美元汇率与黄金价格外文文献翻译最新资料
国际黄金价格与美元汇率影响研究
国际黄金价格与美元汇率影响研究当今世界，美元依然是世界货币体系，美国也是当今世界唯一的超级大国。
因此，美元汇率对国际经贸活动有非常重要的影响。
认识美元汇率波动有助于我们认清当前复杂的国际经济形势以及政治形式，对我们的经贸活动与国际交流有重要的参考价值。
研究表明：美国国民生产总值是影响美元汇率的关键因素。
此外，通货膨胀率、财政收支状况、经常项目差额、国际黄金价格等也是美元汇率波动的重要因素。
在这里，由于时间、精力原因。
笔者只探讨国际黄金价格与美元汇率的关系。
研究表明：美元汇率和国际金价之间存在长期反向关系，投资黄金是对抗美元贬值的有效手段。
纵观以往文献，一方面，国内外普遍缺乏对于国际黄金价格和美元汇率走势之间关系的理论分析；另一方面，由于在实证研究上多侧重于多因素的简单回归分析，对于两者间关系的专门研究少，而且由于样本选择和处理方法问题往往得出不同乃至相反的结论，全面系统的研究较少，存在一定的局限性。
历史关系考察。
结合国际经济金融历史变迁，我们考察美元汇率和黄金价格两者之间的历史关系，大致可以分为三个价段。
第一阶段：上世纪七八十年代，美元危机丛生形成首轮黄金牛市。
上世纪70年代以后，伴随美国贸易逆差的扩大，美国黄金储备由1940年占全球官方储备的70%降至1970年的29.9%。
1971年8月，尼克松政府宣布关闭黄金兑换窗口，童年史密森协议宣布美元贬值7.89%，黄金官价升值38美元/盎司。
1973年1月美元危机后，美国宣布美元再次贬值10%，黄金官价升至42.44美元/盎司。
两次石油危机以后，西方工业国普遍出现成本推动型通货膨胀，美国政府债务也以惊人的速度增长，伴随对美元币值稳定的疑虑，使全球黄金需求在短期内大幅增加，1979年下半年，国际金价不断刷新百元整数大关，受前苏联入侵阿富汗的刺激，金价一度升至850美元/盎司，创出20世纪的历史最高价格；第二阶段：上世纪80年代到本世纪初，美国经济向好，黄金非货币化步入漫漫熊市。
自考《国际商务英语》课文【中英对照】第17课---国际货币体系与汇率
L17国际货币体系与汇率最早的国际货币体系称作金本位制,在这个体制下各国承诺在受到要求时将其货币由纸币兑换为黄金。
The earliest international monetary system was known as the gold standard under which countries pledged to change their paper currencies into gold when requested to do so.在金本位制下,各国都将其货币价值与黄金挂钩以确立货币金平价,由此,便形成了固定汇率制。
19世纪大部分时间直到第一次世界大战结束主要贸易国家均采用金本位制。
The gold standard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value, for most of the 19th century till the end of the First World War.由于英国当时在经济、政治和军事上的强大,英镑成为国际贸易往来中最重要的货币。
因此便产生了“基于英镑的金本位制”这一说法。
Major trading countries followed this system and the British Pound was the most important currency in international business as a result of the economic, political and military power of the United Kingdom, hence the term sterling-based gold standard.由于第一次世界大战对世界经济产生了很大的压力,以及随之而来的经济大萧条,固定汇率制走到了尽头。
国际会计准则第 21号外汇汇率变动的影响【外文翻译】
本科毕业论文（设计）外文翻译题目外币报表折算方法分析及中国的选择初探专业会计学外文题目Effect of Changes in Exchage Rates of Foreign Currencies 外文出处International Accounting Standard No 21 (IAS 21)外文作者International Accounting Standards Board原文：International Accounting Standard No 2 (IAS 2)Effect of changes in exchange rates of foreign currenciesObjectiveAn institution may conduct business abroad in two different ways. You can make transactions in foreign currency or may have business abroad. In addition, the entity may file its financial statements in a foreign currency. The purpose of this rule is to prescribe how they are incorporated in the financial statements of an entity, foreign currency transactions and business abroad, and how to convert the financial statements to the presentation currency of choice.The main problems that arise are the type or types of change to use and how to report on the effects of changes in exchange rates within the financial statements.DefinitionsOne group is the group formed by the parent and all its subsidiaries.Net investment in a foreign operation is the amount that corresponds to the participation of the entity that submitted their financial statements in the net assets of that business.Foreign currency (or currency) is any currency other than the functional currency of the entity.Functional currency is the currency of the primary economic environment in which the entity operates.Presentation currency is the currency in which the financial statements are presented.Business abroad is an entity dependent partner, joint venture or branch of the reporting entity, whose activities are based or carried out in a country or a currency different from those of the reporting entity.Currency monetary items are kept in cash and assets and liabilities to be received or paid by a fixed or determinable amount of monetary units.Exchange rate is the ratio of exchange between two currencies.End exchange rate is the rate of existing cash on the balance sheet date.Exchange rate spot is the exchange rate used in transactions with immediate delivery.Fair value is the amount for which an asset could be exchanged, canceled or a liability,among stakeholders and duly informed in a transaction conducted at arm's length.Initial Recognition1. A foreign currency transaction is any transaction whose value is called or requires winding up in a foreign currency, including those in which the entity:(a) buys or sells goods or services whose price is denominated in a foreign currency;(b) lends or borrows funds, if the amounts are set to charge or pay in a foreign currency(c) acquires or disposes provides another avenue for assets or liabilities incurred or liquidation, provided that these operations are denominated in foreign currencies.2. Any foreign currency transaction is recorded at the time of its initial recognition,using the functional currency, by applying to the amount in foreign currency exchange spot at the date of the transaction between the functional currency and foreign currency.The date of the transaction is the date on which the transaction meets the conditions for recognition in accordance with International Financial Reporting Standards. For practical reasons, often using an exchange rate closer to existing at the time of the transaction, for example, may be used for weekly or monthly average rate for all transactions that take place at that time In each of the classes of foreign currency used by the entity.However, it is not appropriate to use average rates if during the interval, the changes have fluctuated significantly.Financial information on the dates of the balance sheets post3. At each balance sheet date:(a) monetary items in foreign currencies are converted using the exchange rate of closure;(b) the non-monetary foreign