资源描述：
《检验贸易平衡和汇率之间的关系：以中国与美国为例子【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、原文：Examiningtherelationshipbetweentradebalanceandexchangerate:thecaseofChina’stradewiththeUSAInthispaper,weinvestigatethenexusbetweenChina’stradebalanceandtherealexchangeratevis-a`-vistheUSA.Usingtheboundstestingapproachtocointegration,wefindevidencethatChina’stradebalanc
2、eandrealexchangeratevis-a-vistheUSAarecointegrated,andusingtheautoregressivedistributedlagmodelwefindthatinboththeshortrunandthelongrunarealdevaluationoftheChineseRMBimprovesthetradebalance;asaresult,thereisnoevidenceofaJ-curvetypeadjustment.1、IntroductionThereisnowalarge
3、literaturethatexaminesthenexusbetweentradebalanceandrealexchangerateondevelopingcountries(see,interalia,NarayanandNarayan,2004;WilsonandTat,2001;LalandLowinger,2002;Kale,2001;Singh,2002).RecentempiricalliteraturefordevelopingcountriesfindsaJ-curvetypeadjustmentofthetradeb
4、alanceduetoshocksintherealexchangerate.Forinstance,WilsonandPat(2001)donotfindanyevidenceoftheJ-curveforSingapore.LalandLowinger(2002)findevidenceoftheJ-curveforagroupofEastAsiancountries;Kale(2001)findsevidenceoftheJ-curveforTurkey;andNarayanandNarayan(2004)findevidenceo
5、ftheJ-curvetypeadjustmentofthetradebalanceforFiji.1.WeinvestigatetherelationshipbetweenChina’stradebalanceanditsexchangeratevis-a-vistheUSAdollar.Ourapproachisasfollows:(1)toinvestigateevidenceforcontegration,weusetheboundstestingapproach;(2)toestimatethelong-runandshort-
6、runelasticity,weusetheautoregressivedistributedlagmodelsuggestedbyPesaranandShin(1999);and(3)toestimatetheimpactofshockstoexchangerateonthetradebalance,weapplytheimpulse–responsefunctions.Thepaperproceedsasfollows.Thenextsectionpresentsthetradebalancemodeltobeestimated.Th
7、isisfollowedbyabriefdescriptionofthemethodologyusedinthisstudy.Thepenultimatesectioncontainstheempiricalfindings.Inthelastsection,theresultsarediscussed.ModelandMethodologyModelOurmodelisasfollows:LnEMt=α+β1lnRERt+εtwherelnEMtisthelogarithmoftherealexportstorealimportsrat
8、io;lnRERtisthelogarithmoftherealexchangerate(RMBperUSdollar),definedasthenumberofunitsofdomestic
