Kiểm định hiệu lực ngang giá sức mua PPP giữa Việt Nam với Thái Lan và Malaysia

Tài liệu Kiểm định hiệu lực ngang giá sức mua PPP giữa Việt Nam với Thái Lan và Malaysia: 27ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ .,ӆ0Ĉӎ1++,ӊ8/Ӵ&1*$1**,ẩ6Ӭ&08$333 *,Ӳ$9,ӊ71$09Ӟ,7+ẩ,/$19ơ0$/$<6,$ 7+(385&+$6,1*32:(53$5,7<$021*9,(71$07+$,/$1'$1'0$- /$<6,$ +͛7Kͯ\7LrQ1+͛7KX+RjL11J{9ăQ7RjQ1 1Jj\QKұQ  1Jj\QKұQEҧQVӱD1Jj\ÿăQJ 7yPWҳW %jLEiRWLӃQKjQKNLӇPÿӏQKKLӋXOӵFQJDQJJLiVӭFPXD333JLӳD9LӋW1DPYӟL7KiL/DQYj0D- OD\VLD9ӟLFiFKWLӃSFұQFKXӛLWӹJLiKӕLÿRiLYjFKӍVӕJLiOjSKLWX\ӃQYjVӱGөQJP{KuQKKӗLTX\ EiQWKDPVӕFK~QJW{LÿmWuPWKҩ\VӵWӗQWҥLFӫD333JLӳD9LӋW1DPYj7KiL/DQQKѭQJNK{QJWuP WKҩ\VӵWӗQWҥL333JLӳD9LӋW1DPYj0DOD\VLD.ӃWTXҧQJKLrQFӭXFKRWKҩ\FKtQKViFKWӹJLiҧQK KѭӣQJUҩWOӟQYjRVӵWӗQWҥL333JLӳD9LӋW1DPYӟL7KiL/DQYj0DOD\VLD.ӃWTXҧQJKLrQFӭX cũn SKiWKLӋQPӝWÿLӇPTXDQWUӑQJÿyQJJySWKrPYjROờWKX\ӃW333ÿyOjW͛QW̩LKD\NK{QJW͛QW̩L333 NK{QJFK͑FͱQJQK̷F[HP[pWÿ͡O͏FKF...

pdf9 trang | Chia sẻ: quangot475 | Lượt xem: 528 | Lượt tải: 0download
Bạn đang xem nội dung tài liệu Kiểm định hiệu lực ngang giá sức mua PPP giữa Việt Nam với Thái Lan và Malaysia, để tải tài liệu về máy bạn click vào nút DOWNLOAD ở trên
27ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ .,ӆ0Ĉӎ1++,ӊ8/Ӵ&1*$1**,ẩ6Ӭ&08$333 *,Ӳ$9,ӊ71$09Ӟ,7+ẩ,/$19ơ0$/$<6,$ 7+(385&+$6,1*32:(53$5,7<$021*9,(71$07+$,/$1'$1'0$- /$<6,$ +͛7Kͯ\7LrQ1+͛7KX+RjL11J{9ăQ7RjQ1 1Jj\QKұQ  1Jj\QKұQEҧQVӱD1Jj\ÿăQJ 7yPWҳW %jLEiRWLӃQKjQKNLӇPÿӏQKKLӋXOӵFQJDQJJLiVӭFPXD333JLӳD9LӋW1DPYӟL7KiL/DQYj0D- OD\VLD9ӟLFiFKWLӃSFұQFKXӛLWӹJLiKӕLÿRiLYjFKӍVӕJLiOjSKLWX\ӃQYjVӱGөQJP{KuQKKӗLTX\ EiQWKDPVӕFK~QJW{LÿmWuPWKҩ\VӵWӗQWҥLFӫD333JLӳD9LӋW1DPYj7KiL/DQQKѭQJNK{QJWuP WKҩ\VӵWӗQWҥL333JLӳD9LӋW1DPYj0DOD\VLD.ӃWTXҧQJKLrQFӭXFKRWKҩ\FKtQKViFKWӹJLiҧQK KѭӣQJUҩWOӟQYjRVӵWӗQWҥL333JLӳD9LӋW1DPYӟL7KiL/DQYj0DOD\VLD.ӃWTXҧQJKLrQFӭX cũn SKiWKLӋQPӝWÿLӇPTXDQWUӑQJÿyQJJySWKrPYjROờWKX\ӃW333ÿyOjW͛QW̩LKD\NK{QJW͛QW̩L333 NK{QJFK͑FͱQJQK̷F[HP[pWÿ͡O͏FKFͯDP͡WÿL͋PVRYͣLÿ˱ͥQJ333PjWK{QJWK˱ͥQJFyÿ͡O͏FK WURQJP͡WSK̩PYLQK̭Wÿ͓QKVRYͣLÿ˱ͥQJ333ÿ͋OờJL̫LFKRFiFFKLSKtWURQJJLDRG͓FKWK˱˯QJP̩L TX͙FW͇YjFiF\͇XW͙NKiFWiFÿ͡QJ.ӃWTXҧQJKLrQFӭXFKRWKҩ\SKҥPYLQj\Oj1ӃXÿӝOӋFKUD NKӓLÿѭӡQJ333QKӓKѫQWKuYүQÿѭӧF[HPOjWӗQWҥLQJDQJJLiVӭFPXD WUѭӡQJKӧS9LӋW1DP Yj7KiL/DQ QӃXÿӝOӋFKYѭӧWTXiWKuNӃWOXұQOjNK{QJWӗQWҥLQJDQJJLiVӭFPXD333 WUѭӡQJ KӧS9LӋW1DPYj0DOD\VLD  7ӯNKyDKLӋXOӵFQJDQJJLiVӭFPXDFKXӛLWӹJLiKӕLÿRiLFKӍVӕJLiSKLWX\ӃQKӗLTX\EiQWKDPVӕ $EVWUDFW 7KHSDSHUH[DPLQHVWKHSXUFKDVLQJSRZHUSDULW\ 333 DPRQJ9LHWQDP7KDLODQGDQG0DOD\VLD:LWK WKHDSSURDFKXVLQJWKHH[FKDQJHUDWHVHULHVDQGWKHQRQOLQHDUSULFHLQGH[DQGXVLQJWKHVHPLSDUDPHW- ULFUHJUHVVLRQPRGHOZHKDYHIRXQGWKHH[LVWHQFHRI333VEHWZHHQ9LHWQDPDQG7KDLODQGEXWIRXQG