English  |  正體中文  |  简体中文  |  Items with full text/Total items : 49378/84106 (59%)
Visitors : 7369049      Online Users : 82
RC Version 7.0 © Powered By DSPACE, MIT. Enhanced by NTU Library & TKU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/72570


    Title: The Impact of the Appreciation of Renminbi on Stock Prices in China
    Authors: Nieh, Chien-Chung;Yau, Hwey-Yun
    Contributors: 淡江大學財務金融學系
    Keywords: asymmetric causality;exchange rates;momentum threshold error-correction model;M-TECM;stock prices
    Date: 2010-01
    Issue Date: 2011-10-24 10:34:01 (UTC+8)
    Publisher: Armonk: M.E. Sharpe, Inc.
    Abstract: Since removal of the peg in July 2005, China has entered a new era of a managed floating exchange rate system. Although many observers have raised concerns about the impact of such a policy change on China's trade surplus, less attention has been paid to its effects on financial markets. This paper investigates the impact of recent renminbi appreciation on stock prices in China since removal of the peg, using threshold cointegration and momentum threshold error-correction model (M-TECM). The results clearly illustrate that no short-run causal relation exists, and an asymmetric causal relationship running from the renminbi/U. S. dollar exchange rate to Chinese Shanghai A-share stock prices in the long run is based on M-TECM. Policy and the broader implications of the findings are discussed.
    Relation: Emerging Markets Finance and Trade 46(1), pp.16-26
    DOI: 10.2753/REE1540-496X460102
    10.2753/REE1540-496X460102
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

    Files in This Item:

    File SizeFormat
    index.html0KbHTML189View/Open

    All items in 機構典藏 are protected by copyright, with all rights reserved.


    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library & TKU Library IR teams. Copyright ©   - Feedback