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This research is basically designed to investigate whether the Chinese yuan (RMB) will be fulfilled sufficiently its inherent nature as an international currency. To see its potentials as a market-oriented mechanism, the GDP and Libor interest rates are selected to represent the real and financial sectors, respectively. In addition, the GARCH model which corrects easily autoregressive and heteroscedastic error disturbances in parameter estimating processes is employed to evaluate it. Empirical finding reveals that no matter how all currencies in the IMF basket are appropriately responding to volatility resulting from a change of income and interest rates, all currencies including the U.S dollar (USD) are not enough to adjust global imbalance in both the real and financial sectors. The RMB is situated in the same category as well. To this end, it is suggested that the Chinese financial system has to be amended in order to improve market efficiency, and this will enhance stability, acceptability, and convertibility of the RMB.
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참고문헌 (28)
참고문헌 신청
Bollerslev, T. / 1986 / Generalized Autoregressive Conditional Heteroscedasticity / Journal of Econometrics 31 (3) : 307 ~ 327
Bollerslev, T. / 1992 / ARCH Modeling in Finance: A Review of the Theory and Empirical Evidence / Journal of Econometrics 52 (1) : 5 ~ 59
Bowles, P. / 2013 / Renminbi Internationalization : A Journey to Where? / Development and Change 44 (6) : 1363 ~ 1385
Durlauf, S. D. / 2008 / New Palgrave Dictionary of Economics / Macmillan : 216 ~ 220
Engle, R. F. / 1982 / Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation / Econometrica 50 (4) : 987 ~ 1007
Bollerslev, T. / 1992 / ARCH Modeling in Finance: A Review of the Theory and Empirical Evidence / Journal of Econometrics 52 (1) : 5 ~ 59
Bowles, P. / 2013 / Renminbi Internationalization : A Journey to Where? / Development and Change 44 (6) : 1363 ~ 1385
Durlauf, S. D. / 2008 / New Palgrave Dictionary of Economics / Macmillan : 216 ~ 220
Engle, R. F. / 1982 / Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation / Econometrica 50 (4) : 987 ~ 1007
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