利率平价理论评析（Theoretical analysis of interest rate parity）.doc

利率平价理论评析（Theoretical analysis of interest rate parity） Abstract: the theory of interest rate parity is the basic theory to explain the effect of interest rate difference on a countrys currency exchange rate. Many scholars at home and abroad have studied this theory, but the theory of interest rate parity has drawn different conclusions in different countries. On foreign interest rate parity theory to comb, different stage of development and reduce domestic scholars study of the theory to the applicability of the interest rate parity theory, interest rates, exchange rates correlation, model modification, etc., can be found that the introduction of asset price factors on interest rate parity theory development and on the basis of further deepening reform of Chinas financial system, can offer monetary policymakers have theory value and application value of policy guidance. Key words: interest rate parity; International capital flows; Carry arbitrage; Asset price arbitrage Middle image classification no. : F832.63 literature identification code: A post no. : 1003-3890 (2010) 08-0079-05 Since Keynes interest parity theory put forward by western economists had carried out extensive exploration and research in the theory, makes the theory constantly development and improvement, has become one of the basic theory of international finance. Interest rate parity theory is that the change of exchange rate, which is decided by the interest rate difference between the two countries currency at the spot exchange rate and the difference between the forward rate (discount or premium) approximation is equal to the countrys interest rates and referring to the foreign interest rate difference. If the domestic interest rate is higher than the foreign interest rate, the currency forwards will depreciate; If the domestic interest rate is lower than the foreign interest rate, then the local currency will appreciate in the long term. In other words, high-interest currencies will be stuck in