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英语翻译Abstract.This paper investigates the statistical relatio

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英语翻译
Abstract.This paper investigates the statistical relationship between stock prices and inflation in nine countries
in the Pacific-Basin.On balance,regression analysis on the nine markets shows negative relationships between
stock returns in real terms and inflation in the short run,while co-integration tests on the same markets display a
positive relationship between the same variables over the long run.The time path of the response of stock prices
plotted against corresponding changes in consumer price indices validates this dichotomy in time-related response
patterns of stock prices to inflation; namely,a blip of negative responses at the beginning changes to a positive
response over a longer period of time.Stock prices in Asia,like those in the U.S.and Europe,appear to reflect a
time-varying memory associated with inflation shocks that make stock portfolios a reasonably good hedge against
inflation in the long run.
英语翻译Abstract.This paper investigates the statistical relatio
摘要,这篇论文调查研究了九个太平洋流域国家股票价格和通货膨胀之间的统计学关联.总的来说,这九个市场的回归分析表明股票收益的实际价值和通货膨胀在短期内呈负性关系,而从长远角度看在同一市场运用协整检验显示一个正性关系,股票价格的反应时间路径谋害了相应的消费者价格指数对这种分歧在应答模式相关的股票价格的转变,也就是说,在较长一段时间内正性关系开始前会有一点负性关系出现,与欧美类似,亚洲的股票价格中,似乎是对通货膨胀冲击的记忆反应,使股票投资组合在长远发展中制定一个合理可靠的对抗通货膨胀的措施.