currency being valued in terms of historical cost, will be converted using the exchange rate on the date of the transaction; and(c) the non-monetary foreign currency being valued at fair value, will be converted using the exchange rates of the date it was determined that fair value.4. To determine the amount of an item is taken into account, in addition, other rules that apply. For example, tangible assets can be valued in terms of historical cost or revalued amount, in accordance with IAS 16 Property, plant and equipment. Regardless of whether it has determined the amount by using the historical cost or revalued amount,provided that this amount has been established in foreign currency is converted to the functional currency using the rules set out in this Standard.Recognition of exchange differences5.Exchange differences that arise in the settlement of monetary items, or to convert monetary items at rates different from those used for its initial recognition, have already occurred during the year or in previous financial statements, are recognized in the outcome of year in which they appear.See a difference when you have change monetary items as a result of a transaction in foreign currency, and there is a change in the exchange rate between the date of the transaction and the settlement date. When the transaction is settled in the same year in which they occurred, the entire exchange difference will be recognized in that period.However, when the transaction is settled in a later period, the exchange difference recognized in each period, until the settlement date, will be determined from the change that has occurred in the exchange rate for each year. When recognized directly in equity gain or loss on a non-monetary, any exchange difference, including in such losses or gains were also recognized directly in equity. By contrast, when the gain or loss on a non-monetary recognition in profit or loss, any exchange difference, including in such losses or gains, was also recognized in profit or loss.6. Exchange differences arising on a monetary item that forms part of the netinvestment in a business of the foreign entity, are recognized in profit or loss of the separate financial statements of the reporting entity or in the separate financial statements of business abroad, as appropriate. Financial statements containing the business abroad and the reporting entity (for example,the consolidated financial statements if the business abroad is a dependent), such exchange differences are recognized initially as a separate component of equity,and subsequently recognized in the outcome when it becomes available or disposed of by other means business abroad.When a monetary item is part of the net investment, carried out by the reporting entity in a foreign operation, and is denominated in the functional currency of the reporting entity,an exchange difference arises in the separate financial statements of the business abroad.When the entity bears its records and ledgers in a currency other than their functional currency and proceed to prepare their financial statements, will convert all amounts to the functional currency, as set out in paragraphs 1 to 26.As a result, will produce the same amounts, in terms of functional currency, which would have been earned if the items were originally recorded in the functional currency. For example, monetary items are translated into the functional currency using the exchange rates of closure, and nonmonetary items which are valued at historical cost, will be converted using the exchange rate at the date of the transaction that created its appreciation.7. The results and financial position of an entity whose functional currency is not in accordance with the currency of a hyperinflationary economy, translated into the presentation currency, should it be different, using the following procedures:(a) the assets and liabilities of each balance sheet presented (i.e., including comparative figures), will be converted at the rate of closure on the date of the corresponding stock;(b) revenue and expenses for each profit and loss accounts (i.e., including comparative figures), will become the exchange rates at the date of each transaction; and(c) all exchange differences arising out of this, it is recognized as a separate component of equity.8. Often, for the conversion of items of income and expenditure, is used for practical purposes an approximate rate, representative of changes in the dates of transactions,such as the average exchange rate of the period. However, when exchange rates have changed significantly, it is inappropriate to use the average rate for the period.9. Exchange differences referred to in paragraph (c) of paragraph 39 are listed by:(a) The conversion of expenditure and revenue to the exchange rates of the dates oftransactions, and of the assets and liabilities at the rate of closure. These differencesappear to change both the expenditure items and revenue recognized in the results, as recognized by the directly in equity.