http://reply.papertrans.cn/2/176/17511/17511-31.png
http://reply.papertrans.cn/2/176/17511/17511-32.png
Submitted on: 26 November 2017.
Revised on: 24 January 2018.
Accepted on: 07 February 2018.
___________________JOURNAL OF INTERNATIONAL MONEY AND FINANCE
http://reply.papertrans.cn/2/176/17511/17511-34.png
http://reply.papertrans.cn/2/176/17511/17511-35.png
http://reply.papertrans.cn/2/176/17511/17511-36.png