本研究主要在探討美國與英國、法國、德國、義大、加拿、西班牙各國間的影響實質利率因素為何?然就本文所採用的資料型式屬非定態的時間序列，若將非定態變數直接進行廻歸分析，將造成虛假廻歸現象，因此在採用資料進行分析前，必須確認資料為定態數列，則本文利用兩種單根檢定法（ADF test & PP test）來檢驗之，在確認各國實質利率等變數皆為定態後，即可進行下一步的研究。 首先須證實美國對英國、法國、德國、義大、加拿、西班牙各國間是否存在著實質利率平價條件說，經結果發現係為不成立，也就是美國對各國間的實質利率並不相等。而後再去探討UIRP是否存在風險溢酬的關係，而本文所用的研究模型為GARCH-M與GARCH-X，來證實有風險溢酬的存在，最後再假設影響風險溢酬的因素為外匯存底變動率與匯率，結果發現外匯存底變動率較匯率所影響的效果為大。 This paper is analyzed for six countries（United Kingdom、France、Germany、Italy、Canada、Spain）relative to USA that what it will be influence essence interest rate factor？I used the variables are belong to non-stationary time serial so them will be lagged differences to become stationary variables. There are ADF test and PP test can check out them are or not root. IF it was, it must be to differences. First, make it sure that USA has Real Interest Rate Parity among countries. Hence, it is rejected. In other words, the USA real interest rate is not the same between other countries. Second, this paper is used GARCH-M and GARCH-X model to test risk premium. This result certify the real interest rate is difference because of risk premium. Last, what factors can be affect the risk premium？ I assumed there are two variables in the risk premium. One is variable rate of foreign exchange reserves, and the other one is counter?