(b) Conversion of assets and liabilities to an early Net-end exchange rate that is different from the type used in the previous closing. Such exchange differences are not recognized in profit or loss because of the variations in exchange rates have little or no direct effect on cash flows arising from current and future activities. When the above exchange differences relating to a business abroad that while consolidating, is not involved in its entirety, the cumulative exchange differences arising from the conversion that is attributable to the minority stake, will be allocated to it and be recognized as part of the minority interest in the consolidated balance sheet.10. When the entity's functional currency is that of a hyperinflationary economy, it will restate its financial statements before implementing the conversion method set out in paragraph 42, according to IAS 29 Financial reporting in hyperinflationary economies, except the comparative figures, in the case of conversion to the currency of a hyperinflationary economy.When the economy in question ceases to be hyperinflationary and the entity ceases to restate its financial statements in accordance with IAS 29, used as the historic costs to be converted to the presentation currency, the amounts restated according to the level of prices on the date that the entity ceased to do this restatement.11. When converting to a presentation currency, the results and financial position of a foreign operation, as a preliminary step to their inclusion in the financial statements of the reporting entity, whether through consolidation, or using the proportional consolidation method of Participation will apply paragraphs 45 to 47, in addition to the provisions of paragraphs 38 to 10.The incorporation of the results and financial position of a foreign operation to the reporting entity will follow the normal procedures of consolidation, such as the elimination of intra-group transactions and balances of a dependent (see IAS 27 States Consolidated and separate financial and IAS 31 Interests in joint ventures). However, an asset (or liability) intragroup money, either short or long term, it may not be eliminated against the corresponding liability (or asset) Intra, without showing the results of changes in exchange rates within the states Consolidated Financial. This is because the monetary item represents a commitment to convert one currency into another, which exposes the reporting entity at a loss or gain on exchange fluctuations between the currencies. In line with this, in the consolidated financial statements of the reporting entity, the exchange difference should continue to be recognized in profit or loss, or, if they arise from the circumstances described in paragraph 32, is classified as a component of equity until the disposition or disposal by other means business abroad.12. When the financial statements of business abroad and the reporting entity are referred to different dates, he often produces additional financial statements with the same date as this one. When it is not, IAS 27 allows the use of different dates of submission, provided that the difference is not greater than three months, and have performed the appropriate adjustments to reflect the effects of significant transactions and other events that occurred between the dates reference. In this case, the assets and liabilities of the business abroad will be converted at the rate of the balance sheet date business abroad.It was also carried out the appropriate adjustments for significant variations in exchange rates until the balance sheet date of the reporting entity, in accordance with IAS 27.Disposition or disposal by other means of a foreign13. To alienate or otherwise dispose of a foreign operation, exchange differences deferred as a component of shareholders' equity, related to that business abroad, be recognized in the results at the same time they recognize the outcome of the alienation or disposition.It may have all or part of their participation in a business abroad through the sale,liquidation, recovery of capital contributed or neglect. The receipt of a dividend will be part of this provision only if it constitutes a recovery in investment, for example when it is paid from income in prior years to the acquisition. In the case of disposal or partial disposal, only included in the result of the exercise, the proportionate share of the difference in accumulated corresponding conversion. The correction of the value of a business abroad will not constitute a sale or partial disposal. Accordingly, at the time of accounting for this correction, shall not be recognized in profit or loss accrued no difference conversion.Source:（Excerpt from）International Accounting Standard No 21 (IAS 21)，International Accounting Standards Board 1993译文：国际会计准则第21号外汇汇率变动的影响（1993年12月修订）目的企业可以用两种方式从事对外的活动。
黄金价格和美元指数相关关系文献综述
黄金价格和美元指数相关关系文献综述作者：江淼来源：《科学与财富》2017年第23期摘要：千百年来，黄金作为财富的象征被世人痴迷和追捧，人们相信拥有了黄金就是拥有了财富。
20世纪70年代以前，世界上流通最广的货币--美元是跟黄金挂钩的，这也就是所谓的"金本位制"。
70年代以后，布雷顿森林体系瓦解，美元不再与黄金挂钩，但是黄金依然是全世界最重要的投资品、保值品之一。
而美元和黄金之间依旧存在着某些密不可分的关系。
本文就从美元价值主要衡量指标的美元指数和黄金价格相关关系的文献综述入手，试图去探讨美元指数对于黄金价格的影响。
关键词：美元指数；黄金价格；负相关关系黄金投资市场近年来蓬勃发展，投资者们也越来越关注黄金价格短期和长期的变动。
但是学者们对于影响黄金价格变动的因素的研究还是比较少的。
学界普遍认为黄金价格受到多种因素影响，例如：美国货币政策，黄金本身的供求，原油期货价格等。
美元指数作为衡量美元价值变化的重要指标，可以说是影响黄金价格变动的主要因素。
所以我们很有必要去了解美元指数如何影响黄金价格变动的，这对于投资者预测黄金价格的变动趋势并制定相应的投资策略有很重要的影响。
美元指数作为衡量美元价值的指标，其本身会受到美国货币政策的影响。
而美国货币政策基本上是由美国所处的经济周期决定的。
所以可以发现存在一个传导机制：美国经济周期——美国货币政策——美元指数——黄金价格。
对于美国经济周期和美国货币政策的关系，外国学者Martin Floden（2000）指出货币政策和经济周期是有联系的，而且二者之间往往呈正相关关系，换句话说，经济周期决定了制定何种货币政策。
郭婧和肖文帅（2011）则认为一定时期内，货币政策工具的使用几乎完全是和经济周期相反的，货币政策对经济周期起到了对冲作用，满足对宏观经济调控的需要。
可以看出，2000年以前，美国货币政策与经济周期是正向的，即货币政策对美国经济有正向推动作用，只是有1～2年的滞后期。
外汇货币对的中英文对照和基本属性
