英语翻译Uncovered interest rate parity (UIP) predicts that high

英语翻译
Uncovered interest rate parity (UIP) predicts that high yield
currencies should be expected to depreciate.It also predicts
that,ceteris paribus,a real interest rate increase should
appreciate the currency are provided.UIP is one of the
cornerstones of international finance,constituting an important
building block of most important exchange rate determination
theories such as the monetary exchange rate model.
The methods employed in this paper includes a unit root
test for checking the stationarity of the data,a cointegration test
for examining the long-term equilibrium relation between the
NDF and spot rates,an error correction model for testing
causality in time series data.
A widely applied estimation methodology proposed is the
single equation method of Engle and Granger(1987) (hereafter
EG).The OLS estimator of the cointegrating vector is
superconsistent and converge faster than the OLS estimation of
a stationary variables model as showed by Stock
(1987).Cointegration implies long-run equilibrium.The
short-run adjustment towards the long-run equilibrium can be
represented by an error correction mechanism introduced by
Sargan (1984) and popularized by Engle and Granger (1987).
In this paper we attempted to investigate the empirical issue
of market for the RMB to US Dollar using the daily data from
July22,2005 to January10th,2008.The empirical evidence for
the entire sample period indicates that for the long-run,we find
the behavior of the relationship between the corresponding spot
rate and the NDF rates in a cointegration context.Moreover,
Granger causality test results show that RMB’s spot and NDF
rate are influenced deeply each other.Thus we applied VEC
model and analyzed variance decomposition of RMB spot rate
and NDF price.From the results,we can get a result that the
RMB spot market is the leading market and has a significant
impact on.RMB NDF offshore market.
Although the domestic foreign exchange market are
affected by changes taking place in the offshore markets ,the
impact was too small.This means that because of capital
control,it is still possible for governments to pursue
independent economic policies even in the presence of
influence from the offshore market that it has no control over.

揭密利率平价（联合国际影片公司）预测,产量高
应该预计到的货币贬值.它还预测
是,其他条件不变,一个真正的加息应
货币升值提供.联合国际影片公司是一
国际金融的基石,构成了一个重要的
最重要的组成部分汇率决定
理论,如货币汇率模型.
本文采用的方法包括一个单位根
测试检查的数据,协整检验平稳
审查之间的长期均衡关系
NDF与即期利率,为测试误差修正模型
因果关系的时间序列数据.
一种广泛应用于估计提出的方法是
恩格尔和格兰杰的单方程法（1987）（以下简称
乙二醇）.该协整向量的OLS估计量是
superconsistent和收敛比OLS估计的更快
一个模型的平稳变量,表明以股
（1987年）.协整意味着长期均衡.该
短期向长期均衡的调整,可
代表介绍了纠错机制
Sargan（1984年）和推广了恩格尔和格兰杰（1987年）.
在本文中,我们试图调查的经验问题
为人民币市场对美元从日常使用的数据 2005年7月22至2008年1月10 .实证证据
整个样本期间表示,对于长远来说,我们发现
点之间的对应关系行为
率,并在协整方面,NDF的价格.此外,
格兰杰因果检验结果表明,人民币的即期和NDF
率的影响,深深对方.因此,我们应用血管内皮细胞
方差分析模型及人民币即期汇率的分解
和NDF的价格.从实验结果,我们可以得到一个结果使
人民币现货市场是全球领先的市场,并显着
影响.人民币NDF离岸市场.
虽然国内外汇市场的
受海外市场正在发生的变化,
影响太小了.这意味着,由于资本
控制,是各国政府仍有可能继续
即使是在存在独立的经济政策
从离岸市场的影响,它已无法控制.