的方法，这阻碍了国际贸易，因为即使在世界经济最困难的时期，人民币也不灵活hansen协集成技术也可用于分析。BEER方法主要用于解释世界经济体汇率的可变性，即一种货币应以何种价格购买另一种货币，以及导致汇率相对变化的基本条件。自从中国成为一个开放经济体，鼓励其向世界各地的跨国国家出口，汇率政策就成为一个重要的问题。
The Chines exchange rate policies have emerged as a point of contention with other nations such as the USA in the recent past due to China pegging of RMB to USD. The international monetary fund, IMF, passed a decision to include the RMB into the individual drawing right, helping China enter the global financial system, which increased China's foreign exchange and economic growth. Different countries that trade with China have always complained of trade imbalances that is caused by pegging of the RMB to especially the US dollar since many significant countries use the US dollar as a standard currency for trading (MacDonald, & Clark, 1998). Economies as a result of the trade imbalances caused by the RMB peg, have tried to stabilize the exchange rate using the Purchase Price Parity approach.
最近，由于中国将人民币与美元挂钩，中国的汇率政策已成为与美国等其他国家争论的焦点。国际货币基金组织通过了一项将人民币纳入个人提款权的决定，帮助中国进入全球金融体系，从而增加了中国的外汇和经济增长。与中国进行贸易的不同国家一直抱怨人民币特别是美元挂钩导致的贸易失衡，因为许多重要国家将美元作为贸易的标准货币。由于人民币盯住汇率导致的贸易失衡，各经济体已尝试使用购买价格平价方法来稳定汇率。
The model has been largely argued that it is useful in establishing a common agreed exchange arte regime that favors all players that participate in international trade especially those trading within China since it is China that pegged its RMB affecting other world currencies. Ronald McDonalds and Peter B. Clark introduced the BEER method countries that are undertaking international trade have had an issue on currency exchange among them as they advocate for a slightly steady exchange rate to avoid both realized and unrealized exchange differences in their accounting records. China needs to initiate measures and policies to stabilize their exchange rates to encourage other states to do business with it since other different nations have an accused China for its attitude and policy directions of appreciating its RMB and other currencies that have also been an issue in the recent past that have always viewed China's policies as being implemented to initiate unfair competition in the international financial institutions mainly.
该模型在很大程度上被认为有助于建立一个共同商定的汇率制度，该制度有利于所有参与国际贸易的参与者，特别是那些在中国境内进行贸易的参与者。罗纳德·麦克唐纳和彼得·B·克拉克介绍了BEER方法。从事国际贸易的国家在货币兑换方面存在问题，因为他们主张保持稍微稳定的汇率，以避免会计记录中的已实现和未实现汇兑差额。中国需要采取措施和政策来稳定汇率，以鼓励其他国家与中国做生意，因为其他不同的国家指责中国升值人民币和其他货币的态度和政策方向，而这在最近也一直是一个问题，一直认为中国的政策是为了启动不公平的主要是国际金融机构的竞争。
Different nations have argues that Chines currency policies are that are focused on making exports less costly or cheaper, but making its imports expensive through the control of the RMB policies as compared to when the RMB was allowed to trade freely. It started to peg its RMB back in 1994 through 2005 at the rate of 8.28 RMB per dollar as the base currency (1USD=8.28RMB's) (Cheung, Chow, & Qin, 2017). It is until 2005, when most states tried to avoid trading with China, which they moved their RMB to a managed peg system that allowed it to flex based on the available different economic situations that resulted in harmonize the economy of money in world markets.
不同国家认为，与允许人民币自由贸易时相比，中国的货币政策侧重于使出口成本更低或更便宜，但通过人民币政策的控制使进口成本更高。1994年至2005年，中国开始将人民币与美元挂钩，汇率为8.28元/美元（1USD=8.28元人民币）。直到2005年，当大多数国家试图避免与中国进行贸易时，他们才将人民币移至有管理的钉住汇率制度，允许其根据现有的不同经济形势进行调整，从而协调世界市场的货币经济。
Equilibrium exchange rate has been an issue discussed among major world financial partners in international trade. Over the past decades, there has been a rise in Chinese economic growth. The equilibrium exchange rate affects the country's competitiveness. In order to achieve and establish a trade balance, a stable and more flexible exchange rate is highly considered a noble move to promote trade among different states with China, otherwise, if not properly managed, and it would negatively affect the stable condition of the economy of the industry resulting in the global financial disaster. The model assesses the extent of real exchange rate adjustment suitable to move the country's external imbalances to an appropriate level.
