1、此文档是毕业设计外文翻译成品（含英文原文+中文翻译），无需调整复杂的格 式！下载之后直接可用，方便快捷！本文价格不贵，也就几十块钱！ 一辈子也就 一次的事！外文标题：The Research of the Impact from China-ASEAN Financial Cooperation on the Development of Bilateral Trade外文作者：Xuanqi Ou文献出处：2018 International Conference on Economy and Trade （如觉得年 份太老，可改为近2年，毕竟很多毕业生都这样做）英文2628单词，16991字
2、符（字符就是印刷符），中文4178汉字。（如果字数多 了，可自行删减，大多数学校都是要求选取外文的一部分内容进行翻译的。）The Research of the Impact from China-ASEAN FinancialCooperation on the Development of Bilateral TradeAbstract. In this article we first introduce the development of financial cooperation between China and ASEAN. Then we apply the method o
3、f panel data analysis by utilizing STATA to find out which financial factors we select significantly influence the trade volume between China and ASEAN and the conclusions are FDI as well as international reserve. After the empirical analysis we further explain the economic meanings of the model and
4、 discuss the policies that may promote the bilateral trade volume in the future by controlling those significant financial factors effectively.Keywords: ChiangMai Initiative, International Reserve, FDI, bilateral trade1 IntroductionDuring the two decades since 1990, with the financial cooperation be
5、tween China and ASEAN deepened, the bilateral trade volume increases rapidly except the year 1998 and 2009 when the global financial crisis affected international trade severely. However, even in 2009 when the worlds economy suffered a lot from the subprime crisis, bilateral trade volume ,though dec
6、reased to 213 billion $ as compared with 2008, still accounted for 9.7% on the total external trade volume of China while ASEAN kept the fourth trade partner, the fourth export market as well as the third import market of China.1.1 CMIIn May 2000, ASEAN and China, Japan as well as Korea formally sig
7、ned ChiangMai Initiative in the annual meeting of ADB, and reached broad agreement on consolidating CMI in the following finance ministers meeting. CMI has become a foundation stone in the financial cooperation between China and ASEAN. From the aspect of building up currency swap net to stabilize re
8、gional finance market, CMI advocates enlarging the scale of currency swap among ASEAN and calls on the member countries to establish bilateral currency swap agreement in order to provide the relieving foreign exchange fund for each other in case of emergency. CMI puts forward the idea of regional fi
9、nancial cooperation in form of currency cooperation. Later on, governments among eastern Asian continues try relevant affairs based on CMI so as to make foundational arrangement for further financial cooperation. CMI includes two important contents: First, perfect ASA (ASEAN Swap Arrangement) and ma
10、ke it cover all the member countries of ASEAN. The total money of ASA was added from 0.2billion $to 1billion $(in 2005 this number increased to 2 billion$). Second, build up BSA (Network of Bilateral Swaps and Repurchase Agreements) among 10+3 countries and promise to provide appropriate amount of m
11、oney to member countries when it is necessary to help them solve the problem of short term international payments imbalance as well as capital flowability. So far, all of the member countries have participated the ASEAN multilateral swap arrangement and China has set up swap agreements with some of
12、the ASEAN members respectively. By the end of November 2008, the total scale of CMI has reached 85.5 billion $(including the 2 billion $ of ASA) and China has signed several bilateral swap agreements with Thai- land, Malaysia, Philippines, Indonesia respectively, totaled 9.5billion$.1.2 E.A. Forex R
13、eserve PoolIn March 2010, Chiang Mai multilateral agreement took effect formally. According to this agreement, the establishment of a multilateral foreign exchange (Forex) reserve not only helps to integrate East Asian financial resources and improve the regional common response to financial risks,
14、but is also important in maintaining the steady growth of regional economy and spurring the multilateral process of East Asian cooperation. The 10 member countries of ASEAN plus China, Japan and the Republic of Korea (ROK) altogether collected 120 billion$ to establish Forex reserve, with 38.4 billi
15、on$ from China, the same contribution as Japan, which accounts for 32%, 19.2 billion $ from ROK, accounting for 16% and 24 billion $ from ASEAN, accounting for 20%. Along with the institution of 120 billion dollars regional Forex reserve, the East Asian financial cooperation was escalated from a bil
16、ateral to multilateral leap.2The Empirical AnalysisIn this section we utilize the method of panel data analysis by STATA to establish econometric model with the relevant financial indexes in order to find out the indexes that impact bilateral trade volume significantly, then we theoretically explain
