贵州财经大学学报

贵州财经大学学报 ›› 2020 ›› Issue (02): 76-83.

• 金融经济 • 上一篇    下一篇

资产价格与人民币汇率协调作用下经济稳定增长研究

白杰1, 宫春艳2   

  1. 1. 长春师范大学 经济管理学院, 吉林 长春 130000;
    2. 东北师范大学 人文学院, 吉林 长春 130000
  • 收稿日期:2019-10-08 出版日期:2020-03-15 发布日期:2020-03-24
  • 作者简介:白杰(1979-),女,吉林长春人,博士研究生,副教授,研究方向为金融投资分析;宫春艳(1971-),女,吉林长春人,硕士研究生,副教授,研究方向为工商管理。
  • 基金资助:
    吉林省社会科学基金项目"吉林省房地产市场风险与预警研究"（项目号：2019B22）。

A study on the stable economic growth under the coordination of asset price and RMB exchange rate

BAI Jie1, GONG Chun-yan2   

  1. 1. College of Economics and Management, Changchun Normal University, Changchun 130000, China;
    2. College of Humanities and Sciences of Northeast Normal University, Changchun 130000, China
  • Received:2019-10-08 Online:2020-03-15 Published:2020-03-24

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摘要： 在全球经济金融一体化的总体发展趋势下，我国的金融市场、资本市场以及宏观经济运行与国际经济的融合度都在不断提升。这给我国的经济发展带来了新的机遇，但同时也带来了新的风险因素；给我国宏观经济运行带来了冲击，影响着我国经济发展的稳定性。为了缓解人民币汇率变化对宏观经济的持续冲击，从资产价格浮动与人民币汇率变动层面出发，从理论研究和实证分析双视角分析资产价格与人民币汇率协调作用对经济稳定增长的影响。研究结果表明，人民币汇率与股价指数之间存在显著的相关关系，股价指数等会随着人民币汇率的变化而出现同方向的变化趋势，但存在明显的滞后期，资产价格与人民币汇率之间具有联系且具有稳定经济增长的作用。

关键词: 资产价格, 人民币汇率, 动态随机均衡模型, 宏观经济

Abstract: Under the overall development trend of global economic and financial integration, China's financial market, capital market and the integration degree of macroeconomic operation and international economy are constantly improving, which brings new opportunities to China's economic development, but also brings new risk factors; it brings impact to China's macroeconomic operation and affects the stability of China's economic development. In order to alleviate the sustained impact of RMB exchange rate changes on the macro-economy, this paper analyzes the impact of asset price and RMB exchange rate coordination on the stable economic growth from the perspective of theoretical research and empirical analysis. The results show that there is a significant correlation between the RMB exchange rate and the stock price index. The stock price index will change in the same direction with the change of the RMB exchange rate, but there is a significant lag period. The asset price and the RMB exchange rate are linked and have a stable economic growth effect.

Key words: Asset price, RMB exchange rate, dynamic stochastic equilibrium model, macroeconomic

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