GOLD=黄金（走势激烈一般情况与美元走势相反高风险收益）SIL VER=白银（走势较小，基本与黄金同向）ROCKMMSEURJPY=欧元兑日元（交叉盘走势激烈行情比较大高风险收益）USDJPY=美元兑日元（走势稳定偏激烈，属于政策性货币，主要基于日本的财政政策和市场情绪）EURUSD=欧元兑美元（行情激烈度偏中，能够体现书本上的各种知识，可参考各类技术指标，属于最多人做的货币对）AUDUSD=澳元兑美元（行情激烈度偏中，澳大利亚属于资源出口国，其货币对涨跌对中国的经济数据比较敏感）ROCKMMS磐石USDCAD=美元兑加元（行情激烈度偏低，一般情况下与美元通向，没有加拿大相关的新闻走势不强烈）USDCHF=美元兑瑞士法郎（行情激烈度偏中，瑞士法郎属于政策性货币，主要参考瑞士的货币政策和央行利率，还有美国的经济数据）GBPUSD=英镑兑美元|（英镑属于高投机性货币，行情激烈度高，涨跌幅度大，且走势比较没有章法，需小心对待）NZDUSD=新西兰元兑美元（新西兰元比较冷门，点差偏高，一般情况下不推荐炒作，需投入精力去研究后再操作）EURCHF=欧元兑瑞士法郎（欧元和瑞士法郎关联度极高，经常通向发展，也有背离的情况，需要参考当时的货币政策）EURAUD=欧元兑澳元（基本同澳元兑美元）EURCAD=欧元兑加元（基本同欧元兑美元）GBPJPY=英镑兑日元（行情激烈度高，属于投机性货币对，需小心对待）本文档由ROCKMMS磐石环球国际提供。
《简爱》是一本具有多年历史的文学着作。
至今已152年的历史了。
它的成功在于它详细的内容，精彩的片段。
在译序中，它还详细地介绍了《简爱》的作者一些背景故事。
从中我了解到了作者夏洛蒂．勃郎特的许多事。
她出生在一个年经济困顿、多灾多难的家庭；居住在一个远离尘器的穷乡僻壤；生活在革命势头正健，国家由农民向工业国过渡，新兴资产阶级日益壮大的时代，这些都给她的小说创作上打上了可见的烙印。
关于美元汇率的参考文献
关于美元汇率的参考文献美元汇率是指美元兑换其他国家货币的比率。
汇率是国际经济交流中的重要指标，对各国经济发展和国际贸易具有重要影响。
本文将以相关参考文献为基础，探讨美元汇率的影响因素、变动原因以及对经济的影响等内容。
一、美元汇率的影响因素1. 经济基本面：经济基本面是影响美元汇率的重要因素之一。
宏观经济指标如国内生产总值（GDP）、通货膨胀率、失业率等反映了一个国家经济的整体状况，这些指标的好坏将直接影响到美元的汇率。
2. 利率差异：利率差异是影响汇率变动的重要因素之一。
美国联邦储备系统（美联储）的货币政策对美元的汇率有着重要影响。
当美联储加息时，美元汇率往往会上升；相反，如果美联储降息，美元汇率则有可能下降。
3. 贸易状况：贸易状况也是影响美元汇率的重要因素之一。
美国是全球最大的经济体之一，其与其他国家的贸易关系对美元汇率有着直接的影响。
如果美国的贸易逆差扩大，可能会导致美元贬值。
二、美元汇率的变动原因1. 经济政策：经济政策的变化是影响美元汇率变动的重要原因之一。
比如，美国政府的税收政策、财政政策和货币政策的调整都有可能引起美元汇率的波动。
2. 国际政治因素：国际政治因素也会对美元汇率产生影响。
比如，国际间的贸易争端、地缘政治风险等都可能引起市场对美元的需求变化，从而影响美元汇率。
3. 市场心理：市场心理对美元汇率的波动也有一定的影响。
投资者对美元的预期和信心会影响其对美元的需求，从而影响美元的汇率。
三、美元汇率对经济的影响1. 进出口贸易：美元汇率的波动对进出口贸易有着直接影响。
当美元升值时，进口商品价格下降，出口商品价格上升，从而影响到国际贸易的平衡。
2. 对外投资：美元汇率的波动也会对对外投资产生影响。
当美元升值时，外国投资者对美国的投资成本相对降低，可能会吸引更多的外国资金流入美国市场。
3. 资本流动：美元汇率的变动会对资本流动产生影响。
当美元升值时，外国投资者可能会将资金从美国撤离，导致资本外流；相反，当美元贬值时，外国投资者可能会加大对美国市场的投资。
美元翻译成英文
美元翻译成英文The translation of "美元" to English is "US dollars".The US dollar is the official currency of the United States of America and is widely used as a medium of exchange around the world. It is denoted by the symbol "$" and its currency code is USD. The US dollar is one of the most widely traded currencies in the foreign exchange market and is considered a benchmark currency.The history of the US dollar dates back to the late 18th century when it became the official currency of the newly formed United States. Over the years, the US dollar has seen various changes and modifications in its design and denominations. Currently, the US dollar banknotes are available in denominations of $1, $5, $10, $20, $50, and $100. Additionally, there are coins available in denominations of 1 cent (penny), 5 cents (nickel), 10 cents (dime), 25 cents (quarter), and higher values for collectors.The US dollar is widely accepted in international trade and is often used as a reserve currency by many countries. Its stability and global recognition make it a preferred currency for transactions and investments. The US dollar is also widely used in the online marketplace, tourism, and foreign remittances.The value of the US dollar fluctuates against other currencies in the foreign exchange market due to various factors such as economic indicators, interest rates, geopolitical events, and market sentiment. The exchange rate between the US dollar and other currencies determines the purchasing power and competitivenessof US goods and services in the global market.The US dollar plays a significant role in the global economy. It is used as a benchmark currency for pricing commodities such as oil, gold, and other precious metals. Additionally, many international transactions, investments, and loans are denominated in US dollars.The Federal Reserve System, commonly known as the Fed, is responsible for the monetary policy and issuance of US dollars. The Fed regulates the supply and availability of the US dollar to stabilize the economy and maintain price stability.In conclusion, the US dollar is a widely recognized and accepted currency in the global market. It serves as a medium of exchange, a store of value, and a unit of account. The US dollar's status as the world's primary reserve currency and its strong economic backing make it a cornerstone of the global financial system.。
美元指数和黄金价格外文文献翻译最新译文
文献出处：Blose L. The research of gold prices and the dollar index [J]. Journal of Economics and Business, 2015, 12(3): 31-39.原文The research of gold prices and the dollar indexBlose LAbstractThis paper USES the data between January 2009 and December 2009, using quantitative finance analysis method, in the time series data for single whole test, co integration test, determine the data stability and long-term relationships between variables, on the basis of building a vector autoregressive (V AR) model, using the impulse response function and Granger causality test on the relationship between the international gold prices and the dollar index is analyzed. The results showed that the dollar index and the international gold price, not only there exists negative long-term equilibrium relationship between causality and the Granger sense, namely, the dollar index rose will cause international gold prices fell.Keywords: International price of gold; Dollar index; Gold futures prices1 IntroductionSince March 2013, the international gold prices begin to fall sharply, a short span of more than three months, the New York mercantile exchange gold futures trading have lost $1500, $1400 and $1300, down more than 20%, since then, the international gold prices. In 2013, has become the worst performance since 1920, the international gold prices annual. Some scholars pointed out that the international gold prices in recent years, with the world's major economies after the financial crisis era in order to stimulate its economy development create the measures taken are inseparable, and suddenly the world gold prices fell again by the recent