均衡汇率一直是国际贸易中主要世界金融伙伴讨论的问题。在过去几十年中，中国的经济增长有所上升。均衡汇率影响国家的竞争力。为了实现和建立贸易平衡，稳定和更灵活的汇率被高度认为是促进不同国家与中国之间贸易的高尚举措，否则，如果管理不当，将对行业经济的稳定状况产生负面影响，导致全球金融灾难。该模型评估了实际汇率调整的程度，以将该国的外部失衡调整到适当的水平。
Increased exports have led to China's economic growth as its exports are cheap compared to imports. The policies formulated and implemented by the Chines government on foreign trade have promoted more exports than imports hence economic growth. Its exports have outpaced imports. For example, in 2001, it exported goods and services worth $266.6 billion, accounting for about 4% of the world exports in the same year (Cheung, Chow, & Qin, 2017). The pegging of the RMB against the USD has maintained a stable currency in line with China's log run economic interests different financial institutions such as banks have formulated and advised for RMB to switch from a strictly dollar-peg to a basket of currencies such as euro, sterling pound, Canadian dollar, and USD.
出口的增加使中国的经济增长，因为与进口相比，中国的出口很便宜。中国政府制定和实施的对外贸易政策促进了出口多于进口，从而促进了经济增长。它的出口超过了进口。例如，2001年，中国出口了价值2666亿美元的商品和服务，约占同年世界出口的4%。人民币与美元挂钩，保持了稳定的货币，符合中国的长期经济利益。银行等不同金融机构制定并建议人民币从严格的美元挂钩转向欧元、英镑、加元和美元等一篮子货币。
Open macroeconomics has postulated the equilibrium exchange rate as a common determinant factor in international trade involving currency exchanges, and it measures of purchasing power parity model (Song, & Woo, 2008). The LOOP ascertains that similar items or goods will fetch or have the same amount. Still, the market segments are different, causing the prices to be converted into a single denomination for uniformity and comparison purposes. In the process, most economists have tried to establish as to whether the RMB is undervalued or over-valued in order to advice the strategies that should be used to restore any unbalancing effect that is caused by exchange arte movement with the aim of ensuring g that the economy y is stable for trading for both Chia and other countries. In this case, the discussion will be mainly concentrated on the BEER model.
开放宏观经济学假设均衡汇率是涉及货币交换的国际贸易中的一个共同决定因素，它衡量购买力平价模型。LOOP确定类似的物品或货物将获得或具有相同的金额。尽管如此，各细分市场还是不同的，导致价格被转换为单一的面值，以便于统一和比较。在这一过程中，大多数经济学家都试图确定人民币是被低估还是被高估，以便为恢复汇率波动造成的不平衡效应提供建议，以确保中国和其他国家的经济稳定。在这种情况下，讨论将主要集中在BEER模型上。
THE BEER approach BEER方法
The BEER model was founded and proposed by McDonald and in 1998 and it is not a normative model like others, such as the FEER model. It is used to establish and analyze different behaviors of exchanges rates, and it tries to mainly establish a stable exchange rate used by world economies as a common means of trading (MacDonald, & Clark, 1998). The BEER Model establishes causes of change and the frequent shift of the exchange rates. The BEER approach has always been compared to others like FEER to establish as to whether the main object of the model is in line with the economic fundamentals upon which the model was built. It compares the misalignment that have always existed and brought about by peg of the RMB to the US Dollar.
