文献出处 金融研究, Journal of Financial Research,
期刊荣誉：中文核心期刊要目总览  ASPT来源刊  CJFD收录刊
关键词 央行外汇干预; 事件分析法; 非参数检验;
英文关键词 foreign exchange intervention; event study; non-parametric test;
摘要 本文对事件分析法及其在央行外汇干预有效性检验中的应用进行了梳理,并利用我国的相关数据进行非参数检验,从而为检验我国央行外汇干预的效果提供了新的视角。本文通过分析认为,当人民币相对贬值(美元相对升值)时,支持人民币坚挺的干预效果要优于当人民币相对升值(美元相对贬值)时,阻止人民币升值的干预效果。在改变假设条件时,以上结论依然成立。
英文摘要 This article introduces the event study method and its use in effective test of foreign exchange market intervention.The article examines the referring data of Chinese central bank s foreign exchange intervention by non-parametric test.Through the analyses,the authors found that the intervention to support RMB when RMB depreciated against USD was more effective than the intervention to prevent RMB appreciation when RMB ap- preciated against USD.Changing the assumptions,the conclusion is also robust.
 

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