CAJ | 학술논문

传统的国际宏观经济学理论认为，实际汇率与实际利率差之间存在长期的反向变动关系。协整和误差修正模型的实证分析表明，中美实际利差与人民币汇率之间存在协整关系，两者之间存在正向变动关系，这与理论模型的结论不一致。因此，本外币利差与本国货币实际汇率变化率模型在我国的适用性有限。
전통적국제굉관경제학이론인위，실제회솔여실제리솔차지간존재장기적반향변동관계。협정화오차수정모형적실증분석표명，중미실제리차여인민폐회솔지간존재협정관계，량자지간존재정향변동관계，저여이론모형적결론불일치。인차，본외폐리차여본국화폐실제회솔변화솔모형재아국적괄용성유한。
Traditional international macroeconomic theory suggests that, on the long run, the relationship between the interest differentials and the changes of the real exchange rate is negative. Co-integration analysis based on the data of China and USA indicates that the relationship is positive, which is inconsistent with the conclusion of the model. So the model of the relationship between real exchange rate and real interest differentials is limitedly suitable to China.