QRH[LVWHQFHDW333EHWZHHQ9LHWQDPDQG0DOD\VLD7KHUHVXOWVRIWKHVWXG\VKRZWKDWH[FKDQJHUDWH SROLF\KDVDJUHDWLQÀXHQFHRQWKHH[LVWHQFHRI333VDPRQJ9LHWQDP7KDLODQGDQG0DOD\VLD7KH ¿QGLQJVDOVRUHYHDODQLPSRUWDQWSRLQWFRQWULEXWLQJWRWKH333WKHRU\WKDWH[LVWVRUGRHVQRWH[LVW PPP is not only rigidly considering the deviation of one point compared to the PPP curve but there is usually a deviation in a certain range of PPP lines to account for costs in international trade transac- WLRQVDQGRWKHUIDFWRUVLPSDFW5HVHDUFKVKRZVWKDWWKLVUDQJHLV,IWKHGHYLDWLRQRXWRIWKH333LV OHVVWKDQLWLVVWLOOFRQVLGHUHG333 LQWKHFDVHRI9LHWQDPDQG7KDLODQG LIWKHGHYLDWLRQH[FHHGV WKHFRQFOXVLRQLVWKDW333GRHVQRWH[LVW LQWKHFDVHRI9LHWQDPDQG0DOD\VLD  .H\ZRUGVSXUFKDVLQJSRZHUSDULW\H[FKDQJH UDWHVHULHVQRQOLQHDUSULFH LQGH[ VHPLSDUDPHWULF regression model 1 Trường Đại học Tài chớnh – Marketing *LӟLWKLӋX /ҥPSKiWYjWӹJLiKӕLÿRiLFyTXDQKӋYӟL QKDX WK{QJTXD Oờ WKX\ӃW1JDQJJLiVӭFPXD 7KHR Oờ WKX\ӃW Qj\ JLi Fҧ FӫD FQJPӝW ORҥL KjQJKyDOjJLӕQJQKDXFKRGEiQӣEҩWNǤTXӕF JLDQjR1ӃXFyPӝWVӵFKrQKOӋFKWURQJJLiFҧ KjQJKyDJLӳDTXӕFJLDWKuNLQKGRDQKFKrQK OӋFKJLiVӁ[ҧ\UDKӋTXҧOjWӹJLiKӕLÿRiLVӁ ÿLӅXFKӍQKÿӇOjPFkQEҵQJPӭFJLiKjQJKyD .ӇWӯNKLOờWKX\ӃWQj\ÿѭӧFSKiWELӇXYjRQăP 37ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ EӣLQKjNLQKWӃKӑF*XVWDY&DVVHOÿmFy UҩWQKLӅXFiFQJKLrQFӭXWKӵFKLӋQÿӇNLӇPÿӏQK OờWKX\ӃWQj\WURQJWKӵFWӃ&iFQJKLrQFӭXFKR ÿӃQQD\FKLDUDOjPWUѭӡQJSKiL7UѭӡQJSKiL ÿҫXWLrQNKҷQJÿӏQKWӗQWҥLQJDQJJLiVӭFPXD YjWUѭӡQJSKiLFzQOҥLWKuNK{QJ.ӃWTXҧQJKLrQ FӭXFyFKtQK[iFKD\NK{QJSKөWKXӝFUҩWOӟQ YjRSKѭѫQJSKiSVӱGөQJYjTXDQÿLӇPYӅPӕL TXDQKӋJLӳDFKXӛLGӳOLӋXOҥPSKiWYjWӹJLi KӕLÿRiL%jLEiRQj\ӫQJKӝTXDQÿLӇPTXDQ KӋSKLWX\ӃQJLӳDFKXӛLGӳOLӋXWUrQ9uYұ\ P{KuQKYjSKѭѫQJSKiSQJKLrQFӭX VӁ WKLrQ YӅTXDQÿLӇPQj\NKLNLӇPÿӏQKFyKD\NK{QJ WӗQWҥL333JLӳD9LӋW1DPYjÿӕLWiFFyJLDR GӏFKWKѭѫQJPҥLOӟQQKҩWWURQJ$6($1Oj7KiL /DQYj0DOD\VLDWURQJJLDLÿRҥQQJKLrQFӭXWӯ WKiQJÿӃQWKiQJ 7әQJTXDQFiFQJKLrQFӭXWUѭӟFÿk\ 1KuQ FKXQJ FiF FKXӛL WKӡL JLDQ trong kinh WӃWKѭӡQJÿѭӧFFKROjSKLWX\ӃQ 7RQJ   (QJOH   %ROOHUVOHY   Yj FiF QKj NLQK WӃ WKѭӡQJ [k\ GӵQJ WtQK SKL WX\ӃQ Qj\ WKHRPӝW WURQJKDLFiFKVDX L [k\GӵQJP{ KuQK SKL WX\ӃQ ÿӝQJ FKRPӝW FKXӛL WKӡL JLDQ Fө WKӇ +DQQDQ   )DQ DQG<DR   *DR  KRһF LL [HP[pWPӕLTXDQKӋSKL WX\ӃQJLӳDKDLFKXӛLWKӡLJLDQ *UDQJHU   &KHQ  &iFEjLQJKLrQFӭXYӅVӵWӗQWҥL FӫD 333 ÿѭӧF WKӵF KLӋQ WUrQ QKLӅX TXӕF JLD YjWѭѫQJӭQJYӟLKDLFiFK[k\GӵQJWUrQWKuFy KDL KѭӟQJ ÿӇ NLӇP ÿӏQK ÿy Oj   NLӇP ÿӏQK QJKLӋPÿѫQYӏFӫDFKXӛLWӹJLiKӕLÿRiLWKӵFYj  NLӇPÿӏQKWtQKÿӗQJOLrQNӃWWURQJPӕLTXDQ KӋJLӳDWӹJLiKӕLÿRiLGDQKQJKƭDYjFKӍVӕJLi