17、 the transmission mechanism of the indexes. The data are selected mainly from the ASEAN statistical Year Book 2008 and IMFs publication International Financial Statistics as well as the World Banks publication World Development Indicators 2009. On the basis of proofreading we processed the data coll
18、ection into panel data with the time span from 2000 to 2008. The 11 countries here include China and 10 ASEAN member countries.2.1The Introduction of Indicator Systemi.In_gdppcGDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident
19、producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. In this article
20、 we take logarithm of GDP per capita, noting for In_gdppc.ii .Deposit rateDeposit interest rate is the rate paid by commercial or similar banks for demand, time, or savings deposits.iii .Lending rateLending rate is the rate at which financial institutes lend money. It constitutes the base from which
21、 banks then lend money to the final customer.iv .M2 growth rateM2 growth rate is the average annual growth rate in money and quasi money. Money and quasi money comprise the sum of currency outside banks, demand deposits other than those of the central government, and the time, savings, and foreign c
22、urrency deposits of resident sectors other than the central government. The change in the money supply is measured as the difference in end-of-year totals relative to the level of M2 in the preceding year.v.Exchange rateExchange rate is the price of native currency in relation to anothers (US$ here)
23、. It is the number of units of one currency that buys one unit of another currency. In this article the exchange rate is the average number of a year. The determination of exchange rates is a complex process that has economic impact on imports and exports.vi.FDI Foreign direct investmentForeign dire
24、ct investment is the net inflow of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investors. It is the sum of equity capital, reinvestment of earnings, other long-term capital, and short-term capital as shown in the balance of paym
25、ents.vii.International reserveTheoretically, international reserve comprise holdings of monetary gold, special drawing rights, reserves of IMF members held by the IMF, and holdings of foreign exchange under the control of monetary authorities. However, in order to analogize E.A.Forex reserve, we exc
26、lude monetary gold so the international reserve here could be generally regarded as foreign exchange reserve.viii.Trade volumeTrade volume is the total volume of the import and export of a country in a year.2.2 Panel Data AnalysisIn this article we choose the trade volume to be the explained variabl
27、e while the explanatory variables are in_gdp, deposit rate, lending rate, m2 growth rate, FDI, exchange rate as well as international reserve. Now we utilize STATA to set up random effect regression model and fixed effect regression model.Standard errors in parentheses * p 0.10, * p 0.05, * p 0.01Ra
28、nk (1) lists the coefficients of the random effect regression model while rank (2) lists the coefficients of the fixed effect regression model. We can conclude primarily from the list that FDI and international reserve have strong correlation with trade volume whereas the correlation between trade v
29、olume and deposit rate is comparatively week. However, which model is more suitable as to the panel data of this article? We can conduct hausman inspection:(b) Fixed(B) Random(b-B)Differencesqrt(diag(V_b- V_B) S.E.ln_gdppc0. 4230. 2980. 12569.72deposit rate-0. 419-0. 285-0. 1349.078lending rate0. 33
30、7-0. 3110. 64822.01m2 growthrate0. 4730. 4380. 0350.843fdi0. 0850. 088-0. 0031.067exchange rate-4. 6292. 835-7. 4644.612international reserve0. 0780. 089-0. 0110.006From the result of hausman inspection, we can see that null hypothesis cannot berejected. Because the null hypothesis of hausman inspec
31、tion is that the fixed effect does not exist, the random effect regression model here is more suitable to this article.2.3 Appreciation of Research Resultsi. GDP percapita represents the level of economic development and level of income per capita in a country. Since the coefficient is positive, the
32、 research shows a positive correlation between a countrys export capabilities as well as purchasing power trade and volume.ii. The coefficient of interest rate is negative. Because raising interest rates suppresses the growth of credit and private investment. Financing cost rising forces the export- oriented corporations give up lower profit rate projects and reduce amount of using credit. Meanwhile, the prices of export products will increase, which cause exporting losing price competitiveness. Therefo