global inflation pressure to reduce and the impact of the exchange rates to rise. In the gold market, gold prices by dollars, said the dollar exchange rate directly affect the international price of gold. Theoretically, the dollar exchange rate movements affect the international price of gold mainly comes from two aspects: one is the dollar exchange rate changes will change the world market, the demand for gold. The dollar falling is investmentinstitutions and individuals holding gold as the value of tool preference increases, which makes the world market demand for gold increases, so as to promote the international gold prices to rise. Second, as an international currency, gold dollar purchasing power changes will directly cause the international gold price movements, purchasing power increases, the dollar exchange rate rise, will cause international gold prices fell. Since November 2008, one after another round of quantitative easing, on the implementation of the Federal Reserve will inevitably cause the dollar more, leading to the dollar, prompting international gold prices are soaring. However, as in 2013, the Federal Reserve early exit intentions obvious gradually, the dollar is expected to intensify, triggering the international gold prices fell sharply. The dollar as the international currency, its exchange rate is movements by the dollar index comprehensive reflection. For the sake of the thorough analysis after the world financial crisis in 2008 the international gold price and the relationship between the dollar index, this paper adopts between January 2009 and December 2009, the monthly data, using the quantitative economic analysis method, in the data sheet, on the basis of the whole test and integration test, vector autoregressive (V AR) model was constructed, and by using Granger causality test to analyze the relationship between the variables, in order to get objective conclusions.2 Variables and data selection2.1 Variable selection and data preprocessingThe United States as the world's largest economy, its mature gold trading system has an important effect on the international gold market, gold on the market in the United States.Price changes to a great extent, decides the direction of the international price of gold, and the dollar as the world's currency, the international gold priced in dollars, so in the international gold market, the relevant data is of great significance. In order to study the international financial crisis era, the relationship between gold prices and the dollar index in this paper, choose between January 2009 and December 2009, the monthly data for empirical analysis.The international gold price dataThe New York mercantile exchange (COMEX gold futures and options trading to the United States and the world gold market provides an important trade channels, its gold futures to a certain extent, has a decisive influence on the international price of gold. Therefore, this article choose the New York mercantile exchange COMEX gold futures price data as the international gold price data.The dollar indexThe Dollar Index (US Dollar Index) aims to measure the Dollar to a basket of currencies exchange rate changes, is the comprehensive reflection the Dollar exchange rate movements in the international foreign exchange market indicators, through the calculation of integrated rate of US Dollar to a basket of currencies. The dollar index rose, means that the dollar exchange rate against other currencies rise. The dollar index fell, means that the dollar decline relative to other currencies. In this paper, the dollar index is chosen as the model independent variables. The dollar index data is needed by the New York foreign exchange market (NYFXM USDI) trading day's closing price data of averaging.3 Empirical test and results3.1 List the whole inspectionSingle whole inspection to time series stationary in constructing vector autoregressive model and Granger causality test, must be to list the inspection of time series data, in order to determine the data stability. This article USES the extension of dick - fuller (ADF test) test, respectively, for the New York mercantile exchange gold futures (CG) and the dollar index (USDI) test. Use Eviews 6. 0 software to draw the line chart data, through the graphic method to observe the movements of data to determine whether the groups of data in the ADF test contains relating to intercept and time trend, the lag order number by the Eviews software is accords to Schwartz (Schwarz) automatic selection information standards.3.2 Co integration testNo stationary sequence to regression analysis, and often get absurd conclusions. Co integration test is based on non-stationary time series based on the test, to test the dependent variable and whether there is a long-term equilibrium relationship betweenthe independent variables. By a single whole test CG and USDI sequences are stationary series, and the first order difference sequence is stationary series, namely the CG and USDI are I (1) process, with the football association the whole inspection. This article selects the Engel Granger (Engle Granger co integration analysis method (EG test) co integration analysis was carried out on the two variables.4 ConclusionsThis paper choose the commodity trading markets in New York gold futures prices as substitution variables of the international price of gold, commodities trading on the New York gold futures market (CG) and the dollar index (USDI) on the basis of single whole, co integration test, the structure of vector autoregressive (V AR) model, and Granger causality testCheck, get the following conclusion:Co integration analysis results show that the dollar index (USDI) with the New York gold futures commodities trading market (CG), there is a long-term equilibrium relationship between the dollars indexes every unit of growth, the New York mercantile exchange gold futures prices fell about 1. 