All-Pass Time Series model Applied in Shanghai Composite Index

Over the past five years, the Shanghai Composite has been the worst performing major index.

过去5年期间，上证综指（Shanghai Composite）是表现最差的主要股指。

In this paper we introduce the characteristic of ARCH model and its extended models, and by using these models we analyze A share index yields in Shanghai stock exchange.

本文介绍了ARCH模型及其扩展模型的特点，并利用这些模型对上证A指股市收益进行实证分析。

The Shanghai Composite remains Asia's most unloved index, having fallen 8.6 per cent this year, partly due to the perception that it is a proxy for China's old economy.

上证综指（Shanghai Composite）仍是亚洲最不受欢迎的股指，今年已下跌8.6%，这在一定程度上是因为人们将它视为中国旧经济的代表。

The institutional weakness of ERM ⅱ may not only increase the cost of new members when dealing with Balassa-Samuelson effect, but also weaken their capability to encounter speculative attacks.

ERM-Ⅱ的一些制度性不足，可能使得新成员国在处理巴拉萨-萨缪尔森效应时要付出更多的成本，在应对投机冲击时力不从心。

Economists know it as the Balassa-Samuelson effect: persistent inflation is the flip side of a secular manufacturing boom.

经济学家们称之为巴拉萨-萨缪尔森效应（Balassa-Samuelson Effect）：居高不下的通胀是长期制造业繁荣的另一面。

But you would expect average prices to be cheaper in poor countries than in rich ones because labour costs are lower. This is the basis of the so-called "Balassa-Samuelson effect."

但你可能认为贫穷国家的平均价格比富有国家的低，是因为劳动力更廉价，其实这是“巴拉萨—萨缪尔森效应”带来的偏见。

Balassa-Samuelson Effect: Review and Expansion

巴拉萨&萨缪尔森效应：评述及拓展

It also makes further examination on Balassa-Samuelson effect in use of provincial panel data.

进一步运用了省际面板数据对巴拉萨-萨缪尔森效应检验。

As a result, the real exchange rate appreciation plays a complementary role in economic restructuring and accelerate the distribution of income, thus Balassa-Samuelson effect in China has a more rational interpretation.

由此，实际汇率的升值和国内经济转型起到相辅相成的作用，并在收入分配加速的影响下巴拉萨萨缪尔森效应对人民币实际汇率的解释力度必将提高。

Since 1978, with the global economy increasing fusion, our country has experienced long-term fast economy growth, and this situation is similar with the hypothesis of the Balassa-Samuelson Effect.

自1978年以来，随着全球经济的不断融合，我国经济得到了长期高速的增长，这与巴拉萨-萨缪尔森效应的前提假设基本相似。

The result indicates that productivity change play an important role in Renminbi real exchange rate change irrespective of short-term or long-term and that real exchange direction is reversal of Balassa-Samuelson Effect anticipation.

结果表明，无论在短期还是长期，生产率的变动对人民币实际汇率的变动都起着最重要的作用，但是对实际汇率的变动方向与巴-萨效应预测的相反。

Because America internal real exchange rate appreciate higher than China in the past twenty years, the depreciation trend of China real exchange rate can be explained based on the Balassa-Samuelson theorem.

由于美国的内部实际汇率升值幅度一直高于中国，人民币实际汇率的贬值趋势在巴拉萨和萨缪尔森的分析框架下也是可以解释的。

However, at any given starting point, most countries will not lie on the Balassa-Samuelson equilibrium line, the convergence path that countries should follow if their price level/ exchange rate rises with income.

然而，无论以哪一点作为起点，大多数国家都不在B-S均衡线上&如果一国价格水平/汇率随收入上升，它应该沿这条趋同路径运动。

The research indicates that there is Balassa-Samuelson effect in RMB, and that productivity is the main decisive factor affecting the long-term trend of exchange rate in eastern area, while the exchange rate in mid-west depends on demand factor.

研究表明人民币中确实存在Balassa-Samuelson效应，东部地区汇率的长期趋势的主要决定因素是生产率，而中西部的汇率主要决定于需求因素。

The Balassa-Samuelson hypothesis is undoubtedly the basic theory about the effect of rapid economic growth of countries on the real exchange rate trends in long-term.

而巴拉萨-萨缪尔森效应假说无疑是研究处于高速经济增长的国家实际汇率长期变动趋势的重要基础性理论之一。

According to the Balassa-Samuelson model, it researches whether the characteristics of economic growth model and industrial structure are the inner driving force of changes in RMB exchange rate.

依据巴拉萨&萨缪尔森模型，探讨我国经济增长模式和产业结构特征是否为当前人民币汇率变动的内在驱动力。

But you would expect average prices to be cheaper in poor countries than in rich ones because labour costs are lower. This is the basis of the so-called "Balassa-Samuelson effect".

但你可能认为贫穷国家的平均价格比富有国家的低，是因为劳动力更廉价，其实这是“巴拉萨萨缪尔森效应”带来的偏见。

Measurements of China's Relative Labor Productivity Growth ( 1978 2005) Rethinking the Relationship Between the Balassa-Samuelson Effect and Renminbi Real Exchange Rate

我国两部门劳动生产率增长及国际比较（19782005）巴拉萨萨缪尔森效应与人民币实际汇率关系的重新考察

Then it discusses the influence of labor productivity to real exchange rate, on the base of Balassa-Samuelson effect model.

在巴拉萨-萨缪尔森效应模型的基础上，讨论了劳动生产率对实际汇率的作用。

Balassa-Samuelson effect contributes a lot to the inflation momentum in the relatively high inflation countries.

Balassa&Samuelson效应在部分高通胀国家的通胀形成中起到了重要作用。