- Tài khoản và mật khẩu chỉ cung cấp cho sinh viên, giảng viên, cán bộ của TRƯỜNG ĐẠI HỌC FPT
- Hướng dẫn sử dụng:
Xem Video
.
- Danh mục tài liệu mới:
Tại đây
.
-
Đăng nhập
:
Tại đây
.
This dissertation investigates an econometric analysis of the determinants of the exchange
rate of the Vietnam dong against the US dollar. Quarterly data from 2005 to 2015 have
been used to estimate the long-run equilibrium relationship of VND/USD exchange rate
with some macroeconomic variables. Gross Domestic Production (GDP), Balance of Trade
(BOT), Consumer Price Index (CPI), Foreign Direct Investment (FDI) and Lending rate
were chosen as factors to be investigated how they impact to VND/USD exchange rate in
Vietnam. The impact of RMB/USD exchange rate on VND/USD exchange rate is
evaluated. ARDL bounding test approach is applied. Results confirm that Consumer Price
Index, Gross Domestic Production, and Lending rate are significant determinants of
exchange rate between Vietnam dong and the US dollar. However, RMB/USD exchange
rate, Balance of Trade and Foreign Direct Investment do not exhibit a significant
relationship with the exchange rate in Vietnam. The research pointed out the attention of
Vietnamese firms on the fluctuation of VND/USD exchange rate and the effect of
exchange rate risks to the firms’ performance. Subjective and objective difficulties causes
the majority of Vietnamese firms remain passive in hedging risks against exchange rate
fluctuations. The research also gives some recommendations for firms, lawmakers and the
State Bank of Vietnam to use effectively derivatives tools and develop derivatives market
to bring positive results as its inherent meaning.