52 units; The dollar index every lower unit, the New York mercantile exchange gold futures prices rose about 1.52 units.The impulse response analysis results show that the dollar index (USDI) on the New York mercantile exchange gold futures (CG) existing negative dynamic effect. The Granger causality test results show that the dollar index (USDI) as the New York gold futures commodities trading market (CG) one-way Granger reason, the dollar index changes can cause changes in the New York gold futures commodities trading market. According to the above empirical analysis, the author thinks that the dollar index changes and a negative correlation between the international gold price change effects, namely, the dollar index rose to cause a decline in the international price of gold; the dollar index decline will lead to the international gold prices to rise. After the 2008 financial crisis, some countries are led by the United States, in order to promote its economic recovery by use of quantitative easing, the direct causes of international gold prices. Overly loose monetary policy, and has given rise tointernational gold price bubbles.In 2013, the United States and the world economy show signs of recovery, the dollar index rebound, as a direct result of the international gold price bubble burst. International gold price bubble burst in the bell of quantitative easing. To raise money to make the currency depreciation, and thus to promote the development of domestic economy trade protectionism, and not from the true sense of the world economy development, it will bring to the world economy such as the gold price bubble unnecessary negative effects. In order to maintain the stability of the international price of gold, give full play to the function of gold as an international reserve assets, and at the same time in order to promote the benign development of the world economy, world economy shall jointly consultations, strengthen the coordination of monetary policy, in order to replace the beggar-thy-neighbor policy of quantitative easing.译文黄金价格与美元指数关系Blose L摘要本文采用2009 年 1 月至2013 年12 月数据，运用计量金融学分析方法，在对时间序列数据进行单整检验、协整检验，确定数据平稳性和变量之间长期关系的基础上，构建向量自回归( V AＲ) 模型，利用脉冲响应函数和Granger 因果检验对国际黄金价格与美元指数之间的关系进行分析。
金价上涨的原因对我们的影响英语作文
金价上涨的原因对我们的影响英语作文English:The rise in the price of gold has various impacts on us. Firstly, it affects our economy and financial markets. Gold is often considered a safe-haven asset, meaning that investors tend to flock to it during times of uncertainty or economic turmoil. As the price of gold increases, it reflects a lack of confidence in the global economy, leading to a decrease in stock prices and a rise in the demand for gold as a safe investment. This can disrupt financial markets and lead to volatility in currency exchange rates. Secondly, the rising gold price affects the jewelry industry. Gold is a primary raw material for jewelry, and an increase in its price leads to higher production costs and retail prices. As a result, consumers may reduce their purchases of gold jewelry, impacting the profitability of jewelry stores and manufacturers. Furthermore, the rise in gold prices can also influence inflation rates. Gold is often seen as an inflation hedge, meaning that its value tends to rise with inflation. Therefore, as the price of gold increases, it can lead to expectations of higher inflation in the future. This might prompt central banks to tighten monetary policy, leading to higher interest rates and potentially slowing down economicgrowth. In addition, the increasing gold price can impact mining companies and gold-producing countries. Higher gold prices can incentivize increased production as mining companies strive to capitalize on higher profits. This can lead to more mining activities, which may result in environmental and social consequences. Moreover, gold-producing countries heavily dependent on gold exports might experience economic distortions due to the fluctuating gold prices. Overall, the rising gold price has far-reaching effects on our economy, financial markets, jewelry industry, inflation rates, and gold-producing countries.中文翻译: 黄金价格的上涨对我们产生了多方面的影响。
国际黄金价格和美元汇率走势研究
作者简介：金蕾，西南财经大学金融学院博士研究生；年四伍，上海财经大学应用经济学博士后流动站。
*基金项目：本文是中国博士后科学基金资助第四十七批面上资助项目“国际黄金价格波动影响因素研究”（项目编号：20100470667）的阶段性成果之一。
国际黄金价格和美元汇率走势研究金蕾年四伍*内容摘要：近年来，伴随美元汇率的持续走低，使得我国外汇储备面临持续缩水的风险，与之相伴的是国际黄金价格不断突破历史新高，国内外对增加黄金储备的呼声日渐高涨。
因此，有必要认真审视国际黄金价格和美元汇率走势之间的关系。
从理论分析来看，当前美元主导的国际货币制度下，美元面临着保证国际流动性需要和信用货币内在价值稳定的双重难题，研究表明，美元汇率和国际金价之间存在长期反向关系，投资黄金是对抗美元贬值的有效手段。
因此，黄金仍是各国央行、IMF 重要的储备资产，其在国际货币体系中依然占据重要地位。
关键词：国际黄金价格美元汇率国际货币制度协整关系检验中图分类号：F831文献标识码：A一、引言与文献述评第二次世界大战后，布雷顿森林货币体系确立了战后各国货币与美元挂钩、美元与黄金挂钩的货币体系。
在美元持续贬值的情况下，1971年尼克松总统宣布关闭黄金兑换窗口，战后美元与黄金的固定兑换率制度崩溃。
1976年《牙买加协定》明确黄金和货币正式脱离固定比价关系，进入“世界美元本位”时代(Mckinnon ，2001)。
与以往相比，最大的不同就是美元与黄金脱钩，衡量货币价值稳定的客观标准消失了。
由此，国际黄金价格和美元汇率走势都进入浮动时代。
国外学者对两者关系的研究由来已久，在Koutsoyiannis （1983）、Kaufmann and Winters （1989）、Levin and Wright （2006）黄金价格影响因素的研究中均有涉及。
Baker and Van Tassel （1985）较早进行了专门研究，他们假设美元等外汇是黄金的替代资产，强势美元通常会导致黄金需求减少，同时用名义利率作为黄金的机会成本对1973年至1984年宏观经济数据进行实证，发现黄金价格变化可以用代表全球工业产出的商品价格指数、美国的通货膨胀率变化、美元的汇率水平变化以及预期的通货膨胀率变化来解释。
