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1、利率平价理论评析（Analysisofinterestrateparitytheory）Abstract:interestrateparitytheoryisthebasictheoryofthedifferencebetweeninterestratesathomeandabroad,whichplaysadecisiveroleintheexchangerateofacountry'scurrency.Manyscholarsathomeandabroadhavestudiedthetheory,butdifferentc
2、onclusionshavebeendrawnaboutwhetherinterestrateparitytheoryhasbeenestablishedindifferentcountries.Combingforeigndifferentstagesofdevelopmentofthetheoryofinterestrateparity,anddomesticscholarsontheresearchofthetheoryintothetheoryofinterestrateparityapplicability,inte
3、restrateandexchangeratelinkage,modelmodification,itcanbefoundthattheintroductionofassetpricefactorsoninterestrateparitytheorydevelopmentandonthebasisoffurtherdeepeningthereformofthefinancialsystemChina,canprovidetheoreticalvalueandapplicationvalueofthepolicyguidance
4、formonetarypolicymakers.Keywords:interestrateparity;internationalcapitalflows;spreadarbitrage;assetpricearbitrageCLCnumber:F832.63,documentidentificationcode:A,articlenumber:1003-3890(2010)08-0079-05SinceKeynesputforwardthetheoryofinterestrateparity,thewesterneconom
5、istshavemadeagreatdealofexplorationandResearchonthetheory,makingthetheorycontinuouslydevelopedandimproved,andhasbecomeoneofthebasictheoriesofinternationalfinance.Thattheinterestrateparitytheory,thechangeofexchangerateisdeterminedbytheinterestratedifferencebetweenthe
6、twocurrencies,namelythespotexchangeratesandforwardexchangeratedifferences(premiumordiscount)isapproximatelyequaltothedifferencebetweenthecountryandtheinterestratereferstotheforeigninterestrate.Ifthedomesticinterestrateishigherthantheforeigninterestrate,theforwardcur
7、rencywilldepreciate;ifthedomesticinterestrateislowerthantheforeigninterestrate,thelocalcurrencywillappreciateinthelongrun.Inotherwords,ahighinterestcurrency,aforwardpremium,alowinterestrate,andaforwardpremium.Forhigheryields,investorswillshiftmoneyfromcountrieswithl
8、owerinterestratestocountrieswithhigherinterestrates.Theinflowoffundswilldevalueexpectationsofcurrencyexchangeratesincountrieswithhighinter