BEER模型是由McDonald于1998年创建并提出的，它不像其他模型（如FEER模型）那样是一个规范模型。它用于建立和分析汇率的不同行为，并试图主要建立世界经济体使用的稳定汇率，作为一种常见的交易手段。BEER模型确定了汇率变化和频繁变动的原因。BEER方法一直与FEER等其他方法进行比较，以确定模型的主要目标是否符合建立模型所依据的经济基础。它比较了人民币与美元挂钩一直存在并带来的错位。
China’s economy has criticized the BEER model for producing lower RMB estimates than the FEER model. According to the model, in 2003, the RMB was just 5% undervalued and 3% undervalued in 2003. It is used in the estimation and calculation of exchange rate values. It will also overcome the disadvantages that the FEER model is associated with. It has been widely used in developing nations to establish the exchange rate movements than in more industrialized economies such as the USA. According to the study that uses the BEER model, the RMB has not been undervalued consistently.
中国经济批评BEER模型产生的人民币估值低于FEER模型。根据该模型，2003年，人民币仅被低估5%，2003年被低估3%。它用于估计和计算汇率值。它还将克服与FEER模型相关的缺点。与美国等更工业化的经济体相比，发展中国家已广泛使用人民币来确定汇率变动。根据使用BEER模型的研究，人民币并未一直被低估
The BEER approach calculated the currency values given different determinants available to influence the number of foreign transactions. It has been used by economists in currency exchange analysis and the behavior of exchange rates among nations especially that undertake partnership in trading. It assesses the current value of the exchange rate and the statistical notion of equilibrium (Song, & Woo, 2008). It ascertains the actual behavior of the exchange rate based on the relevant explanatory regression equation that is in a reduced form is used to describe currency exchange movement pattern over a sample period.
BEER方法计算了货币价值，给出了影响外国交易数量的不同决定因素。经济学家已将其用于货币兑换分析和各国之间的汇率行为，特别是在贸易中建立伙伴关系的国家。它评估了汇率的当前价值和均衡的统计概念。它基于相关的解释性回归方程确定汇率的实际行为，该回归方程以简化的形式用于描述样本期内的货币兑换运动模式。
Uncovered interest parity condition is used to establish the BEER by linking they currency rate and its associated interest at home and other world currencies. The BEER model is more practical as it involves the use of a reduced equation. Secondly, the approach is efficient and powerful in finding a stable exchange rate and other variables that affects the exchange movement (Iimi, 2006). Co-integartion analysis is used to establish the exchange rate that exit using the BEER approach especially for developing nations in order to [promote them to participate in international trade to avoid economic discrimination for less developed nations.
未披露的利率平价条件用于通过将本币和其他世界货币的汇率及其相关利息联系起来建立BEER。BEER模型更实用，因为它涉及使用简化方程。其次，该方法在寻找稳定的汇率和影响汇率变动的其他变量方面是有效和有力的。联合分析用于确定使用BEER方法退出的汇率，特别是发展中国家，以促进它们参与国际贸易，避免对欠发达国家的经济歧视。
Nevertheless, the approach is important, useful, and suitable in developing nations since complex and large models are not feasible due to the quality and availability of data. Exchange rate equation is given as qt = β’1Z1t + β’2Z2t + τTt + εt ……………………………. (i) . The approach captures all fundamental and systematic movement of exchange rates and is subjected to rigorous statistical testing using different metrics like mean reversion speed. It is highly reliable model since it uses a single series of data to determine the exchange rate movement and it contains variables that have a direct effect on the exchange rate if simultaneously altered (Iimi, 2006). The equilibrium exchange rate is estimated by the sustainable values of the fundamentals that affect actual exchange rates in the end. The model is not subjected to the macroeconomic variables in the market surrounding, but on individual market elements that affect the exchange rate within the industry specific.
