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随着我国汇率制度的不断完善,人民币汇率对我国经济变量存在不同程度影响。汇率作为货币价格,人民币升值具有财富效应,通过不同传导机制增加居民消费支出。通过从汇改1994年至2011年相关数据实证分析得出,人民币实际有效汇率与消费支出没有显著关系,即在一定程度消费-实际汇率悖论在我国成立。同时得出人民币汇率和消费支出受非市场因素干扰较大,研究汇率升值对消费支出的影响,对市场有效性和扩大内需具有政策意义。
With the continuous improvement of the exchange rate system in our country, the RMB exchange rate has varying degrees of impact on our economic variables. Exchange rate as a currency price, RMB appreciation has the wealth effect, through different transmission mechanisms to increase household consumption expenditures. Through the empirical analysis from the data of exchange reform from 1994 to 2011, it is concluded that there is no significant relationship between RMB real effective exchange rate and consumer spending. That is to say, the consumption-real exchange rate paradox has been established in our country. At the same time, it is concluded that the RMB exchange rate and consumer spending are greatly disturbed by non-market factors. Studying the impact of the appreciation of the exchange rate on consumer spending has policy significance on market effectiveness and domestic demand expansion.