WLrXGQJJLӳDKDLTXӕFJLDFҫQNLӇPÿӏQK&iF SKѭѫQJSKiSNLӇPÿӏQKQJKLӋPÿѫQYӏYjÿӗQJ OLrQNӃW WUX\ӅQWKӕQJOjSKѭѫQJSKiSÿѭӧFVӱ GөQJUӝQJUmLWURQJFiFQJKLrQFӭXWKӵFQJKLӋP FӫD333 QKѭQJ FiFSKѭѫQJSKiSQj\ WKѭӡQJ NK{QJ WuP WKҩ\ EҵQJ FKӭQJ FKR WKҩ\ Vӵ WӗQ WҥL FӫD3331KӳQJ WKҩWEҥLQj\GүQÿӃQYLӋF VӱGөQJQKLӅXSKѭѫQJSKiSPӟLÿӇ WuPNLӃP EҵQJFKӭQJYӅ333EDRJӗPVӱGөQJEӝGӳOLӋX YӟLWKӡLJLDQGjLKѫQ 7D\ORU  VӱGөQJ SKѭѫQJ SKiS NLӇP ÿӏQK QJKLӋP ÿѫQ Yӏ GҥQJ EҧQJ 7D\ORU  YjVӱGөQJFiFP{KuQK SKLWX\ӃQ+DLSKѭѫQJSKiSÿҫXWLrQOLrQTXDQ ÿӃQYLӋFVӱGөQJFiFEӝGӳOLӋXNKiFQKDXÿӇ FҧLWKLӋQYLӋFNLӇPWUD333WX\QKLrQFyQKѭӧF ÿLӇPOjEӓTXDVӵSKөWKXӝFFӫDFiFTXӕFJLD 2ả&RQQHOO  7URQJNKLÿySKѭѫQJSKiS VӱGөQJP{KuQKSKLWX\ӃQFyWtQKÿӃQFiF\ӃX WӕNLQKWӃNKiFFyWiFÿӝQJÿӃQWӹJLiKӕLÿRiL FKLSKtJLDRGӏFKYҩQÿӅVWLFN\SULFH VӁFKR NӃWTXҧÿiQJWLQFұ\KѫQ ộ WѭӣQJ YӅ P{ KuQK Wӹ JLi KӕL ÿRiL SKL WX\ӃQ ÿҫX WLrQ ÿѭӧF SKiW KLӋQ EӣL+HFNVFKHU  éQJFKR UҵQJFKtQKFKLSKtJLDRGӏFK TXӕF WӃ JLӳD WKӏ WUѭӡQJ KDL TXӕF JLD GR NKiF ELӋWYӅNK{QJJLDQOjQJX\rQQKkQGүQÿӃQVӵ SKLWX\ӃQ6DXÿyPӝWORҥWFiFQJKLrQFӭXWKӵF QJKLӋPÿѭӧFWKӵFKLӋQQKҵPSKiWWULӇQP{KuQK Oờ WKX\ӃWYӅ WӹJLi WKӵFSKL WX\ӃQYj VӱGөQJ FiFP{ KuQK Qj\ ÿӇ NLӇP WUD JLҧ WKX\ӃW 333 %DXP HW DO   2ả&RQQHOO DQG:HL  ÿm NӃ WKӯD QJKLrQ FӭX FӫD+HFNVFKHU   [HP[pWP{KuQKWӹJLiKӕLÿRiLSKLWX\ӃQGѭӟL JyFÿӝFKLSKtJLDRGӏFK1JRjLUDYӟLJLҧÿӏQK FiFF{QJW\FyVӵSKkQELӋWJLiӣFiFTXӕFJLD NKiFQKDXQJKLrQFӭXFӫD&DUYDOKRYj1HFKLR  FKRWKҩ\YҩQÿӅVWLFN\±SULFHOjQJX\rQ QKkQ OjPFKR WKӏ WUѭӡQJKjQJKyD ÿLӅX FKӍQK FKұPKѫQWKӏWUѭӡQJWjLVҧQNKLFyF~VӕF[ҧ\UD ĈLӅXQj\QJөờPӕLTXDQKӋSKLWX\ӃQJLӳDWӹ JLiKӕLÿRiLYjFKӍVӕJLiFӫDQӅQNLQKWӃ7KrP YjRÿyYҩQÿӅOӧLWKӃQăQJVXҩWWѭѫQJÿӕLJLӳD FiF TXӕFJLD FNJQJ OjPӝW WURQJQKӳQJ\ӃX Wӕ ӫQJKӝFKRP{KuQK WӹJLiKӕLÿRiLSKL WX\ӃQ &KRQJHWDO   9ӟL FiFK WLӃS FұQ ÿҫX WLrQ PӝW Vӕ QKj QJKLrQFӭXWLӃQKjQKNLӇPÿӏQKQJKLӋPÿѫQYӏ WUrQ FKXӛL Wӹ JLi KӕL ÿRiL WKӵF0LFKDHO HW DO  VӱGөQJGӳOLӋXKjQJWKiQJFӫDEӕQTXӕF JLD0ӻ$QK3KiSYjĈӭFÿӇP{WҧTXiWUuQK ÿLӅXFKӍQKSKLWX\ӃQVӱGөQJ6PRRWK7UDQVLWLRQ $XWRUHJUHVVLYH 0RGHO YӟL WӕF ÿӝ ÿLӅX FKӍQK WKD\ ÿәL+ӑ WKҩ\ UҵQJ QӃX GӵD WUrQP{ KuQK WX\ӃQWtQKNKҧQăQJEiFEӓVӵWәQWҥLFӫD333 UҩWFDRPһFGWURQJGjLKҥQYүQFyVӵWӗQWҥL FӫD333&iFWiFJLҧWuPWKҩ\FKXӛLWӹJLiKӕL ÿRiL WKӵF Fy[XKѭӟQJKӝL Wө YӅ JLi WUӏ WUXQJ EuQK+D\QyLFiFKNKiFFKXӛLWӹJLiKӕLÿRiL WKӵFOjFKXӛLGӯQJFKRWKҩ\VӵWӗQWҥLFӫD333 %DXPYjFӝQJVӵ  VӱGөQJGӳOLӋXWURQJ WKӡLNǤKұX%UHWWRQ:RRGVYjVӱGөQJ6PRRWK 7UDQVLWLRQ$XWRUHJUHVVLYH0RGHOÿmPӝWOҫQQӳD 47ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ NKҷQJ ÿӏQK NӃW TXҧ FӫD0LFKDHO HW DO   7LӃSÿyEjLQJKLrQFӭXFӫD%DKPDQL2VNRRHH  WKD\YuVӱGөQJNLӇPÿӏQK$')FKXҭQ Kӑ Vӱ GөQJ NLӇPÿӏQKPӟL NӃW KӧS SKL WX\ӃQ WURQJ FKXӛL Wӹ JLi WKӵF FӫDTXӕFJLD F{QJ QJKLӋS .