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文献出处：Tully E. The study on the relationship between the dollar and gold prices [J]. Research in International Business and Finance, 2015, 6(2): 316-325.原文The study on the relationship between the dollar and gold pricesTully EAbstractDuring the financial crisis of unconventional implementation of quantitative easing monetary policy caused the global liquidity. Excess, severe inflation, the consequences of credit currency devaluation, in this case, investors around the world began to seek to the value of a good investment tools, gold with inherent safety protection function to get the favor of people, and at that time big gold investment heat. During the outbreak of the crisis, the international gold prices have even break through $2000 an ounce. After a crisis, however, as the world's major economies economy gradually dip rebound, especially in the U.S. economy continues to rebound, the dollar index in gradually rise, the international price of gold has a surprise $1664 an ounce in early 2013, all the way below the $1200 mark, in less than a year, fell by as much as 30%, at this point, the influence of the international gold price mechanism is very important.Keywords: The price of gold; The dollar; The empirical research1 IntroductionSince April 2013, the international gold price began to slump, despite the investment boom, international gold or below $1200 all the way, although since 2014, gold's decline eased, but by the end of march, 2014, the international gold has yet to break through $1300.In less than a year, in the price of gold fell by a whopping 30%, for a lot of gold investors, is undoubtedly a huge disaster, many people lose. Gold commodities, currencies and financial attribute three attribute set at a suit, its function and status of nature is the envy of other metals. Gold’s important influence throughout the entire historical process of human, have crossed the political system, economic system and ethnic culture, history and civilization.2 Literature reviewAfter the second world war, the Breton woods monetary system has established "the dollar and gold, other currencies pegged to the dollar," the monetary system, the official price of every ounce of gold was fixed at $35.No matter the price or supply of gold, at this time are highly regulated by governments, cannot free development. Until 1973, the Breton woods system collapse to change this situation. In 1976, the Jamaica agreement expressly provide gold and dollar formally from fixed proportion relations, since then, finally realized "the nonmonetary gold, gold prices and the dollar have entered into a period of floating. Baker as early as 1985, studied the relationship between their first dollar assumption into alternative assets is gold, at the same time, the nominal interest rate as the opportunity cost of gold, and the data of 1973 ~ 1984 has carried on the empirical analysis, found that the price of gold can be made of commodity price index, the dollar exchange rate changes, the rate of inflation in the United States, and to explain the expected rate of inflation changes. Sherman in 1983 and 1986, found in the two articles of gold supply against the dollar and gold prices fluctuate completely inelastic, but he did not consider the effect of inflation, interest rates and other factors. Kaufmann and winters in 1989 to 1989 ~ 1988 data has carried on the empirical research, proves the obvious is the price of gold prices, output level and the influence of the exchange rate for a long time. Dooley, Izard and Taylor in 1995, using V AR model and co integration test data of 1976 ~ 1990 for empirical research, the results show that the relationship between currency and gold is more significant. Harms in 2004 using the monthly data from 1971 to 2002, proved that the price of gold and dollar exchange rate has a negative correlation relationship between $think that gold can effectively hedge. Levin and Wright in 2006 to build the long-term and short-term model of gold prices, gold prices in the long term and in the United States there is a significant positive change relationship between the price level, gold prices in the short term and the nominal interest rate and the gold lease rates between negative changes in relationships, and inflation and its volatility, changes is positive relationship between the credit risk. Brian in 2007 using the monthly data from 1983 to 2003, the United States and Britain's consumer price index, the index of industrial production, the unemployment rate and the dollar exchange rate,stock index and the impact of oil price in gold price, the results prove that the key factors influencing the gold price is us $interest rates. Shasta first from 1982 to 1990 in 1996, the gold market research, found that real exchange rate fluctuation is the main reason of the influence the gold price fluctuations, but the dollar exchange rate affect the price of gold is not obvious. Shasta again in 2008, using the data from 1991 ~ 2004 was studied and found that during this period the dollar impact is obvious. Tully in 2007 to 1983 ~ 2003, gold prices GARCH model is set up, prove that in the long term the dollar is the only macro factors affect the fluctuations in the price of gold, and gold has effect against the dollar. Found throughout most of the previous research in the field of literature, although the domestic and foreign scholars have been the influence