assignment怎么写：UIP标准化测试
必须认识到，事实上，未付利息的均等性是无法检验的。UIP的标准回归方程及其估计依赖于理性期望的方法。根据Froot and Frankel(1989)，已经证明当汇率贬值有基于调查的措施时，UIP标准化测试的结果通常是截然不同的(Naka & Whitney, 1995)。他们发现，远期贴现的变化似乎与折旧预期有关，而不是与风险随时间变化的溢价有关。这给UIP带来了一些信任(Fama, 1984)。Chinn等人(2004)解释了具有短期和长期水平差异的结果。
assignment怎么写：UIP标准化测试
他们指出，这是一种货币对汇率变化的反应函数(Chinn et al.， 2004)。这使得利率在经济视角下具有内生框架。已经研究了几种不同的经济计量相关问题。根据Bollerslev和Baillie(2000)的观点，在未来折扣和检出率之间存在非线性关系。当远期贴现存在较大的绝对值时，则有可能指向正确的方向。当存在小的远期折扣时，由于交易成本相对于潜在利润较大，它会指向错误的路径。
assignment怎么写：UIP标准化测试
It is essential to understand that as a matter of fact, the parity of uncovered interest cannot be tested. The standard regression equation of UIP with its estimates is dependent over the methodology of rational expectation. According to Froot and Frankel (1989), it has been demonstrated that the UIP standardized tests generally distinct results radically when depreciation of exchange rate has measures based on survey (Naka & Whitney, 1995). It was found by them that the forward discounting variation has an appearance of being related to depreciation expectancy instead of a premium with risk varied through time. This lends some sort of credence towards UIP (Fama, 1984). According to Chinn et al, (2004), the results with short and long term horizon divergence have been explained.
assignment怎么写：UIP标准化测试
They stated that it appeals to a function of monetary reaction responding to the changes of exchange rate (Chinn et al., 2004). This results in making the rates of interests to have endogenous framework within the economic perspective. Several varieties of distinct econometric related issues have been looked into. According to Bollerslev and Baillie (2000), it has been argued that there are non-linear approach within the relationship that lies between forward discounting and spotting rate. When there is major absolute value within forward discounting, then there is likeliness of it pointing towards the correct direction. When there is small forward discount, it points towards the wrong path due to costs of transactions being relatively larger to the potential profits.