ӃW TXҧ FKR WKҩ\ SKѭѫQJ SKiS NLӇP ÿӏQKPӟLӫQJKӝVӵ WӗQ WҥL333ӣQKLӅXTXӕF JLDKѫQSKѭѫQJSKiS$')WK{QJWKѭӡQJ*ҫQ ÿk\*LUDLWLVYjFӝQJVӵ  ÿӅ[XҩWVӱGөQJ FiFP{KuQKKӋVӕELӃQÿәLWKHRWKӡLJLDQQJүX QKLrQÿӇNLӇPWUDJLҧWKX\ӃW333+ӑVӱGөQJGӳ OLӋXWӹJLiWKӵFÿӇSKKӧSYӟLP{KuQKWӵKӗL TX\YjWұSWUXQJYjRYLӋFSKkQWtFKVӵKӝLWөYӅ JLiWUӏWUXQJEuQKFӫDFKXӛLWӹJLiKӕLÿRiLWKӵF .ӃWTXҧFKRWKҩ\VӵWӗQWҥLFӫD333 9ӟL FiFK WLӃS FұQ WKӭ KDL FiF QKj QJKLrQ FӭXWLӃQKjQKNLӇPÿӏQKWtQKÿӗQJOLrQNӃWJLӳD FKXӛLWӹJLiKӕLÿRiLGDQKQJKƭDYjFKXӛLFKӍVӕ JLi7UѭӟFÿk\FiFNLӇPÿӏQKÿӗQJOLrQNӃWFKӫ \ӃXÿѭӧFWKӵFKLӋQӣGҥQJÿӗQJOLrQNӃWWX\ӃQ WtQK WX\ QKLrQ NLӇP ÿӏQK WX\ӃQ WtQK WKѭӡQJ WKҩWEҥLNKLWuPUDPӕLTXDQKӋJLӳDFiFFKXӛL WKӡLJLDQNK{QJGӯQJQӃXFK~QJFyPӕLTXDQ KӋSKLWX\ӃQ *UDQJHU  +RQJYj3KLOOLSV  OұSOXұQUҵQJFiFFKXӛLWKӡLJLDQNK{QJ GӯQJFyNKX\QKKѭӟQJOjFiFFKXӛLFyEѭӟFÿL QJүXQKLrQ UDQGRPZDON FKRQrQQӃXVӱGөQJ FiFѭӟF OѭӧQJ WX\ӃQ WtQKFKRFiFNӃWKӧSSKL WX\ӃQFyWKӇGүQÿӃQNӃWTXҧVDLOӋFKWURQJGjL KҥQ'RÿyFiFWiFJLҧQj\WKӵFKLӋQNLӇPÿӏQK 5HJUHVVLRQ (UURU 6SHFL¿FDWLRQ 7HVW 5(6(7  VӱGөQJFKXӛLGӳOLӋXWKӡLJLDQNK{QJGӯQJÿӇ NLӇPÿӏQKWUӵFWLӃSFKRPӕLTXDQKӋÿӗQJOLrQ NӃWWX\ӃQWtQKYjKӑWuQKWKҩ\UҩWtWEҵQJFKӭQJ ӫQJKӝVӵSKKӧSFӫDÿһF WtQKÿӗQJ OLrQNӃW WX\ӃQWtQK1KѭYұ\YӟLFKXӛLWKӡLJLDQNK{QJ GӯQJYjSKLWX\ӃQVӱGөQJFiFKNӃWKӧSWX\ӃQ WtQKVӁGүQÿӃQNӃWTXҧVDLOӋFK&iFQJKLrQFӭX VDXQj\ WұS WUXQJVӱGөQJP{KuQKSKL WX\ӃQ ÿӇ [HP [pW Vӵ WӗQ WҥL FӫD 333 ÿLӇQ KuQK EjL QJKLrQFӭXFӫD/L/LQYj+VLDR  VӱGөQJ P{KuQKEiQWKDPVӕYӟLKӋVӕKӗLTX\WKD\ÿәL QKҵPNLӇPÿӏQKVӵWӗQWҥLFӫD333JLӳD0ӻ $QK0ӻ 1KұWYj0ӻ &DQDGD%jLQJKLrQ FӭX Qj\ WKӵF KLӋQ ÿӗQJ WKӡL Fҧ SKѭѫQJ SKiS WUX\ӅQWKӕQJYjSKѭѫQJSKiSPӟLKӑWKҩ\UҵQJ NKLVӱGөQJSKѭѫQJSKiSEiQWKDPVӕNӃWTXҧ ӫQJKӝVӵWӗQWҥLFӫD333FyӣFҧEDFһSTXӕF gia. 'R ÿy YӟL FiF FKXӛL Wӹ JLi KӕL ÿRiL GDQK QJKƭDYjFKXӛLFKӍVӕJLiNK{QJGӯQJNKLNLӇP ÿӏQKÿӗQJOLrQNӃWWURQJPӕLTXDQKӋJLӳDFiF FKXӛL Qj\ Vӱ GөQJP{ KuQK SKL WX\ӃQ VӁ SK KӧSYjFKRNӃWTXҧFKtQK[iFKѫQ%jLEiRQj\ QKyPWiFJLҧNӃWKӯDP{KuQKEiQWKDPVӕYӟL KӋVӕKӗLTX\WKD\ÿәLFӫD;LDR  ÿӇWLӃQ KjQK NLӇP ÿӏQK Vӵ WӗQ WҥL FӫD 333 JLӳD9LӋW 1DP±7KiL/DQYj9LӋW1DP±0DOD\VLD 3KѭѫQJSKiSQJKLrQFӭX 'ӳOLӋXWURQJQJKLrQFӭXQj\ÿѭӧFQKyPWiF JLҧWKXWKұSWKHRWKiQJYӅWӹJLiKӕLÿRiLGDQK QJKƭDFӫD91'7+%0<5YӟL86'FKӍVӕ JLiWLrXGQJ &3, FӫD9LӋW1DP7KiL/DQYj 0DOD\VLD WURQJJLDLÿRҥQ WӯQăPÿӃQ QăP1JXӗQGӳOLӋXÿѭӧFOҩ\Wӯ4Xӻ 7LӅQWӋTXӕFWӃ ,QWHUQDWLRQDO0RQHWDU\)XQG± ,0) Yj7KRPVRQ5HXWHU %jLEiRVӱGөQJP{KuQKEiQWKDPVӕYӟLKӋ VӕKӗLTX\WKD\ÿәLQKѭVDX ࢙࢚ = ࢼ૙(ࢠ࢚) + ࢼ૚(ࢠ࢚)࢖࢚ + ࢼ૚(ࢠ࢚)࢖࢚כ + ࣆ࢚    7URQJÿy stWӹJLiKӕLÿRiLGDQKQJKƭDJLӳD9LӋW 1DP Yj TXӕF JLD L L OҫQ OѭӧW Oj 7KiL /DQ 0DOD\VLD  pt FKӍ Vӕ JLi WLrX GQJ FӫD9LӋW 1DP 9,(  p*tFKӍVӕJLiWLrXGQJOҫQOѭӧWFӫD7KiL /DQ 7+$ 0DOD\VLD 0$/  ztOjELӃQVӕFӕÿӏQKҧQKKѭӣQJÿӃQPӕL TXDQKӋJLӳDVt, ptYjS