factors of the price of gold, the dollar exchange rate and the relationship between the price of gold and gold price movements carried out some research, has obtained certain achievements, but in the field of research still exist some common shortcomings. First of all, most of these studies focused on the simple empirical research level, especially the early stage of the restricted to the development level of econometrics, mostly take simple regression analysis method and the conclusion is often a lack of convincing. Second, even if some scholars later adopted a more perfect the empirical method, the combination of theoretical and empirical aspects is still inadequate, not combined with empirical results continue to in-depth theoretical analysis of the causes. Again, about the relationship between gold and dollar alone study is less, mostly after the collection of all the factors affecting gold for uniform empirical analysis. Finally, as the economy continues to change and the progress of era and the past a lot of the research conclusion is no longer applicable, especially the relationship between gold and dollar after the financial crisis, further studies are needed.3 The influence factors of the gold price3.1 Gold properties and USESGold is gold, is a kind of soft nature, with a golden luster, corrosion of precious metals. Gold has good ductility, relatively stable chemical properties and, these advantages make gold jewelry industry, modern industry, medical and otherdepartments of the important material. At the same time, because gold mining is difficult and high cost of mining, the stability is extremely good, quantity is extremely rare, with the continuous development of human society and the economic operation, gold is increasingly favored by people, or even giving it a universal equivalent function gradually, to later, gold was served for the roles of the currency. Before the collapse of the Breton woods system, gold has been the role of the currency, it was not until 1976 that Jamaica agreement will thoroughly liberated gold; gold from now on no longer has the function of currency, the real to the way of monetization. Today, gold cannot serve as a universal equivalent, not a measure of value and the function of circulating medium, but still maintained the international means of payment, storage methods and functions, some of the world's currencies especially since the 21st century, the impact of the global financial crisis, make gold again went into people's horizons, back above the height of the history, become a crisis value investors to hedge.3.2 The influence of the market supply and demand for gold pricesAlthough gold is a special commodity, still will be the role of market mechanism. According to the theorem of supply and demand, when the supply of gold on the market to reduce or increase in demand, the price of gold will rise; conversely, when the supply increased or reduced demand on the gold market, gold prices will fall. Therefore, analysis the influence factors of the price of gold, gold will first consider the market supply and demand.3.3 Market economic factors affect the price of goldFor international gold units are dollars/ounce, settlement and most used in dollars, so the dollar exchange rate affect the price of gold is obvious. Based on previous data display and study confirms that, generally speaking, the dollar exchange rate and the changes in an inverse relationship between the price of gold, but after the financial crisis, by the influence of various political, economic, and other indicators, there is an obvious weakening of their relationship and deviation, weaken or even what is the reason for the deviation, this also is the direction of this paper to study.3.4 Dollar exchange rate affects the price of goldThe development of the international monetary system shows that the development of the monetary system, from the initial stage of commodity currencies to today's credit currency stage, is an inevitable trend. Specific view, although the original sterling and francs were in transition time served as a means of international settlement and international reserve currency, but is not essentially replace the gold center position; The Breton woods system, with the huge U.S. gold reserves, the dollar rose to become the world's currencies, replaced the central position of the gold on the official price for gold undertaken obligations in the United States. Began in the late 1960 s, the dollar was in serious trouble, as countries selling dollars into gold, the United States can no longer maintain the official price of gold, and accompanied by the collapse of the Breton system, gold out of the formal constraints. Visible, the dollar's international status in America's massive gold reserves and responsible for gold and dollar official price convertible as the premise; Gold since the nonmonetary, credit notes cannot cash under the monetary system, the value of currencies no longer depends on its gold reserves and the gold exchange ability, but on the material foundation of the country have given their currency credit and purchasing power. So credit monetary system of the US dollar with the powerful economic support is still the world's most important international currency. So, a certain degree of monetary competition is between gold and dollar in this way.译文美元汇率与黄金价格关系研究Tully E摘要金融危机期间大量非常规量化宽松货币政策的实施，造成了全球范围内流动性过剩、通货膨胀严重、信用货币贬值的严重后果，在这种情况下，世界各地投资者开始纷纷寻求能够保值增值的良好投资工具，黄金凭借与生俱来的避险保值功能得到人们的青睐，一时间黄金投资大热。