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장맹렬(Meang-Yol Chang),송봉윤(Bong-Youn Song) 한국항만경제학회 2003 韓國港灣經濟學會誌 Vol.19 No.2
In this paper, the unbiasedness hypothesis cannot be rejected for JPY. It means that Japanese forward exchnge market is efficient. This implies that there would not be an unusual profit from speculation. However, the unbiasedness hypothesis can be rejected for THB, HKD, IDR. It means that Asian forward exchange market is inefficient. <br/> This implies that there would be an unusual profit from all available information. <br/> This suggests that forward exchange rates cannot be an unbiased estimator of future spot exchange rate. This result explains that the actual pricing for forward rate is not based on the international financial market`s pricing mechanism of interest rate parity theory, but rather depends upon that simple market expectations and aspirations .