t7URQJEjLQJKLrQFӭX Qj\QKyPWiFJLҧOӵDFKӑQ]tOjFKrQKOӋFKOmL VXҩWJLӳDKDLTXӕFJLDPөFWLrXEӣLYuPӕLTXDQ KӋJLӳDPӭFJLiYjWӹJLiKӕLÿRiLVRQJSKѭѫQJ WKѭӡQJ Eӏ ҧQK KѭӣQJ EӣL FKrQK OӋFK OmL VXҩW JLӳDKDLTXӕFJLDĈӇWtQKFKӍVӕ]tEjLQJKLrQ FӭXWKXWKұSGӳOLӋXOmLVXҩWWtQSKLӃXNKREҥF NǤKҥQWKiQJYjOmLVXҩWWUiLSKLӃXNKREҥFNǤ KҥQQăP]tÿѭӧFWtQKQKѭVDX (1) 57ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ %LӃQ 0{Wҧ &iFKWtQK st 7ӹJLiKӕLÿRiLJLӳD7+%91'Yj0<5 91' pt &3,FӫD9LӋW1DP OQ &3,91' p*t &3,FӫDQѭӟFFzQOҥL OQ &3,7+%0<5 zt &KӋQKOӋFKOmLVXҩWJLӳDKDLFһSTXӕFJLD 7\WL±73m,t,i ± 7\W91'±7PW91' zt  7\WL±73m,t,i ± 7\W91'±7PW91'  YӟLL 7+%0<5 1KyPWiFJLҧWұSWUXQJYjRNLӇPÿӏQKÿӗQJ OLrQNӃWFӫDP{KuQK  ÿӇNLӇPÿӏQKJLҧWKX\ӃW PPP. .ờKLӋX ݔݐ = (1,݌ݐ ,݌ݐכ)ܶ ,ߚ(ݖ) = (ߚ0(ݖ),ߚ1(ݖ),ߚ2(ݖ))ܶ 0{KuQK  ÿѭӧFYLӃWOҥLQKѭVDX ࢙࢚ = ࢚࢞Ԣ ࢼ(ࢠ) + ࢛࢚ &iFKӋVӕKӗLTX\WURQJP{KuQK  ÿѭӧFWtQK QKѭVDX ߚመݐ(ݖ) = ൥෍ݔݐݔݐܶܭ݄(ݖݐ െ ݖ) ܶ ݐ=1 ൩ െ1 ෍ݔݐݏݐܭ݄(ݖݐ െ ݖ) ܶ ݐ=1 9ӟL ܭ݄(ݖݐ െ ݖ) = ݄െ1ܭ ቀ ݖݐ െ ݖ ݄ ቁ .  OjKjP.HUQHOYjKOjWKDPVӕEDQGZLGWK 1KyPWiFJLҧVӱGөQJѭӟFOѭӧQJ*DXVVLDQNHU- QHOYjFKӑQEDQGZLGWKWӕLѭXEҵQJFiFKVӱGөQJ SKѭѫQJSKiS/6&9 /HDVW6TXDUH&URVV9DOL- GDWLRQPHWKRG  ĈӇ NLӇP ÿӏQK ÿӗQJ OLrQ NӃW QKyP WiF JLҧ WLӃQKjQKJLӳ OҥLSKҫQGѭFӫDP{KuQK  Yj WKӵFKLӋQNLӇPÿӏQKWKHRSKѭѫQJSKiSFӫD;LDR  %jLEiRWLӃQKjQKNLӇPÿӏQKKӋVӕ]HUR FӫDELӃQ[XKѭӟQJWKӡLJLDQWURQJP{KuQK   ࢛ෝ࢚૛ = ࢇ+ ࢈࢚+ ࢋ࢚ *L̫WKX\͇W+0:0{KuQKNK{QJFy[XKѭӟQJ WKӡL JLDQ WӭF Oj FKXӛL Xt Oj FKXӛL GӯQJ WUXQJ EuQK+D\QyLFiFKNKiFFyPӕLTXDQKӋÿӗQJ OLrQNӃWJLӳDFKXӛLWӹJLiKӕLÿRiLYjFKXӛLJLi 1KѭYұ\ӫQJKӝJLҧWKX\ӃW333 %jLEiRÿѭӧFWLӃQKjQKWKHRWUuQKWӵQKѭVDX - .LӇP ÿӏQK QJKLӋP ÿѫQ Yӏ EҵQJ$') ')*/6Yj33ÿӕLYӟLFiFFKXӛLWӹJLi KӕL ÿRiL FKXӛL &3, Yj FKXӛL ]t 9ӟL FKXӛL Wӹ JLi KӕL ÿRiL Yj &3, QӃX FiF FKXӛLQj\NK{QJGӯQJYjOj,  NKLÿy YLӋFiSGөQJP{KuQKEiQ WKDPVӕ WKӇ KLӋQPӕLTXDQKӋJLӳDWӹJLiKӕLÿRiLYj FKӍVӕJLiOjSKKӧS +RQJYj3KLOOLSV  9ӟLFKXӛL]tWKHR;LDR   ÿk\SKҧLOjFKXӛLGӯQJ - +ӗL TX\P{ KuQK   Vӱ GөQJ SKѭѫQJ SKiS/6&9 /HDVWVTXDUHFURVV±YDO- LGDWLRQ FӫD6XQYj/L  ÿӇWuPUD WKDPVӕEDQGZLGWKWӕLѭX - .ӃWKӯDSKѭѫQJSKiSFӫD;LDR   NLӇPÿӏQKVӵWӗQWҥLFӫDOờWKX\ӃWQJDQJ (2) (3) %ҧQJ%LӃQQJKLrQFӭX 67ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ %ҧQJ%DQGZLGWKWӕLѭXFKRFiFFһSTXӕFJLD &һSTXӕFJLD 9,(7+$ 9,(0$/ Bandwidth   JLiVӭFPXDEҵQJP{KuQKKӗLTX\EiQ WKDPVӕFyWKDPVӕWKD\ÿәLEҵQJFiFK NLӇPWUDWtQKGӯQJFӫDSKҫQGѭ .ӃWTXҧQJKLrQFӭX ĈӇNLӇPÿӏQKFyWӗQWҥL333JLӳD9LӋW1DP YjTXӕFJLDFzQOҥLQKyPWiFJLҧWLӃQKjQKFiF NLӇPÿӏQKQKҵPWuPUDWtQKÿӗQJOLrQNӃWJLӳDWӹ JLiKӕLÿRiLYj&3,FӫDFiFFһSTXӕFJLD ĈҫXWLrQQKyPWiFJLҧWKӵFKLӋQNLӇPÿӏQK WtQKGӯQJFӫDFiFFKXӛLWKӡLJLDQVӱGөQJWURQJ EjL QJKLrQ FӭX EDR JӗP FiF FKXӛL YӅ Wӹ JLi KӕLÿRiLYjFKXӛLFKӍVӕ&3,/ҫQOѭӧWVӱGөQJ SKѭѫQJ SKiS $') ')*/6 Yj 33 NӃW TXҧ ÿѭӧFWKӇKLӋQӣ%ҧQJ %ҧQJ.LӇPÿӏQKWtQKGӯQJFKXӛLWӹJLiKӕLÿRiLYj&3, %LӃQ $') ')*/6 33,  ,  ,  ,  ,  ,  PVIE       S7+%91'       PTHA       S0<591'       P0$/         9ӟL JLҧ WKX\ӃW + FiF FKXӛL WKӡL JLDQ Fy QJKLӋPÿѫQYӏ.