Abstract 3-4 摘要 5-11 1. Introduction 11-14 1.1 Background and study purpose 11-13 1.2 Leading Research 13-14 2. History of China-South Korea Exchange Rate Policies 14-27 2.1 History of Chinese exchange rate policy 15-24 2.1.1 Tumultuous years 15 2.1.2 Freezing years 15-16 2.1.3 Appreciation period under the unitary exchange rate policy 16-17 2.1.4 Introduction of Internal Settlement Exchange Rate 17-18 2.1.5 Gradual depreciation 18-19 2.1.6 Adoption of managed floating exchange rate regime 19-20 2.1.7 Unitary managed floating exchange rate policy 20-21 2.1.8 Financial crisis in Asia 21 2.1.9 Reformation of RMB 21-24 2.2 History of Korean exchange rate policy 24-27 3. Evaluation of China-South Korea Exchange Rate Policy 27-30 3.1 Foreign currency use permission policy and reserve policies 27-28 3.2 Continuous depreciation and double exchange rate 28 3.3 Implication of Korean exchange rate policy transition 28-30 4. Main Factors of Influencing Chinese RMB and Korean Won 30-51 4.1 Main factors of influencing Chinese RMB 30-39 4.1.1 Current account surplus 30-31 4.1.2 Increase in foreign exchange reserve 31 4.1.3 RMB forward exchange 31-32 4.1.4 Real effective exchange rate 32 4.1.5 Internal equilibrium 32-33 4.1.6 Evaluation by equilibrium rate of exchange 33-35 4.1.7 RMB measured by behavioral equilibrium exchange rate approach 35-38 4.1.8 Comparison with analysis methods 38-39 4.2 Main factors of influencing Korean Won 39-41 4.2.1 U.S. deficit and dollar 40 4.2.2 Foreigner\'s stock trading 40-41 4.2.3 RMB exchange rate 41 5. Imbalance of International Payments and Exchange Rate 41-51 5.1 Background 41-44 5.2 Excess savings in China 44-46 5.3 Excess consumption in U.S 46-48 5.4 Practical example:Recent Korean economy 48-51 6. Reformation of Chinese Exchange Rate Policy 51-56 6.1 Influence of change in Chinese exchange rate regime 53-55 6.2 Prospect of Chinese exchange rate regime 55-56 7. Conclusion 56-59 Bibliography 59-63 |
