An Empirical Research on the Appreciation of RMB,Rising of Stock Price and Hot Money Inflow
基于2005年7月至2007年9月月度数据，用格兰杰因果检验分析人民币升值、股价上涨与热钱流入的关系，发现前两者与热钱流入密切相关，但热钱流入对前两者影响不显著。
Based on Calvo,Leiderman Reinhart Model(1996)and Multi Arbitrage Model(2007),the pa- per interprets the theoretical correlation among three variables,namely,appreciation of RMB,rising of stock price and hot money inflow.In addition,By using the Granger Causality Testing method with the new monthly data from July,2005 to Sept.2007 to give an empirical research on appreciation of RMB,stock price rising and hot money inflow.The empirical results shows that the appreciation of RMB and stock price rising are closely relating with the inflow of hot money,but hot money inflow is not closely relates with the appreciation of RMB and stock price rising.The paper also analyzes the disagreement of the theory interpreting and empirical results and the countermeasures are puts forward finally.