尽管如此，由于数据的质量和可用性，复杂而大型的模型是不可行的，因此这种方法在发展中国家是重要、有用和适用的。汇率方程为qt=β'1Z1t+β'2Z2t+τTt+εt………….（i）。该方法捕捉了汇率的所有基本和系统运动，并使用不同指标（如平均回归速度）进行了严格的统计检验。这是一个高度可靠的模型，因为它使用一系列数据来确定汇率变动，并且它包含了如果同时改变会对汇率产生直接影响的变量。均衡汇率是根据最终影响实际汇率的基本面的可持续价值来估计的。该模型不受市场环境中的宏观经济变量的影响，而是受影响特定行业内汇率的个别市场因素的影响。
However, the model founder, Clark, and McDonald ascertain the current stable exchange rate would be explained where short and random terms from the above equation (i) are zero giving rise to a different equation as, qt = β’1Z1t + β’2Z2t …………………….. (ii).
Exchange misalignment is calculated as;
cmt + qt – q't = qt - β’1Z1t + β’2Z2t = τTt + εt ………………………………….. (iii), and total exchange misalignment is calculated as;
tmt = qt - β’1Z*1t - β’2Z*2t ……………………………..…………………… (iv)
Where Z*1t and Z*2t are the equilibrium variables that are fundamental in establishing the equilibrium. The interpretation of the Renminbi can also be interpreted as a percentage, which is defined using the equation as follows; Mis_RMB = ((qt –q't)/ (q't))*100% ….…………….. (v)
然而，模型创始人Clark和McDonald确定了当前的稳定汇率，如果上述方程（i）中的短期和随机项为零，则会产生不同的方程，qt=β'1Z1t+β'2Z2t……………………。。（ii）
交换错位计算如下：；
cmt+qt–qt=qt-β'1Z1t+β'2Z2t=τTt+εt…………………………………。。（iii），总交换错位计算如下：；
tmt=qt-β'1Z*1t-β'2Z*2t……………………………。。……………………（iv）
其中Z*1t和Z*2t是建立平衡的基本平衡变量。人民币的解释也可以解释为百分比，其定义公式如下：；Mis_RMB=（（qt–qt）/（qt））*100%…。……………。。（v）
The BEER model starts from the UIP, which explains the short-run fluctuations for the exchange rates. Lack of the equilibrium state in the model can be corrected by the subjective analysis of the sustainable variables of the fundamentals analysis of the model in relation to exchange rates for international business operations, (Ma, Cheung, & 2011).
BEER模型从UIP开始，UIP解释了汇率的短期波动。通过对模型基本面分析中与国际商业运营汇率相关的可持续变量的主观分析，可以纠正模型中平衡状态的缺失。
The approach is been used in analyzing currencies for developing countries through the addition of more commanding variables that could describe the structural changes for developing and small economic market segments. The model is shifted by explaining the real exchange rate movement among different currencies, and the equation is given by;
qit = f (Δ%TFPROD, TOT, GC/GDP, OPEN, CAPCON, s, qit – 1)…………..…………. (vi)
Where Δ%TFPROD, rate of growth of total factor productivity, G.C., refers to the consumption made by the government, OPEN is the trade policy proxy, CAPCON, severity of capital control, And GDP is a gross domestic product. The approach illustrates exchange rate movements in different transaction periods among different economies, and it differentiates different sources of the exchange rate misalignments.
该方法被用于分析发展中国家的货币，增加了更具支配性的变量，可以描述发展中国家和小型经济市场的结构变化。该模型通过解释不同货币之间的实际汇率变动进行了转换，公式如下：
qit=f（Δ%TFPROD，TOT，GC/GDP，OPEN，CAPCON，s，qit–1）…………。。…………。（vi）
Δ%TFPROD，即全要素生产率的增长率，G.C.，是指政府的消费，OPEN是贸易政策代理，CAPCON是资本控制的严重程度，GDP是国内生产总值。该方法说明了不同经济体之间不同交易期的汇率变动，并区分了汇率失调的不同来源
To function properly, it has many different features that suit the equilibrium exchange rates for RMB and other currencies not forgetting the currencies for developing economies since they are to be integrated in the world economic development. It has a co-integration analysis as a valuable part of the model, which helps to achieve a stable common exchange rate among different nations’ currencies through the equation between the actual exchange rate and its economic important variables that are used to achieve the exchange rate stable condition.
为了正常运作，它有许多不同的特点，适合人民币和其他货币的均衡汇率，但不要忘记发展中经济体的货币，因为它们将融入世界经济发展。它有一个协整分析作为模型的一个重要组成部分，它有助于通过实际汇率与其用于实现汇率稳定条件的经济重要变量之间的等式，在不同国家的货币之间实现稳定的共同汇率。
The model assumes that other external factors affect changes of exchange rate for global business transaction such the RMB and USD changes that are market specific and on different occasions. The purchasing power parity is also another factor affecting the estimation of the exchange rates. The choice of the model was mainly caused by the following factors; First-time frames. The research was to be undertaken from the periods between 2000Q1 to 2004Q4, which is not long enough to allow for the microeconomic balance approaches used in estimating the real exchange rate (Iimi, 2006). It is suitable in the short run since China is experiencing a growing economy resulting from its increased exports and reduced importation, making the country gain from foreign direct investments and exchange rate shifts.
该模型假设其他外部因素会影响全球商业交易的汇率变化，如人民币和美元的变化，这些变化是特定于市场的，在不同的情况下。购买力平价也是影响汇率估计的另一个因素。模型的选择主要由以下因素引起：；第一时间框架。这项研究将在2000年第一季度至2004年第四季度期间进行，这段时间不够长，无法考虑用于估算实际汇率的微观经济平衡方法。从短期来看，这是合适的，因为中国正经历着出口增加和进口减少带来的经济增长，这使该国从外国直接投资和汇率变化中获益。
Secondly, the model is suitable as it includes real factors. It assumes that there are variables within the RMB that determines exchange rate movements. The model's design uses the real factor determinants to explain exchange rate movements within the business environment. Different variables affect the actual exchange rates and are summed together in a single equation expressed as Terms of Trade, TOT, Monetary Supply, M2, Commercial policy, OPEN, Technology progress, PROD, Control over capital flows, NFA, the ratio of investment, and government expenditures, GOV (Ma, Cheung, & 2011).
其次，该模型是适合的，因为它包含了真实因素。它假设人民币内部存在决定汇率变动的变量。该模型的设计使用实际因素决定因素来解释商业环境中的汇率变动。不同的变量会影响实际汇率，并汇总在一个单一的方程式中，表示为贸易条件、TOT、货币供应、M2、商业政策、开放、技术进步、PROD、资本流动控制、NFA、投资比率和政府支出、GOV。
Finally, research interests promoted the establishment of the model. It is an important model in determining the stability of the exchange rate in the financial market environment by determining the RMB misalignment and understand the sources of various misalignments. Nevertheless, the model suffers from a significant milestone of limitations that includes the following; first, it has different measurements of productivity. Various approaches used in determining productivity include per capital CAPITA, the non-tradable goods approach, TNT that is determined by the ration of the CPI and the PPI. The ratio has been used within the proxy effects, such as tax changes and nominal exchange rates. Barriers to the free movement of labor pose restrictions among different sectors of the economy. The income per capita is used in the estimation of productivity, resulting in different results in the opinion of economic fundamentals from existing studies.
最后，研究兴趣促进了模型的建立。它是一个重要的模型，可以通过确定人民币不对中来确定金融市场环境中的汇率稳定性，并了解各种不对中的来源。尽管如此，该模型仍具有重大的里程碑式的局限性，包括以下方面：；首先，它有不同的生产力衡量标准。用于确定生产率的各种方法包括人均CAPITA、非贸易商品法、由CPI和PPI的比率确定的TNT。该比率已用于代理效应，如税收变化和名义汇率。劳动力自由流动的障碍对不同经济部门构成了限制。人均收入被用于生产力的估计，导致了经济基本面观点与现有研究的不同结果。
Again, the approach uses a short sample period since it uses data ranges from 2000 to 2011. The sample period is short; hence, it limits the use of the BEER model. The results yield may not be precise and entirely reliable for effective decision-making and drawing the economic findings (Song & Woo, (2008). Large sample sizes and more extended periods have been found to increase statistical precision in financial analysis. In this study, the sample period is the date from the period range, 2000 Quarter I to 2011 Quarter 4. The period is selected although short since there was no data available before 2000, but only post 2000 data was available.
