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Empirical analysis on moderate scale of Chinese foreign exchange reserve based on Agarwal model

机译:基于Agarwal模型的中国外汇储备适度规模的实证分析。

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At first, the author builds a regression model holding FER, and gets the main variables of FER growth. Then, she establishes a moderate scale model of FER based on Agarwal model and improved it. At last, she makes an empirical analysis on FER scale since 20c.90s, and draws some conclusions as follows: first, Chinese actual FER is smaller than the low limit of rational scale in 1994 and 1995, that is, the amount of FER is not enough. Second, it is between the low limit and high limit of moderate scale from 1996 to 2001, which means that it is appropriate. Third, it's lager than high limit of the suitable scale from 2002, as time goes on, the excess gets more and more.
机译:首先,作者建立了一个包含FER的回归模型,并获得了FER增长的主要变量。然后,她基于Agarwal模型建立了一个中等规模的FER模型,并对其进行了改进。最后,她对20c.90s以来的FER规模进行了实证分析,得出以下结论:首先,1994年和1995年中国实际FER小于合理规模的下限,即FER的数量为不够。其次,它介于1996年至2001年的中等规模的下限和上限之间,这是适当的。第三,随着时间的推移,超出自2002年以来的适当规模上限之后,剩余额越来越多。

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