Sun, Shuzhang; Gan, Christopher; Hu, Baiding - In: The International Journal of Business and Finance Research 4 (2010) 3, pp. 113-131
lected macro-variables in China. Johansen’s cointegration tests fail to find a moving equilibrium among the related variables. Based on a VAR model in first differences, we find that an unexpected temporary one-off shock to the change in the seven-day money market interbank borrowing rate...