同样，该方法使用的样本周期很短，因为它使用的数据范围从2000年到2011年。采样周期短；因此，它限制了BEER模型的使用。对于有效决策和得出经济结果而言，结果可能不准确，也不完全可靠。研究发现，大样本量和更长的周期可以提高财务分析的统计精度。在本研究中，样本期为2000年第一季度至2011年第四季度期间的日期。由于2000年之前没有数据，但只有2000年后的数据，因此选择了这一时期，尽管时间很短。
The model lacks transition elements or variables in the short period available due to its flexible nature. It has different variables or factors that affect the economic exchange rate combined with variables that lead to exchange variations that assist in the split of the source of exchange rate misalignment (Ma, Cheung, & 2011). It focusses on determining the exchange rate and at the same time; transitory variables are ignored or assumed.
由于其灵活性，该模型在短期内缺乏过渡元素或变量。它具有影响经济汇率的不同变量或因素，以及导致汇率变动的变量，这些变量有助于分离汇率失调的根源。它侧重于确定汇率，同时；忽略或假设临时变量。
However, to mitigate the shortcomings of the BEER model, several fundamental have been proposed to improve the model. They include the combination of the dummy variable for a structural break. Dummy variable such as the global financial crisis has posed significant structural changes in the study to reflect the changes in the VAR model (Song, & Woo, (2008). The Renminbi was lightly undervalued when the global financial crisis occurred in 2008 that related to foreign demand, which disrupted many world economies, including China. A large sample or longer sample period allows in achieving a more reliable and effective data reliability. It increases data reliance and objectivity of the analysis within the financial sector of the economy. Other solutions to the disadvantages of the model include the use of different unit root test approach and involving an expanded set of explanatory variables. The model establishes the medium upon which the world exchange rate regimes should be traded in a fair, competitive environment to promote equality in international trade.
然而，为了减轻BEER模型的缺点，已经提出了几个基本的改进模型。它们包括结构断裂的虚拟变量的组合。全球金融危机等虚拟变量在研究中产生了重大的结构性变化，以反映VAR模型的变化。2008年全球金融危机发生时，人民币被轻微低估，这场危机与外国需求有关，扰乱了包括中国在内的许多世界经济体。大样本或更长的样本周期允许实现更可靠和有效的数据可靠性。它提高了经济金融部门分析的数据可靠性和客观性。该模型缺点的其他解决方案包括使用不同的单位根检验方法，并涉及一组扩展的解释变量。该模型确立了世界汇率制度应在公平竞争环境中进行交易的媒介，以促进国际贸易中的平等。
In conclusion, the model is suitable in exchange rate calculations and determinations with the aim of establishing a common source of discrepancies that cause major variations among international currencies. It should be recommended for use by developing economies, which have a shorter period with fewer data available for the analysis process. It should be integrated with other models such as the FEER approach, to determine the correct equilibrium exchange value for the RMBs among emerging world economies' currencies. The currencies in international trade should be allowed to trade freely without a peg for each country to enjoy exchange variances that arise due to frequent changes in the exchange by financial institutions because of both country's micro and macro-economic variables. Exchange stability can only be achieved via a stable and fair competing environment by both trading partners.
References 参考文献
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该模型适用于汇率计算和确定，目的是建立导致国际货币之间重大差异的共同差异来源。应建议发展中经济体使用，因为它们的分析周期较短，可用于分析过程的数据较少。它应该与其他模型（如FEER方法）相结合，以确定新兴世界经济体货币之间人民币的正确均衡汇率。国际贸易中的货币应允许自由贸易，不受钉住汇率的限制，因为各国的微观和宏观经济变量都会导致金融机构的汇率频繁变化，从而使各国享有汇率差异。只有通过双方贸易伙伴的稳定和公平竞争环境才能实现外汇稳定。本站提供各国各专业留学生代写或写作指导服务，如有需要可咨询本平台。