利率平价模型在中国的适用性和表现形式

随着中国金融市场的不断完善和发展，利率平价理论对中国经济的发展具有日益重要的现实意义。文中回顾了已有的研究成果，通过图形和双对数检验模型对中美利率和汇率的联动性进行实证检验。从人民币汇率的形成路径的基础上，提出人民币汇率偏离利率平价的原因。同时，在标准利率平价模型的基础上，引入资金流动的利率弹性系数和风险系数，得出利率平价模型在中国的特殊表现形式。最后，对不断完善利率平价机制作用所要求的制度环境提出若干政策建议。

THE APPLICABILITY AND EXPRESSION FORM OF THE INTEREST RATE PARITY MODEL IN CHINA

With the development of finance market in China, the Interest-Rate-Parity theory is playing an increasingly important role in the growth of Chlnese economy. This paper reviews the achlevements made already in this field of research and then makes an empirical research of the linkage between interest rate and exchange rate of China and the USA by graphs and the double logarithmic model. Based on that, it points out the cause for the deviation of Renminbi exchange rate from Interest-Rate- Parity according to the formation mechanism of RMB exchange rate. Subsequently, this paper presents the special form of the Interest-Rate-Parity theory in China by introducing the interest-rate elastic coefficient and risk coefficient of capital flow, according to the standard Interest-Rate-Parity model. Finally, the paper offers some policy suggestions in order to improve the institutional environment for the Interest-Rate-Parity model to function properly.