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ID:9906503
大小:62.00 KB
页数:10页
时间:2018-05-15
《探索美国金融和实体经济间的联系:进行面板单位根检验和协整分析[文献翻译]》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、本科毕业论文外文翻译外文题目:Exploringthefinance-realeconomylinkinUS:empiricalevidencefrompanelunitrootandcointegrationanalysisinstability出处:EmpirEcon作者:Abdou-AzizNiang.AbdoulayeDiagne.Marie-claudePichery原文:Exploringthefinance-realeconomylinkinU.S.:empiricalevidenc
2、efrompanelunitrootandcointegrationanalysis1IntroductionTheburstingofthebubbleinU.S.financialmarketsin2008forcedsomeofthelargestandmostvulnerablebanksandinsurancecompaniesintheU.S.todeclarebankruptcyorseekfinancialaid.Marketconfidencedecreasedsharplyan
3、ddespitemanyefforts,theU.S.economyinevitablyplungedintorecession.Inordertogainanunderstandingoflikelydevelopmentsinthiseconomy,itisimportanttoknowwhichlinksactuallyexistbetweenfinancialmarketsandtherealeconomyintheU.S.Thisstudyaimstoanalyzetheselinks,
4、targetingkeyareasoftheU.S.economysuchasmanufacturing,housing,andemployment.TheanalysiswillalsoaddresstherelationshipbetweentheaccumulationoftwindeficitsandthestateofU.S.financialmarkets.Specifically,wewilldiscusstherelationshipsbetweenthecommonfactors
5、responsibleforco-fluctuationsbetweenmacroeconomicdataseriesandthevariablesidentifiedasfactorsobservedinfinancialmarkets.Theuseofobservedvariablesasproxiesforunderlyingfactorsisbecominganincreasinglycommonpractice.ThisapproachwasusedbyChenetal.(1986)wh
6、o,inthecontextofarbitragepricingtheory,showthatunobservedfinancialfactorsarerelatedtoinflation.ThethreefactorsthatweadoptarethoseofFamaandFrench(1993).WeusetheBaiandNg(2006)testtolookforrelationsbetweenthecommonfactorsinthedifferentsectorsoftheU.S.eco
7、nomy.Thesecommonfactorsareestimatedusingprincipalcomponentanalysis.Thus,weuseafactormodeltocapturetheco-movementsbetweeneachofthesesectorsbeingconsidered.TheuseoffactormodelstoaccountforcommonfactorswasinitiallydevelopedbyBurnsandMitchell(1946).Thisst
8、rategyhasalsobeenusedbyanumberofotherauthorsintheirstudyofsectoralco-movements,includingLilien(1982),ChamberlainandRothschild(1983),DavisandHaltiwanger(1992),Crouxetal.(2001),andDufrenotetal.(2007).Thistypeofanalysisallowsustoaccountfortheimpo
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