کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5087747 | 1375453 | 2007 | 27 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Real equilibrium exchange rate in China is the renminbi undervalued?
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
We give some insights about the possible undervaluation of the Chinese currency. On the one hand, we address the issue of the “Balassa effect”, by comparing China with other emerging countries. We try to measure the gap between the evolution of the real exchange rate in China and what would have resulted from a “normal” Balassa effect. For doing this, we use two methods regression on real exchange rate (RER) in level and panel cointegration on RER evolutions. We evidence a lack of Balassa effect in China, consistent with the fact that the real exchange rate did not appreciate despite the rapid catching-up. On the other hand, we use a FEER (Fundamental Equilibrium Exchange Rate) method to calculate the real effective exchange rate consistent with sustainable current accounts. Our results show that China's RER was undervalued between 2002 and 2005 in effective terms and even more against the USD. However, we also show that a revaluation of the renminbi would only have a small effect on the US external deficit.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Asian Economics - Volume 18, Issue 4, August 2007, Pages 568-594
Journal: Journal of Asian Economics - Volume 18, Issue 4, August 2007, Pages 568-594
نویسندگان
Virginie Coudert, Cécile Couharde,