汇率与股价关系研究最新进展述评  

A Survey of Recent Research on the Relationship between Exchange Rate and Stock Price

作　　者：李晓峰[1] 叶文娱[1] 

机构地区：[1]厦门大学金融系,361005

出　　处：《经济评论》2010年第3期129-134,共6页Economic Review

摘　　要：有关汇率与股价关系的最新研究,归纳起来主要有四个发展方向:一是传统宏观经济一般均衡分析方法的拓展,在以往的开放宏观经济均衡模型中将汇率与股价作为宏观经济中重要的解释变量,强化对客观经济运行的考察;二是具有微观基础的均衡分析,包括资产组合平衡与新开放宏观经济两个分析框架下的汇率与股价关系研究;三是从市场的微观结构理论对汇率与股价这两种资产价格进行模型化;四是影响汇率与股价关系的相关因素的分析。本文按照这四个方面进行文献梳理,并进行简要评述。The latest studies on the relationship between exchange rates and stock prices include the following four aspects： Firstly, it is the development of general equilibrium analysis and stock prices act as the explanatory variables of traditional macro - economics. Secondly,it is the equilibrium analysis with micro - foundation, including portfolio balance analysis framework and new open macro - economic analysis framework. The third is modeling the exchange rate and the stock prices with the microstructure theroy. The fourth is about factors analysis that affect the relationship between exchange rate and stock price. This paper will make a brief comment on these four aspects.

关 键 词：汇率 股价 资本流动 

分 类 号：F224[经济管理—国民经济] F831.5