ӃWTXҧӣFiFFӝW,  ӣFҧED NLӇP ÿӏQK ÿӅX FKҩS QKұQ JLҧ WKX\ӃW +, hay QyLFiFKNKiFFiFFKXӛLQj\ÿӅXNK{QJGӯQJ 1KyP WiF JLҧ WLӃQ KjQK Oҩ\ VDL SKkQ FӫD FiF FKXӛLWKӡLJLDQYjWKӵFKLӋQOҥLFiFNLӇPÿӏQK NӃWTXҧFiFFӝW,  FKRWKҩ\FiFFKXӛLWKӡLJLDQ Qj\ÿӅXGӯQJ1KѭYұ\FiFFKXӛLWKӡLJLDQWӹ JLiYjFKӍVӕ&3,OjFiFFKXӛLEұFQKҩW a,   1Kѭ Yұ\ YLӋF Vӱ GөQJP{ KuQK KӗL TX\ EiQ WKDPVӕYӟLKӋVӕKӗLTX\WKD\ÿәLOjSKKӧS +RQJYj3KLOOLSV   7KHR&DL HW DO   Yj;LDR   FKӍ Vӕ]tÿҥLGLӋQEӣLFKrQK OӋFK OmLVXҩWJLӳDFiFFһSTXӕFJLDYjSKҧLGӯQJ'RÿyQKyPWiFJLҧ WLӃQKjQKNLӇPÿӏQKWtQKGӯQJFӫDFKXӛL]tEҵQJNLӇPÿӏQK$')Yj33.ӃWTXҧ WKӇKLӋQ WURQJ %ҧQJ %ҧQJ.LӇPÿӏQKWtQKGӯQJFKXӛL]WVӱGөQJNLӇPÿӏQK$')Yj33 %LӃQ $') 33 ZTHA-VIE   Z0$/9,(   9ӟLJLҧWKX\ӃW+FiFFKXӛL]tFyQJKLӋPÿѫQ YӏVӱGөQJNLӇPÿӏQK$')Yj33ÿӅXEiFEӓJLҧ WKX\ӃW+ӣPӭFờQJKƭDYjĈLӅX Qj\ FKR WKҩ\ FiF FKXӛL ]t ÿӅX Oj FKXӛL GӯQJ a,  .ӃWTXҧQj\WKӓDÿLӅXNLӋQEDQÿҫXFӫD P{KuQK 0ӝWWURQJQKӳQJQJKӋWKXұWNKLVӱGөQJP{ KuQKEiQ WKDPVӕ OjSKҧL FKӑQ WKDPVӕEDQG- ZLGWKSKKӧS7LӃSWKHRQKyPWiFJLҧVӱGөQJ SKѭѫQJSKiS/6&9 /HDVWVTXDUHFURVV±YDO- LGDWLRQ FӫD6XQYj/L  ÿӇWuPUDWKDPVӕ EDQGZLGWKWӕLѭX   %ѭӟFFXӕL FQJQKyPQJKLrQFӭXNӃ WKӯD SKѭѫQJSKiSFӫD;LDR  NLӇPÿӏQKVӵWӗQ WҥL FӫD Oờ WKX\ӃWQJDQJJLi VӭFPXDEҵQJP{ KuQKKӗLTX\EiQWKDPVӕFyKӋVӕWKD\ÿәLEҵQJ 77ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ %ҧQJĈӝOӋFKUDNKӓLÿѭӡQJQJDQJJLiVӭFPXD333 1ăP 7+$91 0$/91 1ăP 7+$91 0$/91                                                 %4   %4   %4   FiFKNLӇPWUDWtQKGӯQJFӫDSKҫQGѭ %ҧQJ.LӇPÿӏQKSKҫQGѭ &һSTXӕFJLD 9,(7+$ 9,(0$/ p-value   9ӟLFһSTXӕFJLD9LӋW1DP±7KiL/DQKӋVӕ SYDOXH OҫQ OѭӧW Oj.ӃWTXҧQj\ÿm WKҩW EҥLWURQJYLӋFEiFEӓJLҧWKX\ӃW+WӭFOjEuQK SKѭѫQJSKҫQGѭNK{QJELӃQÿәLWKHRWKӡLJLDQ +D\QyLFiFKNKiFFKXӛLXtOjFKXӛLGӯQJWUXQJ EuQK'RÿyӣFһSTXӕFJLDQj\QKyPWiFJLҧ WuPWKҩ\WtQKÿӗQJOLrQNӃWJLӳDFKXӛLWӹJLiKӕL ÿRiLYjFKXӛLJLi1KѭYұ\ӫQJKӝJLҧ WKX\ӃW PPP.7X\QKLrQÿӕLYӟLFһSTXӕFJLD9LӋW1DP Yj0DOD\VLDNӃWTXҧOҥLQJѭӧFOҥL9ӟLSYDOXH  ÿmFKRWKҩ\VӵELӃQÿәLWKHRWKӡLJLDQFӫD SKҫQGѭWӭFXtNK{QJGӯQJĈLӅXQj\FKRWKҩ\ OờWKX\ӃWQJDQJJLiVӭFPXDNK{QJÿѭӧFGX\WUu JLӳDFһSTXӕFJLDQj\ ;iFÿӏQKÿӝOӋFKNKӓLÿѭӡQJQJDQJJLiVӭF PXD333 7ӯVӕOLӋXYӅWӹJLiYjOҥPSKiWFӫDWӯQJTXӕF JLD WURQJPүXQJKLrQFӭXQKyP WiFJLҧQKұQ WKҩ\FyVӵFKrQKOӋFKWURQJWKD\ÿәLOҥPSKiW JLӳDTXӕFJLD YӟL WKD\ÿәL Wӹ JLi ÿӗQJ WLӅQ JLӳDTXӕFJLDĈLӅXQj\FKRWKҩ\VӁFyPӝWÿӝ OӋFKFӫDFiFÿLӇP WKӇKLӋQTXDQKӋWURQJWKD\ ÿәLOҥPSKiWYjWӹJLi VRYӟLÿѭӡQJQJDQJJLi VӭFPXDĈӇ[iFÿӏQKÿӝOӋFKQj\QKyPWiFJLҧ VӱGөQJSKѭѫQJSKiSÿӗ WKӏNӃWKӧSYӟLYLӋF [iFÿӏQKNKRҧQJFiFKFӫDWӯQJÿLӇPÿӃQÿѭӡQJ PPP. 9ӟLÿѭӡQJ333YjÿLӇP0 [;y  .KRҧQJFiFKWӯÿLӇP0ÿӃQÿѭӡQJ333ÿѭӧF WtQKEҵQJF{QJWKӭFVDX ݀(ܯ݋ ,ܲܲܲ) = |ܽݔ0 + ܾݕ0 + ܿ| ξܽ2 + ܾ2 DOjKӋVӕFӫD[YjEOjKӋVӕFӫD\WURQJSKѭѫQJ WUuQK333 87ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ 7KHRNӃWTXҧWtQKÿӝOӋFKUDNKӓLQJDQJJLi VӭFPXD333WDWKҩ\WURQJFҧJLDLÿRҥQQJKLrQ FӭXTXӕFJLD0DOD\VLDFyÿӝOӋFKUDNKӓLÿѭӡQJ 333OjOӟQQKҩWYӟLÿӝOӋFKOjWURQJNKL 7KiL/DQFyÿӝOӋFKUDNKӓLQJDQJJLiVӭFPXD QKӓKѫQ1KuQYjRÿӗ WKӏ FiFÿLӇPSKkQ WiQWұSWUXQJErQWUiLÿѭӡQJ333FKӭQJWӓOҥP SKiW FӫD9LӋW1DP FDR KѫQ QKLӅX VR YӟL OҥP SKiW FӫD0DOD\VLD QKѭQJ ÿLӅX FKӍQK WURQJ Wӹ JLi0<591'NK{QJÿiQJNӇĈk\OjQJX\rQ QKkQ FKӫ \ӃX GҭQ ÿӃQ ÿӝ OӋFK UD NKӓL ÿѭӡQJ 333 FӫD0DOD\VLD FDR WURQJJLDL ÿRҥQQJKLrQ FӭX7ӯEҧQJ WtQKÿӝ OӋFK UDNKӓLÿѭӡQJ333 QKyPWiFJLҧFNJQJFyQKұQÿӏQKPһFGNӃWTXҧ NLӇPÿӏQKFKRWKҩ\WӗQWҥL333JLӳD9LӋW1DP Yj7KiL/DQQKѭQJÿӝOӋFKUDNKӓLÿѭӡQJ333 FӫDTXӕFJLDQj\QKӓKѫQ9ұ\FyWKӇNӃW OXұQ YQJ WӗQ WҥL333NK{QJ FKӍ Oj QҵP WUrQ ÿѭӡQJ333PjQҵPWURQJELrQÿӝQKӓKѫQKRһF EҵQJ1JKƭDOjQӃXÿӝOӋFKUDNKӓLÿѭӡQJ 333WURQJSKҥPYLQKӓKѫQWKuYүQNӃWOXұQ OjWӗQWҥL333OjGRWӗQWҥLFiFFKLSKtYұQWҧL EҧRKLӇPWKXӃôWURQJWKѭѫQJPҥLTXӕFWӃ .ӃWOXұQ %jL EiR WKӵF KLӋQ QKҵP NLӇP ÿӏQK Vӵ WӗQ WҥL QJDQJ JLi VӭF PXD 333 JLӳD 7KiL /DQ 0DOD\VLDYj9LӋW1DP9ӟLFiFKWLӃSFұQNKiF VRYӟLFiFQJKLrQFӭXWUѭӟFQJKLrQFӭXQj\WuP WKҩ\ Vӵ WӗQ WҥL QJDQJ JLi VӭFPXD 333 WURQJ GjLKҥQJLӳD9LӋW1DPYj7KiL/DQWURQJYQJ ÿѭӡQJ333YӟLSKҥPYLQKӓKѫQQKѭQJOҥL NӃWTXҧQJKLrQFӭXNK{QJFKR WKҩ\Vӵ WӗQ WҥL 333JLӳD9LӋW1DPYj0DOD\VLDYӟLÿӝOӋFKUD NKӓLÿѭӡQJ333OjWUrQ /ờGRJLҧLWKtFKFKRVӵWӗQWҥLKD\NK{QJWӗQ WҥLFӫDOờWKX\ӃW333[XҩWSKiWWӯQKLӅXQJX\rQ QKkQĈӕLYӟL7KiL/DQPһFG OҥPSKiW FӫD TXӕFJLDQj\WKҩSKѫQQKLӅXVRYӟL9LӋW1DPYj FKӍEҵQJVRYӟLOҥPSKiWFӫD9LӋW1DPWURQJ VXӕWJLDLÿRҥQQJKLrQFӭXQKѭQJGR7KiL/DQ WKӵFKLӋQFKtQKViFKWӹJLiWӯFӕÿӏQKVDQJOLQK KRҥWWLӃQÿӃQWKҧQәLWӯVDXNKӫQJKRҧQJQăP ÿm OjPJLi WUӏ7+%ÿLӅXFKӍQK OLQKKRҥW KѫQVRYӟLTXӕFJLDFyTXDQKӋWKѭѫQJPҥLĈӕL YӟL0DOD\VLD Oj ÿӕL WiF WKѭѫQJPҥL OӟQ WKӭ VDX7KiL/DQYjOjTXӕFJLDNK{QJWӗQWҥL333 +uQK3KkQEӕÿӝOӋFKUDNKӓLÿѭӡQJ QJDQJJLiVӭFPXD333 97ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ 7jLNKҧRWKDPNKҧR Bahmani2VNRRHHDQG5DWKD7KH%LODWHUDO-&XUYH6ZHGHQYHUVXVKHU0DMRU Trading Partners. ,QWHUQDWLRQDO-RXUQDORI$SSOLHG(FRQRPLF   %DXP&)%DUNRXODV-7&DJOD\DQ01RQOLQHDUDGMXVWPHQWWRSXUFKDVLQJSRZHU SDULW\LQWKHSRVW%UHWWRQ:RRGVHUD-RXUQDO,QWHUQDWLRQDO0RQH\DQG)LQDQFH± %ROOHUVOHY7*HQHUDOL]HG$XWRUHJUHVVLYH&RQGLWLRQDO+HWHURVNHGDVWLFLW\-RXUQDO RI(FRQRPHWULF &DUYDOKR&1HFKLR) $JJUHJDWLRQDQG WKH333SX]]OH LQD VWLFN\SULFHPRGHO $PHULFDQ(FRQRPLF5HYLHZ± &KHQ:$QDO\]LQJPXOWLSOHQRQOLQHDUWLPHVHULHVZLWKH[WHQGHG*UDQJHUFDXVDOLW\ 3K\VLFV/HWWHUV$± *LUDLWLV/.DSHWDQLRV*<DWHV7,QIHUHQFHRQVWRFKDVWLFWLPHYDU\LQJFRHI¿FLHQW models.