购买力平价变动影响因素研究:国际视角

Journal of Financial Research

2016, Vol. 435

Issue (9): 82-98 DOI:

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The Study on the Influence Factors of Purchasing Power Parity Change: An International Perspective

CHEN Menggen ,NIU Hua

School of Statistics,Beijing Normal University

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Abstract The United Nations and the World Bank set up the International Comparison Program (ICP) to measure the currency purchasing power parity (PPP) of an economy. The PPPs are not only recommended in the comparison of international economic size and structure, but also widely applied in the social and economic management. This paper intends to investigate the change characters of the PPPs and the main influence factors with a sample of 77 economies ranging from 2001 to 2013. The results find that the average change amplitude of the PPPs in the high income economies is relatively small while that in the low income economies especially the lower middle income economies is bigger. Along with the income rising, the change amplitude of the PPPs will increase at first and then fall. The econometric analysis also shows the PPP change can be explained by the factors including the income per capita, exchange rate, money supply, foreign direct investment, foreign trade, urbanization and employment level. The economic growth and money supply will drive up the PPPs of an economy, while the appreciation of exchange rate and the rise of foreign trade dependence are usually followed by the decline of PPPs. In addition, the PPPs always change in the same direction with the urbanization of an economy but in the opposite direction with the employment level.

Key words： Purchasing Power Parity Changing Characters Influence Factors Panel Model

Received: 12 November 2015 Published: 11 April 2018

JEL分类号:	E31
	F31
	C43

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CHEN Menggen,NIU Hua. The Study on the Influence Factors of Purchasing Power Parity Change: An International Perspective[J]. Journal of Financial Research, 2016, 435(9): 82-98.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2016/V435/I9/82

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