As co-integration test reflects regulation between international trades and real exchange rate, correction mechanism suggests certain counter-regulation effect on export and weak effect on import.
协整检验揭示国际收支与实际汇率之间存在协整关系，误差修正模型揭示对出口额的波动具有一定的反向调节作用，而对进口额的反向调节作用则很微弱。
Traded privately, or "over the counter", by Banks, they seemed to prove that large, newfangled markets could function perfectly well with minimal regulation.
银行间进行私下交易，或者“场外交易”，似乎证明大型、新式的市场可以在最小化的管理下良好运转。
But there are plenty of examples where regulation could be counter-productive: a permanent ban on short-selling, for instance, would make markets more volatile.
但是大量的事实证明，监管也会产生适得其反的效果：例如，永久性地禁止空头卖跌会使得市场更加弱不禁风。
Using the cross time, the cross market, the counter-fact method observe the effect under regulation or not and using metrological model to carry on an examination.
采用跨时期、跨市场、反事实的方法对规制前后的效果进行对比验证，利用计量经济学模型检验规制的解释力度。
Using the cross time, the cross market, the counter-fact method observe the effect under regulation or not and using metrological model to carry on an examination.
采用跨时期、跨市场、反事实的方法对规制前后的效果进行对比验证，利用计量经济学模型检验规制的解释力度。
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