-RXUQDORI(FRQRPHWULFV± &KRQJ< -RUGiẽ7D\ORU$07KH+DUURG±%DODVVD±6DPXHOVRQK\SRWKHVLV UHDO H[FKDQJHUDWHVDQGWKHLUORQJUXQHTXLOLEULXP,QWHUQDWLRQDO(FRQRPLF5HYLHZ± (QJOH5$XWRUHJUHVVLYH&RQGLWLRQDO+HWHURVFHGDVWLFLW\ZLWK(VWLPDWHVRI9DULDQFH RI8QLWHG.LQJGRP,QÀDWLRQ(FRQRPHWULFD *DR -  1RQOLQHDU 7LPH 6HULHV 6HPLSDUDPHWULF DQG 1RQSDUDPHWULF 0HWK RGV/RQGRQ&KDSPDQDQG+DOO&5& *UDQJHU&:-6WUDWHJLHVIRU0RGHOOLQJ1RQOLQHDU7LPH6HULHV5HODWLRQVKLSV(FR QRPLF5HFRUG   +DQQDQ(-7KHDV\PSWRWLFWKHRU\RIOLQHDUWLPHVHULHVPRGHOV-RXUQDORI$SSOLH 3UREDELOLW\ +HFNVFKHU ()  9l[HONXUVHQV JUXQGYDO YLG SDSSHUVP\QWIRW(NRQRPLVN 7LGVNULIW ± +RQJ6+3KLOOLSV3&%7HVWLQJOLQHDULW\LQFRLQWHJUDWLQJUHODWLRQVZLWKDQDSSOLFD- tion to purchasing power parity.-RXUQDORI%XVLQHVV(FRQRPLF6WDWLVWLFV± /L H./LQ Z.Yj+VLDR C., . Testing purchasing power parity hypothesis: a semipara- PHWULFYDU\LQJFRHI¿FLHQWDSSURDFK(PSLULFDO(FRQRPLFV   0LFKDHO:0(GHU36DQG'UH\IXVV*7KH.QXFOHDUVKXWWOLQJGRPDLQ$QRY- HOVLJQDOIRUQXFOHDULPSRUWDQGQXFOHDUH[SRUWLQWKHKQ513.SURWHLQ(0%2-± YӟL9LӋW1DPWURQJJLDLÿRҥQQJKLrQFӭXOjGR FKrQKOӋFKOҥPSKiW9LӋW1DPYj0DOD\VLDNKi FDRPӭFWUXQJEuQKWUrQ WѭѫQJWӵQKѭ7KiL /DQ QKѭQJFKtQKViFKWӹJLiFӫD0DOD\VLDNKi FӭQJQKҳFQHRFӕÿӏQKYjR86'WURQJWKӡLJLDQ GjLÿӃQQăPEҳWÿҫXÿLӅXFKӍQKOLQKKRҥW KѫQ1KѭYұ\NKL[iFÿӏQK WӹJLiFKpR0<5 91' WKu ÿѭѫQJ QKLrQ 0<5 OrQ JLi VR YӟL 91'/ҥPSKiW9LӋW1DPFDRKѫQ0DOD\VLDOӁ UD91'SKҧLJLҧPJLiQKѭQJNKL0<5JLҧPJLi VkXKѫQVRYӟL86'WKu91'OҥLWLӃSWөFOrQJLi Yjÿk\OjQJX\rQQKkQFKӫ\ӃXJLҧLWKtFKFKRVӵ NK{QJWӗQWҥL333JLӳD9LӋW1DPYj0DOD\VLD YӟLÿӝOӋFKUDNKӓLÿѭӡQJ333Oj 10 7ҥSFKt1JKLrQFӭX7jLFKtQK0DUNHWLQJVӕ 2ả&RQQHOO3*-:HL6-7KHELJJHUWKH\DUHWKHKDUGHUWKH\IDOOWKHUHWDLOSULFH differences across US cities. -RXUQDORI,QWHUQDWLRQDO(FRQRPLFV± 3HVDUDQ0+6PLWK5RQ3<DPDJDWD7DQG+YR]G\N/3DLUZLVHWHVWVRISXU- chasing power parity, (FRQRPHWULF5HYLHZV  SS,661 6XQ< /L 4 'DWDGULYHQ EDQGZLGWK VHOHFWLRQ IRU QRQVWDWLRQDU\ VHPLSDUDPHWULF models.-RXUQDORI%XVLQHVVDQG(FRQRPLFV6WDWLVWLFV± 7D\ORU037KH(FRQRPLFVRI([FKDQJH5DWHV-RXUQDORI(FRQRPLF/LWHUDWXUH, 33:  7D\ORU033HHO'$6DUQR/1RQOLQHDUPHDQUHYHUVLRQLQUHDOH[FKDQJHUDWHVWR- ward a solution to the purchasing power parity puzzles. ,QWHUQDWLRQDO(FRQRPLF5HYLHZ±  7D\ORU$0$&HQWXU\RI3XUFKDVLQJ3RZHU3DULW\7KH5HYLHZRI(FRQRPLFVDQG 6WDWLVWLFV 7RQJ+1RQOLQHDU7LPH6HULHV$'\QDPLFDO6\VWHP$SSURDFK2[IRUG2[IRUG University Press. ;LDR =  )XQFWLRQDOFRHI¿FLHQW FRLQWHJUDWLQJ UHJUHVVLRQ -RXUQDO RI (FRQRPLFV ±

Các file đính kèm theo tài liệu này:

  • pdf15t_3015_2141146.pdf