题 目：A Co-Integration Analysis of Monetary Endogeneity in China, 1995-2005
报 告 人：Ying Wu, Ph.D.
Associate Professor
Department of Economics and Finance
Franklin P. Perdue School of Business
Salisbury University, U. S.
摘 要：Using the 1995-2005 quarterly data, this paper provides a cointegration analysis of incomplete monetary endogeneity and sterilization in China when both financial controls and the exchange rate peg exist. An estimated long-run equilibrium relation is that for every yuan of foreign-exchange reserve inflow to China only thirty-five cents are sterilized on average. In response to the movement in foreign-exchange reserves, M2 is more endogenous than M1. Equilibrium adjustment in the domestic component of the monetary base determines the stability of the dynamic system. Variance decomposition suggests that as the forecast horizon extends, the domestic component of the monetary base exhibits significant endogeneity in response to changes in the foreign component, whereas the foreign component also gains more endogeneity with respect to M2.
时 间：2007年6月22日（星期五）7:00pm-9:00pm
地 点：经济学院D310室
主办单位：厦门大学宏观经济研究中心
厦门大学经济学院
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