Endogenous financial theory claims that the supply of monetary base is not an exogenous variable controlled by central bank, but endogenously determined by economic system.
内生金融理论认为，中央银行基础货币的供给并非是由中央银行完全控制的外生变量，而主要是由经济体系内生决定的。
At modern phase, the mainstream economists study "nation" as an endogenous variable of economy and also involve economy problems that can't be measured by monetary.
在现代阶段，主流派把“国家”作为经济问题的内生变量进行研究，也涉及不可用货币量化的经济问题。
In the short run, the monetary disequilibrium enters the VECM as an exogenous variable with significant negative effects, which confirms the theoretical prediction of the monetary approach again.
在短期，货币市场失衡作为外生变量显著地进入到VECM中，且其符号为负，这也证明了货币模型的结论。
This paper tries to construct a simple framework based on monetary approach, which adding currency substitution as variable, and test it by relative data in China.
本文在货币分析法的基础上加入货币替代因素，建立了一个简单的分析框架，并运用我国的相关数据对此进行检验，证实货币替代确实对汇率产生了很大的影响。
This paper tries to construct a simple framework based on monetary approach, which adding currency substitution as variable, and test it by relative data in China.
本文在货币分析法的基础上加入货币替代因素，建立了一个简单的分析框架，并运用我国的相关数据对此进行检验，证实货币替代确实对汇率产生了很大的影响。
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